This is Logan Sekulow with some breaking news.
President Biden has taken drastic emergency measures to save the banks. Keeping you informed and engaged, now more than ever, this is Sekulow. We want to hear from you. Share and post your comments or call 1-800-684-3110. And now your host, Logan Sekulow.
That's right, it's Logan Sekulow here with executive producer Will Haines. We're going to be taking your calls at 1-800-684-3110. What I want to spend the next few minutes is telling you about what's happening in the world. You may have seen over the weekend the banking crisis that has happened and some radical steps that the Biden administration went forward with this morning. Here's what I want to do.
I want to break this down a little bit in plain English because, look, I've had to have them do that for me a few times. What happened? What does it mean? Where we're going? So on and so on. And we're going to be taking your calls and comments again about this as well at 1-800-684-3110.
Will, why don't we just set up a little bit. People have seen Silicon Valley Bank. Maybe when they were leaving work on Friday they saw, hey, it's being closed for a good portion of the country. They probably don't even know the name Silicon Valley Bank.
And they're like, well, how does this impact me? But we saw sort of chaos brew over the weekend. So what's happened here is quite different from what happened in 2008. So some people are saying there echoes the 2008 financial crisis, but it is quite different. These are regional banks. So Silicon Valley Bank and also Signature Bank that have now failed in recent days. And it all goes back to what many of us know from the movie It's a Wonderful Life where there was a run on the bank. Silicon Valley Bank, which has been the most in the news, had, because of the way the interest rates were for a long time and inflation, they had taken some of their deposits and put them in long-term treasury bonds and other bonds, which lock up your money for a while, but they're a relatively safe investment for the bank to generate some return on the deposits that are in their bank. Well, they started to see the value of those instruments that they had go down and had to sell some off, taking large losses to cover deposits that are in their bank, which sparked consumer fear.
People start panicking. And if you have more than $250,000 in an account, which many individuals may not, but companies, tech firms. I mean, your name is Silicon Valley Bank. I wonder who is part of their bank. And that's a large part of their clientele have these larger accounts open that would not be protected above the $250,000 FDIC insured program.
They panicked. They panic and they want every deposit over $250,000 out. So they start pulling money. A bank doesn't have every dollar on hand at the moment. The feds had to step in, close the bank to stop that bank from collapsing completely and people getting no money. That was over the weekend that happened that we heard others. So there was potential that this morning we were going to wake up to financial chaos across the country and that didn't happen.
Right. So whenever one bank in a pretty large bank, it was the 16th largest bank in the country, has a run on their bank. Consumers everywhere else start to get a little concerned as well. And the fear is that it'll spark a domino effect and everyone will go pull their cash out of the bank. During COVID, the very beginning of COVID, there were there was tremors of this happening because people were when there's just uncertainty nationwide. The first thing you want to do a lot of times you feel like almost a natural recourse is go get my money.
Right. Go get my cash out because I'm concerned that you're for survival. And so what the Biden administration has done this morning and we'll get more into it in the next segment is they have said all depositors at both Silicon Valley Bank and the Signature Bank will be covered. So any dollar amount above the $250,000, their accounts are made whole.
They will be able to access their money today. And so that did stop the run on the bank and the total collapse and the ripple effect in the financial sector. It certainly slowed a lot of panic down. We can get into whether this is a good or a bad thing. Obviously, it's a bad thing that this happened. But maybe did the President and did the administration step in at the right time to not cause complete collapse, to not cause panic?
And a sort of empty promise that came from the Biden administration talking about that it's not going to affect you, it's not going to affect the taxpayer. We'll get into that a little bit more of what that actually means. Again, we just wanted to break it down. A lot of you saw this over the weekend that everyone has got busy weekends, you're distracted, kids stuff, family stuff.
You didn't really get to see what happened here, but I got a lot of late night panic text messages saying, should I go get my money out of my bank? And I'm glad that we hopefully can settle that down a little bit. We'll keep that conversation going, though.
1-800-684-3110. Share, like, comment. We'll be right back. Welcome back to Seculo, obviously talking about the bank collapse crisis that happened and what that could mean for you as the consumer, what that means to you as an American, as a taxpayer. We did see President Biden come out, make a lot of statements this morning, kind of hopefully calming people down and also saying that, hey, you as a taxpayer, you're not going to take any of the brunt from this. We do have a clip from it. We should hear it so you can hear it directly from the President himself.
