June 2, 2022 - Bannon's War Room
48:39
Participants
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| Speaker | Time | Text |
|---|---|---|
| It's right now. | ||
| It's kind of sunny. | ||
| Things are doing fine. | ||
| You know, everyone thinks that the Fed can handle this. | ||
| That hurricane is right out there down the road coming our way. | ||
| We just don't know if it's a minor one or Superstorm Sandy or Sandy or or Andrew or something like that. | ||
| And it's you better brace yourself. | ||
|
unidentified
|
But these are the worst numbers in more than 10 years? | |
| Yeah, that's the worst number in over a decade, according to Gallup. | ||
| And it's not just about how they feel about the economy right now, it's how they feel about it going forward. | ||
| Do you think the economy is getting better or worse? | ||
| And look here, only 20% say better, 77% say worse. | ||
| That's the worst spread, again, in over a decade. | ||
| And, you know, it's not just about views of the economy overall, it's views about how you're changing your own habits, right? | ||
| How is inflation impacting Americans? | ||
| Changed grocery purchases, 63%. | ||
| Cut back on extras, 63%. | ||
| Cut back on driving, 54%. | ||
| So they're seeing it bad nationally, and they're feeling it in their pockets as well. | ||
| But it wasn't just the president who got it wrong a year or so ago. | ||
| I want to play for you what you said about inflation last year. | ||
| Listen to this. | ||
| Is there a risk of inflation? | ||
| I think there's a small risk and I think it's manageable. | ||
| I don't anticipate that inflation is going to be a problem, but it is something that we're watching very carefully. | ||
|
unidentified
|
Was it a mistake, Madam Secretary, to downplay this inflation risk? | |
| Did that contribute to the problems we're all seeing right now? | ||
| Well, look, I think I was wrong then about the path that inflation would take. | ||
| As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I, at the time, didn't fully understand. | ||
| I mean, I know you're asking me that the question of, did we speak about it wrong or did we, you know, say, you know, did we misspeak or not, or not have it right at the time. | ||
| I mean, this is what what I'm trying to lay out is that there are things that happened, the COVID variants. | ||
| Russia's war in Ukraine that was not predicted at the time. | ||
| And so what we're trying to do, what the president is trying to do is do everything that he can to make sure that we deal and attack and fight inflation. | ||
| So that is our focus at the time. | ||
| There's a lot going on right now, but the idea we're going to be able to, you know, click a switch, bring down the cost of gasoline is not likely in the near term, nor is it with regard to food. | ||
| New reporters yesterday alongside the Secretary General of NATO, Blinken also pushed back against Moscow's accusation that the U.S. | ||
| is escalating the conflict by providing those weapons. | ||
|
unidentified
|
Let's start with this. | |
| It's Russia that is attacking Ukraine, not the other way around. | ||
| And simply put, the best way to avoid escalation is for Russia to stop the aggression and the war that it started. | ||
| It's fully within its power to do so. | ||
| We will speak with Jens Stoltenberg, the Secretary General, who is in that shot with the Secretary of State coming up in just a moment on our show. | ||
| We're also learning more about what is inside that new $700 million military aid package for Ukraine. | ||
| According to the Pentagon, the package will include four M-117 helicopters, four high-mobility artillery rocket systems, 1,000 Javelins, 50 command launch units, and 15 tactical vehicles. | ||
| Yeah, let's go ahead and do that. | ||
| Why don't we just continue to escalate? | ||
| The Guardian, every paper in the world is saying now, the Atlantic, the Guardian, not exactly mouthpieces for the war room. | ||
| We're all saying, hey, Europe is kind of thinking this thing may be over, because guess what? | ||
| To continue on would be economic pain for their citizens. | ||
| You see, they care about their citizens. | ||
| As long as the Americans are so stupid, That our leaders will just let you underwrite this? | ||
| They'll continue on. | ||
| We'll continue to escalate. | ||
| As long as you in the audience are sitting there passive, it's fine. | ||
| No problem. | ||
| Let's go ahead and do it. | ||
| It's Thursday, June 2, Year of Our Lord 2022. | ||
| You're in the War Room. | ||
| We've got so much to go through today. | ||
| So let's get on with it. | ||
| I've got Ben Harnwell in Rome. | ||
| Steve Cortez is at Parts Unknown. | ||
| And of course I've got Philip Patrick who's out on the West Coast from Birchgold. | ||
| I want to start, Tess, quickly with you, what happened. | ||
| We kind of had a mashup there. | ||
| We got Jamie Dimon and JP Morgan telling us to get ready for a hurricane. | ||
| It's like he's watching The War Room, right? | ||
| Of course, he's six months late and giving you the storm warning. | ||
| But yesterday, Joe Biden sits in the Oval Office. | ||
| If we can get that picture up there, I don't know if I... You got... They're social distanced. | ||
| They're social distanced. | ||
| You got Pal like a recalcitrant schoolboy on the sofa. | ||
| You got Joe Biden who doesn't know where he is. | ||
| And you got Janet Yellen sitting on one of the sofas with a mask on. | ||
| Indoor masking. | ||
| I don't know, Cortez, is it good to have your Secretary of Treasury go on Wolf Blitzer and say the phrase, I didn't fully understand your approval ratings for handling the economy is in the 20s? | ||
| This is not funny. | ||
| I don't mean to laugh. | ||
| But it's theater of the absurd. | ||
| Right. | ||
| And they've got the person that I think I admire most in this entire situation is the White House press secretary because she's like a Zen master. | ||
| Right. | ||
| They ask her a question and she's giving you something. | ||
| She's giving like a Zen cone, like one hand clapping. | ||
| It has nothing to do with the question was asked, but she may be the most rational actor this entire thing because the other ones actually try to answer the question. | ||
| And it's all psychobabble. | ||
| This is the danger we have. | ||
| Let me just, in bringing Cortez in, let me tell you what his plan is. | ||
| Here's his plan. | ||
| Very simple. | ||
| Trust the Fed. | ||
| They're independent. | ||
| Trust the Fed. | ||
| This is the Fed that has destroyed this nation and protected the wealthy. | ||
