Latest / The Ben Ferguson Podcast / Trump Charges a Distraction from Biden's Administrative Failures!

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Trump Charges a Distraction from Biden's Administrative Failures! · The Ben Ferguson Podcast

0:01
Speaker 1: So you got Russia their meeting with China in Russia
0:05
Speaker 1: for like three days and hours and hours of meetings.
0:09
Speaker 1: And we're not just talking about like random people from
0:11
Speaker 1: the Chinese government meeting with random people from the Russian government.
0:14
Speaker 1: No, no no, no, We're talking about Vladimir Putin and Gee
0:17
Speaker 1: meeting together. They're coming together. Two of our adversaries, the
0:22
Speaker 1: biggest adversaries that we have, are now hand in hand
0:26
Speaker 1: meeting with one another. And make no mistake about it,
0:29
Speaker 1: They're meeting in Russia to send a signal. Vladimir Putin
0:34
Speaker 1: did not want to leave Russia to go to China.
0:36
Speaker 1: He wanted China to come to them. Why would he
0:39
Speaker 1: want that? Because China and Russia wanted to make it
0:42
Speaker 1: clear we are on the same playing field. We together
0:47
Speaker 1: are working together, we are allies. That is what this
0:52
Speaker 1: is all about. Now, what was our president doing while
0:56
Speaker 1: these two superpowers that are clearly a natural alliance doing
1:01
Speaker 1: What were they doing? Like, what was this the White
1:03
Speaker 1: House doing? As these two superpowers are meeting. I can
1:07
Speaker 1: tell exactly what they were doing. They decided it was
1:09
Speaker 1: a good idea to bring in the cast of a
1:14
Speaker 1: great Apple TV show, Ted Lasso, The cast of Ted
1:21
Speaker 1: Lasso came to the White House to talk about different issues.
1:26
Speaker 1: I wish I was joking, I'm really not. Now, imagine
1:28
Speaker 1: if you're Vladimir Putin or ggping, and you're sitting there
1:31
Speaker 1: in Moscow and you're talking about basically taking over the
1:34
Speaker 1: world and undermining the United States of America or even
1:37
Speaker 1: taking down the United States of America. You're on the
1:39
Speaker 1: Vergibal were three, and you're talking about giving weapons to
1:43
Speaker 1: Russia from China that could allow for them to destroy
1:47
Speaker 1: the Ukraine and maybe move even beyond that. And you'll
1:51
Speaker 1: look up and you see, as of course you're monitoring
1:53
Speaker 1: the US, that we've got a show, an Apple TV
1:59
Speaker 1: show staff that is being escorted into the White House
2:04
Speaker 1: into the Oval Office, and official pictures are being taken
2:08
Speaker 1: with the first Lady in the President sitting around chatting
2:10
Speaker 1: in the Oval Office. Now, while all this is also happening,
2:15
Speaker 1: you have a banking crisis that is unfolding in this
2:19
Speaker 1: country at the very same time. So the message that
2:21
Speaker 1: you're sending to people that are worried about their finances
2:24
Speaker 1: and the rest of the world is we have a
2:26
Speaker 1: president that's hanging out with an Apple TV show Janet Yellen,
2:31
Speaker 1: the Treasury Secretary, speaking at the American Bankers Association, actually
2:36
Speaker 1: said that things are pretty much so bad that there
2:39
Speaker 1: may be additional bank rescues that are going to be warranted.
2:44
Speaker 1: So there is the lay of the land. And while
2:48
Speaker 1: this is happening, we also found out that there's eleven
2:51
Speaker 1: more business deals that the Chinese have done the Communist
2:55
Speaker 1: Party has done with a Biden crime family. So that's
2:59
Speaker 1: what's going on. And you bring in ted Lasso to
3:02
Speaker 1: fix your problems. Now listen too, Janet Yellen talk about
3:06
Speaker 1: what she believes could be another bank bailout. First, we
3:10
Speaker 1: worked with the Federal Reserve and FDIC to protect all
3:15
Speaker 1: depositors in the resolutions of Silicon Valley Bank and Signature Bank.