This is Joe Biden. Fight for. Treasury Secretary Yellen and a team of banking regulators have taken action, immediate action.
And here are the highlights. First, all customers who had deposits in these banks can rest assured, I want to rest assured they'll be protected and they'll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. No losses.
And this is an important point. No losses will be borne by the taxpayers. Let me repeat that.
No losses will be borne by the taxpayers. So what's interesting to me there is that the President there is trying to make sure that it doesn't come across that he's doing a 2008 style bailout of the banks where we saw just tons of money just be sent to the banks to cover their balance. If we were just to take that on words alone, you know, you got to sometimes give it where they take it. Biden, that's a pretty good statement saying going out there, like you said, the stock market didn't crumble today. A lot of things were protected today. Your consumer was protected.
Sometimes good things can happen. However, when you say that there will be no burden of the taxpayer, is that even at all possible? It's a little disingenuous to me and maybe I'm being a little bit more nice to him. It's pretty disingenuous because we all plan to wake up to a great depression. The FDIC is basically it's a tax levied on the deposits at the banks. So when you put your money into the bank, a portion of that is going to help fund the Federal Deposit Insurance Corporation, which then will pay the depositors in the event of a failure of a bank. So I guess if you are an American taxpayer that has no banking relationship at all, then maybe that's a fair statement. But at the end of the day, it's your deposits that then are taxed when at the bank. There's an intermediary process of the banking system. We essentially are covering the deposits there. So this is why the FDIC exists to begin with. Right. For this kind of situation, this is just to extreme level because now it's going above and beyond the $200,000.
It is. $250,000 is the limit on any individual account. And it is going to any customer at that bank is going to be covered. And as of last week, they had about $200 billion in assets at the Silicon Valley Bank. I believe that Signature Bank was a little bit smaller, around $170 billion in assets. And those are deposits.
Billion, by the way, just to clarify. So it is a lot of money that we're looking at the Biden administration saying that we will cover. But once again, you do have to weigh it with this wasn't caused by toxic gambling by the banks on things like subprime mortgages, all of those things that really became almost a cancer within the banking industry in 2008.
This was a more traditional. They made some bad decisions based off not knowing how aggressively the Fed was going to raise interest rates and to try to combat the Biden inflation that we've been going through for the past couple of years now. And so I don't think anyone would have been able to predict that fully. So we are looking at some of the fallout, though, of Biden administration policies when they spend so much government spending for years and the Federal Reserve trying to rein that in aggressively. It caused some of these banks doing very traditional moves to fail. Yeah, I think one of the things we have in here, too, is it doesn't also mean the people that work for the banks are being protected, the people that made these poor decisions. Actually, I think the opposite is what's happening. You're saying that it's not like the bailout in that sense, what I think of as well. I think it was a bailout. I think of just floating them to business as usual. And that's correct.
Right now, Silicon Valley Bank is under the control of the FDIC. They step in, they take control of it, and they allow the process to move forward. Yeah, we actually have a bite from President Biden. We can play these. I think it's fine to hear.
Let's hear six and let's just follow it up with seven. The management of these banks will be fired. If the bank is taken over by FDIC, the people running the bank should not work there anymore. Investors in the banks will not be protected. They knowingly took a risk, and when the risk didn't pay off, investors lose their money. That's how capitalism works. I mean, that alone sounds pretty conservative, if you will, compared to the way that we've been treated with the sort of bailout process, whether that was during, like I said, 2008, whether that's in real estate, whether that's in the vehicles that happened during the Bush administration. When we traditionally think of bailouts, I often think about, oh, we're just floating people. We're protecting people. Not the government coming in and saying, we're shutting down your bank, we're taking over, which doesn't sound great, but because of the fact that you're not protecting your customers. Right.
And so this is not a story that's over. We'll still need to see, is there a purchaser that comes in and takes on this bank, adds it to their portfolio? Elon threw his name out there. Oh, well, and it is interesting because it is Silicon Valley Bank. A lot of the customers of this were venture capital firms that were heavily into tech, into green energy, things of that nature, and a lot of other tech companies that had deposits here. And this was the second largest bank failure in U.S. history. So I think when we talk about regional banks and in just kind of one area of the country, don't lose sight on that this is a really big deal. And it was, even though a smaller bank compared to the U.S. banks or the Bank of Americas of the world, this is still a very large bank and it does have a lot of implications. I think that the President and his team did find a half step and I think they are learning from things of the past that people weren't necessarily thrilled with and found a way to protect the depositors. And as he even said, the investors, so those are people that own stock in the bank, aren't necessarily protected. They're not going to get their shares bought out by the U.S. government like we did see back during the previous financial events.
