Are 'Super-Regulators' Overstepping Their Authority?

This is a rush transcript from "Glenn Beck," March 27, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Why politics are taking over our economy and ruining our financial system, you know, is beyond me. Tim Geithner has a new plan for more oversight now.

Joining me now is Yaron Brook. He's the president of the Ayn Rand Institute. Yaron, how are you?

YARON BROOK, PRESIDENT, AYN RAND INSTITUTE: Good, good. Thanks for having me on, Glenn.

BECK: So Ayn Rand — I think she is spinning around like a lathe so fast that you could actually make chair rails on her. This is unbelievable. They are now talking about being able to go into private industry and say, "You look like a threat," and shut you down.

Video: Watch Beck's interview

BROOK: Absolutely. I mean, the way all this is worded - it basically is going to give the Federal Reserve, the FDIC, the Treasury, all these powers to basically decide that you are a systemic risk, "Glenn, you are a systemic risk to the U.S. economy. We're going to shut you down."

Nobody defines "systemic risk." Nobody knows what "systemic risk" means. Nobody has proven that any of these institutions have systemic risk. But we're going to have a super-regulator that can shut down any company in the financial services and beyond because they fear they might be systemic risks.

BECK: Right. OK. Yaron, I mean this sincerely. I have been talking about the economy since it was like at 13,000 and still going up. When it hit 14,000, I said, "Good god almighty, people, get out of the stock market, it's coming crashing down!"

And at that time, I heard it from the left. I heard it from the right - Republicans, Democrats, everybody saying, "You are hurting the economy by talking it down." Why couldn't they make that case? Oh, and they will. Why couldn't they make that case about me and shut me down?

BROOK: Oh, exactly. I mean, we're seeing here an attack on you hurting the economy coupled with the general atmosphere in the country with there's a general attack on free speech. And you combine the attack on free speech and you combine the attack on private property, which is really what this new regulatory regime and old regulatory regime is.

When you combine those two, you're in very dangerous waters to the freedoms that exist in this country. When we see freedom of speech go and when we see freedom of property go, what is America all about at the end of the day?

BECK: Nothing.

BROOK: Those are the freedoms that this country was founded upon. This is what this country is really about.

BECK: At that point, it's only about giant global corporations and power in Washington. Let me give you something from President Obama's town hall meeting. Listen to this.


UNIDENTIFIED FEMALE: When can we expect the jobs that have been outsourced to other countries to come back and be made available to the unemployed workers here in the United States?

PRESIDENT BARACK OBAMA: A lot of outsourcing that was referred to in the question really has to do with the fact that our economy, if it's dependent upon low-wage, low-skill labor, it's very hard to hang on to those jobs.

That's why it's so important to train our folks more effectively. And that's why it's so important for us to find new industries — building solar panels or wind turbines or the new biofuel that involve these higher value, higher skilled, higher paying jobs.


BECK: OK. Yaron, help me out on this one. When are those jobs coming back from overseas? I don't know. I'm busy taxing those companies and driving those jobs out. But we need to find solar panel jobs.

BROOK: Notice the premise, the premise both in the question and the answer. The premise is that government creates jobs. The premise is that government ships jobs overseas and then brings them home.

BECK: Right.

BROOK: Private enterprise creates jobs. Capitalism — free markets creates jobs. And when you restrict freedom, when you restrict capitalism, when you restrict markets, you destroy jobs. And that's what the Bush administration did for eight years and that's what Obama is doing now.

We're taxing, regulating to death American industry, American free markets, American capitalism, and there are not going to be jobs anywhere. The jobs in China are being destroyed at a faster rate than here because of our regulations.

BECK: Well, I mean, anybody thinks that those great solar panel jobs are — wow, they got millions of those waiting. Those great solar jobs are going to stay over here once we make the solar panels. Those are going to be made in China. That's the way the world works. This is ridiculous.

All right. Yaron wrote two articles for my magazine, Fusion. They are absolutely — I love this issue. It's springtime for Bailout and Germany. It is a comedy and news magazine. He wrote a couple of great articles in the May issue.

You can read them. It's on sale now at or you can call and order Fusion magazine, 888-GLEN-BECK. Very funny magazine. Smart magazine as well. News and humor. Fusion, see?

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