May 7, 2022 - Bannon's War Room
48:43
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| Speaker | Time | Text |
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unidentified
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Well the virus has now killed more than a hundred people in China and new cases have been confirmed around the world. | |
| You don't want to frighten the American public. | ||
| France and South Korea have also got evacuation plans. | ||
| But you need to prepare for and assume. | ||
| Broadly warning Americans to avoid all non-essential travel to China. | ||
| This is going to be a real serious problem. | ||
| France, Australia, Canada, the US, Singapore, Cambodia, Vietnam, the list goes on. | ||
| Health officials are investigating more than 100 possible cases in the US. | ||
| Germany, a man has contracted the virus. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| Japan, where a bus driver contracted the virus. | ||
| Coronavirus has killed more than 100 people there and infected more than 4,500. | ||
| We have to prepare for the worst, always. | ||
| Because if you don't, then the worst happens. | ||
|
unidentified
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War Room. | |
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Howdy, P.D.K. | ||
| Navarro sitting in for Stephen K. Bannon. | ||
| As I promised you this morning, we're going to take an extended look at the financial market meltdown, stagflation, and the economy. | ||
| But first, I've got a very, very special guest, a guy who rarely comes out in public, but he's going to be one of the most important Players in taking back both the House of Representatives in 2022 and 2024, the White House. | ||
| And the way I want to set this up is within the context of my new book, Taking Back Trump's America on Amazon. | ||
| The setup is simply that one of the important parts of Taking Back Trump's America is that it's a blueprint, essentially, for how we get back the White House. | ||
| And one of the key first steps we have to take is get the House of Representatives in the name of Trump Republicans. | ||
| And what I do in the Taking Back Trump's America book is I go back to the beginning, go back to when I was actually at Trump Tower in Manhattan in 2016, part of a very small elite group of fighters for the president in that campaign against Hillary Clinton. | ||
| And I would go out on a TV quite a bit there, and there was this guy, he was like literally a third my age, and most of the time when I went out on TV it was like, okay, but every once in a while I'd screw up. | ||
| He'd come back and he'd look at me and he'd go, that's not good. | ||
| And then we'd go over kind of what went on. | ||
| And I grew to have tremendous respect for him. | ||
| He came to the White House, served there for several years before the John Kelly people drove out all of the pro-Trump folks. | ||
| Right now, he is the guy who is the senior strategist and political consultant for none other than J.D. | ||
| Vance. | ||
| And he's also running a super PAC for the candidate that will take out Liz Cheney in Wyoming. | ||
| So who is this person? | ||
| He is what I will call the Ed Rollins of our time, Andy Sarabian. | ||
| Don't let your head get too big. | ||
| But I really believe, just knowing you, look, you helped run that J.D. | ||
| Vance campaign. | ||
| It was brilliant. | ||
| You're going to take Liz Cheney out. | ||
| So take the compliment. | ||
| Ed Rollins of our time. | ||
| Andy, let's talk. | ||
| Let's start first with J.D. | ||
| Vance. | ||
| What was the secret sauce for you in that race? | ||
|
unidentified
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The secret sauce in that race? | |
| What really got J.D. | ||
| in his populist America First message. The secret sauce in that race was the War Room audience. The War Room posse was a big part of the secret sauce. And then the final ingredient to that secret sauce was President Donald J. Trump. But what really got J.D. in the position to get the Trump endorsement was, and then ultimately win that race, was over a year of proving his mettle to the America First | ||
| movement and showing who he really was and showing that he was a fighter and showing that he wasn't just a guy who was reading talking points from consultants like me. | ||
| Because that's not who JD was. | ||
| That's not the campaign we ran. | ||
| We ran a campaign Around things that J.D. | ||
| actually believed. | ||
| And that was actually what differentiated him from pretty much the vast majority, unfortunately, of politicians that I've ever encountered, is J.D. | ||
| Vance, just like Donald Trump, actually believes things. | ||
| And he doesn't care if those things are politically popular or not. | ||
| There were many times in the campaign where he took stances on issues that caused him serious blowback, caused us to lose major donors. | ||
| Um, um, but he took them on principle and I think he, to me, represents a new generation of Republican candidates who aren't trying to go to Washington to represent the donor class, but they're going to Washington or trying to go to Washington because they actually believe things and want to fight for the people. | ||
| And that, that's, that's why JD is running. | ||
| That's why I think he's been successful so far. | ||
| And that's why I think he's going to be successful come November. | ||