Yeah, and I wanted Will to come in and talk about this as well. Number one, I'll be the first person to admit that this is not my area of expertise in terms of how the banking system worked. But Will, Will's got a degree in finance. He knows what's up. We're not giving financial advice.
We're not giving that. No, just talking about the ins and outs of it. In and outs of banking is what you want on your lunch break.
I know for a lot of you listening right now, you're like, you know what, I just would love to know how it all works. But it is actually important. I think there are plenty of Americans, including myself, that take for granted the concept of banking, that take for granted that my money is, I've never seen my money.
You know, it goes from the company to Wired to my bank account and I'm not withdrawing the cash. When you don't actually see any sort of physical, it does kind of mess with your mind of how money works, where it exists. And I think that's something we all need to start knowing a little bit more about.
Well, and a lot of concerns as we see more push to cashless society, to things that, you know, even digital currencies that have been floated. That does bring up concerns for everyday Americans that it's like, wait a second, but what happens when something like this happens? Because this, while there were poor management decisions and as an investigation goes on down the line, we'll find out if anything that ran afoul of the law happened or not. But at some degree, management decisions can happen and cause a company to fail.
That doesn't necessarily mean it's criminal. And if it's just that, all businesses are risk. If it's just that, then it should give people pause about where they keep and how much is in one place of money, because if it can fail and the government has to step in, this is right. But right now, here is what President Biden have to say, and I don't know if this gives you much comfort when you listen to the words, you know, maybe some red flags here. Don't want to give Biden too much credit because this is a little nerve wracking.
Here's Biden eight. There are important questions of how these banks got into the circumstance in the first place. We must get the full accounting of what happened and why those responsible can be held accountable.
And my administration, no one in my mind, no one is above the law. Yeah, it's like a look into their oh, we looked into their Twitter profiles and oh, guess why they are conservative. They're they are already trying to plant seeds that this was the previous administration they go to because of policy differences. I will just say that the radical out of control inflation and government spending that have happened under the last two years, where after a pandemic and it had already been so much government spending that Biden came into office and doubled down and said, we're just going to keep doing this, we're going to keep printing money that if he's saying it's going to be a full accounting of what happened and why those responsible can be held accountable. He needs to be looking in his own administration to figure out, OK, maybe these aggressive interest rate hikes aren't the greatest thing for the country. Maybe all this spending isn't the greatest thing for the country. Maybe we need to figure out a more controlled manner. And I don't see the Democrats or the Biden administration deciding to do that anytime soon. So hopefully these measures calm the markets and calm consumer confidence.
But it doesn't necessarily get us out of the woods. Another one of the big stories of the day you may have seen on your news this morning is the thousands of migrants you saw rush the border. Thousand plus. It is really shocking footage. We have that footage, right? We're going to show it. And you'll be able to actually see some of this footage of what's going on at the border. You know, this is not a crisis that we take lightly.
It's something that we need to be talking seriously about as we head into the summer months. You're going to see that when we're coming up and we're going to give you some options of what you can do to hopefully help when we see such horrendous footage happening at our nation's border. Give us a call. 1-800-684-3110. Support the work of the ACLJ at ACLJ.org.
Welcome back to Secula. We are going to move our topic a little bit. If you still want to talk about the Silicon Valley Bank and the entire bank crisis, I'm happy to talk to you. Give me a call.
1-800-684-3110 or get your comments in online. We'll be happy to take those as well. But we're going to move a little bit on to the migrant crisis that's happening at the border. I don't know if you see this footage and we'll play it for those who are watching right now.
If you don't watch, by the way, if you're just listening, you should watch a broadcast this show on video television style. We do it each and every day so you can find it on ACLJ.org or your favorite video players like Rumble or YouTube. I think we have a plan right now.
And if you can, we can go to it. So this happened well at the border, the El Paso border. It just happened yesterday where thousands or a thousand plus people essentially stormed the border to cross. And you could see a very organized effort to do this. Again, more chaos that's happening at the border as we've tried to bring this to people's attention.
And a lot of people have. Again, this is not this doesn't have to do with the people. I've always wanted to make that very clear here that it's due with the lack of leadership and lack of protection that we have here and a lack of organization to figure out how we're going to handle this. Because we have a thousand people, thousand plus people ready to storm a border, storm a wall, storm whatever.
