1
00:00:08,885 --> 00:00:11,596
[light-hearted music plays]

2
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[protesters] Banks got bailed out!
We got sold out!

3
00:00:18,478 --> 00:00:22,231
Here's a question,
do you trust the government?

4
00:00:22,732 --> 00:00:25,735
I don't always.
I've seen them bail out Wall Street

5
00:00:25,818 --> 00:00:30,615
while the average American struggles.
I've seen them attack peaceful protesters.

6
00:00:30,698 --> 00:00:33,076
And come on,
I know what the TSA is really doing

7
00:00:33,159 --> 00:00:35,661
with all my confiscated weed gummies.

8
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[protesters] Banks got bailed out!
We got sold out!

9
00:00:39,248 --> 00:00:42,085
But you know what
I realized, there is one way

10
00:00:42,168 --> 00:00:46,047
in which we all do implicitly
trust the government every day.

11
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We use money,
and money is nothing but trust.

12
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See the only reason this
random piece of tree pulp is worth a buck,

13
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is because the government
says it is and because we all believe them

14
00:00:57,767 --> 00:00:58,893
when they say it.

15
00:00:58,976 --> 00:00:59,977
You know, it's funny the…

16
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the bill says "In God we trust"
on it, but I'm an atheist.

17
00:01:03,689 --> 00:01:06,317
I don't trust God, I curse God!

18
00:01:07,360 --> 00:01:11,739
Eh, it's probably a coincidence.
No, we trust the government.

19
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That's why none of us
would agree to get paid in IOU's

20
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or autographed headshots of celebrities.

21
00:01:17,495 --> 00:01:21,082
-Uh, do you accept Danny DeVito's?
-Cash only, Bub.

22
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-What about Johnny Cash?
-Who?

23
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-[groans]
-[defeated trumpet note plays]

24
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But everyone accepts
the good old American greenback.

25
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A dollar? [scoffs]
What do you think this is, 1990?

26
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Five bucks a glass, grandpa.

27
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Okay, age comes for us all kid.

28
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You know, I used to think
that the only time the government

29
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interacted with my money
is when I paid my taxes

30
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or that one time I bribed a judge,

31
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but it turns out that the
government and our trust in it

32
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actually impacts every
moment of our financial lives.

33
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So what happens
when that trust breaks down?

34
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[glass breaks]

35
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[dramatic music plays]

36
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You know, I take for granted
that when I put my money in the bank,

37
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it'll stay there. But why? [scoffs]

38
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Why do I trust a faceless
corporation with my life savings?

39
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I mean, they don't even
trust me with their pens.

40
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Well, up until a century
ago, most Americans didn't.

41
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See, back then,
it was common for banks to uh, fail.

42
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And when that happened,
your money would be gone.

43
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Howdy handsome, the cupboards
are bare and the kids are crying.

44
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I need to dip into the kitty,
or my goose is cooked.

45
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Sorry lady,

46
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this Depression's got our balance
sheet redder than W.C. Field's nose.

47
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Your cash has flown the coop.

48
00:02:39,619 --> 00:02:42,830
Americans could become
so afraid of losing their savings

49
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that any sign of
instability would cause a panic.

50
00:02:46,667 --> 00:02:50,421
Hey gang! These phony four-flushers
won't make good on our Mazuma!

51
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-[indistinct chatter]
-[grunts]

52
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Depositors would bum rush the banks

53
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trying to withdraw all of
their money simultaneously.

54
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This was called a bank run,

55
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and it could push even
healthy banks into bankruptcy

56
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resulting in a calamitous
cascade of closures.

57
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[groans]

58
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During the Great Depression,
over 9000 banks failed.

59
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Americans lost billions in savings.
The economy ground to a halt,

60
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and public outcry forced President
Franklin Delano Roosevelt to act.

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One at a time, one at a time.

62
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I lost my life savings.

63
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I lost the proceeds for my moonshinery.

64
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I thought we were all wearing
barrels to this, or did plans change?

65
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Alright, alright. How about this?

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To restore trust in the banking system,

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we will create the
Federal Deposit Insurance Corporation.

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Your deposits
henceforth will be guaranteed

69
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by the full faith and credit
of the United States government.

70
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What if the bank burns down?

71
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You'll get your money back.

72
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What if Bonnie and Clyde
get in there and mess up the joint?

73
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You'll get your money back!

74
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What if you got a telegram

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saying everyone would be wearing
barrels to the speech, but no one did it?

76
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[shouts] It's guaranteed, okay!

77
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[tense beat plays]

78
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Can I withdraw one penny please?
Thanks so much.

79
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At the time, this was considered
an extraordinary measure, but it worked.

80
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The FDIC stabilized
the banking system, restored trust,

81
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and made bank runs a thing of the past.

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Today, when you see
that FDIC logo at your bank,

83
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it means that up to
250,000 dollars of your money per account

84
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is fully insured
by the federal government.

85
00:04:31,689 --> 00:04:36,319
And since 1933, not one penny
of insured deposits has been lost.

86
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And that is all the more impressive
because bank failures still happen.

87
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It's just that nowadays,
instead of causing a panic,

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the FDIC swoops in so seamlessly
that almost no one even notices.

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How do they do that?

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Tell you what, heads we go
find out, tails the show ends now.

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-Oh, man, what?
-[joyful music plays]

92
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Okay, this one doesn't count.

93
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-Let's go again.
-[music ends]

94
00:05:02,303 --> 00:05:04,138
-[bell dings]
-Hey!

95
00:05:04,221 --> 00:05:06,682
[exciting music plays]

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-[Adam] Hi there.
-Hello, and welcome to the FDIC, Adam.

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00:05:14,273 --> 00:05:16,567
[Adam] This is like the
bankiest place I've ever been.

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[woman 1] Come on, let's give a little
tour. We're conducting a simulation today.

99
00:05:20,279 --> 00:05:21,906
-Oh, really?
-So I've told them that I was

100
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gonna invite you to step in
and observe the meeting.

101
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Would you like to do that?

102
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Oh, my God, that'd be incredible.
We can see what happens when a bank fails.

