June 1, 2021 - Bannon's War Room
47:56
Participants
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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 100 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. | ||
|
unidentified
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War Room. | |
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| It's Tuesday, the 1st of June, the Year of the Lord 2021. | ||
| You're in the War Room, and I'm pleased to announce this morning a very special broadcast. | ||
| We're doing the pregame on the 9 o'clock Steve Cortez Show on Newsmax. | ||
| I've got Steve Cortez, the one and only Steve Cortez, in the house. | ||
| Also, Raheem Kassam back from his travels. | ||
| We've got a lot to go through. | ||
| They've got Jack Posobiec on later. | ||
| Colby Covington, the UFC fighter. | ||
| Posobiec on to talk about his new book and much, much more. | ||
| We've got General Welch on. | ||
| Dr. Yan about talking About the Wuhan lab and Dr. Fauci and, of course, Raheem Kassam break so many amazing stories over the weekend, Raheem. | ||
| You and Natalie Winters and the team at National Pulse are just crushing it, leading the way on all the investigation to the Wuhan lab, Fauci, all of it. | ||
| The reason we asked Steve to join us today, I think I want to talk signal now, not noise. | ||
| One of the most important things people are missing, this is about the politics of it and about bleeding out Biden's political capital getting down to the high 30s so they can't do all these radical changes and all weekend Are you gonna hear is about the filibuster and what they got to do in sr1 hr1 all of that And you know what they want to do to try to jam this in although the house is almost in a dead tide the Senate's action the dead tide this record agenda what people are missing is this radical radical radical | ||
| financial plan that they're doing economic plan backed by their capital markets plan and how that's going to be irreversible and And the numbers are already awful. | ||
| And this is going to just directly affect your life starting very quickly. | ||
| And the bet, their bet, is they're going to juice this economy so big that by the spring and summer 2022, it's on fire. | ||
| And that leads him in to hold the house in 2022. | ||
| Steve Cortez and the great Dr. Peter Navarro have had a different theory of the case from the beginning. | ||
| And so when I saw the Friday numbers, I reached out to Cortez. | ||
| I said, brother, you got to come in here and walk the audience through because What Steve Cortez and Peter Navarro have said from the beginning is correct. | ||
| As the math is showing us, is that not correct? | ||
| And Cortez, do you agree that this is, with everything else that's going on, what the Biden administration is doing on this radical spending plan and all these different spending vectors they're doing, coupled with how they're going to finance it, That would ultimately destroy the U.S. | ||
| dollar and our position as the prime reserve currency. | ||
| It will have an impact on America that it will transform it whether we take care of the politics or not on critical race theory and all things that we've got to stop. | ||
| I want to turn it over to Steve Cortes. | ||
| Correct. | ||
| You know, listen, it's welcome back to the 1970s. | ||
| And I don't mean in the good way. | ||
| I don't mean disco and satin shirts. | ||
| I mean in the worst way of stagflation. | ||
| We got a pair of numbers out on Friday, Steve, that were horrific. | ||
| Now, they didn't get a lot of attention, understandably. | ||
| They got no attention. | ||
| Understandably, it's Memorial Day Friday, right? | ||
| People are thinking about picnics and so forth. | ||
| I understand it. | ||
| But these were the two numbers. | ||
| But were those numbers scheduled to come out on Friday and that's what they did? | ||
| Or was this the administration putting these things out? | ||
| I think they were scheduled to come out. | ||
| I think that was their schedule. | ||
| I think they were scheduled. | ||
| But hey, they didn't come up at any podium and try to defend him, right? | ||
| No. | ||
| They went crickets on this and had a couple of misdirection plays with gasoline. | ||
| I think this is what Kamala put out the bizarre tweet to take the heat away from the math. | ||
| So listen, two numbers, and I also want to put up a chart to educate the audience here. | ||
| Two numbers. | ||
| Personal income was down 13% in April. | ||
| The most ever. | ||
| The most in history. | ||
| Now, a drop was expected because there was a juiced artificial sugar high in March from the stimulus. | ||
| So we knew the stimmy money was running out and it would be down. | ||
| But nobody on Wall Street, no economist, expected it to be down the most ever. | ||
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unidentified
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13%. | |
| Hold it. | ||
| The most in history. | ||
| Ever. | ||
|
unidentified
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Ever. | |
| Thirteen percent. | ||
| Of your personal income. | ||
| This means what you can actually do to help your life, help your kids, help your community, all that. | ||
| A drop of thirteen percent. | ||
| And making it even worse. | ||
| Okay, so the STEMI's gone. | ||
| The sugar high is gone. | ||
| Income's down 13%. | ||
| To make it even worse, guess what? | ||
| Your prices are soaring. | ||
| Because the second number we got out was the PCE, the personal consumption expenditure. | ||
| That is an inflation read. | ||
| I think it's actually better than the CPI as an inflation read. | ||
| Explain that to me. | ||
| It's the one the Fed pays the most attention to. | ||
| Why? | ||
| The PCE. | ||
| Because there's less seasonality to it. | ||
| And it was up 3.1%, the most since 1992. | ||
| So a two decade, almost two decade record in prices going up while your incomes are crashing. | ||
| This is the worst case scenario for American citizens. | ||
| Hold it. | ||
| Numbers, the cost of your life exploding uptick, personal income exploding downtick, right? | ||
| What you guys call it, it's the 1970s all over again. | ||
| It's stagnation. | ||
| This is the worst of all worlds. | ||
| Your expenditures are soaring and your incomes are not. | ||
| And here's the thing, Steve, because I think this is critical. | ||
| This is directly a consequence of Joe Biden. | ||
| This is the Biden inflation spike. | ||
| And to help try to prove that to you, let's put a chart up. | ||
| If we can get, I believe it's chart number three, the one we have of the breakeven soybeans and gasoline. | ||
| If we can get that chart. | ||
| By the way, if you watch, if you go to the Steve Cortez, it's Cortez and Pellegrino, the great Jim Pellegrino. | ||
| If you go to Cortez and Pellegrino at nine o'clock on Newsmax every night, you get the chalk talks, right? | ||
| That's right. | ||
| We made so famous in the campaign. | ||
