May 18, 2022 - Bannon's War Room
48:50
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| Election conspiracy theorist has won the Republican nomination. | ||
| Mastriano was leading the race when he received that late endorsement from former President Trump just on Saturday. | ||
| He has said if he wins, he will appoint a Secretary of State that would quote, reset the state voter rolls. | ||
| State Attorney General Josh Shapiro ran unopposed for the Democratic nomination. | ||
| Joe, if you look into Doug Mastriano's history and his record and his views, Democrats are excited about running against him with a strong candidate in Josh Shapiro, but we should pause and remember 2016 when Donald Trump was nominated and Democrats were excited about that as well. | ||
| Yeah, I remember the Saturday Night Live skit with Hillary Clinton talking to Hillary Clinton of the past, laughing about the fact that she got Donald Trump. | ||
| Jimmy Carter's White House in 1980 celebrated when Ronald Reagan won the Republican primary because there was no way this guy was ever going to get elected. | ||
| In 1966, just like this Pennsylvania race, Ronald Reagan's primary opponent actually pumped money into, are the Democrats. | ||
| I think I'll just speak for myself. | ||
| I think sometimes I speak in shorthand. | ||
| I think a lot of people are speaking in shorthand by just saying, oh, an election denier won in Pennsylvania. | ||
| trying to gain this out. I will say this, Willie. I think I'll just speak for myself. | ||
| I think sometimes I speak in shorthand. I think a lot of people are speaking in shorthand by just saying, oh, an election denier won in Pennsylvania. | ||
| I mean, it's so important that it warnings like this. We just stop and say, wait a second. The Republican Party in Pennsylvania elected an election denier, a guy who is opposed to democracy, a guy who is opposed to fair and free elections, a guy who is illiberal in much the same way we see with authoritarian governments in Hungary, and a guy who | ||
| basically says, it doesn't matter What the voters say, it doesn't matter what the federal judiciary says. | ||
| It doesn't matter if it's 63 federal courts that say it. | ||
| It doesn't matter if there's no evidence. | ||
| If my side doesn't win, then the election outcome is illegitimate. | ||
| This is something, again, something new in 2016, something new in 2020. | ||
| It's also, again, now it's in 2022. | ||
| The fact that we have candidates And voters across America that have as much contempt for Madisonian democracy, that have as much contempt for American democracy as framed in the Constitution, that have as much contempt for the will of the voters. | ||
| It's something, again, that we can't overstate. | ||
| Okay, you see it right there. | ||
| That's how they're framing it. | ||
| It's Wednesday, 18 May, Year of Our Lord 2022. | ||
| You're in the War Room. | ||
| We're live and we've got a lot to get to today, a lot of wood to chop. | ||
| We're going to go. | ||
| It's seven days in May. | ||
| It's the morning after this incredibly important day yesterday, particularly in the Commonwealth of Pennsylvania, still undecided there in the Senate race. | ||
| We'll get to more of that. | ||
| But we're just seven days away from, I think it's, we've got Georgia, we've got Arkansas, we've got Alabama, and of course the Texas runoff. | ||
| We're going to have Ken Paxson on here in a moment to talk about his race against the Bush family. | ||
| But I want to start, I want to go to David Zier, the great correspondent for Real America's Voice. | ||
| He handled the coverage last night from the Oz headquarters. | ||
| David, a lot of confusion out there. | ||
| I think it's a couple thousand votes right now, but once again, there's a problem with mail-in ballots. | ||
| Can you get us up to speed on what's exactly happening? | ||
| David Zier. | ||
| Hi. | ||
| Hi, Steve. | ||
| Yeah, so Lancaster County, you know, has a discrepancy on about 22,000 ballots that couldn't be scanned because of a wrong ID code. | ||
| And the county commissioners issued a statement that significant numbers of mail-in ballots cannot be scanned due to a printing error. | ||
| They said it's going to take several days to fix. | ||
| So Oz is up about 2,500 votes or so with 95% reporting. | ||
| And I think the significance of that is that Eastern Pennsylvania, Dr. Oz took most of the counties in Eastern Pennsylvania where Lancaster County is. | ||
| So, once they count these, it could benefit Dr. Oz. | ||
| That's my assessment right now. | ||
| And, you know, he took Lancaster County last night, it looks like, and there's 630,000 absentees. | ||
| But hang on a second. | ||
| Slow down. | ||
| My understanding is that the mail-in ballots, that some of these mail-in ballots are from before President Trump endorsed Oz. | ||
| I think that's what the McCormick campaign is saying right now. | ||
| You're absolutely correct about where Oz had his strength yesterday on the kind of game day voting, but I think in the mail-in voting, particularly they're counting on mail-in ballots. | ||
| We're going to get to more of this. | ||
| Boris is going to join us next hour. | ||
| Obviously another election screw-up. | ||
| David, have they told you, in Crimea for long, and I know you're from Long Island, I think down there they call it Lancaster, right? | ||
| So it's not, have they told you why they just can't go in and start to hand count these? | ||
| And why do they have to wait till the machines are fixed, or why do they have to wait? | ||
| They've got, I think it's 21,000 ballots, is that my understanding? | ||
| About 22,000 ballots, but I think they have to go back and manually mark them up and re-scan them by hand, so it could be several days, that's what they're saying. | ||
| Okay, what else can you report? | ||
| You said there's other mail-in ballots that haven't been counted? | ||
| Well, there's 630,000 ballots, absentee mail-ins. | ||
| They weren't allowed to start counting them until 7 a.m. | ||
| yesterday, so that'll take some time to unfold. | ||
| Also, there was some controversy in Berks County, which is a Republican county. | ||
| We're in Bucks County here. | ||
| They extended voting to 9 p.m. | ||
| Some voters felt disenfranchised and felt like it was voter suppression because they waited for hours in line, and they got a judge to agree to keep the polls open till 9. | ||
| I don't think that had a significant effect, and I don't think there's any mass allegations of mass fraud here. | ||
| There was a couple of electioneering complaints down in Philly and stuff, but I don't think we have the problems we had in 2020. | ||
| Oh, hang on, hang on a second, hang on a second. | ||
| There's 95% of the vote counted, right? | ||
| At least that's what they're saying. | ||
