March 17, 2023 • 36 mins
The latest on the not-a-crisis banking crisis. Ron Johnson grills Janet Yellen. Larry Kudlow doesn't think we have a true financial crisis yet. Yellen won't commit to backstopping community banks. Buck talks to callers, including a Texas community bank director. Kamala Harris: De-motivational speaker.
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Episode Transcript
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Speaker 1 (00:00):
Welcome to today's edition of The Clay Travis and Buck
Sexton Show podcast. Happy Saint Patrick's to everybody. Welcome to
the Friday edition of The Clay Travis and Buck Sexton Show.
Oh my, there's a lot going on. We have more
on the banks. It's not a crisis, they say, don't
(00:22):
call it a crisis. Don't speaketh the name banking crisis.
We will discuss this. Janet Yellen ask some questions that
I think are very illuminating about where all this is going.
We also have word coming out that over a thousand
(00:43):
additional people could an r likely to be charged in
connection with January sixth. I think we see the plan
here there now going to escalate this and drag it
out so that it becomes an election issue. It's obvious
DJ doing the political bidding of the Biden regime, no surprise.
(01:06):
We'll discuss that. We also have Hunter Biden speaking of
the legal world. Hunter Biden is suing the laptop store
or you know the place where he left his laptop,
a computer repair store. I don't even know there really
were that many computer repair stores left, suing them for
(01:27):
invasion of privacy, Which is interesting because I'm pretty sure
you would only sue a store for invading the privacy
that you claim you had on the laptop you left
behind if it was yours. We all know it's real.
We've known it's real from the very beginning, but it
is worth noting every time we get even more confirmation
(01:48):
that the Democrats, the leftist media lied to you about this.
And we'll discuss where all of that is going as
Hunter Biden is suing them right now, Fauci still making
the round and talking about how we need to, you know,
get a vaccine every year forever for COVID um. You
(02:09):
know this is this is outrageous, but this is what
he's doing. Ron DeSantis has some very interesting words about
where all of that is going and his view on
why we should have known all along, why it was
quite clear that there was something amiss in the world
of COVID policy. And then also Third Hour, by the way,
(02:29):
Kevin Downs will be with us, the producer of Jesus Revolution,
which stars at the number of fine actors, including Kelsey Grammer,
whom I have always been a fan of his work,
particularly Frazier, but just in general, and so they'll be
joining us to talk about Jesus Revolution in the third
(02:52):
hour of the program. So I know that. I think
every day so far this week except yesterday, we did
you Cray really top of the show a little bit
of breaking news, but this banking situation, because I think
for the American people right now, the gravity of the
story and the urgency of the story make it the
(03:12):
single most important thing that we can be following closely,
because if this goes in the wrong direction, you could
have a real economic calamity. You could have things get
really ugly out there, a lot of layoffs, a lot
of people lose their jobs. I am hoping. See, I
always root for America. I'm not a Marxist, I'm not
(03:34):
a commie, not a Democrat. I actually want America to
do well, all of us. So I'm hopeful that this
will be averted. But we have to be honest about
what's going on and prepared for the reality that is
looming ahead of us as we see it. So with that,
(03:55):
the latest news on the banking not a crisis, but
it looks like a crisis, or it looks like the
moments before a full blown crisis. They have borrowed one
hundred and sixty four billion dollars from the FED to
backstop liquidity. First Republic Bank has had its shares plunging.
(04:20):
There is now a thirty billion dollar rescue package that
has been pulled together where a number of the big,
the too big to fail banks. I think we're allowed
to call them that. I think that the term of
art they use for them is systemically important banks. I
think I think that's what they call them. Systemically important
(04:42):
is the phrase. That's quite an interesting designation, isn't it.
It's starting to feel a little bit like jobs that
were essential versus non essential jobs. You know, it's just
an arbitrary government designation, isn't it. Because if you have
your money in you know, your local bank in Iowa,
or in Texas or in you name it, you have
(05:06):
your money there, you know, Oklahoma, Bank of Oklahoma, whatever.
You don't care if Bank of America or Chase our
backstop and you're not because of the systemic risk, you
see that as unfair. I want to return to that
question in a second, because if you think that the
government has a clear answer for you on this and
(05:28):
that there's no chance that you could wake up in
a few weeks and your bank just says sorry, we
don't have it, and then there'd be a whole debate
over well, unlike SVB, the very connected to Democrats, big
Democrat donor Silicon Valley Bank, would your local bank get
this same bail out? Janet Yellen was asked that question,
(05:50):
I will you know what? We'll do this in reverse word?
I was going to talk about the broad spectrum comments
here from Larry Coudlow, former senior Trump advisor on the
on the economy. Well, we'll get to that in a second.
Let's do the Janet Yellen commentary first. Um, here she
is when you know she's asked about what's going on.
(06:15):
Ron Johnson's asking her at asking about treasury and deficit spending,
everything else. We're gonna go through some of this commentary.
Here's Ron Johnson asking Janet Yellen about deficit spending. Jurdan
Biden's years play it. So, do you know in the
first three fiscal years the bidenministration, you know how much
the total defsits spending is going to be. We had
(06:36):
in economic collapse that was caused by right, and we
were certainly coming out of that because there's all this
penum demand and a sloshing around of trillions of dollars.
So I'll answer that question for you too. The first
three fiscal years of this administration, the total deslits would
be about what five point seven trillion dollars. So there's
(06:56):
a lot of spending that's gone on, we know that much.
There's a lot that has happened here. There's a lot
of money that has gone into the federal balance sheet,
and we're supposed to think there's not going to be
a downside to this. But the more the more simple,
the more straightforward question that Yellen was asked, has to
(07:16):
do with, well, are all banks? Are all banks now
backstop fully? And I don't think we actually have this audio.
I'll pull the audio for you in a few minutes.
But the more central question here for a lot of
people is what happens if my bank goes down? Do
I get the same treatment that SVB got? Janet Yellen
(07:38):
gave a whole Well, it kind of depends on what
the President thinks and what the FDIC thinks and whatever.
So then you've got so you either have a double
standard where your bank is not backstopped but SVB was.