| We used to have a little more high tech now. | ||
| Like, on a telestrator, sort of like sports shows do. | ||
| But if we can, do we have a chart? | ||
| People know, Denver, it's, you know, Tuesday, it's the beginning of the work week. | ||
| Let's get focused. | ||
| Number, chart number three. | ||
| Okay, here's the thing, is that Cortez, he's just not a hammerhead football player from Georgetown. | ||
| I am that, plus! | ||
| Hold it. | ||
| He's the one guy out there in the MAGA movement that ties together capital markets, economics, understands politics, understands economic nationalism, and is the first guy to point to me and says, hey, this thing's going to flip, not just in South Florida, but watch the Rio Grande Valley. | ||
| Watch working class Hispanics, because working class Hispanics are full MAGA, right? | ||
| And that's going to be the future of the realignment. | ||
| Steve, how about the Bronx? | ||
| I mean, how about LA County, right? | ||
| This is not just a South Florida show. | ||
| Democrats never talk about that. | ||
| Right. | ||
| We could spend the whole show just on that. | ||
| Do we have the charts ready? | ||
|
unidentified
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One second. | |
| Well, listen, I can talk through it a little bit in the meantime. | ||
| Okay, the chart. | ||
| Now, this is important, okay? | ||
| That chart, those are three critical markets since Election Day. | ||
| The point I'm trying to make here is that this is totally due to the election of Joe Biden. | ||
| As we used to say when I was a Wall Street trader, these charts go from the lower left to the upper right. | ||
| They are soaring, okay? | ||
| Now, two of them are very sort of self-explanatory. | ||
| Soybeans and gasoline. | ||
| All of you know how expensive your trip to the gas pump is. | ||
| For our podcast audience and radio, walk them through that chart. | ||
| So, these are three markets, and the break-even is the one I'll explain most. | ||
| Three markets that, since Election Day, are absolutely soaring. | ||
| Gasoline, since Election Day, up 41%. | ||
| Corn, up 62%. | ||
| Lumber, up 176%. | ||
| On this chart, I show soybeans and gasoline. | ||
| Soybeans being such a critical part of so many things we buy at the grocery store. | ||
| And again, I don't have to tell people. | ||
| They know, from their trips to the gas pump, from their trips to the grocery store, How expensive everything is getting while their income, remember, minus 13%, while their income is not soaring, their prices are. | ||
| But I want to focus here most for a moment on the breakeven, which you might have never even heard of. | ||
| Understandable if you're not involved in financial markets. | ||
| I put the breakeven there. | ||
| And without getting too wonky about it, the breakeven is a spread relationship that bond traders trade. | ||
| And what it means is expectations of inflation going forward. | ||
| And when I say expectations, though, this is not a sentiment read. | ||
| Steve, this isn't asking traders, what do you think? | ||
| This is money being bet. | ||
| By the way, the bond market is 10 times bigger than the stock market. | ||
| People look at the stock market, that's kind of for the amateurs. | ||
| Look at the 10 year treasury, look at the bond market, that's where the big money in the world is. | ||
|
unidentified
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That's right. | |
| So the bond market is institutional, it is incredibly deep, it is in my view a far more intelligent market in many ways. | ||
| What they break even right there, which is again, those are the actual real world bets, the actual investments that bond traders around the world are making. | ||
| With your pension money, with everybody in this audience's pension money. | ||
| Go ahead. | ||
| The break even is telling us that gasoline and soybeans have it right. | ||
| That inflation is going to continue to ascend. | ||
| Why is that? | ||
| Okay, why? | ||
| Because Joe Biden has ramped up spending. | ||
| Look, we were already spending too much in the United States. | ||
| Joe Biden took this to several levels higher without a growth trajectory. | ||
| And that's the really important part. | ||
| Think of the bond market, folks. | ||
| I think, you know, if you're not into financial markets and some of this is confusing you, think of the bond market effectively as the bank. | ||
| The bank is loaning money to the United States. | ||
| Think of the United States as the business. | ||
| The business was borrowing too much money. | ||
| The bank, the bond market, believed in management, believed in Donald Trump, believed in the income potential of the United States. | ||
| Now we're borrowing massively more, six trillion dollars in new borrowing on top of an already bloated five trillion dollar budget without, Steve, the growth trajectory, without the belief that there is a plan for income to soar. | ||
| But for the audience, let me give you the heart of the scam. | ||
| When you say borrowing, It's unlike going to the bank. | ||
| You have to actually have some collateral and be able to show a plan of growth for it so you can actually borrow the money. | ||
| Here, because we are the prime reserve currency, remember, there's three ways to finance this. | ||
| You either sell bonds to foreign entities, the Gulf Emirates, Japanese insurance companies in China, the CCP, our mortal enemy. | ||
| Or, you raise taxes. | ||
| Or, you print the money. | ||
| The public owns the debt. | ||
| No other country in the world can really do the last. | ||
| The reason is, the greatest export we have, ladies and gentlemen, is the dollar. | ||
| Every transaction in the world has to be converted into the dollar. | ||
| That's where the prime reserve currency took over from the British after the end of World War I, right? | ||
| With Bretton Woods. | ||
| This is the thing. | ||
| We're putting that at risk now. | ||
| A hundred percent putting it at risk. | ||
| Not just that, these guys are untethered with reality. | ||
| That's why this city, and I want to get back to Marjorie Taylor Greene. | ||
| As crazy as people say she is, she's actually brilliant in the fact of saying we need to slow this down and force their hand on every situation to explain, like the COVID-19 bill, the radical nature of the spending of that. | ||
| The Republicans have to be a true opposition party. | ||
| This is my point. | ||
| If these things go through, the bond markets are telling you in the rational world or where they actually have to sell a bond that somebody's going to buy it, there's no takers, right? | ||
| They're just going to monitor. | ||
| Or only a taker at a much higher interest rate. | ||
| Which we can't afford. | ||
| Also the Fed, this is the other thing, let's go back and connect some dots. | ||
| And I don't want this to be confusing, but this is not explained enough In political talk or in the shows, it's all to the business shows. | ||
| It can't be. | ||
| It's to the heart of what the problem is, right? | ||
