Best of The Program | 3/16/20

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Welcome to the podcast.

What a crazy weekend.

We are here now looking at a totally new world, some kind of a totally new reality with the COVID-19 situation.

We go through a lot of that today.

There's some stuff that's really important and serious.

Glenn has some information

that is

not really anywhere else that you're going to need to know on this and the effects and how this is all going to play out.

We get into that today.

We also, and there's a little fun to be had as well, because honestly, we are all going to go insane if we don't laugh at this at least a little bit.

We'll get into that as well.

And the big coronavirus update, I mean, the numbers are increasing at really scary levels right now.

That's why people are afraid.

Is this real?

Is this some media hoax?

It's not a media hoax, but it is.

It still doesn't mean that they won't treat it in this typical, ridiculous way they've been treating everything else.

Glenn will have more on this on Wednesday night on TV.

Also, I'll be talking about it tonight on Stu DoesAmerica.

You can can get that, of course, wherever you get your podcast.

You're probably on a podcast app right now.

Just go over, click Stew Does America, and click subscribe while you're there.

We'll be talking about that tonight.

You can get that on YouTube as well.

Here's the podcast.

You're listening to

the best of the Blenbeck program.

All right, it is Monday, the 16th of March, 2020.

Let me give you the look

into where we are on the coronavirus.

Total cases confirmed worldwide, 171,000.

That is up from 136,000 on Friday.

Total confirmed deaths worldwide, 6,531.

That's up

about almost 2,000 deaths worldwide.

Total confirmed recoveries, 77,000.

That's up 7,000 from Friday.

158 countries now have confirmed.

That was 129 on Friday.

Four more have suspected cases.

7% of active cases are now considered serious.

This is the best news.

Three weeks ago, that number was 19%,

down on Friday to 9%,

and today, three days later, 7% of active cases are considered serious, requiring hospitalization.

This will be really good news if we don't overwhelm our health system with other people going, I've got to have a test.

No, you're not going to get a test unless you have the symptoms.

You don't need the test.

I want to thank our private industry, CVS and Walgreens and

Walmart and all of these people that are involved now on the private level.

You're going to start seeing tents go up in your area at some of these places where you're going to be able to have the swab test at one of those stores.

And the vice president announced yesterday that all of them are going to be free.

So you're not going to have to worry about it.

Now, is this a sign of things to come?

By the way, U.S.

has 3,802 confirmed cases and 69 deaths.

That's up from 1,700 cases and 41 deaths on Friday.

You're going to see this number skyrocket.

We are at the beginning of that hockey stick curve that we had in China and we've seen all over the world.

We are also doing more tests, but we are now just at the beginning.

If you think you're getting rid of your kids in two weeks and they're going back to school, think again.

Can you buy alcohol on Amazon.com?

I don't know if Jack Daniels will send it directly to your house, but whatever alcohol you bought wasn't enough.

I think you're looking at anywhere from four,

my feeling is probably closer to eight weeks of this.

We are only at the beginning.

People who were mocking this this weekend, I think by next weekend, you will see.

Do not

feel stupid by

if your friends or family say, we're not going to, I'm going to just say, well, I'm not going to, and you're not going to be around me for two weeks

because

No, I'm not taking any chance.

And they can mock you if you want.

It's better to be prepared and made fun of than laugh along with everyone else and then be wrong in the end.

I'd rather be wrong and prepared.

So don't worry about what other people say.

If you have parents that are elderly, please,

please, please.

Keep the kids at home.

I know they just want to go to a birthday party.

Otherwise, make the decision now.

You're not going to see parents until you quarantine your house for two weeks.

Our parents, I mean,

if I went on vacation today, Tanya's parents are ill.

If I went on vacation today and I didn't take it seriously and I go out and I'm going to Disneyland and I realize they're closed, but I'm just going to eat

at the Denny's across the street and I'm going to do all the things I want on vacation.

If Tanya's parents get sick,

I'm not going to be able to see them.

When I come home, I have to stay away from them for two weeks to make sure I don't give them anything.

In that two-week period, they could get sick and then I can't see them.

It's not worth it.

It's just not worth it.

Earlier today, I talked to you about in hour number two, if you missed it, please go back and listen.

Today is definitely a day that you want to listen to on the podcast or go as a Blaze subscriber to the archives and watch and listen to the entire show today.

Today is a really important show packed with information.

My job is to inform you.