Likely they're going to win. You know, it's going to happen because that's a lot of protection in different areas of the world, areas of the country. It's just not going to happen. So we have to figure out a game plan here, people.
We can't just say it's terrible. We have to figure out what we're going to do about it. But the Biden administration just doesn't seem to want to do that.
Right. And unfortunately, we talked about a crisis in the financial system in the first segment and second segment of the broadcast. Now we're talking about a crisis at the border and what we a little bit were alluding to in the first segments that the Biden administration saw people rushing to a bank to withdraw their deposits. And he stepped in and did something to stop that.
Two days stepped in. He didn't want it to become a broader crisis. He didn't want it to spread to other parts of the country.
He wanted to make sure that people that were members of this bank were protected. We're not seeing that at the border. And we've seen people rushing the border now, literally very much a run on the border for years now under the Biden administration.
Yeah. And this footage just shows you clearly what's happening, what it's like. I think it's hard for us to kind of imagine. You see some of those footage of people crossing a river or crossing the Rio Grande or you see, you know, the border patrol agents on the horses. You've seen those imagery. You haven't seen this, which looks like Afghanistan, right? I mean, that's what it looks like. It looks like when people were trying to flee Afghanistan, it's sort of an organized effort to cross the border. We do have a clip we should probably play from Carine Jean-Pierre. Is this from yesterday or is this from over the weekend?
It's from over the weekend. Over the weekend about sort of the crisis that's happening and what we're going to do, hopefully, to try to fix it. What we are going to promise is that we're going to do this, we're going to move forward with a with a with this kind of system, this immigration system that has been gutted, really, truly gutted by the last administration. We're going to move forward and do it in a humane way. We're going to do it in a safe way and we're going to do it in the way that moves us forward. And so what we have been seeing, what we've been dealing with, again, is try to fix the damage that the last administration do did.
What we have done is we've opened the path to, we've opened the path to make sure that people have a way to get, you know, to come through and do it in a legal pathway. I hate this, by the way, and I hate this from Democrats and I hate this from Republicans and I hate that this becomes the thing. I give you six months to where you can keep saying it's the last administration. After that, it's on you.
Right. You've had time to make adjustments. Until then, six months, sure. But we are already talking about running for reelection. Re-election, we'll have a debate in six months. So to keep blaming things on previous administrations, and again, I'm not just saying this to her. I'm saying this to Republicans.
I hate when you did that to the Obama administration. Take responsibility, move forward. You would keep talking about forward movement. That's what you're doing. We're going to move forward.
We're going to do it in a more humane way. Then do it. Show us that you can do it.
Prove to the American people that it can happen. Like you said, they did it at the banks because all of a sudden we don't have a stock market crisis today. Right.
We don't have a run on the banks this morning. Why? Because you stepped in and you did something of which the federal government probably should have. Right. But for this situation, the one that shows thousands of people who are trying to cross the border for good and bad reasons. Look, I'm not saying any of them are doing it in the right way, but many are doing it for refugee reasons or many are doing it for the fact they're trying to just get a better life for them and their families. Then there are obviously the people who are doing it for nefarious reasons at the drug cartels and sex trafficking that's happening. There's both happening.
So she's right. We need to handle it in a humane way and move forward. Well, how do you move forward? You just don't keep blaming the past administration because that makes you look really weak. It actually proves the point to a lot of these governments who look at America and laugh and say, this is what happens when you replace the President after four years.
Because all they can do is look back and go, oh, look at them. All they do is point back to the previous administration and nothing moves forward. Maybe you do need a dictator that can say, oh, it's on me, guys.
I've been the President for 70 years. You know that that's what China does. They use that messaging that American democracy is weak and it's too fluctuating and flip-floppy that they can't really get anything done.
That's why you need to look to us as the stability of the world. And we'll talk about China's role in that in a few segments coming up. But I want to know what is going to be the President's Silicon Valley Bank moment when it comes to the border. What is going to make the administration finally wake up and realize that it is their policies that have led to 2.3 million people crossing in the last fiscal year.
And I don't see that going away. I see it being more aggressive at the border. But you also brought up other world leaders and the President of Mexico, Manuel Lopez Obrador, he said Thursday that he's threatening to launch an information campaign against the U.S. and Republicans telling them not to vote for U.S. lawmakers unless they change their treatment of Mexico. He's claimed that they have no responsibility over the fentanyl crisis because they don't make it and it's being consumed in America. Which completely leaves out the entire smuggling industry of the warring cartels in his country that he can't get a handle over.