| I thought it was brilliant to bring on Steve Cortez early, because as that race was developing, the whole issue of the economy really started to become the most important thing. | ||
| What you're going to have now, I think, is going to be, look, Ohio's Clearly now moving to be a red state yet the guy that JD's gonna have to run against He's a congressman to him Ryan. | ||
| He was a presidential campaign Candidate who went nowhere, but it did help season him. | ||
| I know Ryan personally very well because he was in my film death by China that was out in 2011 and And he's the one guy, I think, in the entire Democrat Party who gets the problem of losing jobs to China. | ||
| So, recognizing that, Andy, how are you going to deal with the Tim Ryan candidacy? | ||
|
unidentified
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Well, I think first off, there's a difference between who Tim Ryan purports to be and who he really is. | |
| And I think exposing that is going to be the key in this general election. | ||
| Yeah, Tim Ryan talks a good game about the working class. | ||
| He talks good game about some of these populist issues. | ||
| But Tim Ryan has been in Congress for over 20 years now. | ||
| He's been in Congress for 20 years. | ||
| And what has happened during those 20 years? | ||
| Youngstown completely deindustrialized. | ||
| Ohio working class just getting wrecked. | ||
| Tim Ryan has done nothing except talk a good game, but when he's actually taking votes in Congress, how does he vote? | ||
| He votes 100% of the time with Joe Biden. | ||
| And we all know that Joe Biden's policies aren't policies that are helping the working class. | ||
| Tim Ryan's a fraud, and I think exposing that is going to be the key to this election. | ||
| Look, Tim Ryan started his career in politics as a pro-life Democrat. | ||
| Well, two days ago on Fox News, he was asked if he supported any limits on abortion whatsoever, and he said no, he did not. | ||
| He refused to say he supported any limits on abortion. | ||
| We're talking late-term abortion. | ||
| He started as a guy who was pro-gun, a pro-gun Democrat, and now he supports hardcore gun control. | ||
| And that's the story of Tim Ryan. | ||
| He started his career in one place, went to Washington D.C., he fell in love with that scene, he fell in love with the lust of power that too many politicians fall in love with, and he completely flip-flopped on who he went there as. | ||
| And the Tim Ryan of today is nothing more than a working-class fraud. | ||
| Any early polling? | ||
| What the matchup looks like? | ||
| Anything out yet? | ||
|
unidentified
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There hasn't been any recent polling in the general election, but look, we're really confident that when all is said and done, we're going to win this thing and we're going to win it big. | |
| I mean, of all the Republicans who ran in that primary, I think J.D. | ||
| Vance was the one who was actually best equipped to win this general election. | ||
| I think he was the Republican who best fits Ohio. | ||
| I mean, J.D.' 's message Is a working class populist message on issues like trade on issues like China on issues like big tech on immigration and on staying out of endless wars and when you look at him Ryan you have a guy who you know me talk a good game on some of those issues but you know you. | ||
| You know, take an issue like foreign policy. | ||
| Tim Ryan is a hardcore neocon. | ||
| He supported foreign intervention, left and right. | ||
| J.D. | ||
| took a stand, a principled stand against further American involvement in Ukraine, took a bunch of blowback for it, but it didn't matter. | ||
| It ended up being a popular, it might not have been a popular stance to take with the donor class or with the political class, but it was a popular stance to take with Ohioans. | ||
| And I think at the end of the day of, you know, any potential Republican we could have had as the nominee, J.D. | ||
| is the one who's best equipped to defeat him. | ||
| Yeah. | ||
| Let me, let me say that to just the audience so they clearly understand this, uh, the power of the Trump endorsement. | ||
| I think J.D. | ||
| Vance had the toughest set of opponents of anybody out there who got a Trump endorsement. | ||
| Yet he was able to overcome that with the power of his message and that Trump endorsement. | ||
| And Josh Mandel was no pushover, but in the end, JV won going away. | ||
| Let's shift gears now to a race which I'm watching really closely because Liz Cheney of Washington, D.C., not Wyoming, she is the spawn Of the neocon vice president, Dick Cheney, who is responsible for the loss of trillions of dollars of our treasure and millions of lives in the Middle East. | ||
| You, sir, are running a super PAC for Harriet Hagman, running against Cheney. | ||
| Can you tell us what the current state of that race is and why we don't hear a lot about that race in the media yet or at this point? | ||
| When is the primary? | ||
|
unidentified
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So the primary is not till August, but the reason we don't hear tons about this race in the media is because there isn't a good story for Liz Cheney in the media about this race, because everyone knows that Liz Cheney is dead in the water. | |
| She's DOA, dead in the water. | ||
| Harriet Hageman will win this race. | ||
