On Friday’s Mark Levin Show, the 16th largest bank in the country, Silicon Valley Bank, collapsed today and was shut down by regulators after a run of depositors withdrawing their savings. Everything President Biden and the Democrat party is doing makes it harder to make money, whether you’re an oil company, farmer, or small business owner. At the same time, everything they’re doing with energy and food is making it harder for everyone to keep their money. The new massive taxes against wealth creation, entrepreneurship, savings and pensions is an attack on all Americans while making the federal government even bigger. Biden wants to create more programs and entitlements in his budget too while making no spending cuts, which will almost double our national debt in a decade. Biden is destroying America faster than anyone could have ever imagined. Also, liberal prosecutors and judges involved in the January 6th cases have been exposed for withholding evidence from the defendants, and the outrage from Democrats is at Speaker Kevin McCarthy for allowing access. Now the argument is that this will slow down the trials if every defendant wants to review the tapes and they can’t have that – where is the ACLU and civil liberties groups to stand up for these people and due process? Later, Mark speaks with Representative Wesley Hunt (R-TX) about his time in Congress so far.
Issues & Insights
Biden’s Budget Is Tax-And-Spend On Steroids
Brady v. Maryland, 373 U.S. 83 (1963)
Photo by Justin Sullivan
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Rough transcript of Hour 1
Hour 1 Segment 1
The 16th largest bank in the United States collapsed. Collapsed today. Here’s the way the Associated Press rates it. The U.S. rushed to seize the assets of Silicon Valley Bank on Friday. That’s today after a run on the bank, the largest financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s 16th largest bank, failed after depositors, mostly technology workers and venture capital backed companies hurried to withdraw their money this week as anxiety over the bank’s situation spread. Silicon Valley was heavily deposit exposed, rather, to tech industry, and there is little chance of contagion in the banking sector. Similar to the chaos in the months leading up to the Great Recession more than a decade ago. I’m reading to you, as the AP reports, in 2007, the biggest financial crisis since the Great Depression rippled across the globe after mortgage backed securities tied to ill advised housing loans rippled from the U.S. to Asia to Europe. You remember all that? Remember all that the Clinton administration. Andrew Cuomo, who is the head of HUD, the Barney Frank, Chris Dodd, remember all that stuff where they force these banks, these mortgage institutions to lend money to people based on where they lived, based on their ethnicity and race, even though they couldn’t afford them. Do you remember all that? The Pentagon. And it’s not just them, obviously, but that was one of the big pushes that helped lead to it, as well as the recklessness. Generally, the panic on Wall Street led to the collapse of the storied Lehman Brothers, founded in 1847. So it had a ripple effect, a cascading disruption of the global financial system. And so they go on major banks today of sufficient capital to avoid a similar situation, though the sector has been under pressure all week. Silicon Valley Bank’s failure came with incredible speed with some industry analysts on Friday, suggesting it was a good company. It’s not a likely a wise investment. Silicon Valley bank executives were looking to raise capital early Friday or find additional investors, but trading in the shares was halted before the opening bell due to extreme volatility. And shortly before noon Eastern time today, the FDIC moved to shutter the bank. Notably, the FBI. The FDIC did not wait until the close of business to seize the bank, as is typical in an ordinary wind down of a financial institution. The FTC could not immediately find a buyer for the bank’s assets, signaling how fast depositors had cashed out. And now the banks deposits will be locked up in receivership. And it goes on. So you have to ignore all the propaganda. Quite frankly, you have to ignore all the propaganda and say, Wait a minute, the 16th largest bank in the country went belly up because depositors no longer trusted the security at the bank. You look at this proposal the Bidens put forward for this country. Which would raise taxes almost $6 trillion. Which would create a single year’s budget of $6.8 trillion built on all the spending that already took place as the baseline. Which will raise the debt from $31.5 trillion today to $51 trillion. In ten years. Were the interest rate payments. The interest repayments on the debt itself. Our massive devouring and sucking up the rest of the budget. With no plan to reform Social Security and Medicare to protect those who are on them, obviously. But to grandfather in those folks and to deal with the rest, no plan. With massive new programs. Now, it’s interesting. I didn’t know anything about this bank. I didn’t know anything about this bank when I told you yesterday what I do. You know what I do? To protect. Our own income here and so forth. And it’s something you really should think about. You should get some gold. Maybe you should get some gems or jewels. I don’t mean commercial. I mean the good stuff. In other words, some tangibles. And frankly, if you’re going to get gold, in my personal opinion, you don’t win gold bars and stuff. You want coins, preferably Canadian coins, gold. So you can use them as currency or use them as investment. Don’t go crazy. Don’t put all your money in it, but you ought to have a little bit of it put away. My view. And maybe a little bit of cash on hand. And I have a plastic bucket. Rubberized, I guess, but plastic bucket of food that lasts 15 years. 