June 7, 2022 - Bannon's War Room
48:55
Participants
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| Speaker | Time | Text |
|---|---|---|
|
unidentified
|
In terms of this reshuffle, where are they going? | |
| What are they doing? | ||
| And does this impact what Steve Leisman called earlier in our show, this very confusing economy we are in? | ||
| Well, I don't think it changes how confusing the economy is that we're in right now. | ||
| And there are some indications from this survey, by the way, that those who are working and those who are not are very, very worried about the economy. | ||
| I think that's the prevailing view, if you really look through the numbers. | ||
| But in terms of where people are moving around, the most interesting aspect of these numbers, I think, is reflective of how many people effectively decided to retire because they either were fired, pushed out, or because of health concerns around COVID. And then how many of them would actually like to come back? And there is a decent percentage of people who would like to come back during, you know, back, get back to work effectively. So the retirement would be considered so-called short-lived. The other fascinating | ||
| piece of data that I thought was just oddly enough, how satisfied people were with their own financial situation. So 69% of people surveyed said they were satisfied with their current wages and 80% were satisfied with their Recent wages. | ||
| That's a shockingly high number, given how low satisfaction rates are for most things, and what that reflects about the strength of the consumer, perhaps, as we go into what may be a more challenging fall in terms of the economy. | ||
|
unidentified
|
Andrew, good morning. | |
| Jonathan, you surveyed in detail some of the worries people have about the economy. | ||
| Let me add to it. | ||
| The World Bank just now put out a report warning of stagflation, saying the global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the globe coming out of the pandemic. | ||
|
unidentified
|
People hear the word stagflation, they get really scared. | |
| Give us a breakdown. | ||
| What could this actually mean and how certain is it? | ||
| Well look, I think the base case, and actually Ben Bernanke said this and Janet Yellen, the base case is that we may be already living through stagflation. | ||
| You're starting to see obviously costs are continuing to go up and we're going to have pressure on the downside from the Federal Reserve at the same time. | ||
| When you think though about cost, I mean, and you're seeing it right now with Target. | ||
| They came out with some new expectations just today. | ||
| And some of that may be deflationary in terms of they have almost too much inventory. | ||
| But what you're going to see across the board is margins that corporations are going to get compressed. | ||
| And the question is whether that gets passed on in higher costs to consumers over time. | ||
| And the expectation, of course, is the answer is yes. | ||
| God bless the show. | ||
| I am so proud of what we have done with this platform. | ||
| When you hear this gobbledygook of people paid millions of dollars that have sets and they got all this stuff and they got the every expert in the world. | ||
| It is just... | ||
| And I guess this is our power. | ||
| It's just such nonsense. | ||
| It's just such word salads and spin. | ||
| There's 10 things. | ||
| This was so perfect. | ||
| Andrew Ross Sorkin, right? | ||
| The New York Times columnist. | ||
| And he's actually a very, I've done the show a number of times, as Cortez used to work there. | ||
| We're going to bring Cortez in a second. | ||
| I think Boris has done over at CNBC, although mostly his, the political stuff. | ||
| But Sorkin's a very nice guy when you're with him. | ||
| I mean, they're very nice people, don't get me wrong. | ||
| They just, they're so, and that show is so deteriorated into just a confusing mess. | ||
| This is why hedge funds, you talk to anybody, they don't watch these shows anymore, those shows anymore. | ||
| It's just a nightmare. | ||
| They're watching The War Room. | ||
| You know what? | ||
| Bernanke may be calling a stagflation today. | ||
| We called this, what, a year ago? | ||
| That this was going to happen. | ||
| Don't look over the other side of the hill. | ||
| I've got Dave Walsh, our energy expert. | ||
| He's had called shots. | ||
| We're going to talk about the convergence in this crisis, particularly natural gas and electricity, and we've got a great I don't want to gloat. | ||
| I don't gloat. | ||
| We don't gloat here. | ||
| No gloating. | ||
| No whining, no crying, and no gloating in the world. | ||
| But I have to do this. | ||
| I'm forced to do this. | ||
| I gotta hold up my Financial Times of London, my favorite paper, and here's why. | ||
| Look at that headline. | ||
| Let's read the headline at home, kids. | ||
| Let's read it slowly. | ||
| Musk threatens to scrap $44 billion Twitter deal over fake accounts. | ||
| Wow! | ||
| Wow, where'd you hear that first? | ||
| When? | ||
| And if you had shorted the stock then, kids, you wouldn't be worried about the, you wouldn't be part of the 83%, or you'd really be a 69% that's really happy with your current wages. | ||