| Two-thirds of Republican voters in Wyoming will vote for any candidate but Liz Cheney. Her only hope, her only hope in this race is to try to win it with Democrat votes. And it's, you know, fortunately it's Wyoming, the most Republican state in the union. I don't even think there's enough Democrats in the state for her to pull it out. But is it an open primary? It's a primary where you can change a registration same day as | ||
| So that's clearly, you know, that's clearly going to be her strategy. | ||
| But in Harriet Hageman, we actually have, you know, one of the things that, you know, in my in one of my roles is working President Trump's PAC, and I was actually involved in the vetting Of all the candidates who were initially running in this race, who were looking at running in this race. | ||
| And I think there was some concern early on about the strength of the candidate we were going to put up against Liz Cheney, because we knew she would be a tough person to beat. | ||
| We knew she would raise a lot of money. | ||
| But Harriet Hageman, we found an excellent candidate. | ||
| We found a candidate who actually understands the America First issues that President Trump ran on. | ||
| She's a serious candidate who is raising the necessary resources to run a serious campaign. | ||
| And I think with a strong candidate like Harriet, you know, Liz's time as Nancy Pelosi's favorite congresswoman from Wyoming, those days are coming up for her. | ||
| I would say Liz probably visits Jackson Hole quite a bit, but the rest of the state probably not so much. | ||
|
unidentified
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She was born and raised in Virginia. | |
| She went to high school in Virginia. | ||
| She's up the beltway, by the beltway, votes for the beltway. | ||
| You know, there's nothing Wyoming about Liz Cheney. | ||
| And one thing I want to say is Liz Cheney is so unpopular. | ||
| We actually ran a poll late last year where we actually polled Dick Cheney's image in Wyoming among Republicans. | ||
| And Dick Cheney, love him or hate him, he used to be considered a legend among Republicans in Wyoming. | ||
| He was a beloved figure. | ||
| Well, Liz Cheney is so unpopular among Republicans in Wyoming that Dick Cheney's favorables are now upside down. | ||
| Dick Cheney is now, has more unfavorables than favorables among Republicans in Wyoming because his daughter is that unpopular. | ||
| That's what we're dealing with there. | ||
| Andy, tell the folks out there how they can get to your SuperPAC to send some money or to Harriet Hagman or to JD Vance. | ||
| We got 30 seconds for you. | ||
|
unidentified
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Yeah, so you can support Wyoming Values. | |
| That's the name of our SuperPAC at WyomingValues.com. | ||
| You can go to jdvance.com and support J.D. | ||
| He's a really, really special guy. | ||
| Somebody else that I just want to give a shout out to, who I'm also advising as Super PAC, is Blake Masters in Arizona. | ||
| He's a guy in the same vein as J.D. | ||
| who will go to Washington and shake things up. | ||
| And that's what we need. | ||
| We need a new generation of conservatives, of America First conservatives, who know how to fight. | ||
| And those are the guys we're going to elect in 2022. | ||
| Andy, by the way, I want to call you the Ed Rollins of our time. | ||
| It's with affection because Ed Rollins is literally my favorite political consultant. | ||
| All right, good luck to you. | ||
| We'll get you back on the War Room. | ||
| Give my best to JD and Harriet and Blake. | ||
| And we'll be right back in the War Room. | ||
| Peter K. Navarro in for Stephen K. Bannon. | ||
|
unidentified
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War Room. | |
| Pandemic. | ||
| With Stephen K. Bannon. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Peter K. Navarro in for Stephen K. Bannon. | ||
| I did tell you we are going to get to the economics and financial markets, but special guests take precedent, and we've got another special guest in this segment. | ||
| It's Kerry Lake, who's running for governor in the great state of Arizona. | ||
| As Steve has said many, many times, many, many times, Arizona is the railhead. | ||
| Of so many issues in this country, whether it be the secure border, whether it be election integrity, or anything in between. | ||
| Carrie Lake is, in my judgment, the presumptive nominee for the Republican side. | ||
| She has the endorsement of Donald Trump, but the thing that's worrying me now is there's another candidate In the race by the name of Karen Taylor Robeson. | ||
| I've actually met her out in Arizona. | ||
| She is effectively part of the John McCain Ducey wing that cost Donald Trump the election out in Arizona. | ||
| He won that, but the Ducey folks wouldn't investigate the illegal portions of that election. | ||
| My concern, we're going to talk with Kerry right now about this, is that Robeson's throwing a ton of money in, self-funded, going negative on Kerry Lake, and it's not going to help her win the primary, but it may weaken Carrie Lake enough so that in the runoff there could be issues. | ||
| So with that said, Carrie, I'm delighted to welcome you into the War Room once again. | ||
| Tell us where you are, what you're doing, and whether you share any of my concerns. | ||
| Well, thank you, Peter, for having me on. | ||
| This is one of the reasons I'm running. | ||
| We need an outsider. | ||
| We need someone who loves Arizona, who is America first, who will bring those America first policies back to Arizona. | ||
| Because let's face it, Joe Biden, I believe, is an illegitimate president. | ||
