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Corporate Media Fails to Tell Whole Truth Behind Latest Banking Collapse · The Ben Ferguson Podcast

• 0:01
  Speaker 1: There was something massive that happened in our country, and
• 0:06
  Speaker 1: you may not even know about it because the media
• 0:10
  Speaker 1: doesn't want you to know what just happened in this
• 0:13
  Speaker 1: country because then you might actually start to connect the
• 0:16
  Speaker 1: dots and blame the Democrats who are in power and
• 0:19
  Speaker 1: Joe Biden for what has just happened. One of the
• 0:22
  Speaker 1: headlines reads this way may day another bank collapse, the
• 0:28
  Speaker 1: second biggest in United States history. Now if you didn't
• 0:33
  Speaker 1: know that the second biggest bank collapse just happened in
• 0:36
  Speaker 1: United States history that is designed on purpose. Did the
• 0:40
  Speaker 1: President come out and have a big press conference about it. No, Instead,
• 0:44
  Speaker 1: the government did exactly what you would expect. First Republic
• 0:49
  Speaker 1: was seized by the US government and sold to JP
• 0:52
  Speaker 1: Morgan Chase, the largest bank in the country has now
• 0:57
  Speaker 1: gotten even bigger, which revives the idea that a bank,
• 1:03
  Speaker 1: and this is something we swore we'd never allow to
• 1:05
  Speaker 1: happen after the two thousand and eight collapse, is too
• 1:08
  Speaker 1: big to fail. Biden Declar's system safe and sound. He didn't,
• 1:13
  Speaker 1: but you know, they decided to tell you that from
• 1:15
  Speaker 1: the podium at the White House answering a question. And
• 1:19
  Speaker 1: now the FED is examining the banking woes. Small businesses
• 1:24
  Speaker 1: are already feeling the crunch, and small banks are really
• 1:28
  Speaker 1: feeling the crunch now because so many Americans have decided
• 1:33
  Speaker 1: that maybe they should put their money in a bank
• 1:35
  Speaker 1: that is quote too big to fail to protect it
• 1:39
  Speaker 1: instead of a community bank that may not get the
• 1:41
  Speaker 1: political bailouts that these other banks are getting. Now, let's
• 1:46
  Speaker 1: go to the Hill Newspaper. The Hill Newspaper under Banking
• 1:51
  Speaker 1: and Financial Institutions in their online reading material, not wanting
• 2:00
  Speaker 1: to necessarily highlight this story because it clearly lays the
• 2:04
  Speaker 1: footsteps of the White House. First Republic Bank collapse spurs
• 2:08
  Speaker 1: fears for banking system in a broader economy. They write,
• 2:12
  Speaker 1: the demise of First Republic Bank is raising questions about
• 2:15
  Speaker 1: the strength of the US banking system and the broader
• 2:17
  Speaker 1: economy that relies on it. See, they're not wanting to
• 2:21
  Speaker 1: have this conversation in public. Will bury this under the
• 2:25
  Speaker 1: Banking and Financial Institutions tab on our website, and we'll
• 2:29
  Speaker 1: be able to say, hey, we told you this story
• 2:32
  Speaker 1: that the economy is in trouble. Monday's shut down mark
• 2:36
  Speaker 1: the nation's second largest bank failure. First Republic Bank had
• 2:41
  Speaker 1: nearly two hundred and thirty billion in assets last month,
• 2:45
  Speaker 1: eclipsing the Silicon Valley bank collapse, which also just happened.
• 2:50
  Speaker 1: Three of the four largest bank failures in the US
• 2:53
  Speaker 1: history have taken place over the last two months. Let
• 2:55
  Speaker 1: me say that again, Three of the four largest bank
• 2:59
  Speaker 1: failures in the history street the United States of America
• 3:01
  Speaker 1: have taken place over the last two months. Now, am
• 3:04
  Speaker 1: I running around like chicken little right now? No, I'm
• 3:07
  Speaker 1: just showing you how big this news is and then
• 3:10
  Speaker 1: comparing it to the idea that you probably didn't even
• 3:13
  Speaker 1: know that two of the three or three excuse me,
• 3:17
  Speaker 1: three of the four largest bank failures in US history
• 3:22
  Speaker 1: have happened in the United States of America over the
• 3:24
  Speaker 1: last two months. Let's hit pause here for a second,
• 3:28
  Speaker 1: and let's go back to twenty sixteen, when Donald Trump
• 3:32
  Speaker 1: became the President of the United States of America. If
• 3:35
  Speaker 1: two years later in his presidency, in twenty eighteen, three
• 3:39
  Speaker 1: of the four largest bank failures in US history had
• 3:43
  Speaker 1: taken place, how much time do you think the media
• 3:46
  Speaker 1: would have committed to breaking news on that story.
• 3:51
  Speaker 2: They would have gone wall to wall. They would have
• 3:53
  Speaker 2: had a massive wall Street right.
