Podcast Summary: The Glenn Beck Program

Episode: Best of the Program | Guest: Stephen Moore | 11/4/25
Date: November 4, 2025
Host: Glenn Beck (A)
Main Guest: Stephen Moore (B)

Overview

This "Best of" edition of The Glenn Beck Program weaves together perspectives on the economic fallout from the ongoing government shutdown, migration trends in American states due to policy and taxation, reflections on Dick Cheney’s complicated legacy, and the cultural and political stakes facing New York City and the nation at large. Glenn, joined by economist Stephen Moore, brings his signature storytelling, wit, and urgency to the country’s financial and political crossroads.

Key Discussion Points and Insights

1. The Economic Impact of the Government Shutdown

[02:31 – 12:46]

• Explaining the Repo Market:
  Glenn uses a metaphor equating the financial system to a human body to demystify the complicated mechanics behind the recent government shutdown.

  • The Federal Reserve functions as the "heart," banks and institutions as the "arteries and veins," and regular Americans as "capillaries" in this analogy.

  • The "repo market" acts as the "oxygen exchange," sustaining the system with overnight cash flow.

    “It's like watching a marathon runner suddenly reach for an oxygen mask at mile three. Why? Why is this happening?” (A, 06:05)

• Systemic Stress:

  • The shutdown has caused the Treasury to hoard nearly a trillion dollars, straining liquidity throughout the economy.
  • The effects begin at the largest institutions ("arteries") and trickle down, hurting small businesses and consumers first ("capillaries").

    “When arteries clog at the heart, what's the first part of the body that goes cold, goes numb? The fingers, the toes. That's us.” (A, 09:01)

• Warning Against Prolonged Shutdown:

  • Glenn argues that the crisis won’t come with a crash but with a "slow, silent squeeze" that could turn fatal if left unchecked.

  • He criticizes politicians for making the shutdown a matter of posturing rather than governance.

    “This shutdown is not just a political stale stalemate. It is a self-inflicted wound. ... The system is starting to gasp for air.” (A, 10:13)

  • Calls for an end to the shutdown to avoid greater harm to Main Street, not just Wall Street.

    “The cure is not more money printing. It's governance. ... The shutdown has to end. Not because Wall Street wants it, but because Main Street needs it.” (A, 11:27)

2. Economic Migration and Policy Consequences in US States

[12:46 – 22:46]

• Mass Exodus from High-Tax States:
  Stephen Moore highlights the shifting population and wealth out of states like New York and California to low- or no-income-tax states like Florida and Texas.

  “New York has lost two and a half million people on net over the last ten years... almost two and a half million people, which is what? Four congressional seats right there.” (B, 12:57)

• Voting with Your Feet:

  • They discuss www.votewithyourfeet.com, a tool showing migration trends and wealth transfer.
  • Moore provides a dramatic example of Ken Griffin, a billionaire whose departure from Chicago to Florida created a $50 million hole in Illinois' budget.

    “He was by far the biggest donor to all of the charities. ... It put a $50 million hole in the Illinois budget. One person.” (B, 16:18)

• Rise of the Texas Stock Exchange:

  • Moore points out the establishment of a competing Texas Stock Exchange, symbolic of America’s financial shift south.

    “Now you've got the Texas Stock Exchange... If they raise these tax again, you'd pay 17% income tax in New York City. Who's going to do that?” (B, 15:02) “Today in America, in Dallas, Texas, there are more financial services jobs than there are in New York City.” (B, 18:07)

• Socio-Political Implications:

  • Concern over blue states’ financial mismanagement leading to calls for federal bailouts.

    “The only way that New York even survived fiscally is with another massive federal bailout. They're not going to have the tax base. How they going to pay their bills?” (B, 21:00)

    • Glenn objects to federal responsibility for state mismanagement, calling it “taxation without representation.” (A, 21:20)

• Demographic and Policy Shifts:

  • Moore remarks on the “bleeding” of blue states, noting Florida has gained $1 trillion in income over the past decade.

    “Florida has imported over a 10-year period, $1 trillion of income from people coming in from other states. ... The biggest mass migration ever in the history of this country.” (B, 20:08)

  • They express incredulity at policy directions in California and New York, even as people flee these states.

    “How do you screw up California? ... First time in 250 years more people are leaving California than going to California.” (B, 22:00)

3. The Future of New York City and the National Political Stakes

[18:30 – 22:46]

• Threats to NYC’s Status:
  They discuss how policies like raising taxes risk New York City’s long-term status as a financial capital.

  “How much more can New York take before it's no longer the financial capital?” (A, 18:12)
  “You'd think they'd have gotten that message already.” (B, 18:30)

• Education and Political Philosophy:
  Moore and Glenn express concern that young voters don’t appreciate the costs of socialism and high-tax policies.

