Latest / The 47 Morning Update with Ben Ferguson / 72% of Voters say "U.S. Out of Control", plus The Truth Behind Silicon Valley Bailout, & Religious Liberty Debacle at Walter Reed

Transcript

72% of Voters say "U.S. Out of Control", plus The Truth Behind Silicon Valley Bailout, & Religious Liberty Debacle at Walter Reed · The 47 Morning Update with Ben Ferguson

0:01
Speaker 1: Welcome.
0:01
Speaker 2: It is verdict of Center, Ted Cruz Ben Ferguson with you.
0:05
Speaker 1: The big announcement drop.
0:07
Speaker 2: Senator Joe Biden announced with a massive live event, huge
0:13
Speaker 2: audience at a sold out auditorium that he was running
0:17
Speaker 2: for president of the United States of America today for
0:21
Speaker 2: re election. It was a big crowd. Let's just just
0:23
Speaker 2: kidding now, none of that happened. It was a video
0:26
Speaker 2: that probably took about one hundred hours to edit. You
0:30
Speaker 2: watched the video Center, Your initial reaction to this lackluster announcement.
0:35
Speaker 3: Well, they had three minutes for him to read from
0:37
Speaker 3: a teleprompter. I'm sure it took one hundred takes to
0:43
Speaker 3: get him to read those three minutes. And his three
0:46
Speaker 3: minutes were let's keep getting the job done. And I
0:49
Speaker 3: got to say, that is a weird message. I mean,
0:52
Speaker 3: you look at the last two years, the disaster of
0:57
Speaker 3: what is unfolded under Joe Biden. Take the economy. We
1:01
Speaker 3: have the worst inflation of our lifetime. So you have
1:05
Speaker 3: to go back to when you were sparkle in your
1:08
Speaker 3: daddy's eyes and I was a little kid to find
1:11
Speaker 3: a time when the inflation was this bad. You have
1:15
Speaker 3: crime rates exploding, across the country, murder rates, carjacking rates
1:19
Speaker 3: all over the country. You have the worst illegal immigration
1:24
Speaker 3: in the history of our nation. You have a relentless
1:28
Speaker 3: assault on our constitutional rights, on religious liberties, on the
1:34
Speaker 3: Second Amendment, on the rights to life. And then as
1:37
Speaker 3: bad as the domestic policy is, as bad as the
1:40
Speaker 3: foreign policy is, you have a national security policy that
1:48
Speaker 3: is an utter disaster. Every single region of the world
1:52
Speaker 3: is worse. We are facing the first major land war
1:56
Speaker 3: in Europe since World War Two, facing China stronger, North
2:01
Speaker 3: Korea stronger, I Ran stronger, Cuba stronger, Nicaragua stronger, every
2:06
Speaker 3: enemy of America stronger. And what does Joe Biden say,
2:10
Speaker 3: give me four more years, Let's do more of this?
2:13
Speaker 3: Like holy cow, how could you possibly want more of this?
2:20
Speaker 3: This is if Madison Avenue put together an ad campaign
2:25
Speaker 3: that had zero to do with substance. It could not
2:29
Speaker 3: have been more apropos for this announcement video than what
2:32
Speaker 3: we saw today.
2:33
Speaker 2: I rarely laugh at late night anymore, and you and
2:35
Speaker 2: I have talked about that before on this show. But
2:38
Speaker 2: last night someone sent me the clip of Jimmy Fallon
2:41
Speaker 2: and he said this idea that you know, let's get
2:44
Speaker 2: the job done like this slogan. He's like, you've had
2:47
Speaker 2: over fifty years man, and the audience died, laughing. A
2:50
Speaker 2: liberal audience sitting in the you know, with Jimmy Fallon,
2:53
Speaker 2: He's like, how much more time do you need to
2:55
Speaker 2: get the job done? You've been in office for fifty
2:59
Speaker 2: plus years. And real polling is backing up that joke
3:03
Speaker 2: in the sentiment of that CBS News poll has a
3:07
Speaker 2: new pull out, and the question was things in the
3:10
Speaker 2: US are out of control. Seventy two percent of responding
3:14
Speaker 2: said that things in the US are out of control.
3:17
Speaker 2: Reasons that you think things are out of control seventy
3:22
Speaker 2: one percent said Joe Biden, seventy five percent US culture
3:27
Speaker 2: and values, eighty five percent the economy, and eighty eight percent.
3:30
Speaker 1: State of US politics.
3:31
Speaker 2: The fact that seventy one percent say the top answer
3:35
Speaker 2: among those who are thinking the reasons out of control
3:37
Speaker 2: seventy one percent state's Joe Biden. The other thing that
3:41
Speaker 2: I think is going to be very interesting to see
3:42
Speaker 2: how this plays out is saying Biden is among the
3:45
Speaker 2: reason things are out of control. Thirty three percent of
3:49
Speaker 2: Democrats are responding said they believe the reason why things
3:53
Speaker 2: are out of control is because the guy they voted for,
3:56
Speaker 2: Joe Biden, is the president of the United States of America.
4:00
Speaker 2: You've run for election. You look at internal poll numbers.
4:03
Speaker 2: If you're Joe Biden right now or his team, and
4:07
Speaker 2: you see thirty three percent of your own party saying this,
4:10
Speaker 2: how concerned you have to be.
4:12
Speaker 4: They should be very concerned. Listen.
4:14
Speaker 3: Joe Biden was first elected to the Senate in November
4:19
Speaker 3: of nineteen seventy two. In November nineteen seventy two, I
4:23
Speaker 3: was one year and eleven months old. I was not
4:26
Speaker 3: even two. I was I assume, still wearing diapers.
4:31
Speaker 4: Then you weren't.
4:32
Speaker 1: Alive then I was not eighty one baby.
4:36
Speaker 3: I don't remember November of nineteen seventy two, but Joe
4:41
Speaker 3: Biden charged in to Washington. You know, it's interesting trivia question.
4:47
Speaker 3: You know how old Joe Biden was when he's elected
4:48
Speaker 3: a Senate.
4:49
Speaker 1: How old was he?
