Jan. 28, 2021 - Bannon's War Room
48:31
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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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. | ||
| That 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 and the worst happens, War Room. | ||
|
unidentified
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Pandemic. | |
| Here's your host, Stephen K. Bannon. | ||
| As game moved from $17 to $500, there are roughly three million contracts outstanding in the options market. | ||
| If one of those options is worth, say, an average option I estimate worth about $10,000 now, So that is a loss of roughly $10 to $15 billion on the one side and $10 to $15 billion of gain on the other. | ||
| I'm afraid that there may be brokers who may not be able to meet these margin calls. | ||
| So that is the... So just to be clear, you're worried about the middlemen. | ||
| Are you doing this move to protect yourself or to protect your customers? | ||
| Partly to protect ourselves, but mostly to protect, of course, to protect our customers, but most of all to protect the marketplace. | ||
| To protect the clearinghouse. | ||
| The risk curve. | ||
| One of these days, not today, not tomorrow, but one of these days people are going to come in on the risk curve, and I think we have lots of issues to deal with. | ||
| We have an enormous national debt to deal with, and basically I don't think interest rates belong where they are. | ||
| I mean, just think about it. | ||
| We're borrowing tons of money, And, uh, taxes are likely to go up. | ||
| You know, just listen to what the... Right now, President Biden is tackling the easy things. | ||
| All of us want to get the virus behind us, right? | ||
| So anything he does to battle the virus is universally welcome. | ||
| When he starts talking about raising tax on capital gains, raising tax on ordinary income, in a recent speech, he's talked about fair share. | ||
| I hate that expression with a passion. | ||
| What does fair share mean? | ||
| I've said in your program numerous times, basically, I'm willing to work six months a year for the government and six months for myself, which means a marginal tax rate of 50%. | ||
| You live in California, Connecticut, New Jersey, New York, you're already well past that, okay? | ||
| And this fair share is a bullshit concept. | ||
| It's just a way of attacking wealthy people, and, you know, I think it's inappropriate. | ||
| We've all got to work together and pull together. | ||
| I don't know, there's got to be a way out of this, Gorsuch. | ||
|
unidentified
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Harold, why don't you dial 911? | |
| The box is on four. | ||
| Fox, where the hell are you? | ||
| I am losing millions. | ||
| Now, you got me into this airline, you sure as hell better get me out or the only job you're ever gonna have on this street is sweeping it! | ||
| You hear me, Fox? | ||
| You once told me, don't get emotional about stock, Gordon. | ||
| Don't. | ||
| The bid is 16 and a half and going down. | ||
| As your broker, I advise you to take it. | ||
| Yeah? | ||
| Well, you take it! | ||
| It's two minutes to close, Gordon. | ||
| What do you want to do? | ||
| Decide. | ||
| Dump it. | ||
| The big Wall Street story today was the... | ||
| Bye. | ||
| Thank you. | ||
| Blue Star Airlines, dump it! | ||
| Our guest is Boris Epstein. | ||
| Got Jack Posobiec here in the War Room. | ||
| We're live. | ||
| It's Thursday, the 28th of January, the year of our little 2021, another historic day on Wall Street, where the populist revolt against the establishment, against the central financial apparatus of the West is under assault. | ||
| You see Leon Cooperman right there. | ||
| Oh, yeah, you know, just don't tax my assets. | ||
| They're all starting to squirm. | ||
| I love it before the guy, oh yeah, we're looking for the customers, but we just want to look after ourselves first. | ||
| It's all becoming revealed now. | ||
| A populist revolt in Joe Biden. | ||
| Feckless Joe Biden. | ||
| I want to see all the liberals, all the progressives. | ||
| You want to back this guy. | ||
| He's Joe from Scranton. | ||
| He's an economic nationalist. | ||
| He's a populist. | ||
| Where is it? | ||
| Where's Yellen? | ||
| Where's the Fed? | ||
| Where's Biden? | ||
| Biden can't handle this one. | ||
| They can't be on the glass. | ||
| All you guys out there on Twitter, oh, you know, this is something that the right's doing to jam up Joe Biden. | ||
| No, this is called populism. | ||
| Pure and simple. | ||
| AOC, stop talking about eating the rich. | ||
| Go primary Schumer. | ||
| Throw down DeMar. | ||
| Schumer's one of the biggest problems here. | ||
| He's a protector of the elite class of Wall Street. | ||
| I want to bring in Boris Epstein. | ||
| First question we got, Boris, how much blue star do you have in your portfolio? | ||
|
unidentified
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I've got BlueStar in the portfolio. | |
| Proud to have these stocks. | ||
| Full disclaimer, this is not stock advice, not market advice, but I am a proud owner of the four following stocks. | ||
| GameStop, AMC, NOK, Nokia, and my favorite phone I've ever had, BB BlackBerry. | ||
| And I continue to hold it because I will not bend. | ||
| I will not be bullied. | ||
| I will not be cowed down, and I'm now going to cow down to the establishment And just because Robinhood decided to throw its ethics and the law out the window, I'm not going to throw out these stocks out the window. | ||
| Okay, okay. | ||
| I want to make it, I want to make this understandable to our audience who doesn't necessarily call in or watch the business channels. | ||
| What exactly is going on here and why is Robinhood, this kind of broker, why are they blowing guys, I know there's like margin calls, but they're blowing guys out of their stocks right now. | ||
| And I hear that they're cutting trades and not taking trades. | ||
| Just explain to our audience, what is this short squeeze? | ||
| You heard the guy at the beginning saying, hey, it's $15 billion. | ||
| There's more hedge funds about to get blown up here. | ||
| Are there not, Mr. Boris Epstein? | ||
|
unidentified
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There absolutely are. | |
