Best of the Program | Guests: Gov. Kristi Noem & Rep. Thomas Massie | 3/13/23

Charlie Sheen is an icon of decadence.

I lit the fuse and my life turns into everything it wasn't supposed to be.

He's going the distance.

He was the highest paid TV star of all time.

When it started to change, it was quick.

He kept saying, No, no, no, I'm in the hospital now, but next week I'll be ready for the show.

Now, Charlie's sober.

He's gonna tell you the truth.

How do I present this with any class?

I think we're past that, Charlie.

We're past that, yeah.

Somebody call action.

Yeah, aka Charlie Sheen, only on Netflix, September 10th.

Hey, Pat.

Yeah.

Do you think

tomorrow we can maybe, I don't know,

not

do so much

death and destruction?

I'd love that.

Yeah, wouldn't it be great?

It'd be great.

Yeah.

All right.

Pat's here for the podcast.

You're going to like it.

Lots of death and destruction today.

A lot of good information.

Vivek Ramaswamy is on with us.

We go over all the financial stuff and what the government's doing.

And it's, you know, it's just another day on the Glenbeck program.

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you're listening to

the best of the blend back program so i think i'd i'd like to start with uh cnbc they put together a little uh a little video here on

the timeline and how things began with silicon valley bank before we can even talk solutions uh and what to do we have to understand what caused this and what happened.

Here it is, cut one.

When money came gushing in during the COVID crisis with all of the stimulus money,

Silicon Valley Bank put a lot of that to work

in what were at the time high-yielding assets.

That averaged only 1.6 or 1.7%.

Today, in order to attract and maintain deposits, you have to pay up.

And

banks are not paying up, and they are all seeing their bank deposits go down.

The most likely direct impact is just on the tech community itself, which has been battered by valuation.

But a lot of these companies have relied on this particular bank for liquidity.

They'll have to go elsewhere and expect some dislocation from that.

Silicon Valley Bank is unique because they were always willing to lend against securities that haven't come public yet.

So you could even call them pre-IPO.

No one had that exposure.

So they are unique.

Just like Silvergate was unique with crypto.

But I do think that they're big enough to be more like what Art Cashin said.

It does feel like Penn Square, maybe hoping to be contained before it gets cut and all in the way.

I just wanted to share that what I'm hearing is that in fact they are moving very quickly in terms of deposits moving out, making it very or more difficult for any buyers to really assess and consider a purchase of the bank.

Perhaps a bit too early to say, but nonetheless, it would already appear that those attempts to potentially sell this company, and again, there were a lot of interested buyers based on the franchise, but the attempts to potentially sell it certainly seem to be running into the to the reality of the moment, which is

it's hard to buy something when all the deposits are fleeing.

And so, you you know,

again,

we have to, I think the market has to prepare and prepare for the possibility that there will not be a sale.

And then you can leave it to your own imagination as to what that means.

We have to assume the government regulators are already

in there as well.

Silicon Valley Bank, Santa Clara, was closed today by the California Department of Financial Protection and Innovation, which appointed the FDIC, the Federal Deposit Insurance Corporation, as the receiver.

To protect depositors, the FDIC has created a Deposit Insurance National Bank of Santa Clara.

At the time of closing, the FDIC as receiver immediately transferred to this new receiver bank all of the insured deposits that were held at Silicon Valley Bank.

Okay.

So what really happened here?

That's the way CNBC will explain it to the people who know what the hell they're talking about and all the acronyms and everything else.

Here's what happened.

A couple of things.

First of all, we're raising rates.

We had the COVID money coming in, right?

And you just heard there, call this COVID money.

Well,

they wanted to invest it.

They needed to put it someplace and invest it because they had Silicon Valley Bank had so much money coming in from COVID.

And so what did they do?

They bought treasuries.

And at the time, you could buy a 10-year treasury and you would get 2% interest guaranteed at the end of 10 years.

That was pretty good back then.

But now

treasuries are selling for about 5%

interest.

And you don't get that until the end of the 10 years.