4:51
Speaker 3: So the constitutional minimum to be a senator is thirty
4:55
Speaker 3: years old. Take a guess how old Joe Biden was.
4:59
Speaker 1: I'm going to guess right A thirty, then twenty nine.
5:02
Speaker 1: There you go.
5:02
Speaker 3: He was elected at twenty nine and he turned thirty
5:06
Speaker 3: before he was sworn in. So he was a young guy.
5:10
Speaker 3: But he was a young guy when I was in
5:11
Speaker 3: diapers and you weren't alive. And he has been there
5:16
Speaker 3: since forever, like nineteen seventy two, he was there before
5:21
Speaker 3: disco like, and he's been doing this forever. And he's like,
5:28
Speaker 3: let's finish the job. Seriously, can you screw America any more?
5:35
Speaker 4: Please?
5:35
Speaker 3: Do not finish the job of screwing America. And I'm
5:39
Speaker 3: gonna ask a question, And I say this slightly tongue
5:43
Speaker 3: in cheek, but not much. If you're objective, If you
5:47
Speaker 3: sat down and said I've got a plan, I want
5:49
Speaker 3: to spend two years, I want to destroy this nation,
5:54
Speaker 3: then what would you have done differently than Biden and
5:58
Speaker 3: the Democrats have done.
6:01
Speaker 2: If you're going to destroy the country, you do exactly
6:03
Speaker 2: what his administration has done, and they've done it to perfection.
6:08
Speaker 3: Look, it's actually a bizarre question because what we've seen,
6:17
Speaker 3: the assault on jobs, the regulatory assault, the assault on
6:21
Speaker 3: US oil and gas production, the assault on our national security,
6:26
Speaker 3: opening up our borders and creating the worst illegal immigration
6:30
Speaker 3: in history, the assault on law enforcement. Where do you
6:33
Speaker 3: think this crazy crime came from? Democrats? Saying defund the police,
6:37
Speaker 3: Democrats supporting George Soros, DA's releasing violent criminals from jail,
6:43
Speaker 3: The assault on our fundamental constitutional rights, the assault on
6:48
Speaker 3: America as an institution, the assault on the Constitution, the
6:51
Speaker 3: assault on the Bill of Rights, the assault on look
6:55
Speaker 3: every enemy of America. Israel is a strong ally of America.
6:58
Speaker 3: Biden spent to years undermining Israel relentlessly. The United Kingdom
7:03
Speaker 3: is a strong ally of America. Biden spent two years
7:07
Speaker 3: undermining the UK. China is an enemy of America. Biden
7:11
Speaker 3: spent two years giving weakness and appeasement to China. Russia
7:15
Speaker 3: is an enemy of America. Biden spent two years giving
7:19
Speaker 3: weakness and appeasement to Russia, including waving sanctions on Nordstream two.
7:24
Speaker 3: I say this in all seriousness. If your objective was
7:29
Speaker 3: to destroy the nation, I don't know what else you
7:32
Speaker 3: would do.
7:33
Speaker 1: Yeah, it's a great point.
7:35
Speaker 2: And the White House, by the way, they seemed lost
7:37
Speaker 2: as well about how they even got to the point
7:41
Speaker 2: where Joe Biden officially decided to run for reelection. I
7:44
Speaker 2: want to play that for you. Before we get that, though,
7:46
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Speaker 2: of the day eight seven eight Patriot Center. There was
9:11
Speaker 2: something also that happened that was very weird, and that
9:13
Speaker 2: was at the White House.
9:14
Speaker 1: White House Press.
9:15
Speaker 2: Secretary on the day that Biden announces he is gonna
9:18
Speaker 2: run for reelection. This is her response to like, how
9:22
Speaker 2: did he get to this decision?
9:24
Speaker 1: She didn't have an answer.
9:26
Speaker 5: Again, going to be very careful here at twenty twenty
9:28
Speaker 5: four election, I actually don't have anything to share like
9:32
Speaker 5: behind the scenes on his decision making. I think the
9:35
Speaker 5: President spoke to this himself when he was asked before
9:39
Speaker 5: today about his intention to run and his plans to run,
9:44
Speaker 5: And so I will refer you back to what he
9:47
Speaker 5: has said more explicitly when he had those interviews. So
9:50
Speaker 5: I don't again don't want to say much more than.
9:53
Speaker 1: That, say much more than that. Center.
9:55
Speaker 2: It's almost like he didn't even know that he was
9:58
Speaker 2: running for reelection. They just threw they're a video together
10:01
Speaker 2: and said save these lines. And as the White House
10:02
Speaker 2: staff didn't even know about it either.
10:06
Speaker 3: Look The reason that I think Biden is running for reelect.
10:12
Speaker 4: I've actually thought for a year Biden would not run
10:15
Speaker 4: for reelect.
10:16
Speaker 3: Because he is so obviously diminished. He's too old to run.
10:22
Speaker 3: The overwhelming majority of Americans know that he's too old
10:25
Speaker 3: to run his We talked about it in the last pod.
10:29
Speaker 3: Just even in the last two years, his mental faculties
10:32
Speaker 3: have declined massively. The reason that I think Biden announced
10:38
Speaker 3: that he's running this week is I think something has
10:41
Speaker 3: happened in the last sixty days, which is that I
10:43
Speaker 3: think Democrats believe Donald Trump is going to be the nominee,
10:49
Speaker 3: and that's changed. I think sixty days ago Democrats did
10:53
Speaker 3: not believe Trump was going to be the nominee. But
10:56
Speaker 3: the last two months have been very good for Trump politically.
10:59
Speaker 3: They have been not that great for Ron De Santis politically.
11:03
Speaker 3: The Santus's numbers have gone down. Trump's numbers have gone up,
11:07
Speaker 3: and I think where Democrats are if they thought they
11:09
Speaker 3: were facing a new nominee, anyone, frankly who is not
11:13
Speaker 3: Donald Trump. I think Democrats with jettison Joe Biden, they'd say, Okay,
11:19
Speaker 3: this guy, we need someone who actually can count to
11:22
Speaker 3: ten and not get lost at about number six. But
11:28
Speaker 3: I think what Democrats have said they believe Trump's going
11:31
Speaker 3: to be the nominee and they hate Trump. They live
11:34
Speaker 3: in a world where everyone they knows hates Trump, and
11:39
Speaker 3: so their view, I think is okay, if Trump is
11:42
Speaker 3: the nominee, We're not gonna run on Joe Biden's record.
