Jan. 28, 2021 - Bannon's War Room
48:19
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Well the virus has now killed more than a hundred people in China and new cases have been confirmed around the world. | |
| You don't want to frighten the American public. | ||
| France and South Korea have also got evacuation plans. | ||
| But you need to prepare for and assume. | ||
| Broadly warning Americans to avoid all non-essential travel to China. | ||
| This is going to be a real serious problem. | ||
| France, Australia, Canada, the US, Singapore, Cambodia, Vietnam, the list goes on. | ||
| Health officials are investigating more than a hundred possible cases in the US. | ||
| Germany, a man has contracted the virus. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| Japan, where a bus driver contracted the virus. | ||
| Coronavirus has killed more than 100 people there and infected more than 4,500. | ||
| We have to prepare for the worst, always. | ||
| Because if you don't, then the worst happens. | ||
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War Room. | |
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, live from military-occupied Green Zone of Washington, D.C., that was our nation's capital. | ||
| You're in the War Room. | ||
| It's the 28th of January, the year of our Lord, 2021. | ||
| It is a bleak Thursday, except if you're in GameStop. | ||
| We're going to get to all that. | ||
| The populist revolt Now comes to Wall Street and the payback of the unintended consequences of zero interest rates. | ||
| John Frederick's Radio Network, Real America's Voice, Dish Channel 219 up on the Bird, Comcast 113 out in the Midwest, streamed everywhere in Mandarin, simultaneous translation in Mandarin, G News, GTV, of course on Rumble, Telegram, Gab, everywhere. | ||
| Once you get into the live stream, download the app. | ||
| We'll do more about that later. | ||
| Shows on Fire, plus number top couple of podcasts in the world with over 31 million downloads. | ||
| OK, big show today. | ||
| We're going to go to Wyoming, Minnesota, Chicago, throughout the nation and the world to track everything that's going on. | ||
| We're going to have a lot. | ||
| Steve Cortez is going to come in, one of the most sophisticated traders out there, hedge fund guy. | ||
| Also the voice of the Trump Nationalist Economic Policy Movement. | ||
| America First, we're going to talk about GameStop. | ||
| We've got, by the way, we've got some breaking news already about the new Secretary of Treasury, Janet Yellen, just confirmed they kind of played patty cake with her during the During the confirmation hearing. | ||
| As the Republicans have played patty cake with everybody, including Tony Blinken, about China, which we're going to get to in a second with one of the top columnists in the country, Marina Devine. | ||
| But I want to have breaking news right now. | ||
| Raheem Kassam drilling down on our Secretary of Treasury and her relationship with the Wall Street heavies, particularly Citadel Capital and Ken Griffith. | ||
| What is it, Raheem? | ||
| So Ken Griffin's coming under a lot of fire, especially people like Dave Portnoy putting him on blast this morning for a lot of what's going on with the GameStop and other things in the market now. | ||
| Nokia as well in all of this now. | ||
| BlackBerry. | ||
| all of those different things right and and so this morning people woke up to the fact that they could not not execute any more trades on their platforms locked out of Ameritrade all of these other things it's it's Robin Hood it's complete carnage out there right now and we'll have more on that but zero hedge pops a tweet this morning talking about how much money Janet Yellen has made from these firms | ||
| It looks like so far, we've just been going through, so far in the last couple of years alone, Janet Yellen has made over $800,000 in speaking fees from Citadel alone. | ||
| 1.2 million in total from Citibank, Goldman Sachs, Google, Citi National Bank, UBS, Citadel, Barclays, Credit Suisse, Salesforce and more. | ||
| Okay, this is the Wall Street establishment coming together for the disintermediation that this populist revolt is. | ||
| We're not telling you to buy any of these stocks. | ||
| What we're telling you is this is the payback. | ||
| This is what zero interest rates get you. | ||
| Zero interest rates has made the Millennials and Generation Z Russian serfs. | ||
| You're no different than Russian serfs, okay? | ||
| We've said this now for years and years and years. | ||
| You're seeing the serfs try to throw off their chains, and guess what? | ||
| The Wall Street elite does not like it. | ||
| But to get to the heart of this, it's the Chinese Communist Party. | ||
| They're the key to the business model the world works on right now, the globalization business model. | ||
| One of their relentless pursuers is the fearless columnist, For the New York Post, Miranda Devine. | ||
| Miranda joins us today. | ||
| Miranda, I've got to tell you, your last two columns, as great as you've been, your last two columns stand out as just hammer time. | ||
| You had a column I think came out Sunday night from Monday morning's paper about our favorite Dr. Fauci, and you said he's got to be held accountable. | ||
| You went through, and we're going to post it back in the live chat right now. | ||
| We're going to get it back up later on the website. | ||
| You went through chapter and verse. | ||
| of the phoniness and the danger this guy has been, and we've warned the Biden administration, watch out for this guy. | ||
| All you have to do is read Miranda Devine's column on him. | ||
| Then last night you came out with another amazing piece about the Wuhan lab. | ||
| Tell us, and by the way, Joe Biden yesterday signed an executive order saying we can no longer say Chinese-China virus. | ||
| We have never said in this show the China virus. | ||
| We're the first people to pick this back up. | ||
| We had our first anniversary show on Monday. | ||
| It's the CCP virus, the Chinese Communist Party virus, and the victims of it, the biggest victims are Lao-Beijing, the people of China. | ||
| Miranda, walk us through your column that just came out this morning that I want to go back to Fauci. | ||
| Talk to us about Wuhan. | ||
| What do you think has to happen? | ||
| Well, look, we have right now the World Health Organization finally, a year late, has gone into Wuhan with a team of crack investigators to try and get to the bottom of where the virus came from. | ||
| And the only American representative there is a guy called Peter Daszak from a non-profit in New York called EcoHealth Alliance. | ||