| Okay. | ||
| I got a lot of economics to go through. | ||
| We're going to go back to what just happened, but I got to bring in Boris. | ||
| We got some breaking news here. | ||
| With Boris, he was with President Trump last night with the Elise Stefanik event up in Westchester, President Trump's Trump National, the great golf course there. | ||
| But I also want to, I've now, overnight, talked to a lot of people and then this morning, we've got to have, President Trump has to announce now, we have to have a draft Trump movement. | ||
| We can't wait anymore. | ||
| We need to get the fire and the momentum and back of this because the nation is quickly and rapidly spinning out of control, out of control. | ||
| And the damage that the illegitimate Biden regime could do here in the next couple of months until we take the House could be of such magnitude that it may take us decades to get back. | ||
| And I don't say that lightly, decades. | ||
| Let me bring in Boris. | ||
| I got Steve Cortez, Dave Walsh. | ||
| We're going to get this first hour is action packed. | ||
| Boris, tell me about last night and give me some breaking news. | ||
| Steve, honored to be here, still in New York, and it was a firestorm night. | ||
| It was full of power last night up in Trump Westchester, a wonderful event for Chairman Elise Stefanik. | ||
| President Trump was in vintage form yesterday, went through election integrity, went through the border, went through stolen election of 3 November. | ||
| And went through the fecklessness of pathetic, sad, terrible Joe Biden, and how we need to bring honor, strength, and America first back to the White House. | ||
| And yes, there was a question yesterday from the crowd to President Trump on whether he was going to run in 2024. | ||
| He was a bit coy. | ||
| And the second question, it may, just may, have slipped out for President Trump to say, hey, you already know what I'm going to do. | ||
| So what we've been saying to this crowd, To this audience, the War Room Posse always signal, not noise, that we hope and expect for President Trump to run and win the presidency back and walk back into the Oval Office no later, at the latest, on January 20, 2025. | ||
| Does fully appear to be on track. | ||
| Again, an honor for me to be there yesterday with Patriots. | ||
| And it wasn't just You know, Elise Stefanik, and of course, President Donald J. Trump, the leader of the Republican Party, the movement, and our country. | ||
| Mayor Rudy Giuliani was there. | ||
| Andrew Giuliani was there. | ||
| Congressman Claudia Tenney was there. | ||
| It was the who is who of strength of MAGA in the room last night, in the crowd last night, and President Trump delivered. | ||
| You mean Andrew Giuliani, the next governor of New York? | ||
| That Andrew Giuliani? | ||
| That's exactly what I'm talking about. | ||
| The guy's gonna fire Alvin Bragg, his first thing. | ||
| Clean up New York. | ||
| Give Rudy emergency measures for Eric Adams. | ||
| Clean up New York City. | ||
| Gonna do it. | ||
| And Steve, by the way, something I want to make sure the crowd knows. | ||
| It wasn't just all fire and brimstone for President Trump yesterday. | ||
| He was in, as I said, vintage form, jokes, humor, telling a story about winning a club championship over Andrew Giuliani. | ||
| Uh, you know, a long time ago now, and talked about his relationship with the Giuliani's, talked about his relationship with Elise Stefanik, but most importantly talked about his relationship with American people. | ||
| My favorite, my favorite. | ||
| This is, I think in 15, might've been late 15, late fall. | ||
| I think Cortez might remember this. | ||
| Late 15, they're getting on president Trump about something that he's never been. | ||
| He's never been. | ||
| You know, General of the Military, all this kind of stuff. | ||
| Hillary Clinton has, you know, been pressure all her life. | ||
| First Lady, Secretary of State, all this. | ||
| You know, she knows pressure. | ||
| Trump's under a lot of pressure. | ||
| And Trump, I think he tweeted, what do you mean pressure? | ||
| I've won nine club championships. | ||
| That's right! | ||
| It's genius. | ||
| You've got to make those three. | ||
| He says, hey, anybody looking over a three-footer, side hill break three-footer with the club championship on the line, that's pressure. | ||
| Boris, Captain Bannon, we're going to produce here on air, Captain Bannon, I know you're on the watch here. | ||
| I want to pin up on the War Room site, I want to pin up on the War Room site just the thing of Draft Trump 2024, right? | ||
| And just put it up there and I want everybody in this posse. | ||
| To go on a getter right now, on our getter site, and give me your thoughts, your observations. | ||
| We need to draft President Trump right now. | ||
| He's too self-effacing, too humble. | ||
| And I mean that. | ||
| People don't know him. | ||
| Boris, as you know, and Cortez, you know him personally. | ||
| He's actually, when you want one, a very humble, self-effacing guy. | ||
| No doubt about it. | ||
| No doubt about it. | ||