103
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-Let's go on up.
-Let's do it.

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-Adam, here they are. Good morning.
-[Adam] Oh, my gosh, hello everybody.

105
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Thank you for having us. This is
very official, I'm a little nervous.

106
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[laughs]

107
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[man 1] Alright. So, welcome
everybody to this executive briefing.

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We are here for ABC Banking Company.
The code name is Kodiak.

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This bank was founded in 1948,

110
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and the bank has 23 retail
branches across two states.

111
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The bank's been
unprofitable for several quarters,

112
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and we've prepared
a strategic plan for resolution.

113
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The on-site team will be
working through the weekend

114
00:05:57,358 --> 00:06:00,611
so that insured depositors
always have access to their funds.

115
00:06:00,694 --> 00:06:03,739
We wanna make sure the bank opens up
Monday morning at 8:30, just like normal.

116
00:06:03,823 --> 00:06:05,574
So this is a bank that's failing,

117
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so there's 60,000 people
who have accounts at this bank,

118
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the bank is going down, they don't
know that you're here talking about…

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They do not. Yep, we try to do
our best to fly under the radar and

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00:06:16,293 --> 00:06:18,462
make sure that
the financial system stays stable

121
00:06:18,546 --> 00:06:20,631
and that depositors
don't have any disruption.

122
00:06:21,215 --> 00:06:24,009
So if a bank fails
and you don't find the acquirer,

123
00:06:24,093 --> 00:06:27,471
what, FDIC just ends up
owning everything the bank owns?

124
00:06:27,555 --> 00:06:28,722
That can happen, yes,

125
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but sometimes we also can own things

126
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that an acquiring
bank doesn't want to own.

127
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Really, like, what?

128
00:06:34,645 --> 00:06:38,649
Well, back in the 80s, we had a
minority share in the Dallas Cowboys,

129
00:06:38,732 --> 00:06:40,734
-for a very short period of time.
-[Adam] Wait, really?

130
00:06:40,818 --> 00:06:42,528
Did you get free tickets or what? [laughs]

131
00:06:42,611 --> 00:06:44,905
-Unfortunately, no.
-That's a bummer.

132
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Uh, we've had rights to
a horror movie that starred,

133
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uh, George Clooney and Charlie Sheen.

134
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I think it was called
Grizzlies II, and, uh, yeah.

135
00:06:54,707 --> 00:06:56,667
So, how often does this happen?

136
00:06:56,750 --> 00:06:59,962
Recently, it's been less and less because
the economy has been doing very well,

137
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but we did have
a significant period of time,

138
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-if anybody remembers back in 2008, where
-Yeah.

139
00:07:05,092 --> 00:07:07,344
we had hundreds of bank closings.

140
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Wow! That must have been
a very busy time for you in 2008.

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00:07:11,265 --> 00:07:14,727
[Maureen Sweeney] The important thing
to know is the cost of bank resolution

142
00:07:14,810 --> 00:07:16,645
is not born by the taxpayer.

143
00:07:16,729 --> 00:07:20,107
We have a Deposit Insurance
Fund, that's funded by banks

144
00:07:20,191 --> 00:07:22,443
who pay premiums
based on their risk profile.

145
00:07:22,526 --> 00:07:24,153
I love it. Yeah,
make the banks pay for it.

146
00:07:24,236 --> 00:07:27,531
It's the… if--
It was their fault. [laughs]

147
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So we're going to go over to a bank branch

148
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and simulate the bank closing speech that

149
00:07:31,952 --> 00:07:33,954
we give on Friday
night after the bank closes.

150
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Let's do that, please.

151
00:07:35,247 --> 00:07:38,751
Alright, first off, I've been
given this honorary pin to uh…

152
00:07:38,834 --> 00:07:41,045
-to pin on you.
-[Adam] What? Wow. [laughs]

153
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-I'm… I'm an FDIC official. Incredible.
-You're ready to go. You look nice.

154
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Actually, you could do the part.

155
00:07:47,384 --> 00:07:48,844
You know what? I feel cool.

156
00:07:48,928 --> 00:07:51,889
[dramatic music plays]

157
00:08:03,943 --> 00:08:05,319
[door clangs]

158
00:08:05,402 --> 00:08:06,820
[laughs]

159
00:08:06,904 --> 00:08:09,073
[Adam] Alright. Yeah, we are locked out.

160
00:08:09,615 --> 00:08:11,742
[Tyler Caviness laughs ] Classic.

161
00:08:11,825 --> 00:08:14,787
So I thought I would set
the stage with you before we go in there.

162
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You know, as the FDIC we don't like it
when banks fail, we just, we're there

163
00:08:18,290 --> 00:08:21,460
just in case it does happen.
This is an emotional situation,

164
00:08:21,544 --> 00:08:22,962
it's something that
we need to work through.

165
00:08:23,045 --> 00:08:26,257
I think about being professional.
I think about being compassionate,

166
00:08:26,340 --> 00:08:27,925
-Yeah.
-and I think about being respectful.

167
00:08:28,008 --> 00:08:29,885
Professional, compassionate, respectful.

168
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-[Tyler Caviness] Excellent.
-Let's do it.

169
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[intriguing music plays]

170
00:08:32,388 --> 00:08:34,473
Hello, can you please tell me
where the bank president is?

171
00:08:34,557 --> 00:08:35,808
[woman 2] Yes.

172
00:08:36,767 --> 00:08:38,394
-Hello, are you Jerry?
-[Jerry] I am.

173
00:08:38,477 --> 00:08:41,564
Hi, nice to meet you. My name
is Tyler Caviness, I'm with the FDIC.

174
00:08:41,647 --> 00:08:44,066
Alright, so now is the moment
where I would tell the bank president

175
00:08:44,149 --> 00:08:45,859
who we are and why we're here.

176
00:08:46,735 --> 00:08:48,404
-Oh, do I say that?
-Go for it. Please do.

177
00:08:48,487 --> 00:08:51,699
Okay. Uh… Sir, I hate to tell you this,

178
00:08:51,782 --> 00:08:55,911
but we're here from the FDIC to… present
a formal letter that the bank has failed.