| And he has a conflict of interest because | ||
| He helped fund the research at the Wuhan Lab into bat coronaviruses, which included gain-of-function research, which, as I think your listeners will know, is all about interfering with the architecture of the virus and basically changing it so that it's more infective to human cells, because normal coronaviruses from bats are pretty stable. | ||
| They don't really want to jump species. | ||
| They don't want to jump to humans. | ||
| So you have to get them in the lab and muck around with them and do this gain-of-function research, which is very dangerous. | ||
| We were actually banned in America in 2014 for three years. | ||
| Anyway, so Peter Daszak is the only American representative He's funded the research. | ||
| His name is on papers, scientific papers, with China's Batwoman, Zixuan Li, who is the Director of Research at the Wuhan Lab. | ||
| And he's over there now, just right now, will be coming out of his two-week quarantine in a Wuhan hotel. | ||
| And while he hasn't responded to my questions that I sent him by email, he did appear on a podcast a few days ago, From his quarantine in Wuhan. | ||
| And in that interview to the Going Viral podcast, he was asked whether they'd be going to the Wuhan lab, which is obviously the most, you know, the place that is the most obvious source of this pandemic. | ||
| And he was very blasé about it and said, oh, look, we might go, we might not. | ||
| If there's any evidence to show we might go. | ||
| On the other hand, he was very certain that they would be going to the Wuhan Seafood Market, which is about a kilometre away from the Wuhan Institute of Virology, and which really has been discounted by most credible virologists around the world as the source. | ||
| And even the Chinese themselves who first put the finger on that seafood market as Somehow a place where the virus spontaneously leapt from a pangolin or a bat and into humans, which is pretty difficult to believe. | ||
| Miranda, you've stripped the face off this in your column. | ||
| If we can get the column up there, I want everybody to see the headline. | ||
| Miranda, you've ripped the mask off this thing of how phony it is. | ||
| An interesting fellow, because he didn't create that. | ||
| He didn't go to the Treasury and go get the money. | ||
| He didn't put in a form and get it funded by somebody. | ||
| The money came to him directly, correct me if I'm wrong, by Tony Fauci. | ||
| Did not Tony Fauci fund Echo Health Alliance, which job is to go around the world and look for these viruses? | ||
| And the money that he had, and I think also University of Texas at Galveston comes in here, but the money was to perform gain-of-function. | ||
| Our audience is the most sophisticated in the world in this. | ||
| We walked through gain-of-function on January 26th of last year. | ||
| The next day we had Bill Gertz on talking about Wuhan. | ||
| They all said these are right-wing fringe conspiracy theory. | ||
| Everything we have said on this is absolutely correct. | ||
| Fauci reversed the policy of the Obama administration with Collins, correct me if I'm wrong, in December of 17, and then funded Daisik. | ||
| Daisik's just the middleman, he's the bag man for Fauci. | ||
| Daisik funds Bat Lady in Wuhan, and we know from the State Department, from memos they were sending back from the Wuhan consulate, and from Beijing, The US Embassy. | ||
| The certification of this entire P4 lab, which is like a nuclear weapons lab, right? | ||
| The certification was always kind of jiggy. | ||
| Questionable. | ||
| And Fauci funded this. | ||
| Then Fauci said back in February and March, when people like War Room were coming after him, he said, oh I've talked to my Chinese colleagues, they said everything is fine. | ||
| Right? | ||
| They wouldn't lie to me. | ||
| That's his quote. | ||
| Is not Tony Fauci the guy on the hook here? | ||
| Dyson's just a bag man? | ||
| Well, certainly. | ||
| I mean, Daszak also got a lot of funding, not just from Fauci's outfit, from the Department of Defense as well. | ||
| And the gain-of-function research, two of the most vociferous proponents of it and defenders of it are Anthony Fauci and Peter Daszak. | ||
| And gain-of-function research is so dangerous that you had about 300 scientists Some of the top virologists in the world actually banded together to convince the Obama administration to ban it in this country. | ||
| But the tragic irony of that is that Anthony Fauci and Peter Daszak's research continued, only it was done offshore in China in the Wuhan laboratory. | ||
| That gain-of-function research into these bat coronaviruses that were found in a mine shaft a thousand kilometers away from Wuhan, where three miners were killed after inhaling huge quantities of basically bat, the dust of bat feces, because they were in there trying to clean it out. And that bat coronavirus, that new coronavirus, was a terribly exciting thing for a | ||
| scientist like, you know, the bat lady, Zheng Li and Daszak, because they wanted their names on a really big paper to show that they'd found this new bat coronavirus. | ||
| And that it could infect humans and therefore could be the source of the next pandemic. | ||
| That's what they were in the race to do. | ||
| And instead of doing it in a safe lab in America, and even in a safe lab in America with the best safety standards, accidents happen all the time, they offshored it to Wuhan Institute of Virology, where even the Chinese government had questions about their safety. | ||
| and where the US State Department a few years ago actually produced a report saying that there were serious concerns about their safety in that lab. | ||
| And so, you know, if this virus did end up leaking from the Wuhan lab. | ||
| It would be no surprise and it's ridiculous that the WHO crack team of investigators is not going straight there. | ||
| They should be there right now going through all their records. | ||
| Unfortunately, the database was interfered with on January 31st. | ||
| 2019, when Shi Zhengli was first told about these two pneumonia patients and told... 31 January 2020. | ||
| 31 January 2020. | ||
| Yeah. | ||
| Yeah. | ||
| Sorry, no, it was December. | ||
| Sorry, I'm wrong. | ||
| That was 31 January 2020 was the date that Donald Trump stopped flights from Wuhan and was from China and was roundly told by Joe Biden he was a xenophobe. | ||
| I got news for Tony Fauci. | ||
| Yeah. | ||
| I got news for Tony Fauci. | ||
| When Miranda devines on your case, right, and you're hiding stuff from her, bad things happen. | ||
| This is all the media out there. | ||