But he's trying to push back and say that American Republicans that want to hold his government accountable need to be essentially a foreign interference in elections campaign against them if they don't change their attitude. Yeah, it's really sad. I think that this is a real humanitarian crisis for both sides of this.
You have people at the border trying to cross, like you said, there are good people who are trying to do their best who are doing it. Then you have obviously the extreme amounts of fentanyl that are coming in and that's absurd the fact they won't take any responsibility ever. But it's not shocking. I'm not surprised. I'm not surprised by any foreign government not being thrilled with the United States of America, especially not right now. They see what's going on. They see the weakness that's happening. They see that their border is overrun and that it's crazy and chaos. Trust me, they see it on their side too.
That it's just as chaotic. It's a shame. It really does kind of tug at my heart when you see this footage because you don't want to be the person who becomes heartless to people, to humanity.
And I'm not. I don't look at that and go, oh, look at these terrible people trying to cross the border. I look at people who are either trying to escape or then there obviously are people who do not need to be coming here. But we've created a system that doesn't work. We've come with an immigration system that is impossible. And until we figure that out, this is what's going to keep happening. We need to secure the border.
Absolutely. And we need to fix the immigration process. There needs to be some sort of pathway to moving people forward when it comes to becoming one of the legal citizens of the United States of America. We're not in a moment of closing the border completely.
There are many things that are run on immigrants and we need that. But when it's this chaos, it makes you feel so unsure of what's happening in the world. You have the bank crisis.
You have all this happening. And we have to figure out a way forward. We have mobilized a lot of action at the ACLJ. You can find out a lot more.
You can learn a lot more about what we're doing at ACLJ.org. You know, during this broadcast, we spend our time, a lot of it talking about what's happening in the news. Actually, those are the two top topics this morning.
You saw that footage and as well as the banks. But we don't just talk about it, unlike a lot of your other conservative broadcasters. Not going to name names. They want to come up here and complain. They want to rile you up and they don't want to do anything. That's not what we do here at the ACLJ. We get the work done. We go to court for you. We protect you. We fight for you.
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The next segment, we're going to be joined by Rick Grenell. We're talking about what's going on. The strategic plan between Saudi Arabia, China, and Iran. Maybe something you haven't heard about yet. Pretty big moves happening in those three.
Those are not exactly the three that you want to become best friends with each other. We're going to be talking about that coming up as well as taking your calls and wrapping up the show a little bit later. Talking about even the lack of politics that maybe came out of the Oscars last night and what that could mean for Hollywood moving forward. I think we're going to dip our toe in that a little bit. Talk more about that on Secular Brothers later on this afternoon. Give us a call though at 1-800-684-3110. That's 1-800-684-3110. Again, to have your voice heard. I'd love to hear from you. Talk to our phone screener. I'll get you on the air.
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Welcome back to Secula. We are joined now by senior advisor for national security and foreign policy, former acting director of national intelligence, among many other things, Rick Grinnell. And Rick, we're going to start this one off with a pretty interesting story that came out over the weekend. And that is that China, you know, you have a couple of different players in this space.
Maybe you don't want to hear these three together. And that is what happened. China has broken an agreement between, I don't know, some longtime rivals of Saudi Arabia and Iran. And I wanted to get your thoughts about that when China is the one trying to cool tensions and what that could mean on the global stage. Well, it's very troubling. I don't accept any premise that somehow China is now leading in the Middle East.
I think that they are trying to make a move and they've been trying to make a move around the world in a lot of different places. But this is just a really signal for the United States to wake up, for the Biden administration to wake up. You know, we've seen Anthony Blinken really struggle to put forward diplomatic solutions. Certainly we've seen it in Ukraine.
He's been really silent. I'm beginning to believe that the Biden team at the White House actually doesn't trust Anthony Blinken. And so here he is once again being outmaneuvered by the Chinese with this diplomatic win for the Chinese. I don't think that you can characterize it any other way when Saudi Arabia and Iran joined together via the Chinese with Chinese ideas and Chinese pushing and pressure. It's very troubling. And Americans in our Congress needs to wake up and Americans need to be pushing our Congress to get more involved.
I'm very uncomfortable with allowing the Chinese to make this move without having a move from the Americans and from the State Department. Rick, one thing that concerns me is during the previous administration, things that you were very much a part of, the Abraham Accords. They were historic deals of bringing Gulf states together with Israel and new diplomatic relations and things that we had not seen for forever.