| We're going to trust the Fed, and particularly a third layer of wealth, and We're going to crush wages. | ||
| That 6% increase in the wages, that's the key. | ||
| Look at his op-ed in the Wall Street Journal. | ||
| The whole thing comes out, we've got to stop those wages. | ||
| Larry Summers has got to stop those wages. | ||
| That 6% still leaves you losing, what, 3%? | ||
| Inflation's at 9%, you're at 6%, you're at negative 3%. | ||
| Got to crush those wages. | ||
| And gotta let the Fed, you know, the Fed have another put to save the Wall Street fat cats. | ||
| Larry Fink's gotta be saved, gotta bail Larry Fink out. | ||
| Okay, so we're gonna trust the Fed and we're gonna crush wages. | ||
| Steve Cortez, is that not, in summary, the essence of Joe Biden's plan on inflation, sir? | ||
| Unfortunately, it is, Steve. | ||
| Listen, this is a theater of the absurd, but unfortunately, it's not entertaining for regular Americans who are seeing their real wages—meaning wages adjusted for inflation, as you mentioned—absolutely crash right now. | ||
| Americans are literally getting poorer by the day. | ||
| That is the economic reality of the created crises of Joe Biden, With assistance from establishment Republicans. | ||
| And to that point, though, of the theater of the absurd, the fact that Janet Yellen, the Treasury Secretary, puts on a mask for this incredibly important meeting with the President of the United States and the Chair of the Fed, how is that supposed to inspire confidence? | ||
| And regarding Jamie Dimon, I'm glad you showed that clip. | ||
| Let's be really honest here about what's going on. | ||
| Steve, that would be like a weatherman in New Orleans post-Katrina saying, hey, I think we should be careful about a hurricane. | ||
| try to save face because they see what is happening and they know the American people have wakened up to their own economic reality. | ||
| For him to say that the hurricane is coming, Steve, that would be like a weatherman in New Orleans post-Katrina saying, hey, I think we should be careful about a hurricane. | ||
| The hurricane is here. | ||
| And the hurricane was very evident to a lot of folks who don't have economic training, who don't have PhDs from Yale University in economics as Janet Yellen does. | ||
| For her to come on TV, now listen, I will say this, Steve, I will give her a tiny a tiny bit of credit for coming on TV and at least admitting that she was wrong, but she doesn't really deserve credit because there's no accountability. | ||
| I would give her enormous credit if she said, I was totally wrong. | ||
| I missed the biggest explosion in inflation in over a generation. | ||
| And because of that, I am no longer suited. | ||
| I no longer have the credibility to manage the American economy as the foremost economic officer of this country, the successor to Alexander Hamilton as the Secretary of Treasury. | ||
| If she were to resign, which she must, That would then be an actual honorable act. | ||
| But instead, it's nothing but narrative promotion. | ||
| Because here's the thing, Steve. | ||
| Either she knew that this inflationary hurricane was coming, and she chose to ignore it. | ||
| And I believe that's probably the reality. | ||
| I think probably the Fed, I think Jerome Powell, Yellen, these folks are too smart to have missed what, again, regular people were able to discern. | ||
| They're too smart to have missed it. | ||
| I believe that they prioritize partisan politics over economic reality and over the economic well-being of regular Americans. | ||
| But either way, either they knew it and they purposely lied and tried to push this transitory myth, or they actually missed it. | ||
| They were so dumb that they couldn't see what this exorbitant borrowing and spending and war on American energy was going to do to inflation in this country. | ||
| Either way, either way, Steve. | ||
| They are totally discredited. | ||
| They are not capable of leading the American economy. | ||
| We are in a place right now that is at least as bad as the 1970s and in many ways probably much worse than the 1970s. | ||
| And I say that because what we have now is a supply line crisis that we didn't have then. | ||
| We still made things in the United States. | ||
| in the 1970s. We no longer do. We are beholden to foreign sourcing, particularly out of China, and most especially, well, all over Asia, but most especially from China. And the ramifications, unfortunately, of Shanghai's lockdown of two months, which has just said it has really... | ||
|
unidentified
|
Did he freeze up? | |
| Let's try to get, let's try to get Cortez back up. | ||
| Let's go to Philip Patrick. | ||
| Philip, give me your assessment of when Joe Biden sits there, given your assessment at Birch Gold as an analyst, when Joe Biden sits there and hears Powell babbling like he does and says, hey, I'm an institutionalist. | ||
| You know, it's the total independence. | ||
| Let's trust the Fed. | ||
| It's the Fed's going to do this. | ||
| What say you, Philip Patrick? | ||
| I mean, look, it's exactly what we've been doing for the last two and a half years, and it's been under the stewardship of this Federal Reserve that we have 40-year high inflation today, right? | ||
| This is the same Federal Reserve that was pushing the transitory line for the last, you know, year and a half, two years, dismissing the idea of inflation and delaying action. | ||
| So, it's exactly what we've been doing, and it hasn't worked at all. | ||
| The more concerning part for me was the other parts of this, right? | ||
| So his plan is essentially three pronged. | ||
| One is to let the Fed do their jobs, which we've been doing. | ||
| The other is to lower cost on essentials and reduce the budget deficit. | ||
| Now, on the surface, it seems like a workable plan, but as we know, The devil's in the details. | ||
| Looking at how he's suggesting to do these things is when it starts to get really concerning. | ||
| His plan to lower cost on essentials is back to improving infrastructure, which means spending more money. | ||
| We've already signed in a trillion dollar infrastructure package. | ||
| It's passing more clean energy credits, spending money, right? | ||
| Lowering cost on child care and elder care. | ||
| It's spending money. | ||
| So it's boiling down to the same thing. | ||
| I think he's paying lip service to the concept of sort of debt reduction. | ||
| But at the same time, he's pushing through massive spending policies. | ||
| And I think it's for the reason Cortez said this guy's getting found out. | ||
| Right. | ||