179
00:08:55,995 --> 00:09:00,165
Um, once the last customer has left
for the day, if you could lock the door,

180
00:09:00,249 --> 00:09:03,460
uh, and gather your employees
so we can make the announcement.

181
00:09:03,544 --> 00:09:04,837
-Okay.
-[Adam whispers] Did I do it right?

182
00:09:05,337 --> 00:09:06,505
-That was pretty good. Nor--
-[gasps]

183
00:09:06,589 --> 00:09:07,506
[Tyler Caviness] It's all right.

184
00:09:07,590 --> 00:09:09,717
Normally, we wouldn't
say that the bank has failed.

185
00:09:09,800 --> 00:09:11,969
-Aah!
-We don't want to bring that up until

186
00:09:12,052 --> 00:09:13,762
-right at the last minute. Once the state
-I see.

187
00:09:13,846 --> 00:09:15,014
actually closes the the bank.

188
00:09:15,097 --> 00:09:17,850
Maybe he's thinking, "Maybe
it's an announcement for my birthday."

189
00:09:17,933 --> 00:09:19,560
-Yeah.
-[Adam] Right?

190
00:09:19,643 --> 00:09:22,187
No, he's-- there's a pretty good
chance he knows why we're here.

191
00:09:22,271 --> 00:09:26,525
Team, can we all gather up? We've got
an announcement here this evening.

192
00:09:26,609 --> 00:09:28,611
Hello everyone, my name is Tyler Caviness,

193
00:09:28,694 --> 00:09:30,654
and I'm with the Federal
Deposit Insurance Corporation.

194
00:09:30,738 --> 00:09:33,407
It's nice to meet all of
you. As you've heard from the state,

195
00:09:33,490 --> 00:09:34,783
your bank has failed,

196
00:09:34,867 --> 00:09:37,286
and the FDIC has stepped in
to help handle the resolution.

197
00:09:37,369 --> 00:09:39,913
The good news is the FDIC
has entered into an agreement

198
00:09:39,997 --> 00:09:43,042
with an assuming
institution to acquire all the deposits

199
00:09:43,125 --> 00:09:45,586
and virtually all of
the assets of the institution.

200
00:09:45,669 --> 00:09:47,963
The bank will reopen Monday morning

201
00:09:48,047 --> 00:09:50,424
for business as usual,
just under a new name.

202
00:09:50,507 --> 00:09:52,551
There will be a lot of
work to accomplish together,

203
00:09:52,635 --> 00:09:54,762
and we are thankful for your cooperation.

204
00:09:54,845 --> 00:09:57,931
And now, I would like to
introduce you to the acquirer,

205
00:09:58,015 --> 00:10:00,392
the acquiring bank. Thank you.

206
00:10:00,476 --> 00:10:03,270
[somber music plays]

207
00:10:04,438 --> 00:10:05,439
-How'd I do?
-That was a pretty good job.

208
00:10:05,522 --> 00:10:08,192
-Thank you.
-Did it feel awkward or, uh, unusual?

209
00:10:08,275 --> 00:10:09,818
It did feel a little awkward

210
00:10:09,902 --> 00:10:11,987
cause normally when
I'm speaking to a group of people,

211
00:10:12,071 --> 00:10:15,199
they laugh at the
end of a sentence, but in this case,

212
00:10:15,282 --> 00:10:17,284
there are a lot of worried faces.

213
00:10:17,368 --> 00:10:18,994
-Yeah.
-What is that like for you?

214
00:10:19,078 --> 00:10:20,537
You get used to knowing that we're there

215
00:10:20,621 --> 00:10:23,165
to make sure that they
understand exactly what's happened

216
00:10:23,248 --> 00:10:24,958
and, um, to kind of walk them through it.

217
00:10:25,042 --> 00:10:27,753
We've taken care of
all of this on the backend so

218
00:10:27,836 --> 00:10:29,088
that it's really a non-event.

219
00:10:29,171 --> 00:10:30,673
That's what we--
That's what we strive to do.

220
00:10:30,756 --> 00:10:33,384
A non-event.
Like if I'm a customer of this bank,

221
00:10:33,467 --> 00:10:38,097
and on Friday, Saturday,
Sunday, my debit card's still working.

222
00:10:38,180 --> 00:10:40,015
Sometime next week,
I get an email or a letter saying,

223
00:10:40,099 --> 00:10:42,476
"Hey, your bank has a new name,"
and I'm like, "Ehh who cares,

224
00:10:42,559 --> 00:10:44,186
a form letter from my-- Whatever."

225
00:10:44,269 --> 00:10:45,854
And my life just goes on.

226
00:10:45,938 --> 00:10:48,399
I don't experience any
disruption because you're there.

227
00:10:48,482 --> 00:10:50,317
-Yeah.
-Yeah. Amazing.

228
00:10:50,401 --> 00:10:51,318
Thank you so much Tyler.

229
00:10:51,402 --> 00:10:53,445
-Alright, have a good day.
-Thank you, you too.

230
00:10:53,529 --> 00:10:55,823
-[soft music plays]
-[chuckles]

231
00:10:55,906 --> 00:10:57,491
How incredible is this?

232
00:10:57,574 --> 00:10:58,742
Like, I don't know about you,

233
00:10:58,826 --> 00:11:02,955
I think this is one of the most
effective government programs of all time.

234
00:11:03,038 --> 00:11:08,335
The people at the FDIC have neutralized
the threat of bank failures so thoroughly,

235
00:11:08,419 --> 00:11:12,256
not only do they not hurt our money,
we don't even hear about them anymore.

236
00:11:12,840 --> 00:11:14,425
And if they didn't
create that level of trust,

237
00:11:14,508 --> 00:11:17,594
our economy would
literally cease to function.

238
00:11:17,678 --> 00:11:18,971
But hold on,

239
00:11:19,054 --> 00:11:22,724
bank failures are just one bad
thing that can happen to our money.

240
00:11:22,808 --> 00:11:24,351
What is the federal government doing

241
00:11:24,435 --> 00:11:28,772
to protect us from all the other
financial disasters that threaten us?