3:23
Speaker 1: The steps we took were not focused on aiding specific
3:28
Speaker 1: banks or classes of banks. Our intervention was necessary to
3:33
Speaker 1: protect the broader US banking system, and similar actions could
3:39
Speaker 1: be warranted if smaller institutions suffered deposit runs that pose
3:46
Speaker 1: the risk of contagion. I believe that our actions reduced
3:51
Speaker 1: the risk of further bank failures that would have imposed
3:55
Speaker 1: losses on the Deposit Insurance Fund, which is paid for
3:59
Speaker 1: through He's on banks. So you just had the Treasury
4:02
Speaker 1: Secretary coming out and saying, first we work with an
4:05
Speaker 1: FDIC to protect your dollars in the resolution, the Silicon
4:11
Speaker 1: Valley Bank and signature banks. So she's saying this is
4:13
Speaker 1: a good thing. The steps we took were not focused
4:16
Speaker 1: on aiding specific banks or classes of banks. That's a lie.
4:20
Speaker 1: She says, our intervention was necessary to protect the broader
4:23
Speaker 1: US banking system, and similar actions could be warranted if
4:27
Speaker 1: smaller institutions suffered deposit runs that pose a risk to
4:32
Speaker 1: the country to your deposits. So this is what's going
4:37
Speaker 1: on in Biden's America. And Joe Biden sends out a
4:40
Speaker 1: picture and has a meeting and opens up the White
4:43
Speaker 1: House to Ted Lasso, a TV show on Apple. He's
4:50
Speaker 1: not sitting with Janet Yellen. Okay, he's not sitting with her.
4:56
Speaker 1: He's sitting with Ted Lasso, a fake person on a show.
5:01
Speaker 1: And the White House Press secret terry, she may be
5:04
Speaker 1: the worst White House Press secret terry that we've ever seen.
5:08
Speaker 1: Here's how some we're talking about this ridiculous meeting at
5:12
Speaker 1: the White House, and some of the press was actually angry,
5:14
Speaker 1: saying we've had enough of this crap. Take a listen.
5:16
Speaker 1: Prior to the cast's appearance, Press Secretary Karan Jehan Pierre
5:20
Speaker 1: was called out by Today News Africa reporter Simon Atiba,
5:24
Speaker 1: accusing her of ignoring him. Watch this. So we're not
5:27
Speaker 1: doing this. We're not doing this against some people. And
5:33
Speaker 1: I'm saying welcome one times. Welcome, guys, welcome, welcome to
5:48
Speaker 1: the press briefing room. So Atiba says, he's been raising
5:51
Speaker 1: his hand and sending emails, but he feels disrespected. Liz, uh, look,
5:56
Speaker 1: if this is not an S ANDL skit in the
5:59
Speaker 1: coming weekend shocked, I agree too much. I love it.
6:03
Speaker 1: This has to be a you know, Maria. It was
6:07
Speaker 1: embarrassing obviously and yet kind of truthful. The truth is
6:12
Speaker 1: this White House spokesperson and the White House in general
6:16
Speaker 1: has been shutting down the press, and the anger about
6:19
Speaker 1: that is bubbling to the surface. President Biden refuses to
6:23
Speaker 1: take interviews, that he refuses to answer questions when he's
6:27
Speaker 1: walking around. He comes and talks to the nation about
6:30
Speaker 1: something really serious like our banking crisis. Five minutes he
6:34
Speaker 1: turns his back on questions and walks away. And Karine
6:38
Speaker 1: Jean Pierre, who is probably the worst creft secretary in
6:40
Speaker 1: my lifetime, basically defends defends him with word salads and
6:47
Speaker 1: completely meaningless statements. I feel almost sorry for her because
6:51
Speaker 1: it's really her boss that is short changing the American
6:55
Speaker 1: people here in terms of communications and answering questions or
7:00
Speaker 1: be just that the White House is saying, will do
7:02
Speaker 1: anything but actually answer real questions and will do anything
7:06
Speaker 1: outside of and trying to distract, right, try to distract
7:14
Speaker 1: from what's really happening here. I mean, you got to
7:17
Speaker 1: understand these reporters shouting at the Press secretary during the
7:23
Speaker 1: opening statements with Ted Lasso. A TV show is the
7:30
Speaker 1: biggest disconnect from reality when you're and when you are
7:34
Speaker 1: doing I guess what the Biden crime family is doing.