• 3:55
  Speaker 1: The numbers up there on Wall Street of the dows
• 3:58
  Speaker 1: down two hundred, right is look at the and if
• 4:01
  Speaker 1: that wasn't working out for them on a certain day,
• 4:03
  Speaker 1: they would have then put up the actual stock of
• 4:07
  Speaker 1: the banks that were in freefall to show, oh, this
• 4:10
  Speaker 1: is really bad for the kind of look at what
• 4:12
  Speaker 1: Donald Trump has done. Three of the forge that this
• 4:15
  Speaker 1: will be his legacy, They would say, right, three of
• 4:17
  Speaker 1: the four largest bank failures in US history have happened
• 4:20
  Speaker 1: under Donald Trump's watch. This is something that will be
• 4:23
  Speaker 1: remembered forever. Then they would do interviews with business owners,
• 4:27
  Speaker 1: small business owners, and families and single mothers talking about
• 4:31
  Speaker 1: their stress right that they're having right now with these
• 4:34
  Speaker 1: bank failures. They'd find the guy walking on the street going,
• 4:37
  Speaker 1: I just you know what I don't know about my bank.
• 4:39
  Speaker 1: I'm worried I'm gonna have no money. I'm afraid that
• 4:42
  Speaker 1: I'm not gonna have any cash. Did you also know,
• 4:46
  Speaker 1: by the way, that while this was happening, there were
• 4:48
  Speaker 1: actual runs on the bank, like old school runs in
• 4:50
  Speaker 1: the bank. Did you know that the first republic bank
• 4:53
  Speaker 1: in the Silicon Valley bank had people wrapped around the
• 4:56
  Speaker 1: block with runs of the bank pulling their assets out
• 4:58
  Speaker 1: of the bank. And most people have online banking now,
• 5:01
  Speaker 1: so it's easier to pull your money from a bank.
• 5:05
  Speaker 1: Did you know that there was, like we're talking genuine
• 5:09
  Speaker 1: runs on the bank, just like we saw in the seventies,
• 5:11
  Speaker 1: just like we saw during.
• 5:12
  Speaker 2: The Great Depression? There were do you knowics the media
• 5:15
  Speaker 2: didn't show you those pictures.
• 5:17
  Speaker 1: Nah, why would we do that because that would actually
• 5:20
  Speaker 1: connect dots to Joe Biden and the Democrats.
• 5:22
  Speaker 2: So we're not going to tell you that story.
• 5:24
  Speaker 1: But if you went back to twenty eighteen and there
• 5:27
  Speaker 1: were runs on the banks, don't you think that they
• 5:29
  Speaker 1: would go wall to wall coverage. Don't you think you'd
• 5:31
  Speaker 1: have a reporter from CNN or Fox or our, MSNBC
• 5:35
  Speaker 1: or any of these other outlets that would be walking
• 5:37
  Speaker 1: down the street by the people on the run of
• 5:39
  Speaker 1: the bank, and they'd be like, Hey, come here, ma'am,
• 5:41
  Speaker 1: how concerned are You're not gonna be able to get
• 5:43
  Speaker 1: money out of your bankcount today?
• 5:44
  Speaker 2: I'm terrified.
• 5:44
  Speaker 1: Oh my gosh, all right, let's move on down the road. Here,
• 5:46
  Speaker 1: Hi mam, you're here with your children today? Why are
• 5:49
  Speaker 1: you here?
• 5:49
  Speaker 3: Oh?
• 5:49
  Speaker 1: I can't I need money. I can't get money my
• 5:51
  Speaker 1: bank's collapse. I'm terrified. And then they would look at
• 5:53
  Speaker 1: you on camera and they'd say, this is the United
• 5:56
  Speaker 1: States of America under Donald J.
• 5:58
  Speaker 2: Trump.
• 6:00
  Speaker 1: Donald Trump isn't here with these people feeling their fears
• 6:02
  Speaker 1: and the bigger concerns over what's happening in our economy,
• 6:06
  Speaker 1: because this isn't just about a bankfow this is also
• 6:08
  Speaker 1: about the economy. And they would connect those dots. But
• 6:10
  Speaker 1: have they done those types of interviews? Hell no, Why
• 6:15
  Speaker 1: would you do that type of interview right now? The
• 6:18
  Speaker 1: Federal Deposit Insurance Corporation, knowns the FDIC, on Monday took
• 6:22
  Speaker 1: control Ce's, the San Francisco based regional bank, and brokeer
• 6:26
  Speaker 1: to sale to JP Morgan Chase.
• 6:29
  Speaker 2: Why do they do it?