| He knows that he's got a political problem on his hand. | ||
| He's paying lip service to the idea. | ||
| But like I said, he's forcing through massive spending packages. | ||
| And I think the only reason you've got to ask yourself, why is he doing this? | ||
| Right? | ||
| We know the reality of massive spending. | ||
| Why is he pushing them forward? | ||
| And I think it's very simple. | ||
| This guy is a political animal. | ||
| He's saying whatever he needs to say to placate people. | ||
| And at the same time, he's desperate to force through spending packages. | ||
| So you've got to ask the question, why is he mortgaging our future for short term political gain? | ||
| And I think it's very clear. | ||
| His policies have failed. | ||
| His approval rating now is at an all time low. | ||
| There's no dodging this bullet, and he knows it. | ||
| So I think at this point, we've got to raise the stakes. | ||
| He's upping the ante and doubling down on these massive spending policies. | ||
| In the hope to get enough dollars into enough hands to buy enough votes, right? | ||
| But it's dangerous, and what nobody's mentioning, it's a hole we cannot get out of. | ||
| Okay, I'm gonna have you two, I'm gonna walk through for you and Cortez, and then we're gonna go to break. | ||
| I got about 90 seconds, here's what. | ||
| He's, for an administration that hasn't been able to execute anything, he's got Powell doing, I think, the most complicated That's the biggest mission a Fed guy's ever had. | ||
| Quantitative tightening. | ||
| They're going to start at $45 billion a month. | ||
| They're going to go to $90 billion. | ||
| He's got to take liquidity out of the market, right? | ||
| You saw yesterday on Drudge, if you saw the headline, it was up on Mike Getter's thing, the $9 trillion in the Fed balance sheet. | ||
| That shocked everybody except for people in the War Room. | ||
| We've only been talking about them for six, seven months, okay? | ||
| He's got to start to let the air out of the asset inflation, right? | ||
| He's got to start doing that. | ||
| At the same time, they're talking about 50 basis points. | ||
| Pops at every meeting to try to try to quell all the spending and all the all the all the you know all the Keynesian spending they did. | ||
| OK. | ||
| That's the Fed's responsibility. | ||
| His is all happy talk about child care. | ||
| That's all interesting but it's not to the heart of it. | ||
| Let me. | ||
| The word is called energy. | ||
| Okay, it's called energy. | ||
| That's underlying the diesel problem, the fuel problem, the natural gas, all that, and in addition, the fertilizer problem. | ||
| They've got food through the roof, you've got energy through the roof. | ||
| Ideologically, they're jammed into the corner on the Green New Deal thing. | ||
| Clean energy, all that stuff is 10, 20, 30 years away. | ||
| We're talking about today. | ||
| You've got to turn this aircraft carrier around. | ||
| You've got to put the rudder over hard right. | ||
|
unidentified
|
Okay? | |
| You've got to put it over hard right and you've got to hit with hard hitting policies today. | ||
| The fecklessness, the haplessness, the confusion. | ||
| Look at that Kabuki theater we just played at the beginning. | ||
| That's your betters. | ||
| That's the guys on the bridge. | ||
| Let me tell you, when it runs aground, it's going to run harder ground. | ||
| Okay? | ||
| Below the waterline. | ||
| Ripped like the Titanic. | ||
| Back in the war room in a moment. | ||
|
unidentified
|
2022. | |
| What's my outlook? | ||
| Right, first of all, to me we have the strongest economy perhaps I have ever seen. | ||
| That's old Jimbo Kramer right at the beginning of the year. | ||
| Want to bring in Cortez? | ||
| Let's not talk about Kramer. | ||
| The cheerleader's over. | ||
| Buy the dip, baby. | ||
| Buy the dip. | ||
| Right? | ||
| Word to the wise, never catch a falling knife. | ||
| That's a saying on Wall Street, never catch a falling knife. | ||
| Steve Cortez. | ||
| Steve, there's actually a great social media site out there. | ||
| I know it's on Twitter. | ||
| I hope it's on Getter, and it's called Inverse Kramer, and it literally lays out an investing strategy at just fading and doing the opposite of pretty much everything Kramer says. | ||
| When he says that this is a fantastic economy, let's talk actual data here. | ||
| Bloomberg put out a report yesterday, which was pretty startling, and Steve, I'm hard to surprise when it comes to the doom and gloom of the Biden-Pelosi-McConnell economy, but this shocked Even me. | ||
| Among high earners, people who make $250,000 a year or more, that is the top 5% of earners in America, a third of them are living paycheck to paycheck. | ||
| Again, that's not according to War Room or Steve Cortez or Gateway Punta. | ||
| That is according to Bloomberg. | ||
| Of the top 5% of people in America, a third are living paycheck to paycheck. | ||
| Why? | ||
| Primarily because of inflation. | ||
| Because real wages, even for high earners, real wages are crashing and inflation costs for everything in your life. | ||
| And not just the luxuries, for the necessities of your life. | ||
| Food and groceries and rent. | ||
| Those prices are soaring. | ||
| And Steve, I want to make this point, too. | ||
| When we say that the official CPI right now is just above 8% in this country and climbing by official metrics, if we look at the things that matter most to people, groceries, according to the Bureau of Labor Statistics, groceries are up double digits, just over 10%. | ||
| Gasoline, year-over-year, up over 50%. | ||
| Rents are up 18%. | ||
| So, when you look at those Critical items, the biggest items in most people's monthly outlays. | ||
| And when you look at all of them up double digits, I have a hard time believing that prices are only up 8%. | ||
| I think the reality is much, much worse than that. | ||
| But even if we accept the government statistics, real wages are crashing and not just for middle and lower income people. | ||
| They're bearing the worst burden, of course, of this, but for everyone across the board. | ||
| And, you know, Steve, because we like to give data, let me show chart number one here on auto sales. | ||
| This news just came out yesterday. | ||
| Monthly auto sales for the month of May. | ||
| Unfortunately, American car companies don't release these monthly data points any longer, but the Asian companies do. | ||
| The Japanese and Korean car makers. | ||
| And look at these year-over-year declines in auto sales. | ||
| These are staggering. | ||
| I can't call them declines. | ||