15 years, about 30 days worth. You see what happens when there’s a run on markets. You see what happens during the pandemic. You see what happens during these so-called supply chain problems. You know, 20 years ago, I never would have done this. But it’s not 20 years ago. You don’t have to be scared or anything. And you’d be thinking the stock market had its worst week since the beginning of the year. And because the employment rate was somewhat I think the new jobs rate was somewhat higher than expected. It means may seem counterintuitive to you, but the Federal Reserve is going to increase interest rates even more. This bank could not withstand the increases in interest rates and many businesses can’t. So I want you to think about this. You’re going to increase the corporate income tax. You’re going to increase taxes on small businesses. You know, when they say anybody earns over $400,000 a year, there’s a lot of small businesses that fall under that. And earning $400,000 a year is an enormous if you’re a small business, hiring people, paying for product and material, overhead facilities, rent ownership, property taxes. And on and on and on. So that’s a blanket that covers a lot of people and a lot of small businesses. And so he wants to attack them. $100 million is a lot for an individual, no question. It’s not a lot for a small business. And he said taking them to. If he gets his way, he wants a wealth tax. And so everything this president does and everything the Democrat Party does is intended to make it harder to make a buck. Whether you’re an oil company, whether you’re a farmer, whether you’re a rancher. Whether you’re a small business person with a grocery store, whether you’re you have a little mechanic business, an automobile business, it doesn’t matter. Everything they’re doing is going to make it harder to make a buck. And everything they’re doing with energy and food and so forth is going to make it harder for you to make a buck and keep a buck. So they’re what they’re doing is they’re going to turn. And turn and turn the wheel harder and harder and harder against those who create wealth. Those who create jobs. Those who have jobs. Those who have some money to save. Those who have pensions, IRAs. And four in one case, they’re going to make it harder and harder to you as they push people. Further and further to the edge because the government needs and wants your money. That’s what’s going on. That’s what’s going on. And so they can spell it in a thousand different ways. And in this new budget and I’ll get to this soon. Right after the break, we talked about all the new massive taxes. Massive. Against wealth creation. Against entrepreneurship. Against savings. Against pensions. Against hard working Americans. Wealthy, middle class and lower middle class. It’s massive the pressures that he’s going to place on you. But the government gets bigger and bigger and bigger. Hundreds and hundreds of billions of dollars wasted. Hundreds and hundreds of billions of dollars spent. Incredibly outrageous political decisions that are made. To subsidize the Democrat Party base. Whether it’s the expansion of welfare or on the other end, whether it’s student loan forgiveness, quote unquote. Massive debt created to empower the Democrat Party base, to redistribute wealth, to get votes, to empower themselves and screw the country. This isn’t economics. I don’t even know why we call it economics. It’s not economics. I’ll be right back.
Hour 1 Segment 2
What most people are not telling you is that Biden wants to create additional entitlements. That is, programs that can never be cut and only expanded, as pointed out by issues in such accounts. He wants to create a brand new child care and preschool benefits program for $600 billion. And entitlement. He wants to expand Obamacare and Medicaid subsidies. 534 billion half a trillion more college aid including free community college. 217 billion. A new entitlement. Paid family and medical leave. 325 billion. A brand new entitlement. Expanded child care tax credit for 129 billion. Again, a brand new entitlement earned income tax credit changes, increases and expansion to 156 billion. That’s $1.8 trillion in new entitlement spending. And it all comes through increases in mandatory spending entitlements. He has no cuts. All the so-called deficit reduction is in massive tax increases. Massive tax increases. Which will do nothing to stabilize the debt. As I said, his budget will kick the debt from $31.6 trillion to $51 trillion in less than ten years. This country has never seen anything like this. And for Joe Biden, he thinks this is a massive legacy setting success. Having dumped this on the table, he now says, okay, now I’m ready to negotiate with Kevin McCarthy. I want to think about that. Trillions and trillions in tax increases which has had a bank go under. We’re trying to rebuild our industrial high. We’re trying to get manufacturing back into the country. We’re going to have a capital gains tax that’s higher than communist China’s. We’re going to have a corporate income tax that’s higher than communist China’s. How are we going to get these businesses back? How. The federal government’s part of the entire economy on a yearly basis will grow from 19.6% of the gross domestic product to just under 25% of the gross domestic product. I want you to think about that. The average over the last 70 years has been 17%, 17%, and the deficits never go below $1 trillion a year for the next decade. For the next decade. And then he’ll go out on the campaign trail and he’ll say, anybody who opposes any aspect of this, they want to cut this. They want to cut that. And here I want to help the middle class bottom up, middle out. When he’s destroying us, he’s destroying the whole economy. He’s destroyed immigration in the border. He’s destroying the currency. We have a bank that just went under the 16th biggest bank in America. He’s destroyed energy independence. He’s undermining and destroying the. The number one status of the United States military. You know what he’s doing? He’s recommending a 3.5% increase in defense spending when inflation is 6 to 9%, depending on how you analyze it. So that is a cut in defense spending, the number one job of the federal government. It is increasing the budget of the Department of Education by 13%. Mr. Producer. 13% for more drag queens, more CRT. More of the same. It’s really quite appalling. This man is destroying America. He’s doing it faster than anybody anticipated. He’s destroying your pension. He’s destroying our government school system. He is destroying our sovereignty and our immigration system. He’s destroying our energy system. He’s destroying it all. Why? Because he’s Bernie Sanders in Joe Biden mask. I’ll be right back.