So when you buy something, a 10-year treasury, you're buying it for 10 years.

If you have only eight years on it, you can sell it,

but you're going to probably have to sell it at a discount if the new ones are paying more.

So they invested the money in treasuries at 2%.

Just let's remember that.

What they had

in the bank, if you will, they owed

$195 billion.

That's to the people who have put their money into checking accounts and savings accounts, mutual funds,

they owed

$195 billion.

They had $208 billion on the books.

That's a $17 billion.

When you have people all over the world starting to say, I think the bank is going to collapse, they start to take their money.

$17 billion can go that fast.

There was a clog in the system.

They couldn't get the money wired out fast enough.

So they decided they needed to sell.

And then they announced, we're going to sell some treasuries.

Well, once they saw that they were selling 10-year bonds

at 2%

interest,

And the market was saying, well, that's only worth 75 cents on the dollar now,

and Silicon Valley Bank was taking it they knew this a fire sale

this bank is in trouble that's what started all of the run on the bank now

you probably have FDI insurance FDIC insurance if you have FDIC insurance it's to stop runs on the bank However, Silicon Valley Bank is different.

It's very different.

I think it's 88%

of their accounts are not covered by FDIC.

Why?

Because they're giant companies that are using payroll and

keeping their money in the bank

as

the place where they can run their company.

So they have more than $250,000 in account.

If they also

use the bank for a mutual fund, they found out Friday they were also screwed.

See, this bank loans money to these companies, these tech companies, and they loan them out venture capital.

And so they loan them the money to operate and to be able to do everything they can over the next year.

Well, they've got to put that money somewhere.

So the bank loans it out.

It's basically the depositor's money.

They loan that savings account of yours per se

and loan it to this venture capital firm

or the tech startup.

And the tech startup then says, where do I put all this money?

And Silicon Valley Bank says, oh, just in my other hand.

Just give me that money back and we'll invest it in mutual funds for you.

We'll invest it in very safe things like BlackRock.

So they did.

And the tech companies thought they were safe because it's invested in very secure places like BlackRock.

Except what the bank didn't say, except in fine print, is that all the money that you had invested in BlackRock was not yours anymore.

It was under the name Silicon Valley Bank.

So when people started to call and say, hey, BlackRock, my money's safe, they said, you don't have any money.

Your money is invested in Silicon Valley Bank, and because their name is on it,

they're counting that as an asset.

And now that asset has to go to pay creditors.

So they lost their money.

This is a giant shell game.

We have created nothing but a shell game.

And the Fed is the one that's causing this collapse by the raising of the rates.

But if you don't raise the rates, what happens?

Inflation goes out of control.

Why?

Because we have printed and loaned too much money out.

Okay, we'll pull it back in.

Well, the way you pull it back in is raising interest rates.

If you raise the interest rates, bonds have to pay a higher yield.

And so when when you buy a bond

you get more money back

and if somebody gets into trouble they have to sell their bonds exactly like Silicon Valley and they have to take a haircut and then the entire thing collapses but here's the scariest thing this is what the Fed has set out to do

They want to see risky things go away.

They want to see failure.

They need people who are not stable

to go out of business, stop spending money, so we can suck all that money back in.

But when they do collapse it and our economy is in this kind of shape,

you then have a domino effect because nobody's in great shape.

And the banks are playing a giant game.

So then people can't pay the paycheck and then that paycheck

causes you to default on your auto loan or your house loan and that makes another bank fail.

We're at the place I told you in 2008 we would be.

We've made the 2008 problem much bigger

and there's no way out.

Once you start printing money, there's no way out.

And what did we do?

Well, the Fed said we're not doing TARP.

No, no, no.

We've got something entirely different.

It's got a different name and everything.

But we're going to cover all of those accounts.

Oh, oh, okay.

So we're backing, we're backing that now.

Yeah, but it's not your money.

It's not your money.

It's the Fed's money.

It's the Fed's money?

Yeah, it's the money that the banks gave to us to put aside for insurance in case something like this happened.

Oh.