| They're plunges. | ||
| Honda down 57%. | ||
| Lexus down 26% year-over-year. | ||
| And by the way, Steve, this isn't a one-month fall off of a cliff because Toyota has been down 10 months straight. | ||
| Lexus, four months straight. | ||
| So when Janet Yellen tries to claim, well, no one could have foreseen this or these were shocks which suddenly appeared. | ||
| No, Janet Yellen. | ||
| You, with your PhD from Yale, former Chair of the Fed, current Treasury Secretary, you should be watching auto sales as closely as Steve Cortez is watching auto sales on his laptop in Tennessee. | ||
| How is it possible that you didn't know that auto sales are falling off a cliff? | ||
| And why? | ||
| Combination of high interest rates, making auto loans unaffordable, and supply chain problems, massive supply chain problems, particularly from Asia. | ||
| This is the economic reality that Americans are facing and which the ruling class chose to ignore. | ||
| Jamie Dimon, Janet Yellen, Joe Biden and the complicit corporate media. | ||
| But the American people see what's going on here. | ||
| And again, this is an absolute inflation inferno. | ||
| It is ruining the spirits of Americans. | ||
| is crashing their budgets. | ||
| We in 2022 have an opportunity to do something historic here, to put a true America first populist nationalist movement in power in Washington, D.C. | ||
| Janet Yellen should resign or she should be fired. | ||
| Neither of those is going to happen, unfortunately, but we can effectively fire her if we elect economic populist nationalist Republicans And hardcore. | ||
| The poll that we started in the cold open, I think it was the CNN poll, the guy saying, people are changing their behavior. | ||
| They're going without meals. | ||
| They're changing what they buy for food. | ||
| They're not driving. | ||
| They're canceling trips. | ||
| Wait till America, and now you're seeing the car drop, the housing drop, all of it. | ||
| It's going to lead to a big unemployment issue. | ||
| That's looking over on the other side of the hill. | ||
| They keep talking about the jobs and markets. | ||
| It's white hot now because you juiced it up. | ||
| I think you nailed it. | ||
| What they're going to hope for is a Fed put that Powell loses his nerve, right, because they've never tried anything like that, he loses his nerve, and Biden comes back and tries to do all this, oh I'm a lower cost, here's how we're going to lower costs, by having massive spending. | ||
| If that happens, Philip, what do you guys project out of how bad this could get? | ||
| Listen, it's a disaster whichever way you look at it. | ||
| There's two solutions or there's two possible outcomes here. | ||
| One is that the Federal Reserve stand firm, right? | ||
| They continue to raise rates and they ultimately sort of slow down the inflation. | ||
| They can't kill it because they can't raise rates enough. | ||
| Now, if that happens, we've got tough times. | ||
| That means a housing market crash. | ||
| That means a stock market crash. | ||
| So, what it will be reminiscent of is the stagflationary climate of the 1970s. | ||
| Sadly, for me, that's the better of the two options. | ||
| The other alternative is what you sort of suggested, and that is that the Fed backtrack, right? | ||
| They lower rates again. | ||
| They backtrack. | ||
| They start spending money. | ||
| They start quantitative easing. | ||
| If that happens, inflation goes through the roof. | ||
| We have incredibly high levels of inflation here in the United States, if not hyperinflation. | ||
| So I don't see a good outcome here. | ||
| The question is which path do we take? | ||
| I think you know, some hardship. Recession is the better of the two options. It's going to be tough. Remember the stagflationary climate? Very, very tough. But what it did, ultimately, it was necessary hardship and it set the United States up for two decades of economic prosperity. If we U-turn, if we allow this government to continue to spend money, there's no coming back. | ||
| Hold it. | ||
| You also had two guys wander in to suit up. | ||
| Paul Volcker and Ronald Reagan. | ||
| You had a manufacturing base. | ||
| You're a creditor nation. | ||
| There are a couple, three things. | ||
| I don't see my Volcker anywhere close, right? | ||
| I agree. | ||
| That's why what Cortez just said When we take over this November, it's got to be hardball. | ||
| You can't play any more patty cake with them. | ||
| You've got to come into the House and start with the appropriate and just cut it off. | ||
| Say, no way. | ||
| We're not going to bury these future generations. | ||
| And then the return of Trump and his economic nationalism immediately in 2024. | ||
| But we're already hammering those policies. | ||
| I just want to define for the audience. | ||
| Go ahead, Stace. | ||
| I want to make a point here because I've not seen it made anywhere else in media. | ||
| This show specializes in doing that. | ||
| You bring up the items that are critical to Americans' lives that the corporate media wants to skip over. | ||
| And one aspect, too, of what the Fed has been doing that's going to be very important for the budget, which you just mentioned, is the fact that the Fed's really phony profits, So it has been buying bonds, effectively eating its own tail, making the price of bonds go higher, and then its massive $9 trillion portfolio has been showing paper gains. | ||
| Those paper gains are then transferred over To the US Treasury as actual profits that are included as revenues, as if they are tax revenues in the budget. | ||
| And Reuters, I'm really surprised, actually just put an article up about this that's very important. | ||
| Well, the Fed now, because the bond market has turned around because of rising interest rates, meaning as yields go up, bond prices go down, the Fed now has massive unrealized losses on its books. | ||
| To the tune of hundreds of billions of dollars. | ||
| Hold on, it's $330 billion, isn't it? | ||
| Perhaps even a lot higher than that, because that's quarter one. | ||
| It doesn't include quarter two, which we just finished. | ||
| At least that big. | ||
| But here's the point, Steve. | ||
| Last year, in 2021, the Fed transferred $107 billion in profits. | ||
| And again, I think those are really phony profits, but regardless. | ||
| It transferred over $100 billion in profits to the United States Treasury, which then counted toward the revenue side of the U.S. | ||
| budget. | ||
| That is now disappearing, literally. | ||
| That number is going to zero, making the budget problem even worse, making inflation even worse, forcing the Fed's hand even more. | ||