| And there's a 2,500, let's say roughly, difference between Oz and McCormick. | ||
| Are you saying that where that other 5% is, you believe, is somewhere in the 630,000 mail-in ballots? | ||
| Is that your understanding? | ||
| Yes, and there'll be an automatic recount kicking in, I'm assuming, you know, and there's no deadline for how long that can take to unfold according to the state laws, so I think this is going to take a couple of days before we have more direction here. | ||
| I'm waiting for a call back from Kristen Miller, who's the clerk for Lancaster County, so maybe I'll have some news for you today. | ||
| By the way, the automatic has got to be 0.5%, and obviously that would fall into it, but it's got to determine how the 22,000 in this, the 5% of the whatever, the 630,000. | ||
| So we'll get to all the facts in the analysis. | ||
| David, one other thing last night, I just wanted to say something I heard, because I had people comment. | ||
| You were at Oz's headquarters last night. | ||
| It didn't seem to me, at least from the TV coverage I saw, and I was flipping around from Real America's Voice to everybody. | ||
| It seemed, one, a tremendous amount of media there, but I didn't feel the intensity of the crowd. | ||
| And I understand that they, because it was tied, how big was actually the audience of people that were not in the media? | ||
| Uh, it was like, I would say maybe 50, 60, 70 people. | ||
| It wasn't a big turnout. | ||
| Um, you know, it was surprising to me. | ||
| Um, you know, listen, uh, I think, uh, you know, he had momentum coming into this Oz, but you know, he got booed at the Trump rally in Pittsburgh. | ||
| So I think people were kind of, you know, uh, not really fired up and super motivated. | ||
| Like, okay, go Dr. Oz, go Dr. Oz, you know? | ||
| Um, so. | ||
| Yeah, it was interesting. | ||
| It wasn't a huge turnout. | ||
| It was kind of a private setting here at the Newtown Athletic Club, though. | ||
| Yeah, but there was a lot of media there. | ||
| I've got to tell you, just as much media as, say, a Trump rally. | ||
| That's big. | ||
| David, how do people follow you on Real America's Voice today, and how do they follow you on social media to stay up with all your breaking developments? | ||
| Uh, yeah, so I'm at David Zier on Getter, Truth Social, you know, Facebook, all that stuff. | ||
| Uh, and at Dave Zier on Twitter, but I have Breaking Point, which airs at 8 a.m. | ||
| on Saturdays on Real America's Voice News. | ||
| David Zier, thank you very much from Oz headquarters in, uh, outside of Philadelphia. | ||
|
unidentified
|
Thank you very much. | |
| Yeah, I'll try to unravel this for you. | ||
| Thank you, brother. | ||
| I appreciate it. | ||
| David Zier, that guy's a bulldog. | ||
| So we'll get to that. | ||
| A little confusing. | ||
| And also election problems. | ||
| And I don't understand why they've got to scan these ballots, why they just take them out and count them by hand. | ||
| We're going to get to all of it. | ||
| It's a lot of confusion. | ||
| We've talked to a lot of the campaigns this morning. | ||
| There's some pretty raw feelings, as you can imagine. | ||
| We'll get into all that. | ||
| Boris is going to be here in the second hour. | ||
| We've got Cortez, Ben Harn. | ||
| I want to go down to the Lone Star State, Ken Paxson, the Attorney General. | ||
| Very historic. | ||
| It's a runoff in Texas on Tuesday and Ken Paxton is running for Attorney General. | ||
| General Paxton, can you get us up to date? | ||
| This is a historic race because this is kind of what people are hoping that are in the MAGA movement is the last hurrah of the Bush apparatus. | ||
| Can you tell us how you're running against one of the namesakes? | ||
| Can you walk us through where you stand on your campaign? | ||
|
unidentified
|
Yeah, extremely well. | |
| We've had a runoff for the last, it's going to be three months. | ||
| I'm pretty convinced the Bush dynasty ends here. | ||
| We're up, my internal polling had us up about two and a half weeks ago, 68, 27, with 5% undecided. | ||
| So, you know, polling can be off, but it's not off by that much. | ||
| We're up by at least 35, 40 points. | ||
| So, we're going to continue to be out there until, you know, the end of this campaign and continue to talk about the issues I think Texans care about. | ||
| Ken, why is this this huge gap? | ||
| I mean, they proud themselves. | ||
| You know, Kemp just flew out and had a fundraiser. | ||
| Then Karl Rove was there. | ||
| Former President Bush did this big fundraiser for him. | ||
| Gave him all kinds of strategic advice. | ||
| You've got Christie. | ||
| You've got Ricketts. | ||
| You've got Doug Ducey. | ||
| Now Pence are all going down to try to stop Trump's candidate in Georgia. | ||
| But why in their own state? | ||
| Why is Ken Paxton, who's a great attorney general, but you're very unassuming. | ||
| You know, you're not a huge ego. | ||
| You don't come out and say you're banging your chest all the time. | ||
| How can you be leading a Bush apparatus namesake by 40 points? | ||
|
unidentified
|
Can I say this? | |
| I think Texans are pretty smart and they figured the Bushes out and they understand what I've done for the last eight years. | ||
| I may not be loud and brash, but I am willing to go fight the fight for freedom. | ||
| And I think, you know, the evidence is there. | ||
| We've got, I think, 33 lawsuits against the Biden administration. | ||
| We've been successful in over 90% of those. | ||
| We did the same thing against Obama. | ||
| We've been the state that's led these efforts. | ||
| And, you know, the Bush legacy, as people understand it more, is not so strong, including the one I'm running against, who had almost eight years in the land office, and most would call it a disaster and a continuing disaster. | ||
| Um, okay. | ||
| Talk to us real quickly about the border. | ||
| One of the things you've led on is the border. | ||
| And we saw Mayorkas down there the other day. | ||
| They're all, they've got this whole thing planned. | ||
| I mean, people say, oh, they're, they're disorganized and planned. | ||
| No, they got it absolutely completely planned. | ||
| So what, what is going on? | ||
| What is going on at the border right now, sir? | ||
|
unidentified
|
I love that you said that because so few people, maybe you may be the only one that's ever said that, that this is planned. | |
| This isn't like some accidental thing. | ||
| This isn't like, oh, we messed this up. | ||
| We're trying to figure it out. | ||
| We're trying to fix it. | ||
| No, this is a plan from the beginning, and they made it very clear to the cartels on day one. | ||
| If you guys organize and you expand your network, you bring people here as fast as possible. | ||
| You don't have to run from Border Patrol. | ||
