Financial expert and author of "The War on Small Business," Carol Roth, joins Glenn on his show again — and she continues to prove to be a wealth of information on what’s happening with the banking system right now.
And unfortunately, it’s chaos.
While the FDIC was bailed out, Glenn says the law was changed with just “the stroke of a pen.”
Roth gives her two cents, saying she has a different take on the situation.
She says “they did not do what I would consider to be a full bank bailout. They did not protect shareholders. They showed management the door. So you’re the people who should be taking on risk, took on the risk in terms of the depositors.”
She continues, discussing the contagion this could potentially cause.
Roth also says that the way this was communicated was one of the biggest issues.
“The hubris," she charges, “the fact that the head of SVB sat on the board of directors of the San Francisco Fed and didn’t anticipate that it might not be a good idea to lock up money for 10 years and treasury . . . there are a lot of really weird questions here.”
It seems clear at this point that the Fed is out of control.
Glenn asks Roth, “Is this the beginning of the currency death cycle?”
Roth responds, “The currency death cycle began a long time ago.”
She continues, “From an FDIC standpoint, you know they’re saying we’re going to put a fee out to other banks. So, when Joe Biden comes out and says the taxpayer is not paying for this — you’re not paying for it directly but you certainly will be, whether it’s a lower interest rate on your money or more fees or whatnot.”
Glenn ends with an ominous message.
He says, “I don’t think people understand the destruction that is coming our way. It’s coming. This is going to happen. It’s just a matter of when.”
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