| We have entered this vicious cycle. | ||
| And by the way, on top of this already, Bad situation. | ||
| You spend $40 billion that the United States does not have to further escalate a regional war in which we have no American vital national security interest, a war that is further exacerbating the pre-existing inflationary crisis caused by Biden and Pelosi and McConnell. | ||
| And what we have, unfortunately, Steve, are the makings For an absolute just inflation conflagration. | ||
| You know, I really think $200 oil is in play and that would have sounded absurd a few months ago, but $100 oil would have sounded absurd and now we would love to have $100 oil. | ||
| We're at $115 as we're talking right now. | ||
| So this is an unbelievably dangerous scenario. | ||
| You're going to get to $1.50 in oil right after Labor Day. | ||
| Watch this summer. | ||
| You watch. | ||
| $150 called here. | ||
| Let me go to Philip Patrick real quickly. | ||
| Philip, hard landing versus soft landing. | ||
| We hear all these kinds of hard landing versus soft landing. | ||
| As you see their policy portfolio today, the tools that they're using, would this drive Philip Patrick to a soft landing? | ||
| Or would this drive Philip Patrick to say, hey, I think we ought to be looking for a hard landing here, folks? | ||
| There is no soft landing here. | ||
| It's very, very clear. | ||
| The Federal Reserve, between a rock and a hard place, and there is no soft landing. | ||
| My big concern and the big difference between the 1970s and today is the amount of debt that we've amassed here in the United States. | ||
| It's become, even at today's level, with the spending that these guys are pushing through, it's become insustainable. | ||
| Listen, from 2011 to 2018, debt payments, interest payments on U.S. | ||
| debt $272 billion. | ||
| 19 to 2021, payments were up 43% to $379 billion. | ||
| With the 2022 budget projecting a trillion dollar deficit annually for the next decade, that puts national debt at $40.5 trillion. | ||
| interest payments are going to be $941 billion. | ||
| Interest payments will account for 59% of the budget deficit and wait for it. | ||
| That's assuming treasury rates stay where they are, which they're not going to. | ||
| A 1% increase puts interest payments at $30 trillion over the next three years. | ||
| That's 70% of US tax revenue. | ||
| A 2% increase, that's 100% of US tax revenue. | ||
| I've said it before, I'll say it again, they are mortgaging our future here. | ||
| It has to stop. | ||
| And this is for political gain. | ||
| This is a hole we cannot get out of. | ||
| So no, there is no soft landing here at all. | ||
|
unidentified
|
Thank you. | |
| Philip, hang on for a second. | ||
| Cortez, Harnwell, we're going to get to you. | ||
| You've got massive breaking news in the Ukraine. | ||
| More called shots. | ||
| Ben Burquam's down in Uvalde. | ||
| We're going to get to all of it. | ||
| Steve Kornacki lays out the end of the Democratic Party last night on MSNBC. | ||
|
unidentified
|
Hey, I'm getting tired of winning. | |
| next in the warm 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, MyPillow.com promo code WAROOM. | ||
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| Okay, MyPillow.com, the great Mike Lindell. | ||
| Mike will be back with us, I think, tomorrow. | ||
| We're going to go through all the machine stuff that's breaking all over the place. | ||
| Now they're admitting, hey, nothing happened in 2020, but the machines can be hacked. | ||
| But, you know, it's no problem. | ||
| Got a lot more on that today, the rest of the day. | ||
| Also, the army that we've created, they're melding down on that, too. | ||
| We're going to be doing it throughout the day, bringing various field commanders on from that army. | ||
| Okay? | ||
| It's relentless and it's not going to stop. | ||
| Philip Patrick, I got to get you back on. | ||
| I want to put up some charts. | ||
| What you walked through is the death sentence for future American generations. | ||
| Remember one thing about this country that has made it unique? | ||
| It is American exceptionalism. | ||
| That if you go back and read and do a deep reading of our history, the deplorables of every generation, they always were taking one for the team thinking downrange. | ||
| They all thought downrange of what we're sacrificing and doing to actually build this civilization because it's going to pay off down the road. | ||
| Okay? | ||
| What Philip Patrick walked you through right then is a set of mathematics that we now have control of, and it's going to be tough. | ||
| I told you, all the easy decisions are decades behind us, okay? | ||
| These are tough calls, and they're going to be unpopular unless you explain it to the American people. | ||
| In their common sense, in their basic decency, in their understanding that we're here for something just more than ourselves, they'll buy in, but you need buy-in. | ||
| And the way you get buy-in is stop lying, and stop misrepresenting, and stop treating them like they're idiots. | ||
| They're not idiots. | ||
| They're quite smart and they have a capacity to be a lot smarter. | ||
| And they have these basics of decency and common sense and grit and stick-to-itiveness that we can do this and we can pull through this. | ||
| But if you keep lying and you keep misrepresenting, you're going to see that. | ||
| We're going to see this in a second in the Hispanic American community. | ||
| Philip Patrick, your math is uncomfortably on the mark and we're going to have to drill down more of it. | ||
| How do people get to you in the interim, sir? | ||
| OK, so to reach me directly, it's at Philip Patrick on Getter. | ||
| Obviously, to get some strong information on precious metals, you can reach Birch Gold Group directly. | ||
| Birchgold.com slash Bannon. | ||
| You get some really good information from Birch. | ||
| You guys, I've got to thank you guys, particularly all the people that answer. | ||
| I get positive feedback from people all over the place. | ||
| I think you guys are in the process of proving that 5,000 years of history is correct, that it is an edge against bad times. | ||
| I guess that's working out for you guys, right? | ||
| Philip Patrick, thank you so much sir. | ||
| Pleasure to have you on here. | ||
| Okay, here's what I want to do. | ||
| I've got Burquam down at Uvalde. | ||
| He's going to go back to the border, but he brought up the point that nobody in the media is talking about. | ||