Where did the banks get that money?

Well, I don't know, you know, it's own business and stuff.

Well, I mean, aren't these the banks you bailed out?

Well, yeah, yeah.

And weren't you just giving them trillions of dollars?

Well, yeah, of course we did, but but they were paying in to this account.

Oh, okay.

So the money you printed that I'm on the hook for,

you gave to the bank, but they didn't use any of that money for that insurance.

No.

No, this is totally different.

Okay.

So now they're going to be protected, and I don't have an answer for you today,

because all of the answers are bad answers.

Should we

back that?

No.

No, the constitutionalist capitalist in me says that's really bad.

Okay, so we don't back it.

Well, no,

no, because the guy who would like to see the entire Western world not burned down to the ground

would like you to bail it out just to give us some more time.

But that puts us right back where we were.

So I don't have, I prayed hard today.

What do I tell people?

Work on your spiritual health.

Because this is coming at some point.

It's coming.

It has to.

It has to.

Now, the Washington Post said today

that

the bank's death marks both a

sobering and salutary moment here.

The central bank has sharply increased interest rates over the past year, hoping higher borrowing costs would slow the economy down and take the steam out of high inflation.

This is what the Fed wants to see.

They want to see a tightening of the financial conditions.

Great, they're on it, the Washington Post.

With $209 billion in assets, the bank was just 1/18th the size of J.P.

Morgan Chase, the nation's largest.

Still, Wall Street was rattled by their abrupt end.

Bank of America was down nearly 12% in the past five trading sessions.

They're down another five or about four and a half percent today.

Some banks are down as much as 10% today before trading even started.

The banks that serve the riskiest part of the country and the economy are the ones in trouble.

Now this is the Washington Post.

I want you to listen to this.

Banks like SVB and Silvergate Capital, San Diego-based bank that cater to cryptocurrency users, are the ones getting into trouble.

Oh,

it's not a run on the business model of the bank.

It's not a run on the business model of the banking industry in general.

It's just the business model of this bank.

So in other words, words if you are making risky loans uh to uh

to tech or if you're investing and doing anything at all with cryptocurrency you're the problem this is the best of the glenn beck program

governor christy gnome hi christy how are you i'm doing great glenn how's your morning going well you know a little banking collapse thing but uh

i know you have any thoughts i'll tell you what

we're in tenuous times here with quite a few different situations, threats at the national security level, financial level, and people's basic freedoms.

It is coming faster and faster

every day.

First, can we just talk?

I've got a lot of things I'd love to talk to you about, but let's make sure that we cover this.

You just vetoed a bill, and

you don't do that very often, do you?

Is veto veto kind of rare with you

it is pretty rare usually i have one or two every legislative session um i've had several already this session which is strange i've never had a veto be overridden which means every time i've vetoed a bill the legislature has read my reasons why looked at the policy and agreed with me i'm hopefully well on this bill then too this is a bill that came It was over 110 pages long.

It was sold as an update to the UCC, the Uniform

Commercial Code, and something we just needed to adopt to be in federal compliance and

put a rubber stamp on.

It was interesting.

It didn't get introduced until halfway through our legislative session

and went through pretty overwhelmingly through the House, ended up in the Senate.

And when I started reading it and digging into it with my policy team, the Senate was extremely upset that I expressed concerns.

And

why were they upset?

Well, I think, you know, South Dakota is a smaller state.

They had the same folks up in committee testifying from the banking association, from financial institutions.

South Dakota is the best state in the country to have a credit card company, to have a trust.

Financial services is our third largest industry here.

So they are used to seeing the same familiar faces come up and sell policy.

The interesting thing about this bill is that it has a section in it buried in the bill that talks about the definition of money.

And it specifically says that CBDCs are allowed in the future when it comes to digital currency, but any former

definition of digital currency would be allowed to be discontinued or not recognized.

It specifically is paving the way for a government-controlled digital currency, should that be adopted, and should be alarming to every American.