They can say it's not a bailout, it's a bailout,
it's just how they fund the bailout. Or do you
(07:59):
have the now admitting and the Treasury Secretary admitting de
facto that every deposit, that trillions of dollars of non
FDIC in short deposits out there are insured by the
federal government, which kind of starts to feel a bit
like the nationalized banking system. In fact, what it really
(08:20):
means is that all banks can do whatever they want
with your money, chase whatever returns they want, and stuff
gets really ugly, they know there's going to be a
truck backing up from the FED dumping the money metaphorically
speaking on their front lawn, and that's that. What does
that do for us? How does that go forward? I
(08:43):
think these are important things for us all to be
very clear on here, because remember they're telling you there's
no crisis. Meanwhile, did anyone think that there was going
to be a one hundred and sixty four billion dollars
borrowed from the Fed in the last twenty four hours
to backs up all these banks? No, we didn't know
about that, did we? Did anyone think that First Republic
(09:04):
shares would plunge twenty percent and it would have to
take a thirty billion dollar rescue package. Even a few
days ago, we were remember initially it was oh, it's
just SVB, and then it was Signature, and now it's
these other banks credit sweets. Oh, credit sweets. Why is
that important? Because that's a foreign bank. So this starts
(09:24):
to feel like a global problem. And as what is
it the as the US gets a cold, the economically
the rest of the world gets a flu Isn't that
the old the old phrase? And I think that's certainly
the case. I think that's certainly going to be the
reality of things get ugly here. So when Yellen was
(09:47):
asked to reassure the members of the committee the banking
system is sound, Americans can feel confident, confident that their
deposits are there, you know, she says, yeah, you should
feel confident. But we're not saying we're definitely stopping your bank.
We'll make that determination as we go. Well, they can't
have it both ways. They can't have it both ways.
I thought this was interesting to Larry Cutlow said that
(10:11):
he does not believe we have a true financial crisis.
Yet he says that things are still going along pretty well.
Play fourteen. The Federal Reserve should be a shame. The
controllers should be a shame, and the FDI say should
be a shame because they didn't do their job. There's
not going to be a regulatory bill. Let the private
(10:31):
sector work it out. Silicon Valley Bank was a rogue operation.
Not every bank is that super woke. This is not true.
But the point is, use the private sector, sell the bank.
Let private banks help these regional banks, and we'll get
out of this without a banking crisis. I can't wait
for your opening rip tonight. I have a banking crisis.
(10:54):
We don't know that yet. You know how when you're
on a plane and there's somebody next to you, maybe
it's a friend and family member or spouse, whatever, they
look at you and you started to hit bad turbulence,
and you know, you know the stats commercial airliners are
(11:14):
you know, incredibly safe and you know, safer than driving
in a car. I mean, commercial airlines are actually doing
remarkably well overall. With that, you have whole years where
there's not a single life lost in a major commercial
airliner because of a crash. And you know, obviously we
want that streak to go as long as as as
humanly possible. But someone will look at you and you
(11:38):
can tell they're really nervous, and you'll say, don't worry
about it, and that thought will cross the back of
your mind to you because you realize, well, what are
you going to say? There's nothing you can do. You know,
there's no upside in saying, I don't know, this turbulence
is really bad. You know, maybe the I don't know,
maybe one of those engines could go. I know, there's
no point in saying that. It's always going to be
(11:59):
the the the proper response when someone's nervous on a
plane and you're not the pilot, you're sitting back there
and you have it's not in your hands at all.
Of course, the proper response is now, we're gonna be fine.
We're gonna be fine. But you know, in the back
of your mind, even if you thought this is what
I'm getting at here, even if you thought things weren't
gonna be fine, there's no point in saying that. I
do think that becomes part of the equation here with
(12:23):
economists and people who know the markets really well and
everything else, that the perception of recession or even a
depression can lead to the reality. And so there is this,
you know, are people gonna tell are people gonna tell
everybody the truth? Or is there no point in saying
the truth? You might as well just be positive and
hope for the best. I do think that that factor
(12:45):
is in right now a little bit of what we're hearing,
because nobody wants to be the one that says, yeah,
you know, run for the life jackets and it turns
out the ship isn't going down right. So ah, it's
a tough spot right now. I know it Saint Patrick's
Day and people are out there. There's a lot of revelry,
a lot of celebration, which is great for those of
(13:08):
you who are playing buck subscribers are seeing me on video.
I'm wearing a green shirt in solidarity with Saint Patrick's
Day today as I am mostly Irish by background. But
after Saint Patrick's Day, we still have to focus on
the fact that the banking system could be in some
real trouble, which means the economy is in real trouble.
And that's assuming that we do we have smart decisions
(13:31):
being made by our leadership class, which I think is
a very big assumption these days. So we'll come back
to today. Also want to hear your thoughts, especially if
you have any real expertise in the banking sector the markets.
Please give us a ring. Let's talk about it. Let's
let's ask if you have any big prediction you can
(13:51):
back up with an interesting theory and expertise. I know
that's pretty specific. Or you just want to wax. It's Friday,
you just want to wax philosophical, Give me a ring.
Eight hundred two eight two two eight eight two. Clay,
by the way on vacation. He's back Tuesday. He's having
a fantastic time in Italy. Absolutely loves it, which I
knew he would, And I'm actually now I'm getting jealous.
I want to go. I gotta take carry to Italy.
(14:13):
So many places want to go. But the good news
is when I do that, Clay will take over the
show for those days, so everybody wins. I ever met
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(15:24):
Travis and Buck Sexton. So Janet Yellen is the Treasury Secretary,
and she was asked that very straightforward question. Are all
of the banks back stopped as in your deposits? Do
the FDIC limits? Are they really just a mission statement?
(15:48):
Are they a suggestion box? Or are they limits as in, sorry,
someone's got to lose here. Otherwise we have de facto
nationalized banks are certainly nationalized risk with capitalized or capitalism
upside for the banks. Here is how Yellen you got
it here? This is really important, folks. Okay, this is
(16:10):
about where do you have money? Where is your money?
What banks is it in? Because according to Janet Yellen, yeah, sure,
Silicon Valley Bank, they acted crazy. It was all woke
and d EI stuff and they got greedy and they
got But all the depositors there, the depositors, not the
bank executive. Necessarily they might have a rough time. The
depositors are taken care of. But are you at your
(16:33):
bank taken care of if the same thing happens, and
it could. Here's Janet Yellen's response. Play, will the deposits
in every community bank in Oklahoma, regardless of their size,
being fully insured? Now, are they fully recovered every bank,
every community bank in Oklahoma, regardless of the size of
the deposit, Will they get the same treatment that SVB
(16:54):
BP just got or Signature Bank just got. Oh bank
only gets that treatment if a majority of the FDIC board,
a supermajority, a supermajority of the Fedboard and eye in
consultation with the President determine that the failure to protect
(17:18):
uninsured depositors would create systemic risk and significant economic and
financial consequences. So your bank, if you're not in you know,
the one of the Big four, if you're in a
community bank right now. And by the way, I'm not
suggesting that this will happen, and I'm not suggesting anyone.
