April 30, 2022 - Bannon's War Room
48:51
Participants
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| Speaker | Time | Text |
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| markets. The S&P 500, which tracks the performance of the 500 biggest companies on the stock market, tumbled yesterday, hitting its steepest decline for the month of April in 20 years. | ||
| The index has fallen for four consecutive weeks. But take a look at this. This is a 10-year S&P 500 chart. It's down nearly 14 percent this year alone. But again, as you can see, over 10 years, the market's done very well. | ||
| Simultaneously, the Dow is down more than 9% year-to-date. | ||
| The tech-heavy Nasdaq is down more than 22%. | ||
| The first four months of 2022 are on track to be the worst to start a year in over eight decades. | ||
| Some of this volatility has been triggered by high prices, and especially by high oil prices. | ||
| The war in Ukraine and the enduring Russian oil dependence, about which we've often spoken, is a big contributor. | ||
| Take a look at the price of oil that we trade here in the US over the past 10 years as well. | ||
| This is a little choppier than the stock market, as you can see. | ||
| Prices of oil have topped $100 before, but oil is still a major economic input to inflation, which is what we're facing. | ||
| We also got some fresh economic data this week on gross domestic product, GDP. | ||
| It's the broadest measure of the economy that we have at the moment. | ||
| The U.S. | ||
| saw the weakest quarter for GDP growth since the start of the pandemic in the spring of 2020. | ||
| We saw it shrinking, that's what you can see at the top right of your screen there, shrinking at a 1.4% annualized rate in the first three months of the year. | ||
| This is largely attributed to a widening trade deficit and these ongoing supply chain issues with which we have been grappling. | ||
| Think about it. | ||
| If it's hard to get stuff, you pay more for that stuff, and it's in short supply, so not as many people buy it. | ||
| There's a major asterisk here, and that is that the GDP numbers will be revised and corrected several times over the course of the year, because it's such a big unwieldy number. | ||
| GDP numbers in the moment do not paint a totally accurate picture of what's happening. | ||
| So I almost want to put that aside for a second. | ||
| You have to watch those over time. | ||
| What is happening in real time are that interest rates are going up. | ||
| And we can probably expect a Fed rate increase from the Federal Reserve next week. | ||
| Officials at the U.S. | ||
| Central Bank are set to raise their benchmark rate by half a percentage point, and then possibly another half a percentage point in June. | ||
| If you think of the Fed as a car with only brakes and gas, but no steering wheel, raising rates is the equivalent of hitting the brakes. | ||
| It makes it more expensive for people and companies to borrow money, so they spend less money. | ||
| That reduces demand and it cools inflation down. | ||
| But this is not an exact science. | ||
| If you cool spending down too much, you could end up in a recession, or with a whole lot of people mad about how much interest they're paying. | ||
| Well, the Fed raised rates by just a quarter of a percentage point in March. | ||
| It's the first such raise since 2018. | ||
| The actual interest rates on personal loans, credit cards, and what you're looking at here, mortgages, have shot up by much more. | ||
| A 30-year fixed-rate mortgage, if you have good credit, is now higher than 5%. | ||
| This is the tough reality. | ||
| The problem is bad, and the solution is bad, too. | ||
| No president wants a tenure plagued by inflation, or by high interest rates, or by major fears of a recession, or by an actual recession. | ||
| There's just no easy out here for President Biden, so he's going to have to make a difficult choice. | ||
| For better or for worse, Americans vote with their wallets, and right now that could be a big problem for a potential second term for Joe Biden. | ||
| Second term. | ||
| Please stop. | ||
| Please stop being just don't talk idiocy. | ||
| It is Saturday 30 April Year of Our Lord 2022. | ||
| It's the last day of the first quarter. | ||
| And I want to remind everybody the chat we had, the partners discussion we had on January 1st to start this year and talked about how the year was going to roll through. | ||
| So we're on track to totally and completely destroy the Democratic Party as a national political institution. | ||
| The convergence of forces are all coming together. | ||
| It's incredible. | ||
| It's all about our work now. | ||
| But I want to talk about the nonsense out there. | ||
| We're live in the War Room. | ||
| We've got a packed show today. | ||
| I like Saturday's show because I've always, as I told you last week, I've always worked on Saturday mornings since I was, I don't know, six, seven, eight years old. | ||
| And I just love Saturday mornings. | ||
| I love to be at work at Saturday mornings. | ||
| I want to bring in Steve Cortez. | ||
| Oli Velchey, he's back from Budapest. | ||
| He's back from, it tells you that the heat over in MSNBC on ratings is not, you don't have to be over in Poland. | ||
| You know fear-mongering and war-mongering that he's back now because think and correct me if I'm wrong His producers have been watching the war room Steve Cortez and particularly your chalk talks because he talked about this conundrum Dude, he nailed it. | ||
| He did the buried lead right there. | ||
| He's he's watching Cortez. | ||
| He got the heart of the problem He got the heart of the problem of real estate. | ||
| We're in And I want to make sure folks understand this. | ||
| We're in a crisis, the beginning of a crisis, that is far deeper than the 70s and the 80s. | ||
| And one is we're not the nation we were then. | ||
| We don't have the manufacturing base and we don't have the balance sheet, either at the Federal Reserve or the nation itself. | ||
| We are. | ||
| And this is all your betters. | ||
| And it's look, it's Biden. | ||
| It's the Fed. | ||
| But Mitch McConnell and these guys have been just as bad as cheerleaders. | ||
| And we're going to talk all about it. | ||
| The 33 billion. | ||
| And we're going to put the numbers up because now we're going to go full force in making sure no Republican backs us at all. | ||
| But, Cortez, I want to give me your assessment of Brother Velchey's open. | ||
| This is this was hot off the press this morning, Steve, and how he at least should have given an homage to Steve Cortez, should he not? | ||
| He should have. | ||
| But listen, you know, how bad is Joe Biden's economy? | ||
| It is so bad that even MSNBC, even Ali Velshi is doing some truth telling about it because they know they simply they can't pull the wool over the eyes of the American people who know how bad it is. | ||