| You can run as fast to Border Patrol, and then we'll take the handoff and deliver these people all over the country. | ||
| So this is a massive effort to import voters at any cost to the American people, whether it's more drug overdoses, more crime, More illegal immigration, more costs to the states. | ||
| They are going to continue to try to push this forward. | ||
| The folks in the Hispanic Americans in the Rio Grande Valley in South Texas, the ones who are voting against us, this is why we're going to win 50% of that vote. | ||
| But what can Governor Abbott and yourself do, understanding it's planned and everything they say about unplanned, besides taking them to court, what are your other remedies, General Paxson? | ||
|
unidentified
|
Yeah, so me, the legislature gives me lawyers. | |
| So we're about to have some successes. | ||
| I think we were at the U.S. | ||
| Supreme Court on the Remain in Mexico program. | ||
| If we can get that put back in place, that'll have a significant impact. | ||
| And so will some of these other issues like Title 42 that we've gotten stopped, at least now from them pulling back. | ||
| But Governor Abbott's and the legislature has spent millions and millions of dollars, hundreds of millions of dollars, sending our law enforcement down there, coordinating with the National Guard and other law enforcement. | ||
| And it has made some difference. | ||
| It's just we can't do anything about the fact that the cartels know they can take people straight to Border Patrol. | ||
| It's not like we can get in a fight with Border Patrol over not detaining these people. | ||
| That's really the problem with the large majority of people coming to this country. | ||
| General Paxson, how do people find out more about you personally? | ||
| How do they find out about your campaign? | ||
| There's a lot of people that want to know who's the guy that's going to take down the Bushes. | ||
|
unidentified
|
Yep, at KenPaxsonTX for Instagram. | |
| Twitter and Facebook and then KenPaxson.com for my website. | ||
| Fight on, sir! | ||
| Always an honor to have you on here, Ken. | ||
| Thank you very much for joining us. | ||
|
unidentified
|
We're gonna win! | |
| Thanks, brother. | ||
| Okay, as that intensity picks up down there, we're going to take a short commercial break. | ||
| We've got a lot to go through. | ||
| By the way, I'm hearing from sources in the Oz Engine Room that that was an invitation-only event last night. | ||
| It was not open to the public, and it was very limited. | ||
| That's what it looked like. | ||
| It was 50 or 60 people, 100 people, whatever it was. | ||
| It was invitation-only. | ||
| They didn't open it to the public. | ||
| Okay. | ||
| I want to make sure we got that sorted. | ||
| Short commercial break. | ||
| We're going to return in the War Room in just a moment. | ||
|
unidentified
|
we rejoice when there's no more let's take down the TTP war room pandemic with Stephen K Bannon the epidemic is a demon and we cannot let this demon hide war room pandemic here's your host Stephen K Bannon okay welcome back It's days like today. | |
| After the last night, not a lot of sleep because it's still too close to call for Oslo. | ||
| The Os, I will tell you this, the Os campaign thinks they've got this. | ||
| They think the mass is going to play out. | ||
| Of course, you talked to McCormick guys who said, hey, a lot of these mail-in ballots came in before, were sent out before President Trump did his endorsement. | ||
| So we'll have to see. | ||
| It's obviously going to take a couple of days. | ||
| I don't think anybody's going to concede here. | ||
| Until they get this thing sorted. | ||
| But, pretty disappointing that in the Commonwealth of Pennsylvania, as we've been arguing about, you gotta get this thing sorted. | ||
| We should be here today talking about, look, if it's too close to call, then you gotta have a recount. | ||
| Obviously, the state law, I think, under 0.5%. | ||
| But, you know, the screw-ups they've had in some of these counties, it's just, you know, it's just unacceptable. | ||
| And it shows you, you know, where was Josh Shapiro, the guy who's supposed to be the greatest thing the progressive left, the radical left, has? | ||
| You know, your Attorney General, Secretary, what is going on, the administration in Pennsylvania? | ||
| It's just disorganized, corrupt, incompetent, and disorganized. | ||
| Remember, this is why you need a great night's sleep, although you just get a couple of hours. | ||
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| Of course, the biblical pillows and blankets for the kids, grandkids, or maybe even yourself. | ||
| In addition, you've got to get up. | ||
| The reason Cortez likes coming by is the Warpath Coffee. | ||
| In fact, Boris will be here later in the studio. | ||
| Warpath Coffee. | ||
| Go to warpath.coffee. | ||
| We're going to start putting up some of the audience that are sponsored and drinking it. | ||
| The dark roast, the best ever made. | ||
| Okay? | ||
| Best ever made. | ||
| And you'll see once you have it. | ||
| That's the Mariner's Blend if you like dark roast coffee. | ||
| And if you like a breakfast blend, something a little lighter, but with a kick, you got black powder. | ||
| So go check them out. | ||
| Go to warpath.coffee, put in promo code WARM, you get 10% off. | ||
| Okay, I want to go to Cortez. | ||
| Steve, in all of this, We got a lot more politics to go through today and about MAGA and of course they're hating on MAGA and all that, but people don't understand. | ||
| There are forces that are in movement right now that are historic. | ||
| Okay? | ||
| You said something yesterday and I want and we're going to play that clip over and over again. | ||
| When Cortez came out yesterday was something I've been thinking about. | ||
| He and I have been talking about is that we talk about stagflation and we talk about the late 70s and we talk about the early 80s with Paul Volcker and Ronald Reagan. | ||
| And I say we're a different country, Carter Nation. | ||
| Yesterday, Steve Cortez put down a marker that is something we have to keep in consideration. | ||
| He said, hey, we're going to be pining for the problems they had at the way they had it, because it's far worse. | ||
| Talk to us about retail right now. | ||
| Historic. | ||
| When we say historic, it's not like a couple of years ago. | ||
| Ladies and gentlemen, we're talking about decades and decades and we go back generational and we talk about when the number 1987 comes up. | ||
| I was a young investment banker right out of Harvard, I think my third year at Goldman Sachs after serving in the Navy, and I was at the 3M company in 1987. | ||
| I was at 3M and we were working on divestiture program and also protecting for a hostile takeover, all these kind of things, when the market collapsed in 1987. | ||