| The other thing that they're doing is that they can control, the Federal Reserve comes out and says, we're going to keep interest rates near zero through, guess what, 2023. | ||
| Just a random date after the 2022 midterms, which is, this is what it's all about, okay? | ||
| They can't control the 10-year Treasury. | ||
| The 10-year Treasury is a market. | ||
| That's a bid in the ask. | ||
| And you're seeing that people, the bond traders, the smart money, is rejecting categorically the Biden business model. | ||
| Think of the Biden thing as a business. | ||
| And right now, because it has no growth, it has massive leverage, he's essentially doing This is what it is, and I'm going to get a little technical Wall Street, but you need to hear this. | ||
| He's basically doing a leveraged recap. | ||
| A highly risky leveraged recap of the United States. | ||
| It's a shaky leveraged recap. | ||
| The creditors can maybe go, no, no, no, we're not going to vote for this plan, because the interest rates have to be 15%. | ||
| Let's use a real-world comparison here that I think will make sense. | ||
| Under Trump, the markets were willing to lend to, let's say you have two brothers, okay? | ||
| One brother, Navy, ROTC, he gets a STEM degree in engineering, serves on a nuclear sub, he's out now, he's starting a business. | ||
| Okay, you will lend to him on certain terms, right? | ||
| Pretty good terms. | ||
| His brother likes weed and video games, has a degree in art history. | ||
| You're going to lend to him on very different terms. | ||
| The Biden economy and the Biden budget is the weed brother. | ||
| The Trump economy was the STEM, Navy, ROTC brother. | ||
| The bond market is lending on very, very different terms to these two brothers. | ||
| When you go back and look at the Trump economy, what you brought out, the real wages of working class, the strivers economy, that year of 2019 is going to be used as a bedrock. | ||
| That's what everything and thing we talked about coming back in 2022 and 2024. | ||
| They said we don't have any ideas. | ||
| I got news for the Paul Ryans. | ||
| I got news for the Democrats. | ||
| We got plenty of economic ideas. | ||
| Those ideas in 2019 and they're only going to get better because they're going to get more nationalists, more populist. | ||
| We're going to take a short commercial break. | ||
| We're going to return with one of the smartest guys in this business, and that is Steve Cortez. | ||
| He shows at 9 o'clock on Newsmax. | ||
| His guest tonight is Raheem Kassam. | ||
| I've got to lower the tone. | ||
| By the way, we won't talk about the bond market, no doubt. | ||
| Raheem, I tell you, you've got to get up to speed on stuff. | ||
| If I could get you... That's why Nigel's so powerful. | ||
| Nigel Farage knows this. | ||
| He was a trader. | ||
| Okay, short commercial break. | ||
| We're going to be back with Steve Cortez, Raheem Kassam, Stephen K. Bannon in the War Room in a moment. | ||
|
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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. | ||
| You mentioned gasoline and the specific statistics are on election day it was 220 a gallon national average according to Department of Energy right now it's 311. | ||
| That's a massive move incredibly quickly since election day. | ||
| I want to ask you about inflation though more broadly because you did business in the 1970s the last time the U.S. | ||
| saw really aggressive inflation. | ||
| A lot of people if they're young have never operated in that kind of environment in America. | ||
| What does this portend for Americans this new Biden inflation spike? | ||
| Well, it's going to be ugly. | ||
| When you look at the cost of a house, just the materials for a house, it's up 30 or 40 percent in the last few months. | ||
| Especially lumber. | ||
| Lumber, they say, you can't even get it. | ||
| Perhaps they're closing down all their forests for environmental reasons. | ||
| I disagreed with that. | ||
| I said, let's buy our lumber from ourselves. | ||
| So we go to Canada and Canada is a very good, they are very good negotiators in Canada. | ||
| I did the USMCA which was one of the great achievements because NAFTA was so bad. | ||
| We'll get that in the live chat. | ||
| That was the interview last week. | ||
| The best interview I think has been done with President Trump. | ||
| And I just don't say that because Cortez is a mentee of me. | ||
| No, that was a fantastic... You know why? | ||
| Because you got down to serious topics and not the same old... Some of the problem with the President's interviews now, and I love the guys he's talking to, but it's just so much of the same old stuff. | ||
| You actually asked him about the heart of the problem. | ||
| Back here, we've got MSNBC up today, MSNBC for all the audience, to trigger you. | ||
| All weekend Biden's talking about the wealth gap with minorities, particularly African-Americans. | ||
| And the plan he's got is crazy. | ||
| It doesn't make any sense. | ||
| Let's talk about the wealth gap. | ||
| Let's talk data. | ||
| By the way, CNN, MSNBC, Biden administration, we want to go back to data-based, evidence-based, science-based. | ||
| Stop the happy talk, Cortez. | ||
| You've got the floor. | ||
| Let's talk the numbers of what Biden did the last time he was in the White House when he was Vice President for 8 years. | ||
| According to Federal Reserve data, median black household net worth declined 30%. | ||
| 30% over 8 years. | ||
| Now, they inherited a really tough economy, I'll give them that. | ||
| Only the top 10% of earners gained in net worth during the Obama-Biden years. | ||
| years went down 30%. | ||
| And that is representative of the overall destruction of working class people because most blacks, like most Hispanics, belong to the working class. | ||
| Only the top percent, the top 10% of earners, gained in net worth during the Obama-Biden years. | ||
| Think about that, Steve. | ||
| The other 90 percent, almost all of America, lost ground, became poorer over the eight years that Joe Biden was vice president. | ||
| Because their simplistic thing was to inflate assets, blow up the balance sheet of the Federal Reserve, take care of the elites. | ||
| Which we're doing again. | ||
| Open borders, chamber of commerce, let all the people come in and compete. | ||
| Who benefits from inflation? | ||
| The already successful, right? | ||
| Okay, if you're an oil executive, you love inflation. | ||
| Biggest tax on the working class. | ||
| Absolutely. | ||
| Working-class people, you know, think of it this way. | ||
| Negative interest rates and inflation is the double whammy to crush you. | ||
| You crush your personal finances. | ||
| So that's the real record of what Joe Biden did the last time that he was in the White House. | ||
| He's well on his way, only four months in, to doing it again, and then some, to doing it on steroids this time around. | ||