11:45
Speaker 3: We're not gonna talk about Joe Biden's record. We're not
11:47
Speaker 3: gonna talk about anything for the last four years. All
11:50
Speaker 3: we're going to talk about is our guy is not Trump.
11:53
Speaker 3: That's their whole campaign, and by the way, they did
11:55
Speaker 3: that in twenty twenty, they'll do it even more. I
11:59
Speaker 3: think they're playing right now is Joe Biden will not
12:01
Speaker 3: leave the White House for the entirety of the campaign.
12:04
Speaker 3: They'll hide him in the basement.
12:06
Speaker 2: COVID this time Senator to hide him with. I mean
12:09
Speaker 2: that was they don't have time.
12:10
Speaker 4: That they don't care.
12:11
Speaker 3: This last cycle twenty twenty two, they didn't have COVID,
12:15
Speaker 3: and yet Katie Hobbs, the governor of Arizona, never did
12:17
Speaker 3: a debate. Josh Shapiro, the governor of Pennsylvania, never did
12:20
Speaker 3: a debate. They hid from the process. I believe if
12:25
Speaker 3: the electoral race is Joe Biden versus Donald Trump, Biden
12:30
Speaker 3: will leave the White House three times in the next
12:32
Speaker 3: two years. They'll hide him in the basement. They'll put
12:35
Speaker 3: out a periodic video like this little video where they
12:38
Speaker 3: have lots of time he can read a teleprompter and
12:40
Speaker 3: when he gets life right, yeah, proof of life. Yes,
12:43
Speaker 3: that's exactly that. And then he'll do one or two
12:46
Speaker 3: debates where they'll pump him full of enough drugs that
12:50
Speaker 3: he will seem marginally competent. He'll give a speech at
12:54
Speaker 3: the Democrat convention, and that'll be it.
12:57
Speaker 2: Behind the scenes, by the way, so people know, well,
13:00
Speaker 2: I'm going to pull back the curtain. Usually is the
13:03
Speaker 2: Senator and I we will go over the show beforehand,
13:06
Speaker 2: and I'll play him the audio clips that I'm thinking
13:09
Speaker 2: about playing, so we're all set to go for you guys.
13:12
Speaker 2: Every once in a while, I hold one back because
13:15
Speaker 2: I don't want you to be able to pre plan
13:17
Speaker 2: for this too much. This is a real clip Senator
13:21
Speaker 2: from the White House Press briefing today on a question
13:25
Speaker 2: does the President plan to serve all eight years? Listen
13:30
Speaker 2: to the White House Press Secretary's response to that question.
13:34
Speaker 1: President plan to serve.
13:36
Speaker 3: All eight years.
13:39
Speaker 5: I'm just not going to get ahead of the president.
13:41
Speaker 5: That's something for him to decide. I'm just not going
13:43
Speaker 5: to get ahead of it. And there's a twenty twenty
13:45
Speaker 5: four campaign, anything related to that, I would refer you
13:49
Speaker 5: to that.
13:49
Speaker 2: All right, I'm going to get your raw reaction to
13:51
Speaker 2: that one.
13:53
Speaker 3: Like Coley cow has there ever been a president? Imagine
13:59
Speaker 3: Donald Trump's press jerry being asked that. Imagine George W.
14:02
Speaker 3: Bush's press secretary being asked that. Imagine Barack Obama's press
14:05
Speaker 3: secretary being asked that imagine George W. Bush's press secretary
14:09
Speaker 3: being imagined asked that it says something that even Karine
14:15
Speaker 3: John Pierre, who has now reached the Hall of Fame
14:19
Speaker 3: for lying from the West White House press briefing room,
14:23
Speaker 3: She's like, oh, I can't answer that because she can't
14:26
Speaker 3: say with a straight face, this is a guy who
14:29
Speaker 3: can't find his shoes. She can't say that five six
14:36
Speaker 3: years from now, he'll still be president. This is all
14:41
Speaker 3: about they hate Trump. The entire Democrat strategy. There is
14:46
Speaker 3: no policy strategy. Look, they can't run on ideas. The economy,
14:50
Speaker 3: They've screwed it all up. Safety and security. They've screwed
14:54
Speaker 3: it all up, the courts, They've screwed it all up,
14:57
Speaker 3: foreign policy, national security, They've screwed it all up. Their
15:00
Speaker 3: entire campaign is our guy is not Donald Trump. By
15:05
Speaker 3: the way, their new epithet Maga Republicans, which is a bizarre.
15:10
Speaker 3: I'm sure they focus group that like crazy. It all
15:15
Speaker 3: comes down to weird Democrats, we hate Trump.
15:18
Speaker 4: That is their entire message.
15:21
Speaker 3: I think the key to winning the key to winning
15:23
Speaker 3: the presidential the key to winning the Senate this time around.
15:26
Speaker 3: The key to winning a bigger majority in the House
15:28
Speaker 3: is to focus on ideas and issues people care about.
15:32
Speaker 3: Focus on how you make people's lives better, and it's
15:36
Speaker 3: not about screaming Maga Republicans want to destroy the Republic.
15:41
Speaker 1: Yeah.
15:41
Speaker 2: The White House was also asked, and I want to
15:44
Speaker 2: know your reaction. Do you think the media is going
15:46
Speaker 2: to be tougher on a candidate Biden. This was a
15:49
Speaker 2: question at the White House Press briving today about the
15:52
Speaker 2: present's horrendous economic record, the rising prices, foods, basic services,
15:58
Speaker 2: the list goes on and on, and some of the
16:00
Speaker 2: White House is completely out of touch. Response to that
16:02
Speaker 2: basic question as well, so Americans.