| I think it lost 25% of its market value, some massive correction. | ||
| I just remember I was a pretty young banker. | ||
| Investment banker, people were freaked out. | ||
| Tell us about retail, what's happened in the last 24 hours, Steve Kortes. | ||
| Steve, it's an implosion. | ||
| It's an absolute meltdown in key companies, large names that are directly consumer-facing because of the Biden-Pelosi-McConnell inflation that is ravaging our economy right now. | ||
| That's not my opinion. | ||
| That's what the price is. | ||
| You know, I mentioned yesterday price is truth when it comes to financial markets. | ||
| That is what the prices are telling us. | ||
| That is the truth, the reality on the ground for Americans. | ||
| So let's get to some of these charts into some of the data target right now. | ||
| If we can go to chart number one, please. | ||
| Target right now, as we speak, is down 25% on the day. | ||
| It's even a little worse than when I screen grabbed that chart right there. | ||
| 25% in a single day, Steve. | ||
| It has wiped out more than a year and a half of gains. | ||
| It is the worst day for Target, as you mentioned, since 1987. | ||
| Let me read you a quote from Morgan Stanley's coverage of this earnings report out from Target. | ||
| Quote, consumers are pushing back, saying we're not going to pay higher prices. | ||
| We're not going to pay higher prices. | ||
| Now, lest you think that perhaps this is a target-specific issue, let's go to chart number two. | ||
| This is Walmart, another behemoth, of course, of retailing. | ||
| Walmart yesterday was down 11%. | ||
| It's down another 4% today, which is not reflected on that chart. | ||
| That chart shows yesterday, mind the gap, look at that massive gap down, down 11% yesterday, down 4% today. | ||
| For Walmart, yesterday was its worst day since 1987, and here's a quote And I'm not picking from right-wing sources, by the way, for these quotes. | ||
| This is from Reuters. | ||
| This is a quote on Walmart. | ||
| Private label, by the way, meaning if there's folks out there who don't shop actively, private label meaning basically the generic brands, away from the brand name products and toward the private label. | ||
| And this, I think, Steve, is so damning. | ||
| This was actually cited by the CEO of Walmart. | ||
| He said they're seeing a massive uptick When you're at Walmart, that milk is for the kids. | ||
| One, the babies can't get formula. | ||
| That gallon to the half gallon, that's the kids are going to get less milk. | ||
| Okay, let's just say what it is. | ||
| That is the American people downshifting because that's the only way to remember deal with Biden's and Pelosi and McConnell's inflation We're at Walmart that milk is for the kids one The babies can't get formula that half that gallon to the half gallon. That's the kids are gonna get less milk Okay, let's just say what it is between Tarzana and Walmart. | ||
| You've covered the the American mom, right, right? | ||
| You've covered the American mom. | ||
| That's why they're feared. | ||
| The American mom is the president and chief operating officer of the American family, right? | ||
| They're the ones that make the trains run on time. | ||
| They've got all budget authority and responsibility, right? | ||
| And accountability. | ||
| The pressure's on them. | ||
| At Target, These are some of the best-run companies in the world. | ||
| These are machines, right? | ||
| They run on such hard analytics. | ||
| For a company like that to lose 25% of its market capitalization? | ||
| That doesn't even talk about the pension funds. | ||
| Check your pension fund right now. | ||
| Your pension funds are going to be so underwater, you're not going to believe it. | ||
| Because with that 25% down, that directly affects your ability, Mr. Fireman, Mr. Teacher, Mr. Nurse. | ||
| Go ahead, sir. | ||
| Steve, I think this is important, too. | ||
| You know, don't get me wrong. | ||
| I am no fan of either one of these companies, okay? | ||
| I think these are two pernicious and, in many ways, evil companies. | ||
| They do a lot of harm to the American economy. | ||
| They're complete globalists. | ||
| They sell out American workers. | ||
| They institute social justice warrior agendas on their employees. | ||
| They're woke. | ||
|
unidentified
|
They're woke. | |
| Totally woke. | ||
| Totally woke. | ||
| Believe me, I have no love lost for the corporate hierarchy of Walmart or of Target. | ||
| However, to your point, This is completely reflective of the actual strength, or lack of strength in this case, the significant weakness of the American consumer. | ||
| Because this is where most of America shops, at these two stores. | ||
| Either one of them, or perhaps both in many cases. | ||
| And what these new numbers from them are telling us, and what the stock market reaction is telling us, Steve, is that, look, we are already in a recession. | ||
| That's not a matter of if, it's a matter of how deep the recession is. | ||
| We are already beyond the realities of a 1970s quagmire of stagnation. | ||
| And to your point, Steve, it would right now be an uptick for the United States to actually get back to the terrible spot that we were in in the 1970s. | ||
| It's hard for me to to accentuate enough just how bad these reports are. | ||
| These are gigantic, well-managed companies. | ||
| I think they're evil companies, but they're very, very well-managed. | ||
| And they're widely covered by Wall Street. | ||
| You've got armies of smart people, of people with PhDs in economics who are covering these companies because the biggest hedge funds in the world, the biggest capital managers in the world are involved, deeply involved in these companies. | ||
| The fact that this news is so bad that it sends a quarter of the value down in a day, the worst single day for Walmart yesterday and for Target today since 1987, shows you just how truly shocking and appalling the Biden economic record is. | ||
| And let's not let the Republicans off the hook because this would not be happening. | ||
| American mothers would not be going from a full gallon of milk Look, I don't think we can debate this point anymore. | ||
| These numbers, again, the truth is in the price. | ||
| Price is truth. | ||
| with this crazy inflation which is just destroying prosperity in America. | ||
| Look, I don't think we can debate this point anymore. | ||
| These numbers again, the truth is in the price. | ||
| Price is truth. | ||
| This is the truth of what Americans are enduring, particularly working class Americans. | ||
| They're about to, with the American family cutting back on milk for the kids and formula you can't get for the babies... | ||
