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Sept. 30, 2021 - Bannon's War Room
48:54
Episode 1,300 – Debt Ceiling Victory Within SightEpisode 1,300 – Debt Ceiling Victory Within Sight
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b
boris epshteyn
06:00
s
steve bannon
11:36
s
steve cortes
23:18
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a
anthony fauci
00:03
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Speaker Time Text
unidentified
now killed more than 100 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 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.
anthony fauci
Because if you don't, then the worst happens.
unidentified
War Room.
Pandemic.
Here's your host, Stephen K. Bannon.
steve bannon
Okay, it is Thursday.
Oh, excuse me.
It's Wednesday, the 29th of September.
We still got a day to go before the government shuts down, and that's what the city right now is in full panic mode about, and if the Republican Senate just holds the line, Nancy Pelosi, Chuck Schumer, and Joe Biden are going to shut down their government.
Tomorrow night at midnight.
Remember the four no's.
No on the phony infrastructure bill.
No on this disastrous $3.5 trillion, whatever that thing is.
No on raising the debt ceiling and no on the continuing resolution.
They have to show an appropriations bill.
They've got to do it.
Otherwise, they shut down their government.
Steve Cortez, the co-host of 9PM's Newsmax TV.
He's got an amazing piece up in Newsmax.
He's here.
We're going to talk polling.
We're talking the financial debacle of the Biden administration, the implosion of the Biden administration.
Got a lot of amazing polling Steve Cortez has done.
Plus, I would say kind of a hot piece up on Newsmax's website from the pen of Steve Cortez.
So we're going to get into all that.
But I want to start in San Diego with our own Boris Epstein.
Boris, talk to, get me up to speed.
They're Maneuvering non-stop.
The Democrats, you don't know if they're making progress or not making progress.
Looks like Biden's punched out a little bit.
But specifically, because we've made, the audience has been so heroic here.
It's kind of changed the arc of history in this.
I want to talk about the continuing resolution and the debt ceiling.
What's the latest right now with the Republicans?
boris epshteyn
Steve, so great to be here.
Such an honor to be on with you.
Of course, with my good friend Steve Cortez, who thought I was in South Dakota, not San Diego.
But, you know, that's the kind of rough guy I am.
I could be in South Dakota.
Because, you know, maybe I go hunting and all that stuff.
A lot of Jews hunt.
Yeah, that's a big deal for us.
Yeah.
steve bannon
There's no, there's no, there's no force.
I told Cortez, dude, there's no Four Seasons or Ritz-Carlton in South Dakota.
So there's not going to be any, no Boris.
boris epshteyn
To be fair, the Hotel Del Coronado, I think, is a Hilton property now.
So, you know, maybe I'm becoming more flexible.
But I'm honored to be here.
And in all seriousness, what was really terrific for me this morning is the Coronado, as you know, is where the Navy SEALs train.
So I'm still on East Coast time.
I wake up at 4.35 in the morning.
I look outside, and there are America's finest, bravest, The best our country has to offer, swimming in the cold water, running, and it was so inspiring to see.
And I actually spoke to Eric Greitens, who is a Navy SEAL, and he said, you know, buddy, I have looked into the windows of that hotel too many times to count while I was swimming from two miles out.
So yeah, I kind of felt like a house cat there, felt a little bad, but you know what?
Not everybody can be an American hero and a Jewish G.I.
Joe, like Eric Greitens, the next senator from the great state of Missouri, and the first Jewish president in 2028 or 2032.
So that's where we are.
That's just to give us some setting about where I am.
An honor to be here, of course, in D.C., in the swamp, total disaster.
But here's the biggest thing.
To these Republicans that are even thinking, even thinking, Of bending a knee on the infrastructure bill.
The Fitzpatricks.
I got the list right here.
unidentified
We've got Brian Fitzpatrick, Adam Kinzinger, Tom Reid, Fred Upton, Don Bacon.
steve bannon
And I'll tell you, this one is so disappointing to me.
boris epshteyn
split screen with Boris as you read through the names.
They have no idea what's good for them.
It is shocking that they would even consider bending any.
And I'll go a step further.
I made a call this morning to the Senate side and I said, are you guys nuts with this clean CR?
Why would you ever let the Democrats out of the Conundrum.
Out of the hole they've dug themselves into and say, oh yeah, sure, we'll give you two more weeks.
No, two more months, I'm sorry, we'll give you two more months.
And guess what?
I'm now hearing that on the debt ceiling Janet Yellen is going to push it to November.
So any Republican that's thinking of going along with the Democrats on infrastructure, on the $3.5 trillion, on the debt ceiling, and that includes the clean CR, you better Not even think about it, because if you do, 2022, 2024, for those of you in the Senate who won't be up till then, is going to be a very long year.
This clean CR thing is typical Washington, D.C., nonsense jiu-jitsu.
Uniparty establishment crap.
That's what it is.
Oh, yeah, let's just agree that, well, we won't have the debt ceiling in there.
We don't have to tell the American people where all the money has gone in the last year, okay?
But in the last nine months since Biden took over, But we'll give them two more months of operating of the federal government.
unidentified
Boris, listen, you know, you mentioned... This TR is disgusting.
steve cortes
You mentioned jiu-jitsu though, but it's not actual combat, right?
Because it's very obvious to me, when I look at these establishment Republicans, that very few of them have probably played sports at all.
Almost none of them have played tough, violent sports, and probably zero, actually zero of them, have ever been involved in combat sports.
Because if they had been, and I spent a lot of time in the boxing ring, I'm gonna blame any shortcomings mentally on maybe too much time in the boxing ring when I was a young man.
But anybody who has boxed, anybody who's done real jiu-jitsu, anybody Anybody who's done combat sports knows that when your opponent is wobbly, is the time to deliver the knockout blow, the right cross.
Politically, the Democrats, and Joe Biden especially, could not be more wobbly right now.