• 6:30
  Speaker 1: The deal will protect deposits, likely wipe out shareholders, and
• 6:34
  Speaker 1: make the nation's largest bank even bigger. So now is
• 6:38
  Speaker 1: JP Morgan in an even better position by doing this deal? Yeah,
• 6:41
  Speaker 1: because now they are officially too big to fail. JP
• 6:47
  Speaker 1: Morgan Chase is the nation's largest bank ever. First Republic's
• 6:52
  Speaker 1: fate was set when the bank revealed it had lost
• 6:55
  Speaker 1: one hundred billion dollars in deposits after Silicon Valley banks
• 7:00
  Speaker 1: collapse led to a panic among wealthy clients. It's stock
• 7:04
  Speaker 1: plummeted seventy five percent last week alone. Now, if that
• 7:07
  Speaker 1: was happening, all of this would have been playing out
• 7:09
  Speaker 1: in real time. It would have been the lead story
• 7:11
  Speaker 1: on ABCNBCCBS in the nightly news. Do you want to
• 7:15
  Speaker 1: know right now, I'm going to do this in real
• 7:18
  Speaker 1: time because i just want you to understand. I'm going
• 7:20
  Speaker 1: to go to cbsnews dot com. If you go to
• 7:24
  Speaker 1: CBS News right now, their their website. Let's see, this
• 7:33
  Speaker 1: is real time, all right. They say it's breaking CBS News,
• 7:36
  Speaker 1: twenty four hour breaking news.
• 7:37
  Speaker 2: That's how they say.
• 7:38
  Speaker 1: That's how they describe themselves, all right, Latest news Hollywood.
• 7:42
  Speaker 1: This is their headline, their biggest headline on their pages.
• 7:44
  Speaker 1: I'm doing this in real time. Hollywood writers go on
• 7:47
  Speaker 1: strike over fair pay in streaming era, meaning streaming content.
• 7:53
  Speaker 1: These walkouts have often been linkedy. At nineteen eighty eight
• 7:57
  Speaker 1: writers Guild strike last one hundred and fifty three days.
• 8:00
  Speaker 1: Last one went for one hundred days starting in seven
• 8:02
  Speaker 1: and ending eight. They have a picture of the Writers'
• 8:04
  Speaker 1: Guild of America on strike. This is what they're saying.
• 8:07
  Speaker 2: You want to know.
• 8:07
  Speaker 1: It's number two on their page twenty twenty three Tony Awards.
• 8:11
  Speaker 1: Here are the nominees and six major categories. Gordon Lightfoot
• 8:16
  Speaker 1: wreck of the Edmund Fitzgerald Singer dies at eighty four
• 8:20
  Speaker 1: as their next headline, drug cartel lieutenant nicknamed the Goat
• 8:24
  Speaker 1: arrested near the Texas border. Janet Yellen warrens us could
• 8:28
  Speaker 1: default on debt as early as June. Now why are
• 8:30
  Speaker 1: they saying that? Because they're trying to force the Republicans
• 8:33
  Speaker 1: into a bad deal just so you know, to raise
• 8:36
  Speaker 1: the debt ceiling. That's the only reason why they're talking
• 8:38
  Speaker 1: about that one. Still nothing about the three of the
• 8:40
  Speaker 1: four biggest banks failing in this country.
• 8:44
  Speaker 2: American climber dies on Mount Everest.
• 8:46
  Speaker 1: Expedition organizers say Bob Lee died from three stab wounds.
• 8:50
  Speaker 1: Medical examiner says that is their top headlines below that
• 8:54
  Speaker 1: bride killed, groom injured when alleged drunk driver slams in
• 8:57
  Speaker 1: the golf cart. Missing team among likely seven people found
• 9:00
  Speaker 1: dead in Oklahoma. Authorities say, then more top stories. Okay, well,
• 9:06
  Speaker 1: surely the banking is going to be in this part.
• 9:08
  Speaker 1: One Ukrainian couple narrow escape from a Russian strike. Metgala
• 9:14
  Speaker 1: twenty twenty three. Look see photos of show stopping red carpet.
• 9:18
  Speaker 1: Chinese embark on a post COVID spring break travel bonanza.
• 9:21
  Speaker 1: Surgeon General declares loneliness an epidemic. Oklahoma governor signs gender
• 9:26
  Speaker 1: affirming careband for kids. Oprah chooses The Covenant of Water
• 9:31
  Speaker 1: as new book club pick. Tennis star Serena Williams, supermodel
• 9:35
  Speaker 1: Carly Krakloss revealed baby bumps at the met Gala. Hair
• 9:41
  Speaker 1: found on tape wrapping boy's body match Moms. DNA analysis
• 9:45
  Speaker 1: says at least six dead after dust storm causes massive
• 9:49
  Speaker 1: pile up on Illinois Highway. I just went and scrolled
• 9:53
  Speaker 1: through all of these at cbsnews dot com. They aren't
• 9:58
  Speaker 1: even telling you that a bank has collapsed. Ahead of this,
• 10:04
  Speaker 1: they have a Soudan Health Issue headline freshwater fish contaminated
• 10:09
  Speaker 1: with pfas Air Force Colonel miraculous landing celebrated Eye on
• 10:15
  Speaker 1: America addressing homelessness. Still not a single word about the banks,
• 10:23
  Speaker 1: the last ones on their page. Private flying Flying Boom
• 10:27
  Speaker 1: comes at a cost to the public. Critics say Wisconsin
• 10:30
  Speaker 1: bill would allow fourteen year olds to serve alcohol King
• 10:33
  Speaker 1: Charles the third net Worth and where is wealth comes
• 10:35
  Speaker 1: from New York City new tool to stop car thieves
• 10:38
  Speaker 1: the wareness items passengers lead behind in ubers.