| And you see right now the American working man in the middle class is about to be crushed. | ||
| They're already making changes to their diet. | ||
| I'm not arguing the health thing. | ||
| I'm saying you should have the freedom to do that. | ||
| This is not the freedom. | ||
| You're being forced by economic situation to do it. | ||
| The $40 billion is a crime against the American people. | ||
| To bail out the pension funds in Ukraine and the oligarchs in Ukraine while you're sitting there buying half gallons of milk and not full gallons? | ||
| This is outrageous. | ||
| 2-0-2, 2-2-4, 3-1-2-1. | ||
| You already got Crapo and Boozman. | ||
| They were scared to death. | ||
| That's why they voted no the other day. | ||
| We should have 50. | ||
| Any Republican senator that votes for that is a traitor to MAGA, to the American people, to America First. | ||
| Steve Cortez, you've got about a minute. | ||
| Tell me what you thought about, what do you think about Ukraine versus the economy of the United States? | ||
| Well, you know, look, it is outrageous at a time like this when Americans are hurting this badly, again, as revealed by these numbers and by these earnings reports, by the stock plunge at a time like this, when there's such anxiety here in the United States, the idea that we would massively escalate and send a mountain of money into a struggle in which America has no discernible, definable U.S. | ||
| And it is the height of the hypocrisy and mismanagement of the ruling class in Washington, D.C., which still includes too many Republicans. | ||
| That's why I believe the J.D. | ||
| Vance blueprint that won Ohio for him in an incredibly tough primary, where the biggest policy differentiator Was his insistence on de-escalating the war in Ukraine. | ||
| That is the blueprint for other primary victories and I implore the audience out there, I implore the deplorables to make sure that you ask those questions and press every single candidate. | ||
| Would you have voted for this bill? | ||
| Why or why not? | ||
| Will you prioritize our border over the eastern border of Ukraine? | ||
| Will you stop escalating a war that is exacerbating an already-existent Biden inflation crisis? | ||
| The crisis existed before the war, but what are involved in the war is further exacerbating and accelerating the Biden inflation crisis. | ||
| These are the issues that matter to America. | ||
| Steve Cortez, hang on for a second. | ||
| Ben Horn was with us. | ||
| Lloyd Blankfein, the chairman of Goldman, had a solution for all this. | ||
| He had a solution. | ||
| Solution number one, let's radically increase immigration so we can drive down wages. | ||
| How does that feel, America? | ||
| You're going to be buying pints of milk for the kids before too long. | ||
| Short break. | ||
| Cortez, Harnwell, Bannon in the War Room next. | ||
|
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War Room. | |
| Pandemic. | ||
| With Stephen K. Bannon. | ||
|
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The epidemic is a demon and we cannot let this demon hide. | |
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, get jacked up on some coffee. | ||
| Go to warpath.coffee right now. | ||
| Promo code WORM. | ||
| You get 10% off. | ||
| This is the best coffee. | ||
| You're going to love it. | ||
| We're going to start putting up the, as soon as I figure out how to do it, we're going to start putting up the audience response to it, but it's pretty extraordinary. | ||
| I'm very happy. | ||
| Dark Roast Mariners Blend, and you've got the Breakfast Blend Black Powder. | ||
| It's got the kick to it, so check it out, although I'm a dark roast guy. | ||
| You can't, you'll never get a better dark roast, ever. | ||
| Let's go to Ben Harnwell. | ||
| Ben, the Ukraine war, we're putting up $40 billion for just five months. | ||
| It takes you to the end of the fiscal year. | ||
| They're going to be coming back, handout. | ||
| Yesterday, Yellen, over in Brussels, your Secretary of Treasury, it's a good place for her to be in Brussels when the country's burning down financially and economically, and she's over there to say, first off, the Europeans really aren't pitching in much. | ||
| The Europeans aren't pitching in much, out of her lips. | ||
| Then she talks about the gall to talk about what we need is a Marshall Plan for Ukraine. | ||
| You know what? | ||
| That sounds terrific, and those rich folks in Switzerland ought to be paying for it. | ||
| And in Northern Italy, where George Clooney and these guys live. | ||
| Okay? | ||
| In the beautiful part of France. | ||
| And in Germany. | ||
| And in England. | ||
| Let's go up there. | ||
| Let's have the Queen throw a little something for the Hopper. | ||
| Was she her Diamond Jubilee or some Jubilee? | ||
| Put a little something. | ||
| Let's get a little skin in the game. | ||
| Norway, you've got a trillion dollars. | ||
| We pay a trillion dollars every year in defense to defend you guys. | ||
| You've got a trillion dollar sovereign wealth fund, the highest returns in the world. | ||
| Kick a little something in to Ukraine. | ||
| Not us. | ||
| Not one penny. | ||
| Ben Harnwell. | ||
| A hundred percent, Steve. | ||
| A hundred percent right. | ||
| So my brief comments today are inspired by an article in the BBC, the British National Broadcaster, on its website, which was basically doing a before and after of Mariupol. | ||
| detailing all the catastrophic devastation done by the Russians on that city. | ||
| Now, attentive followers of the war room will know that we were basically saying that there was never going to be any other end to the siege of Mariupol than either the Azov Brigade surrendering or being shot, basically, by the Russians. | ||
| It was only a question of time. | ||
| The difference being that if the Ukrainians had relinquished the city beforehand, they would have saved it. | ||
| Right now, it's been absolutely leveled. | ||
| Here's the point I want to make. | ||
| That war, and it builds on the point I made yesterday, and I'm going to continue making it on a rinse, wash, repeat. | ||
| This war is going on because we have basically said to the Ukrainians, you decide. | ||
| We will not interfere. | ||
| You decide. | ||
| When you want, when and how you want to finish this war, we will pay for the rebuilding of the country. | ||
| Now, that gives Zelensky a free hand, basically, because he's divorced, he's separated from the consequences, the economic and financial consequences of his decisions. | ||
| That, what I just said, by definition is a moral hazard. | ||
| And there's a direct relationship between what we've seen in Mariupol and the continuing destruction of Ukraine and what started the MAGA movement, even before MAGA was a term, back in 2008. | ||
| You were there, Steve. | ||
| And the financial bailouts of Wall Street. | ||