| Let's contrast that With what Donald Trump, with what the America First populist nationalist economic agenda did in 2019. | ||
| 6.8% wage growth, even way better than that for working class people. | ||
| 9.1% overall. | ||
| 7.1% for blacks and Hispanics. | ||
| They outpaced the national average. | ||
| Blue collar did better than white collar. | ||
| Everyone did well, okay? | ||
| We don't want to play that game of identity politics and punish certain groups. | ||
| Everyone did well, but the point is the strivers, the people who needed it the most, they did the best in 2019, proving that economic populist nationalism works for those who are trying to climb the economic ladder, which of course encompasses minorities. | ||
| You know, Hispanics, for example, and I'm very proud of this, Steve, we are by far the most entrepreneurial demographic in America. | ||
| So anything you do that helps small business is going to disproportionately help Hispanic Americans. That's the way to actually not bloating a federal budget that was already too big at five trillion and taking it 20% bigger to six trillion, triggering inflation so that that hard-working Hispanic entrepreneur, if he has a business that involves trucks, now has to fill up his gas tank in California for over five dollars a gallon in some places. | ||
| Thank you, Biden inflation spike. Okay, and to tie it back, the central problem in American economics and politics since 1973 or 74, there's been no growth in wages for the That's what Trump changed. | ||
| That is, by the way, brought about by the stagflation of the seventies, exploding energy prices, out of control of finances and spending. | ||
| That brought Ronald Reagan to power. | ||
| that's what ronald reagan brought that brought ronald reagan to power it took a populist economic nationalist that really understood this This is the saint. | ||
| We've come full circle again to this stagflation and where the destroying, hey, it ain't Bannon and Cortez, it's the math. | ||
| Look at 13% drop in personal income. | ||
| So yes, I'm going to say, well, the stimulus, no. | ||
| They're crushing personal income, you're not having wage growth, they're crushing, and they've got the double whammy now of the zero interest rates and low interest rates by the Fed, which means there can be no capital accumulation, you've got no interest on your checking account or your savings account, coupled with out-of-control inflation now in the 10-year bond market, and this continuous spending. | ||
| And what they hope to do is cover it up with Band-Aids to juice this economy somehow, so in the spring of 2022 and summer of 2022, a year from now, That they're running white hot and that takes them into 2022. | ||
| You, Steve Cortez, say that's a fantasy and we're going to be a disaster by that time? | ||
| I do. | ||
| And the primary reason is energy. | ||
| I think there's a lot of reasons and there's a lot of factors that are problematic. | ||
| I named some of those commodity rallies since the Biden election. | ||
| Copper, for example, up 50%. | ||
| A lot of people might not realize how much copper is used in so many components of your life. | ||
| But of all the things that are racing higher in terms of physical assets, and by the way, Steve, this gets to the point you made in the last segment, about people are losing confidence in the US dollar. When they lose confidence in the dollar, what do they do? They go for alternative assets, things like crypto, but also things like physical hard assets, right? Something that actually does well in inflation. So that explains this run of capital into hard assets. The biggest coordinated state crushing of an asset class | ||
| in world history has been the central banks and central governments on crypto in the last 30, 60 days, right? | ||
| They don't want that as an alternative. | ||
| They are making a statement. | ||
| All this stuff you hear about crypto and the crypto markets taking down, this is because from Bank of China to the Federal Reserve saying they're coming in with all kinds of regulations, I'm not making the point, we'll have guys on later in the week and next week talking about regulations for crypto and what has to happen with blockchain. | ||
| My point is they want to kill that as an alternative investment class to make sure they couldn't compete with what they're trying to do. | ||
| This plan is so radical. | ||
| Right now, his budget is $6 trillion. | ||
| People say budgets don't matter. | ||
| Well, hey, they're going to matter as you go through the process here. | ||
| Because they're going to get passed, or try to get passed, or something like that. | ||
| But that's not even adding on the total American Families Plan, the American Jobs Plan. | ||
| It's $11 trillion. | ||
| My point is, if the spending is radical enough, and it shows government intrusion in every aspect of your life, it pales in comparison to how this is going to be financed. | ||
| Well, and without a growth plan, right? | ||
| While throwing taxes and regulations back on the American entrepreneur. | ||
| That's part of the beauty of 2019. | ||
| And by the way, some populist nationalists don't like talking tax cuts. | ||
| I do. | ||
| I think it's both and, okay? | ||
| We should do both. | ||
| Smarter trade deals, yes. | ||
| Economic protectionism. | ||
| I like tax increases. | ||
| And tax and regulatory relief at the same time. | ||
| You don't think the wealthy ought to be... You don't think there ought to be higher marginal tax rates for the wealthy? | ||
| I don't, no. | ||
| Cortez is still a company man. | ||
| I am not a company man. | ||
| I will have such an argument with you on this. | ||
| Whatever you tax, you get less of, right? | ||
| We tax alcohol to get less drinking, tobacco to get less smoking. | ||
| I get less woke 1%. | ||
| They're the problem. | ||
| We could have that whole debate at some point. | ||
| But listen, we're totally in agreement on economic nationalism as far as smarter trade deals, right? | ||
| I believe, for instance, in actively punishing companies that offshore. | ||
| Let's have incentives to encourage them to onshore, but let's also have punitive measures to punish them. | ||
| How about punitive? | ||
| You're not going to do it. | ||
| How about that? | ||
| Well, yeah, that's punitive. | ||
| Let's talk about the other big thing that's never talked about is the immigration. | ||
| And this 46, the other thing I want to bring in, Cortez, for Dropped an exclusive to the New York Times, they leaked the 40-page Biden immigration plan, right? | ||
| It is absolutely going to crush Hispanics and African-Americans that aspire to Silicon Valley, all these STEM programs in grade schools and elementary schools. | ||
| They're totally blown up by the immigration plan, because what they're going to do is bring the world in to compete with working-class people trying to get those jobs. | ||
| Is that not correct? | ||
| I know you and I totally don't agree on this either, but... No, no, we do, 100%. | ||
| Listen, I... You're as restrictive as I am? | ||
