the o'reilly factor is next. good night from washington. . captioned by closed captioning services, inc >> glenn: welcome to the "glenn beck program." tonight, something very exciting. i'm going to take you back to 1930 and the smooth holly act. yeah, i know what you're thinking. sweeps week again? yes, we could go with hot chicks and bikinis. no. in 1930 it seemed insignificant. it was to protect trade. who could be against that? it raised tariffs on imported goods to record levels. the problem is it caused the rest of the world to retaliate and put tariffs on all of their stuff shipping here. trading suffering and everything spun out of control. then the economy suffered. unemployment went from 7.8 when the smoot holly tariff holly passed to 16.3.

i want to show you a chart. the great depression and te beginning of it. the crash of 1929. smoot holly. you notice after this passed, what happened? the market started to gradually going down. severe decline in market that lasted more than a year. we're talking about doing the same thing again. the house passed a bill to increase tariff on china. what would you possibly be going? they retaliated putting tariff on chicken. oh, if we could just learn from the past. now i want to show you something in the wall street today. i talked to before about we're repeating all the same mistakes of the 1930s. this is fast forwarding to 1936. here it is may of 1937. all right?

things started to come up a bit. the dow jones. what happened from here? where this ends is where fdr was trying to pack all the ports. it passed. it was upset his new deal centerpieces like the agriculture adjustment act where he was burning and destroying crops and killing thousands of pigs. he said if there is a shortage, the prices will go up. yeah. also the nra, you remember watch for the blue eagle? the price control agency, it was shot down by the courts. court system said it's unconstitutional. so his solution was not to do things differently. he just decided i'm going to change the court. he wanted to stack the courts in his favor. f.d.r. court-packing plan was shot down thank goodness but 70-20 vote. even the democrats were jumping ship from him at this point. businesses were left in limbo. they didn't know what was going on. now the whole government was starting to be in chaos. and everything was being thrown at them. they didn't know what would

come next. the "wall street journal" describes this climate at this time as "massive hikes in personal and corporate tax rates, severe monitoring tightening and aggressive business-bashing." they were also being regulated up to their eyeballs at this time. so what did businesses do? they sat on their money, sat tight and held on. they just wanted this nightmare to end in the government. well, what happened? let's go back to that chart. what happened? this all starts to happen. courts pass, and say no, it's all unconstitutional. he starts to pack the court or go that direction. spooks businesses and what happens, here it is. look at that drop. the uncertainty, the hostile business climate that led to a depression within a depression. that's why in this country, it's known as "the great depression." but it's not known that way anywhere else. does it not sound exactly the

same today? hikes in tax rate, monetary tightening, business bashing and uncertainty. how much is healthcare going to cost businesses? how much are small businesses going to be taxed next year? how much new regulation will they be suggest to? what is cass sunstein doing on the weekends? nobody is going to invest their money until they know the answers to these questions. that is what is happening in america now. i told you before we're erepeating mistakes of the 1930s. here is the 1930 crash. could you -- overlay, please. our course. this is the course we've been on now. look at this. i told you that we are repeating history. will the expiration of the bush tax cuts be the final straw? wait. may i? may i just start calling it what it really is? it's not the bush tax cut. we're talking about what could shove us off the cliff along with the other uncertainty.

we're talking about not bush tax cuts. that was ten years ago. now talking about one of the largest tax hike misamerican history. the obama tax hike. the "wall street journal" says it may be now the nightmare. the nightmare that shoves us off the edge. revisionist progressives will say the depression within the depression happened because f.d.r. didn't spend enough. his best friend one of the guys who helped design the new deal, he was head of the treasury. he testified in front of congress that was insanity. it's the same flawed logic that we're hearing today. all you have to do is look at history and learn from it. i have been telling you that the seasons are about to change. you have to wake your friends up. tell them about the mistakes of our past. before we repeat them. ♪ ♪

>> glenn: hello, america. i'm glad you're here. i want you to know first of all everything i say on the program, don't take my word for it. look it up yourself. look up all of this stuff but please, try to go to the original sources. read their own words and diaries. there is plenty of books that people in the wilson or the roosevelt administration wrote themselves. they will tell you. they'll tell you exactly what happened. i said it must be hundreds of times now, i hope all of this stuff is wrong. i do. if i'm right, you know, things aren't good for me either. i have nothing to gain here. and really, honestly, i think i have more to lose, because if i am wrong, i'll be so wildly discredited nobody will listen to me.