7:36
Speaker 1: This is your only option. New Gingrich talking about how
7:41
Speaker 1: ridiculous it is to have the Ted Lasso cast the
7:43
Speaker 1: White House or Russian China or meeting, he says, shows
7:46
Speaker 1: absolute shallow behavior as he described it of the Biden administration.
7:51
Speaker 1: Action Foxings, contributor at New Gingrich. All Right, Num, I've
7:55
Speaker 1: never watched Ted Lasso, but I guess they thought it
7:57
Speaker 1: was important to put that up at the in the
8:00
Speaker 1: White House press room. Any thoughts on that one. Well,
8:04
Speaker 1: first of all, mental health is a very important issue,
8:08
Speaker 1: and the number of Americans who are committing suicide or
8:12
Speaker 1: dying from drug overdose, or having their lives ruined, running
8:16
Speaker 1: up homeless, that's all a tragedy. But I think what
8:19
Speaker 1: today showed you more was the absolute shallow behavior of
8:24
Speaker 1: the Biden administration. We are in a very dangerous situation.
8:30
Speaker 1: We have two of our two major international competitors, Russia
8:35
Speaker 1: and China, coming closer and closer together. We have a
8:39
Speaker 1: president who clearly does not have a clue what to do.
8:44
Speaker 1: We have a vice president who is an embarrassment and
8:47
Speaker 1: the best possible insurance policy for keeping Biden as president.
8:52
Speaker 1: And Americans need to understand this is not a game.
8:57
Speaker 1: This is not one of those things you get on Xbox.
9:00
Speaker 1: We're in a real world, faced with real crises, and
9:04
Speaker 1: we have a president who is totally out of touch
9:07
Speaker 1: with reality in terms of what's going on in the world,
9:11
Speaker 1: totally out of touch with reality with what's going on
9:13
Speaker 1: in the world. Couldn't agree with him more, or maybe
9:17
Speaker 1: is in touch, And this is the only thing you
9:18
Speaker 1: know is to do to cover up for what he's
9:20
Speaker 1: been up to lately. Now, before I get into more
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Speaker 1: gold Ira. The media, however, is covering none of this.
10:49
Speaker 1: What they are covering it's Donald Trump, and it's wall
10:53
Speaker 1: to wall coverage for the possible arraignment, indictment and mug
10:58
Speaker 1: shot of the four president of the United States of America.
11:02
Speaker 1: Alan Dershowitz, you may know, is a liberal professor, but
11:06
Speaker 1: he's a pretty smart guy. He just wrote a book
11:09
Speaker 1: about Getting Donald Trump, and he understands it the way
11:13
Speaker 1: that I've been explaining it to you. That there is
11:17
Speaker 1: one thing that Democrats going to do right now, and
11:19
Speaker 1: that's get Donald Trump and lock up their political opponent.
11:21
Speaker 1: They've been trying this since twenty sixteen with the Russian
11:24
Speaker 1: collusion hoax. He went on Newsmax and he said that
11:30
Speaker 1: Americans should be terrified of what's happening right now because
11:33
Speaker 1: we are losing our rule of law, which is the
11:35
Speaker 1: only thing that separates the United it's America from becoming
11:39
Speaker 1: a third world country. Listen to this. Alan Dershowitz is
11:42
Speaker 1: the author of Get Trump, a Harvard law professor as well,
11:46
Speaker 1: and as I said earlier, a democrat. So good to
11:50
Speaker 1: have you on, going to see you again as a society.
11:53
Speaker 1: You know, you have a whole book about this that's
11:55
Speaker 1: just been released, the desperation to get Donald Trump and
11:58
Speaker 1: what it's doing to our society. Have we lost our
12:00
Speaker 1: minds over the former president? Oh, it's worse than just
12:03
Speaker 1: losing their minds. Who are losing our rule of law? Here. Look,
12:07
Speaker 1: this happened once before. I remember it very vividly. It
12:10
Speaker 1: was nineteen sixty one, nineteen sixty two. I was training
12:14
Speaker 1: to go down South to be a civil rights monitor,
12:17
Speaker 1: watching the civil rights riots and demonstrations. And I was
12:20
Speaker 1: being taught by the NACP civil rights people, and they
12:24
Speaker 1: said to me and to all of us in the class,
12:27
Speaker 1: do not spit on the sidewalk. If you spit on
12:30
Speaker 1: the sidewalk, they will turn it into a felony, destroying property.