| I mean, remember, this is the same Ali Velshi who literally in Minneapolis during the riots in 2020, he was standing, if you remember, Steve, in front of an absolute inferno. | ||
| Humongous fire, so big that it looked like it was dangerous for him to even be that close to it, and he said the protesters, this is a quote, are generally not unruly. | ||
| Generally not unruly, okay? | ||
| That's who Ali Velshi is. | ||
| You know, that's how disconnected from reality he can be, and he's willing to be on the air. | ||
| But even Ali Velshi delivered right there as you played a pretty straightforward fact and evidence-based review of the economy, because that's how bad it is. | ||
| And Steve, you're right. | ||
| It's similar to the 1970s, but it is worse for the 1970s for two key reasons. | ||
| We were not in the kind of debt spiral in the 1970s that we are now. | ||
| We didn't have that problem in the 1970s. | ||
| And the second huge reason is because of globalism, because of the bipartisan move to allow China into the World Trade Organization 20 years ago on terms that were incredibly generous to the Chinese Communist Party, we are now totally beholden and dependent upon Foreign supply lines, our economy literally can't function without them. | ||
| That was not the case in the 1970s. | ||
| So it's similar to the 70s, but it is worse than the 1970s. | ||
| And again, that's not my opinion. | ||
| That's what the data, the numbers that are coming out increasingly tell us. | ||
| It's also what financial markets are beginning to tell us. | ||
| So we've got to be adults about this. | ||
| We've got to take a really serious look at where the economy is, where the trends are headed, and they're all headed in the wrong direction. | ||
| And then how do we fix it? | ||
| What's the America First agenda? | ||
| We didn't make this mess, but we're gonna fix it anyway, because we have to. | ||
| We have to fix it. | ||
| If you don't fix it, you lose the country. | ||
| The country's over. | ||
| And look, the longer-term thing of the grooming in the classrooms, the cultural stuff, upriver politics, I got that. | ||
| That's huge, and we're fighting, and the moms of America are fighting it every day. | ||
| The invasion on the southern border in this economic and geopolitical mess, if this is not corrected, and I mean immediately, Right. | ||
| The nation. | ||
| I can tell you on this fourth turning, I keep saying we're going to be one thing or the other. | ||
| We're going to be the other. | ||
| It's not going to be the United States of America as we know it. | ||
| It's impossible. | ||
| The math just doesn't, you know, the arithmetic does not work out. | ||
| Steve Kortes. | ||
| To combine the two here, the cultural aspects with the economic, and I think this is important, people need to realize the United States is an incredibly dynamic country, but it can also be an unstable country. | ||
| We certainly saw that in 2020, right? | ||
| We locked down America. | ||
| And what happened in the summer of 2020? | ||
| If this inflation persists, and if it accelerates, which I believe it's going to, and if it remains unchecked... | ||
| Steve, it's not just an economic problem. | ||
| It is a societal, social unrest problem, and it will be very quickly because working-class Americans have no cushion right now. | ||
| The only way that they have dealt with the inflation so far that Joe Biden has inflicted upon them is through credit card borrowing. | ||
| But we know that that is a fool's game and a game that is about to get massively worse for working-class people as interest rates spike. | ||
| So I'm telling you, Steve, this is not just an economic imperative. | ||
| This is a societal imperative to have a cohesive and safe and orderly society, and I don't think I'm exaggerating when I tell you that. | ||
| America's a combustible place right now. | ||
| You throw lasting double-digit inflation upon our society, and we are not going to like the outcomes. | ||
| Double digit inflation and inability to just keep cranking one and a half trillion dollar deficits every year. | ||
| This is the point. | ||
| We're coming to the end of that game with the dollar. | ||
| You know, the ruble had the best month and our stock market had the worst month. | ||
| The ruble had the best month in its history. | ||
| This is Biden's geniuses over their economic war. | ||
| Right. | ||
| You know, one thing I want to get to, and we got so much wood to chop today. | ||
| We had an analysis done yesterday by Dave Brat that walked through these charts about the decline of productivity and the GDP over the last 50 years. | ||
| But he made the point that if you really had the Fed Funds Rate of where it really should be, it shouldn't be at 50 basis points, and that's the rate the Fed lends to banks. | ||
| It should be at 6.5%. | ||
| And this is what Volcker did. | ||
| When Volcker came in for Carter, he raised the Fed Funds Rate 500 basis points. | ||
| He shocked the system. | ||
| But, and I said at the time, I said, unfortunately, being a different country than we were then, the structure, as you keep talking, the structure of financial products, the structure of our financial infrastructure is not set up for higher interest rates. | ||
| If you came in and did that kind of shock of what you would, by the way, interest rates would immediately in your credit cards, No, it would. | ||
| at 10 percent, 30 year adjustable rate mortgage would be at 10 or 11 percent. | ||
| You would have an explosion. | ||
| But the system would crash, would it not Steve Cortes? | ||
| No, it would. | ||
| And by the way, that was great analysis by Professor Bratt yesterday from that fantastic Thank goodness we do have some sane colleges out there. | ||
| Liberty is one of them. | ||
| But when he talked about the Taylor Rule, I was listening to your program, he's exactly spot on. | ||
| I mean, think about that, Steve. | ||
| The Fed funds rate, we're not talking about like it's a little bit below where it's supposed to be. | ||
| We're saying it needs to go 10 times higher from where it is right now. | ||
| I mean, you should really think of it that way. | ||
| You know, it is orders of magnitude off where it ought to be. | ||
| In fact, if you're going to follow the Volcker model, you actually want short-term interest rates to get above inflation. | ||
| Which is running at at least 8.5% per official statistics from the government. | ||
| I think it's actually higher than that. | ||
| So you're talking about double-digit short-term rates. | ||
| Now that's just simply not going to happen. | ||
| And to your point, I'm not sure it can happen right now because we have become as an economy so utterly addicted to low interest rates that we would simply risk collapse if we got interest rates where they really should be. | ||