we just have to see what happens on the other side. i have nothing to gain and i have everything to lose. i shouldn't say i have nothing to gain. i do. i have a country to pass on to my children. if i'm right. my batting average is pretty good. it's not perfect, but it's pretty good. when i say things trouble is coming. it's not just me. it's the "wall street journal." i just showed you the chart that shows, you know, how the dow is mirroring the 1930s. i could quote chapter and verse how we're doing exactly the same thing that wilson did that led to nightmares. and also f.d.r., which made it the great depression here. but it's also things like the h hin din berg burden. five things have to happen and

when it does there is a 77% of a crash for the next 30 days. we have entered the 30-day period. the the hippedenberg omen has happened twice. have you done anything since we told you that story? changed your lifestyle? done anything? the global governance, george soros of the world, i read a story yesterday that billionaires are buying gold by the ton i think it said. the actual ton. they prepared. heard the saying, "the rich get richer"? why is that? because they have access to information that you don't have. and because they prepare. well, there is no excuse for you saying you didn't have access to the information anymore. it's available, available everywhere. don't take my word for it. please. you have to know these things to be true yourself. i don't want you to be in an argument saying well, i, well,

i, well, glenn beck said. you know it yourself. look it up. do your own homework. the rich know because they have access to the information. they know history and the warning signs. in many ways, some of them are controlling and manipulating it. george soros comes to mind. i'll show you at the bottom of the hour. what is coming will require all of us to be prepared and require action from each of us. i have don't mean who is going to get on the street. i mean you have to vote, you have to educate yourself and you have to prepare to be a help for others. that's why i've been telling you to do the 40-day and 40-night challenge. we have to be the best we can be for the country to survive in hard times. again, i hope i'm wrong. good americans don't panic. good americans roll up their sleeves. americans that are unprepared and want to live in this la-la land where hey, don't worry, it won't be so bad. if it is, somebody will save me. well, you are in for a real

surprise. let me warn you on this. if the things i say are true, they are going to be telling you to go exactly to the wrong place. don't go where the government tells you to go. that's usually where all hell breaks loose. i mean, wherever that is, it will be as safe as, i don't know, the superdome. remember how safe that was? there were those who prepared and those who got out. those who couldn't get out and were trapped and then there were those who said ah, well, somebody will save me. i refuse to be the american on my roof. please make that commitment to me, to yourself, to your children. be somebody who goes and gets a boat and helps other people. not somebody on the roof making a sign that says help us. because usually the ones who come to help are from the government. they're not really to help. they're there to help themselves usually. i want to show you something.

they say that imitation is the sincerest form of flattery. well, i'm so flattered at what the white house is doing now. they aren't using a chalkboard. this is a totally different idea. this is a whiteboard! and they're using it to make their point here on the bush tax cuts. okay. this is austan goolsbee, the president's chair on the council of economic advisors. watch what he says. >> what i wanted to do today is break it down real simple so you can understand exactly what the debate is about. >> glenn: okay. c'mon, homer. he's going to break it down. now, you might think that you had a decent grasp on the concept of tax cuts and tax increases. but maybe not. listen. >> what i've done and got a ruler to measure the size of the tax cut and how big the circle is by the income, from low income to people making more than $1 million a year. >> glenn: okay. so what he has done here is he

has taken out a little ruler. i didn't take out a little ruler, but you get the idea. these are the things that george bush did. these are the tax cuts. so george bush did this. if you made $10,000 you got a tax cut. i don't know how you got a tax cut. because if you're making $10,000, you don't pay taxes. so what george bush did is he took some of the money. almost like a progressive thing to do. for a republican, that's strange. he took some of the money here and gave the money -- redistribution of wealth. he gave money to people who didn't pay taxes. okay. so these are the tax cuts that george bush gave everybody. all right? just so you understand that. the people making over $1 million having a bigger circle than those making $10,000, they pay $100,000. he paid nothing. but you know they have a circle.