You may disagree with me, but you pay me to do this through your listening habits.

So I'm trying to do my job the best I know how, and that is today to inform you.

I will also hopefully enlighten you and entertain you along the way, but we need information

first.

So,

I want to share something, and I'm not going to give you,

I don't mean to be cryptic, but I've been asked to be cryptic.

This is not, this is proprietary information.

It was

prepared for

heads of state and

others

by a company that assesses risks.

Let's just leave it at that.

And I've asked them for permission to use it, and they've said no, you can use parts of it.

And I asked which parts I could use, and so I'm going to give you those parts that I could use because I think this is important.

First thing Americans need to know, and the world needs to know: you need to go or stay at the place you want to be if the situation

worsens.

Focus your decision on being somewhere for four to eight weeks.

So if you want to be with your family elsewhere, then you should be there now

and stay where you're at.

For many people, this means staying where they already are because it's a good place, they have the resources in place, families in the same city, it's a good stock of food and supplies, sufficient security, et cetera, et cetera.

I think this is an important line.

This is not a prediction that things will be getting much worse, but rather an acknowledgement that things could get much worse.

There are two ways to make a decision on where you should be.

There's two things, the social order and the medical.

Stu medical.

The medical risk arise from the likelihood of you or your loved ones contracting this particular virus and the availability of effective medical care if needed.

Social order.

Social order risks arise from the interruption of services and supply chain and how people behave in unwanted situations.

So for the most part, most Americans will be able to get the health care just not the way that we're used to getting our health care.

We're not used to going in and be swabbed in a parking lot of a Walgreens or a CVS or a Walmart, but that's the way it's going to be.

We're used to just going to our doctor.

We're not going to our doctor.

They're going to tell us to stay home unless things get really bad.

You have a fever, they're not going to see if you have the coronavirus right away.

They're going to say, stay at home, take aspirin, drink lots of fluid, call me back, let me know.

You don't want to be in the hospital waiting room or the urgent care center.

They don't want you there.

Stay home.

So we're not going to be getting the care that we normally get.

But if this gets really bad, again, if this gets really bad,

which

Dr.

Fauci has said that he's the head of not the CDC, Stu, which is he the head of?

Well, another one of those organizations.

He said that we could be out of hospital beds in the next 8 to 16 days.

That's a lot.

That's a lot.

And that will cause panic in a lot of people, which then risks the social order.

You remember years ago, it's one of the reasons why I moved to Texas.

I said, be around people you want to be around, you know, in case there's an emergency, people that will help you.

How are people going to behave in your area?

If you're in an area where people are not going to behave well, you're not going to want to be there.

Now, medical risk is influenced in part by chance, precautions, nature, the nature of the virus.

I'm reading from the report now, but the social order risks are influenced by fear, moral outrage, anger, and desperation.

In other words, emotion.

Social order risks can be elevated by many factors.

For example, when grocery stores have insufficient stock, I'm again quoting from this document.

I think we're okay, but quoting from this document,

that's when, not if, and it's all boldened or bolded.

Some people will behave poorly, impulsively, alarmingly.

Those behaviors are another kind of virus that can also go viral.

When sweeping restrictions are imposed by government, or scary news stories are repeated, or clashes with police occur, emotion can gain the upper hand.

Italy is a useful proxy for considering viral behavior.

In order to curb new COVID-19 infections, officials ruled that prison inmates could not have visitors.

Prisoners at one detention facility rioted, and within two days, 27 prisons had been overrun.

Prisoners were also protesting that they had not received the benefit of testing for the virus.

On the medical side, Italy was seeing the reduction of the number of new infections, but at least six inmates died as a result of the violence.

All 27 prisons were badly damaged, one so that it had to be closed, requiring prisoners to be moved to an already overcrowded facility.

Emotion.

So is it better to be in a big city or a rural area?

Rural locations have fewer people, low population density, and generally fewer risk posed by emotion and behavior.

Big cities have the presumed benefit of emergency hospitals, and big cities have millions of other people expecting to rely on those hospitals.

And if, as the current rate of new COVID-19 infections require hospitalization increases, the benefit of proximity to big city hospitals declines sharply.

In other words, a big fancy hospital is only valued if they have available beds, sufficient staffing, and sufficient supplies.

To state this

another way, being near world-class medical care is likely to be less value at a price at precisely the time medical care is most needed by many people, because that need overwhelms the system.