(17:39):
I'm not giving anyone financial advice, and I'm not telling
anybody to take money out of their banks. But the
Treasury Secretary is saying, if the money that a person
has in a regional bank is as a depositor, comes
under risk, it is not guaranteed. It is not guaranteed
at all that those deposits above the FDIC lynn helping
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Go to It's a tax refund, by the way, go
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check it out. So what is your plan to keep
large depositors from moving their funds out of community banks
into the big banks. We have of seeing the mergers
of banks over the past decade. I'm concerned you're about
(19:05):
to accelerate that by encouraging anyone who has a large
deposited community bank to say, we're not going to make
you whole, but if you go to one of our
preferred banks, we will make you whole at that point. Look,
I mean, that's certainly not something that we're encouraging. That
is happening right now. That is happening because depositors are
(19:29):
concerned about the bank bailiers that it's happened, and whither
or not other banks could also it's happening because you're
fully insured no matter what the amount is. If you're
in a big bank, you're not fully insured if you're
in a community banks. Wanting everybody to hear that exchange
there with the Treasury Secretary Janet Yellen, so that we
(19:53):
get it on the record on the air here, because
I've been saying for days this is the problem that
has been set up by the SVB bailout. SVB specifically
wanted to be free of the too big to fail regulations.
SVB Bank was like, no, no no, we got this. We're slick,
we know how to, we know how to, you know,
(20:14):
mind our own business and get our stuff done. Don't
worry about us. We don't want to be considered one
of your too big to fail banks. Systemically important is
what they call it, too big to fail? Same thing. Okay,
so what happens when it fails? Actually, we've decided you're
too big to fail too, and we're gonna do these
things with these other banks. Look, this is all cause
(20:38):
and effect. I keep saying it. This is why you
know you don't have to be a PhD in economics
to understand this. In fact, a lot of PhDs and
economics who go on TV are wrong about a lot
of stuff. They get stuff wrong all the time. If
you just apply basic common sense to this, you can
see what has happened. Right, we kept interest rates very,
(20:58):
very low. Intention This was a decision to inject cash
into the economy to make people spend put to encourage
people to spend money, encourage consumption, you know, encourage overall
GDP growth. But you do this artificially at the expense
of people who actually want to save money and who
(21:18):
want to get some yield by just putting in at
a savings account. Right, you used to be able to
put money into savings account and if you were patient
over time, you would actually be able to grow some
wealth that way. That hasn't been the case for quite
some time now, has it. And you used to be
able to get yield on a bond. But the bond
market has been artificially suppressed by QWEE and the things
(21:41):
that they fed, and the government decided that it's going
to do that it has been doing and so now
we are just dealing with the consequences of this. When
you add on top of that, the trillions of dollars
of spending during COVID and by the Biden administration specifically
in the last two years. Now we've got inflation, which
we knew was going to happen at some point. So
(22:01):
none of this is a you know, none of it
is a surprise. The only thing that's a surprise is
when it starts to fall apart or when when the
crisis hits. We've known that this was going to be
an issue for some time, and we've got a let
me see, we got here. We've got a caller in
Texas who is the director of a small community bank
(22:23):
that the FDIC downgraded not long ago because they had
money they were not investing. So, uh, we're calling him
John at his name, John, You've got some thoughts on
the situation. You're a community bank guy, Well, I'm a
director to community bank, yes, right, and go ahead. Situation.
The situation explained was the banks are examined every couple
(22:47):
of years by the FDIC. They're also examined by state
examiners on alternate years, and this bank, like most every
bank in the States, was flushed with cash with all
the COVID money, and you know, them and handouts who
were coming out. The bank was actually flushed with cash.
They went through the FDIC exam and they were actually
(23:07):
written up because they had not invested those funds. The
bank that I was associated with did not invest those
funds because they were afraid that people might need the money.
So they didn't want to have to invest it, take
it back out of investments, want it to be you know,
so they could give their money back to the to
the people that own the money. So they did not
do that. The FDIC told them they should be investing
(23:29):
in the markets. You need to take these funds and
invest them. The bank was downgraded on their on their
their their earnings. There's there's earnings is one of the
things that you're graded on because they had not invested
the money and they were just holding onto it, and
so they got downgraded by the FDIC with that exam
(23:49):
because they had not invested the money. FDC was they
weren't forcing banks too, but they were pushing them that direction.
This is fascinating. So you're telling me that that a
local or community bank that didn't try to chase yield
and kept cash on hand to keep a healthier balance
sheet was effectively punished by the FTI C for doing so.
(24:13):
That is correct. Wow, exactly what happen? What happened? Now?
Now let me ask you, sir, this is very interesting. Um,
you see what's going on here. You see, as we
said at the top of the show, US one hundred
and sixty four billion dollars borrowed from the FED to
backstop banks with liquidity credit squeeze. I know that's a
global issue, but you know, the reverberations are clear here
(24:35):
still very shaky and First Republic banks still very shaky,
even though it has a thirty billion dollars rescue package
that's gone into it. Um, what are you Is this
a problem that you think is going to be solvable
or are we just in the opening phase? It's just
based on what you know from how this functions, how
this works. I think it's just a starting phase of it. Yeah.
(24:58):
I was hoping we weren't going to say that, but
I had a feeling you might say that because it
just seems to me like every day there's another shoe
that drops right. Every day, there's another thing that that
seems to happen, and there's more emergency measures that are needed.
John from Texas man. Thank you so much for calling
him with that. And isn't that so interesting? It reminds
me of so many things the government has done the
(25:19):
last few years. The people who do the right thing
are the ones who are punished. The people who do
the selfish and wrong thing are the ones who are rewarded.
See a lot of that, See a lot of that
with COVID. Oh yeah, you know, we're gonna shut down.
We're gonna send essential workers in. You know, they could
do all this stuff for us. We're gonna stay home
and we're gonna get checks from the government. Only upside,
(25:41):
only benefit, right, You never hear about Well, hold on
a second. What about people that wanted to stay open,
wanted to keep going to work, do their jobs. No, No,
they were punished, as you know, they were punished. So
this is a common theme here. There's something very wrong
with the way our government is approaching this. Brian in Summerfield,
North Carolina, what's going on? Brian, Hey, buck, Hey, good
(26:06):
to talk to you. Thank you. Just basically wanted to
make the comments and I'm just so disappointed right now.
You know, it's like if people do not understand that
what is going on right now is basically a proof
of we live in a country that is ruled by men,
not by laws. Because, as Janet Yellen just said, if
(26:27):
she decides and her friends on the FTC and yes
s IPC boards decide we're going to bail them out
because you know they're important to us, then they get
bailed out. But if Janet Yellen doesn't think that you're
important enough to her and her friends, and you don't
get bailed out. So that is like the epitome of
(26:47):
rule of man, not rule of law, because there are
laws in place that say, hey, here's how it works.