That is not my opinion.
That is the statistical reality as evidenced by the polling.
As evidenced particularly by the polling of independents.
And I want to just read a quick list here of how far he has fallen.
Among independents, not among us, not among the deplorables and the MAGA crowd, but among independents.
And I want to give a hat tip to Ryan Gurdusky.
He does a lot of great work in compiling these polls.
These are state polls and it's showing since summer, most of them since June, how much he's fallen in approval ratings among independents.
State of Texas, down 41 percent.
Iowa, minus 33 percent.
Virginia, down 21 percent.
New Hampshire down 15%.
He is down double digits, at least the teens, in some cases into the 40s, percentile-wise, percentage-wise, among independents.
There is no reason, no reason on God's good earth for the Republicans to get weak-kneed now.
We have them in a corner.
It's time to deliver the political knockout.
steve bannon
And this is what they're saying.
Hang on, Boris.
They say that, here's what they're saying, is that we've won enough.
We don't want to be accused of shutting down the government.
You're not shutting down the government.
Nancy Pelosi, Chuck Schumer, and Joe Biden did not have enough respect for the American people to come through with a budget and appropriations plan.
That's what they should have been doing for the last four or five months.
Not this orgy, this fantasy on the infrastructure and the reconciliation.
Okay, Boris, what else you got for us?
boris epshteyn
What's really interesting is I used the boxer analogy with you when we were talking earlier this morning.
Same exact thing.
We literally have the Democrats absolutely knocked out.
Why in the world would you think of propping them up except for one reason?
Except for one reason.
To disrespect MAGA, to disrespect the movement, to disrespect its leader, President Trump, and to continue propping up the United Party.
And anybody who goes for this clean CR, who goes for infrastructure, and helps prop up, helps give a lifeboat to the feckless Joe Biden and the pathetic Democrats, is going to have a very, very tough time in 2022 and 2024.
So that's on the front in DC.
Steve, real quick, in Arizona, huge news today.
steve bannon
Huge news.
boris epshteyn
A letter from Attorney Joe Bronowich requesting a lot of very detailed information as a result of Friday's report.
But, signal not noise on this show as ever.
The hidden buried lead is actually the last paragraph.
Because the Attorney General has sent a preservation report.
He requested a lot of information from Maricopa County based on the report from Friday.
55,000 illegal ballots, Maricopa County alone, 10,000 difference.
Now hearing 35,000 illegal ballots in Pima County.
So all together, you're at over 100,000 with the reports that have been put together.
Over 100,000 illegal ballots in Arizona, 10,000 separated.
The biggest part, I think, of that letter from Attorney General Branovich was in the last paragraph.
He sent, as the Attorney General, a preservation notice to Maricopa County.
Again.
As a lawyer, I'll tell you, when you get a preservation notice, that means that it's game time.
That means that something's coming down the line.
steve cortes
It's game time, and it's a big deal because it's coming from Brinovich, who is hardly MAGA, right?
Somebody who betrayed us most of this process, and even he now has to realize and has to concede that there is serious malfeasance and perhaps indictable criminality here.
He's somebody who I think is going to lose to Blake Masters, and I hope loses to Blake Masters.
He's not MAGA, but even he gets it now, and even he is taking the appropriate action.
steve bannon
Not just the politics of it, he gets the seriousness of it.
boris epshteyn
You just want to talk about the politics of it real quick, Steve, is, hey, for me, I'm not involved in that Senate race.
I will tell you, I'm in the Governor's race.
I have been supporting Matt Salmon, as you know, Carolee got the endorsement yesterday from President Trump.
From my perspective in Arizona, we want to make sure that everybody in Arizona, everybody running for the Governor's seat, everybody running for the Senate, is singing off the same sheet of music.
That we need to have the full audit, full canvass, and then we need to decertify.
So if Branovich needs to have that Senate run, be there for him in order to do the right thing, so be it.
All I care about is that more of that heat comes, preservation notices, subpoenas, a full-throated investigation.
steve bannon
Yeah, it's got to roll.
Okay, what's your social media, Boris, how do people follow you?
boris epshteyn
Great to be here with you both, Steve and Steve, at BorisEP on Getter, coming in super hot on Getter at all times.
We may have something exciting happening on Getter pretty soon, along with all other great stuff there.
At BorisEP on Getter, at BorisEP on Twitter, Boris underscore Epstein coming in hot on the Gram, and of course, my website, BorisEP.com.
That's the hottest.
Go sign up at BorisEP.com.
God bless.
Stay strong.
See you tomorrow.
steve bannon
Thanks.
Let's go back to this polling for a second.
This guy has no political capital.
He's beyond wobbly.
He's gone to the corner for a cut man.
And now you, as a boxer, know you can come in.
Why is this city, why is Mitch McConnell, and he even had Rand Paul.
And I think, listen, I think any Republican that steps across the aisle and supports him on infrastructure or the CR should be primaried by definition.
steve cortes
And by the way, we're not talking about a small group, Steve.
I mean, 19 senators crossed the aisle on so-called infrastructure.
This is not a small group.
But to answer your question, or to address your point of why, why would they do this, right, when the numbers are so clear that Joe Biden is a president in absolute free fall, and as we've talked about before, not only are his poll numbers crashing, But I think you can make a strong case that he does not have a floor, because he does not have a base, right?
Unlike the last two presidents, both Trump and Obama, as much as we can't stand Obama's policies, we have to concede.
He had a base.
He had fervent supporters.
They were almost MAGA-like in their devotion to him.
Obviously, President Trump had it.
This president, Joe Biden, does not have that.
There's no such thing as a rabid Joe Biden supporter.
It just doesn't exist.
And so given that, given that he's in free fall, given that the trend is your friend, Republicans, it should be patently obvious to them to, again, deliver the knock-off blow, or at the least don't prop him up, right?
At least step back and let him continue to implode.
