This is a rush transcript from "Glenn Beck," March 23, 2011. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Hello, America.

Qaddafi today. The Pentagon and war report we told you about and the exercise they were running. We'll tell you about in just a few minutes. It's playing a role sooner than we thought.

Even though you knew it was going to happen, somehow it's still shocking, isn't that, that virtually no major media outlet is digging deeper into a story that we had an exclusive uncovering of yesterday. It is hard to imagine how people can ignore one of the most individual leaders in the union movement who is actively plotting to collapse the United States stock market and cause another financial crisis intentionally.

I am happy to report tonight that at least one congressman is on it. Now, this one -- there is more congressmen I understand than is on it. This one has the job done. It is a letter to Eric Holder demanding to know what the DOJ will do about it. And if they don't do anything about it, Congress, the Committee of Oversight and Government Reform is the principal oversight committee of the House of Representatives and may at any time investigate any matter.

This is Jason Chaffetz that has done this. But we have heard from Washington there are a few that are looking into this matter. We're excited to see who will move first.

There are also a couple of sources that have reported on this story. I'm happy to say the Business Insider did comprehensive story on this yesterday and did a fantastic job. The Washington Post mentioned it. They gave it to one of their columnists.

That's where -- that's where I would cover economic terrorist attack with the columnist. One of their left-leaning writers, and I have to say this, at least he was honest. He talked about the guy we played for you yesterday and we'll play again here in just a minute, Stephen Lerner, who is the SEIU guy.

This article says about Lerner, "He is one of the smartest organizers if not the smartest organizer working in the labor movement right now. A month or two ago, when I began asking around for forward-looking labor thinkers who could give me some ideas for where the leaders should go after Wisconsin, he was the first name I was given, even though he is no longer actually employed by his union." Not sure that's true.

The article went on to say that there was much to fear in Lerner's plan to trigger another financial crisis. But he also said that there's a fair amount of it that I like. And as I think I may have told you yesterday, that will happen. A lot of people are going to agree with what Lerner says, which is essentially that the regular Joe is being screwed over by the big banks.

You know what? Not here to debate that. Wait until you see the show on the Fed on Friday. Banks have a lot to answer for. We put those people in jail if we would ever pursue them.

But I want you to understand who this guy is, Lerner. This guy pressured this administration to nominate Elizabeth Warren to run the Consumer Financial Protection Bureau. This is the one that overseas the Wall Street reform bill. But it's also -- she is also -- it's going to be your protector. She is going to watch out and make sure nobody screws you at all. It's an office of the Fed. So, she doesn't really have any oversight.

In fact, Lerner not only pressured this administration to get her in, he also -- here he is on the 7th of December visiting her at the Treasury Department to meet about the implementation of the financial reform bill.

Now, let me ask you this. Lerner pressured the administration to nominate Elizabeth Warren, so we know the White House knows who he is. And he has contacts in the White House, because he's also visited the White House at least four times. He has enough juice to get his nominee pushed through. We know that he met with her in December at the Treasury Department.

So, the White House knows who he is, don't they? I mean, is it -- is it conceivable that they don't? I mean, look, what else doesn't the White House know? Four visits to the White House, pressure the White House to nominate, visit at the Treasury. If one of, if not the most important labor leaders in country and he's plotting economic terrorism.

They may not know the last one, you know, because they didn't know Van Jones was a 9/11 truther, you know? I mean, should we expect the White House to distance himself from Lerner since, you know, he's plotting economic terrorism? I don't know. Maybe we should tell him he's a 9/11 truther. Maybe then they'll distance themselves.

Let me ask you this -- who is letting people in the White House? We had the 9/11 truther who I point out a bigger problem was he was a communist. And now, we got a guy who is plotting economic terrorism. Who else is going through the door of the White House?

Then, again, The New York Times hasn't written about this story yet, so maybe the White House doesn't know about it and neither do any of the readers. Boy, will they be in shock when they learn the truth about Lerner some day? I hope it's not too late.