16:05
Speaker 6: Are seeing when we talk about the economy, he did generally,
16:07
Speaker 6: the Americans are seeing energy prices up twenty four percent,
16:10
Speaker 6: including electricity since President by the took office. Food prices
16:13
Speaker 6: are up eighteen percent in the last two years. Manufacturing
16:16
Speaker 6: lost jobs for the last two months in a row,
16:19
Speaker 6: and inflation is outpacing wages for twenty six months in
16:22
Speaker 6: a row. How does the President then sell to the
16:25
Speaker 6: American people to keep going with these economic policies.
16:28
Speaker 5: So look, again, going to be careful about twenty twenty
16:32
Speaker 5: four anything that's related. No, No, I'm going to answer your question.
16:34
Speaker 5: You okay, I'm going to answer your question. Just want
16:37
Speaker 5: to be because you said moving forward, So just want
16:39
Speaker 5: to be very careful here. Look, the President always is
16:42
Speaker 5: very clear when he talks about the economy. He always
16:45
Speaker 5: says one of the things that he says very frequently
16:47
Speaker 5: is that when it comes to inflation, when comes to
16:50
Speaker 5: a lowering cost, that is a priority for him, and
16:52
Speaker 5: he has shown to do that. And if you talked
16:54
Speaker 5: about inflation, annual inflation has fallen over the last five months.
16:58
Speaker 5: It is moderating. That is something that we seen from
17:00
Speaker 5: the data that has come out. Wages are higher than
17:04
Speaker 5: they were nine months ago. Incomes are up and consumer
17:07
Speaker 5: spending is strong.
17:08
Speaker 2: But he under I mean you can hear her just
17:11
Speaker 2: rambling on their senator he had a horrendous record on
17:14
Speaker 2: the economy, and she's like, no, no, he understands.
17:16
Speaker 1: He's doing a really good job.
17:18
Speaker 3: And understand clearly, if God forbid, Biden is reelected, everything
17:26
Speaker 3: will get worse. Mark my words, if Biden's re elected,
17:32
Speaker 3: let me be clear, I don't think he will be
17:33
Speaker 3: I think he will be defeated. I think the American
17:36
Speaker 3: people are fed up with the path we're on. But
17:38
Speaker 3: if he is re elected, we will see ten dollars
17:42
Speaker 3: a gallon gasoline. Remember this point. I hope that in
17:47
Speaker 3: a couple of years you and I are not on
17:49
Speaker 3: verdict saying let's replay the clip from this day, because
17:55
Speaker 3: if we hit ten dollars a gallon gasoline, understand, that's
18:00
Speaker 3: what the Green New Deal zelots in this administration want.
18:06
Speaker 3: We are facing the most fundamental assault. Listen, I get
18:12
Speaker 3: up every morning and I literally jump out of my bed.
18:15
Speaker 3: And when I come home, when I land in Texas,
18:19
Speaker 3: when I'm in the airport, when I'm in a shopping mall,
18:21
Speaker 3: when I'm in a restaurant. People come up to me
18:23
Speaker 3: and they're like, holy cow, what's going on? And my
18:26
Speaker 3: sort of standard line I laugh. I say, look, we're
18:28
Speaker 3: in a crazy time. As they say in the military world,
18:33
Speaker 3: it is a target rich environment. But as I joke
18:38
Speaker 3: about that, the reality is I've never seen it this
18:44
Speaker 3: crazy and my entire lifetime. The reason I jump out
18:48
Speaker 3: of bed in the morning is I feel like I
18:50
Speaker 3: am going to the Roman colisseum and I'm fighting fighting
18:54
Speaker 3: the barbarians, like these lunatics, these Marxists, radicals and the
19:00
Speaker 3: Democrat Party. They hate America. They believe the Constitution is immoral.
19:06
Speaker 3: They may believe the Bill of Rights is im moral.
19:08
Speaker 3: They want to tear it down. That's a fight worth fighting.
19:13
Speaker 3: We're not fighting bent over little stuff. We're not fighting
19:15
Speaker 3: over little details. We're not fighting over whether the top
19:19
Speaker 3: marginal tax rate is one percent higher one percent lower.
19:22
Speaker 3: We're fighting over whether America remains a free enterprise country
19:26
Speaker 3: or a socialist country. We're fighting over whether we have
19:30
Speaker 3: a border or or our nation is invaded. We're fighting
19:34
Speaker 3: over whether the Bill of Rights remains the fundamental liberties
19:38
Speaker 3: of Americas or those rights are given up. That is
19:42
Speaker 3: a fight worth fighting.
19:44
Speaker 2: You mentioned illegal immigration, and I think that's going to
19:47
Speaker 2: be a very center point of this election, especially with
19:49
Speaker 2: Trump being the front runner. He's obviously going to go
19:52
Speaker 2: back to border security and building the wall. The White
19:54
Speaker 2: House pre Secretary also got herself in trouble today when
19:57
Speaker 2: she was asked about the White House's failure at the border.
20:00
Speaker 1: Take a listen.
20:01
Speaker 5: So the SET Department and the Department of Homeland Security
20:03
Speaker 5: will have more to share soon, as you know. The
20:05
Speaker 5: Department of Homeland Security shared their plan back in January,
20:09
Speaker 5: and we have seen from the data, we have seen
20:13
Speaker 5: that the unlawful immigration is down, and so what they
20:16
Speaker 5: have put forth forth in their protocol and their processes
20:20
Speaker 5: is working. But they will have more to share in
20:22
Speaker 5: the upcoming days or weeks.
20:24
Speaker 2: Just center, that's a lie. You've said this one hundred
20:26
Speaker 2: times on this show. You've said it on five News
20:28
Speaker 2: Channel heard lie. Yeah, six point three man, illegal immigrants
20:31
Speaker 2: acrossed the border since Biden took office, and the White
20:34
Speaker 2: House presentcretery, and I'm going to give you the quote
20:35
Speaker 2: exactly quote. Unlawful immigration is down. She said that the
20:40
Speaker 2: White House podium today, lying to the American people.