You get two hundred and fifty thousand dollars worth of
coverage of insurance pers hunt. That's it. I don't care
if you have twenty billion dollars you get two hundred
fifty grand back if you had at one account. That
rule applies to every other citizen out there. Unless you're
(27:09):
a friend of the politicians and the regulators and the
you know the other people in these you know, elemental
PQ organizations, you're screwed. I mean, that's basically what the
Treasury by the John I or rather Brian, thank you
for calling in. I think that's essentially correct, and people
(27:30):
need to know that this is what the government's doing
right now that this Biden administration and his Treasury secretary
have they have made a choice. Look, we even we
did see this. I will be honest with all of
you as always. In two thousand and eight, you know,
the decision to let Lehman Brothers fail was a decision,
and it was interesting because not only did the other
banks get bailed out Goldman Sachs, which Hank Paulson had
(27:54):
been the the CEO of I believe previously, it was
very tied into Goldman Sacks. Goldman Sachs got bailed out
of its counterparty obligations in the two thousand and eight
crisis one hundred cents on the dollar, and Goldman Sachs
didn't even really take a haircut, didn't lose anything really,
I mean, not any meaningful way, and it was paying
out record bonuses a year after the financial crisis, and
(28:15):
Goldman Sachs had a lot of counterparty risk with AIG,
the massive insurance giant. And what happened well, Goldman Sachs
or Government Sacks as people started to call it, was connected.
This is you know Bush administration stuff. They were very connected.
Lehman not so connected. Where can you Where can you
(28:36):
still go and have a sit down in an office?
Not a Lehman Brothers. You can a Goldman Sachs, That's
for sure. So this stuff matters, and it is. There
is something arbitrary and political and capricious about who's going
to be kept afloat and who's going to be allowed
to go under. And I can tell you this much.
The more I see this with SVB and some of
(28:58):
these other banks that are getting the assistant and who
and what their exposure is, the more I think, Yeah,
you know, do you the Biden administration where they feel
badly about No, they'll wait until a bank has a
problem that you know is a lot of red state voters,
and maybe that will be the one that has to
be made an example of, and they'll say it that way,
(29:19):
This is sorry. We couldn't just keep bailing everybody out,
so we decided that this is the one that gets
to get burned down. Okay, you heard it from me.
I think you all know they would do it, and
they would do it, and they would be sanctimonious as
they did it too. Just get ready for that, you
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(30:22):
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and B twenty four to seven. You've certainly come across
a motivational speaker before. Maybe you've even heard one live
in person, but they're all over social media and there's
a whole industry there. I never really thought of a
(31:04):
demotivational speaker before, but then Vice President Kamala Harris showed
up in the locker room of the Howard University Bison
after they had lost in the NCAA Tournament to Kansas.
Now it will not shock any of you to know
that I had no idea that the uh, the Bison
(31:26):
were playing Kansas. I didn't know about any of this.
This came onto my radar because Kamala Harris was there
and she decided to give them a speech. I just
these are elite college athletes. In the case of Howard,
they just they just lost, which is obviously there you go,
that's a bummer, that's that's sad for them. But they're
(31:48):
elite college athletes. These are you know, adults. And this
is how Kamala Harris goes to the She goes to
the locker room and addresses them. I want you to
hear it. Play twenty four. He played hard, we played
to the very last secondary. You made all us Bison
so so proud. Wuld you showed the world who Bison are?
(32:14):
You know? I was at Howard back in the day
where we were just happy that there was a game.
Much less get into this place, right and I see
Bison literally all over the world, and we've been talking
about you, this team. You make us so proud. So
I know you may not be feeling great right now, okay,
but know who you are. You are excellent. I look,
(32:40):
it's fine. I just think. I just think that the
way she addresses them, it feels like that's how I
would have spoken to if I were coaching you know kids,
Uh who are who are young? You know, like young
not not not adult? NC double A tournament. I don't know,
just something that it always comes across as inauthentic. That's
(33:02):
it just always comes across every speech a little condescending
and a little inauthentic. And I just look, I'm obviously
not an NC double A player in any sport, but
if I had just lost, I don't think I would
need Kamala Harris to come in there and say, you
guys are just great. You know, it's like, okay, thanks, thanks,
(33:24):
we get it anyway. Oh man, it's uh Kamala Harris
doing the motivational speech after the game and also after
a game you've lost too. I think when you've lost,
you want to hear from the coach. You don't want
to hear from like a close member of your community
(33:44):
who's been in the fight with you or something. I
don't think you just want a politician who's looking to
have a sound bite. But you know, Kamala man, it's
it's amazing to see that somebody with so little political
skill has risen to be the not just the vice president,
but also still a very real possibility I think for
(34:07):
the Democrat nomination going forward and going into the future.
Coming up in a few minutes, I just want to
tell you where we're going in the next hour. The
thousand additional prosecutions that are expected. This was just reported
on yesterday by Bloomberg. But if you thought that maybe
(34:29):
we were heading to a place where January six prosecutions
we're gonna they'd be done. And also we wouldn't have
to just constantly hear about this. Oh no, oh no,
there's going to be a whole lot more. A thousand
more people are going to be prosecuted, and as we know,
that includes people because of what we've seen so far,
(34:52):
people who have been prosecuted for standing in the Capitol
for a minute and then leaving, not breaking anything, not
attacking anyone, not doing anything other than wander in through
a massive crowd be inside the capitol. The video catches you.
Now your life is ruined. You have to go to prison.
(35:15):
This is politics. We all see this right, that this
is a political situation. They're deciding that they're going to
make this an issue. Look, they made it an issue
in twenty twenty two, and it, as frustrating as it
is for me and for all of you, it was
a pretty useful tactic for them. I had more faith
(35:40):
in independent voters in some of these elections than maybe
I should have, given the presentation of the January sixth
issue and election denialism as something that should be a
prime motivator for who you vote for, should be a
primary determinant. They're going to try to run the same
playbook again. I also think consisting though that the Hunter
(36:03):
Biden the Biden family finances, which the Democrats were able
to suppress in twenty twenty with Biden back on the ballot.
In twenty twenty four, Hunter suing the computer repair company
or computer repair shop owner actually that found the laptop
from hellas Maranda Divine calls it in her book. That's
(36:27):
going to be more an issue for them than I
think they recognize, and so we should stay focused on
it too, because the Biden family is corrupt, that's for sure.