• 10:42
  Speaker 2: That's it.
• 10:43
  Speaker 1: There's your Cbsnews dot com. Not a damn word about
• 10:47
  Speaker 1: three of the four biggest banks in America failing in
• 10:50
  Speaker 1: the last couple months under Biden. All right, before I
• 10:54
  Speaker 1: get into more of that, I want to talk to
• 10:55
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  Speaker 1: code Ferguson. So let's go back to the big headline.
• 12:26
  Speaker 1: The headline that should be being reported on is the
• 12:30
  Speaker 1: fact that three of the four largest bank failures in
• 12:32
  Speaker 1: the United States of America's history have taken place over
• 12:35
  Speaker 1: the last two months under Joe Biden. Now, I just
• 12:39
  Speaker 1: gave you the headlines a moment ago from CBS, and
• 12:42
  Speaker 1: you may say, well, Ben, CBS maybe just got it wrong. Okay,
• 12:47
  Speaker 1: I'm going to go in real time right now to
• 12:49
  Speaker 1: NBC News's headlines. You just had the second largest bank
• 12:53
  Speaker 1: failure in history, the government seizing that bank and then
• 12:57
  Speaker 1: forcing a sale to JP Morgan Chase, which it now
• 13:00
  Speaker 1: becomes even bigger bank.
• 13:01
  Speaker 2: That is quote too big to fail.
• 13:03
  Speaker 1: And by the way, JP Morgan Chase is extremely liberal
• 13:06
  Speaker 1: bank with woke ideologies that even try to stop and
• 13:11
  Speaker 1: monitor transactions of people that were buying firearms. They have
• 13:15
  Speaker 1: since quote abandoned that were being told. But let's go
• 13:18
  Speaker 1: to NBC News and their website nbcnews dot com, and
• 13:22
  Speaker 1: let's see if they're going to tell you about three
• 13:24
  Speaker 1: of the four biggest banks failing in this country in
• 13:28
  Speaker 1: our history happening. Here's their headlines. Repead nine to one
• 13:32
  Speaker 1: calls a wait for deputies. Texas survivors question why help
• 13:35
  Speaker 1: didn't arrive sooner. Hollywood writers go on strike, bringing TV
• 13:39
  Speaker 1: production to halt ah. Does this sound familiar? Does sound
• 13:41
  Speaker 1: like they're almost I could have been giving you the
• 13:43
  Speaker 1: same headlines from CBS.
• 13:46
  Speaker 2: Yeah.
• 13:47
  Speaker 1: Speaker McCarthy accepts Biden investigation debt ceiling meeting. Treasury says
• 13:52
  Speaker 1: US will hit the debt limit as early as June one.
• 13:55
  Speaker 1: Three pass to raise the debt limit, and why one
• 13:57
  Speaker 1: of them is murky? Texas Governor Greg Abbott slam for
• 14:02
  Speaker 1: calling shooting victims illegal immigrants. Writers strike to affect late
• 14:07
  Speaker 1: night shows first and could have a ripple effect. Another
• 14:10
  Speaker 1: article a fight over religion and politics is rolling a
• 14:14
  Speaker 1: Texas school board election and it's getting ugly. Pearls, tweets
• 14:18
  Speaker 1: and cats stars paid tribute at the met gala. Rihanna
• 14:25
  Speaker 1: says thank god you guys waited after she Ris arrives
• 14:29
  Speaker 1: fashionably late. Serena Williams reveals she's pregnant with second child
• 14:32
  Speaker 1: at met gala. Texas bill to fund private schools set
• 14:36
  Speaker 1: off heated debate among parents and teachers. China Exit bands
• 14:41
  Speaker 1: multiplies political control Titans under g An American dies while
• 14:45
  Speaker 1: climbing Mount Everest. Speaker McCarthy accepts Biden's debt ceiling meeting.
• 14:50
  Speaker 2: They run the same headline twice on that website.
• 14:53
  Speaker 1: Blinding dust storm leads to six deaths and dozens hospitalized
• 14:57
  Speaker 1: after highway pile up in Illinois. Seven people found dead
• 15:01
  Speaker 1: in Oklahoma property during search for missing teens. Bride killed
• 15:05
  Speaker 1: when allegedly's speeding dui driver slam's golf cart after wedding party.