| She is relentless. | ||
| Miranda, we got a punch. | ||
| We're going to get the R's up. | ||
| We want to get you back in here because this is the story. | ||
| How did this thing start? | ||
| What did the CCP do? | ||
| And I don't care how many executive orders Biden signs, not the China virus. | ||
| No, it's not about the Chinese people. | ||
| It's not even about the nation of China. | ||
| It's about the Chinese Communist Party and who aided and abetted this. | ||
| And with Miranda Devine and others, we're going to get to the bottom of this. | ||
| Miranda, what's your social media coordinates so people can follow you and get more of your writing? | ||
| So I'm still on Twitter, Miranda Devine there, and I'm on, well, I was on Parler at Miranda Devine as well. | ||
| And you can read me in the New York Post. | ||
| You're fearless. | ||
| That's why you're so beloved. | ||
| Miranda Devine, thank you very much for joining us on We're In Pandemic. | ||
| Thanks, Steve. | ||
| This Wuhan thing stinks to high heaven. | ||
| This propping up, it's like they're propping up Biden, they're propping up Fauci, it's all phony, it's all lies. | ||
| It's going to be stripped away one layer at a time and the world is going to be shocked. | ||
| But more importantly, the people that covered this up, I wouldn't like to be Peter Dicek of the lawsuits that are going to start coming, okay? | ||
| Somebody's got to be held accountable for what happened here. | ||
| I don't care how many times I say it's not the China virus, it's not the China virus, it's the CCP virus! | ||
| Back next, Steve Cortes in GameStop on War Room Pandemic. | ||
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War Room Pandemic with Stephen K. Bannon. | |
| The epidemic is a demon, and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| So what happened? | ||
| Well, Neil, first of all, I've got to say, I recommended many of these stocks on January 11th or before. | ||
| I've got the report in my hand that I sent out to my subscribers, and here's the list. | ||
| First of all, all of this nonsense, all of this noise, all of this whining by Wall Street is making me sick. | ||
| 140% of GameStop was short. | ||
| I didn't hear one person on TV complaining about Wall Street trying to crush GameStop. | ||
| A hundred and forty percent short! | ||
| I told my subscribers, buy this stock, and they made a fortune. | ||
| I also told them to buy Virgin, we took profits on that today. | ||
| Fizz, that's up huge. | ||
| Tangers is up huge. | ||
| Neil, you can't allow Wall Street to short 75% of a stock and nobody says anything, crush these companies into the dirt, and then when the individual investor makes money, everyone's up in arms. | ||
| Oh, they're going to lose their share? | ||
| Don't you think people are trading? | ||
| If it traded 80 billion shares a day, people are ringing the register. | ||
| I have a kid who bought a house. | ||
| He made $50,000 and bought a house. | ||
| So yes, some people are going to lose and some are going to win, but if they want to change the rules of the game now because the general public is making money after decades of the shorts crushing thousands of stocks into the dirt. | ||
| I've watched stocks being crushed completely to zero and no one ever whispered anything because those stocks didn't have Wall Street sponsorship. | ||
| They were small names. | ||
| Maybe they went public through a reverse takeover. | ||
| Whatever it was, the shorts have had their way with the market for decades. | ||
| No one's ever complained about it. | ||
| So I am thrilled if you are going to try to destroy a company by shorting 140% of its stock, you have to accept the fact that individual investors are playing the same game that you're playing and now you're losing. | ||
| What you left out there is that kid who bought a house was your kid. | ||
| So, congratulations there. | ||
| He's a relative of mine. | ||
| And by the way, he bought my book and I'm not trying to blow smoke, Neil. | ||
| And he was so thankful that, listen, there are people out there who would never be in the market. | ||
| And you know, listen, some people are going to lose, some are going to win. | ||
| But last year, I'll just make one final point. | ||
| Five stocks, five of the biggest names, blue chip stocks, are down $400 billion in market cap. | ||
| So the same folks that rammed your retirement fund into Exxon Mobil down $100 billion are telling you, don't make money, don't give it a shot, don't take risks. | ||
| That's what it's all about. | ||
| Neil, people are going to lose their house on this trade too, we should point out. | ||
| I mean, I don't care what anybody says here. | ||
| The retail investor is often the last out when this thing implodes, and it will implode. | ||
| I have never, ever, ever seen anything like this. | ||
| This is... | ||
| This would be like if you're playing the Super Bowl or a football game and Cadell's not beyond it, but fourth quarter, your team's losing and they just go, we're going to add 20 minutes. | ||
| We're going to change all the rules. | ||
| Midstream. | ||
| You cannot do this. | ||
| If you can do this, you can do anything. | ||
| You can literally change the rules. | ||
| At any moment, at any time, for any reason, if you don't like the way it's going, even though you previously said the rules can't be changed. | ||
| Robin Hood is dead. | ||
| Robin Hood's only... Like, at this point, if I worked at Robin Hood, I'd be like, I have two options. | ||
| I'd end up in handcuffs in prison. | ||
| Or I'm just gonna go bankrupt but I'm not gonna end up in prison because I'm gonna turn it back on and people won't sue me. | ||
| But you're done. | ||
| The decisions that were made at Robin Hood today should land everybody who was involved in those decisions in prison. | ||
| Okay, there's a lot to get through here. | ||
| By the way, just to make sure you understand something, it'd be like being in the Super Bowl in the fourth quarter and you're playing the Kansas City Chiefs Right? | ||
| But you're playing, the opposite team is the Bad News Bears. | ||
| But the Bad News Bears are actually winning in the fourth quarter, right? | ||
| And they changed the rules. | ||
| This is so corrupt. | ||
| We're not telling you to pile in here and buy these stocks, but we're trying to lay out why this is a populist revolt predicated on the disintermediation of the cartel that is Wall Street and the protecting of their own. | ||
| Plus, this is the law of unintended consequences of the central banks and people like Janet Yellen and others of what Steve Cortez and Steve Bannon have preached for a long time. | ||