So let's talk about where this is going with these
January six prosecutions coming up here, a thousand more expected,
the politics behind it, also your calls Next Hour eight
D two two eight eight two
Welcome to today's edition of The Clay Travis and Buck
Sexton Show podcast. Happy Saint Patrick's to everybody. Welcome to
the Friday edition of The Clay Travis and Buck Sexton Show.
Oh my, there's a lot going on. We have more
on the banks. It's not a crisis, they say, don't
(00:22):
call it a crisis. Don't speaketh the name banking crisis.
We will discuss this. Janet Yellen ask some questions that
I think are very illuminating about where all this is going.
We also have word coming out that over a thousand
(00:43):
additional people could an r likely to be charged in
connection with January sixth. I think we see the plan
here there now going to escalate this and drag it
out so that it becomes an election issue. It's obvious
DJ doing the political bidding of the Biden regime, no surprise.
(01:06):
We'll discuss that. We also have Hunter Biden speaking of
the legal world. Hunter Biden is suing the laptop store
or you know the place where he left his laptop,
a computer repair store. I don't even know there really
were that many computer repair stores left, suing them for
(01:27):
invasion of privacy, Which is interesting because I'm pretty sure
you would only sue a store for invading the privacy
that you claim you had on the laptop you left
behind if it was yours. We all know it's real.
We've known it's real from the very beginning, but it
is worth noting every time we get even more confirmation
(01:48):
that the Democrats, the leftist media lied to you about this.
And we'll discuss where all of that is going as
Hunter Biden is suing them right now, Fauci still making
the round and talking about how we need to, you know,
get a vaccine every year forever for COVID um. You
(02:09):
know this is this is outrageous, but this is what
he's doing. Ron DeSantis has some very interesting words about
where all of that is going and his view on
why we should have known all along, why it was
quite clear that there was something amiss in the world
of COVID policy. And then also Third Hour, by the way,
(02:29):
Kevin Downs will be with us, the producer of Jesus Revolution,
which stars at the number of fine actors, including Kelsey Grammer,
whom I have always been a fan of his work,
particularly Frazier, but just in general, and so they'll be
joining us to talk about Jesus Revolution in the third
(02:52):
hour of the program. So I know that. I think
every day so far this week except yesterday, we did
you Cray really top of the show a little bit
of breaking news, but this banking situation, because I think
for the American people right now, the gravity of the
story and the urgency of the story make it the
(03:12):
single most important thing that we can be following closely,
because if this goes in the wrong direction, you could
have a real economic calamity. You could have things get
really ugly out there, a lot of layoffs, a lot
of people lose their jobs. I am hoping. See, I
always root for America. I'm not a Marxist, I'm not
(03:34):
a commie, not a Democrat. I actually want America to
do well, all of us. So I'm hopeful that this
will be averted. But we have to be honest about
what's going on and prepared for the reality that is
looming ahead of us as we see it. So with that,
(03:55):
the latest news on the banking not a crisis, but
it looks like a crisis, or it looks like the
moments before a full blown crisis. They have borrowed one
hundred and sixty four billion dollars from the FED to
backstop liquidity. First Republic Bank has had its shares plunging.
(04:20):
There is now a thirty billion dollar rescue package that
has been pulled together where a number of the big,
the too big to fail banks. I think we're allowed
to call them that. I think that the term of
art they use for them is systemically important banks. I
think I think that's what they call them. Systemically important
(04:42):
is the phrase. That's quite an interesting designation, isn't it.
It's starting to feel a little bit like jobs that
were essential versus non essential jobs. You know, it's just
an arbitrary government designation, isn't it. Because if you have
your money in you know, your local bank in Iowa,
or in Texas or in you name it, you have
(05:06):
your money there, you know, Oklahoma, Bank of Oklahoma, whatever.
You don't care if Bank of America or Chase our
backstop and you're not because of the systemic risk, you
see that as unfair. I want to return to that
question in a second, because if you think that the
government has a clear answer for you on this and
(05:28):
that there's no chance that you could wake up in
a few weeks and your bank just says sorry, we
don't have it, and then there'd be a whole debate
over well, unlike SVB, the very connected to Democrats, big
Democrat donor Silicon Valley Bank, would your local bank get
this same bail out? Janet Yellen was asked that question,
(05:50):
I will you know what? We'll do this in reverse word?
I was going to talk about the broad spectrum comments
here from Larry Coudlow, former senior Trump advisor on the
on the economy. Well, we'll get to that in a second.
Let's do the Janet Yellen commentary first. Um, here she
is when you know she's asked about what's going on.
(06:15):
Ron Johnson's asking her at asking about treasury and deficit spending,
everything else. We're gonna go through some of this commentary.
Here's Ron Johnson asking Janet Yellen about deficit spending. Jurdan
Biden's years play it. So, do you know in the
first three fiscal years the bidenministration, you know how much
the total defsits spending is going to be. We had
(06:36):
in economic collapse that was caused by right, and we
were certainly coming out of that because there's all this
penum demand and a sloshing around of trillions of dollars.
So I'll answer that question for you too. The first
three fiscal years of this administration, the total deslits would
be about what five point seven trillion dollars. So there's
(06:56):
a lot of spending that's gone on, we know that much.
There's a lot that has happened here. There's a lot
of money that has gone into the federal balance sheet,
and we're supposed to think there's not going to be
a downside to this. But the more the more simple,
the more straightforward question that Yellen was asked, has to
(07:16):
do with, well, are all banks? Are all banks now
backstop fully? And I don't think we actually have this audio.
I'll pull the audio for you in a few minutes.
But the more central question here for a lot of
people is what happens if my bank goes down? Do
I get the same treatment that SVB got? Janet Yellen
(07:38):
gave a whole Well, it kind of depends on what
the President thinks and what the FDIC thinks and whatever.
So then you've got so you either have a double
standard where your bank is not backstopped but SVB was.