| Again, it was moral hazard. | ||
| It was basically the private owners, the stock, the stock, the people, the owners of stock, the owners of the banks, they had the profits. | ||
| Which were privatized, but the debts and the risk was nationalized. | ||
| That was the American taxpayer that picked up. | ||
| Same thing, Steve. | ||
| It's a moral hazard. | ||
|
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And it's the same people who are behind this continuing... Hang on one second. | |
| You're getting worked up and I love it, but I want to bring in Cortez because this is a great segue. | ||
| This is why I'm the maestro. | ||
| Speaking about maestros, Greenspan. | ||
| Moral hazard, brother Cortez. | ||
| Now we talk about, it was called the Greenspan Put. | ||
| He was the maestro, remember? | ||
| That was the title of the book. | ||
| All he did Was kicked the can down the road, and that's what led to 2007 and the crash in 2008, of which we've never recovered from. | ||
| Understand that. | ||
| We've never recovered from that. | ||
| The Greenspan put. | ||
| Now we've got, I don't know if we got that chart from Axios this morning, people gotta understand something. | ||
| He talked about a soft landing, you've got all this controversy in the last couple days about the Fed, and now it looks like, to bend Harnwell's moral hazard about our underwriting of A war we don't control, and we haven't forced Biden to come forward. | ||
| Even Fareed Zakaria said the other day as we played, hey, he's got to come forward and say what the plan is, right? | ||
| We now have a moral hazard because Powell says, I'm going to continue to raise them slowly, but you're seeing some lack of courage potentially on taking down the balance sheet of the Fed, which people have to understand, the quantitative easing has not stopped. | ||
| They promised, right, they're going to take up to $45 billion. | ||
| Give us your assessment on the moral hazard of all this, Brother Cortez. | ||
| Sure, and let me connect this to more damning economic news, unfortunately, that we got out just today and this week regarding the housing market. | ||
| This is an important point, Steve. | ||
| You know, a lot of folks out there, when they hear quantitative easing, maybe it doesn't really make sense to them, and they are difficult concepts to grasp, even for professionals. | ||
| But the way the Fed quantitatively eased when it already had rates at zero, when it effectively got rates below zero effectively, one of the ways was buying mortgage debt in massive quantities all over the country. | ||
| So part of getting out of that means that the Fed has to sell mortgage debt. | ||
| But here's the problem. | ||
| As the Fed raises interest rates, mortgages become far less affordable for the American people. | ||
| And if we can put up chart three, I want to show this just this morning. | ||
| We got some dreadful data out on mortgage applications. | ||
| Mortgage applications have tumbled 12%. | ||
| That is fresh data as of today have tumbled, tumbled 12% year over year in this country. | ||
| Why? | ||
| Because interest rates are soaring because the Fed is finally, albeit far too slowly and far too late, the Fed is finally starting to fight inflation because bond markets are revolting against Joe Biden. | ||
| So given that mortgage rates are naturally Stepping higher aggressively and I shouldn't say stepping higher. | ||
| They are leaping higher aggressively started the year at 3.25 now as of today at 5.5 great 30-year fixed mortgage. | ||
| That is a mammoth move and because of that mortgage applications are are Absolutely plunging. | ||
| Now if we can get to the next chart too, I want to show you what is that plunge resulting in. | ||
| This is home builder sentiment. | ||
| These are the actual people out there who are building homes across America. | ||
| Now with housing prices soaring, they should be in a great mood, but they're not. | ||
| Okay, that is home builder sentiment, which today hit a actually two days ago, but this week hit a two year low as that chart shows. | ||
| That is the year to date trend in homebuilder sentiment. | ||
| Now, as I said, normally, these would be great times with rising prices, but they're not. | ||
| Why? | ||
| Because their input costs are so high because Housing, building materials are up 19% year over year. | ||
| So yes, the house that the homebuilders eventually finished is worth more, but the material costs have gone up so much that they're not making any more money or making money at all. | ||
| It's very similar, Steve, to the farmers. | ||
| Normally, when you have extremely high grain prices, farmers are happy. | ||
| It should be salad days for farmers, but they're not. | ||
| Why? | ||
| Because fertilizer prices are exploding even faster. | ||
| Same situation for the farmers as it is for the home builders. | ||
| So what we see here, Steve, unfortunately, is a broadly based, and let me stipulate, by the way, that housing market, that has zero to do with Ukraine, okay? | ||
| Putin has no effect, none, zero, on the United States housing market. | ||
| That is all about the gargantuan borrowing and spending, the profligacy of the United States permanent political class, Biden, Pelosi, and McConnell. | ||
| Okay, this is what they have created, and it's all about the total mismanagement, the malfeasance, really, I should say, of the Federal Reserve in telling us, in lying through their teeth, because they had to know better, and telling us for a full year that this was transitory. | ||
| Now, thankfully, the War Room audience knew better. | ||
| Because they had Navarro coming on, they had Cortez, they had Professor Bratt coming on saying this is not transitory. | ||
| That was a massive lie that was perpetrated by, it was propaganda that was perpetrated by the permanent political class in Washington from the congressional leaders to the White House to the central bankers. | ||
| And the data now is irrefutable. | ||
| The only real question now, Steve, again, is how deep is the recession and can we uptick To a place of stagflation in the 1970s. | ||
| Can we at least get back to that terrible spot? | ||
| Because right now, things look more like the 1930s than they do the 1970s. | ||
| When Steve Cortez says that, given our track record on the show, it's not, we don't say these things lightly. | ||
| Okay? | ||
| We're trying to, like Wellington, look over the other side of the hill. | ||
| I want to go to, because they say, oh, you know, War Room and Bannon, all these Cortez, they're all, they just want to burn everything down. | ||
| They're not institutionalists. | ||
| The new phrase here is, he's an institutionalist. | ||
| He's an institutionalist. | ||
| I want to, let's talk about some institutions. | ||
