In 2007, 25 banks had to be bailed out — the single largest bank failure in history.

This was a total of $526 billion over the span of 12 months.

Glenn Beck believes we could now be looking at a repeat of what happened during the 2008 financial crisis.

“In the last five weeks, we have had three U.S. banks fail, and we’re already over the 2007 total by $6 billion.”

On top of this, the Federal Reserve is slated to raise interest rates for the tenth time in over 12 months.

“I know nothing about this stuff,” Beck says, “but I know enough to know you cannot continue to raise interest rates or you will break the back of the economy — but they’re doing it anyway.”

Glenn adds that this isn’t the only thing breaking the back of the economy.

“Our government is borrowing more money, which they then have to print. Far more than you and I are spending at T.J. Maxx, okay? Far more than all of Americans — we went out and we just were on a credit card binge — we wouldn’t make a dent into what the federal government is spending.”

“And yet, we’re going to be the ones paying the price,” Beck warns.

However, the Democrats in the House and the Senate want Congress to raise the debt limit without cutting spending.

“Screw you,” Beck says, “where is my representation?”

“The only thing that can be done with an out-of-control government,” he explains, “is to cut the budgets and bring it back under control. That’s the job of Congress, but they gave that away in 2008.”

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