| The destructive nature of zero and negative interest rates. | ||
| That they protect the wealthy, they protect asset classes, and they destroy, destroy working class people, and this is why I've said for years... | ||
| The Millennials and Generation Zero are nothing more than Russian serfs. | ||
| Lao Bai Jing are slaves in China. | ||
| The rest of the people, in particular these two generations, are Russian serfs. | ||
| At zero interest rates, there's no way for your savings account makes you no money, your money market makes you no money, you have no way to have a capital formation, you've got some job in a cubicle, this is why family formation is later, this is why women make rational choices, say, hey I like this guy but can he be a provider? | ||
| Can we have a couple of kids? | ||
| Are we going to have a house? | ||
| And the answer is generally no. | ||
| That's why family formation come later. | ||
| That's why, you know, that's why we've got all these problems. | ||
| It all gets back to the economics and it goes where power is. | ||
| Power doesn't emanate from Washington, D.C. | ||
| This is the permanent political class that protect Wall Street in the city of London. | ||
| No better person to explain that than Steve Cortez. | ||
| Steve Cortez is a brilliant, brilliant trader. | ||
| He's made his livelihood for 25 years in the hardest trading environment in the world, the pits of Chicago, okay? | ||
| The pits, you need big shoulders out there, some poet told me, right? | ||
| Broad shoulders to be in those pits. | ||
| But he's also the first Wall Street guy to become an economic nationalist, an economic populist. | ||
| Cortez, I was on JFK earlier and they're saying we need to know why this is populism versus the Wall Street cartel. | ||
| So walk us through exactly what's going on. | ||
| You bet, it absolutely is. | ||
| By the way, to your Bad News Bears reference, Coach Buttermaker would figure out a way to beat the Kansas City Chiefs in the Super Bowl, I'm confident. | ||
| But listen, this is positive. | ||
| Well, these guys are. | ||
| That's what I'm saying. | ||
| And by the way, it's the spread of information by the internet. | ||
| Go ahead, continue on. | ||
| So this is absolutely a populist uprising on Wall Street. | ||
| And what we see right now is that the oligarchs of Wall Street are striking back today. | ||
| The Empire Strikes Back, to reference another movie. | ||
| And they are using their leverage to say that those of us who fly in private jets, we're going to suppress those people who drive Uber. | ||
| And we're going to say those people can't play by the same rules we do. | ||
| Now, let me be specific here. | ||
| For decades, Wall Street titans have engaged in market manipulation. | ||
| What I mean by that is they take positions, whether it's a long position or a short position, and they go on their forms of Reddit, things like CNBC. | ||
| They go on the airwaves and tout their positions. | ||
| Now, I don't have a problem with that. | ||
| That's free speech, okay? | ||
| They argue for and against companies and sectors. | ||
| They've done this for decades, to move asset prices. | ||
| Now, with disintermediation, guess what? | ||
| The little guy, the little guy, I can do this. | ||
| So there are stock traders all over this country. | ||
| Many of them, by the way, are new stock traders because the lockdowns have sent them home and they don't have enough to do. | ||
| That's another topic for another time. | ||
| But the point is, with the democratization of information in this digital age, a lot of regular people are saying, wait a second, We have the same access to information, and when we are combined, none of us individually has a lot of financial firepower, but when we are combined, we actually have the financial firepower to take on Wall Street regarding a company like GameStop. | ||
| And look, I have no position in this company, I have no view on what it's going to do, if it's justified at these prices or not. | ||
| To me, that's actually irrelevant. | ||
| Here's the point. | ||
| The shorts on game stock, institutional shorts, were trying to drive a company into the ground. | ||
| They wanted the stock to go to zero or at least near zero. | ||
| Now, fine. | ||
| I'm okay with short selling. | ||
| I've done a lot of it over my career at Wall Street. | ||
| But those same short sellers then, the most sophisticated and savvy investors in the entire world, institutional investors, when they get caught, when they get squeezed, and this is an epic short squeeze by thousands and maybe millions of little guys who believe in the company, It is totally detestable that they then run for cover and protection to the regulators of the federal government, to brokerage houses, and to financial media. | ||
| That's what's happening right now. | ||
| But I'll tell you this too, Steve. | ||
| Trying to keep, whether it's in politics or in financial markets, Trying to keep populism underwater, it's like trying to keep that beach ball underwater. | ||
| You cannot keep it underwater, okay? | ||
| The oligarchs are exposed right now. | ||
| Are they going to win this battle on GameStop, on AMC? | ||
| Perhaps they will. | ||
| They might win the near-term skirmishes, but they're not going to win the longer-term War. | ||
| The oligarchs are exposed for what they're doing to America. | ||
| Let me add this too, Steve, because this is a critical component. | ||
| What makes this even more reprehensible is the fact that it is regular Americans who bailed out Wall Street during the housing crisis, the credit crisis of 08 and 09. | ||
| Regular taxpayers in this country, hardworking, regular people who don't speculate on stocks, who just try to pay their bills, who go to church and go hunting. | ||
| can we lost all people bailout i want to go to the idea that i have to go back real quickly i was was he was talking about in terms of uh... the the apparatus that's being used here all right the peace i think it was lost every lost every about how Bloomberg. | ||
| Michael Bloomberg got wealthy, right? | ||
| And it was off the Bloomberg Terminal. | ||
| This is how they've run their own kind of Reddits for so long, and it's cost prohibitively expensive for the ordinary person to have a Bloomberg Terminal in their house. | ||
| Now they're using Reddit instead. | ||
| The establishment doesn't like it. | ||
| There is a critical point in all of this about how they keep people out of these conversations and how they keep people out of amassing wealth here. | ||
| And I have to tell you, I mean, I'm looking at the price now and I'm looking, you know, it's going up and down and up and down. | ||