| But here's the thing, that also doesn't mean that we can do nothing, that we can leave interest rates this low. | ||
| There has to be an in-between. | ||
| So if they legitimately, by the Taylor Rule, should be at six and a half or so, can we at least get them to three or four? | ||
| Because if we don't Here's what I'm telling you, and that's going to be terrible for the economy. | ||
| No doubt about it. | ||
| Look, a recession is a given. | ||
| I've been saying this on the show for many, many months. | ||
| So have you. | ||
| A recession is a given. | ||
| We are not avoiding recession. | ||
| Stop the happy talk about that. | ||
| It's a matter of the extent of the recession. | ||
| So a recession is a given, but here's the thing. | ||
| What does not have to be a given is double-digit price increases continuing for gasoline For food, for rent, for the necessities that working-class people need. | ||
| And if the Fed does not get real, and do it soon, and if the Congress does not stop borrowing and spending so much, and do it soon, I'm telling you, for working-class people, we are tightening a vice around them. | ||
| And it's not just going to be painful economic consequences. | ||
| It will be bigger and broader than that, Steve. | ||
| This is an absolute crisis. | ||
| That we're in the early innings of it. | ||
| Now, there are solutions. | ||
| That's the good news, okay? | ||
| But none of them are easy. | ||
| None of them are easy. | ||
| And right now, we have a bunch of fools in Washington who want to engage in happy talk rather than hard decisions. | ||
| This was Lou Dobbs's, his idea, and he, look, he, what he was saying that, and he was for the don't even pop the, the, the, the Fed should not raise interest rates even this week because he understands about the recession. | ||
| Unfortunately, you got to take the pain if you want to get through, you know, you got to take the pain to get to the cure. | ||
| Real quickly before we go to break, we'll do your charts when we get back. | ||
| I want to go with what Valchi said. | ||
| You said this is a unique, one of the unique times of real Russian serfdom. | ||
| Increasing asset prices for the houses and increasing interest rates. | ||
| Walk us through that because that's the conundrum. | ||
| People are going to crush young people. | ||
| Right. | ||
| And one of the charts I'll get to in the next segment is foreclosures, which are actually soaring. | ||
| Now, normally, if you have soaring foreclosures, Steve, that would put a lid on housing prices. | ||
| It just makes sense, right? | ||
| If people can't afford their homes and they're getting kicked out of their homes, In normal times, that would be a lid on prices. | ||
| Prices would at least stop going up, perhaps even start to tick down. | ||
| That's not happening now. | ||
| You have people who can't afford their homes, yet the prices of those homes continue to gallop higher. | ||
| Why? | ||
| Because I believe we're in the early stages of an inflation super cycle, and capital is very smartly, a lot of it institutional capital, run by people like BlackRock. | ||
| Capital is saying, in this inflation super cycle, you want to own physical assets, and housing is one of the best, if not the best, Physical asset to own in a time of inflation super cycle. | ||
| So it's the worst of all worlds right now, particularly for aspirational homebuyers. | ||
| Okay, short commercial break. | ||
| Steve Cortez, Steve Bannon, we're going to be going through a bunch of economics that's going to lead to geopolitics and politics. | ||
| We're also got Dr. Maria Ryan talking about this hepatitis, what's going on with that. | ||
| Got a lot going on. | ||
| Katherine Engelbrecht is going to join us, and she's going to walk through the details of what they found in Georgia and other places about this with geofencing, ballot harvesting, and the stealing of the 2020 election. | ||
| All coming in The War Room. | ||
| Be back in a moment. | ||
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Today to catch up with the Ukrainian member of parliament. | |
| Her name is Salami up a broad ska She was in Harki at the very northern end of that front. | ||
| She was going to visit soldiers there She told me she wanted to thank her fellow lawmakers in the United States Congress for moving so quickly To pass that World War two-year a lend-lease program But she also urged them to move fast on President Biden's $33 billion request for more aid for Ukraine. | ||
| I want you to take a little listen to part of that conversation. | ||
| So I just want to say thank you because what I see on the front line we are lack of weapon and that's actually what we need. | ||
| We have a motivation, we have guys and girls who are fighting but we need weapon to have something in our arms to fight with against Russians. | ||
| You know, CNN's Steve Collison over there came over the last couple of days where he had the United States escalating this and talking about degrading Russian military. | ||
| He said, hey, in the last 72 hours there's been a big change. | ||
| This is their lead story. | ||
| It's now a great power struggle that could take decades. | ||
| This is what we said. | ||
| This is what Professor Mersheimer said at the University of Chicago. | ||
| And they've led the Ukrainian people down the Primrose Path. | ||
| But here's the suckers. | ||
| The suckers are you out there, because that Lend-Lease, only Gates and a handful of people vote against it. | ||
| It didn't require to pay it back when the country gets wealthier, but it's just a complete freebie. | ||
| No provision at all, which is like our early Lend-Lease things with Britain. | ||
| You've got to pay it back. | ||
| None of that. | ||
| And you've got oligarchs, the wealthiest people. | ||
| How wealthy are you out in the audience? | ||
| How are you doing? | ||
| How are you going to do during this recession? | ||
| Are you doing fine? | ||
| You doing good? | ||
| You sleeping well at night? | ||
| You got so much cash and so many assets and so much net worth? | ||
| You sleeping well? | ||
| Well, the third most corrupt country on earth and conservative ink pom-pom boys are out with their pom-poms cheering this on. | ||
| It's obscene. | ||
| It's insanity. | ||
| Number one, and we're going to put the numbers up here, call your senators or your congressmen and say not one red cent until the following. | ||
| The conditions precedent to any money to Ukraine has to be the following. | ||
| Number one, all the oligarchs in Ukraine, Russian oligarchs deal with those guys separately, okay, but oligarchs in Ukraine stripped of all their worth, all their assets, all their wealth that they stole, mainly from American money coming in there. | ||