And it was historic. Now we're seeing a country that had been kind of mentioned in that role. If there was maybe four more years that we would see Saudi Arabia having better ties with the nation of Israel. But what we're seeing here is instead Saudi Arabia have diplomatic relations restored with Israel's main antagonist and enemy in the region. And what does that tell you about the lack of American influence and strength in the region, but also what does it mean for Israel? Look, I think that's a real warning sign for the Israelis.
I think they see it as that. You have this entire media initiative in Washington D.C. from reporters as well as from the political class all saying that Donald Trump would bring in World War III. The reality is that Donald Trump brought peace and Joe Biden brought in the beginnings of World War III. This is, I can't say it any other way other than a disaster for America on the world stage.
We've dialed back. We are allowing our allies and others to really go unprotected. When you see Saudi Arabia and Iran joining forces with the Chinese, this is a red alert.
This is a warning. Anthony Blinken should be fired. He's demonstrated multiple times that he doesn't know what he's doing.
He is unable to put forward peace agreements. And we see the world getting in more chaos because of this Biden team. I mean, let alone the banking problems that we're having this weekend. I look at what's happening on global affairs and I'm just as concerned with the crisis.
Don't worry, Rick. They're blaming that on the previous administration as well. That's just what happens here. They only had a few years to figure it out themselves. We've got to keep blaming.
We've got to do that. It's always got to be what happens in politics. We've got to blame the previous administration. It doesn't matter how long ago it is.
It doesn't matter how long it's been. And this happens in situations when people have very short memories. When some of my friends who are more liberal said, I'm voting for Joe Biden. I can't vote for Trump.
I can't do this anymore. They specifically said, you know, well, why would you vote for him? We go, well, you remember ISIS? Remember, I don't know, remember the terrorism that was happening across the Middle East? Now you remember the Abraham Accords?
Remember that was sort of a positive move. And guess what's going to happen? Six months from now, you're going to start hearing about ISIS again. You're going to start hearing about terrorism again.
You're going to start having this world in chaos. And what happened from different threats this time, not only those threats, it starts popping up because it seems to be that this policy just brings that right back. But Americans have very short windows in terms of almost trauma where they're like, they forgot that during the Obama years, how crazy it was when it came to terrorism.
And how quickly that ended during the Trump years and how it was almost a shock to them that this could ever come back. Look, I think you're exactly right that what we have going on right now is not only chaos on the world stage, but massive spending from the U.S. taxpayer. We're paying to the tune of billions, hundreds of billions of dollars for the war in Europe. And we now see that this is this entire situation is making us less safe. You look at the police, you look at our border and the crisis that's happening in South America because of this.
You look at the Pacific with China bullying Taiwan. I can't think of an area of the world that is less secure under Joe Biden. Rick, you mentioned the bank crisis over the weekend, and I wanted to get your thoughts on that as they did try to push a little bit of the blame on the previous administration. But when in reality, we've seen uncontrolled government spending out of control, Biden inflation. And then we see the Federal Reserve having to try and keep up by raising interest rates at an unprecedented and historic rate. What were your thoughts when you saw this happening and the Biden administration's response today?
My first thought was I was hoping East Palestine had a bank. Maybe they would be bailed out. Yeah, and a quicker response, but look, the reality is, is that the Biden administration has created this crisis by telling banks and corporations that they have to rely and emphasize on really faulty programs, programs that don't bring in money, but that spend a lot of time. You look at this bank, Silicon Valley, and they had massive spending loans for climate related companies.
You know, we're talking to the tune of fifteen hundred alone on the climate and energy issues. And then you look at their programs and they had, you know, diversity, equity and inclusion officers. They didn't hire a risk manager for a very long time, but yet they were advertising for more DEI positions.
They had the emphasis, the management had the emphasis on all of the wrong things. And that was in order to please Washington. When Washington comes forward and says, you've got to have these diversity, equity and inclusion programs, and then you have banks racing to do that while canceling anyone who's related to the Second Amendment. Or canceling anyone who's a conservative. I think that your priorities are in the wrong place.
And lastly, I'll just say this. I actually thought that we were not going to be bailing people out anymore. The rules keep changing in Washington. Sometimes the big ones get get bailed out and they're called too big to fail. Well, now we have too woke to fail.