| This town is a town that's at a crossroads between Eagle Pass and Del Rio. | ||
| You've heard of those before? | ||
| Yep. | ||
| Because we've had reporters of Real America's Voices teams been down there for, I don't know, over a year, right? | ||
| Maybe two years, right? | ||
| But particularly since the Biden regime stepped up. | ||
| So before we get to Ben Burquham, I want to say this. | ||
| Last night on MSNBC, the hit job they were going to do on Paulina, right? | ||
| Anna Paulina. | ||
| Was one of the most extraordinary things, and I cannot recommend it enough to this audience. | ||
| It was even-handed. | ||
| It was very smart. | ||
| It laid out the issues. | ||
| And I'm sitting there going, wow. | ||
| I mean, the reporter, I thought she was incredible. | ||
| She was very fair. | ||
| She's tough and she's smart, but she's very fair. | ||
| And if I'm a Democrat and watching that, I'm like, it's DEFCON 1, if you want to hold the Hispanic vote. | ||
| And I want to play this, because Berkram's down there, I've got Cortez, and here's why. | ||
| Steve Kornacki at the end, he and there's another gentleman with him, these two guys at the end literally walk through a set of mathematics that if you're in the Democratic Party you go, um, it's not about getting clobbered in 22, we have a deeper systemic problem and if we don't solve it immediately we are finished as a national party, as I've been preaching the gospel of Steve Bannon on that. | ||
| Let's play this, let's play this cold open for Berkwan. | ||
|
unidentified
|
Steve, I'm going to start with you. | |
| When you zoom into a place like Miami-Dade County, how big and how aggressive was this rightward shift among Latinos? | ||
| Yeah, I mean if you just compared the 2016 election when it was Trump versus Hillary Clinton, then the 2020 election when it was Trump versus Joe Biden, and you take a look at Miami-Dade, I mean Miami-Dade was sort of the epicenter in Florida and really nationally in a lot of ways of the shift we saw among Hispanic voters. | ||
| Three congressional districts that are kind of based in Miami-Dade County and all of them between 16 and 20 basically moved about 20 points from the Democrats toward the Republicans. | ||
| There was talk before the election that maybe Trump was making some inroads in South Florida. | ||
| this was beyond the scope of what anybody expected. There were flipped congressional districts. I know Carlos Grimala can talk about that, but huge population center. Obviously, these were all districts that are three quarters Latino, and they moved 20 points toward the Republicans. | ||
| And are you tracking this rightward shift in Florida, this similar pattern that we saw there in other Latino counties across the country? Yeah, I mean, the other most pronounced place that I think we saw it was right along the border in Texas, where just demographically, these are some of the highest concentrations of Hispanic voters you're going to find anywhere in the country. | ||
| And you can look in some of these counties in deep South Texas, and you're talking about literally 40 50, 60 point swings from the Democrats toward the Republicans. | ||
| And there are other areas of the country too where you can just see 10, 20 point shifts. | ||
| But I think South Florida and the border in Texas were the two biggest, most concentrated areas of it. | ||
| You know, Carlos, one of the things that almost everyone told us, the one pattern that everyone had in common was that they were former Democratic voters, right? | ||
| They had either voted for Obama or they had supported the Democratic Party. | ||
| Why do you think so many Latinos are disenchanted with the Democratic Party? | ||
| Well, I think in some ways Republicans are meeting Latino voters where they're at, whether it's foreign policy, the pandemic policies, education. | ||
| And Democrats are trying to meet Latino voters where they think they should be at. | ||
| And something I use to illustrate that point is the term Latinx, for example. | ||
| That's something that some white progressive came up with a term to say basically that the Spanish language was insufficient and that now this community was going to go by this name. | ||
| And Republicans are out there telling Latinos, no, you don't have to be called that. | ||
| You can be called whatever you want to be called. | ||
| And I think those kinds of cultural issues, while they seem silly, they really help politicians connect with people and Republicans are getting that benefit right now. | ||
| Steve, another thing that I think Republicans really have in their advantage right now is redistricting, right? | ||
| Specifically in Florida. | ||
| How does redistricting help Republicans right now? | ||
| I think especially when you're thinking about a district like District 13th, right? | ||
| Which we saw in the documentary. | ||
| Yeah, when you look at the 13th District, the story there is less about Hispanic voters. | ||
| It's about a Hispanic candidate who may be well positioned to win in November because of the way the map was redrawn in Florida this year. | ||
| Of course, every state is redrawing its lines different ways. | ||
| But the 13th District basically went from one that had a tilt toward the Democrats, now to one that has a clear tilt toward the Republicans. | ||
| So, it was redrawn in a way that in any year would be beneficial to a Republican candidate. | ||
| You add into it the fact that we're in a midterm year. | ||
| The midterms tend to be a referendum on the sitting president. | ||
| The White House party almost always does poorly in midterm elections. | ||
| So a district like the 13th with the change in the lines of the district that made it more Republican friendly and the fact that it's a Democratic president in the midterm makes that a much more favorable combination for the Republican candidate. | ||
| One of the things, Carlos, that stuck with me a lot is that we didn't just see a rightward shift in Florida, right? | ||
| We saw a radical rightward shift among many of the characters that we met. | ||
| Do you believe that this extremism is starting to become the norm among new Republican-Latino voters? | ||
| I think a lot of Latinos culturally are starting to worry about what they perceive as the rapid change of the country. | ||
| The way the country is opening up, perhaps being more accepting. | ||
| I think that's how a lot of people would characterize it. | ||
| But Latinos, especially those who came to the country a couple decades ago with an idea of what the United States was, they are identifying with this Trumpian message kind of of make America great again. | ||
