Oct. 2, 2021 - Bannon's War Room
48:51
Participants
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unidentified
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Well the virus has now killed more than a hundred people in China and new cases have been confirmed around the world. | |
| You don't want to frighten the American public. | ||
| France and South Korea have also got evacuation plans. | ||
| But you need to prepare for and assume. | ||
| Broadly warning Americans to avoid all non-essential travel to China. | ||
| That this is going to be a real serious problem. | ||
| France, Australia, Canada, the U.S., Singapore, Cambodia, Vietnam, the list goes on. | ||
| Health officials are investigating more than a hundred possible cases in the U.S. | ||
| Germany, a man has contracted the virus. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| Japan, where a bus driver contracted the virus. | ||
| Coronavirus has killed more than 100 people there and infected more than 4,500. | ||
| We have to prepare for the worst, always, because if you don't and the worst happens, War Room Pandemic. | ||
|
unidentified
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Here's your host, Stephen K. Bannon. | |
| Okay, it is Saturday. | ||
| It is 2 October, Year of the Lord 2021 now, with 94, what, 95 million downloads. | ||
| We'll be over 100 million downloads prior to the second anniversary of our show in mid-October. | ||
| You're in the War Room. | ||
| We're live. | ||
| Very special show today, and particularly in the first hour. | ||
| I've asked, and because there's so much going on, I think we've got to make sure that everyone in this audience that is the most activist audience in all media, we have to frame exactly what's going on in Washington, the implications of it. | ||
| But for your personal life, your professional life, we also have to make sure that everybody understands the economic Really, you know, Joe Biden in this regime has sown the wind and we're about to reap the whirlwind. | ||
| So I asked today to change their schedule. | ||
| These two guys work as hard as possible. | ||
| They're on the show. | ||
| They're doing all kinds of things. | ||
| Steve Cortez has his own show every night on Newsmax, which is fabulous. | ||
| People don't understand how tough it is to anchor a show five days a week, particularly when the primetime shows, not when the morning shows on the primetime shows. | ||
| And and then Peter Navarro. | ||
| Who is the president's, really, his manufacturing guru, and really the father of the theory of the case of economic nationalism, who's busy as all get-out, has a major new book, In Trump Time, which is really the counter to the peril book of Woodward and Costa, and particularly the fact that it gets everything. | ||
| 3 November, 6 January, Wuhan lab. | ||
| It's the definitive inside the White House record of that. | ||
| So these two guys are jammed. | ||
| But the reason I asked him, I said, look, I know it's Saturday. | ||
| We don't normally do this, but could you do this for me, for the audience? | ||
| They both agreed. | ||
| I said, you two guys nailed something. | ||
| And we pride ourselves in this show of getting you months and months and months ahead of what is eventually going to happen, everybody's going to be talking about. | ||
| So you can think it through personally, professionally, also as part of the MAGA effort. | ||
| And the key was this concept of stagflation. | ||
| A guy saying that we're going to go back to something in the 70s. | ||
| So I've got Cortez in his new studio. | ||
| Peter Navarro is in the studio. | ||
| I want to turn it over to Steve Cortez. | ||
| Steve Cortez is going to start walking through some analytics. | ||
| Peter has got analysis of that. | ||
| And I'm going to let these two guys go because this is very important. | ||
| You can't understand what's happening in this city right now with, quite frankly, A regime that has virtually no support. | ||
| It's imploding everywhere. | ||
| One of the reasons it's imploding is economic policies and the impact on people. | ||
| But they're trying to jam through a radical restructuring of the American economy. | ||
| So with that, Brother Steve Cortez, the co-host of Newsmax TV's nightly show, Monday Through Friday at 9 o'clock Eastern Time, a must-watch, with his co-host Jen Pellegrino. | ||
| Steve, why don't you take it and then Peter's going to jump in. | ||
| Sure. | ||
| I want to run you through some of the data here because, Steve, this is what you do so well on this show. | ||
| And what all of us need to do is connect the dots between economic policy from Washington, D.C. | ||
| and then the real world implications. | ||
| Because what's going on right now, you're exactly right, this is a sinking political ship. | ||
| And that's not my opinion. | ||
| That is very clear from the polling. | ||
| But as the ship goes down, what is the crew trying to do? | ||
| Joe Biden, along with Kamala Harris, as well as Chuck and Nancy. | ||
| They are trying to make what is already a very dire economic trend massively worse. | ||
| They're trying to push through, as a last gasp effort, a radical economic agenda that will have permanent, lasting damage for this country. | ||
| It already does to some extent, but it can get a lot worse if we don't take action. | ||
| Again, I never believe in just sloganeering. | ||
| I believe in data and evidence-based arguments. | ||
| Let's get to some of the charts. | ||
| I put this up on my Getter account as well as my Twitter. | ||
| These are six charts. | ||
| So instead of Saturday morning cartoons, Steve, we're doing Saturday morning charts, economic charts that matter for your life. | ||
| Let's start with some of the data. | ||
| This came out just yesterday. | ||
| This is the PCE, the Personal Consumption Expenditure Index. | ||
| Now, this is the core of Which means it excludes food and energy, which is an absurdity because, of course, no one's life excludes food and energy. | ||
| But nonetheless, this is what a lot of economists pay close attention to, particularly the Federal Reserve Bank, which we're showing right there. | ||
| Again, this is on my Twitter. | ||
| This is on my Getter account. | ||
| These are six charts. | ||
| This is the first one. | ||
| That is a five-year chart of core PCE inflation. | ||
| The shaded area there in the yellow is when Biden takes office. | ||
| Note how tame, how predictable, how restrained inflation was during Donald Trump. | ||
| We had magnificent gains, particularly in 2019, the best year in all of U.S. | ||
| history for American workers, where their pay was galloping higher. | ||
| Steve, just one thing. | ||
| For our podcast and radio audience, it's pretty vast. | ||