| He's trying to destroy our country. | ||
| And we're not going to let him take Arizona down with him. | ||
| And I'm running against somebody who is a rhino. | ||
| And I'm more offended. | ||
| You know, fine, she can spend her husband's billions. | ||
| She's married to a 95-year-old billionaire. | ||
| She can spend his money and try to buy this, but I'm offended that she's lying to the people of Arizona. | ||
| In her ads, you'll see her at the border, and she's trying to look like she's tough on the border. | ||
| She's just the opposite. | ||
| You mentioned it. | ||
| She's in the McCain wing of the party. | ||
| When she was at the Board of Regents, she voted on the Board of Regents to give illegal immigrant students a lesser tuition than American students. | ||
| And yet she's trying to act like she's tough on the border. | ||
| She also voted when she had the chance to vote down some of these tyrannical COVID mandates that were forcing our young students at our universities to get vaccines against their will and to have to wear masks in 115 degree weather. | ||
| She sat that vote out rather than voting those tyrannical mandates down. | ||
| And to me, that's an act of cowardice. | ||
| We're at a point in our history where we need strong leaders. | ||
| We don't need leaders who shy away and are afraid to vote, who are afraid to stand up and do the right thing. | ||
| She also voted to use taxpayer money when she was on the Board of Regents to hire lobbyists to lobby against a groundbreaking piece of legislation that was going to protect the unborn. | ||
| So her real track record is very liberal. | ||
| She's a globalist, open borders type. | ||
| But she's putting out ads, spending her husband's money, trying to tell the people of Arizona she's something else. | ||
| And that actually offends me. | ||
| Because I'm afraid some people might believe it. | ||
| But hopefully they're getting the message. | ||
| Let me ask you this question. | ||
| This has always puzzled me. | ||
| Can you pierce the veil in Arizona, explain to the war room why that McCain-Ducey wing is so powerful that they would rather get rid of Donald Trump and have the Democrats rule than have real Republicans rule? | ||
| I mean, it seems so self-destructive. | ||
| What's going on there? | ||
| Is it just the Hatfields and McCoys and just a blood feud? | ||
| Or is it corporate money? | ||
| Can you pierce that veil for us? | ||
| I think we're learning a lot about what McCain was up to. | ||
| I just saw a video of him from several years back in Ukraine, and he was a very powerful politician. | ||
| He wielded a ton of power. | ||
| He ran Arizona with an iron fist. | ||
| He controlled the entire political scene in Arizona, from top to bottom. | ||
| And they don't want to give up that power. | ||
| John McCain may be dead, but he is reaching up from the grave trying to keep power in Arizona. | ||
| And it was never about power that helped the people of Arizona. | ||
| It was never about that. | ||
| It was about maintaining his power, incredible power in the entire U.S., world power, and he had complete power over Arizona. | ||
| Rarely did he do anything good for the people. | ||
| And the people are aware of that. | ||
| They are trying. | ||
| They're on their last gasp to keep that establishment control. | ||
| And they're trying to disparage America first, disparage Trump Republicans when they know, in fact, that our policies are the best ones for the people of Arizona and this country. | ||
| But they're afraid they're going to lose power. | ||
| And guess what? | ||
| They are. | ||
| And people are ready for a change. | ||
| And I believe this is the election. | ||
| They're taking their last gasp of air. | ||
| And we've got the McCain consultant class who usually, when they had a governor get into office, they would go and work in the governor's office and control all of the policy. | ||
| And they're nervous about not having that position anymore. | ||
| Now look, I want to work with, I want to bring the Republican Party together, to be honest. | ||
| And I think that you can be an establishment Republican and still want what's best for Arizona. | ||
| But these Never Trumpers, the people who are trying to destroy President Trump, or anybody who loves him, which is the majority of the people in Arizona, They're going to have a hard time. | ||
| We're going to have to come together and realize it's our time right now to lead and do the right thing for the people of Arizona. | ||
| Let's bring in good policy. | ||
| Let's help return American manufacturing back to Arizona. | ||
| Let's start making drugs like ivermectin and hydroxychloroquine in Arizona. | ||
| Let's secure the border and let's improve our schools and we have so many things we can do and I think we can come together as Republicans because we probably agree on most things, right? | ||
| Yeah, Kerry, let me ask you this. | ||
| The last time we talked, it was out in Arizona. | ||
| We talked about how the media there leans strongly the other way, both print and electronic. | ||
| Are you having any issues with fairness and access with everything from the big papers in Phoenix and Tucson to, like, the Fox affiliates and that thing? | ||
| Can you comment a little bit on that? | ||
| Oh yeah. | ||
| Well, when I put my amazing, I think it's the boldest, toughest border policy that we have ever seen in America, when I put that policy out, I offered the op-ed and the policy to the Arizona Republic, which is the state's big paper. | ||