Why are they doing it, though, to address your point?
I think the main reason is There is scar tissue among the institutional establishment Republicans in Washington from previous shutdowns or near shutdowns.
Because, right, we haven't actually shut down very much, but we've had a lot of up to the brink, right?
We've had a lot of brinkmanship.
And I think that those have been, I know that those have been in the past, blamed on Republicans.
Republicans have suffered political consequences, polling consequences.
steve bannon
When you say polling, we actually increased numbers in 14 after the shutdown to 13.
steve cortes
Correct.
But that is the narrative, right?
That is the believed narrative.
I'm not saying it's all accurate, but that is why that scar tissue is what they're trying to deal with.
But I'm saying, too, they need to put that aside and take a cold look, a cold hard look, at the data as it is presented.
You know, I mentioned these state polls before.
We just got a Quinnipiac poll out of Texas.
And Quinnipiac, I think, does garbage polls because they way oversample Democrats, especially in Republican-leaning places like Texas.
Okay, but even the Quinnipiac poll, Even that poll shows that the approve-disapprove overall, overall voters, not any specific demographic, that he's at almost negative 30.
He's at only 32% approved, 61% disapproved.
Now to put that in context, just a couple of months ago, he was at only minus 5.
He was only 5 points underwater, approve-disapprove in Texas, which is not bad actually for a politician, especially a Democrat in Texas.
He has lost 25 points almost, 24 points, In just two months.
He is in absolute free fall.
And as I know you've pointed out, Steve, because I've been highlighting this and pounding my chest about this among Hispanics in the state of Texas.
His approval rating on the border, which is a front and center issue to all America, but especially to Texas.
26% approval among Hispanics in the state of Texas.
This man has created 26% approval.
By the way, among blacks in Texas, his overall approval rating, overall, not just on the border, is only 56%.
That is an absolute freefall.
This is a guy who was in the upper 80s to the lower 90s, depending on the poll, when he was elected.
This is a politician in freefall.
This is no time for Minority Mitch and loser Lindsey Graham to get soft on us.
Now is the time to deliver a knockout blow, or at the least, Step back and let him implode.
steve bannon
Okay, short commercial break.
unidentified
We'll be back.
Steve Cortez, we've got a lot to go through.
steve bannon
The economics of it, talk about the economy.
unidentified
Also, this amazing piece he's got up on Newsmax right now.
steve bannon
Be back in a moment.
unidentified
War Room.
Pandemic.
I'm the CCP!
They have all lied for too long!
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.
steve bannon
Okay, we have two things you have to hit.
Number one, I want Amanda and the entire team in all the live chats and then up on our website to put the number of the Senators, particularly Mitch McConnell, but I want to get Rand Paul, all these individual Senators up there.
Contact your Senator.
Under no circumstances are they to vote for a clean CR.
This is full stop.
They've got the ability to filibuster in the Senate, right?
It's a full stop.
The Democrats brought this on themselves, they brought this on the country, and now they should face the consequences of it.
They had months and months and months to do an appropriations bill and a budget, they did neither.
You know what they did?
Because they knew they just kept... Here's the galling thing, they knew they'd just get a CR, let's kick a can down the road, and they threw in six and a half billion dollars for the Afghans, which Cortez is going to have something to say about in a second.
By the way, more money than President Trump ever had to build a wall.
Yep.
Afghan refugees who now we know only 3% are SIV.
Just real quickly, give me the Afghanistan.
Sure.
steve cortes
And this is my new piece.
steve bannon
You bring up some issues that adults need to talk about when you talk about the situation.
steve cortes
And frankly, uncomfortable issues.
But things that we need to talk about because we need to protect our homeland and specifically we need to protect our children and our women in the United States.
And we know from the experience of Afghan migrants in Europe, we know that there was a systemic wave of sex assaults in those countries.
And that is statistically valid.
steve bannon
Particularly Austria and Germany.
steve cortes
Austria, Germany and Sweden in particular.
And by the way, in my articles I lay out the statistical case there.
steve bannon
And you back up all the numbers.
unidentified
Correct.
steve cortes
This is not me fear-mongering.
This is the actual on-the-ground reality in those countries.
For example, one quick statistic.
In the country of Austria, according to the police of Austria, half of all sex crimes in that country are committed by the Afghan population of Austria, which is a minuscule population as a percentage of the whole.
So there is a systemic problem already in Europe.
steve bannon
Well, it's minuscule in Germany.
steve cortes
Yeah, and we are inviting that problem into the United States, and we now have at least anecdotal evidence that it is already starting here.
And when I say it's anecdotal, by the way, it's not anecdotal to the victims, right, who have already suffered terrible consequences.
This is my new article, which I put up at Newsmax.com, President Biden's attack on American citizenship.
steve bannon
Let's get that article up so I can see it.
steve cortes
And I think there's a bigger issue here of him attacking the principles of American sovereignty and American citizenship.
But before I get to that, regarding the specifics of this Afghan mass migration, which I think is one of the worst gambits, perhaps the worst so far of all All the terrible ones.
steve bannon
And you're not opposed to getting those Afghans that fought with us to get them out of the country so they're not killed by the Taliban, to Kuwait, to Qatar, stay in region.
steve cortes
In region.
You can be temporarily protected because I think, yes, a certain percentage have earned that.
Now, of the people who have come here, not according to me or according to Steve Bannon, according to my orcas, 3% qualify as SIVs, as Special Immigrant Visas.
3% of the 100,000 plus that we got out of there.
Now, who are the other 97,000 and change?
Listen, I'm sure some of them... 97%.
Yeah, 97%, correct.
I'm sure some of them are fine people.
I'm sure they absolutely are, okay?
But there are others there, clearly, who have very ill intent, and we now know this because we're starting to document the crimes, serious, horrific crimes, that they are already committing In the United States, 20-year-old Afghan at Fort McCoy in Wisconsin, Barula Nuri, just indicted by the Federal Department of Justice on child rape charges.
