While demonizing George Soros, Glenn Beck has recently complained that hedge funds are unregulated. However, Beck previously demagogued efforts to regulate hedge funds, claiming it was part of an effort to "expand the reach" of government.
Beck Astonished That Hedge Funds Are Unregulated
Beck: "Why Aren't We Going After - Unregulated Hedge Funds? Really?" From the April 21, 2011, edition of Glenn Beck:
BECK: The bankers that caused this, round them up. You'll be the most popular president. Just make the case.
We all want to ensure this never happens again. They also talk about speculators all the time. Speculators - now the speculators are the ones driving up the oil. Who are the speculators? Those aren't the hedge funds, are they?
Because hedge funds are completely -- hear me, America -- completely unregulated. You know, the hedge funds like the one that George Soros runs -- unregulated. Well, why aren't we going after -- unregulated, hedge funds? Really?
No. Nobody in Washington will tell you. Nobody will tell you -- I believe because so many people in Washington have dirty hands. And there's also a lot of people that are making a lot of money right now. I believe the dirtiest of them all are in on it.
And when I say "in on it," what is "it?" "Oh, what is it?" The biggest theft of money in the history of all mankind on planet Earth. That's what this is, the theft of your savings. The theft of your 401(k)s. Do you still have your 401(k)? [Fox News, Glenn Beck, 4/21/11]
Beck: "Why Are These Hedge Funds Completely Unregulated?" From the April 21, 2011, edition of The O'Reilly Factor:
O'REILLY: One good news though -
O'REILLY: -- that Obama told Holder, the Attorney General, to start investigating some of these speculators who are manipulating the prices. You down with that?
BECK: Speculators, you mean people like --
O'REILLY: Oil speculators.
BECK: OK. So, like hedge funds?
O'REILLY: Like Soros.
BECK: Like Soros.
O'REILLY: Yeah. Investigate him.
BECK: They're going right after Soros. Mark my words.
O'REILLY: I hope so.
BECK: No. Speculators are completely unregulated. Why? Why are these hedge funds completely unregulated? Why?
O'REILLY: I don't know. They should be regulated, and perhaps they will be. [Fox News, The O'Reilly Factor, 4/21/11]
Beck Previously Denounced Efforts To Regulate Hedge Funds
Beck: Regulating Hedge Funds Is Part Of An Effort To "Expand The Reach" Of Government. From the May 26, 2010, edition of Glenn Beck:
BECK: Now, this Financial Stability Oversight Council, they've got nine regulatory authorities out there. And this gets to expand the reach outside the financial firms. Now, they can say, a non-bank financial firm, like an insurance company, or a hedge fund -- if they're in trouble, guess what? They can just be seized by the treasury. Yes, yes.
Now, this distinction is completely arbitrary and it comes from bureaucrats. But here's the great thing: we no longer have to worry about Congress anymore. Oh, I'm so glad.
Remember all the arguing? Hey, who are we going to bail out? Are they going to be more bail-outs?
We don't have to worry about that anymore -- because not only can the treasury secretary just seize private property, but they can open up a line of credit which is good. So now, they don't have to ask you, the little taxpayer. The treasury can just go for additional government funding.
Gee, Congress, what did I tell you two years ago? Look who's going to become irrelevant. You.
Now, nobody has to beg for pesky politicians for billions of dollars, you know, like we had to with TARP. We just -- we just call out the treasury secretary and cap the ATM.
Also, regulators can guarantee the debt of solvent banks as well. If there's a liquidity crisis, they can just guarantee everything that's in the bank. [Fox News, Glenn Beck, 5/26/10, via Nexis]
Beck: Obama Is Regulating Commercial Banks And Hedge In Order To "Push, Penalize, Take Away, Shove, Threaten" Them. From the March 10, 2010, edition of Glenn Beck:
BECK: A few months ago on this program -- that pie is unbelievable -- I told you that Cass Sunstein was the most dangerous man in the America. He's our regulatory czar. He's the guy who the behavioral economists, he's the guy that says -- he can get people to act in economically irrational ways by nudging them.
Well, let me show you a headline today from "The Wall Street Journal." "Economic Policy Nudge Gives Way to Shove." The article is about how the sneaky incentives, like "cash for clunkers," they're not cutting it anymore, people aren't buying into it. So, we need to do something else.
You can't nudge them any more. They've now decided to shove. Evidence: Obama is shoving the insurance companies. He wants to regulate insurance rates. He wants to prohibit commercial banks from owning or investing in private equity firms or hedge funds. He can't nudge them there so he has to push, penalize, take away, shove, threaten.
That's why the good Chairman Mao, who ironically so many in the people -- so many of the people in the White House seem to love so much, says power comes from the barrel of a gun. We've seen it in history over and over again. Nudging doesn't work.
So, when that doesn't work, but you have to do the right thing for the people, what do you do? Well, shove. But sometimes shoving doesn't work. Sometimes there are people that just aren't intimidated. Well, that's where this guy's handy gun comes into play. It's great. [Fox News, Glenn Beck, 3/10/10, via Nexis]