Did Glenn Beck cause the collapse of Bear Stearns?

I asked the question at the time if Glenn Beck contributed to the collapse of Bear Stearns in 2008, and today’s radio show forces me to ask it again more forcefully.

Glenn had a guest on GBTV last night spinning all kinds of theories “connecting” short selling, Osama Bin Laden, China, Ghadaffi, George Soros and Islam working together to commit financial terrorism to cause the collapse of Bear Stearns – a theory worthy of Coast to Coast.  It’s no wonder the US Government is not responding to his crackpot theory.

http://articles.cnn.com/2008-09-17/politics/beck.wallstreet_1_quarterly-loss-local-banker-lehman-brothers?_s=PM:POLITICS

At the time of the Bear Stearns collapse, Glenn Beck had his nightly show on CNN.   He was clearly spooking the market for the stock of Bear Stearns at the time – saying on CNN and his radio show that he “has been hearing things” that there may be trouble at Bear Stearns – and as the selling panic started, kept feeding the fear of the collapse without presenting any specific reasons.

My belief is that someone within CNN or Beck’s sphere of influence used him to collapse Bear Stearns, knowing that Beck was naive about the stock market and didn’t fully appreciate how little it takes for a TV host to spook the market for a stock.

At a minimum, I think we need to know who it was that was telling Beck there were problems at Bear Stearns.    That could go a long way toward pointing us in the right direction to find The Truth.

Here is a good place to start – from the biography of Larry Kudlow:

“He was formerly chief economist and senior managing director of Bear Stearns & Company. Mr. Kudlow started his professional career at the Federal Reserve Bank of New York, where he worked in open market operations and bank supervision.”\

Kudlow has been doing a show at WABC-AM since 2006, which is also where Glenn Beck was doing his show since 2001.

Here is some additional interesting reading:

http://www.theburningplatform.com/?p=5485

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11 Responses to Did Glenn Beck cause the collapse of Bear Stearns?

  1. To the best of my knowledge, Glenn Beck has never worked at WABC-AM, nor has his syndicated show ever run on that station. Many radio stations are mentioned in various Beck bios but not WABC. As far as I know, Beck’s only tenure on New York radio was the period when his syndicated show aired on WOR.

    • Art Stone says:

      You’re correct. I worded it poorly.

      Glenn has never been heard on WABC-AM – it is still a mystery to me why he is not heard on any former ABC radio station, since it is the obvious choice – my best theory is it is an edict from someone at Disney.

      ABC radio has a production facility that it rents out to others – which Beck used (before he started his own production company and moved to Radio City) – when Bill Bennett is in New York, he is doing the show from the ABC radio studios even though he is heard on WNYM-AM, the Salem Radio station in New York (because Curtis Sliwa is using the WNYM studio).

      Glenn used to talk about bumping into Rush Limbaugh in the hallways, and some indication of bad blood between the two of them over some “slight” Rush made to someone who worked for Glenn. Of course, neither of them use the ABC Radio New York studio any longer.

      Lou Dobbs is another person Glenn would have had contact with at the time – maybe even Jim Cramer…. or maybe someone he just met socially who whispered things in his ear.

      My main point is he is entertaining all these elaborate theories about who conspired to tank Bear Stearns – but skipped over his own part in the process. If this was an SEC investigation, Glenn would be getting asked where he got his information and whether anyone profited from “Inside information”

  2. Parrott says:

    Hey Art, How is Glenn’s rating and stuff on GBTV ? How’s his radio show ratings? He doesn’t seem to have the same good useful information on his radio shows anymore.
    I guess he wants people to pay for him for it now, herding them toward GBTV.

    Did Glenn have something to do with MF-Corzine and MF Global ?

    • Art Stone says:

      I don’t know about how well GBTV is doing. Like Sean Hannity, his radio show is becoming more and more just material of “Watch this on my TV show tonight”.

      The main thing about MF Global is how little coverage it is getting. There are farmers all across the country who are being wiped up by this. I expect the Democratic controlled media to ignore and downplay the story. Perhaps with his new TV news show, he’ll have some people who run grain elevators in Kansas tell how MF Global destroyed their trust in “the system” and wiped them out.

  3. HPaws says:

    For what its worth, I just cancelled my GBTV – no time and my interest has waned. The actual post-hype product is a drip compared to the waterfall of promises. Also the content is repetitive and tiresome. The sky didn’t fall, I discovered Stan Getz and the outdoors.

  4. Mark says:

    Art,
    About a year back I was cruising websites and did my annual visit to Alex Jones.
    He claimed that Beck was plagiarizing his material. Jones even said if you want to know what Beck will be saying tomorrow then just check my website the night before.
    Jones, as you know, is pretty far into conspiracy theories. It’s anyone’s guess how many other websites and information channels he is plagiarizing.
    Beck’s radio show is especially annoying since he and his cadre of co-hosts all want to talk at the same time. I have a bit of a hearing loss so when 3 or 4 people are trying to talk at the same time is all sounds like noise to me. Beck manor-isms reminds me of an adolescent. Also he seems to be someone who can’t figure out want he wants to be when he grows up.
    With all that said; I suspect Beck probably isn’t smart enough to pull off the collapse of Bear Stearns. It’s more likely someone used his naivete` to pull it off.
    Mark

  5. HPaws says:

    Phil Hendrie has accused Beck and his acolytes of ripping off Handrie’s material. This was several years ago – I believe Hendrie.

    • Art Stone says:

      Beck had been doing “characters” long before Hendrie went into national syndication. There are very few truly original ideas. What Beck does is has Stu or Pat call on the phone and pretend to be a real caller, usually doing the obnoxious caller routine “Hi Glenn, First Time Caller, Long Time Listener, Really love your show. Can you hear me? How are you today? I’ld like to get to the 3 topics I have today, but first I want to say something about that caller yesterday…”,etc…

      That has nothing to do with what Hendrie does.

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