They can say it's not a bailout, it's a bailout,
it's just how they fund the bailout. Or do you
(07:59):
have the now admitting and the Treasury Secretary admitting de
facto that every deposit, that trillions of dollars of non
FDIC in short deposits out there are insured by the
federal government, which kind of starts to feel a bit
like the nationalized banking system. In fact, what it really
(08:20):
means is that all banks can do whatever they want
with your money, chase whatever returns they want, and stuff
gets really ugly, they know there's going to be a
truck backing up from the FED dumping the money metaphorically
speaking on their front lawn, and that's that. What does
that do for us? How does that go forward? I
(08:43):
think these are important things for us all to be
very clear on here, because remember they're telling you there's
no crisis. Meanwhile, did anyone think that there was going
to be a one hundred and sixty four billion dollars
borrowed from the Fed in the last twenty four hours
to backs up all these banks? No, we didn't know
about that, did we? Did anyone think that First Republic
(09:04):
shares would plunge twenty percent and it would have to
take a thirty billion dollar rescue package. Even a few
days ago, we were remember initially it was oh, it's
just SVB, and then it was Signature, and now it's
these other banks credit sweets. Oh, credit sweets. Why is
that important? Because that's a foreign bank. So this starts
(09:24):
to feel like a global problem. And as what is
it the as the US gets a cold, the economically
the rest of the world gets a flu Isn't that
the old the old phrase? And I think that's certainly
the case. I think that's certainly going to be the
reality of things get ugly here. So when Yellen was
(09:47):
asked to reassure the members of the committee the banking
system is sound, Americans can feel confident, confident that their
deposits are there, you know, she says, yeah, you should
feel confident. But we're not saying we're definitely stopping your bank.
We'll make that determination as we go. Well, they can't
have it both ways. They can't have it both ways.
I thought this was interesting to Larry Cutlow said that
(10:11):
he does not believe we have a true financial crisis.
Yet he says that things are still going along pretty well.
Play fourteen. The Federal Reserve should be a shame. The
controllers should be a shame, and the FDI say should
be a shame because they didn't do their job. There's
not going to be a regulatory bill. Let the private
(10:31):
sector work it out. Silicon Valley Bank was a rogue operation.
Not every bank is that super woke. This is not true.
But the point is, use the private sector, sell the bank.
Let private banks help these regional banks, and we'll get
out of this without a banking crisis. I can't wait
for your opening rip tonight. I have a banking crisis.
(10:54):
We don't know that yet. You know how when you're
on a plane and there's somebody next to you, maybe
it's a friend and family member or spouse, whatever, they
look at you and you started to hit bad turbulence,
and you know, you know the stats commercial airliners are
(11:14):
you know, incredibly safe and you know, safer than driving
in a car. I mean, commercial airlines are actually doing
remarkably well overall. With that, you have whole years where
there's not a single life lost in a major commercial
airliner because of a crash. And you know, obviously we
want that streak to go as long as as as
humanly possible. But someone will look at you and you
(11:38):
can tell they're really nervous, and you'll say, don't worry
about it, and that thought will cross the back of
your mind to you because you realize, well, what are
you going to say? There's nothing you can do. You know,
there's no upside in saying, I don't know, this turbulence
is really bad. You know, maybe the I don't know,
maybe one of those engines could go. I know, there's
no point in saying that. It's always going to be
(11:59):
the the the proper response when someone's nervous on a
plane and you're not the pilot, you're sitting back there
and you have it's not in your hands at all.
Of course, the proper response is now, we're gonna be fine.
We're gonna be fine. But you know, in the back
of your mind, even if you thought this is what
I'm getting at here, even if you thought things weren't
gonna be fine, there's no point in saying that. I
do think that becomes part of the equation here with
(12:23):
economists and people who know the markets really well and
everything else, that the perception of recession or even a
depression can lead to the reality. And so there is this,
you know, are people gonna tell are people gonna tell
everybody the truth? Or is there no point in saying
the truth? You might as well just be positive and
hope for the best. I do think that that factor
(12:45):
is in right now a little bit of what we're hearing,
because nobody wants to be the one that says, yeah,
you know, run for the life jackets and it turns
out the ship isn't going down right. So ah, it's
a tough spot right now. I know it Saint Patrick's
Day and people are out there. There's a lot of revelry,
a lot of celebration, which is great for those of
(13:08):
you who are playing buck subscribers are seeing me on video.
I'm wearing a green shirt in solidarity with Saint Patrick's
Day today as I am mostly Irish by background. But
after Saint Patrick's Day, we still have to focus on
the fact that the banking system could be in some
real trouble, which means the economy is in real trouble.
And that's assuming that we do we have smart decisions
(13:31):
being made by our leadership class, which I think is
a very big assumption these days. So we'll come back
to today. Also want to hear your thoughts, especially if
you have any real expertise in the banking sector the markets.
Please give us a ring. Let's talk about it. Let's
let's ask if you have any big prediction you can
(13:51):
back up with an interesting theory and expertise. I know
that's pretty specific. Or you just want to wax. It's Friday,
you just want to wax philosophical, Give me a ring.
Eight hundred two eight two two eight eight two. Clay,
by the way on vacation. He's back Tuesday. He's having
a fantastic time in Italy. Absolutely loves it, which I
knew he would, And I'm actually now I'm getting jealous.
I want to go. I gotta take carry to Italy.
(14:13):
So many places want to go. But the good news
is when I do that, Clay will take over the
show for those days, so everybody wins. I ever met
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(15:24):
Travis and Buck Sexton. So Janet Yellen is the Treasury Secretary,
and she was asked that very straightforward question. Are all
of the banks back stopped as in your deposits? Do
the FDIC limits? Are they really just a mission statement?
(15:48):
Are they a suggestion box? Or are they limits as in, sorry,
someone's got to lose here. Otherwise we have de facto
nationalized banks are certainly nationalized risk with capitalized or capitalism
upside for the banks. Here is how Yellen you got
it here? This is really important, folks. Okay, this is
(16:10):
about where do you have money? Where is your money?
What banks is it in? Because according to Janet Yellen, yeah, sure,
Silicon Valley Bank, they acted crazy. It was all woke
and d EI stuff and they got greedy and they
got But all the depositors there, the depositors, not the
bank executive. Necessarily they might have a rough time. The
depositors are taken care of. But are you at your
(16:33):
bank taken care of if the same thing happens, and
it could. Here's Janet Yellen's response. Play, will the deposits
in every community bank in Oklahoma, regardless of their size,
being fully insured? Now, are they fully recovered every bank,
every community bank in Oklahoma, regardless of the size of
the deposit, Will they get the same treatment that SVB
(16:54):
BP just got or Signature Bank just got. Oh bank
only gets that treatment if a majority of the FDIC board,
a supermajority, a supermajority of the Fedboard and eye in
consultation with the President determine that the failure to protect
(17:18):
uninsured depositors would create systemic risk and significant economic and
financial consequences. So your bank, if you're not in you know,
the one of the Big four, if you're in a
community bank right now. And by the way, I'm not
suggesting that this will happen, and I'm not suggesting anyone.