| Make sure you just cite a number when you say that, because they're not going to be able to see the charts. | ||
| Very good point. | ||
| Thank you. | ||
| So PCE has just hit, at 3.6%, just hit a 30-year high. | ||
| And the chart that we're showing shows that for most of the Trump presidency, well below 2%, okay? | ||
| So we're talking nearly a doubling, and it is in fact a doubling off of some of the lower levels. | ||
| of the Trump presidency. | ||
| So, PCE, which again, the Fed pays very close attention to, just released yesterday, brand new data I'm talking about here, at a 30-year high. | ||
| And for those who can see the chart, it's very obvious when this jumped. | ||
| It was when Joe Biden took office. | ||
| Now, let's get to the second chart because, again, I don't love core PCE because it doesn't have food and energy. | ||
| This is overall consumer price inflation. | ||
| This does involve food and energy because everyone's life, let's face it, involves a lot of food and energy. | ||
| So this is the overall U.S. | ||
| inflation rate. | ||
| Similar scenario. | ||
| This chart's only going back one year. | ||
| And again, for the people who can see it, that shaded part is when Biden takes office. | ||
| Very tame consumer price index inflation, well below 2%. | ||
| As soon as Biden takes over, as is very evident on this chart, absolutely vaults higher into this spring, hit 5.4% two of the last three months, ticked down just a smidge to 5.3% last month, but well above 5% annualized CPI inflation growth. | ||
| This is the highest, to put this in context, The highest since 2008. | ||
| And I would also add, by the way, we're going to now turn from the economic data to actual market prices, which I think are more important. | ||
| But one last point. | ||
| I just want to say, I just want to say, Pivot, you and Trump, the Trump administration, I can't Thank you guys enough of what you did to do that. | ||
| Keep going, Steve. | ||
| But I say, this was not a random event. | ||
| These were policies of Donald Trump, Navarro, and his economic team. | ||
| 30 seconds on this. | ||
| Yesterday we talked about the four stages of getting to good, right? | ||
| And the top stage is unconscious competence. | ||
| That's what we did in the Trump administration. | ||
| We just got in there and we did it. | ||
| What we have with the Biden administration is at the bottom of that. | ||
| It's unconscious incompetence. | ||
| Back to you, Cortez. | ||
| And by the way, CPI there, I think it's understating inflation. | ||
| The reason I say that is it is not properly incorporating the massive rise in rents. | ||
| And maybe I'll come back another time and give a talk on what's going on in rent prices right now in the country. | ||
| A lot of the audience knows this. | ||
| I don't have to tell them what's going on in the rental market for people who are of modest means and are not homeowners. | ||
| Rent is soaring and CPI does not properly capture that. | ||
| But now let's go to the third chart, chart three. | ||
| Let's get to some market prices. | ||
| Again, not just economic data from the government. | ||
| What's actually going on out there when you want to go buy something? | ||
| And chart three is of cotton. | ||
| And by the way, I could pick almost any commodity, but my point here is I want to highlight that it's not just energy. | ||
| Energy's terrible what's going on there, but it's all commodities right now. | ||
| And this is a cotton chart going back a year. | ||
| And again, the shaded area shows the election of 2020, where cotton prices were then. | ||
| They were about $70 per pound. | ||
| They are now $106 per pound. | ||
| Up 51%. | ||
| So think of what that's doing to apparel. | ||
| Think of what it's doing to all kinds of household items. | ||
| Massive surge in cotton. | ||
| Let's go to chart four. | ||
| Another commodity that is, I would argue, even more important for most Americans, and that is propane. | ||
| You know, you mentioned what's going on with natural gas. | ||
| The natural gas market, unfortunately, is soaring. | ||
| So is propane, which a lot of Americans use. | ||
| to heat their homes. It's college football Saturday. People know right now if they want to grill today, it's hard to even get propane, okay, and literally at the Home Depot. But if you do, it has soared in price as this chart shows going back a year since election of 2020. | ||
| As have the hot dogs, Steve. | ||
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unidentified
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As have the hot dogs, okay? | |
| Whatever you put it on the grill, plus the propane under the grill. | ||
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unidentified
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Don't bury the lead, dude. They don't eat gas. They eat the dogs. | |
| Amen. | ||
| Go dogs, by the way. | ||
| It has almost tripled propane prices. This is a combination of the Biden war on energy. | ||
| Plus the overall Biden inflation spike. | ||
| This is this is a disaster for Americans. | ||
| Two more quick charts. | ||
| Quick, quick, quick, quick comment here, Steve. | ||
| We are the Saudi Arabia of natural gas, propane, petroleum. | ||
| This is happening in the Saudi Arabia of energy. | ||
| The Trump administration strategic energy dominance rule. | ||
| We were the first We had it, and Joe Biden is squandering it. | ||
| You're exactly right. | ||
| Now, let's go to global markets. | ||
| Let's move to the next chart, which is chart 5, and that is 10-year Treasury yield. | ||
| The 10-year Treasury yield is the benchmark bond interest rate for the entire world. | ||
| Everything in your life is priced off of this, even if you don't know it and don't watch it. | ||
| Your credit card debt, your home mortgage, bonds worldwide. | ||
| At that time, by the way, November of 2020, we had magnificent economic growth. | ||
| yield was .88%. | ||
| That is well below 1%. | ||
| .88%. | ||
| At that time, by the way, November of 2020, we had magnificent economic growth. | ||
| The economy was soaring out of the spring lockdowns, especially in the freedom jurisdictions. | ||
| Places like Florida that had reopened very smartly. | ||
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unidentified
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But we had that growth without fast-rising yields. | |
| Yields were incredibly stable and incredibly low. | ||
| Yields are now at 1.49%. | ||
| Now, that may sound low by historical trends, but the point is, folks, they have almost doubled from election day. | ||
| Global markets do not have confidence in the Biden agenda that it can be done without inflation. | ||
| Steve, quick comment here with some breaking news. | ||