242
00:11:29,731 --> 00:11:33,485
You know, this show was
supposed to come out a year ago.

243
00:11:34,027 --> 00:11:37,406
But can you guess
what world-altering event happened

244
00:11:37,489 --> 00:11:39,908
a week after we opened our writers room?

245
00:11:39,992 --> 00:11:43,412
No, I'm not talking about the release
of Animal Crossing: New Horizons.

246
00:11:43,495 --> 00:11:46,457
Though that did also stop me
from working for over a year.

247
00:11:46,540 --> 00:11:48,667
No, Covid-19 hit.

248
00:11:48,750 --> 00:11:51,670
And like
so many businesses across the country,

249
00:11:51,753 --> 00:11:55,716
we were forced to shut down.
It was a frightening time.

250
00:11:55,799 --> 00:12:00,053
Millions of Americans were out of work,
the stock market had plummeted,

251
00:12:00,137 --> 00:12:02,764
and trillions of dollars
disappeared from the economy

252
00:12:02,848 --> 00:12:05,476
faster than Quibi
disappeared from our phones.

253
00:12:05,559 --> 00:12:09,229
Was a time when
everyone from gig workers to CEO's

254
00:12:09,313 --> 00:12:11,315
were looking to the government for help.

255
00:12:11,398 --> 00:12:13,066
So what did they do?

256
00:12:13,150 --> 00:12:15,861
[thunder rumbling]

257
00:12:18,030 --> 00:12:22,367
They made it rain.
Trillions of dollars in unemployment,

258
00:12:22,451 --> 00:12:27,456
stimulus checks, small business loans,
and corporate tax breaks.

259
00:12:28,373 --> 00:12:32,669
This emergency infusion
of cash did stabilize the economy,

260
00:12:32,753 --> 00:12:36,048
but I found myself
watching CNBC wondering,

261
00:12:36,131 --> 00:12:39,718
"First of all, when do my Shark Tank
reruns start? This shit is boring."

262
00:12:39,801 --> 00:12:43,889
But more importantly, where is
all this bailout money coming from,

263
00:12:44,598 --> 00:12:49,311
and who's really benefitting? We the
people or the Mark Cubans of the world?

264
00:12:49,394 --> 00:12:53,106
Well, the answers to
those questions may astonish you.

265
00:12:55,901 --> 00:12:58,987
[intriguing music plays]

266
00:13:02,199 --> 00:13:04,451
[crowd cheering]

267
00:13:04,535 --> 00:13:07,538
Folks, my name is
Penn Jillette, that's my partner Teller.

268
00:13:07,621 --> 00:13:12,125
And you may feel stunned, confused,
even bamboozled by government bailouts.

269
00:13:12,209 --> 00:13:14,545
But they have not fooled us.

270
00:13:14,628 --> 00:13:17,172
We're here to show
you how the magic works.

271
00:13:17,256 --> 00:13:20,342
Teller here will be playing
the part of the government,

272
00:13:20,425 --> 00:13:23,637
and these stacks of
good-old American greenbacks,

273
00:13:23,720 --> 00:13:26,181
they're the money
flowing through the economy.

274
00:13:26,265 --> 00:13:29,309
Happy people buying
groceries, taking out bank loans

275
00:13:29,393 --> 00:13:33,981
and betting it all on the ponies.
But hold those horses.

276
00:13:34,064 --> 00:13:36,567
When there's an
economic crash, people get scared.

277
00:13:37,150 --> 00:13:39,611
All that activity stops,

278
00:13:39,695 --> 00:13:44,533
and trillions of dollars
literally disappear from circulation.

279
00:13:44,616 --> 00:13:49,705
Oh, panic, calamity,
the wheels of finance grind to a halt.

280
00:13:49,788 --> 00:13:51,957
No one's buying Frappuccinos

281
00:13:52,040 --> 00:13:55,586
and Ford F-150s anymore.

282
00:13:55,669 --> 00:13:59,298
To save capitalism,
the government needs to inject cash

283
00:13:59,381 --> 00:14:02,426
into the system
to get the economy flowing again.

284
00:14:02,509 --> 00:14:06,096
So we need a volunteer
to fork some cash over.

285
00:14:06,179 --> 00:14:07,639
Don't be stingy.

286
00:14:07,723 --> 00:14:10,517
You can afford to see us
so we know you're rolling in it.

287
00:14:10,601 --> 00:14:14,563
Oh! Oh! Me! Me!
Ha-hah, me, me, take my money.

288
00:14:15,063 --> 00:14:17,149
Okay, Mr. Moneybags,
since you're so loaded,

289
00:14:17,232 --> 00:14:19,735
why don't you be the bank?

290
00:14:19,818 --> 00:14:22,029
And Teller here, is the US Treasury.

291
00:14:22,112 --> 00:14:25,699
Now Uncle Sam needs 2.2 trillion dollars

292
00:14:25,782 --> 00:14:27,993
to stimulate the economy.

293
00:14:28,076 --> 00:14:31,455
So he does what he does
anytime he needs to spend money.

294
00:14:31,538 --> 00:14:37,210
He borrows it, from investors,
other countries, and from you, the bank.

295
00:14:37,294 --> 00:14:40,213
-[crowd gasps]
-Wow! That's quite a wad you got there.

296
00:14:40,297 --> 00:14:41,882
You overcompensating for something?

297
00:14:41,965 --> 00:14:43,884
No, don't answer that, don't answer that.

298
00:14:43,967 --> 00:14:49,139
The government takes that borrowed
money and spends it on unemployment,

299
00:14:49,222 --> 00:14:54,519
bailouts and other stimulus
to get the economy moving again.

300
00:14:54,603 --> 00:14:57,606
In return, the bank gets a treasury bond,

301
00:14:57,689 --> 00:15:02,152
which is just a fancy,
bullshit way to say, "I owe you."

302
00:15:02,235 --> 00:15:06,365
It is the same thing with other banks
and companies going deeper into debt

303
00:15:06,448 --> 00:15:08,075
than a college graduate.