| The same institutions that let everybody down the primrose path in 2007, and then in the ploge in 2008, they just took care of themselves. | ||
| They left, they left the devil catch the hindmost. | ||
| I was talking to somebody the other day, he said, you know, my parents, her grandparents sort of avoided it because they put it in the bond market. | ||
| Is there any place to hide right now, Brother Cortez, you see? | ||
| I mean, this is a unique whammy. | ||
| It's not just, you can't hide your money just in the bond market because they're getting eviscerated also because of policy, sir. | ||
| Correct. | ||
| No, so that's what makes this downturn just, you know, so deleterious for so many people, is that there is nowhere to hide. | ||
| In normal times, when you see this kind of equity market tumult, when you see these kinds of tumbling equity prices, you see money flee into a flight to safety into bonds and bond prices rise. | ||
| And then for most people, if they have sort of a traditional 60-40 blend of stocks and bonds, they're losing on the stock side, they're gaining on the bond side, they're hopefully losing either just a little bit or gaining just a little bit. | ||
| That's standard investing. | ||
| That's standard asset allocation. | ||
| That is not working in 2022. | ||
| It is not working in Joe Biden's inflationary spiral. | ||
| Why? | ||
| Because we have not just the worst start to a year ever for the Nasdaq, which has existed since 1971, one of the worst, the fourth worst start for the Dow ever and going back over 100 years, but we also have right now, year to date, the worst bond market year ever. | ||
| Now, folks out there might be saying, well, then wait a second. | ||
| If money's not in stocks and it's not in bonds, where the heck is it going? | ||
| It's going into tangible assets. | ||
| It's going into crude oil, into grains. | ||
| It's going massively into single family housing, where we see institutional money for the first time becoming a massive player, the dominant player in single family housing. | ||
| That is what capital, in my view, is smartly doing to try to get ahead of this inflationary spiral. | ||
| And again, I want to warn the audience, and I don't say this to try to scare people, but to try to prepare them and to try to propose that they think seriously about this. | ||
| The United States, because of what Joe Biden has done to the dollar, let's connect these scenarios, what's going on in Ukraine with what's going on here domestically in the economy. | ||
| Because he is destroying the credibility of the dollar, because he has dethroned King Dollar in an unprecedented economic war that he insists on waging over a battle that does not involve the United States. | ||
| Because of that, if interest rates continue to grow up, And if the world loses confidence, which I think it already has, in the United States dollar, guess what? | ||
| All of a sudden, our gargantuan $30 trillion debt, it becomes absolutely onerous to try to service that debt because interest rates rise so fast. | ||
| And then, Steve, we can become Argentina. | ||
| It can happen here. | ||
| We've got to take this deadly seriously. | ||
| This is what I'm saying now. | ||
| This is a time for real leadership, not happy talk leadership. | ||
| And if you watch what's on these You get better economic, capital markets, geopolitical analysis here than all day of CNBC. | ||
| It is almost, I think, a crime of what they're doing. | ||
| Kramer and these guys dancing around and, oh, it's a time to buy, with no backup at all. | ||
| Just all like they're drinking beers at the corner bar and yelling at the TV. | ||
| It's scary how lack of not just focus, but seriousness, gravitas. | ||
| This is a situation that we're hurtling towards An economic and financial crisis in this country, one that I think is unparalleled since the late 1920s, early 1930s. | ||
| Steve, one thing to say. | ||
| Oh, Cortez. | ||
| Yeah, go ahead. | ||
| Go ahead. | ||
| Jump in. | ||
| I was just gonna say, too, I think you have to also look at the cultural side then. | ||
| I mean, here's the thing. | ||
| Our country is very combustible right now, right? | ||
| This is a highly polarized society, to say the least. | ||
| We don't agree on very much anymore. | ||
| We don't agree on first things, on common principles. | ||
| You throw inflation on top of that kind of an existing Uh, you know, I guess what I would say, an existing society that doesn't get along very well, you throw inflation on top of that and the outcomes will not be kind. | ||
| Believe me, we need to deal with this for a lot of reasons. | ||
| But one of them is literally the preservation of our society as we know it. | ||
| And again, I'm not trying to be too hyperbolic here, but I think when you see Target down 25% of the day, when you see Walmart have its worst day since 1987, and both of them say, It's because of runaway inflation and American moms have to go from a full gallon of milk to a half gallon of milk. | ||
| Steve, these are explosive times and we need to think in deadly serious terms. | ||
| Short commercial break. | ||
|
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Cortez and Bannon and Harnwell will return after a short commercial break. | |
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| It's time to cancel, cancel culture. | ||
| Hey, welcome back. | ||
| I've got Cortez. | ||
| I've only got him for a few minutes. | ||
| Cortez, I just want to go through it. | ||
| People say, hey, look, I hear Bannon and things. | ||
| Bannon's got a new thing up on birchgold.com slash Bannon about the end of the dollar empire. | ||
| You talk about the end of the king dollar. | ||
| You're a big piece. | ||
| But the dollar's stronger because the world's chaos is still the last best reserve of anybody going to. | ||
| Give me your counter to that. | ||
| Right. | ||
| So listen, the dollar, and this is important, the dollar is actually doing pretty well in recent months against other currencies. | ||
| Here's the thing. | ||
| It's the tallest midget because there are so many problems in the other major blocks of the world, particularly Europe and China. | ||
| We began this week with just horrific economic news out of China. | ||
| The second biggest economy in the world is absolutely flailing. | ||
| Why? | ||
| Mainly because of the CCP's Totally tyrannical and unscientific lockdown of one of the most important cities in the world, Shanghai. | ||
| So it is true that the dollar is doing reasonably well versus euro currency or versus Chinese yuan. | ||
| But it is massively devaluing versus real assets. | ||
| And that's I think what matters far more to most people. | ||
| Because Steve, unless you run an international business, Or unless you travel overseas a lot, the dollar value versus euro doesn't matter that much to you. | ||