If you're a real bank, then you're going to get the money. And I think we've got to have consistent rules. Yeah. We'll keep track of that, too. And we'll be watching that. Thank you, Rick, for joining us. It is an important time at the ACLJ. We are in the middle of our matching challenge and we're going to be heading into our next segment here. I know a lot of you have called specifically about the banking crisis. We're going to talk about that coming up in the next segment as well. We're going to take as many calls as we can. Anything we're going to move forward with topic wise, we're going to stick this. We're going to take your call. So 1-800-684-3110, again, 1-800-684-3110 to be on the air today.
I know a lot of you've been holding for a while, but we do have two lines open right now. And it's important time to discuss some of these issues because you heard from Rick. You'll hear from other experts this week. It's not necessarily always cut and dry.
Well, people have a lot of different opinions on this. While you may agree that we're glad that the consumer was protected in this situation, there may be alternative motives, ulterior motives that are happening. And you've got to always keep an eye on that. When you had clips like that, we played too from Biden saying we're going to find out why. We're going to find out who did this, what did this, and what caused it.
You've got to make sure that what he's not saying is the target's now on you. And we had an interesting comment from Rumble from Kay Cole who said, I'm a retired banker that worked for big banks. This bailout is all about diversity, equity, and inclusion. Interesting. I think that that does definitely play into some of the rationale of how quickly they jumped when a lot of the depositors are friends of the left. I do think that it's not all that. I do think that there was concern that this would have a ripple effect. It would have because, I'll be honest, I was getting text messages from people in Alabama saying, do I need to go pull my money out of my bank account? So it's not all just coming from Silicon Valley.
But I understand why you could feel that way. It feels like we're on a lot of issues right now. But again, we're going to take your calls. 1-800.
Say it one more time. 1-800-684-3110. If you're watching right now, you can see the number right there. It's not that hard.
Just a few digits. You can call in and be on the air. We're going to take those coming up in the next segment as well. I've been saying support the work of the ACLJ because it's the matching challenge.
It is. But what I'm actually going to encourage you to do right now is to have one ask right now, one thing. However you're watching, if you're watching digitally, subscribe on that.
So subscribe on YouTube, following on Rumble. Whatever it is, engage right now. Welcome back to Secula. We're going to wrap up today's show by taking your calls.
I want to hear from you. 1-800-684-3110. Great time to call in. Kind of last call to call in.
1-800-684-3110. Let's start this conversation with Dan, who's calling on Line 1 in the great state of Wyoming. Dan, you're on the air. Yeah, I'm from Wyoming, Delaware, and thank you for taking my call.
Oh, I'm sorry. From Delaware. Wyoming, Delaware. I don't have as strong a feeling towards Delaware, but I assume it's great.
But Dan, go ahead. Well, my question is, do you think, I need your opinion, do you think that Silicon Valley Bank is just the first domino to fall? Yeah, I mean, I think that over the weekend it sure felt that way, Will. It felt like that not only was it the first domino to fall, it was quickly picking up and there was going to be some big steam. I mean, the text message threads that we were on with some experts in this field, they were deeply concerned last night, like into the wee hours of the night. So much so that I woke up to text messages this morning saying, kind of people before they looked at their phones, before they looked at the news, being like, are we okay?
Are we okay? There was thoughts that people were in the glow of the Oscars and at the same time there may have been a looming financial crisis that was happening. And it looks like I wouldn't say that it was saved, but maybe one of the dominoes pulled out for now.
But this is a big looming problem that's going to happen, especially when you have, let's just be honest, a Democrat controlled administration. So to answer his question as well, the Biden administration is trying to stop it from being the first domino that falls. They're trying to get a little bit of gap between domino one and two, which actually domino two already happened, that was Signature Bank. But a lot of news reports are coming out that First Republic Bank, another regional bank, also received additional liquidity from both the Federal Reserve and from JPMorgan Chase.
So essentially they were able to tap into some probably lower rate loans to help keep them afloat and to be able to give out deposits and things of nature as they have a liquidity problem. And their stock has dropped 60% in the wake of this because of the news surrounding that they needed this additional funding. So Federal Reserve, so a federal response, as well as a private response from JPMorgan Chase. And that's what we're seeing here is that we're seeing a little bit of a ripple effect.
The Biden administration is trying to slow down and stop. And instead, we're hoping that this is not going to continue to get worse with more regional banks across the country. Yeah, but there's a reason to be concerned. There's a reason to at least consider that. I know a lot of people have called in, a lot of people have commented things that they don't really care about what happened over the weekend because it's not their bank.