| And they refused it unless I took the word invasion out. | ||
| So they didn't even cover it. | ||
| They have yet to cover my border plan. | ||
| They've yet to cover my homeless plan. | ||
| And the TV station in town, they've interviewed all the other candidates. | ||
| I went to show up for an interview at one of the local stations, the CBS and Independent station in town, and they wouldn't let me in the building. | ||
| They've let the other candidates in, but I refused to show a vaccine passport. | ||
| I said, look, let's do a Zoom interview. | ||
| No, we don't do Zoom interviews, but yet they interviewed one of my opponents via Zoom. | ||
| So they're using a lot of these tactics of COVID to keep us out. | ||
|
unidentified
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I assume Katie Hopps is doing free media all the time, right? | |
| Well, interestingly, yes. | ||
| I've seen the TV stations and newspaper cover her tax policy, and they cover it in the most glowing way, even though it's not a good tax policy. | ||
| And then every policy that we put out, they try to find, they try to hit it and slam it. | ||
| But I do believe this, Peter. | ||
| The people of Arizona are waking up. | ||
| They're not reading the paper anymore. | ||
| The media, the corporate media, is losing its grip on the people. | ||
| They're just not listening to it anymore. | ||
| They're going to places like War Room and listening to Steve and you and all the other great alternative media that's cropping up. | ||
| I now call that the mainstream media because mainstream has gotten what we're looking for, independent journalists. | ||
| When's the primary and is the boss going to get out there, President Trump, before then? | ||
| Well, he's very excited about our campaign. | ||
| He really loves what we're doing. | ||
| Our primary is August 8th, so it's a little bit later. | ||
| I do believe he's going to come back out for another rally, Make America Great rally, and we're really excited about that. | ||
| We haven't decided where we're going to do that yet. | ||
| I'm going to be joining him Saturday. | ||
| This is one of the reasons I'm over here on the East Coast. | ||
| I went to the premiere at Mar-a-Lago for 2,000 Mules. | ||
| I'm here in Georgia trying to help get some of these great Trump endorsed candidates elected. | ||
| It's so important that we have governors around the country who are America first. | ||
| When it comes to securing that border, I'm going to need other governors to help out. | ||
| So it's really, that's why I'm here. | ||
| And then we're going to be up at Churchill Downs. | ||
| I'm going to be with President Trump for the Kentucky Derby on Saturday. | ||
| I'm really excited about that. | ||
| And then I'm home. | ||
| I'm home on Sunday for Mother's Day. | ||
| Well, I bet not. | ||
| Carrie Lake in the Governor's race. | ||
| That sounds absolutely amazing. | ||
| So, one other thing. | ||
| Are you working at all with Fincham on his Secretary of State race? | ||
| Because I know you're in Georgia now. | ||
| We have an important race there in the Purdue, but Jody Heiss running for Secretary of State. | ||
| In my judgment, these Secretaries of State races are every bit as important as the Governor's races. | ||
| Have you talked to Jody Heiss at all, and are you involved in any way with the Secretary of State race in Arizona with Fincham or anybody else? | ||
| Look, we need to find out who President Trump is endorsing in every state and vote those people in. | ||
| And Jody Heiss is one of them. | ||
| You're right. | ||
| Secretary of State is critical. | ||
| We saw how terrible our elections were run. | ||
| The voting rolls have dead people on them. | ||
| People have been dead for 20 years. | ||
| People who moved 10 years ago. | ||
| They've got to get cleaned up. | ||
| That's another way they cheated. | ||
| It was cheating not by a thousand paper cuts, but by a thousand knife cuts. | ||
| And that's one of the ways. | ||
| I'm supporting Mark Fincham, obviously, the Trump-endorsed Secretary of State candidate in Arizona. | ||
| We have to get people in office who are doing it for the right reason and want to serve the people. | ||
| So absolutely. | ||
| Quickly, Gil, let me give you 20 seconds here. | ||
| Where can people find out about your campaign and maybe send you some money? | ||
|
unidentified
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20 seconds. | |
| Thank you. | ||
| KariLake.com. | ||
| K-A-R-I-L-A-K-E dot com. | ||
| You can find me on Truth Social, Twitter, Facebook, all that jazz as well. | ||
| And remember, I'm being funded by the people, not the swamp, and I'm not married to a 95-year-old billionaire, but I'm ready to serve the people of Arizona, so anything you can do to help would be appreciated. | ||
| All right. | ||
| Go get him, Kerry. | ||
| You'll be back on The War Room soon. | ||
| Take care. | ||
| Peter Canovaro, in for Stephen K. Bannon. | ||
| We'll be right back with the Economics, Financial, Market Analysis. | ||
| There was no place else for money to go but the stock market. | ||
| And so at some point, it's a game of musical chairs where at some point, the big short starts. | ||
| And now, hang on, January 2021, I said this would be the year big shorts. | ||
| Two weeks ago on this show. | ||
| And we're going to get a clip of that for the five o'clock show. | ||
| I said, I'm going today. | ||
| I'm going short on this market. | ||