| Okay, for the Deplorables audience here, when yields go up, let's ask Cortez if he gets this, when bond yields go up, what happens to bond prices? | ||
| Price goes down. | ||
| Price goes down. | ||
| So if you are expecting inflation, you want to get the hell out of bonds, right? | ||
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unidentified
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Correct. | |
| Is that correct? | ||
| Okay, so breaking news! | ||
| The second-ranking, highest-ranking member at the Federal Reserve, Richard Kalita, was found front-running a trade where he took his money out of a bond fund put it into a stock fund one day in advance of Jay Powell making a speech, okay? | ||
| Now Cortez, how criminal is that and how many years should that guy go to prison for? | ||
| That's based right on your charts. | ||
| Go ahead, Steve. | ||
| Didn't mean to interrupt, but that's breaking news. | ||
| It's absolutely outrageous, and this is on the heels of what we learned about the most senior members of the Fed, Fed regional presidents, as well as Powell, trading actively last year in the financial markets. | ||
| It's an outrage. | ||
| And the fact that members of Congress trade extremely actively in individual named stocks. | ||
| If you serve in the government, you should be forced to put your money into an index fund and let it sit there or don't be invested at all. | ||
| It's outrageous to me that these people are allowed to trade in financial markets. | ||
| And this is the latest It's a terrible headline. | ||
| It is absolutely criminal. | ||
| It's representative, unfortunately, of how the ruling class, how the administrative state, the permanent political class, how they view their perquisites and their prerogatives relative to the financial and economic health of the American people. | ||
| Hang on. | ||
| We only got two minutes in the segment. | ||
| I want to hold off on your last term because bring it back over break. | ||
| But I just want to make sure people understand this right here. | ||
| The bond market, everybody talks about the stock market, President Trump used to talk about the stock market, Dow Jones, Jeff Zarovich. | ||
| The bond market is orders of magnitude bigger than the stock market. | ||
| Debt in the world, whether it's government debt, corporate debt, all that dwarfs. | ||
| An ocean compared to a lake, literally. | ||
| An ocean compared to a lake. | ||
| Steve Cortez. | ||
| When you see it, and the 10-year Treasury is the benchmark for the world. | ||
| When you see a doubling, Of the price of the 10-year treasurer, of what it takes to get somebody to buy one. | ||
| That is essentially the world's capital market, the most sophisticated guys, the smartest guys in the world saying, to back the Biden plan, I need a double over Trump's plan. | ||
| You've got to give me twice as much money to do that, essentially, right? | ||
| That's them saying, hey, to back this plan... And how that rolls downhill for the deplorables, right? | ||
| It's like the government winds up paying more and more interest So that our taxes go only to interest and we get nothing for it from the government. | ||
| And also, by the way, as Cortes says, it rolls through everything. | ||
| It's kind of the price setter for your credit card, for your mortgage payments, all of it. | ||
| This is what it's costing you. | ||
| Don't talk about it. | ||
| This is what it's costing working class Democrats to have the Biden regime in. | ||
| As I've said many times, ladies and gentlemen, Elections have consequences. | ||
| Stolen elections have catastrophic consequences. | ||
| Steve Cortez from Newsmax, the co-host of Cortez and Pellegrino. | ||
| Peter Navarro, the author of the blockbuster new book, In Trump Time, My Journal of America's Plague Year, are going to join us on the other side of the break to talk about the consequences of the Biden regime's radical, incomprehensible, reckless financial and economic policies. Next. | ||
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We rejoice when there is no more. Let's take down the C.C.P. | |
| 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, make sure you go to MyPillow.com. | ||
| Promo code War Room. | ||
| The towels are still on sale by popular demand. | ||
| We got those back. | ||
| A best house in the world. | ||
| Okay, six pack, $109.99 normally. | ||
| Now if you go to War Room, you get it for $39.99. | ||
| Also, you buy a Giza sheet to luxuriate in. | ||
| As Rahim Ghassan says, you get one free. | ||
| Buy one, get one free. | ||
| Of course, it's got toppers, it's got everything else on sale. | ||
| You've got to hit Promo Code War Room. | ||
| Up to two-thirds off of many products. | ||
| 67% off on many products. | ||
| But sales across the board on most products. | ||
| But make sure you get the towels and the Giza sheets. | ||
| By the way, I own the towels and the Giza sheets. | ||
| I bought them. | ||
| And I've done towel tests. | ||
| Where I've had like, okay, test these. | ||
| Oh, those are the towels. | ||
| Those are Lindell's towels. | ||
| That is the best endorsement I've ever had. | ||
| It's a true story. | ||
| I'm going to sit here one day and I'm going to tell you. | ||
| By the way, you buy the book. | ||
| Which one? | ||
| Buy it in Trump time. | ||
| Thank you. | ||
| Go to Amazon right now. | ||
| You buy it. | ||
| Hold it. | ||
| I will have a one-hour special, and I will tell you my years with Dr. Peter Navarro. | ||
| What a freak he is. | ||
| When he says he's tested it, trust me. | ||
| That's why he's got it. | ||
| In Trump time, dude. | ||
| And they are luxurious. | ||
| Ladies and gentlemen. | ||
| This brother, as you read, read the Navarro Report, read the Immigration Report. | ||
| When he was there with President Trump, he walked in and he had 50 charts, right? | ||
| He and Cortez, what I like about them, it's not political pavlo. | ||
| Steve, my charts were a lot prettier than those damn charts. | ||
| I had the White House Government Printing Office, man. | ||
| No, stop. | ||
| That's the difference. | ||
| Cortez is a deal guy. | ||
| He's on the street making trades. | ||
| You're on the other side of the Charles. | ||
| You're on the other side of the Charles at the poetry school over there at Harvard College. | ||
| I want to get back, by the way. | ||
| Our guests, and for the audience, I got to tell you, I really appreciate it. | ||
| They're doing this. | ||
| For the country, and they're doing this for the deplorable. | ||
| Steve's got, you know, he's home, he's got the football, he's got the sun. | ||
| Five nights a week, he's grinding at 9 p.m. | ||
| every night, Eastern Daylight Time. | ||
| You got Cortez and Pellegrino. | ||
| His opening monologue is worth the price of admission. | ||
| Cortez has done some analysis here. | ||