Every place, the kind of place you might consider has benefits and detractions.

We therefore recommend deciding where you want to be in the event of having to stay for many weeks.

If you're already there, great.

If not, consider going there soon, because transportation and freedom of movement are not guaranteed over the long run.

This is not a prediction of a national shutdown like Italy, but rather an acknowledgement of the range of options available to the government.

Let me say that again.

This is not a prediction of a national shutdown, but rather an acknowledgement of the range of options available to the government.

We restate our recommendation of some weeks ago of having resources sufficient to grant you as little dependence on others as possible, and as little dependence on trucking, shipping, restocking, and continuity of services, all of which is less dependable today than it was last week.

Hear that.

Have as little dependence on trucking, shipping, restocking, and continuity of services.

Using groceries is one example.

It is not possible for the

supply chain to be the same next week as it was last week because the demand has sharply increased.

As of today, we're edging into what has been described to retailers as phase two.

Phase one is the virus is present but not yet infected many people.

Day-to-day life is mostly normal.

Phase two, we're at the beginning of this.

Phase two,

the virus has become prevalent in the market or markets where supplies originate, with governments taking restrictive actions such as quarantine or closing schools in public places that result in labor shortages and considerable disruption to supply and demand.

To put the rate of increased demand into perspective, last Thursday and Friday, March 5th and 6th saw a 10% increase in grocery store foot traffic.

This Thursday and Friday, March 12th and 13th, the increase jumped to 200%

and 300% in some areas.

The director director of MIT Center for Transportation Logistics has said the current moment can be compared to what happens in a region expecting a big snowstorm.

People stock up.

However, the present situation is not regional, it's national, meaning an affected region can only

rely on nearby unaffected regions for restocking supplies.

There's nobody sending in shipments from Texas or California or wherever.

If you're contemplating a move to another location, it is likely you will have more options today than in the coming weeks, mostly due to the risk of travel disruptions or government intervention that restrict the freedom of movement.

If you decide to travel relocate, yada, yada, yada,

I'm just not going to be able to get to all of this.

He goes into the things that

important note, if draconian restrictions are imposed, there might be little or no warning or little little or no lead time afforded.

We learned yesterday the advanced discussions about imposing additional restrictions in San Francisco and Santa Clara as early as next week.

That's this week.

Information not yet public is shared.

Here's an example of the form of such restrictions that it might take.

Nobody can enter or exit designated lockdown areas unless they are proven family or proven work reasons.

Movements inside these areas is to be avoided unless justified.

Closure of all educational and social centers, restaurants, limiting public transportation, and asking everyone encouraging to work from their home.

But there are other things that are now being decided at the government level, and

more travel restrictions are part of that.

You're listening to the best of the Glenn Beck program.

Well, just in the commercial break,

something happened.

The Dow opened and the Dow closed.

We are already down, what, 9%?

9.7%,

2,250 points in the Dow in the last three minutes.

And so trading has halted.

If you remember this from last week, twice, the first two times that it happened, this is the third time and now two weeks where they have this circuit breaker situation with the S ⁇ P 500.

If it's down 7%,

trading turns off for 15 minutes.

If it goes down another 6%,

it turns off for another 15 minutes.

And if it goes down another 7% after that, it turns off for the day.

That'd be 20% down.

I'm part of that.

I took everything out of the stock market last night.

So I am part of that.

Well, I mean, I will

this morning, really, right?

If my...

pardon me?

Well, last night, I mean, I don't know.

I don't know what your situation is.

I know there are people

that do future.

Yes.

Go ahead.

I was going to say, there are people who, I mean, like, I don't have any ability to trade stocks in the middle of the night off the market.

Maybe you do.

I mean, seriously, obviously, no, I called, no, no, no, no, no, no, no.

Yes, you can trade in the middle of the night.

I called my broker last night and I said, first thing.

So hopefully I'm in this first wave.

Right, right.

I don't know how long it's gonna take him, but

hopefully, I'm in that first wave.

Yeah, you can place those

orders overnight.

I mean, obviously, there are people at higher levels that do all sorts of different things.

They have futures that are traded.

I just don't.

I mean, I don't like

it.

No, I'm a regular.

Yeah, no, I get the regular thing too.

But I will tell you why I did it.

And I

you really need to pay attention to this

coming up in about 25 minutes from now.

This is the thing.