12:33
Speaker 1: Because they're targeting every civil rights worker. They want to
12:38
Speaker 1: get them. They've instructed the sheriffs, they've instructed the police,
12:42
Speaker 1: they've instructed the prosecutors. If they do anything wrong, if
12:46
Speaker 1: they cross against the light, if they put a cigarette
12:48
Speaker 1: ad on the sidewalk, felony. Put them in jail. We
12:52
Speaker 1: want to make sure we get them if they're civil
12:54
Speaker 1: rights workers. Is this really what District Attorney Bragg wants
12:59
Speaker 1: to emulate the South in the segregation period when they
13:03
Speaker 1: were getting civil rights workers. That's what this is like.
13:07
Speaker 1: You know, we've talked a lot about how you know
13:11
Speaker 1: that I guess that the left in this country has changed.
13:14
Speaker 1: How people used to fight against this and now they
13:17
Speaker 1: capitulate to people that will will take any excuse to
13:20
Speaker 1: go after their political opponents, and how that's how that's
13:23
Speaker 1: changed socialmatica. You've talked about on the show about the
13:26
Speaker 1: ACLU and how they used to fight different than they
13:28
Speaker 1: do today and how they've morphed. We've moved into a
13:31
Speaker 1: different place in this country. Well, particularly people like the
13:35
Speaker 1: ACOU and some of my colleagues, that Harvard Lawrence Tribe
13:39
Speaker 1: for example, and others who will do anything to get Trump.
13:42
Speaker 1: They don't care about the constitution. They think that Trump's
13:46
Speaker 1: reelection would be like the election of Adolf Hitler in
13:49
Speaker 1: nineteen thirty two, and they're prepared to do anything short
13:53
Speaker 1: of assassination. They're prepared to stretch the law. Look, in
13:56
Speaker 1: this case, it's not even a misdemeanor. Let me explain
13:59
Speaker 1: why it's perfectly appropriate to make a deal to settle
14:04
Speaker 1: a case. That's what happened here. Lawyers do it every day,
14:07
Speaker 1: you settle cases. She promises not to disclose it to
14:11
Speaker 1: your wife, your children, your business associates, and he pays
14:14
Speaker 1: her one hundred and thirty thousand dollars. Have you ever
14:17
Speaker 1: heard of anybody listing it in the records as payment
14:20
Speaker 1: of hush money for adulterous affair with a point star,
14:24
Speaker 1: of course not. You're gonna say something like legal fees. Well,
14:28
Speaker 1: it was in some respect to legal fee, that is,
14:31
Speaker 1: it was in payment for the settling of a case.
14:33
Speaker 1: But nobody has ever been prosecuted for trying to hide
14:38
Speaker 1: the fact that he paid hush money to a prosecute.
14:41
Speaker 1: And then you try to say that the reason he
14:44
Speaker 1: did it was only in order to cover up a
14:48
Speaker 1: federal crime. That's the last thing that would have occurred
14:51
Speaker 1: to him that he'd ever be charged with a crime,
14:54
Speaker 1: a federal crime of campaign contributions. Obviously, the reason that
14:59
Speaker 1: he listed it not as a hush money payment was
15:02
Speaker 1: to prevent the public from knowing it, prevent his wife,
15:05
Speaker 1: prevented a new York Post from running the story. Then
15:08
Speaker 1: you have to get to the point where it was
15:09
Speaker 1: a campaign contribution. And of course part of his mind
15:15
Speaker 1: may have been on the campaign, but that's not enough
15:17
Speaker 1: for a criminal TRUSTe. This is the worst abuse of
15:20
Speaker 1: prosecutorial discretion that I have seen in my sixty years
15:24
Speaker 1: of practicing criminal law. Sixty years of practicing criminal law.
15:28
Speaker 1: And this is Alan Dershowitch again a Democrat, who is
15:32
Speaker 1: saying this is the worst he has ever seen it.