| Yes, look, illegal immigration needs to be zero, obviously, but I believe even legal immigration, I believe in a suspension, in a moratorium. | ||
| I think that America needs to... Whoa, let me hear this. | ||
| This is breaking news from Steve Cortese. | ||
| America needs to heal, okay, in all ways. | ||
| We need to heal physically from the virus, we need to heal financially, societally, right? | ||
| We're an extremely polarized society right now. | ||
| This is a time, in my view, alright, and I say this as an immigrant son, this is a time for us to hit the pause button on legal immigration. | ||
| to take a break. We're not doing it well, first of all. Our filters are not correct in terms of who we're letting in. But secondly, there are a lot of emergency extenuating reasons why I believe it is critical for us right now to say the United States needs to take care of its own. We need to see wages rise dramatically. And an endless flow of cheap labor is terrible for this country, but it's most of all terrible for working class Americans. | ||
| We don't have May numbers yet, but for April we know 176,000, that we know of, 176,000 illegals encountered at the border. | ||
| At that kind of pace, Steve, what is that going to do to unskilled working-class wages in this country? | ||
| I'm going to say it here first. | ||
| I'm not kidding about this. | ||
| On the second Trump term, right, whether it starts in August or it starts later, Dr. Peter Navarro at the Federal Reserve, Steve Cortez at Treasury. | ||
| You've got to head the National Economic Council. | ||
| I am not kidding on this. | ||
| You understand populist nationalist economics, and I can put you in a room with anybody, because I've seen these clowns, right? | ||
| Cortez can bench press these guys. | ||
| That's a plan right there. | ||
| We get that plan. | ||
| If we can implement that plan, we're going to have a political realignment like 1932. | ||
| We will govern. | ||
| For 100 years. | ||
| And the reason is, working class people will finally have a shot. | ||
| Steve, we would own Hispanics, politically speaking, the way the Democrats used to own Irish Catholics. | ||
|
unidentified
|
Amen. | |
| I mean, for a generation. | ||
| And coming as an Irish Catholic Mick, I know. | ||
| You mentioned, when I was a kid, if you'd mention even Republican people, you'd spit on the floor. | ||
| If it's inconceivable. | ||
| Okay, short commercial break. | ||
| Dr. Li Min Yan is going to join us with Raheem Tassam. | ||
| We're going to talk about the great reporting they've done, or Dr. Fauci, what's happening in Wuhan. | ||
| Cortez is going to stay with us. | ||
| He's got thoughts about that. | ||
| Also, I've got a few more questions on economics in your personal life from the great Steve Cortez, the 9 o'clock show on Newsmax every night with Jen Pellegrino. | ||
| Be back, Dr. Li Min Yan, our Woman of the Year in 2020, in a moment. | ||
|
unidentified
|
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. | ||
| We're going to get back to Cortez in a second and all the economics. | ||
| And the reason we do this, we're all signal, no noise. | ||
| This is absolutely incredibly important, not just to understand how it's going to impact your life, but in the politics of all, you know, we are the leaders of the three November movement, right? | ||
| To metastasize this thing all over the nation and to get to the bottom of the Wuhan lab. | ||
| But there's certain things going on now that must be stopped immediately, right? | ||
| One that must be stopped by the politicians is this until people fully understand it. | ||
| And have bought into it is the hide the football nature of this radical plan of Joe Biden and the people around him about the finances and the economic plan of the United States of America. | ||
| This is the most radical, the COVID-19 bill. | ||
| And I said this, and this is why I love MTG. | ||
| She stood up over there in the well of the house and tried to slow this down to go through every piece of it and call for these votes. | ||
| To understand this bill was so radical, because I said, now this is the most radical piece of legislation since the 1960s. | ||
| It came with a 1.9 trillion dollar appropriations already attached. | ||
| You didn't have to go back and get it, right? | ||
| This is so radical what's happening now. | ||
| Cortez is getting to the bottom of it. | ||
| It's also central to what's going to happen in politics, okay? | ||
| I want to pivot now a second. | ||
| Dr. Lee Mignogna, we're trying to get her. | ||
| She's so in demand now. | ||
| She's up. | ||
| Okay. | ||
| Let's bring her in. | ||
| Dr. Li Ming Yang. | ||
| Rahim, I want to get to you and Fauci in a second. | ||
| The audience wants to hear because the last weekend has just been a firestorm and now we're getting it from every different direction. | ||
| They're trying to do a misdirection play on the lab leak and not talk about the man-enhanced nature of the gain-of-function experiments. | ||
| Just tell our audience, once again, what you've said from the beginning. | ||
| What happened in the Wuhan lab, and why has the media shut everybody down that wanted to talk about this? | ||
| Principally you, the defector that came out of Hong Kong. | ||
| So walk us through what happened in Wuhan, and walk us through how they suppressed your voice, ma'am. | ||
| Hi, sir. | ||
| Morning. | ||
| So actually, from the beginning, China government knows that this COVID-19 virus is their non-restricted bioweapon. | ||
| As I always said, I defined it as unrestricted bioweapon. | ||
| So since I pointed out the backbone of this virus, which is the PLA discovered and owned unique bat coronavirus from east China, named the JC45 and JXC21. They have to admit that there is human-to-human transmission and there is outbreak in Wuhan, and later they did the lockdown. But the China government also | ||
| know that if they can use misinformation and lies, the world will be changed. | ||
| So that's why, although I revealed it via modern media in January last year, still China is using misinformation to cover it up. | ||
| and misinformation work together with international authorities and also experts and other related people as part of their bio warfare. | ||
| And also we call it information war. | ||
| So as we say that from that time until now, the whole world is covered by the virus come from nature and also the virus cannot be treated. | ||
| There is no drug, you only can use vaccine. | ||
| All of these things. | ||
| And now we see that people, although they start to realize it's from the lab, but still most of people didn't realize China's military behind that. | ||
| That is a key point. | ||
| We have to make people understand that. | ||
| Dr. Yan, I know we've only got you for a while because you're heading to all types of interviews and media appearances. | ||
| I just want to make an announcement. | ||
| The new federal state of China, we're going to honor, I'm one of the co-founders, its first year anniversary on 4 June, on 3 June, so we can do live in Beijing. | ||