After what we've seen the last several years with the federal government being willing to

trample on people's freedoms to control them, I would think them coming out with a definition of money that allows them to control your assets would be extremely concerning.

So

I vetoed the bill.

I'm hopeful that the legislature will agree with me and they'll become educated on the actual policy that's wrapped up inside of it and really understand that it's a threat to the American dream.

When will that go back?

to the legislature.

We go back into legislative session in a little less than two weeks weeks for one day.

It's called veto day, and that's when they consider the vetoes that I have put forward, and they either choose to sustain them, agree with the veto, and the bill would go away, or they would override me.

I can do style and form vetoes as well.

And I also have the budget yet that I have to look at and decide if that's going to be something that I'll move forward.

So

you need people to call in a couple of weeks, or should they call now?

I need them to start calling now.

I think that a lot of legislators didn't read this bill before they voted on it.

It was a

pretty extensive piece of legislation.

They also, you know, did not really understand the threat that we are seeing, especially now with the financial crisis we see going on.

And then also we saw the credit card companies recently come out and say they're going to start coding gun purchases separately and tracking them.

For me, it's a direct tie to the federal government saying that if we don't like what you're purchasing, well, then if you're using digital currency anytime in the future, we can control your access to

your dollars in order to even purchase what we like or don't like.

That's right.

It is something that is,

you know, everything I look at is setting precedent for the future, and this is paving the way for federal government control over people's personal dollars and assets.

So just call your state house.

If you happen to be in South Dakota, call your statehouse.

I will tell you that

what Chrissy has done here is extraordinarily brave.

She is standing up against a very powerful industry, as you know, today,

more

definitely not bailouts happening through the Fed

today.

They're very, very powerful, and a lot of these legislators and senators listen to these guys and trust them.

And

you really need to speak out and let them know you are not for anything that paves the way for a central bank digital currency,

especially when that's the only thing to find is money.

Very bad.

Glenn, specifically, this bill is being proposed in many other states.

I think there are probably 20 other states that are talking about this policy.

So even the more that people pay attention and bring awareness to it, we need to educate people in other states, too.

I think that's one of the main reasons for chatting with you today, too, is to let my people in the state know what's going on.

But also, you know, we're the first legislative session, I think, to complete its work in the year.

And we're always the first ones to kind of deal with these kinds of bills and have to veto them or sign them into law.

If people can pass them in South Dakota, they know that makes it easier in other states.

So we're often the battleground here.

And we did make the right decision here in South Dakota.

And then I hope these other states are paying attention and we educate those folks, too, so they don't go ahead and adopt these without really thinking about the consequences.

Well, I got a phone call, I think it was, maybe it was Friday, that said, I've got good news and bad news.

And I said, yeah.

And they said, the UCC bill in every state is dead.

And I thought that was the good news.

And he said, no, no, no, no.

I mean, that all of the advances we had made

last week, the banking committees and all of the people that were for the UCC just descended on all these state houses and

talked all of these guys out of stopping this in their state.

So I said, what's the good news?

Christy Noam, she vetoed.

So you are the only bright spot there.

And I thank you for that.

But you have to call your state legislature and say no on the uniform commercial code changes.

No, absolutely not.

It is

the authoritarian tool.

that is required to control absolutely everything in your life.

Well, Glenn, the one thing that people should know, too, is that there's no rush on this.

It doesn't get enacted until 2024.

So, a lot of what their testimony was is: we need to hurry up and adopt this.

It's fine.

Don't worry about it.

But there's no rush.

We should have a full debate on the policy.

If people have concerns, we should be able to talk about them.

And if they don't,

we should give them time to be educated, make wise decisions, especially in light of what we've been through the last several years.

So I am back

to the same place I was in 2008.

Nobody is prepared for what's coming.

Nobody is prepared for what's coming.

We are going to see a crash of biblical proportions.

And all the things they said in 2008, it'll shut down the global economy and everything else, is on our horizon at some point.

It has to.

We just can't get out of this trap we're in now.

And we have definitely not a tarp bailout,

but the Fed is is covering everything, and the Treasury is guaranteeing everything for these banks that went under.