| And it's a bit ironic because you wouldn't immediately think that that would appeal to new Americans, but in a way it does because they fear that the Democratic Party is moving too fast and that they're being left behind. | ||
| That may be the most stunning six minutes of television I've seen in years. | ||
| It was absolutely stunning. | ||
| And she did a very even-handed and fair job. | ||
| She was tough, right? | ||
| People make their own decisions about Anna Paulina and the others. | ||
| By the way, the Moms for Liberty were trying to get her on the Miami-Dade. | ||
| They did long assignments on both of them. | ||
| Cortez, you first, then Birquam. | ||
| Is that the most stunning six minutes of television? | ||
| I mean, that's MSNBC. | ||
| And right there, baby, that's what we've preached for over a year and a half, two years. | ||
| You and I have been preaching since 15 or 16, but they summarize in six minutes. | ||
| The reality of where America stands in June of 2022, right there. | ||
| And for the Democratic Party, if it's DEFCON 1, and quite frankly, Steve, I think they don't have the policies. | ||
| The guy at the end says it. | ||
| Say, hey, they are MAGA. | ||
| They came here for a reason, right? | ||
| People came here for a reason. | ||
| And the reason is they didn't want to, just like we came from Ireland. | ||
| Hey, there was no big crying, no big tears for what we left behind. | ||
| Just what? | ||
| Steve Cortez. | ||
| You know, Steve, listen, Latinos, like my father, legal immigrants to the United States, they came to America not to replicate the problems of Latin America, the corruption, the statism, the lack of opportunity, but instead to find a new and much better reality. | ||
| Unfortunately, the American left wants to import the ideas of Latin America to the United States, and Latinos are routinely rejecting those notions. | ||
| And the reality here is the biggest demographic group in the United States, 60 million Americans, Latinos overwhelmingly believe in cultural conservatism plus economic populist nationalism. | ||
| Let me get specific on that point. | ||
| Latinos have by far the most entrepreneurial trajectory in this country. | ||
| Latinos are far more likely statistically than other demographic groups to start businesses. | ||
| It's a great attribute Well, small business has been particularly crushed by inflation. | ||
| Inflation is bad for everyone, but it is especially damaging and harmful to small businesses who can't cope with it. | ||
| So, Latinos are disproportionately suffering. | ||
| On the side of the border, by the way, because the Democrats, and I gave MSNBC credit last night, you're right, they actually had an intelligent discussion, but most of the corporate media, most of the Democratic Party continues to push this myth that Hispanics are somehow soft on the border and that we Hispanic Americans want an open border or a porous border. | ||
| Let's look at some actual data, and this is polling out from just a few weeks ago from Trafalgar, and they asked the question of whether or not the border should be closed. | ||
| Now, Steve, not getting more stringent, not getting control of the border, closing the border, okay? | ||
| That is, in my view, a pretty extreme policy prescription. | ||
| 65% of Latinos, two-thirds of Latinos, say yes It is time to close the border. | ||
| That is the highest percentage, by far, of any demographic group in the United States. | ||
| Far above blacks and Asians and above white Americans. | ||
|
unidentified
|
Okay? | |
| So listen, Steve, here's the reality. | ||
| Most Latinos, believe it or not, are actually to the right of where I am on this issue, Steve. | ||
| I consider myself to be a migration hawk, okay? | ||
| I'm not soft at all on this issue. | ||
| For example, I believe in a moratorium on even legal immigration. | ||
| I think that would make sense for the United States. | ||
| But the reality is, I'm actually, compared to most Latinos, I'm in a moderate place. | ||
| Most of them are well to the right of me and are actually saying close the border entirely. | ||
|
unidentified
|
So that's the reality of where Latinos are. | |
| Hang on for a second. | ||
| That's the buried lead. | ||
| We're going to go to Ben Burquam in Uvalde to get to the bottom of that and to talk about this as a crossroads for the cartels. | ||
| All next in The War Room. | ||
|
unidentified
|
Spread the word all through Hong Kong. | |
| We rejoice when there's no more. | ||
| Let's take down the CCP! | ||
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| Censors us. | ||
| Deplatforms us. | ||
| Conservatives have been helpless to do anything about it. | ||
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| It's time to cancel, cancel culture. | ||
| Okay, I want to go to Real America's Voice, Ben Berquam down in Uvalde, Texas. | ||
| Ben, give us your assessment of the Karnacki MSMEC piece we played, the end of that from last night, and also Steve Cortez's discussion about the Trafalgar Poll. | ||
| Kind of shocking. | ||
| 65% of Hispanic Americans in South Texas want a hard close on the border, sir. | ||
| Yeah, you know, the two points in that piece that really caught me were the analysis that Republicans are saying what connect with the Hispanic community and Democrats continue to say what they want the Hispanic community to connect with. | ||
| And that's really the difference. | ||
| And I think for a long time, we have already, the Republicans have always been in line with the Hispanic community. | ||
| They just didn't communicate it very well. | ||
| And that's what's starting to change. | ||
| The interesting thing is if you look at states where they're talking about it... Ho, ho, ho, ho, ho, ho, ho, ho, ho, ho, slow down, slow down. | ||
| I totally disagree with that. | ||
| The Republicans have always tried to play soft lefty. | ||
| They always wanted DACA. | ||
| They always wanted... That's what I... What you're seeing is... No, what you're seeing is MAGA. | ||
| That's the point I'm making. | ||
| That's the point I'm making. | ||
| So where you saw this shift take place is in Texas and Florida. | ||
| Conservative MAGA. | ||
| You look at where it's not happening is in California, where we still have the neocons that are running around pretending like Republicans need to be half-liberal, and the Hispanics out there say, I don't want any part of that. | ||
| The Hispanics are conservative by nature. | ||
| They're Christian, conservative, and this is a perfect illustration down here in Uvalde. | ||