| Dr. Li Min Yan has been invited to be the keynote, to give the keynote address. | ||
| We're also breaking news about other prominent personages that are going to be there from America to honor this, but to put the word down on Beijing. | ||
| Dr. Yan, in the few minutes we've got left with you, what does this audience need to do to start to demand the truth, to start to demand that both media and particularly politicians get to the bottom of what Dr. Fauci did and what happened in the Wuhan lab? | ||
| What would you recommend for our audience who are so supportive of you as our 2020 Woman of the Year? | ||
| Actually, we really need to ask our people to realize that Chinese military and the China government's role in this whole bioweapon attack and the unrestricted bio-war. | ||
| We are actually in the war. | ||
| This is not to scare you. | ||
| This is not to make you panic. | ||
| This is just the reality. | ||
| So people should understand that is a massive network infiltrating US, infiltrating Europe and spread misinformation. | ||
| So among those misinformation, the lab accident leak is also part of that. | ||
| I mean, many innocent people are treated because they don't understand China. | ||
| They don't know how evil this regime is, but what I can tell you is if we re-examine all this evidence and then you will realize the evidence finally still points to the intentionally released and this is a unrestricted bioweapon which China developed for years. So they won't waste their bioweapon, but they are using it to waste your time and waste your life and achieve their ideas. Among | ||
| that, and Dr. Fauci, yeah, he has given some money through Peter Dutchak to China, kind of found part of this kind of research, although they won't clearly be told that this is gain of function, but in fact, there has been a little part of that. But what I also want to mention is Dr. Fauci should admit the importance of the early treatment and also | ||
| the scientific world should face to the use of the hydroxychloroquine and other related useful drugs. | ||
| Which we should let people know there is treatment and a vaccine. | ||
| We need to develop it and to make it more safe for people. | ||
| Dr. Yan, what's your social media? | ||
| How can people follow you? | ||
| So my social media is on Twitter and Dr. Limeng Yan, if you search, please notice that one has over 90,000 followers because there are another hundred of fake accounts pretending to be me from China. | ||
| Dr. Yang, we love you. | ||
| Look forward to having you do the keynote address on Thursday and have you back on the show. | ||
| Dr. Lee Min Yang. | ||
| Thank you, sir. | ||
| She brings up something very important, guys, in this information warfare. | ||
| You're hearing all now and all weekend, they're trying to cover this up, but the Lab Leak Theory. | ||
| Oh, maybe Lab Leak is saying, this is another misdirection play. | ||
| Remember, when they're having people on now, you don't see Fauci on primetime anymore, right? | ||
| When they're having people on, it's not the producers that watch this show and figure out what to do. | ||
| It's not the host. | ||
| It's the lawyers. | ||
| Okay, they're absolutely panicked about their liability. | ||
| The social media companies are panicked about their liability. | ||
| And what she said, it's not the suppression of actually that this is a man-enhanced part of a bioweapons program, right? | ||
| And everybody knows that, including the intelligence agency. | ||
| People know it. | ||
| People around the world know. | ||
| When you talk to everybody around the world, everybody knows it. | ||
| We're just playing a game over here, right? | ||
| Not just that, it's also about the therapeutics. | ||
| hydroxy and ivermectin. The stats coming out of India are absolutely stunning about how ivermectin has actually helped to stop the crushing aspects India had. It's why were they not put out as therapeutics early on, right? So this whole thing is going to blow up. | ||
| And remember, this is why we keep saying, this is why we keep saying, you've got to get to the bottom of November 3rd and you've got to get to the bottom of Wuhan lab. | ||
| But now we're in the second phase of the Save the Fauci campaign. | ||
| And that is, it's outrageous, these books that are coming out. | ||
| And particularly the book, the little book for kids that's there really as propaganda. | ||
| Yeah, we're the British Empire. | ||
| get the vaccines. Rahim, I want to talk to you. You've been amazing in breaking this news. | ||
| Natalie Winters, the team at National Pulse, your leadership has been, I'll tell you, for a small operation, you've done a better job than the Financial Times, the New York Times. Yeah, we're the British Empire. We punch way above our weight. | ||
| You do punch way above your weight. | ||
| Don't worry, I'll save the best commentary for later. | ||
|
unidentified
|
Please. | |
| Peace. | ||
| It's going to save the. | ||
| It's good stuff for 9 o'clock tonight, Newsmax TV. | ||
| That's okay, I don't mind being pre-game. | ||
| Just give me Cortez, I'll be pre-game. | ||
| Firstly, did you see the opinion column by Bret Stephens in the New York Times? | ||
| No, I missed that. | ||
| Alright, the headline being... He's not a fan. | ||
| Media groupthink and the lab leak theory. | ||
| It turns out that the COVID pandemic was caused by a leak from China. | ||
| It will rank amongst the greatest scientific scandals in history. | ||
| Dangerous research possibly involving ethically dubious techniques that make viruses more dangerous. | ||
| Carried out in a poorly safeguarded facility, thuggishly covered up by a regime more interested in propaganda than human life, catastrophic for the entire world. | ||
| That is the opening gambit of a New York Times op-ed that ran yesterday. | ||
| And let me tell you something, the New York Times editors, and critically, the lawyers, are not about to let that run if they don't know everything he's saying is a maybe, is completely and utterly true, But B, it probably goes way further than just being a leak. | ||
| This is the position they are taking in order to try and caveat and cover up for all of their previous positions that they've taken. | ||
| It's an incredible article. | ||
| I'm going to post it in the live chat. | ||
| Everybody needs to read this. | ||
| It's extraordinary. | ||
| Takes us to the other cover-up that's taking place right now, which is the cover-up of Dr. Anthony Fauci and his... | ||
| his puce anonymity in terms of standing up against the people the Chinese Communist Party people who were telling him here's what you need to do and here's when you need to do it because otherwise we're all in the stink right the other part of it is this it's children that they're targeting with these books So you have Dr. Fauci. | ||
| Can we get the covers up? | ||
| Dr. Fauci. | ||
| How a boy from Brooklyn became America's doctor. | ||