| All the yachts in Monaco, everywhere in the world, take it all back, the tens and tens and tens of banes of dollars. | ||
| Let's get them, get some skin in the game. | ||
| Number two, then go to Switzerland, we can go to Davos, let's go to Zurich, okay? | ||
| Let's go to Northern Italy, up there where George Clooney lives. | ||
| Let's go to the great spots in Europe with all the wealthy, Germany, France, Denmark, Denmark, Switzerland, Italy, Spain, the United Kingdom. | ||
| This is a European problem. | ||
| We bailed you out in World War I. We bailed you out in World War II. | ||
| We rebuilt the place with the Marshall Plan in World War II. | ||
| You're too confused to do that with our money. | ||
| We then saved you in the Cold War. | ||
| There's no fifth time. | ||
| It's got to stop. | ||
| Well, oligarchs must be stripped of all their cash, and Europe must pay the rest. | ||
| After that's done, on this first tranche, come back and we'll have a conversation. | ||
| We're not going to give any money, but we'll have a conversation. | ||
| Because we've got to worry about the South China Sea, we've got to worry about Taiwan, we've got to worry about our allies in India up there in the Kashmir, where Omar's stirring up the mess, stirring up what's really going to be a third world war. | ||
| The Eastern Russian-speaking border of Ukraine is a European problem. | ||
| What doesn't Fox News and MSNBC and CNN understand about that? | ||
| Well, the deplorables understand it. | ||
| I want you to call your Senator and call your Congressman. | ||
| And let them know in no uncertain circumstances. | ||
| This 33B, because this is just the start. | ||
| We just spent $9 trillion in Iraq and Afghanistan. | ||
| What would St. | ||
| Louis look like? | ||
| What would the Rio Grande Valley look like? | ||
| What would Detroit look like? | ||
| What would Baltimore look like? | ||
| What would the great hinterland of our nation look like? | ||
| You got a problem with broadband? | ||
| If you had the $9 trillion and you spent it here, what would it look like? | ||
| And if we had the 8,000 young men and women that died here today living, raising families, what would the country look like? | ||
| The 50,000 wounded, if they were okay, what would it look like? | ||
| The 22 suicides a day, what would it look like? | ||
| Steve Cortez is about to walk you through. | ||
| We're heading into an economic inferno brought about by the Uniparty. | ||
| Brought about by the Uniparty. | ||
| And now they sit there and all the Republicans have voted not to get paid back. | ||
| We're going to put the list up on Monday. | ||
| Gates and these guys led to this and said, hey, look, we'll give you this stuff. | ||
| The cup of bean was sent over. | ||
| But at the time that you're OK and squared away, we want to pay back. | ||
| No, it's just free. | ||
| Just give it. | ||
| You know why? | ||
| Because there's no penalty to these guys. | ||
| They think they can keep printing money and printing money and printing money. | ||
| Because they don't have to pay the lobbyists, it's not them, it's you and your children, and your grandchildren. | ||
| They're going to curse us of what we've done to this nation. | ||
| They're going to curse us. | ||
| They're not going to curse the war room, and they're not going to curse the deplorables, and they're not going to curse the war room posse, and Steve Cortez, and Peter Navarro, and Dave Brett, and Lou Dobbs, and the people that backed Donald Trump and said, we're not doing this anymore. | ||
| And now you see all these guys wetting themselves over to Santa's going off to Disney. | ||
| Hey, well wake up! | ||
| That's the first of many, many, many, many, many. | ||
| We're taking on these woke corporations, who are the most progressive, destructive forces. | ||
| There shouldn't be one cent of operating margin in any arms that we send to Ukraine, none. | ||
| The defense contractors can't get wealthy off this. | ||
| There's no conspiracy, but there are no coincidences. | ||
| Is it just because we pull out of Afghanistan and finally shut down the $9 trillion, 20-year, wrong, unending war? | ||
| That the next thing you know, we gotta be in Ukraine? | ||
| And it's everything? | ||
| The whole nation depends upon Ukraine? | ||
| Ukraine is a European matter! | ||
| We've done this before, and this is insanity, and our founders would say we're a disgrace. | ||
| World War I, we bailed them out. | ||
| World War II, we bailed them out. | ||
| We then rebuilt the whole place under the Marshall Plan with your money. | ||
| Then, we had to bail them out again with the Soviet Union, and God bless Ronald Reagan. | ||
| We're not doing it again. | ||
| They're living high on the hog! | ||
| Look at Geneva, look at Zurich, look at these great cities of Europe. | ||
| You think they're like St. | ||
| Louis and Detroit and Baltimore and sections of LA and the Rio Grande Valley? | ||
| Walk around our nation. | ||
| They compare to the cities in Switzerland and in Denmark and in Belgium? | ||
| No, they do not. | ||
| And they're stealing your money, and your children's money, and your grandchildren's money, $33 billion, and she's sitting there saying, we need it immediately. | ||
| Hey, here's a wire instruction, just so they know you're suckers. | ||
| You send these codels over there, and they're all sitting there, yeah, we're gonna help out, we're gonna help out. | ||
| It's not, these are tough decisions. | ||
| I'm not saying it's not a tragedy over there, it is a tragedy over there. | ||
| And the Russian military and the Russian KGB are brutal killers, but Ukrainian people were led down the primrose path by the EU and NATO. | ||
| And the Europeans, the ruble just had its best month ever. | ||
| Russia's revenue has doubled. | ||
| They're not changing their lifestyles one bit! | ||
| They're still buying cheap Russian gas! | ||
| And they still, they won't pay 2% for their defense. | ||
| They won't defend themselves like they wouldn't defend themselves in World War I. Except for France and England. | ||
| Okay? | ||
| And why did World War II come along? | ||
| France quit in six weeks. | ||
| The largest standing army in the world. | ||
| We had to go back and bail it out again. | ||
| Oh yes, with the Russian people kicking in 25 million dead. | ||
| Oh, by the way, and Lao-Beijing and China kicking in another 25 million dead, we happen to forget that, who our real allies were, who paid in blood. | ||
| No, if we let this go down, if you let this 33 billion go down, you're a sap, you're a sucker. | ||
| Look in the mirror. | ||
| I am, repeat after me, I am a sucker. | ||
| We deserve it. | ||
| If this thing goes down and these Republicans, they all should be thrown out. | ||
| And I'll take on any comer that wants to come and debate this and couldn't stand it. | ||