20:44
Speaker 3: Every month, we are setting records for the highest rate
20:48
Speaker 3: of illegal immigration in history, month after month after month,
20:53
Speaker 3: over six million people across illegally. Kareem John Pierre from
20:57
Speaker 3: the White House and look, the White House is hallowed ground.
21:00
Speaker 3: There's an obligation to the American people to tell the truth.
21:03
Speaker 3: She stands there and lies on Joe Biden's behalf. She claims,
21:07
Speaker 3: as she said before, people aren't just walking across the border. Yes,
21:11
Speaker 3: they are every day right now, whatever time of day
21:15
Speaker 3: you're listening to this podcast, they're walking across the border
21:18
Speaker 3: because they're doing it every minute of every hour of
21:21
Speaker 3: all twenty four hours a day, every single day. And
21:24
Speaker 3: she knows that, and she is lying. It is horrific.
21:29
Speaker 3: Our country is being assaulted. And listen, I don't get
21:34
Speaker 3: angry about this stuff often, but I am pissed off.
21:37
Speaker 1: And courly, Senator, you're not the only one.
21:39
Speaker 2: Seventy percent of Americans don't want Joe Biden to run,
21:43
Speaker 2: yet here we are. He is the nominee for the
21:46
Speaker 2: Democratic Party. I want to move on to another important issue,
21:50
Speaker 2: and that is an issue that there's a letter that
21:53
Speaker 2: is going out from you, Senator and Representative Jim Jordan's
21:57
Speaker 2: about the failure of the San Francisco Fed to watch
22:03
Speaker 2: what was happening with Silicon Valley Bank. Before we get
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23:29
Speaker 2: Let's talk about Silicon Valley Bank, and let's do a
23:32
Speaker 2: quick recap of what happened with Silicon Valley Bank for
23:35
Speaker 2: everybody so they understand why you are sitting this letter
23:39
Speaker 2: the San Francisco FED regarding this big tech liberal bank failure.
23:44
Speaker 3: Well, Silicon Valley Bank had enormous assets primarily from venture
23:50
Speaker 3: capital firms in Silicon Valley, big tech firms that support
23:54
Speaker 3: Democrats that are exceedingly liberal. Silicon Valley Bank did not
24:00
Speaker 3: pay attention to fiscal stability, did not pay attention to
24:04
Speaker 3: actually having sound balance sheets. Indeed, here's an amazing thing.
24:09
Speaker 3: Silicon Valley Bank for eight months did not have a.
24:13
Speaker 4: Chief risk officer.
24:15
Speaker 3: They literally didn't fill that position, so their balance sheet
24:20
Speaker 3: was filled with government bonds.
24:21
Speaker 4: That had an enormous.
24:24
Speaker 3: Maturity risk because the FED had jacked up interest rates
24:29
Speaker 3: so much that the bonds were worth much less than
24:32
Speaker 3: Silicon Valley Bank had paid for them. But nobody at
24:36
Speaker 3: Silicon Valley Bank was actually looking at the books and
24:39
Speaker 3: trying to protect their financial stability because instead, you know
24:43
Speaker 3: what they did have. They did have a Diversity, Equity
24:47
Speaker 3: and Inclusion officer. They did focus on ESG in environmental
24:53
Speaker 3: and social goals. They were focused on left wing virtue signaling,
24:56
Speaker 3: but not on actually watching the deposits, the deposits of
25:00
Speaker 3: their depositors. Now, it's one thing to have some Silicon
25:05
Speaker 3: Valley bankers who lose sight, but who are the regulators
25:10
Speaker 3: who's in charge of watching the fox and the henhouse. Well,
25:14
Speaker 3: in the case of Silicon Valley Bank, it was the
25:18
Speaker 3: San Francisco Office.
25:20
Speaker 4: Of the Federal Reserve.
25:21
Speaker 3: They were the bank regulators that had supervisor authority, and
25:25
Speaker 3: the San Francisco Office of the Federal Reserve didn't do
25:29
Speaker 3: a damn thing, sat there while Silicon Valley Bank had
25:33
Speaker 3: this enormous exposure, this enormous risk. By the way, the
25:38
Speaker 3: San Francisco Office of the Federal Reserve was engaged in
25:41
Speaker 3: the same nonsense, the same esg, the same DEI, the
25:45
Speaker 3: same politically correct virtue signaling instead of doing their damn job.
25:49
Speaker 3: So I'm the ranking member of the Senate Commerce Committee.
25:52
Speaker 3: I sent an oversight letter announcing an investigation into the
25:57
Speaker 3: San Francisco Fed's oversight a Silicon Valley Bank. The San
26:02
Speaker 3: Francisco Fed essentially said, go jump in a lake. We're
26:06
Speaker 3: not going to answer your questions. So I just recently
26:09
Speaker 3: teamed up with Jim Jordan. Jim is in the House
26:12
Speaker 3: of Representatives. He is the chairman of the House Judiciary Committee,
26:15
Speaker 3: and so the two of us together are demanding of
26:18
Speaker 3: Silicon Valley Bank answer our questions. Did you know about
26:23
Speaker 3: this exposure? If so, why didn't you act? If you
26:27
Speaker 3: didn't know, why the hell weren't you doing your job?
26:29
Speaker 3: Why were you asleep at the switch? I can tell
26:32
Speaker 3: you Ben. On top of that, I've also joined This
26:35
Speaker 3: is going to surprise you. I've joined in bipartisan legislation
26:40
Speaker 3: with Elizabeth Warren to make the regional offices of the
26:47
Speaker 3: Federal Reserve subject to FOYA subject to the federal laws
26:52
Speaker 3: that makes them under the oversight of Congress and the
26:56
Speaker 3: American people.
26:57
Speaker 4: Right now they're exempt from Foyle.
27:00
Speaker 3: And I got to say, it's an amazing thing that
27:02
Speaker 3: Elizabeth Warren and I are on the same page saying,
27:06
Speaker 3: these fed banks that are laughing at Congress, that are
27:10
Speaker 3: laughing at the American people, that are saying, we are
27:13
Speaker 3: unaccountable even though a multi billion dollar cluster just unfolded
27:18
Speaker 3: on our watch.