(17:39):
I'm not giving anyone financial advice, and I'm not telling
anybody to take money out of their banks. But the
Treasury Secretary is saying, if the money that a person
has in a regional bank is as a depositor, comes
under risk, it is not guaranteed. It is not guaranteed
at all that those deposits above the FDIC lynn helping
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(18:43):
Go to It's a tax refund, by the way, go
to get refunds. Dot com gets refunds dot com go
check it out. So what is your plan to keep
large depositors from moving their funds out of community banks
into the big banks. We have of seeing the mergers
of banks over the past decade. I'm concerned you're about
(19:05):
to accelerate that by encouraging anyone who has a large
deposited community bank to say, we're not going to make
you whole, but if you go to one of our
preferred banks, we will make you whole at that point. Look,
I mean, that's certainly not something that we're encouraging. That
is happening right now. That is happening because depositors are
(19:29):
concerned about the bank bailiers that it's happened, and whither
or not other banks could also it's happening because you're
fully insured no matter what the amount is. If you're
in a big bank, you're not fully insured if you're
in a community banks. Wanting everybody to hear that exchange
there with the Treasury Secretary Janet Yellen, so that we
(19:53):
get it on the record on the air here, because
I've been saying for days this is the problem that
has been set up by the SVB bailout. SVB specifically
wanted to be free of the too big to fail regulations.
SVB Bank was like, no, no no, we got this. We're slick,
we know how to, we know how to, you know,
(20:14):
mind our own business and get our stuff done. Don't
worry about us. We don't want to be considered one
of your too big to fail banks. Systemically important is
what they call it, too big to fail? Same thing. Okay,
so what happens when it fails? Actually, we've decided you're
too big to fail too, and we're gonna do these
things with these other banks. Look, this is all cause
(20:38):
and effect. I keep saying it. This is why you
know you don't have to be a PhD in economics
to understand this. In fact, a lot of PhDs and
economics who go on TV are wrong about a lot
of stuff. They get stuff wrong all the time. If
you just apply basic common sense to this, you can
see what has happened. Right, we kept interest rates very,
(20:58):
very low. Intention This was a decision to inject cash
into the economy to make people spend put to encourage
people to spend money, encourage consumption, you know, encourage overall
GDP growth. But you do this artificially at the expense
of people who actually want to save money and who
(21:18):
want to get some yield by just putting in at
a savings account. Right, you used to be able to
put money into savings account and if you were patient
over time, you would actually be able to grow some
wealth that way. That hasn't been the case for quite
some time now, has it. And you used to be
able to get yield on a bond. But the bond
market has been artificially suppressed by QWEE and the things
(21:41):
that they fed, and the government decided that it's going
to do that it has been doing and so now
we are just dealing with the consequences of this. When
you add on top of that, the trillions of dollars
of spending during COVID and by the Biden administration specifically
in the last two years. Now we've got inflation, which
we knew was going to happen at some point. So
(22:01):
none of this is a you know, none of it
is a surprise. The only thing that's a surprise is
when it starts to fall apart or when when the
crisis hits. We've known that this was going to be
an issue for some time, and we've got a let
me see, we got here. We've got a caller in
Texas who is the director of a small community bank
(22:23):
that the FDIC downgraded not long ago because they had
money they were not investing. So, uh, we're calling him
John at his name, John, You've got some thoughts on
the situation. You're a community bank guy, Well, I'm a
director to community bank, yes, right, and go ahead. Situation.
The situation explained was the banks are examined every couple
(22:47):
of years by the FDIC. They're also examined by state
examiners on alternate years, and this bank, like most every
bank in the States, was flushed with cash with all
the COVID money, and you know, them and handouts who
were coming out. The bank was actually flushed with cash.
They went through the FDIC exam and they were actually
(23:07):
written up because they had not invested those funds. The
bank that I was associated with did not invest those
funds because they were afraid that people might need the money.
So they didn't want to have to invest it, take
it back out of investments, want it to be you know,
so they could give their money back to the to
the people that own the money. So they did not
do that. The FDIC told them they should be investing
(23:29):
in the markets. You need to take these funds and
invest them. The bank was downgraded on their on their
their their earnings. There's there's earnings is one of the
things that you're graded on because they had not invested
the money and they were just holding onto it, and
so they got downgraded by the FDIC with that exam
(23:49):
because they had not invested the money. FDC was they
weren't forcing banks too, but they were pushing them that direction.
This is fascinating. So you're telling me that that a
local or community bank that didn't try to chase yield
and kept cash on hand to keep a healthier balance
sheet was effectively punished by the FTI C for doing so.
(24:13):
That is correct. Wow, exactly what happen? What happened? Now?
Now let me ask you, sir, this is very interesting. Um,
you see what's going on here. You see, as we
said at the top of the show, US one hundred
and sixty four billion dollars borrowed from the FED to
backstop banks with liquidity credit squeeze. I know that's a
global issue, but you know, the reverberations are clear here
(24:35):
still very shaky and First Republic banks still very shaky,
even though it has a thirty billion dollars rescue package
that's gone into it. Um, what are you Is this
a problem that you think is going to be solvable
or are we just in the opening phase? It's just
based on what you know from how this functions, how
this works. I think it's just a starting phase of it. Yeah.
(24:58):
I was hoping we weren't going to say that, but
I had a feeling you might say that because it
just seems to me like every day there's another shoe
that drops right. Every day, there's another thing that that
seems to happen, and there's more emergency measures that are needed.
John from Texas man. Thank you so much for calling
him with that. And isn't that so interesting? It reminds
me of so many things the government has done the
(25:19):
last few years. The people who do the right thing
are the ones who are punished. The people who do
the selfish and wrong thing are the ones who are rewarded.
See a lot of that, See a lot of that
with COVID. Oh yeah, you know, we're gonna shut down.
We're gonna send essential workers in. You know, they could
do all this stuff for us. We're gonna stay home
and we're gonna get checks from the government. Only upside,
(25:41):
only benefit, right, You never hear about Well, hold on
a second. What about people that wanted to stay open,
wanted to keep going to work, do their jobs. No, No,
they were punished, as you know, they were punished. So
this is a common theme here. There's something very wrong
with the way our government is approaching this. Brian in Summerfield,
North Carolina, what's going on? Brian, Hey, buck, Hey, good
(26:06):
to talk to you. Thank you. Just basically wanted to
make the comments and I'm just so disappointed right now.
You know, it's like if people do not understand that
what is going on right now is basically a proof
of we live in a country that is ruled by men,
not by laws. Because, as Janet Yellen just said, if
(26:27):
she decides and her friends on the FTC and yes
s IPC boards decide we're going to bail them out
because you know they're important to us, then they get
bailed out. But if Janet Yellen doesn't think that you're
important enough to her and her friends, and you don't
get bailed out. So that is like the epitome of
(26:47):
rule of man, not rule of law, because there are
laws in place that say, hey, here's how it works.