• 15:10
  Speaker 2: You know what they have above this, This isn't a joke.
• 15:11
  Speaker 2: I'm gonna read this headline Bush v.
• 15:13
  Speaker 1: Gore That happened in two thousand docs Among newly released
• 15:18
  Speaker 1: documents from Justice Stevens archives. NYPD searches for man accused
• 15:23
  Speaker 1: of defecating on Pride flag. New Mexico woman sent sixteen
• 15:27
  Speaker 1: years for placing baby in dumpster. Still nothing about the
• 15:32
  Speaker 1: massive bank collapses in this country because they don't want
• 15:36
  Speaker 1: you to know just how bad things are. Now, Screw NBC.
• 15:39
  Speaker 1: Let's move on to ABC. Maybe ABC, and ABC has
• 15:42
  Speaker 1: a pretty good news page. They give you a lot
• 15:43
  Speaker 1: of quick headlines, all right, so on the left side
• 15:46
  Speaker 1: of their page, and this is real time.
• 15:48
  Speaker 2: Here's what's on their page. As three of the four biggest.
• 15:51
  Speaker 1: Banks have failed in the history of our country in
• 15:53
  Speaker 1: the last two months, and one of the biggest just
• 15:57
  Speaker 1: happened in the last twenty four hours. Canadian folk singer
• 16:01
  Speaker 1: Gordon Lightfoot dies at eighty four. Seven bodies found HIMID
• 16:04
  Speaker 1: search for missing teens. US could default by June unless
• 16:07
  Speaker 1: debt limit rises. BP posts five billion quarterly profit on
• 16:11
  Speaker 1: strong trading. Europe's inflation goes up ahead of rate decision.
• 16:15
  Speaker 1: Justice Stevens Private papers opened the public HBCUs donations one
• 16:20
  Speaker 1: hundred and seventy eight times lower than Ivy's new study
• 16:23
  Speaker 1: says long unfinished Vegas tower sets grand opening. Carol concludes
• 16:28
  Speaker 1: testimony in case against Trump. Mother stung over seventy five
• 16:32
  Speaker 1: times by bees in Arizona, bridestruck killed on way home
• 16:36
  Speaker 1: from wedding. Four found shot and head in California, mass killing,
• 16:40
  Speaker 1: wooming proxy war. In twenty twenty four, Republican primaries could
• 16:44
  Speaker 1: define key races nationwide. That's the headlines right now on
• 16:50
  Speaker 1: ABC News. Nothing about the bank failures. Nothing Ferrari causes
• 16:56
  Speaker 1: multi vehicle crash. Jared leto wear's cat costume at right.
• 17:01
  Speaker 1: These are all the headlines over there. So ABC, NBC
• 17:06
  Speaker 1: and CBS none of them have a headline on the
• 17:10
  Speaker 1: top of their pages anywhere through top or middle about
• 17:13
  Speaker 1: a bank.
• 17:14
  Speaker 2: Finally, I will.
• 17:15
  Speaker 1: Give ABC credit if you scroll down, and this is
• 17:20
  Speaker 1: how bad this placement is. It is right next to
• 17:26
  Speaker 1: a report increase of rare brain infection seen in kids
• 17:30
  Speaker 1: in one state, and next to a Visualize it All
• 17:34
  Speaker 1: with Creative cloud all apps. Next to it, there is
• 17:38
  Speaker 1: a headline first republic bank fails. Is it a bailout
• 17:43
  Speaker 1: question mark? That's how low you have to go to
• 17:48
  Speaker 1: find that story. They are not telling you what's happening
• 17:51
  Speaker 1: in this economy right now because they know that if
• 17:54
  Speaker 1: they do you're going to realize just how bad it is,
• 17:59
  Speaker 1: and you're going to realize who's in charge, and they
• 18:03
  Speaker 1: have a presidential election coming up, and they are going
• 18:05
  Speaker 1: to keep hiding these bank failures. If you go to
• 18:09
  Speaker 1: the real headlines and you look at what should be
• 18:12
  Speaker 1: being said right now, it's not the things that are
• 18:16
  Speaker 1: not going to affect your life. As the Hollywood riders
• 18:19
  Speaker 1: go on strike, late night talk shows are halting production.
• 18:22
  Speaker 1: That is not what should matter right now. What should
• 18:25
  Speaker 1: matter right now is what just happened that the taxpayers
• 18:29
  Speaker 1: are paying thirteen billion to save First Republic Bank. Dick
• 18:33
  Speaker 1: Durbin said that that's what should be being said. Taxpayers
• 18:37
  Speaker 1: are paying thirteen billion to save the First Republic Bank.