It is four instances.
The charges are not clear if it was four different children or if it's the same child, but four charges of child rape.
At Fort Bliss in New Mexico, it's on the New Mexico-Texas border, Fort Bliss in New Mexico, a U.S.
Army female soldier was assaulted according to FBI investigation which is ongoing.
Nobody charged yet, but she was assaulted by several male Afghans who are being housed at Fort Bliss.
There's about 10,000 Afghans there.
There's about 13,000 at Fort McCoy in Wisconsin.
Tonight on my show, Steve, I'm going to have on Senator Johnson from Wisconsin and I'm going to ask him specifically about these issues and what he thinks need to be done to protect the citizens of Wisconsin.
Here's my point.
We brought over masses of people from Afghanistan Most of whom are unskilled, most of whom do not speak the language, most of whom are not going to in any way add to the economy of the United States.
On top of that, they are largely unvetted.
And we couldn't vet them even if we wanted to, Steve.
I mean, it just would be an impossibility to significantly and seriously vet these people.
And they come from a country where, again, let's get to the data.
They come from a country where, according to Pew polling, 40% of the people, almost 39%, 39% of the people in Afghanistan, per Pew Research polling, say that suicide bombing can be justifiable.
99% of the people in Afghanistan believe that the country should be ruled by Sharia law.
This is the kind of culture that we are importing wholesale, unvetted, into the United States, and we are already starting to see terrible criminal consequences to what is going on here.
And how much does it cost us?
On top of the human lives, which of course is incalculable, the 13 heroes that we lost, to airlift these people. We've also have in the current CR and the current budget request from Joe Biden, $6.4 billion in spending. Steve, think of what we could do for underserved communities in America with $6 billion if it were spent wisely. Unbelievable.
steve bannon
Think about it.
By the way, $2.2 trillion we spent in Afghanistan over the last 20 years.
That'd be the equivalent, I think, of $780 per month.
unidentified
For 140 million households in the country, you're getting $780.
steve bannon
for 140 million households in the country, you've gotten $780.
Almost a thousand bucks a month, every month for the last 20 years.
I think it comes up to $187,000.
Nobody in the United States would need that.
This is the type of out-of-control spending because they don't come and have a conversation.
Is Nancy Pelosi trying to slide this in the CR?
Why don't you just have a presentation saying, oh by the way, 65,000 to 75,000 Afghan refugees and we're going to spend $6 billion of your money.
Let's put that to a vote of the people in East St.
Louis, the people in Baltimore, the people in El Paso, in the Rio Grande Valley, right?
Let's ask them, would you rather have $6 billion in your community, or do you want to have it to import Afghans who should stay in region?
Remember, the whole purpose, just because you support the United States, you don't get a Golden Lottery ticket to the United States.
You're an ally, and one day you want to help free your country.
steve cortes
And Steve, remember, 97% of the people, according to Minorities, are not in that category.
These are people who simply won in the contest of a bull rush to get on planes to the United States, which explains, by the way, why overwhelmingly this is young men.
Those are the people that won, so to speak, in the battle to get on planes to come to the United States.
By the way, these are exactly the people, if we really care about the long-term stability of Afghanistan, who we want to stay in Afghanistan, or at least in region.
steve bannon
Let's talk about DHS and the numbers and about what happened with the Mogadishu on the Rio Grande.
What he says the other day on Jake Tapper, oh he finally admits there's 12,000 guys in the United States.
Talk about that and how that's reflecting in the polling of Hispanic Americans who run the foundational elements of this populist nationalist revival.
steve cortes
Sure, and you know, particularly in Texas, Steve, and all along the border, but Texas most of all, I think it's important for us to mention that Hispanics there overwhelmingly are not soft on the border.
That's true on a national basis, but especially so in Texas.
And I think one of the big reasons, Steve, is that most Hispanics in Texas, they either directly or indirectly know someone or are related to someone who works at the border, who's in Customs and Border Protection, which is by far the most Hispanic agency of the U.S.
federal government.
Those are a lot of bad hombres down there who are wearing cowboy hats and badges and guns and doing tough work to try to defend the United States, to try to guard the front door of America.
And they have names like Gomez and Ramirez and Cortez, okay?
Most of those people.
So it's very personal to a lot of Texas Hispanics, which is, I think, one reason why Joe Biden is sliding so hard in polling among Hispanics.
And again, let's put numbers on this.
Never just my opinion.
I never believe in just sloganeering, Steve.
Before I came to politics, I came from the world of Wall Street.
And when you wanted to make a proposal to a trading desk manager, to the biggest hedge fund managers in the world, you can't just say, I think this sector is going to do better.
No, you've got to give evidence and data and reasons.
It doesn't always mean you're right, but it always means that you were thinking methodically.
And to think methodically about this situation regarding Hispanics and the fact that Hispanics are not, A, are not soft on the border, and B, are souring drastically on Joe Biden.
This is another poll, the Dallas Morning News poll.
And I actually don't know the construction, so I don't know if this one is as badly skewed as Quinnipiac.
Probably is.
But regardless, here's what it shows in terms of strong approve versus strong disapprove.
And I put this up on my Twitter.
I'm at CortezSteve there.
Cortez with an S over on the getter, which is where you really should be.
Very simple.
I'm just Steve.
I actually got that before Steve Bannon.
I have no idea how.
But listen, getting back to the poll.
steve bannon
You're a bigger star.
You're a primetime.
I'm working in the mornings and early and late afternoon.
steve cortes
You're a daytime grundoon.
Listen, look at it.
Strong approved versus strong disapproved.
Only 13% of Latinos, this is a national poll, only 13% strong approved.
34% strong disapproved.
A 21% deficit, strong approve versus strong disapprove among Latinos, among a group which Democrats historically believed they owned and believed that they could count on for electoral victories.