27:20
Speaker 4: We need to hold them to account.
27:22
Speaker 2: Yeah, it's important legislation. Now, the question is who's going
27:26
Speaker 2: to block it and why. There are a lot of
27:28
Speaker 2: Democrats that wanted to protect Silicon Valley Bank because they
27:31
Speaker 2: were also a lot of the people that had their money.
27:33
Speaker 1: There were big donors of Democratic Party apps.
27:36
Speaker 2: Is that going to be part of the politics that
27:38
Speaker 2: plays out in this unquestionably?
27:40
Speaker 3: And look, the dynamic we're in right now is Silicon
27:44
Speaker 3: Valley Bank. The Biden administration ran to step in and
27:48
Speaker 3: do a multi billion dollar bailout. Why because the depositors
27:52
Speaker 3: were overwhelmingly politically well connected left wing Democrats. They were
27:57
Speaker 3: supporters of Joe Biden, they were supporting of the Democrats
28:01
Speaker 3: and the Senate and the Democrats.
28:02
Speaker 4: In the House.
28:03
Speaker 3: And so immediately the White House said, all right, we
28:05
Speaker 3: got your back. You're fully covered. And by the way,
28:08
Speaker 3: when they covered that, they covered it from funds that
28:12
Speaker 3: are paid by everyone else's banks. So if you're not
28:15
Speaker 3: a politically well connected venture capitalist in Silicon Valley, if
28:21
Speaker 3: you're a main street if you run a dry cleaner,
28:25
Speaker 3: if you have a restaurant, if you have a car dealership,
28:28
Speaker 3: if you have a small business in main street America,
28:33
Speaker 3: you're paying for the Democrat bailout of Democrat donors. And
28:40
Speaker 3: the press, of course doesn't want to cover that, but
28:42
Speaker 3: it is completely indefensible how they've decided. All right, if
28:48
Speaker 3: you're a well connected Democrat, we got your back. And
28:51
Speaker 3: by the way, one of the really negative consequences of
28:54
Speaker 3: this is we're seeing a flight of capital of individuals,
29:00
Speaker 3: of small businesses that have invested in have their deposits
29:04
Speaker 3: in community banks, smaller and mid sized banks, and a
29:09
Speaker 3: very significant number of those depositors are taking their money
29:12
Speaker 3: out and moving it to one of the gigantic banks
29:16
Speaker 3: because the lesson they've taken from Joe Biden's response to
29:19
Speaker 3: this is if you're a giant bank that's too big
29:22
Speaker 3: to fail, all the deposits will be guaranteed. But if
29:26
Speaker 3: you're a mid sized or smaller bank, you're out of lock.
29:30
Speaker 3: And one of the great strengths of our economy is
29:34
Speaker 3: the thousands upon thousands of community banks we have. You
29:38
Speaker 3: look at other countries where they have three, four, five
29:41
Speaker 3: giant banks that bank everyone America is blessed. We've got thousands,
29:46
Speaker 3: tens of thousands of banks at the community level, and
29:50
Speaker 3: Joe Biden is happy to bankrupt all of them and
29:53
Speaker 3: to benefit his buddies on Wall Street. The handful of
29:56
Speaker 3: giant banks.
29:58
Speaker 2: Quickly for re for context point here, Senator, People that
30:02
Speaker 2: don't realize how the FDIC is supposed to work and
30:05
Speaker 2: ensuring your depositors, your deposits.
30:07
Speaker 1: It's only up to a certain amount of money.
30:10
Speaker 2: And what happened with Silicon Valley Bank is it turned
30:13
Speaker 2: from a certain amount of money to unlimited money. And
30:16
Speaker 2: that's the reason why you mentioned A lot of people
30:18
Speaker 2: are saying, all right, well, if I'm in a community
30:20
Speaker 2: bank or a smaller bank or a regional bank that
30:23
Speaker 2: doesn't have the political connections to these types of bailouts,
30:28
Speaker 2: I'm at much higher risk with my deposits than if
30:31
Speaker 2: I go to a woke bank or a massive bank
30:34
Speaker 2: like many are switching over because you're not supposed to
30:38
Speaker 2: have unlimited funds secured in these banks. That's the whole
30:42
Speaker 2: point of having an up to amount.
30:44
Speaker 3: Correct, right, No, that's exactly right. When the FDIC was established,
30:48
Speaker 3: initially the threshold was one hundred thousand, that your deposits
30:52
Speaker 3: up to a hundred thousands are guaranteed by the FDIC,
30:55
Speaker 3: guaranteed by the government. That was in recent years upped
30:59
Speaker 3: from a one hundred thousd to two hundred and fifty thousand.
31:01
Speaker 4: Now two hundred and fifty thousand dollars is a lot
31:03
Speaker 4: of money.
31:03
Speaker 3: Most of us don't have that much money and cash
31:07
Speaker 3: and a bank, But the FDIIC guarantees to everyone, whatever
31:11
Speaker 3: bank you're at, if you have two hundred and fifty
31:13
Speaker 3: thousand dollars or less, your your deposits are guaranteed. What
31:17
Speaker 3: happened at Silicon Valley Bank is you had depositors, both
31:20
Speaker 3: individuals and companies that had millions of dollars, that had
31:24
Speaker 3: tens of millions of dollars, that had hundreds of millions
31:26
Speaker 3: of dollars, and the federal government stepped in and said,
31:29
Speaker 3: never mind the two hundred and fifty thousand dollars limit,
31:31
Speaker 3: We're going to guarantee all of it, even though the
31:33
Speaker 3: depositors didn't pay attention when their bank went eight months
31:38
Speaker 3: without a risk officer, when their bank was not watching
31:42
Speaker 3: the stability of their balance sheets. And listen if instead
31:47
Speaker 3: of Silicon Valley Bank, this were Texas Oil and Gas Bank,
31:51
Speaker 3: this were a bank that that that that that provided
31:55
Speaker 3: capital and liquidity to oil and gas drillers. The ode
32:00
Speaker 3: that the Biden administration would guarantee those deposits are zero
32:04
Speaker 3: points zero percent. This was political favoritism. This was if
32:08
Speaker 3: you were political allies and donors to Democrats, we got
32:13
Speaker 3: your back, and if not, you're screwed. And by the way,
32:17
Speaker 3: if you're neither, if you're just an ordinary individual or
32:20
Speaker 3: small business, you know what, the fees that your bank
32:23
Speaker 3: pays into the FDIIC are going to go up to
32:28
Speaker 3: pay for the bailout of these Democrat donors.