| OK, so so this Bannon's War Room, OK, is if you can choose to watch CNBC, Bloomberg or Fox Business or Bannon's War Room. | ||
| And this is the only place where you got a short call. | ||
|
unidentified
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So what do I see for 2022? | |
| What's my outlook? | ||
| First of all, to me we have the strongest economy perhaps I have ever seen. | ||
| To the close, it's the Nasdaq that has been hit the hardest today, down less than 5%. | ||
| Again, it was down 6% in the final hour. | ||
| Looking a little better into the close, still ugly. | ||
| That's it for me, I'll send it into overtime with Scott. | ||
| Alright, Sarah, thanks so much and welcome to overtime. | ||
| I'm Scott Wapney. | ||
| You just heard the bells. | ||
| We, of course, right here at Post 9, are just getting started. | ||
| And in just a few minutes, I'll speak live to a man who told you stocks were poised to surge in May. | ||
| So what does Cantor's Eric Johnston think now? | ||
| I will ask him on a day when stocks plunged, yields jumped, and uncertainty roared. | ||
| We begin, though, with our talk of the tape. | ||
| This no-good, awful, and terribly painful day for your money. | ||
| How much worse it might get from here. | ||
| Let's ask Trivera. | ||
| Yeah, don't bother asking those dudes. | ||
| They're the ones who got you into this mess. | ||
| To begin with, hey, Peter K. Navarro in for Stephen K. Bannon. | ||
| Before I talk about these issues, we got to first plug this stuff here, Warpath Coffee. | ||
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| I won't say I'm a gourmet. | ||
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| Warpath.coffee. | ||
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| Get yourself a little jolt in the morning. | ||
| Alright, let's think about that cold open for a minute. | ||
| Yes, for over a year now Navarro and Cortez and Bannon have been talking stagflation when everybody else hasn't. | ||
| Yes, I was on record in November, November of 21 saying short the market and I think I hit that exactly right. | ||
| I did make the point, let me make it again, that based on at least this performance over the last year, you will get better economic and financial market analysis On Steve Bannon's War Room from people like Cortez and Steve, myself, and others. | ||
| And I think one of the reasons why, you know, I've been doing this financial biz stuff for decades, used to be on one of the cable financial news networks, and there's a couple of problems that I think we've got to acknowledge right out the bat. | ||
| There's a really strong bias To the bullish side for commentators who go on these networks. | ||
| It's like they don't want to see or hear any of that evil. | ||
| And part of the reason is a lot of those networks are funded by Pro-bullish sides, the hedge funds, the Fidelity type funds, the corporations who don't want to see their stock prices go down for any reason. | ||
| So they take folks like me, it's like putting Navarro on in November 2020-21. | ||
| I pitched them. | ||
| I said, hey, I'm telling you, this thing, stagflation's coming, and both the stock market's going down, and you've got to short the long one. | ||
| They didn't want to hear it. | ||
| They did not want to hear that. | ||
| Let's make this, we're going to spend the rest of this half hour, I want to walk through this kind of as a clinic, okay? | ||
| My forecast, basically, and I've been doing this for many years, I've written books about this, is the way I start is trying to forecast the economy. | ||
| Is by looking at what they call the leading economic indicators. | ||
| For example, consumer confidence, right? | ||
| If consumer confidence is rising, consumers are going to spend more, and corporations are going to earn more. | ||
| So that's very bullish. | ||
| But if confidence is going down, as it has been doing, that's bearish. | ||
| One of my favorite indicators is the purchasing managers, actually, the so-called ISM Manufacturing index it's a it's a 10 Factor index 0 to 100 and basically It tells you how robust manufacturing is and if if manufacturing is robust and this is why I'm an economic nationalist jobs | ||
| In the manufacturing sector begat prosperity in the service sector and reach beyond, right? | ||
| So what I do is I try to look kind of at the chessboard, look at the leading economic indicators, and once I get a feel, and it's often a feel based on the hard numbers, then I begin to think about where the financial markets are going, both the stock They are leading indicators in and of themselves, for reasons I'm going to explain shortly here. | ||
| But at the same time, if you're really good at sussing out where the economy's going down the road, you can actually get ahead of everybody and do things, like I said in November, Short the stock market, short the long bond, okay? | ||
| And this wasn't my first rodeo, not bragging about this, just stating this fact in 2007, November. | ||
| I thought it was November for some reason. | ||
| I told everybody, get the hell out of the stock market then, and I pretty much hit the top on that and got that one right. | ||
| Now, let's talk a little bit about my stagflation forecast and why, when I'm seeing stagflation, that you want to short both the stock market and short the bond market. | ||
| And that's only a winning strategy when it's stagflation. | ||
| Normally, normally, stock prices and bond prices go in opposite directions. | ||