| You can see it right on the televisions behind you. | ||
| It's now at $4.05. | ||
| They're still trying to crush this thing. | ||
| There needs to be a full investigation right now into who Janet Yellen has spoken to in the last 24 hours. | ||
| Who's Ken Griffin been speaking to in the last 24 hours? | ||
| And what has been going on to take that? | ||
| No, the investigation is going in for the racist, alt-right language that's being used in some of these chat rooms and that's why they're pulling them down. | ||
| They're not going to go after Janet Yellen and the cartel. | ||
| And he's right. | ||
| The reason Donald Trump is president Is because of the financial crisis of 2008. | ||
| The fuse that got lit then exploded in November 2016 with President Trump. | ||
| Okay, short commercial break. | ||
| Cortez, the all-knowing is going to be back. | ||
| Raheem Kassam, we're covering this. | ||
| The populist revolt on Wall Street and the cartel's systematic beatdown of it will continue when we return on War Room Pandemic. | ||
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War Room Pandemic with Stephen K. Banham. | |
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| ...degree, can see their stocks rise in this magnitude and all of that is just fine? | ||
| That there's nothing wrong with the integrity of the system if that is occurring? | ||
| The lack of integrity in the system is the precursor that caused GameStop to be sold short 136% and for people to try to pile on and destroy a company in front of our eyes. | ||
| That, to me, feels wrong. | ||
| That feels pretty un-American, if you ask me. | ||
| I think GameStop is a reasonable business. | ||
| You know, I think what they do is reasonable. | ||
| And so, the fact that they shouldn't be allowed to exist because all of a sudden, like, we decide that they should be obliterated into the ground? | ||
| Well, they should be allowed to exist. | ||
| They should be allowed to exist at whatever their stock should be valued at based on what their earnings are. | ||
| And this stock was like $17-18 not that long ago. | ||
| Who said that? | ||
| Who said that? | ||
| Do you want to make the same argument about Tesla? | ||
| It's gone 10x in a few months. | ||
| You don't know what it's worth, let's be honest. | ||
| You don't think that Tesla's growth prospects... Scott, I have my own model for the company. | ||
| I'm allowed to underwrite however I want to own it. | ||
| Everybody that bought that stock is also underwriting how they want to own it. | ||
| And the point is, just because you're wrong doesn't mean you get to change the rules. | ||
| Especially when when you were wrong, you got bailed out the last time. | ||
| That's not fair. | ||
| Yeah, but it doesn't mean that these investors who were short the stock were necessarily wrong. | ||
| I mean, I still haven't heard you tell me what the fundamental case is for GameStop at $3.50 or AMC theaters, which are Why is that all of a sudden so wrong to you, this kind of momentum trading? | ||
| is worth what the stock's trading at now, or any number of these things, the way that they're trading. | ||
| There's no fundamental reason why they're there. | ||
| They're trading because there's this momentum cohort behind it, whether it's on Reddit or Robinhood, wherever else. | ||
| But why, Scott, why is that all of a sudden so wrong to you, this kind of momentum trading? | ||
| Because, for example, if you look under the hood on every quant strategy, organized quantitative strategic hedge funds on Wall Street. | ||
| Those things are all momentum shops. | ||
| They trade day over day. | ||
| Okay, get the guy's name on CNBC. | ||
| He gotta be fired immediately. | ||
| You just saw right there, ladies and gentlemen, this is the most important tell of that. | ||
| I'm gonna get to the integrity system. | ||
| These people on TV, on politics and economics, they're airheads. | ||
| He's an actor. | ||
| Just an actor, the way he looks. | ||
| That is the most pathetic, The integrity of the system, the fundamental values, like Wall Street is a corrupt casino. | ||
| It's been a corrupt casino for 30 years! | ||
| And it almost destroyed our nation. | ||
| It did what Hitler and Tojo and the Soviets, the greatest enemies we've ever had, in 2008, it brought us to our knees. | ||
| Remember, you knew from Congressional testimony released later, the internal talking of the Finance Committee and the Tax Committee said we were 72 hours. | ||
| And they went to Bush in the White House after Lehman collapsed on September, I think, 18th of 2008. | ||
| When McCain suspended his thing, they told him right there, Paulson and the Secretary of Treasury, the Federal Reserve Chief, said... | ||
| We're 48 hours away from an implosion of the American stock market and the economy, and I think a week away from an implosion of the world economy. | ||
| You want to see that? | ||
| That's how I start my film. | ||
| I made it back in 2009. | ||
| Generation Zero starts with that scene. | ||
| Don't sit there and give me some, start preaching about the integrity of the system. | ||
| That guy's ought to get the hook, and CNBC is, this is embarrassing. | ||
| Get people up there that know what they're talking about, not some actor. | ||
| Oh, the fundamental value, what are you, Graham, is the fundamental analysis? | ||
| Three-quarters of the stocks on Wall Street trade on, remember, it's all the financialization. | ||
| You got these kids in there trading on algorithms. | ||
| They don't even know what the stock, they don't even know what the companies are. | ||
| They're all stocks in the math and back of the trading patterns, which is what clients are about. | ||
| And he's sitting there going, wow. | ||
| I'm not arguing for the value of what GameStop is, but hey, at Harvard Business School, you know what they tell you the value is? | ||
| What the last trade said it was. | ||
| What the last trade said it was. | ||
| Cortez, I'm teeing you up for the integrity of the system. | ||
| I want you to come in and give me the Chicago way, right? | ||
| That's the thing. | ||
| Let me make it a question rather than a comment then, Steve. | ||
| They keep talking about fundamentals. | ||
| Fundamentals. | ||
| You keep hearing them using these same words. | ||
| The fundamentals of things. | ||
| And everyone's looking at this. | ||
| And I think the great thing about this whole experiment over the last three days, four days now, is it's actually schooling a lot of people up as to how these things actually work and how these people have made so much money for such a long time. | ||