Hour 1 Segment 3
Uh huh. And so this is this is the Biden budget. Thomas Barrabi New York Post SSA Biden Budget. What caused national debt to here now hit nearly $51 trillion by 2033. Now, what are your children and grandchildren going to do? It’ll be bad enough for the rest of us. He’s going to balloon the federal debt bigger than it’s already been. Balloon, folks. It is. It is unbelievable. Even a group like the Committee for a Responsible Federal Budget said this is excessive. It’s very it’s way excessive. And they provide a chart. The New York Post. And there’s a red line that goes through the paper through the top of the paper. And you have the House Republicans who are trying to stabilize the debt. And I want to remind you that Mitch McConnell and 18 of his Republican RINOs voted with them for this massive spending on top of everything else. Massive. So massive tax hikes, which is going to be a major additional dislocation factor in the economy. Massive new entitlements. Which is going to be an incredible new drag on the economy. What does this damn fool think he’s doing? We’re being run by a bunch of Marxists, amateurs, and a bunch of phony historians who tell Joe, This is how you can be famous for the rest of time. This is how you can become immortal, like Franklin Roosevelt. He’s destroying the country. In every respect. And then he wants to run and he wants you to think it’s the Republicans who are cutting cops and Social Security and Medicare on top of everything else. He is a pathological liar. And an incredibly dumb, insane human being. And he always has been, as I’ve pointed out, for 20 years on the air. And he wants to be president again. And if the media have their way and if the FBI and the Department of Justice have their way. He will be. If Zuckerberg and the hundreds of millions that he pours into elections, if he has his way, and the Democrat states that change our voting systems to accommodate and and ensure Democrat victories if they have their way and. Wait a minute. Talk about that. Don’t talk about that. Are you in election denial? You an insurrectionist. No, no, no, no. And if the Supreme Court dares to step in. If the Supreme Court dares to step in and return us to our constitutional system, where the state legislatures have the final word, not activist Democrat judges, then they need to be trashed. Their independence needs to be destroyed. They have to be turned into another Democrat Party institution. We have to expand the court and then pack the court. Yes. That’s the ticket show. Don’t talk about this. And I’ll have to talk about it. And yet that’s exactly what’s going on. It’s like the Democrat Party. Insane asylum. The doors are wide open and they’re off to the races. That’s what it’s like. That’s what’s taking place here. I may have spoken too soon, Mr. Producer. I sound like a flip flopper flop flipper. I become aware of two schools in Loudoun County, including an elementary school. In a middle school. In Virginia was made aware of this today. We’re in music class and one of the schools, they had a special flag. I think it was an LGBTQ plus flag, plus the Black Panther fist in the middle of the flag. In the music room and then later at a concert, I believe. And also a dispute in another school involving a transitioning young person. Middle school. And the school district. And the school told the parents of a little girl that your little girl either goes to the same bathroom as that individual who’s a biological boy, or they go into an independent, quote unquote, bathroom that allows boys and girls. Now, this isn’t public school rich. In Loudon County, Virginia. Then I saw an interview of the governor, Glenn Youngkin. He’s left breadcrumbs everywhere suggesting he wants to run for president. Governor Youngkin, you have a lot more work to do here in Virginia, my brother. And people who interview you on TV and radio, they need to be a little bit more pointed. I don’t mean rude. Pointed about what it is exactly you’ve accomplished. You’re the parents, Governor. I keep hearing this over and over again. Why is this still happening in schools in Virginia? It doesn’t happen in schools in Florida where the governor puts his foot down. Why is this still happening in Virginia? I suppose you could make the case that the Democrats control the Senate by I think it’s one or two votes, but I don’t even hear him talking about this. Rich, do you? And I’m not again, I’m not. I hope not. I want to like the guy is very likable, but we need people who are going to get things done, get things done. Why am I still hearing about this in Loudoun County, Virginia, after two young girls were raped in their school system? And what’s with the flags? We don’t even allow the pledge allegiance. You know what? What’s with the flags? There shouldn’t be these kinds of flags in the classroom or in any assembly room. What is this? Who’s going