| The big funds that have been shorting GameStop and the other stocks had what's called a short overhang, and I know I'm getting technical here, so let's go take a step back. | ||
| What is a shorting of the stock? | ||
| A shorting of a stock is when you borrow the stock at a price, say, just easy math. | ||
| You borrow it at $10, you hope that it goes down, and you buy it at $5, and then guess what? | ||
| You just made $5 because you borrowed it, sold it at $10, bought it at $5. | ||
| There you go. | ||
| You made $5. | ||
| So that's what a short is. | ||
| Why does anyone short a stock? | ||
| Because they believe that a company is going to do worse in the future than it will today, or they want it to do worse in the future than it does today. | ||
| Why does someone buy a stock? | ||
| Because they believe that company is going to do better in the future. | ||
| So what started happening? | ||
| The Reddit, the MAGA crowd, all everyday Americans, the younger generation went out there and said, you know what? | ||
| We believe in these companies. | ||
| And then they were backed up by Elon Musk, backed up by Dave Portnoy, who was a total star, Barstool Sports. | ||
| And then, and they were backed up by even Mark Cuban, who I'm not a big fan of because of his politics, but he's been successful, obviously. | ||
| So there's been a conglomeration. | ||
| There's really, if you think about it, the left and the right are actually uniting here in a way, and they're going after the establishment. | ||
| A lot, Steve, very reminiscent to what we saw in 2016 in the election that we won with President Trump, where you had the union Americans, the unionized Americans who are now being decimated by Joe Biden, but you had the union members in Michigan and Pennsylvania, Wisconsin, Ohio, come out for President Trump. | ||
|
unidentified
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And of course you had the conservatives come out for President Trump. | |
| This is the same exact phenomenon, the same phenomenon. | ||
| It is the MAGA coalition going after the establishment and the original swamp, which is the big, old money, New York City, huge funds. | ||
| So that is what's happening, and what's a short squeeze? | ||
| A short squeeze is when a fund is short a stock by a big amount, and the stock keeps going up, and they have to keep buying their contracts. | ||
| They have to keep re-borrowing the stock, and they're running out of money. | ||
| So that's what's happening, and then here's the key of the worst thing that happens. | ||
| Here's the worst, most maddening, most disgusting thing of the day, and one of the most awful things I've ever seen on the street. | ||
| Robinhood, which is supposed to be for the people, think of the name, right? | ||
| Robinhood, which is supposed to be for those who don't want to pay anything to conduct their trades. | ||
| It's a fee-free environment. | ||
| They stopped the ability of their clients to buy GameStop and AMC. | ||
| So they didn't prevent them from selling, They only prevented the buying. | ||
| If that is not market manipulation, I do not know what is. | ||
| It is absolutely illegal. | ||
| It is absolutely unethical. | ||
| And Robinhood, the only thing Robinhood's achieved today is in uniting people like AOC with people like Ted Cruz and Boris Epstein. | ||
| That is what's happening. | ||
| Let me ask you for this. | ||
| There's been a hysteria among the elites, whether it's CNBC, The Wall Street Journal, The New York Times Business Section, Andrew Ross Sorkin, you pick it, saying, oh, the integrity of the capital markets, the integrity of our financial institutions is being questioned by these guys that are just out there to drive the stock up. | ||
| What say you, Boris Epstein? | ||
|
unidentified
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The integrity of our system? | |
| This is as clear and clean as can be. | ||
| These are people coming together, saying that we believe in the companies, and we're going to buy them. | ||
| We still have the First Amendment in this country. | ||
| Everything here is within rules and regulations, as far as I can tell. | ||
| And I always urge everybody to be within every rule, law, and regulation. | ||
| And there are a lot of them when it comes, obviously, to stocks and securities, as well as bonds, et cetera, et cetera. | ||
| So what you're seeing from the establishment, the same establishment that has derided President Trump and the MAGA movement for years. | ||
| It's not a derision. | ||
| They're not attacking President Trump and the movement. | ||
| They're attacking every day Mary and Joe in America because they believe Mary and Joe and some kid named Harrison, some young kid trading, don't know enough. | ||
| Somehow they're not smart enough to buy stock. | ||
| They think that the War Room crowd, people who watch War Room, people who are interested in what's going on in politics and the markets, Are you kidding me? | ||
| That is not American. | ||
| That is elitist, and if they don't—they are literally thinking the way George III and George IV thought back in the 1700s and 1800s. | ||
| That is that kind of elitist top-to-down thinking. | ||
| It has no place, and we have to keep fighting against it, and that's why I love I love what's been happening on the street. | ||
| It is the liberalization, the opening up of the last vestige, you could say, of the tap-down economy, the stock market and what's happening on Wall Street. | ||
| You know research analysts and how, you know, ordered markets go. | ||
| Here, what about the question that, hey, the book value of the company was $20, stock was trading at $3, now you got the stock $300, $400, $500, you know, you got the stock blowing up. | ||
| The market cap of the company is, you know, turnaround is $50 billion. | ||
| This is a company that was close to liquidation. | ||
| How do you answer the question that this is just purely a speculative bubble and there's going to be a lot of MAGA that get burned on this thing? | ||
|
unidentified
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Well, I'll say a couple things. | |
| First of all, it is absolutely incumbent upon every American, upon everybody who's choosing to buy, sell, engage in securities, whether it's options, puts, calls, whatever it may be, to do their research. | ||
| So, and that is clear and obvious. | ||