There are people that say, absolutely not.

We cannot do this.

Others are saying, again, the same thing they said before.

We have to, or this chapter is over.

Do you have any thoughts on this?

Well,

listen, I'm much more focused constantly on problem solving and making the best and wise decisions looking into the future.

So I do think we have economic financial crisis coming our direction.

My job is to protect my state as much as possible.

So we have a extensive briefing that will happen this week with all of our banks and institutions gathering as much information as we possibly can.

I think that if anybody is looking to the federal government to help secure their future, they should stop pooling themselves right now.

Any kind of bailout, anything that this federal government is going to do is not going to shore up your life, your livelihood, your finances, or your family.

It is time for people to start.

Yes, it is time for people to start taking personal responsibility for themselves and their neighbors and churches to start getting engaged and involved.

People don't have to feel like they've lost their foundation.

It's just we put it on the wrong thing.

Everybody has been looking for the government for all the solutions, and that is how this world has got tipped on its ear.

and why we're so unstable right now.

So yes, people should be wise and plan for the future and start looking for a better place for their foundation rather than this government, because this government is only coming to steal your future.

Last couple of things.

One,

our Treasury Secretary was over in Ukraine.

I think it was last week, wasn't it?

What are we doing in Ukraine?

Yeah.

What is happening?

Why is Hillary Clinton over there today?

What is this?

We've sent more money there than we have securing our border for the last five years.

And it is a a corrupt regime.

Just the history of Ukraine is

that,

you know, we can't be certain of how they're spending all these dollars that we're sending them, and their track record is not great.

So I understand pushing back on Russia.

We're just, and using financial sanctions certainly is a helpful tool, although we've relied on it too heavily.

And we've had a weak foreign policy the last couple of years when it comes to Europe.

And so I I do believe that it is time for us to wake up and understand that Ukraine has some issues.

We need to put America first again and start focusing on what we do and that it shouldn't be to the detriment of the American people.

You know, I don't know what the plan is.

We've never had this president articulate a plan for Ukraine.

He's just reacting and in that way digging a bigger hole for us in the long run.

We're talking to Governor Christinoam.

Last thing.

Are you at all considering throwing your hat into the ring for 2024?

I'm focused here right now, Glenn.

I do think this country needs a leader that makes tough decisions.

I don't know who that is yet.

So I know all these people personally that are talking about it.

I always get a little nervous about people who spend their whole life dreaming about being president.

Most of the time, I think they are the last person you should want to be president.

So,

you know, I just want.

I wish we had a guy who could speak like Ronald Reagan again, or a woman who could speak like Ronald Reagan again, and somebody who actually cared about what our founders gave us.

Because if we lose this country, where do we go?

Yeah, so good to talk to you, Christy.

Thank you so much.

Governor Christie,

Governor Christie, Noam, please, in any red state, call your legislature now and say no to the UCC bill.

No, it cannot be Gandalf.

You shall not pass.

This is the best of the Glenbeck program.

From Kentucky, Congressman Thomas Massey joins us.

He sent

a really

disconcerting tweet last night I saw.

Just got off a Zoom meeting with Fed, Treasury, FDIC, House, and Senate.

A Democratic senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.

Welcome, Thomas Massey.

Thanks for having me on, Glenn.

That's terrifying.

Really happened.

Yeah.

Now,

he may say, if people ever figure out who he is, that he was talking about foreign influence and he was worried about foreign influence.

But

he didn't qualify it that way.

And I presume he meant to censor true information that could be harmful to banks that may or may not be put out by Americans.

That is chilling.

I will tell you, Thomas, this is exactly what they war gamed.

I think it was in December.

I can send this information to you if I look it up

and you wanted.

It was from the World Economic Forum.

They did a war game.

And that's one of the first things in a banking collapse that the World Economic Forum said they had to develop a way to stop all voices that are

offering anything other than the central bank narrative.

Also, this is within DHS, there's something called CISA, C-I-S-A.