he has almost lost me here, but i think i may be able to keep up. go ahead. >> obama would preserve a couple thousand dollars a year tax cuts for virtually all americans. and even for people who make a lot. they get to keep the tax cut on the first $250,000 of their income. >> glenn: wow! wow, they're living pretty, aren't they? that is so pretty. the concept of being able to keep your money that you worked hard and earn and not have the government come in and take it. oh, my gosh, you have such a big heart. doesn't he? now remember, he's changed the conversation. obama will preserve these tax cuts. that's really interesting. what is he saying? obama is not going to take the money from you. because remember, they're flipping this around. we're not talking about tax cuts. we're talking about tax increases.

don't look at these at what you're going to get. that's what are they going to take. you already have this money. you've got it. he's going to preserve these tax cuts. so, in other words, you're not going to feel some tax cuts here but you are going to start feeling tax cuts over here. at -- i know he is not going to break his promise so i'm sure it's not $200,000, but $250,000. but that's the kind of big heart they have. they're going to let you keep some of the money. but wait, there is even more. >> under the republican plan, however, people making more than $1 million a year, they are going to get a tax cut of more than $100,000. >> glenn: no! >> that's expensivexpensive. >> glenn: no, they're not going to get a tax cut. ten years ago they got the tax cut. ten years ago. it's not a tax cut they're going to get. they're going to have a tax hike. got it?

this is where i like to break it down. austan, may i squeeze in here? any marxist minded officials in the administration can understand it. not a tax cut of $100,000. the g.o.p. plan is again, nobody would increase taxes by another $100,000. now, what are the evil people that make million dollars a year, what do they do? well, they certainly don't start businesses. no! they certainly don't hire people. no. they have a monacle and a cigar and they sit and take baths in their money. that's what they do. they don't need to take a bath with that money. i want to work for this guy. this is the guy who is creating jobs. you get it? when you take more money than you are taking now, that is called a tax increase.

when you are not paying $100,000 a year but you will next year, that's a tax increase, not a tax cut. which means that the g.o.p. is proposing isn't expensive at all. because he just said that was expensive. it's not expensive. because it's exactly the same rate as it is now. so how can it be costing you money to do that? because -- wait a minute. wait a minute! i think i, i think i have it. it's costing you money. because they want to borrow more money next year. now if you don't want to borrow more money next year, what do you do in your life? >> glenn: that's what you do.

but that's not logical. that's just what you people do. okay? so, the tax cuts that they have had for the last decade would be preserved. yours, theirs, everybody's. they wouldn't be taking more money. back to austan. >> giving this big egg to the high-income people would cost $700 billion we'd have to borrow to give it. >> glenn: why would you borrow money -- here, just don't take it. so you're not giving it. you're just not taking it. his mind set is frustrating for simpletons like me. the money is not yours. it's not the government's money. you don't take it and have to borrow money to give it back. what are you talking about? you're proposing taking more money from them. that's what it is. let me show you something. forget the little bubble thing. here is what it is. the g.o.p. plan or really the

tea party plan here, because it's less g.o.p. remember the g.o.p. is -- anyway, here is the government. as long as the government has a little ball and chain on it, when you make money, digging ditches or what have it is you do, they don't take more money. so, you keep the money you've earned. it's crazy. here is obama's plan. you with a shovel, but wait. where is your money? oh, the big fat government guy just took it from you. because he's giving it to somebody else. yeah. maybe a union guy or something like that. what this is they take more of your money to spend it on the people that they like. not you keeping your money and spending it on what you like. let me tell you a story. my son when he was, i don't know, two, we had some friends over. and one of the friend's name was justin. and raif loved the "star wars"

lightsaber. so he took the lightsaber and he was like it's mine! and my wife and i tanya we have to interveep and say no, no, ray, you don't take it. he's not yours. it's justin's. well, it took a while to repeat that, you know, because he was three. raif learned the lesson. it's an important concept that what other people have is not yours. it's theirs. it would be helpful if someone in washington could learn that. these aren't your toys, austan. these aren't your toys, president obama. this isn't your money. we'll finish this lesson, i hope i haven't lost you. it's pretty complex. when we come back.

