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Monday, May 9, 2011

Glenn Beck Program May 9, 2011

Guest Host:  Judge Andrew Napolitano
  • The President’s popularity has soared after the Osama Bin Laden killing, but…
    • Unemployment is at 9%.
    • The national debt is moving past $14.3 trillion.
    • The Federal Reserve is not ending its war on the U.S. dollar.
  • The President took a Bin Laden victory lap at Ground Zero. 
    • It’s an attempt to take attention away from economic problems, e.g., gas over $4/gallon
    • Behind the back of the voters he is planning on asking to borrow $2.7 trillion more.


(Comments have been grouped by guest, not in the order they were discussed.)

Steve Moore:
  • A drop in housing prices is a drop in people’s net worth.
  • Home values post the largest decline since 2008.
  • Since before the end of the Bush Administration, we have spent more than $400 billion to help people pay their mortgages.
  • The Federal Reserve Bank now owns over $1 trillion worth of these mortgages.
  • Despite all of these innovations by Uncle Sam, the housing market has just gotten worse and worse.
  • There were 31 oilrigs drilling in the Gulf of Mexico. 
    • Only one of them had a problem. 
    • None has been reopened. 
    • Now the administration wants to get rid of the oil depletion allowance, a tax break that encourages oil companies to drill.
  • Everything the administration has done has been to make oil drilling illegal.
  • The Democrats want to get rid of tax subsidies for big oil, but…
    • What I don’t hear is a call to get rid of subsidies to wind and solar energy.
  • Presidents that don’t get re-elected have been those that don’t keep their eye on …
    • 1.      Unemployment
    • 2.      Inflation
·        We have one of the highest misery indexes we have ever seen.
·        The Republicans can’t blink on the issue of the debt ceiling.
·        The Wall Street bankers will be in favor of raising the debt ceiling because they will be the ones selling the bonds.
·        As long as we have this easy money policy, Ben Bernanke is as guilty as President Obama for this weak economy.

Charles Gasparino
  • The principle failure of Obamanomics has been the belief that the government can prop up the economy and prop up home prices.
    • Home prices have to come down.
  • Another problem with Obamanomics is that the administration tries to pick winners and losers.
  • The President is not getting a big bounce after Osama Bin Laden’s killing because the economy hasn’t responded to his policies.

Guest:  Jim Rogers, International Investor
  • The Chinese save 35% of their income.  We save 2% of ours.
  • There are much higher interest rates in China than here.
  • Their currency is going up.  Our currency is being debased.
  • If we don’t raise the debt ceiling, we will have some pain.  However, the pain will be greater if we keep on spending.
  • California is more communist than China.  The Chinese are among the best capitalists in the world.
  • The venture capitalist business is booming in China.  A lot of people are making a lot of money in China.
  • China has a trade deficit with some countries, e.g., Germany.
  • Washington is not doing what is right for the country.  They are paying off their friends and buying votes.
  • What they are doing with the currency has never worked in the long run.
  • Mr. Geithner has never been right in the 17 years he has been in Washington. 
  • Mr. Bernanke has been wrong every month for eight years.

Ron Paul saw $1 million in campaign contributions after last week’s debate.
Newt Gringrich will soon announce he is in the race.

Guest:  Kirsten Powers, columnist for the Washington Post
  • One CNN poll has Ron Paul as the man to beat.
  • What’s most appealing about him overall is that he is intellectually honest.
  • The Republicans are split on the issue of remaining in Afghanistan now that Osama Bin Laden is dead.
  • This election will be about the economy.
  • Ron Paul will be portrayed as a “crazy uncle” if he comes up high in the polls.
  • Mitt Romney is the most reasonable Republican candidate.

Guest:  Michael Scheuer, Former Head of the CIA’s Bin Laden Unit
  • Removing Bin Laden was a huge tactical victory.
  • We’re still getting beat in Afghanistan.
  • Our borders are still wide open.
  • The fundamentalist movement is more active and violent than anytime in the last 15 years.
  • We don’t have enough troops to win in Afghanistan.  We are being nickel and dime’ed to death.
  • General Patraeus managed to lose in Iraq. 
    • He’s managed to lose in Afghanistan and…
    • He may bring the half-baked advisors with him when he takes over the CIA.
  • By telling the world we have all this information, we are adding impetus to Al Queda to change everything.
  • We are dead in the water if we are denied access to the port of Karachi in Pakistan.

Guest:  Former Governor of New Mexico, Gary Johnson
  • I think I can do a good job as President.
  • As governor, I cut taxes 14 times and left office with a balanced budget.
  • I advocate a balanced budget.  Now.
  • The government can provide a level playing field.  It should not pick winners and losers.

Guest:  Rick Santorum, Presidential Candidate, And Former PA Senator
  • This is a big election.
  • If Obamacare is implemented, the America we have known is gone.

Wrap Up
  • The President united the country with the death of Osama Bin laden.
  • The President also tried to kill an American citizen using the U.S. military without first having him found guilty at a trial. 
    • This is a first since the Civil War.
  • He has made the economy worse with his policies.
  • Federal bureaucrats now have access to your medical records thanks to Obamacare.
  • The price of gas has skyrocketed – so much for the drilling moratorium.
  • The National Debt was at $9 trillion when President Obama took office. 
    • It is now $14.3 trillion and…
    • The President wants to add $2.7 trillion.
  • What will decide our future…
    • The size of the government.
    • Borrowing and spending.
    • Adherence to the Constitution.

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