| Everybody's got to do their research. | ||
| That's one. | ||
| Two, is we have freedom of choice in America, right? | ||
| We still have agency in America. | ||
| We are our own people. | ||
| And it is not anyone else's job to tell an American, or anybody else in the world, what to think, how to think, and what to do. | ||
| If they choose, based on information they have, to buy a stock, whether they think it's worth less than it's selling for, or more than it's selling for, that is their choice, number one. | ||
| Number two, I would urge everybody to spend a long time looking at the balance sheet of the fangs, Facebook, Amazon, Apple, Netflix, and Google, and think about whether what those stocks trade for are even anywhere near the value of those companies. | ||
| It took Amazon ages to break a profit and its stock was soaring. | ||
| If you think Bezos is a gajillionaire based on just what Amazon does in profits, I've got a Brooklyn to sell you. | ||
| He's a bajillionaire gajillionaire because of the stock. | ||
| That's what it is. | ||
| So if there's a long... Go ahead, Jack. | ||
| And on Bezos real quick there, not to trip you up, but one of the things that we are hearing is that this app Robinhood, they have been looking for potential buyers over the past year or so. | ||
| One of the names that's been floated as a potential buyer, possibly in negotiations for Robinhood, is none other than Jeff Bezos. | ||
| What would you say to that? | ||
| Let the consolidation go with having Robinhood owned by Amazon. | ||
|
unidentified
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It wouldn't surprise me one bit, because it would be a continued uniting of the establishment against the benefit at the detriment of everyday Americans. | |
| And if we have any sort of antitrust, if we have any sort of anti-monopoly perspectives left in this country, they've got to take a long look at it. | ||
| And I'm a free market guy. | ||
| I'm a free market guy. | ||
| But if you are having open collusion Clear collusion, but that's got to be investigated. | ||
| And you know, I just took I just took a quick look here, Steve, real quick. | ||
| I just took a quick look. | ||
| If you look, if you look at the numbers on Boris, I tell you, Boris, Boris, just hang on. | ||
| Hang on. | ||
| Hang on. | ||
| I want to keep I'm going to hold you. | ||
| I want to I want to hold you over the break. | ||
| I want to get to that comment or take a short break. | ||
| Come back with Boris Epstein. | ||
| Peter Navarro is also going to join us, the nationalist from the White House. | ||
| All next on War Room Pandemic. | ||
|
unidentified
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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. | ||
| Boris Epstein's, I guess, Boris and Boris's many, many decades of experience in Wall Street. | ||
| Boris, question, have you ever seen hedge funds, supposedly the professionals, ever get wrapped up like this and actually be on the wrong side of a trade with a bunch of The guys, essentially, from the Rebel Alliance, where now they're losing. | ||
| We already know Melvin Capito, I think, lost $3.5 billion. | ||
| We don't know how much Citadel's lost trying to bail out Melvin to keep their leverage long positions good. | ||
| But we're hearing the guy, the internet broker guy said, hey, he thought there was $15 billion of shorts out there still to be covered. | ||
| Have you ever seen the big guys take it right on the chin from these mini Mike Tysons? | ||
|
unidentified
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No, not like this. | |
| Usually, the market takes it on the chin, right? | ||
| We've all experienced it. | ||
| You go back to the, you know, you go back to Black Monday in the 80s. | ||
| We all know what happened in 2000, and of course, 2008, and then earlier this year. | ||
| The market generally takes it on the chin as a whole, right? | ||
| It's not an intra-market fight. | ||
| And what we're seeing here is extremely unusual. | ||
| It is, frankly, exciting. | ||
| And again, as long as the buyer Are doing everything within all the applicable rules, laws, and regulations, which it does appear to be. | ||
| Now, I haven't studied it all. | ||
| I'm not giving my legal opinion. | ||
| I'm not giving my stock opinion here. | ||
| But it appears that these are just people who are saying, hey, it's a good stock. | ||
| Let's go buy. | ||
| And they're buying it. | ||
| And by the way, for a long time in our country, for the longest time in our country, it's supposed to be the right thing to go long companies, to bet on companies. | ||
| It's shorting that's been regulated and maybe even over-regulated. | ||
| You're supposed to be encouraging long buying. | ||
| Boris, Posobiec's got breaking news now out of Charlie Gasparino in the SEC. | ||
| What is it, Posobiec? | ||
| Right, so Gasparino is reporting that his regulatory sources at SEC Enforcement are looking at a market manipulation case on Robinhood regarding Reddit, GameStop, the whole imbroglio. | ||
| They are expecting SEC to ask for Robinhood's blue sheet trading data and match it up with suspicious comments on Reddit. | ||
| Okay, Boris. | ||
| They're going after the little guy. | ||
| This is the SEC, not going after the hedge funds, not going after the corrupt Wall Street mafia. | ||
| They're going after the little guy. | ||
| As Charlie Gasparini reports it. | ||
| What say you, sir? | ||
|
unidentified
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So, hold on. | |
| Are you telling me that the SEC under Joe Biden Is going to be going after a group that's viewed as pro-MAGA that's attacking their establishment? | ||
| That is a shocker. | ||
| I don't know how I'm going to sleep tonight. | ||
| I am so shocked that law enforcement in this country is going to be attacking and ruining the lives of some people who appear to be pro-MAGA, maybe just regular Americans who are apolitical, after they just ruined the lives of so many in the Russia hoax. | ||
| In the last four years, and went after all of us. | ||
| Come on, I'm obviously being facetious. | ||
| This is to be expected. | ||
| But that is why we cannot be silent, cannot cow down to the elites. | ||
| Again, I'm urging everybody to follow every law, rule, and regulation. | ||
| That's how we stay strong. | ||