15:37
Speaker 1: These people will do anything to get Trump. He says,
15:40
Speaker 1: they don't care about the constitution, that is the Democratic Party.
15:44
Speaker 1: They think that Trump's reelection would be like the election
15:46
Speaker 1: of Adolph Hitler in nineteen thirty two, and they're prepared
15:49
Speaker 1: to do anything short of assassination. Alan dersha Which said
15:53
Speaker 1: they're prepared to stretch the law. It's the worst prosecutor
15:57
Speaker 1: misconduct he's seen in his lifetime, all because they want
16:00
Speaker 1: to get Donald Trump. Now, this is the big distraction
16:06
Speaker 1: from Joe Biden's failures. Donald Trump, all of this this
16:11
Speaker 1: is what Joe Biden needs. And every time bad news
16:16
Speaker 1: concerning Joe Biden and his administration comes up, moves are
16:21
Speaker 1: being made clearly to distract the American public. The pending
16:25
Speaker 1: indictment of a former president, Donald Trump is no exception
16:30
Speaker 1: to this. The reality is we have a media in
16:34
Speaker 1: this country, in DC, in New York, in LA, all
16:37
Speaker 1: over the country that literally loves to distract you from
16:40
Speaker 1: what's happening with the failures of the Biden administration. You
16:45
Speaker 1: have eleven new business deals we found out about with
16:51
Speaker 1: a Biden crime family in the Chinese Communist Party. We
16:54
Speaker 1: have over a million dollars now that we know has
16:58
Speaker 1: gone to the Biden crime and new members of the
17:02
Speaker 1: Biden family that are on the take financially with this money.
17:07
Speaker 1: This is all new news. This isn't old. This is
17:09
Speaker 1: new okay, this is new intel, new information. They need
17:15
Speaker 1: a distraction. You can't get a better distraction than arresting
17:20
Speaker 1: a former president of the United States of America. You
17:23
Speaker 1: also have another distraction, that's the banking scandal, which has
17:27
Speaker 1: just completely disappeared. How did this bank that and I
17:33
Speaker 1: played for you a moment ago the Treasury Secretary talking
17:35
Speaker 1: about more bailouts. How did a bank Silicon Valley Bank
17:39
Speaker 1: get away with being upside down? Their deposits were only
17:43
Speaker 1: ten percent their deposits were actually covered by the FDIC,
17:46
Speaker 1: and they say a healthy number for a bank is
17:48
Speaker 1: fifty plus percent of deposits. Other banks, just to put
17:53
Speaker 1: in perspective, like JP Morgan Chase are above fifty percent.
17:56
Speaker 1: Silicon Valley Bank, the FDC was covering less than ten
17:59
Speaker 1: percent sent of their deposits. This was a bank that
18:03
Speaker 1: was extremely vulnerable, and the people that were supposed to
18:06
Speaker 1: be watching the banks clearly look the other way because
18:10
Speaker 1: this bank was a liberal bank. This bank was a
18:16
Speaker 1: bank that they were okay with doing whatever the hell
18:20
Speaker 1: they wanted to do, because this bank was giving millions
18:23
Speaker 1: and millions and millions and millions of dollars to liberal
18:28
Speaker 1: and woke causes. We also had something else, a big
18:32
Speaker 1: news story that the media has completely not touched today,
18:37
Speaker 1: and that big news story also deals with the financial industry.
18:43
Speaker 1: The President of the United States of America. And usually
18:46
Speaker 1: when a president has this first veto, it's a big
18:49
Speaker 1: news story. It's a big deal. The President just used
18:53
Speaker 1: his very first, very first veto and it was a
18:59
Speaker 1: veto that should have never happened. It was a veto
19:04
Speaker 1: that should shock people. What was the veto about? The
19:10
Speaker 1: President said that fund managers who are in charge of
19:13
Speaker 1: your retirement, your four oh one k, your pensions, can
19:17
Speaker 1: actually purposely make bad investments on your behalf in your
19:22
Speaker 1: portfolio that you're a part of if it is in
19:27
Speaker 1: green and alternative energy trying to save the world from
19:30
Speaker 1: global warming Center Mansion has slammed Joe Biden for vetoing
19:38
Speaker 1: this anti ESG bill. Now, I'll explain this to you
19:41
Speaker 1: the best way that I can. This is a radical
19:44
Speaker 1: policy agenda that they've decided to put in ahead of
19:50
Speaker 1: getting you, as a hard working American, the best financial
19:54
Speaker 1: returns that you can get so that you can retire.