| Peter Navarro changed his day to come over here and do his analysis. | ||
| The reason is... | ||
| They want the deplorables to understand exactly what's going on, more than any of the audience and media. | ||
| They want them to understand the background of what's happening economically, which is tied to the polling, but it's also tied to this frantic, hysterical move to radically change the economy, while they still feel they have the chance. | ||
| And the gutless, feckless Republicans won't stand up. | ||
| Steve Cortez, walk us through the rest of your chart, sir. | ||
| So yeah, one more chart to show for our Saturday morning chart fiesta, and I'm going to talk about housing, because housing is what led the American recovery off of the spring lockdown lows of 2020. | ||
| Interest rates were incredibly low, as we already talked about in the last segment. | ||
| A lot of Americans Understandably, Smartly took advantage of that and said, I'm going to get into a bigger home. | ||
| A lot of people were moving out of cities. | ||
| They didn't necessarily want to be there after the riots, after the lockdown, so housing was on fire, okay? | ||
| Until now. | ||
| That chart that I'm showing right there, that is the XHB. | ||
| That is an ETF, Exchange Traded Funds, so that's a group of housing stocks. | ||
| That is a one-month chart. | ||
| Look at what that chart has done. | ||
| like Lenar and Pulte, and then it's housing related companies like Lowe's and Home Depot. | ||
| All those put into one stock that trades and the XHB is extremely liquid. | ||
| Look at what that, that is a one month chart. | ||
| Look at what that chart has done. | ||
| I put it in red because I think that shows you it's been a lot of red during all of September. | ||
| The housing sector in the stock market lost 9% of its value via the XHB. | ||
| Why? | ||
| Now, what has changed from that amazing housing recovery in 2020 into 2021? | ||
| It's Joe Biden, and specifically, what did he change? | ||
| Two things regarding housing. | ||
| Number one, you can't get construction workers, right? | ||
| Or if you can, they cost too much because what did Biden do? | ||
| Number one, he incentivized people to stay home through massively juiced unemployment benefits through rent moratorium. | ||
| So he gave incentives for people to not work. | ||
| Number two, what's going on now? | ||
| The brand new disincentive to work. | ||
| Are these ridiculous and onerous, and I would say tyrannical, vaccine mandates, where if you happen to work for a company that's even just medium-sized, Joe Biden is saying through his dictatorial, unconstitutional power, you have to take a jab that you may not want and you may not need. | ||
| So, massive disincentives to work. | ||
| That's one aspect of what happens. | ||
| That would be three jabs, according to the... True, right. | ||
| And you're never fully jabbed until Fauci says something. | ||
| And then the second action... | ||
| Oh, there we are! | ||
|
unidentified
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Cortez's Law! | |
| That's going up on the wall in the world, baby! | ||
| Cortez is always ahead of the curve, right? | ||
| To that chart, let me just give you a little bit of history. | ||
| If you look at that chart in 2006, it would kind of look like that. | ||
| The collapse of the housing market was one year before the collapse of the stock market. | ||
| That scares the heck out of me. | ||
| Right, which is materials prices. | ||
| So you've got, you can't get workers. | ||
| Materials prices are soaring. | ||
| So guess what? | ||
| The housing recovery suddenly is sputtering. | ||
| That is extremely worrisome for the overall economy because it was the lead driver, again, of the recovery. | ||
| Let's not forget the yields going up and the mortgage rates starting. | ||
| That'll be a big turn. | ||
| Okay, but here's what I want to do. | ||
| Hang on. | ||
| Before I go to the stagflation, I've got a better way to do this. | ||
| Cortez, is your mic still on? | ||
| Do you hear us? | ||
| Yes, sir. | ||
| Okay, here's what I want to do. | ||
| I want to go back. | ||
| We've seen what the snapshot is today, and these are leading indicators. | ||
| I want to go back in time first with Cortez, because a lot of this is about Navarro and Trump, and talk about 2019. | ||
| A seminal year when they look at American economic history, a unique year, and it was the policies that led up to this year and what we had before the CCP virus, before they came over inside that trade deal in the White House, before we started war and pandemic, 2019. | ||
| And Steve Cortez does the best summary of what it was to start his economy. | ||
| And then I'm going to turn to Dr. Navarro of what exactly is stagflation. | ||
| What was the 70s and how do we actually get back to it? | ||
| How did the clock turn? | ||
| So tell us, Steve Cortez, of 2019. | ||
| 2019, Steve, which wasn't that long ago. | ||
| It seems like forever ago. | ||
| 2019 was truly the greatest year for workers in American history, and I think that is borne out by the data, not just my opinion. | ||
| It's 6.8% overall wage growth. | ||
| Not an accident. | ||
| Yeah, with extremely modest inflation. | ||
| And here's the even better news. | ||
| The great news is everybody was doing well. | ||
| But the best news of all, the economic underdogs, the strivers, the people who had so struggled during the Obama-Biden years, they leapt to the lead of the economic gains. | ||
| For example, let me put numbers on this to be specific. | ||
| Blue-collar workers above 9% annual wage growth in 2019. | ||
| Hispanics and Blacks both above 6.8%, above trend in the seven How do we do it? | ||
| How did President Trump do it? | ||
| How do we do it? How did President Trump do it? | ||
| Smarter trade deals, demanding fairness and reciprocity with China, tax and regulatory relief so that the entrepreneurial class, those strivers in America, could succeed once again. | ||
| This was the combination. This was the winning combination that produced an absolute economic boom year. | ||
| Steve, don't forget China tariffs and buy American high rent. | ||
| Back to you. | ||
| Hold it, hold it. | ||
| China tariffs, buy American, but I want to make sure we put this in American economic history. | ||
| When Obama, in the financial crash of 2008, Obama's solution and Biden's solution was to take the balance sheet of the Federal Reserve from $880 billion to $4.5 trillion to basically blow up the asset classes at the detriment of the little guy. | ||
| And the governor of the Dallas Fed in those minutes said, we're going to destroy the working class in this country if we do this. | ||
| That's why he had the greatest concentration of wealth ever during a supposedly the most progressive president had the greatest concentration of wealth ever during the Obama years. | ||