| I bench press all these guys in the first five minutes. | ||
| Ridiculous. | ||
| None of them know about capital markets. | ||
| None of them know about economics. | ||
| None of them understand how it all ties together. | ||
| Steve Cortes. | ||
| You know, Steve, the contrast of what you're talking about, the idea of sending that kind of a mountain of money to a corrupt country for a battle between two corrupt countries in which the United States has no national interest on the same week in which we get a mass of evidence that the United States economy is crashing into a ditch. | ||
| That kind of contrast shows you the perverted priorities of the permanent political class in Washington, D.C. | ||
| Even if it were a good idea to send that money, and I certainly do not believe it is, but if we were to, for the sake of argument, say it's a good idea, guess what? | ||
| We can't afford it, Steve. | ||
| We are in no financial situation right now to be handing largesse around the world. | ||
| And you're exactly right. | ||
| If this is a problem beyond Ukraine's borders, and again, I don't believe it is. | ||
| I think this is a Ukraine issue. | ||
| But if it is a problem beyond their borders, then it is a European problem. | ||
| And the European capitals that for too long have been able to exploit and manipulate the United States. | ||
| We have 100,000 troops there right now, Steve. | ||
| It's not just money. | ||
| It's also 100,000 young men and women who are in Europe, which is an advanced, wealthy continent that should more than be able to take care of itself, both on the Security side as well as on the economic side. | ||
| And by the way, Steve, they would if we simply forced them to. | ||
| If we just said, we are done acting as your protector, we're done acting as your father. | ||
| You have to stand up on your own. | ||
| And if Ukraine is really a problem for Germany and France, again, I don't think it is. | ||
| But if it is, then it's their problem. | ||
| It's certainly not the United States problem. | ||
| Steve, Steve, Steve Cortez, how many troops do we have on the southern border? | ||
| We have 100,000 in Europe right now. | ||
| We're paying for all that. | ||
| Yeah. | ||
| You could, by the way, NATO is just a combination of staffs. | ||
| Don't believe all the stuff you see on Fox, all these old generals. | ||
| It's a combination of staffs in Brussels in a $2 billion building. | ||
| Okay? | ||
| Only Poland, I think, is the only nation that pays the 2% of GDP that they committed to pay. | ||
| All of NATO, I don't think, can round up two combat divisions. | ||
| They can't fight. | ||
| Are you kidding me? | ||
| Some units can. | ||
| And I'm not questioning the bravery of some of the French, and German, and particularly the English units, the British units. | ||
| No. | ||
| But, collectively, it's a nothing burger. | ||
| Okay? | ||
| It's a nothing burger. | ||
| And it's a security guarantee. | ||
| Go ahead, Steve. | ||
| To your point about the defense contractors, look, I hardly think it is a coincidence. | ||
| That Lloyd Austin, the Secretary of Defense, the Chief of the Pentagon, came directly to that post from Raytheon. | ||
| Directly from Raytheon to the head of the Pentagon and just went to visit Ukraine. | ||
| Look, Donald Trump wound down a disastrous 16 years of war and the Washington war machine desperately wants to rev back up again. | ||
| Okay, short commercial break. | ||
| We're going to continue with Steve Cortez. | ||
| We've got Dr. Maria Ryan about this hepatitis scare. | ||
| All next in the War Room. | ||
|
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the and with steven kate epidemic is a demon we can't let this team and hide and here's your host steven kate Okay, welcome back. | |
| Remember, we've got the two-gun approach here now. | ||
| You've got to get a great night's sleep if you want to man the ramparts. | ||
| I mean that. | ||
| Not a good night's sleep. | ||
| You need great sleep. | ||
| A great night's sleep. | ||
| No matter how many hours you sleep, it's got to be great. | ||
| Go to MyPillow.com, promo code WARROOM. | ||
| We've got the buy one, get one free sale in four different verticals. | ||
| You've got towels, you've got sheets, you've got pillows. | ||
| Go check it all out. | ||
| MyPella.com promo code war room. | ||
| Mike Lindell's going to be on next week about the Arizona lawsuit. | ||
| They've got a magistrate assigned to it. | ||
| Looks like that thing's heading forward. | ||
| Kathryn Engelberg's going to join us at the top of the hour to go through the geofencing. | ||
| There's a lot we're not we're going to look. | ||
| Elections have consequences. | ||
| Stolen elections have catastrophic consequences. | ||
| You're seeing it all about you, whether it's geopolitically, culturally, the invasion of the southern border, or principally economically, which we're about to crash. | ||
| It's going to be the difference between a recession and a depression. | ||
| Yes, I use the D word here on The War Room, but we're always first. | ||
| Go back. | ||
| The long-term audience knows we've been talking about this stagflation since the day the illegitimate regime occupied the White House on January 20th of 2021. | ||
| The two-gun approach. | ||
| One, you got to get a great night's sleep, and the other gun Is our coffee, and I'm so proud of this because it took us a long time to work with this roaster and to work with the company. | ||
| The company is called Warpath. | ||
| It's owned by Navy Seals and Special Operators, and we're one of the partners in marketing it. | ||
| It's warpath.coffee. | ||
| You've got the Navy Mariner's Blend. | ||
| Best dark roast ever produced. | ||
| Just go check it out. | ||
| You will see this. | ||
| We've also got on the lighter side, but it's still a little dark. | ||
| It's a breakfast blend called Dark Powder or Black Powder. | ||
| I want to make sure you guys get that. | ||
| Check it out. | ||
| Go to warpath.coffee. | ||
| Now you've got to put in promo code WORM to get a 15% discount. | ||
| And this thing is selling like, you know, we've already run out of it a couple of times. | ||
| So we're cranking, cranking, cranking. | ||
| The roaster's working with us to get more inventory. | ||
| Because as you can tell, you've got to get jacked up. | ||
| You've got to get a great night's sleep and then get jacked up in the war room. | ||
| Okay? | ||
| Because we're fighting to defend and save the greatest republic in mankind's history. | ||
| We have a task and a purpose. | ||
| You have a task and purpose in your life. | ||
| This show is to maximize your agency. | ||
| Okay? | ||
| Maximize your agency. | ||
| Steve Cortez, walk us through. | ||
| I want you to walk. | ||
| I've been screaming like a madman all morning with my dark roast coffee. | ||