| Color within the lines, as you say, Steve. | ||
| But once you do that, stay strong, don't cow down. | ||
| And here's something I would like to point out that I find interesting. | ||
| If you look at cash to debt, which is one way to evaluate a company, cash to debt, GameStop is approximately 38% cash-to-debt. | ||
| Do you know what Netflix is? | ||
| I'd take it a lot more. | ||
| A whole lot of debt. | ||
|
unidentified
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Yeah. | |
| Yeah. | ||
|
unidentified
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45%. | |
| 45%. | ||
| 45%. | ||
| 45%. | ||
| That means that they've got, that GameStop has more cash per debt than Netflix. | ||
| And nobody's talking about how Netflix is out of whack on its stock, but they're one of the fangs. | ||
| That's it. | ||
| Everybody loves it. | ||
| This goes back to the very basis of what we've been talking about. | ||
| And if you think about last thing, I know you got to go last thing. | ||
| The MAGA movement is pro-American, pro-capitalist. | ||
| Capitalism is about the economy and finance. | ||
| This is Adam Smith at his very base, at his very core. | ||
| And it is amazing to watch. | ||
| I wish everybody to stay strong. | ||
| God bless you and keep up the fight. | ||
| And my Twitter's at BorisCP. | ||
| Before you even ask, my Instagram is Boris underscore Epstein, Boris underscore EPSH, T-E-Y-N. | ||
| Twitter at BorisCP. | ||
| God bless you. | ||
| Okay, Boris is going to be in studio with Posobiec and me tomorrow to go through all this. | ||
| Okay, I want to now turn to Peter Navarro. | ||
| The first question I have you, you were an assistant to the President, to the 45th President, in President Trump's first term. | ||
| You've been in the Oval, you've been in the Situation Room, you've been there with kind of getting a white knuckle. | ||
| Here you've got this massive fluctuation on Wall Street, you've got these kind of Rebel Alliance guys going after the Wall Street hedge funds. | ||
| Jen Psaki gives another pathetic, you know, press secretary thing at the Brady Room today. | ||
| Biden is silent, but his SEC, Charlie Gasparini, is reporting, Peter Navarro, that the SEC is looking at the little guys. | ||
| They're going to start looking at the retail investors there. | ||
| How do you think, and look, I know you feel Biden's feckless. | ||
| I feel he's feckless, but He ran as a populist. | ||
| He went up to Scranton and stole your lines, your speeches that you used to write for the president. | ||
| He took them and tried to be Donald Trump up there. | ||
| How is he doing as far as an economic nationalist and a populist in this Wall Street crisis? | ||
| Humor me for a minute because there's a lot of stuff you've been throwing out in the last 10 minutes. | ||
| Let me just reflect. | ||
| First of all, buried the lead, Charlie Gasparino. | ||
| Charlie Gasparino is not a journalist. | ||
| Charlie Gasparino is a political operative for the Wall Street bad guys. | ||
| So if he's reporting things to crack down on the good guys, right, he's basically trying to bend the arc of history, right, on behalf of the hedge funds and the people who service him. | ||
| So Charlie Gasparino, in my experience over the course of the four years, just was a constant source of bad leaks designed to push things in the wrong direction. | ||
| So that's Charles Gasparino. | ||
| Now Mark Cuban, Mark Cuban's really kind of interesting. | ||
| Just for your viewers, the way Mark made his money was a thing of friggin' beauty. | ||
| He sold his stake in Yahoo at the height Of the of the dot com bubble and and like within a nanosecond of selling that he shorted the same stock and made a bundle more. | ||
| And I will forever have admiration for him up until the point last year when he refused with his big, big, big, big mouth to say anything at all about communist China and what they were doing to the Uyghurs, Taiwan, Hong Kong, and Daryl Morey, who took it on the chin for the Houston Rockets. | ||
| Now, the other thing I want to say Again, just for historical context here, who is the biggest short seller in history who happens to be one of the biggest left-wing Democrat Party supporters? | ||
| Question to you, sir. | ||
| I have no idea. | ||
|
unidentified
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Who? | |
| It would be George Soros, who shorted the British pound, and in the process, Mr. Bannon, he crushed, he crushed the populist labor people in Great Britain. | ||
| He basically made the lives of those people miserable, yet I don't hear anybody in the Democrat Party doing anything but lionizing him. | ||
| Now let's cut to the chase here. | ||
| I think that the Biden administration at this point, everyone I see is deer in headlights, okay? | ||
| I don't know If they know what to make of any of this, but what I can tell you, Steve, is if you go, for example, to Bitcoin, for me, Bitcoin was the start of this, this populist revolution on Wall Street, because that thing started out at a few bucks. | ||
| And now it's north of Mars. | ||
| I mean, and along that way, Wall Street, these smart guys, right, the smart money, these hedge funds continually tried to short it. | ||
| And the Pepe's, as you call them, they just said, nope, we like Bitcoin. | ||
| So a lot of that, I think, is going on with GameStock. | ||
| And this whole idea of cracking down on Robinhood and Reddit is shameful. | ||
| And if you, you know, between Aaron Sorkin and Charlie Gasparino and the kind of Main Street, Wall Street, right? | ||
| Those folks on Squawk and all of that. | ||
| I mean, this is like a shameful situation. | ||
| So let's see what happens. | ||
| Uh, but from a purely market point of view, it's like, I wouldn't be, I wouldn't be having any money on the table right now. | ||
| I just, I just enjoy watching this, this train wreck unfold. | ||
|
unidentified
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Okay. | |
| I want to go to zero interest rates. | ||
| I want to go to one of the things that are driving this, particularly for millennials and Gen Z. And this is where we're going to put this coalition together. | ||
| To actually change the direction of this country. | ||
| We've got about two minutes in this segment. | ||
| We need you to stay over for the next. | ||