| What Steve Kortes said is right. | ||
| In 2019, in the lead up to that year, from the time when Donald Trump put his hand on the Bible and took the oath of office on 20 January of 2017, the balance sheet of the Federal Reserve, $4.5 trillion, we've been doing quantitative easing, essentially printing money. | ||
| Donald Trump in that first year, first 18 months, took $900 billion off of that balance sheet. | ||
| He took the steam out of these kind of boom and bust cycles we had. | ||
| He had this growth, and Navarro and the team around Trump laid the predicates for growth, not just the tax cut, not just the deregulation, but across everywhere. | ||
| Buy American, tariffs with China, immigration policy. | ||
| Restrictive immigration policies so workers at the lowest didn't have to compete and in Silicon Valley. | ||
| On top of that, which he never gets praised for, he did not revert to the same thing that Biden. | ||
| This is why we're in dangerous territory now. | ||
| Biden's fiscal and monetary stimulus is the most reckless thing in American history. | ||
| You know who's going to pay for that? | ||
| The workers. | ||
| Trump did heroic work. | ||
| Part of it was to take the air out of the bubble of the asset class explosion, right? | ||
| And really have it start to grow with real organic growth. | ||
| When you look at his economic plan and the tough decisions, the anti-Wall Street decisions that had to be made by Donald Trump that led to the golden year of 2019, and to see the policies that Cortez and Navarro have just talked about, That they have sown the wind, and the American worker is going to reap the whirlwind. | ||
| And this is why they sit up here on this TV and talk about, we're so mature. | ||
| This plan that they've got before us today, one on funding the government and these trillion to trillion and a half dollar deficits annually, plus this madness that they're trying to come and saying, oh, this is for the workers. | ||
| This is going to take people. | ||
| From being Russian serfs to now debt slavery, you're going to be totally controlled by the global capital markets, okay? | ||
| At the whim of the global capital markets. | ||
| At a time when you've got reckless, feckless leadership and dangerous leadership, financially and economically, in the White House. | ||
| Okay, we're going to take a break. | ||
| We come back. | ||
| Dr. Navarro is going to take us back to 1970 about stagflation, and Cortez is going to tell you what's going to happen, because I'm going to tell you, this Christmas, it's going to hit, and it's going to hit like nobody's business. | ||
| And nobody else in all media is going to tell you this. | ||
| The HappyTalk business channels, who are all just trying to talk up stock prices all the time, will never tell you this, okay? | ||
| You're going to get it between the eyes with Cortez and Navarro. | ||
| Short commercial break. | ||
| We're going to return with one of the architects of those great policies. Dr. Peter Navarro, who is the wingman for President Trump on everything manufacturing and Buy American, and also had his hand into the immigration stuff too, to protect American workers. And this is why Cortez said, hey, you want to see how successful those policies are? You look at the Rio Grande Valley. You look at that voting down in Hispanic communities in LA, from New York, Florida, but you look in the Rio Grande Valley, those hard scrabbled, blue collar, working class Hispanic Americans who had a | ||
| young Lance Corporal in Laredo, Texas, the kind of capital up there, give his life in protection of America and all mankind and the Afghans in Kabul a couple of weeks ago. | ||
| Okay, we'll turn him on it. | ||
| We got Steve Cortez from Newsmag, Peter Navarro from the White House, all next in The War Room. | ||
|
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Go to MyPillow.com. | |
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| All the sales are there. I'll have more to say about this before the end of this hour. | ||
| By the way, you want to know, when Cortez walks through that analysis of why 2019 will go down in American economic history as the golden year, okay? | ||
| It was done because of a concept called In Trump Time. | ||
| Donald Trump in Trump time is, I want it done yesterday, right? | ||
| And I want it done right. | ||
| And that's the that's the title of the book. | ||
| And it weaves throughout the entire book. | ||
| You actually see how President Trump rolls in Trump time. | ||
| Go to Amazon right now. | ||
| My Journal of America's Plague Year. | ||
| You're put in the room. | ||
| You're put in the National Security Council. | ||
| You're put in the Oval Office. | ||
| You're put in really where decisions are made and executed. | ||
| And by the way, it's a perfect counter. | ||
| And by the way, you'll love this double entendre, because the beginning of the book, we define it as, in Trump time, as quickly as possible, but it is also the age of Trump. | ||
| It's the age of Trump, as everybody agrees, the age of Trump. | ||
| Even Bob Woodward agrees. | ||
| And the age of Trumpism. | ||
| The age of Trumpism. | ||
| Big article on NBC today, in fact, about that. | ||
| We'll talk about that later, after we leave Cortez. | ||
| Steve Cortez is the host of Newsmax Show at 9 p.m. | ||
| every night. | ||
| He's the co-host of Jim Pellegrini. | ||
| You've got to watch it. | ||
| It's got amazing insights. | ||
| Peter Navarro is one of the architects of President Trump's policies in the White House. | ||
| Here's what I want to do. | ||
| I want to pull it back and go to stagflation. | ||
| You and Cortez called stagflation. | ||
| By the way, these guys called it like day one on January 20th. | ||
| They said, hey, this is coming because you can see what these guys have as policies. | ||
| Take us back, Navarro, how bad it was. | ||
| And then Steve Cortez has actually thought through where this goes. | ||
| So tell us where we've been and where Cortez said we were going. | ||
| So we got eight years during Obama-Biden of stagnation, basically. | ||
| That was this new normal of slow growth with stagnant to falling real wages for blue-collar Americans, okay? | ||
| That was bad enough. | ||
| Stagflation is a unique situation in economics where you have simultaneous slow growth and recession coupled with significant inflation. | ||
| That's not supposed to happen, okay? | ||
| Because In modern Keynesianism, you're supposed to be able to fix recession by stimulating the economy with expansive monetary and fiscal policy. | ||
| And if you've got inflation, you can use that same Keynesian policy to slow things down. | ||
| You know, raise the interest rates, tax people, right? | ||