| The fundamentals, as Steve says, the fundamentals are, hey, what has this guy on the Bloomberg Terminal told me? | ||
| Hey, what has this guy, you know, on the street corner told me? | ||
| There has been such a lack of fundamentals in this whole industry for so very long, and the fact that they can go throw it around now, people, Steve Cortez, isn't that just the biggest joke of all of this thing? | ||
| Oh, 100%. | ||
| And by the way, I'll tell you who that was. | ||
| It's Scott Wapner. | ||
| I know because I worked with him for years. | ||
| I broadcast for a long time at CNBC. | ||
| I have many friends there, but over the last couple days, I am frankly astounded at how brazen CNBC has been in taking the side of Wall Street titans against regular American investors who are ostensibly the customers, the audience of CNBC. | ||
| It's been very revealing. | ||
| You know, the populist movement, I often call Donald Trump the great revealer, but it's beyond Trump. | ||
| The populist movement in general is a movement of revelation. | ||
| We are finding out who people really are. | ||
| And in the case of Wall Street, We see a lot of titans, a lot of oligarchs, who pretend to be free market adherents, when in reality what they have been is very good manipulators of a very crony capitalist system, not real capitalism. | ||
| And the second that they meet real opposition in the form of a very organized populist rebellion against some of their stock market positions, what do they do? | ||
| They don't argue in favor of their position. | ||
| They don't say, we have more financial firepower than you, we're going to wait this out. | ||
| Instead, they cry and whine and run to the government, to other brokerage houses, and to corporate media, and they beg for protection against these upstarts. | ||
| And again, this is people who own jets asking for protection against people who drive Ubers. | ||
| That's the reality of this situation. | ||
| Where are the customers' yachts, as they used to say back in the 20s? | ||
| Here's the central beating heart of it, and Cortez, you're the best at explaining this. | ||
| The democratization of information. | ||
| Wall Street bets, and you saw this, this connects back to the Stop the Steal with President Trump. | ||
| You start to see crowdsourcing, where you're leveraging more people's thinking, and you also saw from universities, from kids that played games, you start to see this very sophisticated mathematical analysis Much more sophisticated than the DC consultant class. | ||
| You start to see sophisticated analysis of exactly what happened. | ||
| And this is what CNN and MSNBC never came back and pushed back. | ||
| It's the reason that the Cortezes and the Bannons of the world are so obsessed with this election and what happened. | ||
| And we're not talking about You know, servers on the moon or gun battles in Frankfurt or guys in Italian prisons. | ||
| We're talking about the basics of what happened here. | ||
| It's the same things happening here. | ||
| If you go to Wall Street Bets, you've got people at the same age of the guys, the young quants in the cubicles of the hedge funds because you're seeing the lords of equity lords on TV. | ||
| But the work in the engine room in these hedge funds is done essentially by the same type of guys that are in these chat rooms and they can do the math and you're seeing fairly sophisticated financial analysis. | ||
| Isn't this about the internet? | ||
| The internet drives populism because it gives people more of a level playing field. | ||
| Mr. Cortez. | ||
| Yes, 100%. | ||
| And to connect the dots here between the markets and politics, I would tell a lot of folks who are involved in this populist revolt on Wall Street, if you think it's bad what you're seeing on Wall Street, wait until you take a serious look at the election results from November 3rd. | ||
| Wait until you look at the statistical analysis of these contested states, these six swing states that decided this election. | ||
| You'll be equally appalled, if not more so, when you apply those same analytical statistical skills to the improbability of a supposed Biden win in these states. | ||
| So, yes, to your point, Steve, this is populism across the board. | ||
| It is enabled by technology, but therein also lies the danger and the vulnerability. | ||
| This is why big tech, is of all the oligarchs that are the rising oligarchy in America, of all the oligarchical powers out there, the collusive oligopoly of Silicon Valley is the most dangerous by far, because they have been pretty successful so far at trying to suppress information, certainly in the political realm, as much as they can, and now they're trying to do it in the financial market realm, for example. | ||
| And it's almost laughable, but it's predictable in some ways, What are they doing to try to shut down these message boards and shut down Reddit and communication among these investors? | ||
| They're calling them racist, you know, as if this movement in Reddit and GameStop or AMC or any other stock, as if it has anything to do with race at all. | ||
| Of course, it does not. | ||
| But that is the lazy default of the left, of the statist, of the oligarchs, when they don't have a better explanation for why somebody else needs to be silenced. | ||
| And unfortunately, they're going there with this current situation, this current crisis, really, I would call it. | ||
| Look, we have a sizable audience of Bernie Bros. | ||
| I want everybody to understand. | ||
| Put aside the noise and look at the signal. | ||
| If you're out there and you've traditionally been a liberal, you've traditionally been a progressive populist, look at who is trying to shut you down. | ||
| This is why I keep saying this generation of millennials and the Generation Z, you're Russian serfs, okay? | ||
| The people that started all this, I don't want to blame them for starting, but the solution that the neoliberal neocons had in the Obama, remember he was an anti-war populist. | ||
| But immediately, because of the financial crisis, it was Biden and that Democratic, with the Republicans, cartel of Wall Street that bailed themselves out on your back! | ||
| They've socialized the risk, they've put a minimum, they've capped the risk on the downside and given themselves unlimited upside. | ||
| That's where the asset classes can explode and you don't own anything. | ||
| They have quantitative easing, interest rates go to zero, all you do is pay the taxes and you get on the wheel. | ||
| You get on the wheel of Samsara and you're just in that cubicle, you got a little bit, you got a credit card, you just go, you spend, okay? | ||