| By the way, we're also going to go live to Wyoming, to Cheyenne, Wyoming. | ||
| We're going to talk about the anti-Liz Cheney rally they had today by Matt Gaetz. | ||
| We've got two. | ||
| We've got Amanda Shea from Populous Press. | ||
| We have Catherine O'Neill, formerly of the White House, is out there with us as a correspondent. | ||
| Okay. | ||
| Peter, negative interest rates, zero interest rates. | ||
| People can't. | ||
| The savings has no juice in it. | ||
| Money markets have no juice in it. | ||
| You can see why people start to focus on not traditional investing in the stock market. | ||
| But since Wall Street's been run as a casino for 30 years, the little guy wants a piece of the action. | ||
| What say you, sir? | ||
| The traditional idea of a stock price is it's a huge expectation of a future stream of earnings. | ||
| So during the Trump administration, for the first three years, There was an expectation of increased growth because of all the pro-growth policies, and the stock market steadily marched up. | ||
| You know, we hit $25,000 on the Dow as I predicted in 2016, and we approached $30,000. | ||
| But Steve, when the Chinese Communist Party came to town on January 15th, and shortly thereafter spread a pandemic all around the world, what we have now is a sea change in what stock prices mean. | ||
| They mean nothing other than this. | ||
| We have infused so much money into the financial system that interest rates have indeed been driven down to zero. | ||
| So there's no point for anybody to really invest in bonds because there's no income stream to be had. | ||
| So what's happening now is all that money is being focused on the stock market, driving up the stock market. | ||
| And I've told you on this show flat out, I've said it many times now, 2021 is going to be the year of the big short. | ||
| I mean this. | ||
| We've got to get over this break. | ||
| I've got to bring you back. | ||
| Short commercial break. | ||
| Peter Navarro, Assistant to the President for Trade and Manufacturing. | ||
|
unidentified
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action return with what's happening on Wall Street next. | |
| 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. | ||
| Peter, we don't get financial advice on this on this show. | ||
| You were one of the advisors to the president, though. | ||
| You've actually written a book that's kind of a cult book among investors. | ||
| And we'll get that to a second. | ||
| But right now we see Bitcoin as a potential store of value, gold. | ||
| You know, people are sitting there very uncertain. | ||
| You see the money supply exploding. | ||
| You just said 2021 is going to be the year of the big short. | ||
| In a minute, give me the summary of that. | ||
| Why do you think we're about to head off a cliff? | ||
| And what is the Biden administration doing about it? | ||
| We're going to head off a cliff because of a mistake made three to four months before election day when Pelosi and Mitch McConnell would not pass an additional stimulus and relief bill. | ||
| What that did was permanently kill thousands more of our small business and really just take the heart out of that. | ||
| So whatever they do now won't be enough. | ||
| Whatever they do now is likely to exacerbate what I think will be a stagflationary problem. | ||
| I'm not giving financial advice on this program. | ||
| I'll tell you what I'm doing right now. | ||
| I'm in cash. | ||
| There will be a time when this begins to collapse. | ||
| I'd look at the Dow. | ||
| If it goes below 30,000, it probably is not going to get up above that for a long time. | ||
| And that would be what we call a threshold where you break through a level of support. | ||
| But look, these are going to be hard times ahead. | ||
| And I think what's important for your viewers, basically, is to focus on their own assets, their jobs. | ||
| And politically, we really have to push for a situation where we have the policies of MAGA, the tax cuts, deregulation, fair trade, cheap energy, increased defense spending. | ||
| And unfortunately, Joe Biden and his merry band of globalists, they're going to undo everything like that. | ||
| So this is like a batting down the hatches moment. | ||
| Okay, to batten down the hatches real quickly, what's the name of your book? | ||
| You can get it on Amazon. | ||
| We're going to get the cover of it up later in the show. | ||
| What's the name of the book? | ||
|
unidentified
|
It is a classic. | |
| I wrote this like 20 years ago, but it's great. | ||
| It's Raised in Brazil by Starbucks. | ||
| It was a cult classic on Wall Street for many years and people still have it on their library. | ||
| It's well worth commenting on. | ||
| That's kind of Peter Navarro. | ||
| kind of how global events move things. | ||
| The Brazil thing is if it rains in Brazil, coffee beans are cheaper, Starbucks makes more money because their margins are better. | ||
| That's kind of it. | ||
| Peter Navarro. | ||
| Peter, give us your social media coordinates so people can get to you during the day. | ||
| Go to NavarroReport.com, download the report on election fraud. | ||
| Real P. Navarro is Twitter, but they seem to think that I'm a dangerous man right now, not for what I said, but for what I might say about the clowns on Capitol Hill. | ||
| So, I don't know what's going to happen there. | ||
| I'm getting PeterNavarro.com up soon again, though. | ||
| I had to retire that, Steve, during my White House years. | ||
| It'll be up in a few days. | ||
| You were out there today at the rally. | ||
| Matt Gaetz had Ocean Andrews, a young delegate out there in Wyoming, help put this on. | ||
| Tell us about it today. | ||
| How enthusiastic this anti-Liz Cheney, the holding Liz Cheney accountable for her leading the impeachment movement against President Trump? | ||
|
unidentified
|
It really seemed like everybody that lives in Wyoming showed up today. | |
| There was an enormous amount of people that were here. | ||
| The entire Capitol was filled with fans of Trump's, and the MAGA movement was alive and strong, and everybody was just on fire for Matt Gaetz's speech, and it was evident that her favorability in this state is non-existent. | ||
| I mean, the amount of people that were here was truly unbelievable. | ||
| What is the general tenor of the people? | ||
| Remember, she just won. | ||