| When stagflation happens, it's almost always a supply-side problem. | ||
| So let me take you back to the 70s, the end of the 70s, when Ronald Reagan was emerging and there was the Jimmy Carter Misery Index. | ||
| What was that? | ||
| The unemployment rate plus the inflation rate. | ||
| That thing was in the double digits and hit over 20. | ||
| That was like the worst of times. | ||
| Now, how did it happen? | ||
| It was a combination of supply-side shocks in the form of food and energy shocks, coupled with irresponsible fiscal and monetary policy mistakes. | ||
| Arthur Burns, the Federal Reserve Chairman in the early seventies, For Nixon, basically, printing money like it was going out of style. | ||
| Sound familiar? | ||
| And that set up the spark that started the inflationary Prairie Fire. | ||
| Then we had the OPEC oil cartel hit us with two embargoes, so we had soaring oil prices and gas lines at the pump. | ||
| And at the same time, we had a food price shock. | ||
| It was weird. | ||
| The anchovies died off the coast of South America, and suddenly the price of feed and then the price of pork and beef went up, okay? | ||
| So, it was this weird combination. | ||
| And once it got out of the box, the inflationary expectations soared, so people started demanding wage hikes and things like that. | ||
| And so inflationary expectations became the enemy. | ||
| Now, why am I telling you all this? | ||
| Because this is what we do in the war room. | ||
| It's granularity, texture, and understanding. | ||
| If we fast-forward now, we've got supply-side shocks and fiscal and monetary policy mistakes on steroids in a White House and in a Congress that have no economic or financial market literacy. | ||
| What are the fiscal and monetary policy mistakes? | ||
| The fiscal policy mistakes is they are spending trillions upon trillions upon trillions of dollars without any understanding of the impact of that over the medium and long term on financial markets, on inflation, on the value of the dollar, and everything I'm telling you is bad, particularly for the deplorables and workers and our children. | ||
| So we have irresponsible fiscal policy. | ||
| We have a Federal Reserve Chairman named Jerome Powell who, during the Trump administration, was a friggin' idiot. | ||
| He was raising interest rates when he didn't have to. | ||
| He cost us a point of GDP growth in an economy that was already doing well, could have done better. | ||
| And he did that, I think, to spite the President and harm the President. | ||
| How, breaking news, that dude is auditioning for reappointment and so all he's doing is printing money now like it's going out a style to accommodate the irresponsible fiscal policies of Congress. | ||
| So, Steve, with Peter's assessment and analysis as a basis, walk us through what the next couple of months are going to be for the American worker. | ||
| Sure, it's very pertinent, Steve, because unfortunately the ghosts of the 1970s, the economic ghosts, they are back and they are going to haunt the fourth quarter of this year, including Christmas. | ||
| Which I'm starting to call the Biden Blue Christmas because that is what it's going to be. | ||
| We've got a combination of supply chains that are completely broken down. | ||
| In large part, by the way, because critical elements of the supply chain can't find workers for the reason that we talked about previously. | ||
| Can't find willing and able and competent workers. | ||
| So we've got massive supply chain breakdowns, which means that some of the goods that you want and need coming up this Christmas are simply not Going to be on the shelves or if they are on the shelves, they're gonna be there at exorbitant prices when we combine that with Temperatures are starting to cool down across America, especially in the northern part of the country. | ||
| We're in October now I showed you that chart earlier on propane similar charts on natural gas and As the country cools off and as home heating prices absolutely surge, crushing working-class Americans, that combination of massive input costs, home heating costs for regular working-class folks, combined with the supply chain shocks and the problems in literally getting goods to the stores, We're going to have a confluence, unfortunately. | ||
| Again, the ghost of the 1970s where we are going to get stagflation, the worst of all worlds. | ||
| We get rising prices with deceleration and growth and it's going to lead to the Biden Blue Christmas. | ||
| Steve, quick historical note. | ||
| The second worst symbol in presidential history besides the helmet on Dukakis was in the 70s, Jimmy Carter in his what? | ||
| A cardigan sweater, okay? | ||
| We're looking at a Biden blues cardigan sweater winter. | ||
| Let them eat cake. | ||
| So when you talk about this, Cortez, talk to me. | ||
| You guys are the first two guys that said this is going to be stagflation. | ||
| Walk me through what Christmas is going to be like. | ||
| What are we going to have? | ||
| Rising food prices, oil prices, more heat in your house. | ||
| What's going to happen? | ||
| So, you know, that chart that we showed earlier on the housing ETF, the XHB, if you look at a chart of Walmart, it's almost the exact same, by the way. | ||
| So, again, this isn't just my opinion. | ||
| Capital markets are starting to price this in. | ||
| And, by the way, I have no love lost for Walmart as a corporation, believe me. | ||
| I think they've done incredible damage to Main Street America, and they do the bidding of the Chinese Communist Party. | ||
| But putting that aside for a moment, okay? | ||
| Putting aside the corporate threats that Walmart represents to our country, it's still a great gauge of where consumer health is, particularly for middle and lower income folks, because it's so ubiquitous out there. | ||
| Walmart's stock over the last month was hit 8%, about the same as the XHB, which was hit 9% over the last month. | ||
| So the markets are starting to wake up to what I'm telling you right now, which is that this is going to be a miserable holiday season. | ||
| And again, specifically, what I mean is, Some of the goods that you want and need are literally not going to be on the shelves of Walmart. | ||
| You're simply not going to get them there because of what's going on in the supply chain breakdown in the United States, which is largely because we didn't have enough competent workers. | ||
| A situation which is being made massively worse by these unconstitutional and tyrannical vaccine mandates that are encouraging even more people to not go to work if they don't want the Fauci jabs. | ||
| When we combine that With, again, what is a consumer balance sheet. | ||