304
00:15:08,158 --> 00:15:12,704
Who else wants to loan
Uncle Sam a couple 100 billion?

305
00:15:12,788 --> 00:15:14,373
Why would everyone agree to this?

306
00:15:14,456 --> 00:15:16,667
[Penn Jillette] Oh, they always do.

307
00:15:16,750 --> 00:15:19,252
Companies and other countries
are eager to loan our government money

308
00:15:19,336 --> 00:15:21,713
because we're a super power.

309
00:15:21,797 --> 00:15:24,758
The biggest, baddest
motherfucker in the world!

310
00:15:25,384 --> 00:15:27,302
And that makes us a uh… safe bet.

311
00:15:27,386 --> 00:15:30,097
The US government's
kinda like the Lannisters,

312
00:15:30,180 --> 00:15:32,432
we always pay our debts,

313
00:15:32,516 --> 00:15:35,018
and start a lot of needless wars.

314
00:15:35,102 --> 00:15:36,561
[machine gun firing]

315
00:15:36,645 --> 00:15:39,690
Okay, look, I know the
government borrows all the time,

316
00:15:39,773 --> 00:15:42,901
but in a crisis, we're
borrowing so much all at once.

317
00:15:42,985 --> 00:15:47,072
I mean two trillion in debt
on top of what we usually spend?

318
00:15:47,155 --> 00:15:48,115
Doesn't it seem crazy?

319
00:15:48,198 --> 00:15:51,535
That's why we have one
more trick up our sleeve

320
00:15:51,618 --> 00:15:54,496
just in case the banks get nervous.

321
00:15:54,579 --> 00:15:59,042
It's called, "The Fed." Now,
if you remember, we gave all of you banks

322
00:15:59,793 --> 00:16:02,671
a whole bunch of
Treasury bonds as IOUs, right?

323
00:16:02,754 --> 00:16:04,881
Why don't you, uh, check those out now?

324
00:16:07,426 --> 00:16:08,510
What?!

325
00:16:08,593 --> 00:16:12,681
Yeah. The government
has repaid all your IOUs.

326
00:16:12,764 --> 00:16:16,143
Now you can make home
loans, invest in businesses

327
00:16:16,226 --> 00:16:19,187
and give your executives
some big fat bonuses.

328
00:16:19,271 --> 00:16:21,857
But where did all this money come from?

329
00:16:21,940 --> 00:16:24,484
Ah-hah. Well, it wouldn't
be a Penn and Teller show

330
00:16:24,568 --> 00:16:27,320
if we didn't reveal how the trick is done.

331
00:16:27,404 --> 00:16:29,406
The government's Federal Reserve Bank

332
00:16:29,489 --> 00:16:32,284
simply types a couple
of numbers into a computer

333
00:16:32,367 --> 00:16:35,495
and adds some zeros to the bank's balance.

334
00:16:36,163 --> 00:16:37,831
[crowd cheers]

335
00:16:37,914 --> 00:16:40,542
What? So they create money out of nothing?

336
00:16:40,625 --> 00:16:43,670
That's right.
The federal government literally

337
00:16:43,754 --> 00:16:47,758
controls how much money
there is, which gives it alone,

338
00:16:47,841 --> 00:16:51,219
the power to bail
the economy out in a crisis.

339
00:16:51,303 --> 00:16:53,930
And it only works because
the banks trust the government

340
00:16:54,014 --> 00:16:55,932
to always pay back its debts.

341
00:16:56,016 --> 00:16:57,726
Okay, that's amazing. But I--

342
00:16:57,809 --> 00:16:59,478
No, no, no. That's all.

343
00:16:59,561 --> 00:17:02,105
My name is Penn Jillette
with partner, Teller, we're Penn & Teller.

344
00:17:02,189 --> 00:17:06,318
Whoever the hell you are,
get off our stage. Get off our stage!

345
00:17:07,027 --> 00:17:10,155
Okay, hold up. Cool magic trick, but

346
00:17:10,238 --> 00:17:12,616
what happens if you're not a bank?

347
00:17:12,699 --> 00:17:14,910
Like yeah,
the big billionaires on Wall Street

348
00:17:14,993 --> 00:17:17,496
trust that the government
has their backs in a crisis, but

349
00:17:17,579 --> 00:17:21,208
can the average American
trust the government to bail us out

350
00:17:21,291 --> 00:17:22,709
when the cash hits the fan?

351
00:17:22,793 --> 00:17:24,086
[woman 3] Hey, Adam.

352
00:17:24,169 --> 00:17:27,422
Hey Sandra. Hi Claudia.
Thank you so much for this.

353
00:17:27,506 --> 00:17:29,091
-[Sandra] No problem.
-[Adam] This is so lovely back here.

354
00:17:29,174 --> 00:17:30,467
-[Claudia] Aww, thank you.
-[Sandra] Thanks.

355
00:17:30,550 --> 00:17:31,676
[Adam] So what is all this stuff?

356
00:17:31,760 --> 00:17:36,223
[Sandra] So we had a daycare
that we had to close. This is

357
00:17:36,306 --> 00:17:40,102
the four of us. This is my
dad is here and, obvi-- me, Claudia.

358
00:17:40,185 --> 00:17:42,771
And then this is our brother
when we opened the school.

359
00:17:42,854 --> 00:17:44,773
-[Adam] The grand opening.
-[Claudia] Yeah.

360
00:17:44,856 --> 00:17:46,983
Kay, wait, I have a question though,
cause I've always wondered this.

361
00:17:47,067 --> 00:17:49,736
For a grand opening,
where do you get the big scissors?

362
00:17:49,820 --> 00:17:50,654
[Sandra and Claudia giggle]

363
00:17:50,737 --> 00:17:53,406
Obviously, every business
had a lot of trouble during COVID.

364
00:17:53,490 --> 00:17:55,325
Tell me about what your story was.

365
00:17:55,408 --> 00:17:59,121
[Sandra] So we had
a capacity of 55 children, ages

366
00:17:59,204 --> 00:18:00,580
six weeks to five years old.

