Glenn discussed the election results from yesterday’s elections.
- Last night was historic.
- This was the biggest Party turnover in the House in 70 years.
- The establishment is on the run.
- Fox News dominated the ratings with 7 million viewers.
- A message has been sent
- The TEA Party is a force to be reckoned with.
- 2 out of 3 GOP votes came from TEA Party voters.
- 4 out of 10 voters was a TEA Party voter.
The President said that what he got out of this is that not enough jobs were created. Glenn countered with “The government does not create jobs.”
Republicans – If you don’t get it this time, it is the last time.
Glenn next discussed the government’s actions on the money supply. He reminded people to watch “the other hand” when big events are occurring with the government.
- Today the Federal Reserve said that they would buy $600 billion of government bonds.
- This type of stimulus is the final attempt of what can be done.
- No previous attempt at doing this has been successful.
- If China does not agree to buy the bonds backing up that $600 billion, there are 15 days until “lights out”.
- This is a huge gamble, and all the chips are yours.
- The Federal Reserve has already monitized $1.7T. In addition to the new $600 billion, they are also talking about $200 billion bringing the total to $2.5T.
This action is not getting much press here in this country.
- In the British Financial Times, this action was described as the biggest decision in decades.
- In Iceland, their Krona collapsed a few years back. All the McDonalds had to close because they could not buy meat for the sandwiches – no one would accept the Krona for purchases.
- Since the states are so high, shouldn’t we at least talk about this? And understand the implications?
The dollar has been the “gold standard” of money worldwide for decades.
The only thing America produces today that everybody needs is the dollar. If that fails, we have nothing to offer the world.
The election message was to STOP!!! Spending, debt etc.
Unions spent $200 million on this election. Harry Reid got $409,000. What is Harry going to have to do for that money?
Glenn showed an interesting chart regarding the election in Nevada and the impact union membership had on the vote. In answer to the following question, the vote broke down as follows:
Is anyone in the household a union member?
Union ------------- Voted For ---------------
Member Reid Angle Other
Yes (18%) 67% 28% 4%
No (82%) 48% 48% 4%
Glenn also discussed other candidates/races including…
- Jerry Brown
- He showed a clip of Brown after he had finished his prior tour as Governor saying that he never had a clue about how to accomplish his campaign promises. It was all a lie.
- Barbara Boxer
- She received $340,000 in campaign contributions from unions.
- Dick Blumenthall (Connecticut)
- He was supported by unions.
Glenn feels that behind the scene, progressives are continuing to build a machine.
The Constitution is the exact opposite of progressivism.
He showed a chart of the debt limit that now stands at $14 trillion.
Within the last year, the debt limit was raised 3 times…
- February 2009 Up by $789 billion
- December 2009 Up by $290 billion
- February 2010 Up by $1.9 trillion (no republicans supported this measure)