| Regular folks who are going to have to spend an absolutely inordinate amount of their money, of their precious capital, on home heating costs and on filling up the tank to get to work, and they're going to have very, very little left over. | ||
| And then what they do have left over, again, either the good won't be there at Walmart, or it's going to be there at a crazy price. | ||
| And by the way, to those price increase points, this I think is very material. | ||
| In recent weeks, it's gotten very little attention, but in recent weeks, Some of the biggest consumer-facing companies in America, Costco, Nike, FedEx. | ||
| Again, I don't care for any of these companies, but that doesn't matter. | ||
| All of these companies, all those three I just named, have warned us about massive price increases to come. | ||
| Now, why are they doing this? | ||
| It's not because they're good guys and they're trying to be transparent. | ||
| It's because it's a PR mechanism, smartly for them, I will say, as a guy in the messaging business. | ||
| They're trying to get in front of it because they know that consumers are going to be outraged with the price increases that they're going to see throughout this fourth quarter, and particularly as we go into, again, the Christmas season, which is the most important consumer season of the year. | ||
| Okay, I want to go back to something you just said, Alfred Cortes. | ||
| We've got a couple minutes here. | ||
| Why is this? | ||
| This is about human action. | ||
| The Biden regime had a lot of options. | ||
| I want you to go back to what you said. | ||
| This is a combination of bad fiscal and monetary policy on top of each other. | ||
| What did you mean by that? | ||
| It's a combination of bad fiscal and monetary policy coupled with supply-side shocks that are being exacerbated by bad policy in general. | ||
| Bad fiscal policy. | ||
| What we're doing on Capitol Hill and the White House is throwing Very high-priced gasoline now on the inflationary fires by spending trillions and trillions. | ||
| At the same time, the Federal Reserve is throwing gas on the fire, inflation, with its easy money policies. | ||
| Quite the opposite. | ||
| With the supply-side shocks, it's really important. | ||
| We are mismanaging the pandemic in a way which is driving costs up. | ||
| If we had Buy American manufacturing policies, we wouldn't have to worry about ships coming in and stacking up off the coast of Long Beach. | ||
| Let me say one thing, Steve, because this show is always right on. | ||
| How long ago was it on this show that I predicted an October stock market crash? | ||
| Oh, the very first day. | ||
| The very first day. | ||
| And now, so far... | ||
| According to Cortez, we've got a pretty good fender-bender going on. | ||
| Yes. | ||
| But if all of these things that, Steve, all of these trends continue, it's going to be... Cortez has called this, and you did, too. | ||
| Okay, hang on one second. | ||
| You've got about two minutes, Cortez. | ||
| One of the things they're going to sit there and go, well, Cortez and this war room fascist myth is that we're trying to transfer to a sustainable economy a Green New Deal, and these disruptions and carbon-based things just... So, Cortez, give me a minute on that, because the excuse is going to be... Sure. | ||
| This is the shift to the Green New Deal to take care of climate change, and these guys are all beholden to the big oil companies and the rich guys in Texas. | ||
| As usual, Steve, the opposite of what the left says is actually true, because the Green New Deal is going to benefit who the most? | ||
| China. | ||
| And it's going to make us even more dependent, even more intertwined with China, right? | ||
| For example, batteries. | ||
| That alone. | ||
| Who produces the batteries? | ||
| China does, not the United States. | ||
| No, in terms of transitioning America to where Peter Navarro very rightly says that we need to be, where we control critical supply chains domestically in the United States for things like chips and medicines, right? | ||
| For us to get to that point, we actually need the policies that are the opposite of the Green New Deal. | ||
| We need protectionism. | ||
| And Steve, I'm somebody who doesn't run away from that term. | ||
| I'm not afraid of that term. | ||
| It's not a dirty word. | ||
| We need to protect American supply lines, protect American workers, protect us from the treachery and the trade abuse, mercantilist trade abuse of China. | ||
| The Green New Deal is the opposite on all of those scores. | ||
|
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So if anything, it will make us more dependent on China, not less. | |
| Okay, we're going to take a short commercial break when we come. | ||
| We're going to lose Cortez at the top of the hour. | ||
| Peter's going to be with us for the entire second hour. | ||
| But, what we're going to do is bring it back to what's happening in Washington, D.C. | ||
| today, because I've got to tell you, it is absolutely an orgy. | ||
| It's an orgy of spending. | ||
| I've never seen anything more detached from economic reality is what's happening in this city right now that's going to dramatically change this country, transform it, And bury you, your children, and your grandchildren in a wave of debt. | ||
|
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|
All next in The War Room. | |
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| It's time to cancel cancel culture. | ||
| Okay, we're back with Steve Cortez and Peter Navarro. | ||
| Peter Navarro, the author of the book, In Trump Time. | ||
| Steve Cortez, the co-host of Cortez and Pellegrino. | ||
| Okay, Joe Biden walking out. | ||
| He saw the first 30 minutes of the war room, got upset, and then walked out to the helicopter, Marine One. | ||
| But on his way out, he had a message for Cortez and Navarro. | ||
| He said, quote, a GOP filibuster on the debt limit would be unconscionable. | ||
| Unconscionable. | ||
| Steve Cortez, Can a sociopath have a conscience? | ||
|
unidentified
|
Wow. | |
| Biden. | ||
|
unidentified
|
Wow. | |
| That man is a sociopath. | ||
| With a son who's a sociopath. | ||
| Chip off the sociopath block. | ||
| Go ahead. | ||
| I think I know where Media Matters is going to get their poll today. | ||
| It's not going to be on our economics. | ||
| Cortez, is it unconscionable to discuss and debate the debt limit? | ||
| No, not in any sense. | ||
| It would be unconscionable to avoid this showdown and this debate, which we need. | ||
| Here's the thing, Steve. | ||
| You know, we've talked a lot about what's happened and what can happen, and it's all quite doubtful, right? | ||
| And we have to be honest about that. | ||
| No happy talk in the war room. | ||
| But here's the thing. | ||
| It's not an inevitability, right? | ||