Maybe more and more people should watch this show. We know that Stephen Lerner is influencing reform and how it works in the banks in our country. Does Elizabeth Warren know about his economic terrorism? She seems like a nice lady. We may not get information from her, either since her office is technically part of the Fed and they're never secretive at all. They are totally wide open, you know, just another of those transparency things Obama is so high on.

Anyway, for argument's sake, let's just say that the banks are to blame for everything. Let's say Stephen Lerner is right. Every problem we had was because of bad corporations and banks and the problem we're facing right now -- all caused by them.

Well, what did they do that was wrong? Well, they had some slippery practices, that's for sure. They were making up CDOs and things like that nobody even Alan Greenspan didn't even know. True.

Are they guiltless? Not all. Should people go to jail? You betcha! Will they? Not under the last administration and not under this administration.

But the main thing they did to collapse the economy is loan people money that could not afford them. This is the housing collapse. People who had a horrible credit history shouldn't have been getting a loan in the first place.

Now, why did they do that? Well, because of groups like this, ACORN. ACORN was out protesting that the racist banks wouldn't give loans to minorities or to poor people. So, they were pressuring the banks. But they didn't do it alone.

In 2005, ACORN housing began recruiting Mexican illegal aliens and offering them low interest rate and no mortgage insurance requirements. The story was written about in 2006. The program, it says, if I may quote, "The program which uses the tax identification numbers instead of Social Security numbers is similar to the programs run by smaller lenders around the country where they have distributed millions of dollars to undocumented immigrants over the past few years."

Now, let me show you how this all works. This is what happened. We were convinced by George Bush and everybody else that the American Dream was to have a house. That was the dream.

And so, all of the people who live here in apartment buildings couldn't have the American Dream -- some of them because they had bad credit or didn't have jobs that would allow them to afford houses.

Do you remember how expensive houses used to be? Those days aren't coming back.

Anyway, they didn't get a house, so they couldn't have part of the American Dream because of the big, evil bank. I have should put horns on the big, evil bank. They wouldn't loan these people any money.

So, what happened? The unions and ACORN, you know, with their baseball bats, along with the permission and blessings of the beautiful, beautiful people in Washington -- they said, yes, we'll back you up. These banks should give loans to people who can't afford them.

So, they started getting little houses, too, that they couldn't afford. But they couldn't pay the big, evil bank back when things got tough because there is no pot of gold at the end of the rainbow. There is nothing.

And so, what happened? The crash. Got it? The American Dream, which is not owning a house. The American dream, some people couldn't have it. They went to the unions and ACORN and politician to pressure the banks which equals a crash.

I don't think the story is right. I think there's another story. Because I just told you the story and as I'm saying it, these people didn't go here. These people, the unions, ACORN, and the left -- may I say Cloward and Piven? Yes -- were in this frame. And they said, how do we get here?

Well, we define the American Dream as owning a house and we find people who are really upset, not now, but after we go and visit them like little angels here and say, oh, you don't have the American Dream, it's because of them. We can get the politicians because also we have -- I'm just going to call it "Washington dirtbags" -- Washington dirt bags, unions, ACORN, the left wanted a crash, wanted power, wanted to transform the system. And so, they take these people, stir them up, tell them it's the American Dream, they get the banks to loan them money. Crash.

Now, that is what happened to the housing market. That's what caused the last problem. Now, the debate is how to fix the problem. But we did TARP.

But, now, everybody is complaining that the banks, the banks. Who's saying this? These guys.

The banks have all of our money that they took from these people, gave to these people, which these people gave to these people. And these people are going to save us.

Now, here's the solution being offered. Remember top union leader. His solution? Do not honor your contract. Refuse to pay it. Watch.

(BEGIN AUDIO CLIP)

STEPHEN LERNER, UNION LEADER: For example, 10 percent of homeowners, going back to where you started, a quarter of the people who own a home are underwater, right? Their home, they are paying more than its worth. Ten percent of those people now are strategic default, meaning, they are refusing to pay but they are staying in their home. If you could double that number, you would make banks -- put banks at the edge of insolvency again.