♪ ♪ >> glenn: the white house has been for a while now, but now they have austan goolsbee the chair of the economic council at the white house and he's doing a whiteboard. and, it's completely different than the blackboard. the difference is black and white. and that's it. but he wants to show you how now he can tax you.

sorry, save you money. he seems to think that money, your hard-earned money and mine is his and money for his government friends. even some of the president's staunchest allies do not agree. listen to this. >> it's not their money. tax cut is when government doesn't take our money. it's an important distinction. >> glenn: okay. as for costing $700 billion, how can it cost anything when the money isn't currently coming in? isn't that like hoping you get $700 a month raise at work and then you rush in the boss office and say if you don't give me $700 a month raise, it will cost me so much money. i'll have to borrow $700 a month! why would have to borrow $700 a month for money you weren't getting in the first place? here is more of austan breaking it down for us,

though. >> if you ask objective economists and am list around the country -- analysts around the country about what is effective you will find that everyone agrees that these giant tax cuttings for very high-income people are the least effective thing that we could do. >> glenn: really? which objective economists are those? and everyone agrees. am i a tax cut denier? is that what it is? it's it like global warming and the consensus? i wonder what you mean by "objective." i speak bull crap. i'm a recovering alcoholic. i spoke bull crap for years. everyone who agrees, the objective economists, are the ones who agree with the president's agenda on to everything. economists like you know, paul crugman who recently told a woman who asked him why isn't there 100% tax on the wealthy? that's a good idea. now, while that may not be the most effective thing to do for the economy, 91% says paul

might be just about okay. >> i think the sort of more moderate, reasonable, although answer, although denounce socialism, communist, whatever, would be to have another one or two tax brackets further up the scale. it's worth remembering back when we had real socialist presidents like dwight eisenhower, at that point the top marginal tax bracket was 91%. >> glenn: yeah. i don't think he put that in there. i think that was the progressives that did that. gosh, a simple fact is when the taxes are lower on the wealthy, revenue increases. it happens over and over and over again. but the press and the media don't like you to know that. revenue goes up. when you're penalizing successful business people, not so much. isn't it weird? barack obama knows it. how do i know he knows? why would the president consider taxing the wealthy more, especially in this

economy? well, i know he knows because i heard charlie gibson ask him about this very issue as it applies to the capital gains tax at one of the debates in the campaign. watch this. >> bill clinton in 1997 signed legislation that dropped the capital gains tax to 20%. george bush has taken it down to 15%. in each instance, when the rate dropped, revenues from the tax increased. the government took in more money. in the 1980s, when the tax was increased to 28%, the revenues went down. so why raise it at all? especially given the fact that 100 million people in this country own stock and would be affected? >> charlie, what i said is i would look at raising the capital gains tax for purposes of fairness. >> glenn: "for purposes of fairness." at the expense of common sense fiscal policy. but fairness. in other words, who cares what actually works, i'm just

levelling the playing field. why is it never mentioned that, you know, why is it never mentioned that the people who employ people, the small business owner who makes $250,000 or more, that who is putting america to work. 70% of all jobs are created by these people in america. it is the medium-size business and yet big businesses owned by those evil multi-millionaires. microsoft employs 89,000 people worldwide. we told you before, tens of thousands of millionaires come from microsoft. their employees. bill gates has given billions of dollars to charity of his own free will. as evil as exxon-mobil is, it employs 100,000 people. john huntsman, senior, a good friend of mine has donated $1.8 billion to charity out of his own personal cash.

he's going to die broke because he chooses to. the rich are not the enemy. they never have been in america. they are the employers. in many cases, they are the philanthropists. who was it that built all the first libraries in hospitals? the poor people? it is the people that become rich in america. that help us survive and thrive. that doesn't mean all rich people are good guys. but it certainly doesn't mean all rich people are bad guys. rich people, poor people, are just people. but back to goolsbee. and his lesson. >> so what is happening in congress is that the people that want this are saying nobody here can get any of these tax cuts, unless we agree to give this big red goose egg to people making

more than $100 million a year. it doesn't make sense, it costs too much money and we know it doesn't work. >> glenn: this is just not insulting, it's a lie. i mean we're now being told they put pictures of the 8-28 and this thing on 10-2-10, another network asking people to deny your eyes now. extenting the bush tax cut cost nothing extra. it's proven tax cuts work. they stimulate the economy. not tax cut and spending. that leads to debt. not only that, but the democrats in congress haven't even submitted a piece of legislation on this for the republicans to hold up. yes, the republicans want the bush tax cuts extended for everyone. but they're not holding up anything, because there's nothing to move forward to hold up. it's a game. you're being played again. the bottom line is you can put this presentation on a whiteboard or a blackboard or put it on billboards, you could put it on a pool hall

table. it doesn't matter. it doesn't change the fact that it is the same old class warfare and it is a lie. they have no problem putting up their top economic advisor telling you that your money is theirs. that you have no right to it. and that a proven economic reality is fiction. fortunately we all have kids, like mine. and hopefully we're all parents. that teach our kids that somebody else's toys are not theirs. when you have a toy, it's best to share. nobody is going to force you to share. you get to choose. when to share them, and when. the man who, "broke the bank of england" has a new warning. this time for america. he says america needs stimulus. not virtue. i wonder who george soros is