| Deplorables, this is a really important principle here. | ||
| If you expect a recession, stock prices are going to go down on an expectation of lower profits. | ||
| At the same time, if you expect a recession, what do you think is going to happen to interest rates? | ||
| Yeah, they're going to fall, right? | ||
| But if they fall, bond prices go up because they're inversely related. | ||
| So the point is that stocks and bond prices don't usually correlate, right? | ||
| So that's why this whole asset allocation, when you go to your investment advisor, and you say, well, I'll put half of it in stocks, half of it in bonds, and it's a hedge. | ||
| No, no, no, no, no. | ||
| Not during stagflationary times, right? | ||
| You get basically with stagflation, you get the stock prices going down on a recession, you get bond prices basically going up and interest rates going down. | ||
| Excuse me, bond prices going down and interest rates going up on the inflation part of that. | ||
| So since November, I put my money where my mouth is. | ||
| I've been shorting actively in and out of the market, the Russell 2000 primarily and the S&P 500. | ||
| And there's these things called ETFs, not giving you financial advice, just telling you how I do it, RWM and SDS, or you can actually short the stock market using that. | ||
| And then shorting the long bond, I use a thing called TBT. | ||
| And what's interesting about this is that for the last couple of days in particular, you've seen both of those ETFs, like both of the long bond and the stock market, just wildly in the green, okay? | ||
| As the markets crashed and bond prices have crashed and interest rates have spiked. | ||
| And what stunned me yesterday, I was telling Steve about this yesterday, what stunned me yesterday was the fact, and you don't see this very often, as bad as that stock market fell, right, it was 1,000 points on the Dow, the bond price, the bond instrument actually performed better, okay? | ||
| That's scary. | ||
| And we've seen mortgage interest rates, I think we're up to around 5% now when they were like sitting there. | ||
| Uh, like forever. | ||
| Um, near zero. | ||
| Quickly on stagflation, let's talk a little bit about this scenario we're facing now. | ||
| In the 70s, that's the last time we saw it. | ||
| Stagflation is very rare. | ||
| The reason is, you can usually use Keynesian tools to get yourself out of a recession. | ||
| You just, like, throw money at it. | ||
| Like, you spend a bunch of money, fiscal policy, or you cut interest rates, monetary policy, and then everything's fine, okay? | ||
| But in the 70s, right, you had A combination of demand, Keynesian demand shocks and what we call supply-side shocks it created. | ||
| So you had the Lyndon Baines Johnson spending a bunch of money on the Vietnam War and not reducing spending on the Great Society program. | ||
| So there was too much money chasing too few goods. | ||
| You got demand pull inflation. | ||
| You had Arthur Burns at the Federal Reserve, kind of the Jay Powell of those times, run in the printing press in those days to get Nixon elected, in these days for Powell to keep his job as Fed chair so that Biden would keep him. | ||
| And if that weren't bad enough, the coup de grace was the food and energy price shocks, energy from the OPEC oil cartel, food from some weather conditions. | ||
| And then you got into a result in wage price spiral. | ||
| And pretty soon, we had double digit inflation and interest rates. | ||
| And what Ronald Reagan called the misery index to beat Jimmy Carter, it was close to 20%. | ||
| That was that scenario. | ||
| And the problem is, if you fast forward today and look at how the 70s compares to today, you got the same kind of combination of Keynesian demand pull inflation shocks with supply side shocks. | ||
| What am I talking about? | ||
| Well, first of all, you got what I call the woke orgy of Democrat spending. | ||
| It's like trillions upon trillions upon trillions of dollars. | ||
| They're throwing under the name of the pandemic on all sorts of things that really aren't going to make workers productive or create a bunch of jobs. | ||
| And this it's like it's like it's like a cocaine addict snorting too much coke. | ||
| It's just it's just too much money coursing through the system driving up prices. | ||
| You've got the pandemic-related supply, food, and energy price shocks, right? | ||
| The Pete Buttigieg neglect of the supply chain issues, the Joe Biden policy, politician-induced Attack on our energy sector and that has created now a situation where real wages are falling consumer spending is going to be falling and that's going to create the recession | ||
| People are going to demand more for wages because of that, and we're going to start a wage price spiral, okay? | ||
| So that's like, that's kind of how we got to this, how I got to the forecast. | ||
| So we're going to take a break now. | ||
| When we come back, I'm going to finish up with this. | ||
| And what I want you to do, folks out there, is like, you have to understand, You have to protect yourself. | ||
| You have to protect yourself now. | ||
| And the punchline is going to be one of the best ways to protect yourself is throwing these rascals out, the Democrats, who are Keynesians, not supply-siders. | ||
| They don't know what they're doing. | ||
| Peter K. Navarro in for Stephen K. Bannon. | ||
| We'll be right back here in the War Room. | ||