| So now I'm going to turn it over to you. | ||
| A little more reason. | ||
| This is the Cortez, you know, hedge fund presentation. | ||
| By the way, I do want to say, I got so many great reports about you on the campaign trail with J.D. | ||
| Vance in Ohio, the great Buckeye State, with all the great MAGA people out there, and particularly the War Room Posse. | ||
| Dude, my phone was blown up. | ||
| They loved you. | ||
| You were fantastic. | ||
| Give us a minute on Mandela and what you found out in Ohio. | ||
| Listen, it was fantastic. | ||
| We met deplorables all over Ohio. | ||
| Every single one of them mentioned the War Room, so this work has to continue. | ||
| Again, this is the digital meeting place for the America First movement. | ||
|
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J.D. | |
| Vance has a lot of momentum, but we're taking nothing for granted. | ||
| He's going to hustle through the tape. | ||
| And in terms of Mandel, we got more revelations from this really excellent book by Martin and Burns, the same book that outed Kevin McCarthy and really burned him because of course he tried to deny it and then they produced the tapes, they produced the receipts of the duplicity of Kevin McCarthy. | ||
| It also reveals the duplicity of Josh Mandel because they report that Mandel, while he's speaking in America First jargon on the campaign trail, is then skulking back to the Washington establishment, to Mitch McConnell and others, and telling them, hey guys, I don't really mean it. | ||
| I mean, quite literally, if you read the accounts. | ||
| And not only that, Steve, as if that's not bad enough, He also is acting essentially as an establishment snitch because he is telling Senate leadership, literally a tattletale, snitching about every single time on the campaign trail, in a town hall or wherever he is, when J.D. | ||
| Vance dares to criticize some of the moves of leadership and Mitch McConnell. | ||
| We have an establishment snitch in Mandel who is running back Do you believe, is it because of his association with the Club for Growth? | ||
| of the reason I believe... Do you believe is it because of his association with the club for growth? I mean do you believe that about Josh? I do unfortunately. | ||
| And I believe it again because it seems these authors have really done their homework, right? | ||
| So they proved exactly correct and accurate about McCarthy. | ||
| So I believe their accounting and exactly right. | ||
| Also, it's because the Club for Growth, which really should be called the Club for Chinese Growth, because what it represents are multinational U.S. | ||
| corporations and their top executives, and then the Chinese Communist Party. | ||
| It does not represent The United States of America, in any sense. | ||
| And by the way, regarding Club for Growth, there was also a very damning article that came out in Rolling Stone about their leadership, and I'll let the audience read into that, but it at least alleges that he has some pretty sick personal habits. | ||
| Look, I don't care about that, but I do care about what the Club for Growth does in the American economy, and it is always a champion for globalism and for the Chinese Communist Party. | ||
| They are coming out Both barrels against J.D. | ||
|
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Vance. | |
| You know, sometimes it matters not just who your friends are, but also who are your enemies and who are your opponents. | ||
| In the case of J.D. | ||
| Vance, his friends, President Trump, Marjorie Taylor Greene, Matt Gaetz, both of those two campaigning with him today, Steve Cortez, those are the friends of J.D. | ||
| Vance, who are his enemies, Club for Growth and apparently Mitch McConnell. | ||
| So listen, the good people of Ohio are going to select It's a competitive primary. | ||
| They're going to select the Most America First candidate on Tuesday, and I believe that's going to be J.D. | ||
| Vance. | ||
| Yeah. | ||
| People got to get focused on what they want to vote for, because this guy Dolan, who's a never-Trumper, is definitely getting some traction, no doubt. | ||
| Okay, let's go to your economic analysis. | ||
| Here's another clip I want to play. | ||
| Let's talk about the establishment, the economy that the ruling class establishment has, including Mitch McConnell by the way, has created for the United States. | ||
| And let's run through some charts. | ||
| Chart number one is, and a lot of this data just came out, this is the PCE, the Personal Consumption Expenditure Index. | ||
| This is the preferred inflation gauge of the Federal Reserve itself. | ||
| If you look on that chart, and that chart's going all the way back to the 1970s, if you look on that chart at the very far right, look at the massive spike higher right now as the PCE surges higher, absolutely accelerates to new 40-year highs because of what Biden is doing with assistance from Republican collaborators. | ||
| Now, let's get to the next chart, chart number two. | ||
| As a consequence of this inflation, guess what? | ||
| The American people are extremely keenly aware of it, and they're starting to reflect that In polling, this is the latest poll out from Quinnipiac. | ||
| 9% of Americans say they are financially better off because of Joe Biden. | ||
| That is it. | ||
| 9% of Americans. | ||
| Probably the 9% who are in the ruling class who actually benefit from inflation. | ||
| There is a small percentage of Americans who do fine with inflation. | ||
| But that is the reality right now. | ||
| The polling, of course, is miserable for him. | ||
| Let's get to the next chart and talk about people who are not doing well at all. | ||
| And this is foreclosures. | ||
| Foreclosures in the United States For the month of March, surge 181%, the worst levels since the lockdowns. | ||
| I mentioned this earlier. | ||
| What you have right now are home prices are surging at the same time. | ||
| Foreclosures are surging. | ||
| Those two are not supposed to coincide, but they are. | ||
| Why? | ||
| Because we're in an inflation super cycle right now. | ||
| Working class people are being absolutely pinched in Joe Biden's economy. | ||
| Now, it's not just the economic data. | ||
| It's also the stock market performance. | ||
| Let's go to the to the next chart and let's look at the year to date performance of the S&P 500 down 13.3% for the year for the first four months. | ||
| That is the third worst performance ever. | ||
| The only time we had a worst start to a year for the S&P 500 was during the Great Depression, 1932 and 1939. | ||
| So this is very ignoble company that we're in right now. | ||
| And regarding the NASDAQ, this is the worst ever because, of course, there was no NASDAQ. | ||
| The technology-heavy sector didn't exist back in the 1930s. | ||