Now why, too?
It's not just the border.
That's part of it, Steve.
Huge part of it.
But also, inflation.
Okay?
Inflation is running away right now, and who does inflation crush the most?
Middle-class people.
Working-class folks.
Almost all Hispanics, by definition, fit into that category.
Now, I hope that isn't always the case.
I hope Hispanics grow wealth and prosperity, but most Hispanics, overwhelmingly, are working-class people.
But whether you're working-class Hispanic, or African-American, or white person in this country, working-class people are being crushed Right now by this runaway Biden inflation and let me put some data on this a new headline that maybe you haven't seen today Dollar Tree where a lot of working-class folks go to shop one of the reasons people love Dollar Tree is it's unlike the other dollar stores everything truly was a dollar okay truly nothing above a dollar guess what Dollar Tree announced today that has to change because of inflation.
They said they simply cannot keep all of their goods.
They're going to try to keep almost all their goods at a dollar or less, but they can't keep all of them.
And they cite the runaway costs of the Biden inflation spike that Dollar Tree had to break the buck.
steve bannon
Supply chain costs in inflation.
Costco the other day said 5.9% increased costs in raw materials and in supply chain.
And they said, hey, look, don't blame us, but it's going to get passed on.
steve cortes
FedEx also said that their domestic shipments, I believe the number was up 7.9%, is what they're raising their rates.
International, they're raising double digits at FedEx.
And part of that too, part of the supply chain issues, right, of course, is energy.
Let's talk about, here's where we combine the inflation spike With the Biden war on energy, it's like a perfect storm.
It's the worst kind of economic mess, you know, that you could possibly gather.
Let's talk specifics again.
Let's talk numbers.
When Joe Biden was elected, not that I believe he was legitimately elected, but when he won on November 3rd of 2020, West Texas Intermediate, which is the crude oil that we trade here, it's the benchmark in the United States, was $40 a barrel.
It is at $75 a barrel right now, and it hit $77 a barrel yesterday, highest level in three years for crude oil.
That's a combination of the overall Biden inflation spike because of his reckless spending and borrowing, plus the Biden war on domestic energy, particularly on pipelines, which is making energy costs soar, crushing, crushing middle-income Americans.
It's bad for everyone, but it's most harmful, of course, to lower- and middle-income Americans.
steve bannon
When we come back, we're going to talk to Steve Cortez.
Steve Cortez and Navarro, the first guys to talk about stagflation, the return to the bad days of the 70s.
We're going to talk about the bitter, cold winter that faces citizens of the United States next in The War Room.
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.
steve bannon
This audience is doing human work and you're changing the arc of history.
Right now, we have the ability to shut down this entire regime.
The four no's.
No on the infrastructure bill.
unidentified
No on the reconciliation bill.
No on the increase in debt ceiling.
steve bannon
And right now, you've got to line up and get over top all these senators.
Absolutely no way a clean CR.
What this means, instead of having an appropriations bill and a budget for the coming year, Because the fiscal year runs out on midnight on the 30th.
They got this this three card money where they kick the can down the road.
They want to go to December to try to fool you.
Okay?
And then then stick all their madness in over the holiday season when nobody's paying attention.
Right now we got to tell them no.
If you don't have a budget, if you don't have anything approved by midnight on the 30th, guess what?
Nancy Pelosi, Chuck Schumer, and Joe Biden have to shut down the government.
Hey, sorry, not sorry.
steve cortes
Steve, smile and say no until your tongue bleeds.
unidentified
Exactly.
steve cortes
That is my recommendation to the Senate Republicans.
steve bannon
And the only way that's going to happen is that they think they're going to be thrown out of their jobs.
You must get on email, call their local offices.
We're putting all the numbers up in every chat room up on the screen right now.
This audience, this audience has shown real muscle.
unidentified
Trust me.
steve bannon
My phone is blowing up.
People in Capitol Hill are freaking out because the War Room audience is hitting them.
Also, we've got the 19 collaborators on the on the on the infrastructure bill the republican collaborators in the senate you've also got five guys now five or six individuals up in the uh...
steve cortes
on uh... tier one they call them on the infrastructure bill their names be up there color inside the lines bcb civil be civil but be hot be firm yes i can congratulate and encourage you and the audience out there on this issue because believe me i'm saying this is somebody from the outside I'm not part of the war room apparatus.
I'm obviously a friend and ally of Steve Bannon's, but I don't work in this sphere.
And I can tell you as somebody from the outside that most of conservative media has either been, A, afraid to talk about these issues, Or B, they don't understand these issues.
I think some of the folks out there who are good in the conservative media on the right, who are good on the issues, they just don't understand economics, they don't necessarily understand the legislative process, they can't connect the dots, capital markets, all of it together.
Steve Bannon does that on this show on a daily basis.
He educates this audience, and then the audience takes action.
It's not a passive audience, it's an active, engaged audience.
And I'm telling you folks, I'm telling you patriots, You are changing history, and you're saving this country, because what's going on right now, Steve and I were just talking about this during the break, what's going on right now in terms of inflation, this is an incredibly dangerous situation.
steve bannon
I want to state to you the following.
Right now, Biden, by his actions, because you had the Trump account, even if you hated Trump or hated the sound of his name, and by the way, you see the polls right now, people saying, hey, I think I can take the mean tweets, right?
If I had this guy back, because of his actions.
Joe Biden has sown the wind, and the American people are going to reap the whirlwind of his economy.
I want you to walk through this, and understand what the American people are about to see, because these numbers are building up, and they're about to explode.
steve cortes
Yeah, and let me start with a number before I get to where, you know, how dangerous I think the situation is.
That number is going to be natural gas, because look, it's starting to cool down.
Gorgeous day in Washington, D.C.
today, by the way.
One of these just crisp, wonderful fall days.
It's that way in a lot of America, but in a lot of America, very soon, The freeze is coming, okay?