• 18:41
  Speaker 1: Dick Durman is a Democrat from Illinois, and on Monday,
• 18:45
  Speaker 1: he went on TV in the Senate Majority Whip. Dick
• 18:48
  Speaker 1: Durbin stated that the thirteen billion loss that the fdi
• 18:52
  Speaker 1: SEE is taking on the seizure of First Republic Bank
• 18:55
  Speaker 1: is thirteen billion in taxpayers money that the federal government
• 18:59
  Speaker 1: put into the First Public Bank to ensure that it
• 19:01
  Speaker 1: did not fail and caused some recessions in the economy.
• 19:04
  Speaker 1: And he's telling you this is a good thing.
• 19:07
  Speaker 2: That this is the government acting responsibly. All right.
• 19:11
  Speaker 1: Before I get into that, I want to talk to
• 19:13
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  Speaker 1: dot com. Take a listen to Dick Durbin wanting you
• 20:09
  Speaker 1: to praise him for one of the biggest bank failures
• 20:13
  Speaker 1: in history happening and then them, quote stepping in.
• 20:17
  Speaker 4: Look at this First Republic Bank. We put thirteen billion
• 20:21
  Speaker 4: dollars in taxpayers money there to make sure that this
• 20:24
  Speaker 4: bank did not fail and cause some recession in this economy.
• 20:28
  Speaker 4: There's a lot of steak here with a small, literally
• 20:31
  Speaker 4: small bank in comparison to the national economy twenty three
• 20:35
  Speaker 4: trillion dollars and the debt ceiling debate that McCarthy is
• 20:38
  Speaker 4: trying to use for political purposes. This is totally irresponsible.
• 20:43
  Speaker 1: By the way, I love how he now calls one
• 20:45
  Speaker 1: of the biggest bank failures in history, First Repo Bank
• 20:48
  Speaker 1: a small bank. Did you hear him say that this
• 20:49
  Speaker 1: is a small bank relative to our economy.
• 20:54
  Speaker 2: Immediately?
• 20:54
  Speaker 1: Then if CNN had Cojones, they would have said, or
• 20:58
  Speaker 1: if they just wanted to tell you the truth, they
• 20:59
  Speaker 1: would have said, Senat Durbin, with all due respect, you've
• 21:02
  Speaker 1: had three of the largest four bank players in the
• 21:04
  Speaker 1: history of this country. Happened the last two months. First
• 21:07
  Speaker 1: Republic Bank is on a small bank store. This is
• 21:09
  Speaker 1: a massive bank with billions and billions and billions of dollars.
• 21:12
  Speaker 1: If it was a small bank, you wouldn't have had
• 21:13
  Speaker 1: to put thirteen billion into it.
• 21:15
  Speaker 2: Just to try to save it. But they don't say that.
• 21:18
  Speaker 1: They let him keep pushing the propaganda, and then the
• 21:21
  Speaker 1: President comes out. We got a new audio from the President.
• 21:23
  Speaker 1: Now he's he's got something to say about this about
• 21:27
  Speaker 1: First Republic Bank. In fact, he wants you to praise him,
• 21:30
  Speaker 1: saying that he is pleased that this has happened.
• 21:33
  Speaker 5: I'm pleased to say that the regulators have taken action
• 21:38
  Speaker 5: to facilitate the sale of First Republic Bank. I'm sure
• 21:43
  Speaker 5: that all depositors are protected, and the taxpayers are not
• 21:47
  Speaker 5: on the hook.
• 21:48
  Speaker 1: Just a good thing. Well, hold on, how are the
• 21:50
  Speaker 1: taxpayers not on the hook?
• 21:51
  Speaker 2: President?
• 21:52
  Speaker 1: Because Dick Durbin just contradicted you by saying that thirteen
• 21:56
  Speaker 1: billion and taxpayers dollars were just put in to save
• 21:59
  Speaker 1: First RepA public bank. So how is it we're not
• 22:01
  Speaker 1: on the hook and the President was able to lie?
• 22:04
  Speaker 1: Now you think somebody would go back and say, miss President,
• 22:06
  Speaker 1: you just lied. Dick Durbin just contradicted you on TV
• 22:08
  Speaker 1: a moment ago.
• 22:09
  Speaker 5: And the taxpayers are not on the hook.
• 22:11
  Speaker 1: That is a lie. That is a bold face lie.
• 22:15
  Speaker 1: Everyone knows that's a lie. And he just gets to
• 22:18
  Speaker 1: walk out there and say it because there's no such
• 22:21
  Speaker 1: thing as a real media anymore. They will tell you
• 22:24
  Speaker 1: that with three of the four biggest banks failing in history,
• 22:26
  Speaker 1: is a small bank that failed. They will tell you
• 22:29
  Speaker 1: that thirteen billion of taxpayers dollars went in to save
• 22:33
  Speaker 1: this bank, and then they'll look you in the face
• 22:35
  Speaker 1: and say it didn't cost you anything. That you should
• 22:38
  Speaker 1: be pleased that we are doing this. You should be
• 22:41
  Speaker 1: happy that this is happening. White House ask some questions
• 22:45
  Speaker 1: on this. Take a listen to what the White House
• 22:48
  Speaker 1: had to say about some you know, possible corruption issues
• 22:51
  Speaker 1: here with this bailout.