| The Democrats came down here, they tried to make this about gun control, and this community said no, there are more crosses here than I've seen just about anywhere in my life. | ||
| You know who doesn't like that? | ||
| It's the Democrats. | ||
| They don't want God in our country. | ||
| The Hispanic community is conservative. | ||
| They are MAGA. | ||
| And to Paola's point, they are, she would call them extreme. | ||
| I would call them ultra MAGA. | ||
| I mean, they are the definition of conservative, hardworking, America first. | ||
| It is, that is the Hispanic community and we're seeing that. | ||
| And all that Republicans, conservatives have to do is be conservative. | ||
| I mean, that's all they have to do to win. | ||
| One of the things I want to note down here, too, is if you look at the difference, and I've talked to people all over this area since I've been down here covering the border, but especially on this issue, they don't want stricter gun control. | ||
| Now, they believe this monster, this demon, shouldn't have been able to buy a gun. | ||
| He should have been red flagged. | ||
| Something should have caught him before he was able to buy a gun, but most of the people here own guns. | ||
| They all agree that this is a battle of good versus evil, and if anyone is extreme, it's the left, who's pushing all of this wokeness, taking God out of our society, replacing God with transgenderism, and the religion of radical environmentalism, and the destruction of the economy, and all of this, you know, BLM, and dividing people by the color of their skin. | ||
| It's failing down here. | ||
| Ben, it's ten days since the shooting. | ||
| Why don't we know anymore about this kid? | ||
| Why don't we know how he got the cash? | ||
| Why don't we know about his social media? | ||
| Why don't we know everything about this kid? | ||
| What is the problem? | ||
| You're there, and you're relentless, so tell us what the problem is. | ||
| I spent all day yesterday with neighbors and friends, and I basically, I mean, the moral of the story was this family screwed up. | ||
| The kid, he actually has a sister who's in the Navy now. | ||
| They were basically, it seems like, from what the stories I'm being told, were basically abandoned, left to their own. | ||
| The kid grew up angry. | ||
| He always had issues. | ||
| Nobody seemed to really care or take notice of it. | ||
| Nobody dealt with him from the time he was seven years old. | ||
| I mean, it's a deep-rooted Uh, spiritual issue, it seems like with this kid. | ||
| And at this point, the question still remains, how did he get the money? | ||
| And the people that are investigating that, I have friends in law enforcement, and they said, stay tuned, stand by, we'll have more information on that. | ||
| But really, it's a law enforcement issue at this point. | ||
| And I believe they're looking into that. | ||
| We'll get more answers on that. | ||
| But as far as the rest of the community goes, they just want to heal. | ||
| I mean, it's so dark. | ||
| Steve, I can't even explain to you how dark it is. | ||
| And I'd like to if I can one of the things we haven't done here is is bring the Lord back into this and if you don't mind I'd like to just pray over this school and pray over the people because I'm telling you Steve it is it's painful man it's painful to to see what these people are going through every single day there's a new funeral you look at the pictures of these kids they're the age of my daughter and every single person here it's like this is this You can't explain it and I just Lord I just I bring you here. | ||
| I cast out any principalities and powers of darkness any strongholds that exist down here on the border. | ||
| We pray Jesus blood over them Lord. | ||
| I pray that you would be light in the darkness in this. | ||
| It is so dark in this place and in this country and with these people Lord. | ||
| I pray you would lift them up. | ||
| You would give them joy and especially to the children that were witness to this atrocity that saw this happen Lord. | ||
| I pray that however, you can do it get rid of their nightmares give them hope and joy and Lord. | ||
| Just save this nation. | ||
| In Jesus' name I pray. | ||
| Amen. | ||
| That's what we need, Stede. | ||
| That's what we need. | ||
| We need the Lord back in this country. | ||
| We don't need gun control. | ||
| And this whole community needs that. | ||
| This whole nation needs that. | ||
| I'm sorry, man. | ||
| No, what are you talking about? | ||
| Amen, brother. | ||
| You take care down there. | ||
| And you stick there as long as you want. | ||
| I know you've got other stuff to do. | ||
| You've got other missions you've got to take care of down on the border in Tapachula and all that. | ||
| You do what you feel is right. | ||
| We're going to I'm going to continue the story, Steve. | ||
| And this is really what it's about. | ||
| While the left abandons this area, while they abandoned them to 48 lockdowns last year and don't care about what's happening on the border, we're going to continue. | ||
| I'm going to head out. | ||
| We're going to continue to tell the story. | ||
| And we're not going to stop. | ||
| We're not going to stop until these demons that have been allowed to infest our country are destroyed. | ||
| We are going to continue to shine the light. | ||
| And the way you get rid of darkness, it's very, very simple. | ||
| You just shine the light. | ||
| And that's what we are called to do. | ||
| If you're out there, Just shine your light, and we're going to continue to do that. | ||
| I'm going to keep going down the road. | ||
| I'll be in Sanderson with the Sheriff later today, and we're going to continue to tell the story, Steve. | ||
| Ben, how do people follow you 24-7 on Real America's Voice and your social media? | ||
| At Ben Burquam on all social media, America's Voice News. | ||
| Download the app if you don't have it yet. | ||
| You need to get it at americasvoice.news and frontlineamerica.com. | ||
| Ben, stick with it, brother. | ||
| You keep doing it. | ||
| Thanks so much. | ||
| Ben Burquham, Real Merchants Voice. | ||
| Yes, sir. | ||
| Okay, we're going to take a short break. | ||
| The great Charlie Kirk's going to join us about Davos, the Great Reset. | ||
| Cortez is going to hang with us. | ||
| We've got Ben Harnwell from Rome. | ||
| We're going to talk about South Carolina, about the race down there. | ||
| We've got a lot to go on in the second hour. | ||
| 90-second break. | ||
| You hang in there. | ||
| It's a war room. |
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