| But the dollar value versus goods, versus land, versus bread, versus milk, okay, all of that matters enormously to your life, and the dollar is devaluing In an absolutely catastrophic way versus all of those categories that I just mentioned. | ||
| And that is the reality. | ||
| And anybody who knows that who goes to the grocery store, who goes to the gas pump, anybody who knows that who is looking for a lease on an apartment. | ||
| And again, we can't, do not let the corporate media or Biden or anyone else blame this on Putin. | ||
| Putin has nothing to do with the reason that rents are accelerating at almost 20% a year. | ||
| That is dollar devaluation. | ||
| The dollar you earn is not worth nearly as much. | ||
| And if you are getting a raise, and I hope you are, it's not enough to keep pace with those kind of double-digit price increases. | ||
| I've got some experts coming on here in a minute about the food crisis, potential famine, food prices going up, energy, Texas, all the way from the grid in Texas to what's happening in Sri Lanka. | ||
| And also, I've got one of the experts from cyber to come on about using your house to somebody take another loan out, right? This cyber crime. | ||
| Walk me through right now your concept about the housing market and what you see mathematically, food and energy, sir. | ||
| Right. | ||
| Well, you know, regarding housing, this is really fascinating because we showed those charts earlier that mortgage applications are plunging. | ||
| Homebuilders sentiment at two year lows and also plunging in normal times. | ||
| That would presage a downturn in housing prices. | ||
| That hasn't happened. | ||
| So in other words, even though people are having tremendous affordability problems, even though people can't afford mortgage rates at these levels because of Joe Biden, even though sentiment has turned very negative by the people who are directly engaged in the home building market, housing prices continue to ratchet higher. | ||
| And I really shouldn't say ratchet, gallop higher. | ||
| Why? | ||
| Well, it's again. | ||
| It's because global capital very smartly and particularly institutional capital capital people like our institutions like Blackrock are saying in this environment of hyperinflation the only safe Harbor. | ||
| It's not stocks. | ||
| It's not bonds. | ||
| The only safe Harbor. | ||
| Tangible assets real assets real estate housing and that's why in many markets right now Institutional money is the majority of home sales. | ||
| That's pretty scary Steve for a lot of reasons nationally about 20% But in some of the hotter markets, it is literally the majority. | ||
| So if you are a young couple or if you have Children or grandchildren who are a young aspirational couple who want to get married who want to have children who are looking for housing they are competing in the housing market right now and against BlackRock. That never happened before in American history. Now I think that should be prohibited by law. That's another topic for another time, but the back to the matter is that Capitol wants single-family housing for a reason. They're not dumb. Energy and food. Yeah, so listen, | ||
| same kind of principles. | ||
| In the energy market, this is key. | ||
| The energy market was exploding higher because of what Joe Biden did to domestic energy. | ||
| He inherited a magnificent situation from Donald Trump, where America was full-spectrum energy dominant. | ||
| Not just independent, but dominant in energy. | ||
| He reversed all of that with his ESG policies, as well as his environmental radicalism. | ||
| So energy, crude oil, from the time he was elected illegitimately in November of 2020 till the next Thanksgiving, this last Thanksgiving, Crude oil prices had already almost doubled again nothing to do with Ukraine But of course his insistence on escalating Ukraine has made the situation only worse and regarding food prices We are now in double-digit territory officially as of yesterday new data out of the BLS over 10% year over year That's why again getting back to the Walmart earnings one of the things the Walmart CEO also said is he said | ||
| The per-visit tab, the per-cart tab, is higher year-over-year, not surprising because of inflation. | ||
| But he said the items in the cart is dramatically lower. | ||
| So in other words, you're paying the same amount if you're spending $100 at Walmart, you're still spending $100, but instead of having 15 items in the cart, you now have 10 items in the cart. | ||
| Okay, that is the reality on the ground. | ||
| My wingman, my capital markets economics and political wingman, Steve Cortez, the Democrat governors are coming after you, brother. | ||
| Talk to us about that. | ||
| The DGA. | ||
| A lot of this audience probably knows the RGA, the Republican Governors Association. | ||
| Well, the Democrats have an alternative as well, the DGA. | ||
| And I got a bit of a pleasant shock out of this yesterday when the DGA came after me and they put up a headline and promoted this through all their channels, that Darren Bailey, who is running for governor in Illinois, who I believe is going to prevail over the establishment fake Republican candidate, Richard Ervin, who's being financed by hedge fund magnate, Ken Griffin, to the tune of $45 million in the primary. | ||
| We are waging an America first populist revolt against that pretend Republican candidate. | ||
| And because of my advocacy for Darren Bailey, the DGA used that to try to slam Senator Bailey and said, look, this is proof because he's endorsed by, they called me a quote, uber conservative and an extremist. | ||
| And I guess I say, Steve, guilty as charged. | ||
| Thank you, DGA. | ||
| You know, sometimes when the left calls us names, they think they're pejoratives, but we welcome them a lot. | ||
| It's sort of like the next thing you know, they're going to put out a press release. | ||
| Hey, guess what? | ||
| Steve Cortez is a nationalist and he's ultra. | ||
| He's ultra MAGA. | ||
|
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And I'm going to say guilty, guilty, guilty. | |
| And we're going to go down the line. | ||
| So I find it kind of comical. | ||
| Give me, give me it real quickly. | ||
| All your coordinates. | ||
| People want to follow you. | ||
| Are you up there doing the Lord's work in Illinois? | ||
| Yeah, please find me on Getter, mostly at Steve, and then I'm also at Twitter at CortezSteveCortez with an S. Okay, short commercial break. | ||
| At 90-second break, we're going to come back. | ||
| We're going to be doing energy, housing, how to make sure you don't get your house stolen. | ||
| We're going to do food, make sure we don't have a famine here. | ||
| Also, we've got a couple of special guests. |
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