You get two hundred and fifty thousand dollars worth of
coverage of insurance pers hunt. That's it. I don't care
if you have twenty billion dollars you get two hundred
fifty grand back if you had at one account. That
rule applies to every other citizen out there. Unless you're
(27:09):
a friend of the politicians and the regulators and the
you know the other people in these you know, elemental
PQ organizations, you're screwed. I mean, that's basically what the
Treasury by the John I or rather Brian, thank you
for calling in. I think that's essentially correct, and people
(27:30):
need to know that this is what the government's doing
right now that this Biden administration and his Treasury secretary
have they have made a choice. Look, we even we
did see this. I will be honest with all of
you as always. In two thousand and eight, you know,
the decision to let Lehman Brothers fail was a decision,
and it was interesting because not only did the other
banks get bailed out Goldman Sachs, which Hank Paulson had
(27:54):
been the the CEO of I believe previously, it was
very tied into Goldman Sacks. Goldman Sachs got bailed out
of its counterparty obligations in the two thousand and eight
crisis one hundred cents on the dollar, and Goldman Sachs
didn't even really take a haircut, didn't lose anything really,
I mean, not any meaningful way, and it was paying
out record bonuses a year after the financial crisis, and
(28:15):
Goldman Sachs had a lot of counterparty risk with AIG,
the massive insurance giant. And what happened well, Goldman Sachs
or Government Sacks as people started to call it, was connected.
This is you know Bush administration stuff. They were very connected.
Lehman not so connected. Where can you Where can you
(28:36):
still go and have a sit down in an office?
Not a Lehman Brothers. You can a Goldman Sachs, That's
for sure. So this stuff matters, and it is. There
is something arbitrary and political and capricious about who's going
to be kept afloat and who's going to be allowed
to go under. And I can tell you this much.
The more I see this with SVB and some of
(28:58):
these other banks that are getting the assistant and who
and what their exposure is, the more I think, Yeah,
you know, do you the Biden administration where they feel
badly about No, they'll wait until a bank has a
problem that you know is a lot of red state voters,
and maybe that will be the one that has to
be made an example of, and they'll say it that way,
(29:19):
This is sorry. We couldn't just keep bailing everybody out,
so we decided that this is the one that gets
to get burned down. Okay, you heard it from me.
I think you all know they would do it, and
they would do it, and they would be sanctimonious as
they did it too. Just get ready for that, you
know how they'll be you know, Rewatching old movies can
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and B twenty four to seven. You've certainly come across
a motivational speaker before. Maybe you've even heard one live
in person, but they're all over social media and there's
a whole industry there. I never really thought of a
(31:04):
demotivational speaker before, but then Vice President Kamala Harris showed
up in the locker room of the Howard University Bison
after they had lost in the NCAA Tournament to Kansas.
Now it will not shock any of you to know
that I had no idea that the uh, the Bison
(31:26):
were playing Kansas. I didn't know about any of this.
This came onto my radar because Kamala Harris was there
and she decided to give them a speech. I just
these are elite college athletes. In the case of Howard,
they just they just lost, which is obviously there you go,
that's a bummer, that's that's sad for them. But they're
(31:48):
elite college athletes. These are you know, adults. And this
is how Kamala Harris goes to the She goes to
the locker room and addresses them. I want you to
hear it. Play twenty four. He played hard, we played
to the very last secondary. You made all us Bison
so so proud. Wuld you showed the world who Bison are?
(32:14):
You know? I was at Howard back in the day
where we were just happy that there was a game.
Much less get into this place, right and I see
Bison literally all over the world, and we've been talking
about you, this team. You make us so proud. So
I know you may not be feeling great right now, okay,
but know who you are. You are excellent. I look,
(32:40):
it's fine. I just think. I just think that the
way she addresses them, it feels like that's how I
would have spoken to if I were coaching you know kids,
Uh who are who are young? You know, like young
not not not adult? NC double A tournament. I don't know,
just something that it always comes across as inauthentic. That's
(33:02):
it just always comes across every speech a little condescending
and a little inauthentic. And I just look, I'm obviously
not an NC double A player in any sport, but
if I had just lost, I don't think I would
need Kamala Harris to come in there and say, you
guys are just great. You know, it's like, okay, thanks, thanks,
(33:24):
we get it anyway. Oh man, it's uh Kamala Harris
doing the motivational speech after the game and also after
a game you've lost too. I think when you've lost,
you want to hear from the coach. You don't want
to hear from like a close member of your community
(33:44):
who's been in the fight with you or something. I
don't think you just want a politician who's looking to
have a sound bite. But you know, Kamala man, it's
it's amazing to see that somebody with so little political
skill has risen to be the not just the vice president,
but also still a very real possibility I think for
(34:07):
the Democrat nomination going forward and going into the future.
Coming up in a few minutes, I just want to
tell you where we're going in the next hour. The
thousand additional prosecutions that are expected. This was just reported
on yesterday by Bloomberg. But if you thought that maybe
(34:29):
we were heading to a place where January six prosecutions
we're gonna they'd be done. And also we wouldn't have
to just constantly hear about this. Oh no, oh no,
there's going to be a whole lot more. A thousand
more people are going to be prosecuted, and as we know,
that includes people because of what we've seen so far,
(34:52):
people who have been prosecuted for standing in the Capitol
for a minute and then leaving, not breaking anything, not
attacking anyone, not doing anything other than wander in through
a massive crowd be inside the capitol. The video catches you.
Now your life is ruined. You have to go to prison.
(35:15):
This is politics. We all see this right, that this
is a political situation. They're deciding that they're going to
make this an issue. Look, they made it an issue
in twenty twenty two, and it, as frustrating as it
is for me and for all of you, it was
a pretty useful tactic for them. I had more faith
(35:40):
in independent voters in some of these elections than maybe
I should have, given the presentation of the January sixth
issue and election denialism as something that should be a
prime motivator for who you vote for, should be a
primary determinant. They're going to try to run the same
playbook again. I also think consisting though that the Hunter
(36:03):
Biden the Biden family finances, which the Democrats were able
to suppress in twenty twenty with Biden back on the ballot.
In twenty twenty four, Hunter suing the computer repair company
or computer repair shop owner actually that found the laptop
from hellas Maranda Divine calls it in her book. That's
(36:27):
going to be more an issue for them than I
think they recognize, and so we should stay focused on
it too, because the Biden family is corrupt, that's for sure.
So let's talk about where this is going with these
January six prosecutions coming up here, a thousand more expected,
the politics behind it, also your calls Next Hour eight
D two two eight eight two
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