• 22:53
  Speaker 2: Listen.
• 22:55
  Speaker 6: I'm not going to speak directly to that. I have
• 22:57
  Speaker 6: not seen those reports. I get what you're saying. What
• 23:00
  Speaker 6: we will continue to say is that the President is
• 23:04
  Speaker 6: going to make sure that it's not the taxpayers that
• 23:08
  Speaker 6: have to pay for this or lose on this. We
• 23:12
  Speaker 6: want to make sure that they're protected, depositors, family, small businesses.
• 23:16
  Speaker 6: We've been very clear. It does not protect investors. First
• 23:20
  Speaker 6: Republic shareholders and bondholders will lose their entire investments. That's
• 23:24
  Speaker 6: what the President has directed his economic team to do.
• 23:27
  Speaker 6: FDIC runs this process and I'm just going to leave
• 23:30
  Speaker 6: it there.
• 23:31
  Speaker 1: I'm just going to leave it there. The question she
• 23:33
  Speaker 1: was asked was about members of Congress having insider trading
• 23:38
  Speaker 1: on First Republic Bank. She was asked about insider trading, Right,
• 23:44
  Speaker 1: members of Congress and insider training trading. Listen to the
• 23:49
  Speaker 1: question now, because you hear her response. I wanted you
• 23:52
  Speaker 1: to hear the response first, Like, everything's good, it's just
• 23:54
  Speaker 1: some taxpayers money, but it's all protected. Everything's bad, Hey,
• 23:57
  Speaker 1: was there any inside trading with people in Washington, people
• 24:00
  Speaker 1: in the administration?
• 24:01
  Speaker 2: Listen.
• 24:01
  Speaker 6: I'm gonna just take one in the back ahead, film
• 24:03
  Speaker 6: another one.
• 24:05
  Speaker 4: On the banking issue.
• 24:06
  Speaker 7: I'm wondering what the President's message is members of Congress
• 24:10
  Speaker 7: who might see the current banking shakeup or future banking
• 24:14
  Speaker 7: troubles as an opportunity to make a buck. I guess,
• 24:17
  Speaker 7: for instance, we've already seen some members of Congress and
• 24:20
  Speaker 7: who have had what seems like particularly good luck offloading
• 24:24
  Speaker 7: shares of First Republic Bank and turning around and buying
• 24:28
  Speaker 7: shares of JP Morgan.
• 24:30
  Speaker 6: Okay, I'm not going to speak directly to that.
• 24:34
  Speaker 1: Oh yeah, why would we talk about insider trading in Washington?
• 24:37
  Speaker 2: Right?
• 24:38
  Speaker 1: You have this reporter who's like Hey, we've already seen
• 24:44
  Speaker 1: some members of Congress who have had what seems like
• 24:48
  Speaker 1: particularly good luck offloading shares of First Republic Bank and
• 24:52
  Speaker 1: turning around and buying shares of JP Morgan. Notice how
• 24:55
  Speaker 1: the reporter doesn't have the cons to name names here,
• 24:59
  Speaker 1: Just right, let's just keep it generic. I'm look, I'm
• 25:04
  Speaker 1: not going to speak directly that, So to be clear,
• 25:07
  Speaker 1: you have members of Congress who were not going to
• 25:10
  Speaker 1: name it this White House briefing, who are all floating
• 25:13
  Speaker 1: shares a First Republic Bank before it's colap and then
• 25:16
  Speaker 1: turning around and using those dollars to buy shares of
• 25:19
  Speaker 1: JP Morgan that went up, And the White House's official
• 25:23
  Speaker 1: line is I'm not going to speak directly to that.
• 25:26
  Speaker 1: I've not seen those reports. Well, we asked the question,
• 25:31
  Speaker 1: she didn't answer the question. We can now move on
• 25:33
  Speaker 1: and act like nothing happened here. Everything's fine, right, everything's fine. Yeah,
• 25:41
  Speaker 1: if you're a member of Congress, go on TV and
• 25:43
  Speaker 1: talk about it's not that big of a deal. Right,
• 25:45
  Speaker 1: here's another congressman, Representative Row. Listen, this is a pretty
• 25:50
  Speaker 1: brutal report on the collapse of Silicon Valley banks.
• 25:53
  Speaker 3: In your district.
• 25:54
  Speaker 4: How much can Congress do to address some of these
• 25:57
  Speaker 4: major failures.
• 25:59
  Speaker 3: Oh, we should never have repealed the two thousand and
• 26:02
  Speaker 3: eighteen dot Frank restrictions from applying to smaller banks like
• 26:07
  Speaker 3: Silicon Valley Bank. That sent a signal to the FED
• 26:11
  Speaker 3: that the supervisor supervision didn't have to be as tight.