|
unidentified
|
Ugh. | |
| Okay? | ||
| Disgrace. | ||
| Talks about, you know, he used to cycle around on his bicycle, he used to go to his dad's pharmacy, and so on and so forth. | ||
| Obviously it doesn't mention any of the work that he's done with the Wuhan lab. | ||
| Fauci's grants he's given out. | ||
| Peter Navarro's right, he's the new Dr. Kevorkian. | ||
|
unidentified
|
That's exactly right. | |
| He's Kevorkian. | ||
| That's exactly right. | ||
| And then of course there's Expect the Unexpected, which is Dr. Fauci in his own words, which is due to come out later this year. | ||
| I don't know when he's had time. | ||
| I thought he was super busy pouring over the science and the data and figuring all that out. | ||
| Do we know what he got as an advance? | ||
| Not yet. | ||
| By the way, these are bribes and payoffs, just like Hunter Biden. | ||
| These are bribes and payoffs. | ||
| Just like Mike Pence, these are bribes and payoffs. | ||
| One might use the word laundering. | ||
| To that point, too, of this propaganda campaign to try to compel parents and children to take this. | ||
| This man Fauci is just an evil charlatan. | ||
| I don't know any other way to characterize it. | ||
| And I want to say this as a father and I think I speak for a lot of parents out there. | ||
| The idea that we are going to compel this experimental treatment upon children who are not vulnerable to dire effects from this virus. | ||
| It's just, it's beyond the pale. | ||
| It is absolutely, totally unethical. | ||
| It should be illegal, and it is certainly unethical, and yet that's where Fauci is going. | ||
| Also, Steve, I just want to connect this conversation we're having about China, and you mentioned liability, connect this to our previous conversation on American debt. | ||
| The United States of America owes over a trillion dollars to China, to the CCP. | ||
|
unidentified
|
1.2. | |
| Given what we already know China did, its malfeasance regarding the virus, and what we are likely to learn regarding the virus, I stipulate that a good portion, if not all, I think he's going to start to go there on using the reparations word. | ||
| methodical way right we can't just wave a wand we'd have to go through a process but they need to pay a steep financial penalty I asked Donald Trump about this in my interview with him last Tuesday and he didn't go there toward debt but I think we need to I think he's going to start to go there on using the reparations word that this is going to be accountable biological war reparation by the way and also the member of the railroad bonds we still got that we still got what we still got whatever they by the way Denver you're on it late | ||
| with it late with it late with the late with the charge early with the music hey so let me just want quickly one thing you're trying to get me trying to trigger me right and the title of the book is expect the unexpected but at no point Was the United States prepared for this? | ||
| By any measure? | ||
| You know, they botched it from day one. | ||
| Where did the trillions of dollars in pandemic preparedness that has been spent for decades go? | ||
| I want to respectfully disagree. | ||
|
unidentified
|
Because on day one they didn't even know if you were supposed to wear a mask or not. | |
| If the administration had gone down the path of what Peter Navarro laid out in the Situation Room on January 27th, and Hatfield and guys were on the show, went in and helped him with, if they had stopped, if Trump's wartime presidency stopped the traffic from China and quarantined Americans, hadn't been done in 50 years, if that had been the methodology all the way through, and not listen to Fauci? | ||
| Okay, back in a second. | ||
|
unidentified
|
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. | ||
| By the way, thanks, you haven't told me, you haven't prompted me to do my read yet. | ||
| Okay, MyPillow.com, go to, go to promo code, you gotta type in promo code, War Room. | ||
| You've got the Giza sheets, but you've also got the toppers 30% off, pillows $29.98, $40 discount. | ||
| Go there today, get your spring shopping done. | ||
| That's MyPillow.com. | ||
| There's a lot of news that's going to break on Mike Lindell this week. | ||
| This is a big, big week for a lot of information we'll be putting out, a lot of details about the lawsuits, a lot of that stuff's coming out. | ||
| Lindell's going to be at the top of the news. | ||
| We've got another announcement. | ||
| Lindell's going to give a major address somewhere. | ||
| We'll talk all about that. | ||
| He's going to be back on the show. | ||
| But go to MyPillow.com, support Lindell, all the freedom fighters. | ||
| Promo code WORM, get up to 66% off. | ||
| Let's talk about the show. | ||
| The show's on fire. | ||
| Your interview with Trump. | ||
| Was the best interview, and I don't say that, look, I call, you know me, I'll text you right away and say, hey, I don't think you're hacking it, right? | ||
| But the show's great. | ||
| I love getting those texts. | ||
| Him, I'm on him all the time. | ||
| That's what I mean, when I look at him, he's a loser. | ||
| Now he's, he even saw him. | ||
| No, but this is one thing I'm proud of. | ||
| You've got a podcast that's on fire. | ||
| Your show's on fire, right? | ||
| And the show's on fire because you're not just giving up the same stuff all the time. | ||
| It's powerful stuff because you're one of the smartest guys. | ||
| Tell us about the show. | ||
| I'm a big fan of Jen. | ||
| I have been since she was at One America. | ||
| She's spectacular, right? | ||
| So walk me through what you guys are doing there. | ||
| Sure. | ||
| So first, in sports parlance, your coaching tree is working, right? | ||
| Raheem, Cortez, others. | ||
| The Bannon coaching tree. | ||
| So the show, 9 o'clock Eastern Time every night on Newsmax TV. | ||
| One thing I want to point out to folks is you do not need to have a cable subscription. | ||
| Newsmax is on cable. | ||
| Smartest thing Ruddy ever did. | ||
| It's channel 1115 if you're on Comcast Xfinity. | ||
| We're on all the major cable platforms, but it's the both and. | ||
| Unlike Fox, CNN, you don't need a subscription. | ||
| You can watch it online. | ||
| You can watch it on the app anywhere. | ||
| Please do tune in. | ||
| It's the reason Real America's voice is blowing up. | ||
| These guys, Rob and Howard, are smart. | ||
| They understand how people get to this thing. | ||
| So you don't need to buy cable to watch your show. | ||
| Correct. | ||
| You do not need cable, but we are on the cable system. | ||
| But in terms of our philosophy and what we are doing on the show Cortez and Pellegrino, we are a populist, nationalist platform. | ||
| And how are we different? | ||
| Well, we are trying to educate and motivate the deplorables to take action. | ||
| To take action into 2022. | ||
| To elect not just a Republican Congress, but an America First Republican Congress. | ||
| How do we do that? | ||