| So this is the worst start ever for a year for the NASDAQ, the worst month of April since the dark days in the fall of 2008. | ||
| During the credit crisis. | ||
| Let's continue to the next chart. | ||
| This is one stock. | ||
| We've talked about a good bit on this show, and I think it's really important for the deplorables to pay attention. | ||
| Taiwan Semiconductor TSM. | ||
| It's Taiwan based, of course, but it does have a it does trade here in the United States as well. | ||
| So that ticker will pull it up for you. | ||
| Taiwan's Taiwan Semiconductor. | ||
| If you don't follow financial markets or don't pay a lot of attention to Taiwan, it is the most important company in the world that you may have never heard of because Taiwan is a country dominates chip production worldwide. | ||
| And, but particularly so, TSM. | ||
| It is the dominant player in the dominant country for chip production. | ||
| And I think there's two aspects here that are really important. | ||
| First of all, look at that chart. | ||
| That is the year-to-date chart. | ||
| You see this TSM absolutely crashing from the upper left to the lower right. | ||
| It is down 38% off of its highs of just January. | ||
| That is an absolute crash in TSM. | ||
| Now, number one, This tells us massive problems for growth in the United States because that's where we source our chips. | ||
| But number two, this points to the geopolitics. | ||
| That capital is still worried about the situation, the security situation in the South China Sea. | ||
| Forget about Ukraine. | ||
| Ukraine economically is irrelevant to the United States. | ||
| Taiwan is the exact opposite. | ||
| It's not just for computers, by the way. | ||
| It's not just for electronics. | ||
| I wish it weren't okay. We shouldn't be in this position of dependency and we must fix that long term But the reality for the near term is we are totally totally dependent upon Taiwan our economy could not function for a week without the flow of chips from there and I it's not just for computers By the way, it's not just for electronics. It's also for cars and appliances and everything we need in our life So if we want to get excited about supporting somebody and defending a country Yeah, it needs to be Taiwan if if you want 20 billion | ||
| dollars arms to go somewhere on Monday And why are some money to go do it? Let's send it to Taiwan the South. Let's see cashmere Yeah, no sudden. Yes, exactly. Hold it the one thing Keep going because I want to make sure that people understand Do you have more slides to go through? | ||
| Yes, one more. | ||
| One more to show here. | ||
|
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Let's get to this. | |
| I brought a lot of charts today, Steve. | ||
| You know, you invite Cortez to dinner and I show up with flowers, but you invite me to the war room and I show up with charts. | ||
| Okay, it's who I am. | ||
| But I think it's important for people to get a visual, too, and to be able to see what we're talking about, this economic carnage. | ||
| This is critical, too. | ||
| So, you know, all of those charts I showed, right? | ||
| Inflation, stock market, all the things that are terrible things that are happening in this country. | ||
| Foreclosures. | ||
| If we go, that's the Taiwan chart. | ||
| Let's go to the last one, please. | ||
| Chart six. | ||
| There we go. | ||
| This is the TLT. | ||
| That is the bond market. | ||
| So, that is an ETF, an exchange traded fund, where as a stock, You can buy or sell the long bond, the 30-year United States bond. | ||
| So, for most regular folks out there, they don't want to go and actually find a cash bond and buy it. | ||
| You can do that in your account, but most people don't bother with that homework. | ||
| They simply use an ETF, and a TLT is a very liquid, long-term U.S. | ||
| Treasury bond. | ||
| As you can see, It has gotten smoked this year. | ||
| Now, most of the time, if the stock market is rolling over, bonds are doing well. | ||
| Usually, you get a flight to safety, is what that phenomenon is known as, to the safety of bonds. | ||
| But guess what? | ||
| There is no safety in bonds this year. | ||
| Bonds are getting absolutely rinsed. | ||
| Because of Biden's inflation. | ||
| So what I put on the chart there, the verbiage is, there's nowhere to hide. | ||
| There is nowhere to hide right now because of Biden's economy. | ||
| You have the TLT down 20% on the year. | ||
| Bonds are down even more than stocks. | ||
| This is, again, not the way a normal economy, not the way normal capital markets would function, but we're in anything but normalcy. | ||
| This is the economic predicament, the quagmire, that the establishment has put us in. | ||
| And here's why we don't have the engine room or the war room has been notifying me as we're going through this to say, as I keep saying, we don't have the balance sheet. | ||
| The way to say it is that the reason we don't have the flexibility to fix the problem now, unlike what Reagan and Volcker at least have flexibility, we've gone from a creditor nation to a debtor nation. | ||
| Each one percent was it each one percent of this at 30 trillion dollars and I'm in the Fed 30 trillion dollars of the face amount of our national debt every 1% I think at these interest rates right now or 350 billion dollars of interest payments right ladies and gentlemen it go ahead Steve go ahead you're exactly correct you know we don't have the room to maneuver of course that we did which is why the situation is similar to the 70s But worse than the 1970s. | ||
| And you're so right, too, to again connect this to geopolitics. | ||
| Of that $30 trillion of debt, roughly a third of it is because of the constant warfighting and the needless interventions and nation-building that we engaged in for 15 years before President Trump. | ||
| Exactly what the Washington war machine wants us to restart right now. | ||
| So a major portion of the debt crisis is directly related to our interventionist policies overseas. | ||
| We cannot repeat that mistake again. | ||
| Okay, Steve, just hang through. | ||
| I got Dr. Maria. | ||
| Steve Cortez is gonna wrap up his comeback on the outside of the break, and Dr. Maria Ryan's gonna be here in this very serious situation with hepatitis. | ||
| All next in The War Room. | ||
|
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Bring it on and now we'll fight to the end, just watch and see. | |
| It's all started, everything's begun, and you are over. | ||
| Cause we're taking down the CCP! | ||
| Spread the word all through Hong Kong We will fight till they're all gone We rejoice when there's no more Let's take down the CC Monitors us. | ||
| Censors us. | ||
| Deplatforms us. | ||
| Conservatives have been helpless to do anything about it. | ||
| Until now. | ||
| Join Getter, the social media platform that supports free speech and opposes cancel culture. | ||