  “Our education system... You have these 24 year olds who are voting, they think socialism works. Where? Show me where.” (B, 19:32)

• Governor and Presidential Politics:
  Moore flags California Governor Gavin Newsom’s potential presidential bid as “astonishing,” given the state’s troubles.

  “And yet the governor of California is right now the lead candidate to run on the Democratic ticket for president. Gavin Newsom ... What's he going to run on? I'll do for America what I did for California.” (B, 22:30)

4. Remembering Dick Cheney: Legacy, Contradictions, and Lessons

[22:46 – End]

• Overview of Cheney’s Career:
  Glenn offers a detailed, balanced eulogy for Dick Cheney, pointing out how Cheney's influence in major US military and intelligence decisions defined his era.

• Strengths and Flaws:

  • Cheney built faith in American military might after Vietnam and was a stabilizing force in moments of crisis (notably after 9/11).

    “Dick Cheney kind of finished that off with George H.W. Bush by restoring the faith in our military. Faith in America's strength was not the problem. America's strength was the protector of liberty.” (A, ~24:15)

  • Glenn criticizes the expansion of surveillance and government power under the Patriot Act and subsequent policies.

    “We built the Department of Homeland Security. None of those things had anything to do with freedom. ... The Patriot Act made all of it possible.” (A, ~26:55)

• Memorable Moments:

  • Cheney’s early acceptance of his daughter’s sexuality is highlighted as an example of personal courage and decency.

    “He was quiet when his daughter Mary came out as gay. He didn't blink. ... As a politician, he stood almost entirely alone. Nobody gives him credit for that.” (A, ~27:40)

  • Glenn draws lessons from mistakes of endless wars, government overreach, and euphemisms (“enhanced interrogation” vs. “torture”).

    “Enhanced interrogation is still torture. No matter, no matter what. No matter what you do to a man surgically, he's still a man. You can't just say, oh, no, that's a woman. Changing the words doesn't change reality.” (A, ~29:55)

  • Cheney’s legacy is presented as both a warning and a tribute:

    “He helped America find its courage, but he also taught us how easily courage can drift into control.” (A, ~30:50)
    “The strength of a nation is not measured just by its power to strike, but its wisdom to stop.” (A, End)

Notable Quotes & Timestamps

• “It's like watching a marathon runner suddenly reach for an oxygen mask at mile three.” — Glenn Beck ([06:05])
• “When arteries clog at the heart, what's the first part of the body that goes cold, goes numb? The fingers, the toes. That's us.” — Glenn Beck ([09:01])
• “This shutdown is not just a political stale stalemate. It is a self-inflicted wound. ... The system is starting to gasp for air.” — Glenn Beck ([10:13])
• “He was by far the biggest donor ... It put a $50 million hole in the Illinois budget. One person.” — Stephen Moore ([16:18])
• “Today in America, in Dallas, Texas, there are more financial services jobs than there are in New York City.” — Stephen Moore ([18:07])
• “Florida has imported over a 10-year period, $1 trillion of income from people coming in from other states. ... The biggest mass migration ever in the history of this country.” — Stephen Moore ([20:08])
• “The Constitution's not a suicide pact. And California and New York and Chicago are going to eventually need giant bailouts. And why should I pay for that?” — Glenn Beck ([21:20])
• “Enhanced interrogation is still torture. No matter, no matter what. No matter what you do to a man surgically, he's still a man. You can't just say, oh, no, that's a woman. Changing the words doesn't change reality.” — Glenn Beck ([29:55])
• “He helped America find its courage, but he also taught us how easily courage can drift into control.” — Glenn Beck ([30:50])

Timestamps of Important Segments

• [02:31] — Glenn explains the economic stakes of the government shutdown
• [12:46] — Stephen Moore joins and discusses state migrations and taxation
• [16:18] — Ken Griffin Chicago/Florida story and Illinois budget impact
• [18:07] — Financial sector jobs shift from NYC to Dallas
• [20:08] — Florida’s $1 trillion income influx
• [22:46] — Glenn's commentary on Dick Cheney's legacy
• [29:55] — Discussion of torture, "enhanced interrogation," and reality of government overreach
• [30:50] — Reflection on Cheney as both a model and a warning

Summary Tone & Language

The episode’s tone is urgent, candid, and reflective, blending economic analysis, political critique, and personal storytelling. Glenn Beck uses vivid metaphors and plain language to demystify complex issues for his listeners, while Stephen Moore provides expertise grounded in policy and data. The conversation is simultaneously critical of current governance and nostalgic for a more principled past.

This summary captures the rich discussion, notable quotes, and key themes, providing a comprehensive snapshot for listeners who haven’t experienced the episode firsthand.