| We do that by right now educating people on the issues and also, Steve, by motivating them. | ||
| There's a lot of despondency in our movement right now. | ||
| There really is. | ||
| And it's understandable because things are going terribly in this country right now, particularly economically. | ||
| However, we can't just wallow in that despondency, right? | ||
| We have to plan the way out. | ||
| And we also have to realize that our movement is incredibly young. | ||
| I try to emphasize this a lot. | ||
| What we've already done, this movement that was born really in the Tea Party, that didn't really take form until 2015-2016 election, Think of that in the scope of U.S. | ||
| history, in the scope of world history. | ||
| This is a baby. | ||
| It's an infant of a movement. | ||
| We have a long way to go, and I hope that, like this show, I hope the Cortez and Pellegrino Show is going to be a critical platform for forming and motivating that movement, recruiting candidates Financing them, highlighting the critical issues, and in terms of the specifics of our show, because of my background, 25 years on Wall Street, we're focusing very much on economics. | ||
| I think one thing, there's an incredible void, if we look at primetime news shows, of people who understand economics. | ||
| You've got a lot of folks who have come up through media their entire careers, and they might be smart, and they might be great at television, but they don't understand economics. | ||
| Matter so much, of course, for your everyday life, you know, as we were talking about at the beginning of this hour. | ||
| What matters to you is your income, kitchen table issues, what you're paying at the gas pump, what you're paying at the grocery store. | ||
| All of these policy issues in Washington, D.C. | ||
| are already having a dire effect on you. | ||
| It's likely to get worse, unfortunately, but then I want to also point out to people the path forward and the path toward recovery and back to economic nationalism and populism. | ||
| Talk to us about the Trump interview, still the best one. | ||
| We ought to try to get Cameron, we ought to try to get the Trump interview and put that in a live chat so people can watch that today sometime. | ||
| It's the best interview he's done. | ||
|
unidentified
|
Thank you. | |
| Your perpetuation, yeah, but it was also the questions, and you asked the tough follow-on questions. | ||
| Walk us through sitting, you have not had a chance to sit with the president for a while when you sat with him. | ||
| Right. | ||
| And great to see him, first of all. | ||
| He looks great. | ||
| He's tan, he's lost weight. | ||
| Lost a bunch of weight. | ||
| Yeah, he looks fantastic. | ||
| But more importantly to the substance of it, he's the same fighter that he always was. | ||
| And I didn't waste any time, Steve, right? | ||
| You know, you've got a limited amount of time with the 45th President of the United States. | ||
| So, for instance, I didn't bother to ask him, are you going to run again? | ||
| Everybody asked him that question. | ||
| He's going to give you the same canned answer, right? | ||
| So I did not give him that. | ||
| We got right to it. | ||
| Listen, I pressed him on some things. | ||
| For example, on big tech, I believe that as incredible as his leadership was, the biggest miss of the first term, which I think can be rectified in a second term, the biggest miss was not confronting big tech aggressively. | ||
| I think we need to get more specific about how we are going to punish China for what they did to the world, for what they did to the United States, and I mean based on what we already know for certain. | ||
| full posture as a supporter, he knows my loyalty, to press him on some of these issues. I also happen to believe that the issue we just talked about in the last segment on China, I think we need to get more specific about how we are going to punish China for what they did to the world, for what they did to the United States, and I mean based on what we already know for certain. | ||
| We're likely to learn a lot more, but what we already know about their malfeasance regarding the virus. I want to give some signal not noise. | ||
| I think because of your interview and your discussions and the respect the president has with you, I think you're going to see much more of that coming up. | ||
| National Pulse, Dr. Yan, as he looks out there and sees what went down, I think you're about to see an inflection point for Donald J. Trump. | ||
| I think you're going to see this in the next days and weeks ahead. | ||
| And part of it's because of the conversation I think you had with him in your interview. | ||
| Right. | ||
| Well, I'm certainly trying to nudge him, to push him in that direction. | ||
| You know, we also talked about Hispanics, and I think this doesn't get enough play because, of course, corporate media doesn't want to talk about it. | ||
| This was a transformational election when it comes to Hispanic Americans, working class people overall, of course, but particularly Hispanics. | ||
| And it's not just a South Florida story. | ||
| It's not just a real grand story. | ||
| As great as that is, all over the country, L.A. | ||
| County, for example, which is one of the most diverse counties in America, by far the biggest county in the United States at 10 million people. | ||
| Donald Trump gained a half million raw votes in L.A. | ||
| County. | ||
| Deeply blue L.A. | ||
|
unidentified
|
County. | |
| He also gained 4% on margin. | ||
| Now that is the kind of trend, the trajectory, that we can build on in massive ways. | ||
| And the Bronx too. | ||
| And the Bronx. | ||
| He doubled his raw vote in the Bronx. | ||
| In the Bronx, which is 90% minority. | ||
| Raheem's on the, are you going to do the podcast? | ||
| Can I break that? | ||
| I am, yes. | ||
| Okay, so we have a triple play. | ||
| Okay, so it's the podcast today? | ||
| Yes, so we have, Steve and I are performing a hat trick today. | ||
| This show, the podcast, and we'll get into a lot more detail on some of the stories we're breaking about the Black Lives Matter founders. | ||
| Things that we're finding out in previous speeches that nobody wants to report on. | ||
| We've got just a metric ton of information coming out there from Natalie Winters. | ||
| And the rest of the team, and we've also got more details on Fauci, on Daszak, things you've never seen or heard before will be coming out this week. | ||
| I've got, the reason I'm tapping away at my computer, I've got 18 tabs open right now. | ||
| That's not research, that's editing stories. | ||
| 18 individual stories we're working on at any one given time. | ||
| You guys are on fire. | ||
| Okay, we're going to take a short commercial break. | ||
| Be back with the second hour of the show. | ||
| We've got Colby Covington, UFC. | ||
| Pure MAGA. | ||
| Cortez talks about the youth of this movement. | ||
| This is one of the young leaders of this movement. |
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