19:58
Speaker 1: This administration and as Joe Manchin put it, continues to
20:01
Speaker 1: prioritize their radical policy agenda over the economic, energy, and
20:06
Speaker 1: national security needs of our country. And it's absolutely infuriating,
20:10
Speaker 1: is what Mansion said. Now, Mansion, who is a Democrat,
20:14
Speaker 1: is referring to Biden issuing his very first veto that
20:17
Speaker 1: no one's covering to reject a bipartisan bill HR thirty
20:22
Speaker 1: that would nullify his Labor Department rule that would allow
20:26
Speaker 1: left wing environmental, social and government governance policies known as
20:32
Speaker 1: ESG to be considered in retirement investing in other words,
20:38
Speaker 1: You open up an investing account, you work hard, and
20:42
Speaker 1: you save your money, and the people that are in
20:45
Speaker 1: charge of managing that money can actually go woke with
20:52
Speaker 1: that money, which they know is not going to give
20:54
Speaker 1: the returns that are needed for you. While we're in
20:58
Speaker 1: a once in a generation that we've had to deal with,
21:01
Speaker 1: while we're having to pay bills amid record inflation, while
21:04
Speaker 1: Wall Street suffering, and while interest rates have more than doubled,
21:09
Speaker 1: and while we are facing the largest land war in
21:11
Speaker 1: Europe since World War Two, and this administration is unrelenting.
21:17
Speaker 1: They want to advance a radical social environmental agenda and
21:21
Speaker 1: exacerbate these challenges by now saying that it is totally
21:25
Speaker 1: fine for these money managers to basically take your dollars
21:33
Speaker 1: and reinvest them into global warming initiatives, even if they
21:37
Speaker 1: know that it's going to actually hurt your bank account,
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Speaker 1: slash ferguson. Or call them eight seven eighth Patriot. You're
22:49
Speaker 1: gonna get free activation with the offer code ferguson. That's
22:53
Speaker 1: eight seven eight Patriot or Patriotmobile dot com slash ferguson. Now,
22:58
Speaker 1: this veto is giving the green light from the Biden
23:02
Speaker 1: administration and the Labor Department to enable these activists. Woke
23:06
Speaker 1: financial managers, fund managers Okay, pension fund managers to wait
23:12
Speaker 1: climate change and prioritize that over your financial investment. So
23:18
Speaker 1: when you're selecting a retirement investments, you think they're going
23:22
Speaker 1: to try to actually make sure you retire with money. No, no, no,
23:25
Speaker 1: not anymore. They don't have to exercise shareholder rights and
23:30
Speaker 1: protect your dollars. No. They now have been given the
23:33
Speaker 1: green light to go out there and to take your
23:36
Speaker 1: money and to put it into things like Cylinder. Remember
23:38
Speaker 1: when your taxpayers went to Cylindra and that multibillion dollar
23:42
Speaker 1: government back loans that went into Cylinder that failed and
23:45
Speaker 1: all the other green woke alternative energy comings. Well, your
23:48
Speaker 1: money now can actually be put into that. So let's
23:50
Speaker 1: say you have a state pension. You're in a liberal state,
23:53
Speaker 1: and those people in charge of that pension plan for
23:56
Speaker 1: your state where you worked and met major requirements to
24:01
Speaker 1: get in that pension, can now take those hundreds of
24:04
Speaker 1: millions or billions of dollars and go out there and
24:07
Speaker 1: say we want to get into green alternative energy. We
24:10
Speaker 1: want to invest and prioritize a ESG agenda, and if
24:16
Speaker 1: we lose a lot of money while doing it, we
24:19
Speaker 1: will not be held accountable for it. I want you
24:22
Speaker 1: to listen to another Republican who's running for office. This
24:29
Speaker 1: is a guy who's a tech guy. He appeared on
24:31
Speaker 1: CNBC on the show Last Call to discuss Biden's veto
24:35
Speaker 1: of this anti EESG bill. There's also another guest you're
24:39
Speaker 1: gonna hear who's actually part of the woke agenda, who
24:42
Speaker 1: ranks companies on how woke they are for investors, so
24:45
Speaker 1: that you can, you know, invest and woke companies. And
24:49
Speaker 1: now you can do this knowing that that company is
24:52
Speaker 1: not going to give you the return and no one
24:54
Speaker 1: can stop you. These fund managers because the Biden administration
24:57
Speaker 1: has sanctioned this, allowed them to stop a fiduciary for
25:01
Speaker 1: your dollars. Instead go out there and invest your dollars.