| President Trump, I think, won by 40 points with 70% of the vote. | ||
| She just won re-election as the sole congressman for the state. | ||
| She turned down running for the Senate to stay in the House. | ||
| She's part of House leadership. | ||
| I think she's head of the conference, number three person in leadership. | ||
| What was the tone of the people? | ||
| What did you hear? | ||
| What did they have to say? | ||
| And what are their attitudes towards Liz Cheney? | ||
|
unidentified
|
Well, they don't feel like she's a true person from Wyoming. | |
| She doesn't even live here. | ||
| She lives in Virginia. | ||
| They don't feel like she represents them. | ||
| They don't feel like they have anything in common with her. | ||
| She's bought and paid for with special interests. | ||
| And these are hard-working, true American people, American patriots, and they don't feel that she is for them. | ||
| They feel like she's for the establishment. | ||
| It's the establishment versus the rest of the people of this country, and she's just a member of the establishment. | ||
| And they feel really let down by her, and they don't want to have her representing their state. | ||
| Amanda, these counties are voting to censure her. | ||
| Some are actually voting to censure and have her resign. | ||
| There's going to be, I think, a conference on February 6th. | ||
| I think they're going to invite her back to make her case about why she shouldn't be censured by them and why she should not resign. | ||
| What is the attitude towards the people, towards this concept of resignation? | ||
| Did you see today, out there at this rally, that they're looking for more than just a censure? | ||
|
unidentified
|
I mean, there was a ton of signs that said impeach her and they wanted to turn the tables on her. | |
| They don't want her. | ||
| I believe it sounded like the censure was going to be, I mean, everybody's for the censure. | ||
| It sounds like it's going to go through. | ||
| And what's amazing about that is it shows that it's still the power of the people. | ||
| So many conservatives feel like they've lost their voice and that it's been taken from them. | ||
| We've been silenced. | ||
| And today here, that whole movement is still very much alive and well. | ||
| And they feel like by censoring her, they're taking the power back that they feel has been taken from them. | ||
| Last thing, you're one of the senior editors at Populous Press, which is one of my favorite sites. | ||
| It's so great to have the viewpoints and the attitudes of our great western states and really what is a, instead of everything being located on the east coast around Washington and New York, etc., you're a breath of fresh air. | ||
| Tell us about Populous Press. | ||
| Tell us, what are you guys doing? | ||
| What are you trying to accomplish? | ||
| How are you trying to put Drudge out of business? | ||
|
unidentified
|
Well, at populist.press, we are the populist movement. | |
| We represent the people. | ||
| We represent populism and honest journalism that can't be silenced. | ||
| We're our very own platform and we're growing. | ||
| We're getting a million views a day. | ||
| We're our own platform. | ||
| They can't de-platform us. | ||
| They can't censor us. | ||
| We're 100% Not even relying on social media. | ||
| Everyone just visits our page. | ||
| You've got to bookmark the page. | ||
| You've got to check it every day. | ||
| We put up news around the clock. | ||
| It's not a liberal agenda. | ||
| It's just an American people agenda. | ||
| It's a patriot page for the populace. | ||
| It's the MAGA movement in one page. | ||
| Amanda Shea, senior editor of The Populist Press, she's in Cheyenne, Wyoming, reporting on the Matt Gaetz rally today. | ||
| You're going to see more of that at Real American News. | ||
| Amanda, thank you so much. | ||
| Before we turn to Kathryn O'Neill, Amanda, thank you so much. | ||
|
unidentified
|
Thank you. | |
| We're going to turn to Jack Posobiec. | ||
| This thing on, this populist revolt against Wall Street, the first one that's really happened since someone like William Jennings Bryan gave us the cross of gold speech, right? | ||
| Yes. | ||
| Back in the 19th century. | ||
| What news you got to report today? | ||
| Well, we've got people who are out there who don't think that it's actually a populist revolt. | ||
| They feel that it's Steve Bannon behind the entire thing. | ||
| So the first one we've got is Zenni Jardin. | ||
| Can we put these up? | ||
| No, no, no. | ||
| This one here. | ||
| Denver's got it. | ||
| To see the tweet. | ||
| Zenni Jardin. | ||
| So she's the tech culture journalist. | ||
| They can't be blaming us. | ||
| Tech culture journalist. | ||
| What if GameStop was a dirty trick Pulled by Steve Bannon. | ||
| Some figure like Steve Bannon or his boy genius Bitcoin crony to mess with Biden's administration before it can get on its feet. | ||
| Oh, it's Bannon. | ||
| I'm not that smart, but the Biden administration, you would admit, Jack, has fumbled this badly. | ||
| I think they've shown their true colors. | ||
| They're neoliberal neocons and they protect the elites. | ||
| They had 24 hours. | ||
| They had 24 hours from when Jen Psaki came out yesterday. | ||
| They were monitoring the situation. | ||
| To come up with some kind of meaningful response. | ||
| They clearly see where the public is on this. | ||
| They clearly see what's going on. | ||
| They came out today. | ||
| They had no response. | ||
| They asked her about Janet Yellen and her payments from Citadel. | ||
| She acted like she didn't even know about that. | ||
| Where's your staffing, Jen? | ||
| Jen, you gotta fire your staffers on that one. | ||
| You gotta get rid of him, man. | ||
| You gotta get a serious answer in there. | ||
| Now Gasparino's out there saying that the SEC's gonna go after the little people. | ||
| This is supposed to be Joe from Scranton, not Joe from Wall Street. | ||
| They did that to chill. | ||
| They did that to put a chill through people that want to join in here and start to get involved here, right? | ||
| Oh, of course. | ||
| They're saying, hey, we're gonna investigate you, you're gonna have fines, you're gonna have jail time. | ||
| Of course, of course. | ||
| And then we've got the other tweet now from this guy, Dave Troy, who, if we can get it up here. | ||