And Michael Schellenberger, who's one of the people who exposed the Twitter files, he showed me that it's in their charter to

censor stuff that could be harmful to the financial system of our country.

They consider that, you know, national security.

So,

you know, then I think they may have scrubbed that off their website since then, but this is really chilling.

And I'm not trying to cause a run myself by exposing that a senator suggested that Congress or these agencies should be censoring Americans when they talk about the financial health of banks.

But it needs to be out there.

I think it's the senator himself who suggests the censorship that is causing concern among Americans.

I really think, Thomas, if people were just told the truth and treated like adults, we would be fine and we would be able to handle it.

I think there's a lot of people who are like, let's just get this over with.

We have made this so much worse.

And I don't understand what's happening now.

So the FDIC is just, if I got $400 million in a bank account, they're going to cover it?

Here's the problem.

The money they've got in the bank was premiums that were paid to cover

people who've deposited less than $250,000.

So the FDIC is pushing all their chips on the table because they don't have enough money to cover everything.

They've only collected premiums to cover $250,000.

They're pushing all their chips on the table because they know they can cover it for two or three banks.

But after that,

then they've spent all the money that's supposed to protect the people under $250,000, like common Americans.

So the Treasury has this program that they announced last night as well.

I'm sorry, the Federal Reserve, they're like a hand in a glove.

The Federal Reserve has a program where if banks bought Treasury bonds at low, low rates and got themselves locked in for 10 years and can't pay their depositors back because these Treasury bonds are only worth 80 cents on the dollar, then the Federal Reserve will loan the banks money at a dollar on a dollar.

Not the real value of those bonds, but whatever they bought them for.

So that's going to be inflationary because the Federal Reserve is going to kick more money in.

Who is, you know, this, I want to quote the president from his speech today.

No losses will be, and this is important to make this point, no losses will be borne by the taxpayer.

Let me repeat that.

No losses will be borne by the taxpayer.

Instead, the money will come from the fees that banks pay to the deposit insurance fund.

Well, have you seen that fund?

How much money is on that balance sheet?

Why hasn't it ever been raided to save Social Security or whatever?

But

how much is there?

How much can they cover?

And if they can't cover it, I know the Fed will say they're going to do it, but aren't we the one that is on the hook for everything the Fed spends or prints?

The liberals hate it

when Republicans say thoughts and prayers, but I heard Chuck Schumer last night said that he hopes and prays

that

what they're doing is enough.

The reality is they can't do this for every bank.

So they're going all in on the first few banks to instill confidence.

But for the president to say no taxpayer dollars, that's ignoring the Federal Reserve program that's kicking in.

Because if that causes inflation, the fact that the Federal Reserve is going to loan to banks using as collateral their bad debt that they got from the U.S.

government.

By the way, it's not bad because the government will default.

It's bad because they're locked in for 10 years at pitifully low interest rates.

And if they try to sell those on the market, they're not going to get the money they paid for.

So

that's going to dilute the value of your money.

If I could go real quickly through four roles that the Federal Reserve has played in causing this problem.

First, they were Santa Claus.

The Federal Reserve was Santa Claus.

They kept interest rates at 0% 0% or damn near close.

So that, wow, we could borrow money at the U.S.

government and spend it, and everybody can invest, and it's it like heats up your economy.

By the way, it also drives the venture capitalists into the venture capital market because they can't get any money on safe investments.

Then the Fed becomes the arsonist

when they create $5 trillion out of thin air during COVID.

That's what's caused this inflation.

But don't worry, the Federal Reserve shows up a couple of years later as the firefighter.

They're going to douse the economy by raising interest rates faster than they've ever been raised before.

So now they've been Santa Claus, the arsonist, the firefighter.

Last night, we found out they're going to be a trauma doctor.

They're going to come in and do triage on these banks by loaning them money for things that are collateral that aren't worth what they say they are.

And now we're going to rinse and repeat.

This will just keep happening.

The Federal Reserve is largely responsible for this.

Somebody needs to account for it.

And

that's the problem.

This is long COVID response.