;7

polls. join me in 24 minutes for "special report." but now back to glenn. ♪ ♪ >> glenn: we had such an incredible response to the horrifying ecovideo i showed you yesterday, as well as the whom who wants to smother sick babies that we're going to spend an hour long special tomorrow night looking at the policies and the people that

support this kind of stuff. the roots of socialism, fabian socialism out of the u.k. and you will not believe who is involved. tomorrow at 5:00. make sure you dvr the show and don't miss it. in fact, the next three episodes, don't miss. i want to talk about an interesting trend that coincides with several of the large currency collapses. certain powerful billionaire with a spooky voice tends to find himself in the middle of it all every time. he's like what happened? i don't know what happened. he rakes in billions of dollars speculating against and driving down the value of currencies. he is famously nicknamed the man who broke the bank of england. his name -- george soros. why lead a star chamber when it's just me with spooky lighting in the room. he isn't shying away from the claim. no, he said, "it's sort of a disease when you consider yourself some kind of god,

creator of everything. but i feel comfortable about it now since i began to live it out." oh! and he's humble, too. he made a fortune speculating on the world economy. in '92 he said he could attack the british pound and he was right. made over $1 billion. according to the telegraph soros admitted the actions benefitted no one but himself and at the time claimed the only thing that could save britain was a common single currency. i wonder if we'll have that argument made soon. he rolled the dice in '97 in asia and many, including the malaysian prime minister said george soros was responsible for the meltdown. still others believe the devaluation of the russian ruble in '98 was also the handiwork of mr. spooky dude, master of the universe and

comfortable playing god, george soros. let me ask a question. i know soros and his people watch the show all the time. you think they're going to like this? i don't think so. mr. spooky dude is there every single time. he usually telegraphs things by writing an op-ed piece like hey, i don't know, maybe you should get out of this country's currency. i'm just saying. it's time, vastly expanding his wealth by positioning himself to win big in the demise of a currency. nearly each time he is headed to the press to stoke the fear about the currency and say it's just not feasible anymore. yeah, to make it look like he cares, basically to provide cover. i've been warning you, especially in my last op-ed piece. well, since he's a billionaire, people believe him. panic ensues. currency collapses.

and he makes billions. wuaaahhh is what he usually says, i'm guessing. which currency does the brilliant economic mind think will falter next? last year he said the decline in the dollar was necessary because the u.s. economy will continue to drag down the global economy. and there would be a slow and should be a slow decline. in fact, a "managed slow decline" of the dollar. ahh. oh, my goodness, look what i found! i found a new op-ed coming out from soros today! the latest soros prediction when we come back. >> glenn: spooky dude, news.

>> glenn: when last we left the current episode of the "glenn beck program" i was telling you about george soros and how he always seems to coincidently find himself in the middle of the latest currentsy collapse. last year he said he thought the dollar needs to be devalued. today soros had an op-ed in the "financial times" titled "america needs stimulus, not virtue." oh, yeah. you know the story is it's all about how the economic collapse is the private sector's fault. forget about virtue. yeah. the solution? spend more money. yeah. spooky dude says spend more money. would spending more money help or hurt the dollar? would it kick start a managed

decline? i don't know. i don't know if this is the start of the latest, you know, soros push to collapse a currency. i don't know. if this is it, but it's coming. be prepared. because powerful people like george soros would like that to happen. because they're preparing. have you? you see when that happens, it's ugly usually. yeah. ugly. the business insider, the "wall street journal" have both recently written about how when it comes it will be rapid. nobody will see it coming. boom! it happens. you know how grocery stores look before a hurricane? yeah. that's when we think the power might be out for a couple of days. what do you think your grocery store is going to look like if they think the dollar is going to collapse and it's not going to be worth anything? better or worse than the hurricane thing? i want you to do two things. maybe more. i don't know. by the way, there is a great shadow party, great on soros.