| Can we put the Dave Troy tweet up? | ||
| Oh, this one, it's so delightful. | ||
| Because he actually mentions both of us, Steve. | ||
| This is great. | ||
| He said, where is it? | ||
| Guess who was all excited about today's GameStop activity? | ||
| Steve Bannon and Russia shill Jack Posobiec. | ||
| They're calling it a populist uprising. | ||
| This is his voice, actually. | ||
| They're calling it a populist uprising against Wall Street. | ||
|
unidentified
|
That's cool. | |
| Just leftists. | ||
| Steve Bannon and Russia shills. | ||
| Cheerleading the same stuff. | ||
| It happens. | ||
| Dot, dot, dot. | ||
| Right, you've got these guys. | ||
| They see Russia behind every shadow. | ||
| They see foreign influence operations everywhere. | ||
| Russia's a sideshow to a sideshow. | ||
| China's everything. | ||
| Possibly believe that there are people in this country that are acting out of their own agency and their own interest that want to stand up for themselves that want to make the hey I speak as an older millennial in this man we have had a short rift when it comes to actually generating a money. | ||
| Do we have the fourth turning? | ||
| He actually got to the fourth turning. | ||
| Did he do the fourth turning one? | ||
| Yeah, did he get to the fourth? | ||
| No, but he did say... | ||
| He says as well, he says, same guy, I mean it's one of these 23 long tweet threads. | ||
| If you're not familiar with Bannon's obsession on the fourth turning, he still believes that we are overdue for global collapse and that the right events can trigger it. | ||
| He failed to do so in government and is likely to try economic angles next. | ||
| This guy's paying attention. | ||
| Fourth turning. | ||
| He's got your number there. | ||
| Dave, thanks for being here. | ||
| Go in the live chat, Dave. | ||
| We want to hear more of you. | ||
| OK, I want to go back to Cheyenne, Wyoming. | ||
| We've got Katharine O'Neal. | ||
| Katharine is important. | ||
| Katharine is one of the few people, I think it's only a handful, on the 16 campaign. | ||
| She was in the administration over at the State Department. | ||
| She then worked at the White House and then she worked on the 20, on the 20 campaign. | ||
| I think she worked back in the transition too. | ||
| Katharine O'Neal. | ||
| Katharine, you're out in Cheyenne. | ||
| Give us a sense. | ||
| We only got two minutes. | ||
| We're gonna hold you over the break. | ||
| Give us a sense of how it was today with Matt Gaetz, the firebrand out there taking on Liz Cheney. | ||
|
unidentified
|
Hey Steve, thanks so much for having me on. | |
| It's so great to be out here in Wyoming as a fifth generation Landover out here. | ||
| I am just appalled by the way that Liz Cheney has been representing the people of Wyoming. | ||
| And there was so much energy today. | ||
| I mean, people still love this president, President Trump, and they are so sick of people like Liz Cheney from the Uniparty pretending to represent them. | ||
| So it was just really a breath of fresh air to be out here. | ||
| Here's the question. | ||
| We've talked to these people in Wyoming. | ||
| We've got about a minute. | ||
| They said she never got in touch with them beforehand, and she hasn't gotten in touch with them afterwards. | ||
| How is that sitting with the folks in Wyoming? | ||
|
unidentified
|
You know, it's funny. | |
| I was spending some time out on my friend's ranch about 30 miles south of Gillette, Wyoming, and I was slinging hay bales with them on their farm. | ||
| And they were like, you know what? | ||
| I don't think Liz Cheney has ever fed a cow in her life. | ||
| And so that's kind of the sentiment, that she has no connection here. | ||
| She's totally corrupted. | ||
| In fact, Politico just reported that over 40 GOP lobbyists are throwing a fundraiser for her. | ||
| And as my friend Matt Gaetz said it best, the only special interest that we should be representing is the American people. | ||
| Take one second. | ||
| We're going to take a short commercial break. | ||
| We're going to go back to Cheyenne, Wyoming. | ||
| Catherine O'Neill, former Trump administration official who's out there at the Mount Gates, the firebrand out there today to take on Liz Cheney, the Uniparty, the permanent political class. | ||
| Jack Posobiec, Stephen K. Bannon. | ||
| and we'll return in a moment to Cheyenne, Wyoming. | ||
|
unidentified
|
And we'll be right back. | |
| 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. | ||
| And I had a follow-up on the markets and everything that's happening with GameStop. | ||
| You did mention, I believe, yesterday that the Treasury Secretary is monitoring the situation and she's kind of on top of it. | ||
| There have been some kind of concerns about her previous engagements with Citadel and speaking fees that she has received from Citadel. | ||
| Are there any plans to have her recuse herself from advising the President on GameStop and the whole Robin Hood situation? | ||
| Well, just to be clear, what I said was that the Treasury Secretary is now confirmed. | ||
| Obviously, we have a broad economic team. | ||
| The SEC put out a statement yesterday that I referred to, but I don't think I have anything more for you on it. | ||
| Other than to say, separate from the GameStop issue, the Secretary of Treasury is one of the world-renowned experts on markets, on the economy, It shouldn't be a surprise to anyone she was paid to give her perspective and advice before she came into office. | ||
| Okay, duly note on the 28th of January, we actually had a very good question from a reporter that jammed up. | ||
| That's called jamming up somebody. | ||
| You jammed up Jen Psaki. | ||
| Jen Psaki's answer, totally pathetic. | ||
| This is the National Football League, Jen. | ||
| You've got to step the game up. | ||
| You just can't give it. | ||
| That's just a blow-off answer, right? | ||
| Jack Posobiec. | ||
| Well, I would go further. | ||
| I don't think it's just a complete blow-off. | ||
| And you've got Glenn Greenwald out here, certainly not, you know, a conservative guy, left-wing guy. | ||
| He says, literally the world's dumbest people. | ||
| The absolute dumbest. | ||