25:04
Speaker 1: And awoke agenda, listen carefully. This hot button issue is
25:07
Speaker 1: the man leading the charge against the s G, and
25:09
Speaker 1: that is Vivek Ramaswamy, founders Drive Asset Management and a
25:11
Speaker 1: Republican presidential candidate, and Martin Whittaker, the founder of Just Capital,
25:15
Speaker 1: organization that ranks companies by how just they are. Vivek,
25:20
Speaker 1: I'll start with you. Listen. It is complicated. It's sort
25:23
Speaker 1: of flipped upside down. But respectfully to the White House,
25:26
Speaker 1: do you feel like in any way this veto or
25:28
Speaker 1: leaving it on or off, has anything to do with
25:32
Speaker 1: protecting people's retirement savings. It does not. It has absolutely everything.
25:36
Speaker 1: I'm trying to connect the dots that I can't figure
25:38
Speaker 1: it out. Well, let me help you with that. So
25:40
Speaker 1: here's the history on the rule, just giving some facts here.
25:43
Speaker 1: They first, the Department of Labor under Biden proposed this
25:46
Speaker 1: rule last summer, and at first they were nervous about
25:48
Speaker 1: this because this is really mixing business with politics. This
25:51
Speaker 1: is saying we can use retirement funds to advance agendas
25:55
Speaker 1: like fighting climate change. They were nervous about it. So
25:57
Speaker 1: at first, in their draft rule they had a disclosure
26:00
Speaker 1: requirement saying that you had to say this to retirees.
26:03
Speaker 1: But guess what, they got bolder over the course of
26:05
Speaker 1: last year. So by the end of the year, when
26:07
Speaker 1: the final Department of Labor rule passed, they dropped the
26:09
Speaker 1: disclosure requirement. And the reason why is they said that
26:12
Speaker 1: disclosing this to retirees would actually have a chilling effect,
26:16
Speaker 1: that's their words, chilling effect on the use of ESG factors.
26:20
Speaker 1: What does that tell you. It tells you that they
26:22
Speaker 1: know that most retirees don't want to advance social agendas
26:26
Speaker 1: with their money, but they want to effectively hide that
26:30
Speaker 1: from those retirees so they can do it anyway. So
26:33
Speaker 1: I'm glad there was bipartisan consensus. That's important. Both Democrats
26:37
Speaker 1: and Republicans voted for a bill to negate this disastrous
26:41
Speaker 1: action from the Department of Labor, and nonetheless Biden still
26:45
Speaker 1: vetoed it as his first veto, which tells you that
26:48
Speaker 1: this myth that ESG is really just about the free
26:50
Speaker 1: market is a lie. It's actually not the invisible hand
26:53
Speaker 1: of the free market. It's the invisible fist of government,
26:56
Speaker 1: Biden's invisible fist. That's what happened here. I love the
26:59
Speaker 1: way they described this, by the way, from a true
27:02
Speaker 1: monetary perspective, and that's a guy, by the way, the
27:05
Speaker 1: training for president is a Republican. I'm glad he's running
27:07
Speaker 1: because I do think he's going to bring something to
27:09
Speaker 1: the debate, and it's going to be talking about our
27:11
Speaker 1: finances in this country and how out of whack they are,
27:14
Speaker 1: and how we need to have a balanced budget and
27:17
Speaker 1: not live the way that we're living. Right now. But
27:20
Speaker 1: what Biden has done now is he said, I'm going
27:22
Speaker 1: to put everything else above. I'm gonna put my politics
27:28
Speaker 1: above your financial well being. And this was a bipartisan bill.