| On Getter, you can express your political beliefs without fear of Silicon Valley liberals coming after you. | ||
| Getter is led by former Trump advisor and War Room co-host Jason Miller, who saw what big tech did to President Trump and decided to fight back. | ||
| Getter is the fastest growing social media platform in history, with millions of users, including prominent conservatives like Mike Pompeo, Steve Cortez, and Steve Bannon. | ||
| Join Getter. | ||
| It's in the App Store, the Google Play Store, and at getter.com. | ||
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| And unlike the Silicon Valley oligarchs, Getter will never sell your data. | ||
| Send a message today. | ||
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| It's time to cancel, cancel culture. | ||
| Over the weekend, WHO released an update about cases of acute hepatitis of unknown origin among children. | ||
| So far, at least 169 cases of acute hepatitis have been reported from 11 countries in Europe and in the United States in children aged from 1 month to 16 years. | ||
| 17 children, about 10% of the reported cases, have required liver transplants, and one death has been reported. | ||
| The symptoms include abdominal pain, diarrhea, vomiting, jaundice, severe acute hepatitis, and increased levels of liver enzymes. | ||
| The viruses that commonly cause acute viral hepatitis have not been detected in any of these cases. | ||
| Adenovirus has been detected in at least 74 cases, and this and other hypotheses are being explored. | ||
| Okay. | ||
| I want to bring in Dr. Maria Ryan. | ||
| Dr. Ryan, you've been on this from day one. | ||
| There's something just not right about this, particularly the slowness in the reporting when this happened. | ||
| Walk us through. | ||
| CDC just gave a report yesterday, ma'am. | ||
| That's right. | ||
| CDC has been investigating the cluster in Alabama. | ||
| So nine children that we know of, Since October 2021 till February of 2022 have this acute viral hepatitis, unknown etiology. | ||
| So CDC researchers have embarked upon Alabama and they released data. | ||
| So the children are between one and well, actually younger than one to nine years old or six years old, sorry, zero to six years old. | ||
| All the children were immunocompetent, so meaning there was nothing wrong with their immuno system. | ||
| So they were competent, healthy, healthy children. | ||
| All had gastritis-type symptoms, meaning abdominal pain, vomiting, diarrhea. | ||
| None had the normal causes of viral hepatitis, meaning none of the hepatitis viruses like A, C, D, or E. | ||
| None tested positive for COVID, but out of five of those cases, they did additional sequences, gene sequencing, and they found that they did have this adenovirus, and it's the adenovirus 41. | ||
| So that normally causes gastritis in children, very self-limiting. | ||
| With immunocompromised children, adenovirus 41 can cause acute viral hepatitis, but this is really unknown why this is happening. | ||
| And since April 21st, when CDC first put out their recommendations in their, excuse me, not their recommendations, but the alert that this was going on, additional states in the United States have come forward So there's about six United States states in over 12 countries now reporting this mystery viral hepatitis. | ||
| And the clip that you showed from the World Health Organization was almost pretty much what I reported on your show the other evening to include that this is really scary, that 10% of these children that we know about, because there was this lag in putting out the alert, that we know about required liver transplants. | ||
| Yeah, real quickly, because we're pressed for time here. | ||
| Why is the lag of this thing actually happening in CDC reporting? | ||
| What caused that? | ||
| Shouldn't this be something normally the CDC would put out an alert on right away? | ||
| We've had problems with the CDC. | ||
| I did not recognize all the problems. | ||
| I've worked with them my whole career. | ||
| And I know there was always some lag time because they research, then people get together and they put a report. | ||
| And I'm, my background's emergency medicine. | ||
| So I like do things very, very quickly. | ||
| And we really noticed the lag in CDC during COVID. | ||
| The pandemic information was really hard to get by. | ||
| Some of it was censored. | ||
| There weren't very transparent. | ||
| There's a whole bunch of issues with CDC, and I know the director of CDC has vowed to make reporting very much quicker, but it was a big delay because even the World Health Organization, throughout the world, we were seeing this in the fall of 2021. | ||
| The fall of 2021. | ||
| I mean, it's five months late. | ||
| Okay, real quickly. | ||
| The The children with the issues with COVID-19, the CCP virus, were immunocompromised. | ||
| These are healthy kids, and 10% of these end up getting... This is what's so scary. | ||
| What can people... We've got about a minute. | ||
| What can people do now? | ||
| Where can they get information? | ||
| How they can be alert, particularly for their children? | ||
| Well, I can tell you the biggest way we get infections is through dirty hands, believe it or not, more than respiratory-wise. | ||
| So make sure your children are washing their hands really well. | ||
| If they go to daycare, speak with your daycare center about washing toys. | ||
| You know, you can get viral hepatitis normally from the hepatitis viruses through, you know, playing with different toys, drinking from another child's cup. | ||
| So make sure all those things are done. | ||
| But parents, please, please, please, if your kid has any symptoms of a gastroenteritis type illness, vomiting, diarrhea, get immediately to the doctor's office. | ||
| How do we find out about you and your show and all that, Dr. Ryan? | ||
| Yes, so I am on Getter, which I love, Getter. | ||
| I'm at Dr. Maria. | ||
| I also have a Sunday show, Rudy Giuliani, called Uncovering the Truth. | ||
| That's at wabcradio.com every Sunday at 10 a.m. | ||
| We bring you information that is censored, whether it's health care, politics, and I have a website, drmariaryan.com. | ||
| Dr. Ryan, thank you for joining us, and thank you for being ahead of the curve in this hepatitis thing. | ||
| Quite serious, and I'm not sure the reporting is being that accurate. | ||
| So thank you very much, Dr. Maria Ryan. | ||
| The number one show with Rudy on Sunday mornings on WABC. | ||
| Okay, 90-second break. | ||
| Cortez is going to join us for a wrap-up on the economics, and we've got the great Kathryn Engelbrecht from True the Vote on some information, ladies and gentlemen, that will make your head blow up. | ||
| Yes, on a Saturday morning. |
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