| I'm quoting, can't get dumber are those who don't just claim but really believe that Wall Street firms would pay powerful politicians gigantic sums for banal 45-minute speeches because they want their wisdom rather than their servitude. Genius. | ||
| Genius. | ||
|
unidentified
|
Wow. | |
| Listen, the Biden administration is a neoliberal, neocon, protect the elitist. | ||
| This is the managed decline that Donald Trump tried to reverse in defeating Hillary Clinton. | ||
| You're getting it in living color. | ||
| But he's saying Jen actually believes what she just said. | ||
| Oh yeah. | ||
| She actually believes that they're just paying her the $810,000 out of the goodness of their hearts for the wisdom and the consultation. | ||
| I thought William & Mary is supposed to get a real education. | ||
| OK, I want to now go back to Cheyenne, Wyoming, one of the former Trump administration officials, also on the 16 campaign and the 20 campaign. | ||
| Catherine O'Neill is out there at the Matt Gaetz event that just wrapped up. | ||
| So here's the question for you. | ||
| I know you're fifth generation Wyoming. | ||
| You're back there now. | ||
| The question is the counties. | ||
| We've had the county guys on here nonstop for the last couple of weeks. | ||
| They're voting to censure. | ||
| But now, recently, they're voting to censure and to have her resign. | ||
| There's a big state meeting on the 6th. | ||
| They're gonna call her out there to answer these charges. | ||
| Do you believe, as you've been out there now, you know, bailing Hay, that the folks in Wyoming want to force her to resign? | ||
|
unidentified
|
Absolutely, Steve. | |
| Listen, 70% of voters here in Wyoming voted for President Trump, so they have every right to ask her to resign because she did not represent those 70% of voters. | ||
| And listen, it's not a big state, but still, it's Wyoming, you know? | ||
| It's the land of freedom, and Liz Cheney simply doesn't represent that. | ||
| She represents the Uniparty, she represents K Street, and she chose to vote with Nancy Pelosi. | ||
| So I think they have every right to ask her to resign. | ||
| Catherine, you've been one of the first people into the MAGA movement, you've been loyal to the President, you've been in the administration, been on both campaigns, been in the transition, everything that could have been asked of you, you did. | ||
| McCarthy went to Mar-a-Lago today to have lunch with President Trump, and one of the biggest issues, the first issue I think they addressed, was Liz Cheney still in leadership, although 107 people have already signed a document saying they want her gone. | ||
| What would be your advice to both McCarthy and to the President if you could talk to him today about Liz Cheney in leadership? | ||
|
unidentified
|
Absolutely, Steve. | |
| I will start off by saying that I'm appreciative of Representative McCarthy for being so supportive of the President. | ||
|
unidentified
|
It's a great change from a Rhino Paul Ryan, who was the Speaker when Trump was first elected. | |
| However, if McCarthy really wants to usher in the new GOP that Trump has totally transformed, and if he wants to be taken seriously as the leader of that movement, then he needs to ask Liz Cheney to step down because that is not the direction that this party is going. | ||
| Liz Cheney is the old guard and it's time for new leadership to come and lead this party into the successes that Trump has brought. | ||
| Catherine, what's your social media coordinates? | ||
| How do people follow you while you're out in Wyoming? | ||
|
unidentified
|
Sure, you can follow me on Twitter before I get kicked off. | |
| It's Cath P O'Neill. | ||
| C A T H P as in Papa O'Neill. | ||
| I'm also on Gab. | ||
| I'm also on Parler. | ||
| Hopefully that'll resurrect sometime here soon. | ||
| But please give me a follow. | ||
| I'll be here in Wyoming. | ||
| I love it out here. | ||
| It's one of my favorite places in the world. | ||
| And it's just such a breath of fresh air, like I said, to be here. | ||
| So thanks for having me on, Steve. | ||
| You're a real MAGA warrior, Catherine. | ||
| You've been there from the beginning. | ||
| You stuck with the President all the way through. | ||
| We can't thank you enough. | ||
| Catherine O'Neill, live from Cheyenne, Wyoming. | ||
| Posobiec, this revolt of the Millennials and Gen Zero, can this broaden out? | ||
| Can now people that are culturally on the left, can this be the beginning of really taking it to the next level with the populist revolt that President Trump did against the United Party here in Washington, D.C.? | ||
| Can now a broader coalition of Gen Z and Millennials start to take on the powers that be at Wall Street? | ||
| You're going to see that. | ||
| You're absolutely going to see that. | ||
| You're already seeing it now because right now, today, at this moment, there are already people out there, leftists, in front of Wall Street. | ||
| There's the New York Stock Exchange. | ||
| They're protesting. | ||
| But on Sunday, you're going to have who? | ||
| The young Republicans, led by Gavin Wax of New York City, are going to be out there also protesting. | ||
| This is a moment this is an absolute populist a pure populist moment where it really is the entire 99 left right the you know there's no candidate in the way there's no particular politician it really is an uprising of the people Okay, we have so much news to report. | ||
| Tomorrow morning, 10 o'clock, we're going to start again. | ||
| We've got breaking news we're going to have. | ||
| We're also going to be all over what happens overnight on this populist revolt on Wall Street. | ||
| Then tomorrow night, joining Jack Pasovic and myself in studio, Boris is going to be here to talk more about it. | ||
| We've got the Saturday show. | ||
| A big wrap up there. | ||
| Also, Scott Pressler talking about what he can do with grassroots. | ||
| And then on Monday, we're going to try to get Gavin Wax and some of the Republicans that are going to be on Wall Street on Sunday to join the show live on Monday. | ||
| This is the second phase of the Trump revolution. | ||
| Broader, broader in scope as they go after the institutions on Wall Street that have essentially been screwing the American people. | ||
| OK, Stephen K. Bannon, we'll see you tomorrow morning in the War Room with Jack Fusso. | ||
| We'll see you tomorrow morning at 10. |
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