You know, they talk about long COVID.

This is a result of the CARES Act and all the other stuff that spent $5 trillion we didn't have.

It's now coming home to Roost.

So you're a smart guy.

This is a smart audience.

What do we do to prepare?

Because this is going to,

it will fail.

And I fear that they are setting us up for a new currency, a new digital currency, which every time the United States has changed currencies,

you've lost at least 40% of everything that you have.

But this will put us into a digital currency, which has all kinds of ramifications.

What do we do to prepare?

Well, I wouldn't run on your own bank, okay?

Yes.

I have not taken any money out of my my bank.

I don't have a lot of money in the banks

So maybe that's not too comforting one way or the other, but I wouldn't make a run on the banks but longer term in your life plan I wouldn't keep a lot of money in cash.

I wouldn't keep a lot of your resources in cash.

Land is a good investment.

I don't want to be an investment advisor either.

Have durable goods and things that people always want would would be my recommendation.

Not today.

We will get through this somehow.

The clowns who are managing this crisis will clown their way through in some way.

And at the end of the day, probably they're going to cause more inflation is what's going to happen at the end of the day.

Because they're going to use your money to protect the banks and the high-dollar investors.

It's socialism.

It's not capitalism.

It is crony capitalism.

The investors, well, if they do well, they get to keep keep their profits.

If they do poorly, we use the Americans through the Federal Reserve to

make them whole for their bad investments.

And

isn't it interesting that they are the bank for most of the Green New Deal stuff?

They're the bank that's funding

all of these harebrained ideas.

Yeah, that was part of the here's the irony.

The venture capital money that was supposed to fuel the startups in our economy is stuck in our federal debt right now.

Our debt, our desire to spend money at Congress is so overwhelming that we eventually sucked in that venture capital money that was supposed to fund these startups.

It ended up stuck in our treasury.

So, let me switch subjects.

There is a story that I have never seen.

I've done this for almost 50 years.

I've never seen a story like this.

Congress votes

unanimously

on a bill.

The Senate votes unanimously on a bill.

And then the president's not sure he's going to sign it.

The closest to unanimous, I think, was World War II, and there was one person that stood against it.

How did Congress all vote, every single one of them, to investigate the origins of

COVID?

What's going on there?

I asked this same question in a hearing in the Rules Committee.

Like, the president could declassify the origins of COVID information that we have and its relation to the Wuhan Institute of Virology.

He could do that today.

He could have done it a year ago, two years ago.

He's chosen not to do it.

Now, the entire Senate and the entire House has voted for him to do it.

He could veto it, but his veto is going to be overridden.

The answer I was given

in a hearing that's not much watched, so it is public, but it's still kind of hidden, is that the president, because of foreign relations with China, needs to look like he's forced to do it

so that he doesn't disrupt the relationship with China.

If he did this on his own,

and I guess I'm spoiling the whole punch right now, but surely

we're running this whole thing on TikTok, so it's going right to presidency.

Surely.

But, I mean, these are like

little kids could come up with these plans.

Surely the Chinese see through that.

But that was the only reason that I was given that made any little bit of sense.

Well, it's also weird that every single person voted for it.

Out of what, 520 people,

and the and the viewpoints that a lot of people have that this is absolutely not from China and the and

the lab.

It's absolutely I mean, they have made such a stink.

Every single one of them said, yes, we want the House to investigate.

We want people to we want the president to release all of the classified information.

Just release the classified information on the origin.

I think this is not a conspiracy.

You can, theory, it's not a conspiracy theory.

You can find evidence of this everywhere, but I think it's going to lead back to the United States.

That, you know, we were working with them on this virus.

Yep.

We were funding it.

I mean, that's going to, you know, and so I think they're trying to slow walk that realization that the American government used your tax dollars to create a disease that killed hundreds of thousands of Americans.

They, like, that is the biggest argument against growing government I have ever seen.

And

they're trying to keep by delaying the release of all of this stuff, they're hoping you forget why grandma died

when you come around to realize that we created the virus.