27:33
Speaker 1: We don't have many bipartisan bills. And the reason why
27:36
Speaker 1: Republicans and Democrats are in favor of this bipartisan bill
27:40
Speaker 1: is because they understood how outrageous it is that these
27:44
Speaker 1: fund managers can just go rogue with your dollars and
27:48
Speaker 1: basically give them to their political ideology, knowing that it's
27:54
Speaker 1: going to be either a a risky investment or be
27:56
Speaker 1: a bad investment with virtually no returns. That is the
28:01
Speaker 1: part that people need to understand. And they've said to
28:05
Speaker 1: these fund managers, liberals, do what you want with the
28:07
Speaker 1: American people's heart earned dollars, these people's retirement accounts. Do it,
28:11
Speaker 1: move forward and go as fast as you can, go
28:15
Speaker 1: as fast as you can, and spend as much as
28:18
Speaker 1: you want to as long as it is approved ideological
28:23
Speaker 1: perspectives in the green alternative energy space that we say,
28:27
Speaker 1: do it. And that's what they've done. This is it.
28:32
Speaker 1: And your government just sanctioned this or the President just
28:35
Speaker 1: vetoed a bill that would have said no to this,
28:38
Speaker 1: that was bipartisan. You think the media is covering that. No,
28:42
Speaker 1: they're not covering this at all. Now, finally, the last
28:46
Speaker 1: thing that was said on CNBC about this, which was
28:49
Speaker 1: really funny, as them trying to somehow say all right,
28:55
Speaker 1: well let's look at it from another perspective here and
28:57
Speaker 1: justify this wokeness in your investments. Listen to how they
29:02
Speaker 1: set up their guests and they're like, well, does it
29:04
Speaker 1: really matter to people's investments if you know they're baking
29:07
Speaker 1: into the investment portfolios these ESG initiatives. Is global warming
29:13
Speaker 1: and issues like doesn't really matter. They're normalizing this. Listen,
29:16
Speaker 1: I don't know if the rule matters either way, and
29:20
Speaker 1: do think it matters to people's retirement savings? Well, Brian,
29:24
Speaker 1: thanks for having me on that. Good to see you again.
29:27
Speaker 1: I think I look at this through a business in
29:29
Speaker 1: a market's lens, not through a political lens. So what
29:34
Speaker 1: what what ESG is all about? Is um really just
29:38
Speaker 1: trying to get a handle on a suite of environmental
29:41
Speaker 1: social governance related risks that may or may not be
29:45
Speaker 1: relevant to business and financial performance. And so to do that, well,
29:49
Speaker 1: you need information, you need data, and you need information
29:52
Speaker 1: that is that has meaning that you can trust, so
29:55
Speaker 1: you can have confidence in. And so what this rule
29:58
Speaker 1: does is is sites of fiduciaries. If you think these
30:02
Speaker 1: masses are relevant to investment decision making, you should consider them.
30:08
Speaker 1: That's it. That's it. But again exactly yeah, and so
30:12
Speaker 1: you look at that. What can I ask a different question, Martin?
30:16
Speaker 1: Why are we fightings? Why is this the stand to
30:19
Speaker 1: be made? It don't I mean, I hate to say it.
30:22
Speaker 1: It doesn't sound like that big a deal. Either way,
30:25
Speaker 1: I love this. It doesn't sound like that big of
30:27
Speaker 1: a deal. As long as you don't mind people investing
30:30
Speaker 1: your money in these insane ways, that doesn't seem that
30:33
Speaker 1: big of a deal. Just disclose it. Whether you after
30:35
Speaker 1: you or not doesn't really matter, because they don't mind
30:39
Speaker 1: if you lose money in woke ideals that they're demanding
30:43
Speaker 1: out of your dollars, And they don't mind that you're
30:46
Speaker 1: not being told about these woke ideals and these fund
30:50
Speaker 1: managers basically taking your cash and doing whatever the hell
30:53
Speaker 1: they want to do with your cash. They don't mind it.
30:58
Speaker 1: So when they're all talking about Trump up, just remember this.
31:02
Speaker 1: Don't forget hit subscribe auto download the Ben Ferguson Show
31:07
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31:09
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