Deficit hawk Beck attacks Fed's "windfall profits," doesn't note they will be returned to the Treasury

››› ››› GREG LEWIS

During his January 12 Fox News program, Glenn Beck claimed there was a "double standard" by Democratic politicians in attacking "windfall" profits from energy companies, but not criticizing what Beck described as the Federal Reserve's "windfall profits" over the past year. Beck did not mention that the Federal Reserve's profits will reportedly be returned to the U.S. Treasury, which The Washington Post described as "good news for the federal budget." Beck has previously highlighted the federal debt and deficit by suggesting that it would result in a "Venezuelan-style utopia wonderland" and stating that the American people are being "led to the slaughterhouse."

Beck claims that there is a "double standard" over reported Fed profits

Beck on "double standard" on Fed profits: "Where are the politicians on this? Where are the hearings?" From the January 12 edition of Fox News' Glenn Beck:

BECK: Where are the politicians on this? Where are the hearings? I for one would like some answers. Will there be a penalty on the Fed? Who are they in bed with? Why can't we audit the Fed? You see, we're no longer a nation of laws. That's what that protected pie was all about at the beginning of the program. We're all about double standards now. There are -- everybody is equal. What is the last line in Animal Farm? Everyone is equal, just some animals are more equal than others.

That's what this is about. Exxon -- I mean, let's look at the -- let's look at these. If you're an Exxon, and you make profits, well, the government needs to take that profit. But the Fed? Oh, no, don't worry about those guys. Bigger profit over at the Fed. At the crisis point of our country, the Fed -- no, no, no. They're not evil. We need more from the Fed. Exxon? Evil.

Beck newsletter: "Silence" from politicians regarding Fed " 'windfall' profits" after calls for gov't to "confiscate" energy profits. From Beck's January 12 email newsletter:

Fed makes record 'windfall' profits

Remember how politicians reacted when gas prices skyrocketed? They called out the greedy fat cats from 'big oil' and threatened to confiscate their 'windfall' profits. President Obama is again threatening the banks with a massive tax to penalize those evil bankers for any profits they make. But what happens when news breaks that The Fed had a record breaking year and made more in windfall profits than Exxon Mobil? You guessed it. Silence.

Federal Reserve's 2009 earnings will reportedly be returned to U.S. Treasury

The Washington Post: The Fed "returns its profits to the Treasury... The numbers are good news for the federal budget." The Washington Post reported on January 12 that the Federal Reserve "will return about $45 billion to the U.S. Treasury for 2009...the highest earnings in the 96-year history of the central bank. The Fed, unlike most government agencies, funds itself from its own operations and returns its profits to the Treasury." The Post added that these profits "are good news for the federal budget and a sign that the Fed has been successful, at least so far, in protecting taxpayers as it intervenes in the economy -- though there remains a risk of significant losses in the future if the Fed sells some of its investments or loses money on its stakes in bailed-out firms."

Beck has previously used extreme language to highlight federal debt, deficit

Beck on our debt: "The economy, our country, cannot sustain this madness." Discussing a proposed war surtax on his November 24 program, Beck said after noting the federal government's debt: "The final chapters, if we don't wake up, America, are being written about us right now. The economy, our country, cannot sustain this madness." He added that we're "getting closer to" a "Venezuelan-style utopia wonderland" "everyday." From his November 24 Fox News show (accessed from the Nexis database):

BECK: So, please, Congress, spare me the phony, "Oh, how are we going to pay for this?" Maybe you could come up with one of your invisible cuts again.

You don't have a concern on the war. You don't care about paying for things. I've seen the debt clock. We show it on this program all the time.

That's just the top number, is $12 trillion. That's not the real debt. The real debt is not $12 trillion.

You want to total up all the books? We're talking about a debt of over $106 trillion.

Don't -- please, Congress, spare me. This is another excuse for you to help bring out the redistributive change that we're all looking for.

The final chapters, if we don't wake up, America, are being written about us right now. The economy, our country, cannot sustain this madness. When our framework is destroyed from the reckless spending and lack of accountability, what will the old be replaced with?

Latin America? A Venezuelan-style utopia wonderland? Wouldn't that be great? We're getting closer to it everyday -- when you got bribes and nobody even cares about it, you're spending money and nobody cares.

Progressivism has now finally reached our troops, as they are now being used as a tool in the redistribution of wealth in the form of a war tax on the rich.

Beck: "How much hammering can this country take with its national debt?" From the November 27 edition of his Fox News program (accessed from the Nexis database):

BECK: Are you done Christmas shopping yet, or are you too far in debt to spend? Well, there are a few signs now that Congress and the administration could be looking into what amounts to a third stimulus package - the second stimulus package of this administration. How much hammering can this country take with its national debt?

Beck on U.S. debt: "You tell me, what future do we have in this." From Beck's October 26 show (accessed from the Nexis database):

BECK: Let me show you this debt clock. You tell me, what future do we have in this.

I'm going to ask you this question: do you believe in the free-market system? Do you believe that it is the power of the individual that made this country great? Do you believe it's the government? Do you believe in Marxism, or do you believe in our founders?

Do you believe -- can you handle the truth? What is our exit strategy? What is it? Our national debt, debt per citizen, our bankruptcies, our foreclosures, our unfunded liabilities -- we're about to add to this! How about this? Liability per citizen, $343,970.

What is our strategy? What's going to cure this? Health care? Or is that going to make it worse?

America, help me find another answer, but I believe -- I believe our exit strategy for our leaders in Washington is to fundamentally transform the system into the redistribution of wealth. When this collapses and the reality sets in, they just take it and give it to somebody else.

Beck says record deficit akin to "being led to the slaughterhouse." From the October 22 edition of his Fox News program (accessed from the Nexis database):

BECK: By the way, the U.S. just posted a record deficit of $1.4 trillion. We are either going to be remembered as people -- as the dumbest collection of people on earth. In the future, people will ask how could they not see they were being led to the slaughterhouse?

You know, in your gut, this is wrong. Don't sell the cow for the magic beans. They don't exist. Be right back.

Posted In
Economy, Budget
Network/Outlet
Fox News Channel
Person
Glenn Beck
Show/Publication
Glenn Beck show
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