And that means home heating bills that are about to skyrocket.
And let me tell you why.
Because of what's going on in natural gas.
If I look at natural gas markets, and again, folks, I look at these markets every single day because I traded them for 25 years on Wall Street for some of the biggest hedge funds in the world.
Natural gas was incredibly stable during the entirety of Donald Trump's term.
It basically traded between $2.50 and $3.
That's per British thermal unit.
That kind of doesn't matter.
But the point is, incredibly low cost, And incredibly stable as America became, I used to call it Saudi America, right?
We became the Saudi Arabia of natural gas.
steve bannon
Pennsylvania.
steve cortes
It absolutely was the rejuvenation of places like Western Pennsylvania and Eastern Ohio.
Magnificent for Texas.
It's largely, by the way, what what brought us out of the 08-09 doldrums even though we had a president at that time uh... barack obama was doing everything he could to stop the energy renaissance he simply couldn't stop american technology when it came to fracking uh... it was just so fantastic now when you then took that technology and you married it with a pro-energy president in donald trump and somebody who greenlit literally on day one of his presidency pipelines all over the united states full spectrum energy dominance we became an absolute energy superpower
Full dominance.
Not just energy independent, energy dominant.
Okay, that happened under Donald Trump and it's hard to overstate how important it was for this country, how great it was for our prosperity, for those people who worked either directly or indirectly in the energy fields, as well as all of us who are consumers of energy.
We now have the opposite.
We have a man in the White House who has gone to war against American energy and who has taken what was already too much spending by the federal government and has put that on absolute steroids to the point where there is such an inflationary spiral that all commodity prices are soaring.
Let me be specific about natural gas.
As I mentioned, for most of the Trump term, it was between $2.50 and $3.
It basically churned around that level.
On Election Day of 2020, it was $3.07.
It is right now at $5.47.
That is an increase of 78%.
and seven cents. It is right now at $5.47. That is an increase of 78%. 78% increase in less than a year as we head into the winter.
That means that a lot of lower and middle-income folks who live in colder part of the country, unfortunately, they are staring in the eye of brutal heating bills.
Now, think of it this way.
You're a single mom waitress who has to drive quite a ways to her restaurant where she works, okay?
Her gasoline prices have soared.
The natural gas prices are absolutely skyrocketing in her home to heat her home.
By the time she pays to get to work, and by the time she pays to heat her home for her and for her children, Steve, there will be nothing left over.
I mean literally, and I'm not exaggerating, there will be nothing left over in terms of discretionary income after that.
These are going to be terrible times ahead, and to put that in conjunction with the politics and the culture of the United States right now, We are a highly polarized country.
We agree on very, very little.
On most issues, it's pretty consistent.
Important issues, foundational issues, you know, there's a 47-47 roughly split down the middle.
When you throw inflation on top of a society that is already very disputatious, I believe that the consequences could be very damning, and that is certainly what history teaches us.
And history teaches us that the worst political movements in the world tend to come out of inflationary periods.
Nazi Germany being by far the worst example, but there are many examples throughout history.
There are many examples in Asia.
Argentina would be a more recent example.
Roughly a century ago, Argentina was a country as wealthy as the United States, and it devolved into Peronism and into various military juntas.
Why?
Largely because of inflation.
Because what inflation did to that society.
But here's my point too.
I don't want to just be full of gloom and doom warnings.
I think those are important.
But here's the way out.
Here's the way out.
Stop it right now.
Stop it in its tracks.
We have a president who is in free fall.
Steve Bannon and the War Room Posse and the MAGA Nation have convinced the Republicans, so far, to stand their ground.
Now let's finish it.
Let's finish it.
No increase to the debt ceiling, no to the CR, no to the Biden inflation spike.
Let's apply the fiscal tourniquet, the economic tourniquet, so that we can stop the bleeding.
I'm not so sure that we can start the healing until we elect better Republicans in 2022 and 2024, but let's at least stop the bleeding.
unidentified
I'm going to go back to your theory of the case about stagflation.
steve bannon
Tell people what the 70s is like.
What is stagflation?
When you hear this term, what does it really mean as far as the nation's finances and practically in people's lives?
steve cortes
Sure.
So stagflation, normally, in classical sort of economics, the reason you get inflation is because an economy is overheating.
So things are going too well, right, and prices start to rise too much, and that is what is self-correcting about the business cycle.
That's a normal business cycle.
Stagflation, though, is when you have deceleration in growth.
You have an economy that is slowing down, or at least the growth is slowing down in an economy.
That's the stagnation part of it, combined with inflation.
So it's literally the worst of both worlds, okay?
So, to put it in personal terms, you're starting to make less and less money, but everything you buy costs more.
unidentified
Right?
steve cortes
It's the worst kind of vice grip to be in.
I used to love the show Happy Days, if I can say something.
We're talking about such dour things.
Let me at least throw something funny in there.
People my age and older might remember the Miloce Crunch.
You remember the Miloce Brothers where they'd get Pinky Tuscadero in the middle of their smash-up cars?
This is the Miloce Crunch of economics.
That's what stagflation is.
But there's nothing funny about the real-world consequences because to working-class people, The 1970s were a brutal time.
Now, the 1970s led to really, I would say, the first populist nationalist movement, which was the Reagan Revolution.
And somebody who came in and had the guts and the vision to smash inflation, which wasn't easy for him to do, by the way.
steve bannon
If you hadn't had Paul Volcker.
steve cortes
And we had not only the political leadership, but the Fed leadership.
We have neither.
steve bannon
Okay, pals up for a thing.
I want to talk about both the monetary and the fiscal coming together, because now we've got these two radical concepts.
This whole thing of modern monetary theory, where deficits don't matter, plus this bizarre notion that we can just bar, bar.
The reason we've taken such a hard stand here in the CR is that there's a systemic about a trillion dollar deficit.