When this hit me this weekend, because something bothered me in the president's speech,

I think it was from the Oval.

And he said something, and I was like, wow, that's weird.

Why would he say that?

Well, I figured it out this weekend, and

I'll give you that at the top of the hour.

Please, please pay attention to what is happening.

Welcome to Pat Gray from Pat Gray Unleashed.

Thank you.

You know, I was just talking, Pat, about Chicago and how Chicago said, you know what, we're just going to close things down.

And a lot of towns are doing that.

But Champaign, Illinois is really taking it to a new level.

Yeah, they really are.

The mayor of Champaign, Illinois gave herself the power to ban the sale of guns and alcohol after declaring a citywide emergency.

So the citywide emergency kicked in the municipal code, and that includes the extraordinary power for the mayor to do pretty much whatever she wants.

She can take possession of private property.

Can she?

Yes, she can.

She can cut off access to individuals' gas, water, or electricity.

She can ban the sale of guns, ammo, alcohol, and gasoline.

I'm wondering where she gets these powers.

In the municipal code, which has got to be unconstitutional.

That can't be right.

That's not how any of this works.

No, no.

You've got to be able to challenge this and say, no.

We have something called.

the Constitution, which should prohibit

your municipal order.

Yeah, the Constitution, remember, regulates what the federal government can do, not what the states and local government can do.

Right, but it prohibits the states and local government from doing certain things.

Yes.

Yes.

It does circumvent municipal laws like this.

In other words, you can't violate the Constitution legally.

Really?

Yeah.

You think just because of the Constitution, we somehow or another cannot just take people's property.

Yeah.

Yeah.

That's especially guns.

It would be one of the hardest things to take.

May I just give you some advice here?

As a recovering alcoholic,

buy alcohol now.

And I'm not saying because, oh, Glenn's saying it can be partered.

No.

I'm saying you're going to need those blackouts.

You got your kids home.

I guarantee you for the next eight weeks.

Guarantee you.

They're going to be home for the next eight weeks.

Easy.

You are going to need more alcohol than you purchased.

Whatever it is you purchased, you need

more.

Not enough.

I don't even understand this thing where they're like, oh, you got to stay out of the bars.

It's like, you guys realize you can drink at home, right?

Like, all the problems with-why go to the bar?

Yeah, like you said, the annoying part about drinking is you're like bumping into people and people spilling things on you.

You're going to sit right on the couch and watch Netflix hammered.

I hated all those drunk people.

There's no reason to go.

I mean, sure, you might say only alcoholics drink alone.

Not in the time of a quarantine.

There's another loophole for you.

I was, I thought I'd be an alcoholic if I was drinking alone, but I'm drinking morning till night alone.

But I am quarantined now, so

alcoholics don't care.

Ask a question at this point that

seems sort of obvious.

Okay.

How stupid do those preppers look right now?

What a bunch of morons.

Oh, my gosh.

Oh, man.

That's all right.

Do they look like morons?

Oh, I'm going to get prepared for some kind of emergency.

Morons.

Can I tell you something?

I can't tell you how relaxed my family has been.

We've been like, okay, we got to do this.

We got to do that.

All right, we got it.

Well, you have to have these.

Yeah, we got that.

I mean, mean, it's if you've, if you've been paying attention and you've been prepping,

you know what I've been saying for the longest time.

The peace of mind that you will have is so great.

It's all I've had to worry about.

Right.

All I've had to worry about are, you know, hey, how do we get the network on the air in case there's nobody there?

How do we, you know, how do we do these things?

How do we make sure that all of the guns are loaded?

So when the people are like, I was at a St.

Patrick's Day party and I just missed this somehow or another.

Do we have enough ammunition for those people?

I'll say, too, like, there's been a lot of overblown stuff, I think, on how crazy it's been at these stores.

We all know this is going to get worse, and we've talked about this for weeks, but just because of the numbers and the way they're going to work, it's going to look a lot worse, and it's going to be worse over the next few weeks.

But like, you know, I went to the store this weekend, and you know, yes, there are, there are incidents of people fighting in the stores, just like Black Friday.

There are ridiculous toilet paper outages in certain places.

When I went to the store this weekend, there were certain things that were, there were very specific,

limited supplies of things.

There were certain things, you know, there's less water than there would have normally been.

There was less toilet paper.

There's some of those things.

But they're going to really speak.

They're going to be.

What's that?