| We're doing a little Econ 101 in arguably one of the most difficult financial markets we've seen in decades. | ||
|
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| One of the things that I've been trying to help Getter with is to get more and more news outlets to put the Getter button up. | ||
| On their articles, so it's easier for people on Getter to do that. | ||
| And I'm pleased to report that the Epoch Times, which is really a great newspaper, is now supporting that Getter button on its news articles. | ||
| And the latest one is also Real Clear Politics. | ||
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| So let's get going on Getter, the Twitter killer. | ||
| You can go to Getter 2 for the next hour and live stream that and I'll be hosting that as well. | ||
| What I want to do now to just finish up the show and also remind you about tomorrow's Mother's Day special. | ||
| With Steve, please tune into that. | ||
| It's going to be something you won't want to miss. | ||
| What I want to do now is finish up with our discussion of economics and the financial markets. | ||
| And I want to do it within the context of my book, Taking Back Trump's America. | ||
| The long version in the book is basically, there's a whole Number of chapters on why populist economic nationalism really is the only way out of our economic morass, taking back Trump's America. | ||
| And what it distills down to is the simple notion that in order for America to prosper, we have to have our manufacturing base here. | ||
| That is from which all jobs and productivity spring. | ||
| And the reason why we are in the mess now, We are in is that this is what Donald Trump called in his 2016 famous Pittsburgh jobs plan speech a politician induced in dash disaster if you compare Trump economics versus Biden economics Biden and Obama Biden back when they were in They were a hapless pair. | ||
| Basically were pure Keynesians who thought that the only way America could prosper was to spend more money through Keynesian stimulus. | ||
| And when Biden was vice president with Obama, They tried that, and it didn't work. | ||
| Fortunately, in that scenario, they didn't get the inflation part of the equation. | ||
| All they got was stagnation. | ||
| But in this rendition, Joe Biden is a Keynesian on steroids who's flooding this country with too much money for all of the wrong reasons. | ||
| On top of that, Joe Biden is not managing the pandemic in a way which is attentive to the supply side. | ||
| So here's why we're in the mess we're in. | ||
| It's very, very simple. | ||
| And again, I go back to the original Trump economic plan and the Taking Back Trump America book. | ||
| It's like we had four points of the economic compass and they were basically supply side economics in origin, right? | ||
| The way to grow was to cut taxes for corporations, not because we love corporations, but because we wanted to incentivize them to invest here, not in China, right? | ||
| So we do that, that's a good positive supply side shock. | ||
| We would deregulate, right? | ||
| And that again, nice, lowers costs, more productivity, nice healthy supply shock. | ||
| Energy independence, strategic energy dominance. | ||
| This is like the big differentiator now between Trump and Biden, because one of the first things Biden did was go in And reverse strategic energy dominance policies. | ||
| It's like, nah, don't drill on government land, don't do the fracking, kill the Keystone Pipeline. | ||
| And of course the fourth part, which is near and dear to my heart and what I did at the White House, was to make sure that our trading partners wouldn't screw us on trade, right? | ||
| So we had to have fair, not free, trade, right? | ||
| So those four points of the compass coupled with a secure border and increased defense spending gave us The Goldilocks scenario that we'd longed for for decades, which was robust growth without spurring any inflation. | ||
| It's the opposite. | ||
| It's the exact opposite of stagflation. | ||
| Now, if Joe Biden comes in after stealing an election and begins Very swiftly, to dismantle everything that Trump does in order to have that Goldilocks scenario, what do you think's gonna happen? | ||
| Stagflation's gonna happen. | ||
| And if he's got idiots like Pete Buttigieg in there, who doesn't pay attention to a supply chain crisis, and he's got woke folks like the Squad and Kamala Harris, Who are pushing the Green New Deal, killing strategic energy dominance, we are going to reap what we sow. | ||
| So the punchline here, and it's the only way out of this mess, really, is to take back the House for Trump, Trump Republicans, not McConnell, not McCarthy Republicans, but Trump Republicans, get back the White House in 2024 with Donald Trump. | ||
| But in the meantime, you, As deplorables, as MAGA people that Joe Biden hates, you're going to have to learn some economic and financial market literacy to protect yourself, your pension, your retirement savings from the ravages of Joe Biden's inflation. | ||
| Economics 101 in a nutshell on the War Room. | ||
| It's been great being with you in this hour for Stephen K. Bannon. | ||
| We're moving ahead to War Room on the election front. | ||
| Come stay with us on the Getter Livestream and other places. | ||
| You know how to get there. | ||
| I'll see you in a few minutes in that venue. | ||
| Peter K. Navarro for Stephen K. Bannon. | ||
| Mother's Day special tomorrow. |
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