So what does it matter? Let's go ahead and take a phone call. Specifically, let's go to Mellie, who's calling in California on line two.
You're on the air. Hi, thank you for taking my call. Yes, I'm one of those people who do not care that Silicon Valley has lost their money. They've done a lot of bad things for our government. And I agree with Rick, this is just a scam. Secondly, I wanted to comment on the cartel issue.
Jane Pierre just made a bunch of mumbo jumbo. They're not going to do anything, but all they do is stand and blame the former President when they have brought on the flooding of our nation with terrorists. So I have no support for any of those things. And I'm just like, I'm kind of glad it's happening in the sense that people are maybe will wake up and see. But I could care less about a bunch of people who have ruined our government and are funding a bunch of left wing organizations. I could care less that they're losing their money.
In fact, I'm glad they are. Yeah, I mean, I think that there's there's there's two answers to that, Mellie. And I think that that's a you cannot care about the people, but then it also could affect your bank. So I guess that also is the big question is when it does come to you, how is that going to affect you? So you could be a little selfish in this and go, I don't really care about whoever it is that's invested in that bank, which I'm sure there's people on all different sides here that are invested in that bank. But let's say it is more liberal leaning when it comes down to what's that going to cause, like the last call said, a domino effect. And then all of a sudden you're banking with Wells Fargo or Bank of America, these big brands that starts to impact them, which has, by the way, tons of conservative, tons of liberals, has everybody. That's the concern when it comes to blaming the previous administration over things like this.
You heard me. I don't think I could have been louder or clearer on how I feel about that from Democrats and from Republicans. I hate it. It's the easiest political trope to jump into to just blame, blame, blame the past and not move forward. I hate that.
And I don't like that in terms of the way people talk in general, even when it comes to the way that our political system works or the issues that it's all about what happened before. How do we get back to how things were before? No, we got to look forward.
You got to always look forward. What's the pathway forward? God is in control. If you believe in an all knowing God, you got to look, what's moving forward? How do we get there?
And what's the process? And what do we do here at the ACLJ? We look at how we can progress, how we can move forward, not progress into a progressive way. Progress in terms of the world moves forward. We don't just look back and blame the past. We don't blame the previous administration.
We don't even look longingly at the administration before. I think you always have to look forward and say, what's moving? What's next?
What's going on? Without that, you get stuck. You get stuck being the old man outside saying it was better when I was a kid, and then nothing happens. Guess who it's not better for?
Your kids or your grandkids. It's just you remembering that it used to be better. And really, if we went back then, you probably would go, oh, you know, things weren't as great as I remember. Because, you know, we're all a little nostalgic for certain things. Sure, you'd be nostalgic for the previous administration. I understand that.
The world felt a little safer, at least for those first few years there. But it is what it is. And for me, I look forward. And that's what we do here at the organization.
We're always focusing on what's next. So you can be a part of that. You can support the work of the ACLJ by going to ACLJ.org.
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What it is, you file—you go to ACLJ.org slash help, and you just say, here's the issue. And as long as it falls in within our scope, obviously we don't handle, like, marital, you know, divorces or anything like that. We handle very specific issues.
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We are there for you. If you want to support the work of the ACLJ, go to ACLJ.org. And again, right now, any donation made during the month of March is doubled. You may say, how does that work?
Well, I'm going to give you the spiel one more time. There is another great group of donors. I told you they are the backbone, but there's another great group of donors who have been with us for a long time.
And they go, you know what? We're going to put together a fund. We're going to have it be a matching fund. So any donation that comes in in the month of March, we are going to match that donation. So what it does, it takes your donations and essentially doubles it. Give $10 this month, it becomes $20, so on and so on and so on.
You give $100, $200 and a lot more. Hey, coming up later on, this is the end of the show here. We have another show coming up.
It's a bit more casual, a little bit more fun. The Secular Brothers Podcast. It's usually me and my brother Jordan.
Today it will be me, it will be a whole lot of fun. We're going to talk about the Oscars and maybe even some, hey, you know who didn't get out clean? Don Lemon.
Didn't get that political, but Don Lemon took a few blows at the Oscars. We're going to discuss that this afternoon on the Secular Brothers Podcast. Make sure you subscribe to those channels as well. We will talk to you in just a few hours.
Whisper: medium.en / 2023-03-13 14:58:23 / 2023-03-13 15:20:07 / 22