Did you claw anybody's eye out for it?

I mean, there's blood still under my fingernails, sure.

All right, all right,

obviously.

The point is, there is still tons of stuff in the store.

And there's going to be more tomorrow, yeah, you know, or the day after.

They are focused very heavily, Trump is too, on making sure these grocery stores are going to be restocked, and that's that's important.

It doesn't mean you need to go in there and buy every single thing that you see, but I will say that there are still tons in the stores.

May I just ask this question: What part of amazon.com can we not spell?

I mean, would you make it easier?

We gotta go out to the store.

The president is telling us, stay inside, stay inside.

But we need food.

How else could we possibly get food?

I've got to claw somebody's eyes out in a crowd in the grocery store.

I'd just like to point out Amazon.com is delivering, you know, it's right there.

They deliver it right to your door.

Yeah, yeah, shut up.

How are we going to get to toilet paper, that one last roll that's on that shelf at the Kroger?

I again like to shut up, will you?

We're trying to talk over here.

I don't understand

how this, how we're missing Amazon.

My wife said to me on Saturday, I got to go to the store because I have to, I said, honey,

didn't we just say that we weren't going to go to store?

Yeah, I know, but I have to get some things.

I'd like to point out Amazon.com.

I guess you can do groceries are not.

There's also Instacart, which I've used before for grocery delivery, which is kind of nice.

There's a bunch of services that will do this type of thing for you.

But it does feel like people aren't used to ordering milk online.

Like, that's not a normal thing people are used to doing.

So it is out of the norm, but you can do it.

There are plenty of places that will deliver all that stuff.

Yeah, I don't mean the milk, because

it wasn't even milk.

It was like, I need some more pasta.

Okay.

Yeah, you might pay more for it right now online.

But yeah, there wasn't a lot.

Pasta was definitely one of the things that had been cleared out.

It's the type of thing.

I feel like I've had the same box of pasta on my shelf for the last 14 years.

So I feel like people just are like, eh, you're going to get pasta is going to be around even if you don't use it right away.

And hopefully, we will all be looking at boxes of pasta and toilet paper that we purchased.

Remember this?

Ah, this was the great pasta scare of 2020.

Hopefully, we won't need all of this stuff.

But you do have to recognize that this is the last week that this is probably going to be funny.

This is going to be the last week where people are still arguing, oh, that's nothing.

Oh,

it's nothing but a hype.

This is going to be the last week I think of that.

Yeah, well, the numbers went from 2,900 last night when I went to bed, and they were saying 3,700 plus now.

Yeah.

That's pretty quick.

Well, yeah.

That's really fast.

There's a New York Times

breakdown of all these numbers.

And I check it a couple of times a day just to see how they're going.

And they've had this chart at the bottom, which compares world cases versus Chinese cases.

Yeah.

And so the chart every day looks like basically the Chinese cases go way up to the top of the chart and they've started to flatten it out as we've covered.

And then the other side was this line very close to the bottom that just started to curve up a little bit.

Went to bed last night and it had gone all the way up to halfway up the chart, halfway up to the Chinese cases, which, you know, and it's sloping almost directly straight up.

Got up this morning.

It's past China.

It's now past

China.

What, 25,000 or 30,000 in Italy alone and 368 deaths yesterday.

Yesterday.

Alone.

So listen to this.

I just said this.

It just said this, what, a few weeks ago.

We're about 50 days behind China.

All right.

If it's true, let's compare what China was doing 50 days ago.

48 days ago.

They were welding people into their house, weren't they?

Not yet.

Not yet.

Nope.

Coronavirus, these are the headlines.

These are the headlines 48 days ago.

Coronavirus death toll climbs to 106 cases.

What is the death toll here in America today?

68, I think.

Okay, death toll climbs to 106 and cases near 4,500 as China emits shortage of medical supplies.

Today, we will probably hit 4,500.

Hong Kong medical workers draw sticks to decide who works in the quarantine wards.

Villages start to build walls and checkpoints to stop outsiders spreading infection.

Buses are not running in China's biggest steel town.

Is gold heading to 2,000?

Prices surge on global fear.

Asian stocks tumble as China virus worries deepen.

Corona beer virus searches suddenly spike on Google after

and when and when again is St.