32:31
Speaker 2: Yeah, it's almost like the response that you mentioned the
32:34
Speaker 2: banks that if it was a bank in Texas that
32:36
Speaker 2: was dealing with orang gas, they'd be treated like the
32:38
Speaker 2: people were in Pennsylvania when you had that train derailment.
32:42
Speaker 1: It was all it was Trump country. It's conservative.
32:44
Speaker 2: We don't have to worry about them, and that's why
32:47
Speaker 2: so many people, like you said, are switching banks right now.
32:49
Speaker 1: That's also not good for the system.
32:51
Speaker 2: I want to go to something else as well that
32:53
Speaker 2: I think people need to know about and get on
32:55
Speaker 2: the radar screen, and that is the Biden Administration's on
33:00
Speaker 2: religious liberty is continuing, and I want you to get
33:04
Speaker 2: people the update about that. Before I get to that, though,
33:06
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Speaker 2: thirty five percent off center. Let's talk about the Biden's
34:10
Speaker 2: war on religious liberty. It is unfortunately been a theme
34:14
Speaker 2: of their administration virtually the entire time, and now you
34:20
Speaker 2: are demanding answers after Walter Reed Medical Center. I had
34:24
Speaker 2: the privilege of going there back when I was working
34:27
Speaker 2: with the Bush administration to watch President Bush go and
34:30
Speaker 2: see our men and women in uniform that have been
34:31
Speaker 2: fighting our wars in Iraq and Afghanistan.
34:34
Speaker 1: It is an incredible facility.
34:36
Speaker 2: And you're now demanding answers because Walter Reed Medical Center
34:40
Speaker 2: has ended a contract with a Catholic group.
34:44
Speaker 1: Fill its in on that well.
34:47
Speaker 3: Walter Reed Medical Center is one of the premier military
34:50
Speaker 3: hospitals in America and in the world, and we have
34:53
Speaker 3: a great many of our veterans who are injured, who
34:56
Speaker 3: are ill, who are treated at Walter Reed.
34:59
Speaker 4: Now, one of the ass.
35:00
Speaker 3: Of our military hospitals is that they have pastoral care.
35:03
Speaker 3: They have pastoral care because, look, people who are facing
35:06
Speaker 3: horrific injuries, people who are facing life threatening illnesses. They
35:10
Speaker 3: are naturally thinking about end of life. They're thinking about
35:13
Speaker 3: the fate of their soul, and that has been an
35:19
Speaker 3: important part of caring for our veterans, caring for our
35:22
Speaker 3: active duty military from the beginning of the United States.
35:26
Speaker 4: Well, Walter Reed right.
35:28
Speaker 3: Now today does not have any Catholic pastoral care. So look, Ben,
35:37
Speaker 3: you and I are not Catholics, but there are millions
35:40
Speaker 3: of Catholics in America. There are great many Catholics in
35:43
Speaker 3: our military. Walter Reed had a contract with the Holy
35:48
Speaker 3: Name College, Friary, with a Catholic pastoral care organization that
35:53
Speaker 3: provided if you were a Catholic, you were a service member,
35:56
Speaker 3: your activity, you were a veteran, you're at Walter Reed,
35:59
Speaker 3: and you needed to pray with the priest, you were
36:03
Speaker 3: facing death, you wanted your last rites. They would have
36:06
Speaker 3: a priest who would show up and provide Catholic pastoral care.
36:10
Speaker 3: And what did the Biden administration do it It declined
36:13
Speaker 3: to renew its contracts. So right now there is no
36:17
Speaker 3: Catholic pastoral care at Walter Reed. That is outrageous. And
36:22
Speaker 3: by the way, Joe Biden says he's a Catholic. Like
36:25
Speaker 3: explain to me. Why the hell a president who says
36:31
Speaker 3: he's a Catholic would preside over an administration that allows
36:36
Speaker 3: Walter Reed, a premier military hospital to have zero Catholic
36:40
Speaker 3: pastoral care. It is wrong. And listen, do I think
36:44
Speaker 3: Biden knows about this?
36:45
Speaker 4: No?
36:45
Speaker 3: I don't think Biden knows what day it is. I
36:48
Speaker 3: don't think he knows what's going on. So I don't
36:50
Speaker 3: think this is his personal decision. But I think the
36:54
Speaker 3: zealous he's put in his administration hate people of faith.
37:00
Speaker 3: What it is the Democrat Party, when faced with a conflict,
37:05
Speaker 3: they have elevated the radical transgender ideology above all other groups.
37:11
Speaker 3: And so, because people of faith often have concerns about
37:16
Speaker 3: embracing either the radical transgender ideology or the radical abortion
37:21
Speaker 3: on demand ideology, the Democrat Party has decided faith is
37:27
Speaker 3: no longer acceptable.
37:29
Speaker 4: You know, you think back to John F. Kennedy. John F.
37:31
Speaker 3: Kennedy, a Democrat president, would have been chased out of
37:35
Speaker 3: the Democrat Party today because he was an observant Catholic.
37:38
Speaker 3: He believed in his faith, he defended principles of his faith.
37:42
Speaker 3: That is no longer allowable. And so I've sent a
37:45
Speaker 3: letter in my oversight capacity in the Senate to Walter Reid, saying,
37:50
Speaker 3: why do you no longer have Catholic pastoral care? Our
37:53
Speaker 3: servicemen and women deserve that. If they are Catholic, they
37:57
Speaker 3: deserve to have a priest. If they're facing the end
38:00
Speaker 3: of life, they deserve to have last rites from a
38:04
Speaker 3: Catholic priest. And if the Biden administration valued religious liberty
38:10
Speaker 3: and religious faith, they would fix this, and they'd fix
38:13
Speaker 3: this yesterday.