Just in the annual budget of the United States, between the transfer payments of about three and a half trillion, you add the discretionary spending, versus what tax revenues and what you can sell to the Japanese, we have to print that money that goes back.
That's about a trillion and a half.
They won't fess up to that.
On top of, you've got the, and they call it investments, and as you know, they call it investments because they've test marketed that.
That's really just spending.
It's operating income.
Steve Cortes.
steve cortes
Not only do they tell us it's investments, rather than just reckless spending, they're now telling us it's not spending at all.
unidentified
Right?
steve cortes
I mean, literally, Jen Psaki, with a straight face, looks at the camera and says, oh no, that doesn't cost 3.5 trillion, it costs zero.
unidentified
Yes.
I mean, wait, what?
steve bannon
Oh no, they have a framework now.
By the way, because the war room, people lit them up.
Now, over the weekend, they have a framework that's going to cost zero.
unidentified
Right.
steve bannon
They're going to pay for all of it.
unidentified
Correct.
steve bannon
With a massive tax increase and all this other voodoo.
steve cortes
Here's the reality.
The United States has been spending and borrowing too much for 20 years.
Alright?
We have been.
We largely got away with it for a couple of reasons.
Number one, dollar, the reserve currency of the world.
Everybody wants dollars.
All significant transactions worldwide are in dollars.
So we are borrowing in dollars and paying people back in dollars, which is a massive benefit to the United States, obviously, and is one of the reasons that we were allowed, essentially, to borrow too much money.
But the second reason, and I would say this was true under Donald Trump, and I think we were borrowing and spending too much money under Trump, okay, but We had a business plan that the world believed in.
The world was willing to lend to the United States at extremely low rates, and think about this, take it out of the macroeconomic sense again, and I think it's always more helpful, I think, to put this in the micro sense.
Think of the global capital markets, the global bond markets as a bank, essentially.
The bank was willing to loan to the business, the business meaning the United States, because it believed in the business, and it believed in the business manager, particularly, right?
Because Donald Trump presided over an era of fantastic economic growth without inflation.
Now what's happened?
New manager in charge of the business.
Global markets do not any longer believe that this business can continue to make massive amounts of money with low inflation.
They no longer believe in the business plan of the United States, nor should they.
So what's happening?
They're demanding higher and higher interest rates.
Again, to put a number on this, on Election Day, the 10-year yield, which is the benchmark interest rate for the entire world, but certainly for the United States, 10-year yield on Treasuries was 0.88%.
0.88%.
It is now 1.52%.
Now, Steve, that's still very low by historical trend, but the point is it's almost doubled.
It's almost doubled since Election Day.
And think of it more, by the way, if it were to go from 3 to 6, that sounds way more catastrophic.
Well, it's the same phenomenon going from 0.8 to 1.5.
It's the same economic phenomenon.
So, my point is global capital markets are no longer willing to give the United States the terms that it did previously.
And when you combine that, okay, unfortunately, With a Congress and a President who are hell-bent on spending us into the ditch and making every dollar you earn worth less and less.
And again, not my opinion.
These statistical realities, seven straight months in a row, seven straight months in a row, where incomes have not kept pace with the rate of inflation.
If that continues, Steve, this country is in for dire consequences.
steve bannon
By the way, with no mandate.
In 1932 and 1964, when they did it, they had massive hundred seats.
With no mandate, they're trying to jam the service.
steve cortes
That's a great point.
steve bannon
The answer is the four no's.
Your steely resolve has put steel in the spines of these guys up here.
You must get to their local offices.
You must get email, phone calls, all of it.
And be civil, but be firm under no circumstances.
Can you vote for the infrastructure bill?
Most importantly right now, if they've got to shut the government down in under 30 hours, guess what?
They're shutting it down.
It's going to be Nancy Pelosi.
Phil Rucker said the other night on Brian Williams, They understand the polling is catastrophic for them if we hold them to account for what they've done.
For what they've done.
That means take a hard, hard position.
No CR.
No continued resolution.
You got a budget appropriation plan?
Pass it.
If you don't?
Sorry.
Not sorry.
Short commercial break.
We'll be back with a surprise in-studio guest on the other side of this commercial break.
unidentified
The epidemic is a demon, and we cannot let this demon hide.
Let's take down the CCP!
They have all lied for too long!
War Room Pandemic with Stephen K. Bannon The epidemic is a demon and we cannot let this demon hide.
War Room Pandemic Here's your host, Stephen K. Bannon Okay, Steve Cortez is the host of Cortez and Pellegrino.
I'm Stephen K. Bannon.
steve bannon
Okay, Steve Cortez is the host of Cortez and Pellegrino.
I gotta tell you, I love that show.
I love your Open, the Chalk Talks, all of it.
But I love you best, actually, sometimes when you're here.
You're on a roll right then.
Market statistics.
I talk to you all day long and I learn something every time you come on the show.
The way you organize it together.
steve cortes
I appreciate that.
Listen, you know a lot, so it's not easy to teach you anything, so if I could teach you something, then I'd take that as a significant compliment.
steve bannon
By the way, always read, go to his Twitter feed, go to Getter, follow Cortez, because he's always got smart things to say, and particularly tying together polling data with political reality, he always comes with the data, with the details, with the receipts.
Right now, go to MyPillow.com, you've got the Promo Code War Room, Buy a Giza sheet, get one free.
You got the best towels in the world, six-pack, $109.99 on sale.
This is not going to last forever, $39.99.
This audience is about action and human agency.
Take action, action, action.
Okay, we now have Patrick Witt from Georgia, 10, running for Congress.
First off, we need tough people in Congress.
But why would a young man with a great future ahead of him, why would you come up here for this circus right now, sir?
unidentified
Well, I think, if not me, then who, is really the question that a lot of people are asking right now.
And I am encouraged by a number of the other candidates that I see running in some of these different races.
I think there is a generational shift that we're seeing right now.