| And now... | ||
| Look at who, Janet Yellen, all the Wall Street Democratic guys, right? | ||
| BlackRock, all these guys, CNBC, Andrew Ross Sorkin yesterday, the biggest progressive on business TV. | ||
| He's crying. | ||
| He said that the public has attacked the company. | ||
| They're going long the stock. | ||
| They're going long the stock. | ||
| They're supporting the company. | ||
| They're going long the stock. | ||
| And the phrase he keeps using, they're attacking the company. | ||
| No, sir. | ||
| Who's attacking the company's guys? | ||
| Shorting's out. | ||
| And Cortez and I don't have a problem with shorting. | ||
| Shorting's a natural part of the Darwinian environment, of the natural jungle that is Wall Street. | ||
| You have to have shorts. | ||
| But here, you had people going long and the shorts had to cover. | ||
| In other words, they had to get the stock. | ||
| They got crushed. | ||
| And don't think Citadel and these guys came in for some sort of altruistic. | ||
| That $3.5 billion was lost was your pension fund money. | ||
| That's your money. | ||
| Citadel, these guys, came in because these guys owned other stock portfolios that Citadel had leveraged up. | ||
| They were going to implode also. | ||
| This was a chain reaction. | ||
| Mr. Cortes, we need you to stay for the next segment, but give us a closing minute here of your thoughts. | ||
| Steve, this is insiders versus outsiders, whether we're talking Washington, D.C. | ||
| or Wall Street. | ||
| That is the crux of the battle here. | ||
| It's not Republican against Democrat. | ||
| In the case of politics, it's the America first upstarts against the uniparty of Washington, D.C., the capital cabal of the Beltway. | ||
| In the case of Wall Street right now, it's entrenched Wall Street interest in titans with the complicity of a compliant media, unfortunately, against the upstarts of Robin Hood trading and people who follow Dave Portnoy. | ||
| This is an insider versus outsider battle in both cases. | ||
| The insiders, ultimately, they're going to prevail, but we're up against significant and powerful interest. | ||
| We have to keep fighting. | ||
| Okay, we're on Keep Steve Cortez. | ||
| We're heading back in a second. | ||
| Raheem, before we jump to break, give us your thoughts, your update of what's happening now and other things on fire. | ||
| Well, it's incredible to me that the media is taking just the one side's line on this. | ||
| This morning when the stock drops, they make no mention of the fact That actually it was dropping because people weren't allowed into the apps and the systems to actually make the trades. | ||
| Now I'd say this, if there are going to be investigations and there should be investigations into this, I want to see investigations into the complicity of the media and the journalists. | ||
| Watch what you report. | ||
| CNBC and CNN, check who does the advertising. | ||
| You know sides they're taking? | ||
| The guys putting up the ads. | ||
| And that is not the unwashed masses of the populace. | ||
| God bless you guys. | ||
| You've taken on the system and you've ripped the mask off. | ||
| We want everybody out there, particularly millennials, that hate the sound of Donald Trump's name, understand this is a populist economic nationalist movement and you're seeing what the cartel, what they think of you right now. | ||
| Okay, we're gonna take a short commercial break. | ||
| The great Steve Cortez will join us after that break. | ||
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War Room. | |
| Pandemic. | ||
| With Stephen K. Bannon. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, welcome back. | ||
| I want to go back to Cortez. | ||
| By the way, the democratization of information is also what drives the defense of President Trump and why he has to make this case in the U.S. | ||
| Senate. | ||
| Steve, also about shorts, everything. | ||
| Give people your perspective on the markets here and why some of the stuff is not all bad, right? | ||
| It's being portrayed as black and white. | ||
| It's a little grayer than that. | ||
|
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No, absolutely. | |
| Steve, listen, shorts serve a very important role in financial markets. | ||
| I think a lot of people out there maybe who aren't active traders might say, well, why should we let anybody bet against a company? | ||
| Here's why. | ||
| Because short sellers, in terms of price discovery, they are really sort of truth seekers. | ||
| You might even call it a truth serum for the market. | ||
| And they often sniff out terrible business models in which people should not invest, and at times even corrupt business models. | ||
| For example, a lot of the sham Chinese companies that got listed on U.S. | ||
| exchanges that had bogus financials, there were aggressive short sellers, firms like Muddy Waters that did great work in exposing these Chinese frauds. | ||
| And by shorting against them, they brought a lot of attention to them. | ||
| Some of them ultimately got delisted. | ||
| So I absolutely believe in shorts. | ||
| What I do not at all believe in, and no one should support, is the idea that when shorts get caught, when they are wrong in a position or they're getting squeezed, that they should then run for protection, particularly Very sophisticated, very financially savvy shorts. | ||
| When they're getting short-squeezed, again, by the people, by a populist revolt in the financial markets, they cannot or should not then be able to go to financial regulators, to brokerage houses, and to corporate media and ask for protection against the upstarts. | ||
| To your point, too, about to connect the dots between this populist revolt and the one related to the election, Donald Trump, in my view, simply must fight in the upcoming Senate trial. | ||
| And there is a wealth of information about the irregularities, the provable fraud and the constitutional violations of the November 3rd vote. | ||
| A lot of that has been crowdsourced. | ||
| A lot of it has been done. | ||
| by statisticians and attorneys outside of the Trump campaign, outside of the White House. | ||
| Some of it's been done inside. Peter Navarro and his report, of course, are just spectacular. | ||
| My point here is this, is that the president has an opportunity, even though this impeachment is a complete farce, and even though this trial, I think, is illogical and unconstitutional. | ||
| If the trial is going to happen, I'm encouraging the president, and I put an article up just yesterday on Rahim's wonderful website, National Pulse, an article that the president should not pursue just a narrow not guilty plea. | ||