Patrick's Day

so 4,500 infections is probably where we're gonna be today by the end of the day but in positive news now remember we're 50 days behind so here are the headlines from today in China Parks and tourists and tourist attractions reopen in China as it gets back on its feet China records 16 infections 12 are imported from travelers outside of China so if we follow the same timeline, we're at the beginning of that China.

This is the ramp almost straight up.

We're there this week,

which will mean that we're going to understand it a week from now.

We are two weeks behind Italy, where Italy is now saying to us, hey, two weeks ago, we thought this was a joke.

Please, America and the rest of the world, don't laugh this off.

We're freaked out of our minds now.

So we're in that slope.

So if you follow the same timeline, it means we're about 50 days from Disney getting

ready to reopen and maybe talking about sports getting restarted and things getting back to normal.

But we are 50 days approximately behind China.

This is the best of the Glen Beck program.

We are down now in the stock market about 10% today.

I hope my stocks are part of that 10%

because

last night some things came together for me.

And

if you are looking at the stock market, if you are looking at conventional wisdom, it will always tell you do not draw your money out.

Three, four, no, four weeks ago, I said to my wife, honey, I want to pull the money out of the stock market.

And I've done it before.

And we have lost money because

we've pulled money out and something didn't happen.

It was just a temporary thing.

But I can't stop from hearing my grandfather's voice.

My grandfather lived through the Great Depression.

And anybody who had grandparents that lived through the Great Depression, you knew a couple of things.

Don't waste food.

Don't waste anything.

What do you mean you're going to throw that pair of pants away or that shirt?

No, give it to me.

I'll mend it.

They learned things, and I want you to really understand this.

If you don't know somebody who grew up in the Great Depression, you won't be able to relate to this because there's no one like this in America anymore.

They were so spooked by the Great Depression, they still saved all of their scraps.

They still saved all of their wrapping paper on Christmas.

They did everything.

Save, save, save, save, save, because, quote, you don't know what it was like and it can come back.

And I remember my grandfather saying all the time: those people who had money in the Depression, those people who made money in the Depression are the ones who didn't lose it in the stock market.

And so it was a generational thing that they got and we didn't.

From October 1929 to 1932, the U.S.

stocks lost 90% of their value.

That kicked off the Great Depression.

They kicked off that three-year decline by losing 30% of the value of the stock market in 45 days.

Now, I want you to listen carefully.

Starting February 12th, 2020, and through last week, U.S.

stocks lost 30% of their value in 20 days, more than twice as fast in 1929.

In the last 10 trading days, stocks have hit their 7% loss trading stop, so-called circuit breaker, designed to stop panic selling.

It's been hit three times, as of today, four.

We just hit another one.

We're now down 10% for the day.

We were down almost 9% before they could close it.

It's supposed to circuit breaker blows at 7.

By the time they got that thing closed, it was down 9%.

We're down almost 10.

The next circuit breaker is at 13, and the one after that is at 20.

Now, there's a reason why I'm telling you all of this history, and I want you to pay attention closely.

And I am not a financial advisor, I am not somebody I lose money more than I keep money.

So, take my advice.

Take my advice.

Sorry, I just got an urgent message from somebody regarding this, so I'm going to

try to remember that.

Don't take my advice as gospel.

Take it as these are the facts.

Then do your own homework.

We have something.

Well, let's start here.

Starting in September 2019.

And

this is one thing that really bothered me a lot.

And we did several episodes on it.

In fact, we should put them all together because if you're at home, you can binge-watch a few things on the archives of the Glenbeck TV program.

But in September 2019, the Fed started making overnight repo loans at the rate of $75 billion a night to the banking sector.

Now, what this means is when banks close their door at night, they close the shop at 5 o'clock, they have to have enough money in the vault to cover any of of the

so-called assets that they have that are actually

loans, the liabilities.

So they have to cover the liabilities in case something happens.

They have to be able to have enough cash in the bank to be able to cover all of those liabilities.

We've had this now since the Great Depression,

and we used to have something that was called the discount window.

If you couldn't do that, you would go to the Fed's discount window where you would get a special rate.

It was not someone prior to 2008 any bank wanted to use because it was kind of made as a shame kind of place where you would go and it let the other banks, oh, he may not be solvent.

I don't know if we should really trust that bank.

Should we loan to that bank?

So nobody wanted to use that.

Well,

the Fed started making overnight loans at the rate of $75 billion per night.

That means some of the banks, collection of the banks or one of the banks, was short $75 billion in cash and needed to borrow that just to cover the shortfall.