38:14
Speaker 1: As much money as we spend.
38:16
Speaker 2: You look at the national debt right now, and I
38:19
Speaker 2: go back to this, if they claim this is about money,
38:22
Speaker 2: right look at the national debt clock right now. We
38:26
Speaker 2: were at thirty one trillion, seven hundred and six billion,
38:29
Speaker 2: seven hundred and two million. That's ninety four thousand dollars
38:34
Speaker 2: per debt per citizen or two hundred and forty seven
38:36
Speaker 2: thousand per taxpayer. Don't tell me we can't afford this.
38:40
Speaker 2: And my point is apparently this administration can afford anything
38:43
Speaker 2: and everything and run the debt up to the point
38:45
Speaker 2: that I just mentioned.
38:47
Speaker 1: What is their excuse? Have you gotten one yet?
38:50
Speaker 3: So I have not yet gotten an answer from Walter Reed,
38:53
Speaker 3: but I'll bet dollars to donuts it's not about money.
38:57
Speaker 3: They don't care about money. This is an administration that
39:00
Speaker 3: spent seven trillion dollars last year. They've blown the budget out.
39:06
Speaker 3: No amount of money matters to them. This is about
39:10
Speaker 3: faith doesn't matter to them. And the problem is they
39:14
Speaker 3: fill this administration not just the cabinet level, but at
39:17
Speaker 3: the sub cabinet level with zealots who despise faith. And
39:22
Speaker 3: so if you ask a radical left wing zealot who
39:26
Speaker 3: hates faith, who hates Catholics, should we renew our contract
39:31
Speaker 3: with the Catholic Pastoral Care Group, their answer is, of
39:35
Speaker 3: course no, And it's not money. They don't care about
39:37
Speaker 3: money at all. If you ask them, do you support
39:40
Speaker 3: creating a giant pile of money, pouring gasoline on it
39:42
Speaker 3: and lighting it on fire, they'd probably say yes. This
39:47
Speaker 3: is about not valuing faith, not valuing people of faith,
39:52
Speaker 3: and having a deep seated animosity of faith, and that
39:57
Speaker 3: is really inconsistent with who we are as an American people.
40:02
Speaker 2: Last thing doesn't deal with politics, Senator, I'm learning this
40:05
Speaker 2: about you. This is my first season doing this podcast
40:09
Speaker 2: with you during the NBA playoffs, which means you're a
40:13
Speaker 2: night I'll staying up late who do you like so far?
40:17
Speaker 2: And you better at least mention my my hometown Memphis Grizzlies.
40:22
Speaker 3: Yeah, I'm gonna confess honestly. So I love hoops.
40:29
Speaker 1: You play several times a week. People may not know that.
40:31
Speaker 3: Yeah, I play twice a week. I play typically. I
40:35
Speaker 3: play Sunday evenings in Houston with some good friends of mine,
40:39
Speaker 3: and then I play usually Tuesday afternoons. You and I
40:43
Speaker 3: are recording this late Tuesday evening. I will be playing
40:46
Speaker 3: at seven thirty in the morning. On Wednesday, from seven
40:49
Speaker 3: thirty to nine thirty.
40:50
Speaker 4: I'll play.
40:51
Speaker 3: I typically play twice a week, once a week in Houston,
40:53
Speaker 3: once a week in DC.
40:56
Speaker 4: And listen.
40:57
Speaker 2: And that's your workout, that's your exercise. This is that
40:59
Speaker 2: your passion.
41:00
Speaker 3: Yeah, I mean I go to the gym and I
41:02
Speaker 3: left also, but I much prefer I like sports. I
41:06
Speaker 3: get bored. I hate running. Running bores me. I feel
41:09
Speaker 3: like a gerbil on a treadmill. I like competition. You
41:14
Speaker 3: and I play tennis. We played tennis a number of times.
41:17
Speaker 3: Unfortunately Ben is a thousand times better than I am
41:20
Speaker 3: because he was actually like a college tennis player at
41:22
Speaker 3: Old Miss. But I enjoy it. I'm a very mediocre
41:27
Speaker 3: tennis player. I am a slightly less mediocre basketball player.
41:32
Speaker 3: I was an Okay, I was. I was a mediocre
41:36
Speaker 3: high school varsity basketball player, and I would say at
41:39
Speaker 3: fifty two, i've maintained those skills about the same. But
41:44
Speaker 3: I got to tell you, the truth of the matter
41:45
Speaker 3: is I am a diehard Houston Rockets fan. The Rockets
41:48
Speaker 3: are out of it, and so I'm vaguely watching the playoffs,
41:53
Speaker 3: but I don't really give a damn if the Rockets
41:54
Speaker 3: aren't in it. It's like I'll watch the finals when
41:58
Speaker 3: they happen, but I'm not watching the You know you
42:02
Speaker 3: sent me a text the other day saying, holy craft,
42:05
Speaker 3: did you see Jimmy Butler's numbers? And I saw Sports
42:07
Speaker 3: Center for a minute and I watched.
42:08
Speaker 4: A little bit of it.
42:09
Speaker 3: But if the Rockets aren't in it, I find it.
42:12
Speaker 3: I'm hard pressed to watch the playoffs.
42:13
Speaker 2: Look will adopt you, no problem. Grizzlies will adopt you
42:16
Speaker 2: for the playoffs. We're down right now to the Lakers,
42:20
Speaker 2: and I know you can't be a big Lakers fan.
42:22
Speaker 2: So tomorrow night, if you're bored, you should be rooting
42:24
Speaker 2: for my hometown Grizzlies.
42:26
Speaker 4: There you go.
42:27
Speaker 2: I like it, Senator, always a pleasure. Don't forget we
42:30
Speaker 2: do the show Monday, Wednesday and Fridays. Make sure you
42:32
Speaker 2: get that subscriber auto download button so that you get
42:36
Speaker 2: every single episode, and we will see you back here
42:39
Speaker 2: in a couple of days