| In other words, he should not only contest the incitement allegation. | ||
| I think it will be fairly easy for Trump to prove that, of course, he did not incite violence. | ||
| Quite the opposite. | ||
| He asked for Americans to peacefully and patriotically make their voices heard. | ||
| But Nancy Pelosi and her minions in the Democratic Party, they also put Well, if you charge him with that, he has the right to defend against that. | ||
| that he spread false statements regarding the problems of the November 3rd vote. | ||
| Well, if you charge him with that, he has the right to defend against that. | ||
| He can prove that these were not false statements, that there are enormous problems with the November 3rd vote in these six states. | ||
| And he can do so, Steve, on an unparalleled stage in terms of prominence and reach during a Senate trial. | ||
| And he can do it in a courtroom-like setting before the American people. | ||
| The American people largely have been deprived of a real debate over the problems of the November 3rd vote. | ||
| And I encourage the President to take this really seriously and to grab this opportunity. | ||
| Again, even though it's a sham, this impeachment, he can now grab this opportunity. | ||
| The door has been opened by Nancy Pelosi. | ||
| I think that Trump and the populist movement can charge through that door. | ||
| And reveal to the world our case for the problems of the vote. | ||
| And there are really three key verticals there. | ||
| The statistical anomalies that make the Biden win so improbable as to be impossible. | ||
| And then the second one is the provable fraud. | ||
| And we have a lot of examples of provable fraud. | ||
| And then the third being the constitutional violations, particularly as it relates to the 14th Amendment, that effectively two classes of voters were created in these states. | ||
| That is completely unconstitutional and it makes the votes of these states invalid. | ||
| I think if the president makes that case forcefully on those three verticals, it's not going to change the vote. | ||
| Joe Biden is still president of the United States, but it will give Donald Trump as an individual a lot more credibility going forward as the leader, the indispensable leader of our movement. | ||
| It will also give our movement more momentum in terms of fixing the broken election practices in these states. | ||
| And then finally, it will give us an enormous amount of momentum into the 2022 elections to elect a Republican majority in both the Senate and the House and real Republicans, an America-first Republican Party, not a Mitt Romney or Paul Ryan Republican Party. | ||
| Yeah, you know, they know they can't get votes to convict. | ||
| What they're going to try to do is use an emotional argument for three days, go back to language they said it was used since he joined politics, right? | ||
| Number two is all the efforts from November 4th, they're going to say it's all lies and work people up, and then they're going to try to have videos and stuff of that day. | ||
| They're going to make an emotional appeal. | ||
| President Trump's lawyers right now are going to make a very smart, savvy, technical constitutional about due process and this. | ||
| Pelosi and these guys are going to come in with two or three days of just an emotional thing. | ||
| They're trying to convict him in the eyes of the American people. | ||
| Understand they don't have the votes to make sure he can't run again for office. | ||
| They're going to try to drive down his approval ratings down to the high twenties. | ||
| And that's why I think he's got the receipts. | ||
| Professor Clements out of New Mexico State University was not part of this. | ||
| He went back and looked at every hearing that Rudy had. | ||
| He read every filing of every court. | ||
| He came up with the fact that he's and this guy's been a prosecutor before. | ||
| He said, hey, look, of the two or three thousand affidavits, at least 500 are hard evidence that you could put in and make, he says, overwhelming evidence. | ||
| And he's not a guy running around about the voting machines and all that. | ||
| This guy's just saying, hey, we're a prosecutor, I'm talking about voter fraud, election fraud, and ballot fraud, of the hard things they talked about. | ||
| There's 500 pieces that would be put into any court of law. | ||
| Steve, you got about a minute. | ||
| I just got to pivot one last thing. | ||
| The integrity of the system. | ||
| These guys talking about the Casino Wall Street like it's the, like it's the, I guess the Vatican is the wrong term, but like it's a It's a monastic community. | ||
| What do you say about the casino that Wall Street has turned into in this phony charge that, oh, the integrity of the system is being, the unwashed millennials are really changing this because we're the high priest of capitalism? | ||
| Right. | ||
| Steve, I can tell you, somebody who spent a quarter century on Wall Street, that yes, this is not a paragon of virtue. | ||
| That's for sure. | ||
| And it's been made worse, to your point earlier, about zero interest rate policies. | ||
| Because what has that done? | ||
| It has meant that wages have languished while asset prices have inflated massively. | ||
| That's been wonderful for the titans of Wall Street, the titans of It's been terrible for working class people all over the world, including in the United States. | ||
| But those working class people are starting to claim their power back. | ||
| They did so politically starting in 2015, really starting earlier in the Tea Party movement, but starting to win in 2015 into 2016. | ||
| They're going to continue to win there. | ||
| And now we're seeing it spread to Wall Street. | ||
| And the same cast of characters This lineup against us, the same oligarchs in both cases, both politically, as well as now Wall Street. | ||
| So I think it's important for people to connect those dots. | ||
| See who is trying to suppress the power of the people politically and financially. | ||
| It's the same oligarchs of big tech, of the corporate media, and establishment politicians of both parties, by the way. | ||
| That, to me, is the key takeaway here. | ||
| These are fascinating times. | ||
| They're exciting times to live in. | ||
| It's tumultuous, but it's fascinating. | ||
| Steve, we're going to put up your social media on the other side of this commercial break. | ||
| Steve Cortes, thank you very much for joining us today on War Room Pandemic. |
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