to clean it up, if not the governor? I mean, when we win these elections, we win them on parental rights. Parents can’t go in there, rip down the flags. How about a few executive orders like we see coming out of the White House? Coming out of Richmond, but these other state capitols where we have these Republican governors. I don’t know what Sununu doing up there in New Hampshire. I can tell you in Vermont what they’re doing in Burlington, Vermont now, illegal aliens can vote. Now, you see the the Democrats, what they’re doing, the radical left wing media and the others, how they defend them. Tell us about replacement theory. So what we have going on here. As they take away the barriers to fraud, even voter ID and so forth. As the Democrats put in place a system that promotes fraud and enshrines it and then says, See, we’re following the law, whether it’s voting months before counting votes, weeks after, and. Verdant harvesting. And on and on and on, for God’s sakes. Because apparently it’s too difficult for people to vote. You would think they’re there in the battlefield or something somewhere. But it’s all a lie. The whole thing is a lie. But my point is this if if you weaken the voting protections. Against fraud. And then you let illegal immigrants vote. Now, what exactly are you doing in these Democrat strongholds? You’re promoting fraud. And how do you stop these people from voting in federal elections? He can’t. In a lot of these states. You can’t. Why do you think this is all happening in liberal enclaves and Democrat enclaves? It doesn’t happen and Republican areas. Why do you think the Democrats keep pushing for this? If you don’t have voter ID and you allow illegal aliens to vote, that’s pretty cool, isn’t it, Mr. Producer? I think you’ve just stuffed the ballot boxes. Then they keep asking us, Can you prove it? Can you prove it? Amazing. You and I, we have to be like. Our own FBI, if you will. But on the up and up, we have to conduct our. Own investigations in order to. Can you prove it? Because the media certainly cannot. But can the Democrats certainly aren’t going to. Can you prove it? Well, we’d like access to the ballot now. Well, look at these videos. What about them? Why do you not? Can you prove it? No, I mean, under these circumstances. Well, there you go. There you go. He can’t prove it. I’ll be right back.
Hour 1 Segment 4
I mean, we are under assault. We are under assault. There’s simply no question about what’s taking place now. Biden has put these Marxist radicals in one position after another, one position after another, and we’re having to fight back if we even know what’s going on. If we even know what’s going on. So this is the problem now, when we come back. There’s a lot more to get into here in America. But I first want you to hear from Biden on the biggest threat to our economy. Make America Great Again is the biggest threat to our economy. Cut for a go. And now the biggest threat to our recovery is the reckless talk Directly talk. My MAGA friends, is to hear me say it’s not your father’s Republican Party. But the report said that in 1988 about the Repub. But this guy, if he’s anything, he’s adult. Donald t go is Congress. They knew what they wanted to do with regard to me, but they haven’t been able to do a damn thing. Clown you’ve had the complete control of the economy, you and McConnell, and you’ve destroyed it. You destroyed a vibrant, growing economy growing from the bottom up, the middle out, the top, down and in every other direction. The only people doing well are billionaire Democrat leftists making a fortune off your phony climate change as you redistribute wealth from the working class American to the billionaire Democrats. And that’s what the Republicans need to start to explain, for God’s sakes. That’s what they need to explain. He’s taking money from you. And giving it to his multi-billionaire friends. Who are doing the solar panels and the windmills and this crap and that crap. Why do you think all these billionaires with all their dark money, they’re backing Biden? Why do you think? Because they’re making out like bandits. We have all these billionaire Democrat left wing oligarchs. Soros. To name one. One schmuck. He’s killing us economically. Destroying the country. I don’t know how we’re going to reverse course if we don’t draw a line. It’s like on immigration. I don’t know how we’re going to reverse course on everything that he’s done so far. He’s done more damage to this country in two years than communist China. Fascistic Russia, the Islamo Nazi regime in Tehran and the inbred in North Korea combined. You understand that? He and his party have done more damage to this country in the short term, in the mid-term, in the long run than anybody else can, because they are using freedom in the Constitution to destroy freedom and the Constitution as well as your livelihood. I’ll be right back.