A lot of younger people are finally saying, enough is enough.
If we don't step up and if we don't turn this country back in the right direction to some level of sanity, we're going to lose it.
And I think this is a future that I will see.
A lot of these folks, you know, up here in Washington that have been here for 20, 30 years, Not too many years left, you know.
They may make decisions without that kind of understanding that, you know, they talk about their grandkids and such, but this is now.
This is not something, you know, a hundred years down the road that we're going to have to pay the bills for.
You talk about spending on the earlier part of the segment.
This is consequences that we will experience in my lifetime, and we need people to step up.
steve bannon
You are a college quarterback, Yale, Harvard Law School, Why go back home?
Why, instead of coming here and getting a job in the federal bureaucracy or coming here to make change, why are you going home to Georgia to run for Congress?
unidentified
Yeah, so I came out of law school.
I went back home.
I wanted to return to Georgia.
I did my time up in the Northeast with a lot of the most liberal kids and institutions in America, a lot of whose parents are the people running this country in different institutions, government, Wall Street, Hollywood, you name it.
This is the liberal elite that has completely corrupted all of our institutions, and I've seen them firsthand.
The kids that I went to school with are some of the most radicalized leftists When you come up here, what are the one or two things you think you have to address immediately?
steve bannon
You come up here in a big sweeping victory in 22, right?
Because since Nixon, we've won more elections than we've lost, okay?
We've won more president seats, more House seats, more Senate seats, more governorships, more state legislature.
And in the process, in 70 years, we lost the country.
What are you going to do that's different, and what are your priorities?
unidentified
Yeah, so I'd say it's threefold, really.
Number one, I served on President Trump's post-election legal team down in Georgia.
I saw the fraud down in Georgia.
I was in the room.
And I saw a bunch of Republicans that were more interested in fundraising off the issue of election integrity than actually interested in doing anything about it.
Obviously, a lot of this needs to be handled at the state level.
I will use the platform to hold the feet to the fire of our state election officials.
But at the federal level too, the National Voting Rights Act needs reforms.
A lot of these secretaries of state are handcuffed, can't maintain voter rolls, and we end up with a voter roll that is completely filled with garbage.
And then we send out absentee ballots to everyone on there, and we're amazed when a lot of this comes back, and it just doesn't add up.
The numbers don't make any sense.
That would be number one is election integrity.
Without that, we have nothing else.
Second, the border crisis.
You have to restore territorial integrity to this country, or you don't have a country at all.
We do not exist for the betterment of the world's citizens.
We exist for American citizens.
That's what it means to be America first.
You have to prioritize Americans over the rest of the world, and you have this globalist class that believes that they have, you know, figured everything out, that they've determined, you know, history has stopped, and their ideology should be forced upon our own people and also forced upon the people of the rest of the world through a lot of this neocon engagement that we have abroad.
I think you absolutely have to take action on immigration, otherwise we will be completely overrun, which we're seeing right now.
Third would be the indoctrination and the censorship that's happening right now.
steve bannon
You're prepared to go after Big Tech?
You're prepared to go after the Big Tech oligarchs?
You have a lot of guys talk about it, but they're all taking that PAC money.
unidentified
Yeah, no, 100%.
I will not be taking any money from Big Tech.
The only person that's even tangentially involved with Big Tech that has backed my campaign, and I'm grateful for it, is Peter Thiel, and he understands the threat as well as anyone.
steve cortes
Let me ask you specifically about that, about Big Tech, because again, to Steve's point, we get a lot of lip service from Republicans, but Are you in favor of returning to the trust-busting era of republicanism, of populist nationalism?
Do you believe specifically that big tech, these big companies, should be broken up and or heavily regulated?
unidentified
Yes.
So I think there's two different ways to approach it, and it depends on exactly the technology that you're talking about.
So when we're talking about platforms, obviously you're talking about Section 230 and the ability of these big tech companies to leverage the protections that the government has provided for them to abuse exactly what they were designed to protect and to establish, which is that open forum.
You hear Blake Masters, JD Vance talk about, you know, basically designating them as common carriers.
I think we're at that level where that is something to seriously consider.
When it comes to the Googles, the Amazons of the world, they have more power than a standard oil or US steel ever had.
Couldn't even dream of having that much power.
And the fact that we're not leveraging antitrust laws that are on the books to Really go after them and at least, at the very very least, investigate what they're doing.
Because I think if you were to properly leverage the power of the House to perform oversight and investigate these companies, not ask stupid questions of Facebook like, oh yeah, what's a friend and how does that work?
You have a bunch of people that just don't understand it.
And they also, they don't understand the mechanics of how it works in these different markets, but they also don't understand the power that they have, really.
Most of these people, yeah, have a Facebook that's run by someone on their campaign team, but they don't realize that young people get their information through these different platforms.
And so, if you're not addressing them and going after them, you are losing an entire generation of people through the censorship.
steve bannon
Real quick around that time, before I get to your social media, the spending stuff, you would cut the spending stuff off too?
unidentified
Absolutely.
Absolutely.
It's completely out of control, and a lot of these Republicans come up here and they get, you know, either arm-twisted or they just don't really understand what we're talking about when we're approaching these levels of debt.
You can't continue to defy gravity forever.
steve bannon
How do people get you on social media?
How do they get to your campaign?
unidentified
Patrick J. Witt on Twitter, Patrick Witt for Congress on Facebook, and PatrickWitt.com.
We're coming up on the quarter end.
I need a lot of patriots to step up and support because One message that I would leave with your viewers and listeners is if you don't get involved in primaries, the system will choose its own candidate.
steve bannon
Exactly.
I tell you what, not a bad call here, Cortez.
unidentified
A tough hombre right there.
Patrick Witt down in Georgia Tent.
Okay, tomorrow morning, get MTG, Gates.
steve bannon
We're going to go after the spending tomorrow morning.
Hit those emails right now.
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