367
00:18:00,664 --> 00:18:03,166
Most of our parents were ER doctors,

368
00:18:03,250 --> 00:18:06,044
or they work frontlines
in the supermarket.

369
00:18:06,128 --> 00:18:08,547
You know,
we had children of essential workers.

370
00:18:08,630 --> 00:18:10,465
You're like essential
to the essential people.

371
00:18:10,549 --> 00:18:11,424
-Yeah, exactly.
-Exactly.

372
00:18:11,508 --> 00:18:13,885
[Sandra] And so we
were trying to figure out,

373
00:18:13,969 --> 00:18:17,180
can our employees come back?
Is it safe for us to come back?

374
00:18:17,264 --> 00:18:19,224
And I had staff that didn't come back. I

375
00:18:19,307 --> 00:18:21,935
had maybe four or five children come back.

376
00:18:22,018 --> 00:18:23,103
-It was just messy.
-[Adam] Wow!

377
00:18:23,186 --> 00:18:26,982
So that sounds like that's
a rough situation for you financially.

378
00:18:27,065 --> 00:18:30,527
[Claudia] We were trying to make
a plan, to try and make it through, and…

379
00:18:30,610 --> 00:18:33,989
[Sandra] It was the anniversary
of our mother's passing,

380
00:18:34,072 --> 00:18:36,199
-which, it's already a dark day.
-[Adam] Oh wow, yeah.

381
00:18:36,283 --> 00:18:39,494
And my sister called me,
she's like, "Look, I reran the numbers

382
00:18:40,162 --> 00:18:41,913
and it-- We can't,"

383
00:18:41,997 --> 00:18:44,416
you know, and we knew
that it was affecting

384
00:18:44,499 --> 00:18:46,084
not just us or my chil--

385
00:18:46,168 --> 00:18:47,961
-our children losing care.
-Our friends, yeah.

386
00:18:48,044 --> 00:18:50,797
[Sandra] This is employees
that are losing their income.

387
00:18:50,881 --> 00:18:53,800
But there were
a bunch of big bills signed.

388
00:18:53,884 --> 00:18:54,968
-[Adam chuckles] Right?
-Right.

389
00:18:55,051 --> 00:18:57,846
And, like, a big part of
that was the PPP loans

390
00:18:57,929 --> 00:19:00,682
that were the paytech...
paycheck protection loans

391
00:19:00,765 --> 00:19:02,309
so that businesses like yourself,

392
00:19:02,392 --> 00:19:04,144
-would not have to lay off employees.
-Right!

393
00:19:04,227 --> 00:19:06,730
-Were you able to get one of those loans?
-[Sandra] We did, but it was

394
00:19:06,813 --> 00:19:07,898
six thousand dollars,

395
00:19:07,981 --> 00:19:10,358
-Okay.
-and that is what we got.

396
00:19:10,442 --> 00:19:11,693
-Period, that's it?
-[Sandra] Yeah.

397
00:19:11,776 --> 00:19:16,198
If you had six employees,
that's not even a month of wages.

398
00:19:16,281 --> 00:19:19,576
No, but the second and
third PPP loans, we were denied.

399
00:19:19,659 --> 00:19:21,953
-And that was-- I don't know.
-[Adam] Why were you denied?

400
00:19:22,037 --> 00:19:23,914
-[Claudia] They never said! Yeah.
-Nope, they never said.

401
00:19:23,997 --> 00:19:24,831
Why do you think that is?

402
00:19:24,915 --> 00:19:29,085
Because we're just this
teeny tiny little school run by two women,

403
00:19:29,169 --> 00:19:32,297
-like, we're not shouting loud enough, so.
-[Claudia] Yeah.

404
00:19:32,380 --> 00:19:33,882
-That's really fucked up.
-[Sandra] Yeah.

405
00:19:33,965 --> 00:19:36,593
-Yes! I agree.
-I think so too!

406
00:19:36,676 --> 00:19:38,220
[Adam] <i>So is there</i>
<i>any way we could go see it?</i>

407
00:19:38,303 --> 00:19:39,304
-[Sandra] <i>Yes, of course.</i>
-[Adam] <i>Yeah?</i>

408
00:19:39,387 --> 00:19:43,141
[Sandra] <i>I would love to stop by</i>
<i>and see the little yellow house again.</i>

409
00:19:43,225 --> 00:19:44,893
Alright, this is the
first time I've been back.

410
00:19:44,976 --> 00:19:46,436
-Is it just over this wall?
-[Sandra] I haven't been-- Yeah.

411
00:19:46,519 --> 00:19:47,812
I don't have access to it actually.

412
00:19:47,896 --> 00:19:51,233
You know, maybe production can
help us out with a ladder or something?

413
00:19:51,316 --> 00:19:53,276
Awesome. Thank you, Kendall.

414
00:19:54,277 --> 00:19:56,780
-[somber music plays]
-[Adam] Oh my gosh, this is so cute.

415
00:19:56,863 --> 00:19:58,949
Aw, it looks so sad.

416
00:19:59,032 --> 00:20:02,953
Normally, my kids would be out
here playing, making a ruckus.

417
00:20:03,036 --> 00:20:08,375
Just had to take everything
or whatever I could take and go.

418
00:20:08,458 --> 00:20:10,502
The community really
needs a place like this

419
00:20:10,585 --> 00:20:14,172
with someone who takes care of it
as much and loves it as much as we do.

420
00:20:14,256 --> 00:20:17,717
[Adam] Yeah. You're providing so
much support to the community,

421
00:20:17,801 --> 00:20:19,719
but then when the crisis comes,

422
00:20:19,803 --> 00:20:22,389
and the government's putting up
this big safety net for everybody,

423
00:20:22,472 --> 00:20:25,642
it's like the holes are too big
and you guys are too small,

424
00:20:25,725 --> 00:20:27,602
-and you fall through.
-Fell right through.

425
00:20:27,686 --> 00:20:28,812
[Adam] If you could build a system

426
00:20:28,895 --> 00:20:31,147
that would have supported
you the way you needed,

427
00:20:31,231 --> 00:20:32,732
what would it have looked like?