In November, they increased overnight lending to $100 billion.

Last week, they made it $150 billion a night.

Over the weekend, it was increased to $175 billion per night.

To put this into perspective,

Bear Stearns and Lehman Brothers needed $50 billion.

We now have increased it to $175 billion

per night

on top of the $1 trillion announced in new asset purchases.

Do you remember when we said we were going to bail out the loan, the Trouble Assets Recovery Program, TARP?

That was

$775 billion

to bail out the banks and their troubled assets.

They have just added $1 trillion

to TARP.

They don't call it that anymore, but new asset purchases.

So the Fed is buying a trillion dollars.

Plus, they're letting these banks borrow $170 billion every night.

On Friday, the U.S.

Treasury held an auction for 30-year Treasury bonds.

You know how many we received?

How many people raised their hand and said, I'll buy a U.S.

Treasury bond?

You know how many?

Zero.

Zero.

What does that mean?

Any money that we now borrow, we can't borrow it because nobody wants to take that debt.

We are spending out of control and no one wants to buy a 30-year Treasury bond.

As of today, March 16th, the Federal Reserve

has become the last buyer of resort for the U.S.

Treasuries.

We are out of countries that now want to take our debt, at least at this time.

Now the Dow is down 25% from all-time highs.

Bank stocks are down 50%.

Let me say that again.

The Dow is down 25%, but bank stocks are now down 50% and leading the way down.

The reason why I want you to know this

is because something really hinky is going on.

It's been going on for a while.

Haven't been able to put my finger on it.

I still don't know what it is.

Nobody does, but nobody's talking about it.

When the last time nobody would talk about things was 2007 and 2008, I couldn't get anybody to give me any.

Well, it's very complex.

You know, you don't understand the system.

Yeah, can you explain it to me?

Well, no, it's very complex.

Okay, so it's so complex, you can't even break it down and explain it to me.

Glenn, there are systems.

Really?

Can you tell me what those systems are?

Because they don't seem to make sense to me.

Explain it to me.

You just don't know.

That's the kind of runaround I'm getting right now.

Now, why are the bank stocks down over 50%

when the Dow is only down 25?

Why is the banking sector down?

Now this leads me to what I heard from the president last week and he said it in such a

nonchalant way.

It just passed by everyone except those with eyes and ears and I heard that and I went, why, why, why are you saying that?

Remember, before he gave his speech, he met with the heads of all of the big banks.

Now that spun as, well, he's meeting with the heads of the big banks because, what are we going to do about this financial crisis?

Okay.

But what he said that night was, and I just want you to know, you know, our banks are fine.

They're tip-top.

They're fully liquid.

I mean, they've got liquidation that they just take all this money and they're just growing on trees.

They can throw it around.

They've got so much money.

They're so liquid.

It's almost like you could drink a bank right now.

Really?

Production economies have crashed in the anticipation of a global slowdown of manufacturing.

Oil is down more than 50%, made worse by the Soviet or the Russia-Saudi price war.

Copper is down 30%.

Steel is down 30%.

Aluminum down 22%.

They're all indications of a global slowdown not seen since at least 2008.

The world is still entering its shutdown mode.

So China is re-emerging for their shutdown, but who's going to be placing any orders in the next month or two?

This is the real problem.

The Fed just shot everything.

They just don't have anything left.

They don't have anything left.

We're almost at zero.

They can go to negative interest rates, but you don't need a lower interest rate right now.

We need to be buying things.

We need to be going out to restaurants.

That's why you know how serious this is.

This is either an evil, spooky dude,

complete hoax on the entire world.

We've got all of them.

We've got China,

we've got Russia, we've got oil, we've got everyone.

And everyone is in on this, which

I think a lot of people will be playing into this, but it's not a hoax.

For people for us to make the choices that we're making right now to shut our airlines down and everything else, Donald Trump does not want to do this.

He's smart enough to know exactly what this means.

Now, let me tell you what they did just last night.

This is what made me say,

honey, go to the bank tomorrow morning.

And

I wrote to our stockbroker and I said, I don't care how much money, I don't care what the excuse is.

No, I don't care how dumb I look in the end.

I'm pulling my money out of the stock market.

We're going to the bank, we're getting some cash, and I'll tell you what they did last night that made the blood drain out of my face.

That makes absolutely no financial sense whatsoever, unless you got nothing left.