• 26:14
  Speaker 3: What we first need to do in Congress is say
• 26:16
  Speaker 3: there needs to be strict oversight over banks like Silicon
• 26:20
  Speaker 3: Valley Bank. There need to be expanded risk and liquidity
• 26:23
  Speaker 3: tests to prevent this kind of situation.
• 26:26
  Speaker 2: Is by the way, that's a lie, just so you know.
• 26:30
  Speaker 1: But you notice the one thing that was said there
• 26:32
  Speaker 1: that I really wanted to make you understand, and that
• 26:36
  Speaker 1: is what was just said there by this individual. Silicon
• 26:41
  Speaker 1: Valley Bank is a small bank. If there's any wording
• 26:45
  Speaker 1: that has keep coming up in all of these interviews
• 26:47
  Speaker 1: when Democrats are forced to talk about three of the
• 26:50
  Speaker 1: four four biggest bank failures in history of this country,
• 26:53
  Speaker 1: is keep calling it a small bank. Act like it's
• 26:57
  Speaker 1: not a lot of money. Lie to the American people
• 27:00
  Speaker 1: and tell the American people that none of your tax
• 27:04
  Speaker 1: dours went towards bailing out Silicon Valley Bank, when in fact,
• 27:09
  Speaker 1: billions of your tax dours went to bailing out this
• 27:12
  Speaker 1: bank and protecting this bank. Make sure you put that
• 27:16
  Speaker 1: out there. That is the narrative that we need. That's
• 27:20
  Speaker 1: the narrative we want. We're gonna just keep saying the
• 27:23
  Speaker 1: bank is small. We're gonna keep telling your tax dollers
• 27:25
  Speaker 1: weren't used. We're gonna keep telling you that everything's fine.
• 27:28
  Speaker 1: We're not going to tell you about the names or
• 27:29
  Speaker 1: the insider trading of the members of Congress that were
• 27:32
  Speaker 1: offloading Silicon Valley Bank stock and then immediately buying Chase
• 27:37
  Speaker 1: JP Morgan Chase, which then oh wait, was forced to
• 27:40
  Speaker 1: buy that bank.
• 27:41
  Speaker 2: Nothing to see there, Everything's fine.
• 27:46
  Speaker 1: Welcome to the Democratic Party, genuinely in charge of our
• 27:54
  Speaker 1: economy in our bank. The real headline is there should
• 27:59
  Speaker 1: be fears for the banking system in the broader economy.
• 28:02
  Speaker 1: The real headline is three of the four largest bank
• 28:04
  Speaker 1: payres in US history have happened under Joe Biden, the Democratics.
• 28:08
  Speaker 1: Democrats leadership first Republic, by the way, was set when
• 28:14
  Speaker 1: the bank revealed and this is when you knew they
• 28:17
  Speaker 1: were done that it lost one hundred billion in deposits
• 28:20
  Speaker 1: after the Silicon Valley Bank collapse led to panic among
• 28:23
  Speaker 1: wealthy clients. Its stock went down seventy five percent last week,
• 28:27
  Speaker 1: and democrats and insider trading in Washington, they are really
• 28:32
  Speaker 1: good folks and going, I'm just gonna sell my stock
• 28:35
  Speaker 1: before all this hit the fan. JP Morgan Chase CEO
• 28:41
  Speaker 1: Jamie Dimon said Monday, this part of the crisis is over,
• 28:45
  Speaker 1: adding that he believes the financial system is strong, but
• 28:47
  Speaker 1: it's possibly a smaller bank could fail. Notice how he
• 28:50
  Speaker 1: even uses the word smaller bank. First Republic, by the way,
• 28:54
  Speaker 1: Bank revealed relied heavily on wealthy clients, with more than
• 28:59
  Speaker 1: two two thirds of its deposits, well above the fdiics
• 29:04
  Speaker 1: two hundred and fifty thous one thousand dollars insurance limit.
• 29:08
  Speaker 1: The bank face hefty unrealized losses on long term treasury bonds,
• 29:14
  Speaker 1: which saw their value plummet after the reserve hyped interest rates,
• 29:17
  Speaker 1: hurting its ability to raise cash to cover deposit outflows.
• 29:22
  Speaker 1: The economy is not doing well, and they can lie
• 29:25
  Speaker 1: to you on the headlines all over the country, and
• 29:29
  Speaker 1: they can lie to you every day. But if the
• 29:31
  Speaker 1: American people are feeling this right now, they're feeling it
• 29:36
  Speaker 1: and the media is going to keep lying to you
• 29:38
  Speaker 1: just to try to keep these idiots in charge, and
• 29:40
  Speaker 1: it can cost you your entire financial savings.
• 29:45
  Speaker 2: All right. Lastly, please make sure you hit.
• 29:47
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