428
00:20:32,816 --> 00:20:35,735
To me, it would just be
somehow having a voice.

429
00:20:35,819 --> 00:20:37,696
Or hav… having someone you can call.

430
00:20:37,779 --> 00:20:40,198
-Having a teeny business administration
-Yes, definitely.

431
00:20:40,282 --> 00:20:41,866
-that is there to serve you.
-Right.

432
00:20:41,950 --> 00:20:43,576
A teeny business, I would say that!

433
00:20:43,660 --> 00:20:47,580
Sandra, thank you so much for telling
me your story. I can't thank you enough.

434
00:20:47,664 --> 00:20:51,084
Thank you for having me and
letting me share my teeny tiny business.

435
00:20:51,167 --> 00:20:52,210
Yeah. Can I give you a hug?

436
00:20:52,294 --> 00:20:54,296
-Of course! Thank you.
-Thank you so much.

437
00:20:54,379 --> 00:20:56,006
-Alright.
-Alright. Bye.

438
00:20:56,089 --> 00:20:58,383
[somber music plays]

439
00:21:03,847 --> 00:21:08,560
Sandra's story makes me
so angry, and she's not alone.

440
00:21:08,643 --> 00:21:10,478
How many of you know a Sandra?

441
00:21:10,562 --> 00:21:13,023
Hell, how many of you were a Sandra?

442
00:21:13,106 --> 00:21:16,401
Waiting for a lifeline
that just never came?

443
00:21:17,110 --> 00:21:22,490
How is it possible that our government
can make money rain down from the heavens,

444
00:21:22,574 --> 00:21:25,994
yet if it fails time and again
to make sure any ends up

445
00:21:26,077 --> 00:21:29,122
in the hands of the
people who need it the most.

446
00:21:30,332 --> 00:21:35,670
Well, we looked into it and the answer
isn't going to make you less angry.

447
00:21:35,754 --> 00:21:39,674
See, in this country,
we have two radically different systems

448
00:21:39,758 --> 00:21:41,968
for distributing federal bailout money,

449
00:21:42,052 --> 00:21:45,013
one for the rich,
and one for everybody else.

450
00:21:45,096 --> 00:21:49,434
Banks and large corporations have a
direct, efficient line to government cash.

451
00:21:49,517 --> 00:21:52,812
For them,
it's kind of like flying first class.

452
00:21:52,896 --> 00:21:55,106
Ugh, this recession is such a downer,

453
00:21:55,190 --> 00:21:57,233
I need a ticket to Money Town right away.

454
00:21:57,317 --> 00:21:59,194
Of course, how will you be paying?

455
00:21:59,277 --> 00:22:00,987
I just issued these bonds.

456
00:22:02,530 --> 00:22:06,159
Which as you know, is a fancy,
bullshit way to say, "I owe you."

457
00:22:08,244 --> 00:22:09,996
Very good, sir.

458
00:22:10,080 --> 00:22:13,333
We at the Federal Reserve
would love to buy these from you.

459
00:22:13,416 --> 00:22:15,377
One ticket to Money Town.

460
00:22:15,460 --> 00:22:19,005
And please enjoy our
complimentary low-interest rosé.

461
00:22:19,089 --> 00:22:21,174
We hope to bail you out again soon.

462
00:22:21,257 --> 00:22:22,175
Ta.

463
00:22:22,258 --> 00:22:24,469
But the rest of us can't issue bonds,

464
00:22:24,552 --> 00:22:27,263
so we don't have
access to that kind of help.

465
00:22:27,347 --> 00:22:30,141
Instead, we're stuck in economy.

466
00:22:30,225 --> 00:22:33,728
My restaurant has been
really struggling since the shutdown.

467
00:22:33,812 --> 00:22:35,772
Can I please have a ticket to Money Town?

468
00:22:35,855 --> 00:22:38,149
I don't know, can you issue any bonds?

469
00:22:38,233 --> 00:22:40,693
No, I…I… What is that?

470
00:22:40,777 --> 00:22:42,237
I'm afraid you'll have to wait over there.

471
00:22:42,320 --> 00:22:47,200
Actually, economy's too nice. It's more
like flying standby on Christmas Eve.

472
00:22:48,660 --> 00:22:52,789
The federal agency that distributed
COVID-19 relief funds to small businesses

473
00:22:52,872 --> 00:22:55,125
is called the
Small Business Administration.

474
00:22:55,208 --> 00:22:57,460
But they themselves are so small,

475
00:22:57,544 --> 00:23:00,672
they had to outsource
their job to the banks.

476
00:23:00,755 --> 00:23:02,465
[dramatic music plays]

477
00:23:02,549 --> 00:23:03,508
Next!

478
00:23:03,591 --> 00:23:06,886
Please, I need to get to Money Town.
I have a family and ten employees.

479
00:23:06,970 --> 00:23:10,390
Oh, certainly, certainly.
Just get in line, I'll be happy to help.

480
00:23:10,473 --> 00:23:12,016
Just as soon as I get my cut.

481
00:23:12,517 --> 00:23:16,396
That's real. During the
SBA's COVID-19 loan program,

482
00:23:16,479 --> 00:23:20,358
banks were actually allowed to
make a percentage off of each loan,

483
00:23:20,441 --> 00:23:23,194
and a loophole in the
bill allowed even big businesses

484
00:23:23,278 --> 00:23:25,530
like restaurant chains, to qualify.

485
00:23:25,613 --> 00:23:29,409
Here's a loan for you,
Mr. PF Chang, and one for you, Ruth's,

486
00:23:29,492 --> 00:23:31,411
and for your friend, Chris.

487
00:23:31,494 --> 00:23:33,872
Hope your little
steakhouse empire survives.

488
00:23:36,040 --> 00:23:37,709
What the hell?!

489
00:23:37,792 --> 00:23:39,544
Oh, we just realized
we could make more money

490
00:23:39,627 --> 00:23:41,838
by giving a few
big loans to big businesses

491
00:23:41,921 --> 00:23:44,591
as opposed to many
small loans to smaller businesses.