| It does not have to be a Biden blue Christmas. | ||
| Because we have substantial minorities in the House and the Senate. | ||
| Yes, we're in the minority in both, but you're literally as big as a minority can get. | ||
| At 50 in the Senate, we have enormous power if we have the gumption and the guts, if we have the will. | ||
| So far, we have not had the will, right? | ||
| So, for example, passing that stop gas spending package to take us through December, that was an absolute Surrender. | ||
| It was an acquiescence by 15 feckless Republican morons, okay? | ||
| So we continue to cave, but we don't have to continue to cave. | ||
| And it seems if there's a place where the Republicans are going to finally find some guts and gumption, where they're going to find their backbones, it seems like it's going to be On the issue of the debt limit. | ||
| If we hold our ground there, Steve, the Biden Blue Christmas is not a foregone conclusion. | ||
| It does not have to happen. | ||
| There are policy levers that the Republicans can, that are at their disposal, that they can pull, that can prevent or at least stop the bleeding. | ||
| At least apply economic tourniquet to allow this country some breathing room, particularly working class folks. | ||
| See, let me give you my take on why I think this is so important. | ||
| We get back to the concept of inflationary expectations. | ||
| We talked earlier this week, Steve, about the first Nobel laureate economist who was the deplorable economist. | ||
| He basically taught us That if people expect inflation because they know their government's irresponsibly spending and they can't finance it and it's going to come out and wind up with inflation and devalued dollars, they will change their behavior. | ||
| And one of the things they're going to do, for example, is demand higher wages. | ||
| There'll be more labor turnover and then that act exacerbates the whole economic situation. | ||
| So I would ask you, Steve, how important, in your judgment, Is it that they say no to the debt ceiling limit? | ||
| No to the 3.5 trillion red ink deal? | ||
| No to the fake infrastructure deal? | ||
| To break the back of inflationary expectations? | ||
| That's what, that's, I think the Republicans can rally around that concept. | ||
| Steve, thoughts? | ||
| Yeah, listen, my advice to the Republicans in the Senate is look at Chuck and Nancy in the eye, smile, and say no until your tongues bleed, okay? | ||
| That is the only way that we can break this Biden inflationary madness. | ||
| It is upon them. | ||
| Here's the problem. | ||
| Number one, a lot of them don't have the guts. | ||
| Number two, a lot of them don't even have the awareness. | ||
| I don't think a lot of them even realize what's going on. | ||
| They are so disconnected. | ||
| They're so detached. | ||
| I'm talking to the Republicans right now. | ||
| From regular working-class Americans, they live in such an Acela Corridor bubble, where people are doing quite fine, because asset prices have been strong so far. | ||
| I think that's about to change. | ||
| That they just don't even realize how dire a situation this is. | ||
| Particularly, they can't take the time or the effort to look into the kinds of granular metrics that you and I are looking at, and that thankfully the War Room audience is now becoming aware of, that all portend A dark winter. | ||
| You know, listen, that was a phrase that Joe Biden used a lot during the campaign, and I hated that he would use that phrase. | ||
| I thought it was awful for a presidential candidate to talk about a dark winter. | ||
| Steve, let me just make the point here. | ||
| Steve, let me make the point here that what you really, the reality is this. | ||
| There's two Republican parties. | ||
| There's the old Republican Party of the Koch Network, the globalists, open borders, send our jobs offshore, worship the God of supply chain efficiencies around the world. | ||
| There's a lot of Republicans in the Senate and the House who are part of that party. | ||
| The beauty of Donald John Trump, going back to Bannon in 2016 of August, when he came on board, was pure economic nationalism on behalf of blue-collar America. | ||
| This fight over the debt limit is what that, in many ways, is still about. | ||
| And so, the only way that we're going to win this battle is to put pressure on those rhino, globalist, Koch brother Republicans and win that battle. | ||
|
unidentified
|
Sir! | |
| You're here for the next hour. | ||
| Let me do some housekeeping. | ||
| By the way, everybody in this audience ought to get on Cortez's Getter or Twitter feed. | ||
| He's constantly put up analysis and charts. | ||
| Steve, how do people track you? | ||
| During the day, because you're on fire right now. | ||
| Your show's on fire. | ||
| How do people track you? | ||
| Yes, please. | ||
| And all these charts we showed are on my social media. | ||
| Getter? | ||
| Very easy. | ||
| I'm at Steve at the free speech platform Getter. | ||
| Over on the Twitter, I'm still there for now until I'm banned. | ||
| I'm at Cortez Steve Cortez with an S. Please give me a follow. | ||
| I think if they find out you're saying about these mandates being dictatorial, authoritarian, you're not going to be on Twitter. | ||
| Getter is the Twitter killer, let's be clear. | ||
| You're not going to be on Twitter. | ||
| Hedge your bets with Getter. | ||
| You're not going to be on Twitter. | ||
| Hedge your Twitter bet with Getter. | ||
|
unidentified
|
There you go. | |
| Nine o'clock every day of the week. | ||
| Jen Pellegrino, Steve Cortez. | ||
| Cortez opens with a chalk talk. | ||
| It's absolutely amazing. | ||
| You've got to watch the show. | ||
| Steve, you're doing fantastic. | ||
| Thank you so much. | ||
| And from the audience, people are just, their heads are blowing up today. | ||
| Thank you for taking time away from the family to join us here on Saturday Morning. | ||
|
unidentified
|
I really appreciate it. | |
| He's got that Jimmy Carter cardigan sweater on, though. | ||
| It kind of makes me more nervous. | ||
| Trying to get the optics. | ||
|
unidentified
|
The WASP! | |
| The WASP! | ||
| The biggest WASP! | ||
|
unidentified
|
He doesn't have a son, Chancellor, so he's been working outside. | |
| The MAGA WASP. | ||
| He's got a day job. | ||
| You couldn't know he's a bad hombre and a boxer. | ||
| Football player. | ||
| Thank you, Steve, appreciate it. | ||
| OK, Navarro's going to stick with us for the second hour. | ||
| We're going to talk, we're going to bring this up today, talk about some politics, more economics, and of course, tied back to this amazing new book in Trump time, my Journal of America's Plague Year. | ||
| Peter Navarro on Amazon. |
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