you should read it. this one is the coming economic armageddon. i know, not really something you really like. it just want to be in a good mood, take it to the beach. not really. i want to warn you i haven't read the entire thing, so in the end if the author is endorsing witchcraft and i'm like i didn't know about the witchcraft thing. i don't fully endorse the book. i endorse about this much of the book. and it's good. it makes a great case for what is coming and why is it coming in religious terms, as well. you need to read it. just in case people get what they want. then take the 40-day and 40-night challenge. we're going to show people here in a minute who took the challenge and how it affected their life. i challenge you to do this. because i know a lot of people are going to shrug it off and take it lightly. whatever. there is nothing more important than getting your house in order.

before you can fix a problem -- boy, do we have problems -- you have to get your own house in order. this book comes out in a couple of weeks. i have been working on this for a year. it's called "broke." the first third is how did we get here? a history lesson. the second third is how bad is the situation? it's bad. this one is the solution. when i say solution, i don't mean what is politically feasible. i'm not talking about things that are like vote for the republicans. i'm talking about the things that nobody wants to face. but we have to face. real solutions. i don't want you to lose hope because nothing is inevitable. you know what? when you have cancer and the country has cancer, gang. the doctor says we're going to do everything we can. don't you give up hope, because miracles happen. and who knows? who knows? it's pretty bad. what does the doctor always say? just in case you might want to put your affairs in order.

why? in our case with the country, not because we're going to die. the country is going to go through tough, tough times. you need to be prepared so you can be in assistance of others. whatever comes, we're going to be there on the other side of it. we'll be there together. if we prepare for it, we can come out restored and ready. want to put yourself in a situati situation, so, you know, you don't go to hell. you know what i'm saying? put your affairs in order so we don't have to experience hell on earth. which one sounds better to you? denying it and saying this guy on tv, everybody says he is a clown and he's crazy. or doing your own homework. investigating. seeing if there is a possibility that these things could possibly happen. preparing yourself with a 40-day and 40-night challenge.

then hoping for the best. i made my choice. have you? back in a minute. wñ÷

>> glenn: tell you one more thing before we go to break. this is a book i just got the other day.

you must get this one, too. sorry, we're keeping the book industry in business. the greatest words ever spoken. it's just the words of jesus and the stories that jesus said without the story form. like an encyclopedia. i can't believe someone didn't come up with this before. i looked up in the break "vigilance." watch that no one deceives you. you will see rumors of wars but see you're not alarmed because it will happen and at a time many will turn away from it and hate and betray each other. since 8-28, it has been 40 days. 40 days. i want you to go to glenn beck to sign up for the free insider extreme and watch making of 8-28. full-length documentary and it's incredible. you will feel its spirit. this friday, we spend an entire hour talking to be who accepted the 40-day and 40-night challenge. tonight, here are others who are restoring honor across america. ♪ ♪

>> i started the 40-day challenge right after 8-28. it's been a life-changer for me. faith, i never really made time for god. now i do. hope. choose all the time. the little lies are gone. charity. this is hardest for me because not because i don't want to tithe but i'm not happy with my church politics. i hope to one day find a new church home. ♪ ♪ >> i started the challenge. i said this will be a piece of cake. i already pray. i have been praying for 30 years and it never dawned on me that i was just reciting words. i wasn't conscious or mindful of the words i was saying. this took it to another level and i decided to bring my son into this. we both pray. at his bedside.

>> as far as charity, try to do a little something every day. my husband and i try to take off for each other, have a date night. i try to incorporate little things like that with this pledge. ♪ ♪ >> my daughter and arian and i were at 8-28. at what point she turned around and gave me a big ery fory the giants are inside you. find them." find them. >> we're doing the 40-day challenge together. we're keeping each other accountable. i would want to tell fathers pray with your daughters. hug them. tell them they are wonderful.

tell them they're accepted and that they are loved. tell them that heavenly father wants them to know who they

>> glenn: these are shocking things. idea of fabian socialism, it's socialism without revolution. roots are in britain but it's spread here. you will not believe who follows it. you will not believe the roots and the masks of the monsters. friday, the results of the