492
00:23:44,674 --> 00:23:47,051
So that's what we're going with. Next!

493
00:23:47,135 --> 00:23:51,097
And that might explain
why in most large cities,

494
00:23:51,181 --> 00:23:53,183
businesses in predominantly white areas

495
00:23:53,266 --> 00:23:57,353
received loans at far higher rates
than those in communities of color.

496
00:23:58,229 --> 00:24:02,483
But you know, for all the attention that
small businesses got during the pandemic,

497
00:24:03,067 --> 00:24:06,487
you know who really
got screwed? Individual workers.

498
00:24:06,571 --> 00:24:09,991
Because their aid was doled out
through the unemployment system,

499
00:24:10,074 --> 00:24:14,287
and that's more like…
the worst bus trip you've ever been on.

500
00:24:14,370 --> 00:24:18,541
[indistinct chatter]

501
00:24:18,625 --> 00:24:21,044
If you've ever been on
Unemployment in America,

502
00:24:21,127 --> 00:24:24,130
you don't need me
to tell you it is fucked up.

503
00:24:24,214 --> 00:24:28,635
It's a rickety, patchwork program
that every state manages differently.

504
00:24:28,718 --> 00:24:32,764
And many of them have underfunded
their unemployment systems for years.

505
00:24:32,847 --> 00:24:34,307
[woman 4] Okay dearies,

506
00:24:34,390 --> 00:24:36,559
I don't have a ton
of help back here today,

507
00:24:36,643 --> 00:24:40,313
so it's just gonna be slow, I'm
gonna have to get to you one at a time.

508
00:24:40,396 --> 00:24:43,274
-Now, who was here first?
-[indistinct chatter]

509
00:24:43,358 --> 00:24:47,403
So when an unprecedented
wave of joblessness hit in 2020,

510
00:24:47,487 --> 00:24:49,989
the system didn't have
nearly enough capacity

511
00:24:50,073 --> 00:24:52,492
to process the tsunami of claims.

512
00:24:52,575 --> 00:24:55,703
Oh, dagnabit! [groans]

513
00:24:55,787 --> 00:24:58,998
They don't give me a pencil sharpener,
so I've got to just whittle by hand.

514
00:24:59,082 --> 00:25:02,460
That's why just filing for
unemployment during the pandemic

515
00:25:02,543 --> 00:25:04,879
was a bureaucratic nightmare.

516
00:25:04,963 --> 00:25:08,216
Americans in need
were kept on hold for hours

517
00:25:08,299 --> 00:25:11,052
and forced to wait
months before relief came.

518
00:25:11,886 --> 00:25:16,182
While the biggest businesses
in America were relaxing in first-class.

519
00:25:16,266 --> 00:25:20,561
[man 2 yawns] I can't believe
I'm tired, I slept so much on the plane.

520
00:25:20,645 --> 00:25:22,981
[relaxing music plays]

521
00:25:26,150 --> 00:25:28,611
You know, when COVID-19 shut us down,

522
00:25:28,695 --> 00:25:32,198
my production company
got a PPP loan just like Sandra,

523
00:25:32,282 --> 00:25:36,953
but even though our work is definitely not
as essential, Sandra takes care of kids.

524
00:25:37,036 --> 00:25:39,122
I'm up here doing pen jokes.

525
00:25:39,205 --> 00:25:42,250
We got more help more quickly than she did

526
00:25:42,333 --> 00:25:45,878
just because we have
a fancier accountant at a bigger bank.

527
00:25:45,962 --> 00:25:48,840
I had more, so I got more.

528
00:25:49,549 --> 00:25:52,051
That is facedown-ass-up-backwards.

529
00:25:52,135 --> 00:25:54,971
But our entire system is rigged that way.

530
00:25:55,054 --> 00:25:58,891
Is it any wonder that so many
Americans have stopped trusting it?

531
00:25:59,726 --> 00:26:02,729
Oh, uh, Lemonade Kid, what happened?

532
00:26:02,812 --> 00:26:06,566
I'm getting out of the game
old-timer. Never got my PPP loan

533
00:26:06,649 --> 00:26:09,485
and, nobody wants to spend
their stimulus on lemonade.

534
00:26:09,569 --> 00:26:13,239
Guess I'll work for Amazon
and get paid in gift cards.

535
00:26:14,407 --> 00:26:16,701
Lemonade Kid, no.

536
00:26:18,161 --> 00:26:22,957
Our financial system
and our government depend on our trust.

537
00:26:23,041 --> 00:26:25,793
If we don't trust that
our money is safe in the bank,

538
00:26:25,877 --> 00:26:30,131
if we don't trust that the government
will have our backs in a crisis,

539
00:26:30,214 --> 00:26:34,927
if we don't trust that this piece of ink
and paper is actually worth a dollar,

540
00:26:35,511 --> 00:26:36,721
it collapses.

541
00:26:37,221 --> 00:26:38,639
And that's what we risk

542
00:26:38,723 --> 00:26:42,185
when our government
fails to live up to its promises.

543
00:26:42,268 --> 00:26:46,189
It turns out that
our economy and our government

544
00:26:46,272 --> 00:26:47,815
is a lot like Tinkerbell.

545
00:26:48,566 --> 00:26:51,611
If we don't believe in it, it drops dead.

546
00:26:51,694 --> 00:26:55,114
[ominous music plays]

547
00:26:56,032 --> 00:26:58,618
But it doesn't have to. [scoffs]

548
00:26:58,701 --> 00:27:01,037
A better system is possible,

549
00:27:01,120 --> 00:27:04,290
and our government
can create one if it tries.

550
00:27:04,374 --> 00:27:07,919
I mean, these are the
same people who founded the FDIC,

551
00:27:08,002 --> 00:27:10,505
who predict the paths of hurricanes…

552
00:27:10,588 --> 00:27:11,422
[triumphant music plays]

553
00:27:11,506 --> 00:27:14,634
…who sent a man to the Moon.

554
00:27:16,511 --> 00:27:18,346
You know speaking of which…

555
00:27:19,097 --> 00:27:22,600
[light-hearted music plays]