| And by the way, it's always reaching out to people. | ||
| That's why the little guys, Mayor Giuliani said something yesterday, Steve. | ||
| He's a hotel guy. | ||
| He said to President Trump in front of that whole crowd And that was very poignant, very direct, and it was exactly, perfectly on message. | ||
| Because that's what it's about. | ||
| It's not about, you know, President Trump never needed this in the first place. | ||
| He ran because of the terrible Iran deal, the terrible lack of leadership from Barack Obama, and the Bushes, and the Uniparty, and the forgotten American men and women. | ||
|
unidentified
|
And now, in just a year and a half, they're trying to get it. | |
| You were at, and I think Cortez and Navarro were here on the show with me, you went to Andrews when President Trump took off on the morning of the 20th. | ||
| It was over. | ||
| If he had gone, if he had gone, if he had gone, see, I didn't think it was a tough day. | ||
| I thought it was the beginning of our rebirth. | ||
| I really did. | ||
| I said, this is, this is good. | ||
| Rebirth can be tough. | ||
| This is not, this is not, I know it, it's tough, but. | ||
| You were choked up when he called in. | ||
| I remember that. | ||
| It was emotional. | ||
| It was a very emotional day for people. | ||
| But let me say something. | ||
| He could have gone to Mar-a-Lago and just hung out. | ||
| He could have gone to Mar-a-Lago, played golf, gotten back into the thing of buying great golf courses and having the Open Championships and the US Opens and the PGAs. | ||
| He could have gone, you know, basked in the enjoyment of his family, his wealth, right? | ||
| Adoration of many of the people the MAGA movement could have done all that he didn't he's back and now We don't we need it now. | ||
| If this is a referendum on the Biden administration, it will never go away So the people say oh, no, you gotta make it's a referendum. | ||
| They're gonna have a down vote and we're gaining strength every day But we need Trump. | ||
| We need to have a draft. | ||
| So I want to put a draft Trump on our war room as first. | ||
| And I want everybody in this posse. | ||
| If you haven't joined yet, it takes you two seconds. | ||
| I need you right now. | ||
| And we can put it out of the chat rooms, too, because I like to telegram and rumble everything else, every place you are. | ||
| But I want to get one I can kind of look at. | ||
| I want your thoughts. | ||
| I want your analysis. | ||
| I want your observations. | ||
| Tell us what you think. | ||
| Draft Trump, he's gotta go now. | ||
| He can't wait anymore. | ||
| Gotta go. | ||
| And Steve, something I'm also proud to report on you, afterwards there was an event in New York City, and there was, you know, people there, Americans, New Yorkers, and I cannot count the amount of folks who came up to me and said, we're members of the War Room Posse, coming in hot, say hi to Steve. | ||
| The firepower of this show, the strength of the War Room Posse, is actually unparalleled in anything we've ever seen in media. | ||
| You know, off camera we're talking about CNN, CNBC, Fox News. | ||
| I've done them all, and Steve's done them all, and you've done them all, right? | ||
| But the amount of feedback, the amount of engagement, the amount of action, action, action we get from this show is absolutely unparalleled. | ||
| Absolutely, fully, 1,000% unparalleled. | ||
| And that's a huge testament, of course, to you, but most importantly, to the audience, to the War Room posse. | ||
| And talking to your neighbors, talking to your friends, and saying, hey, don't be afraid. | ||
| Tune into War Room. | ||
| That's where the signal is. | ||
| Fear not. | ||
| Boris, what's your social media? | ||
| I know you got it balanced. | ||
| We're going to get you on throughout the day in the other shows. | ||
| What's your social media? | ||
| No doubt about it. | ||
| It's an honor to be with you. | ||
| It was an honor to be with President Trump and American Patriots yesterday. | ||
| And folks, I'm here to report to you proudly that the best is yet to come. | ||
| Hot on the website BorisCP.com. | ||
| Go sign up right now on BorisCP.com. | ||
| Hot on Getter at BorisCP. | ||
| On Twitter at BorisCP. | ||
| Hot on Truth Social at Boris. | ||
| And of course, The hottest on the gram, Boris underscore Epstein. | ||
| Stay strong, God bless, and I'll see you in a little bit. | ||
| Cortez, we've got about a minute. Tell me your thoughts. | ||
| You've done all the... you were over at CNBC for a decade. | ||
| You've been everywhere. Tell us your thoughts about our platform here. | ||
| Well, listen, it's a shame what's happened to CNBC, quite frankly, because it used to be a great network. | ||
| And now it is all narrative and spin and sloganeering rather than data and evidence. | ||
| So let's talk some data and evidence. | ||
| Because Sorkin there, he actually had the gall to say, to talk about the quote, strength of the consumer. | ||
| But then he also mentioned Target, but didn't get into details. | ||
| Let's talk some details on Target, which has now put out the second set of terrible information in just three weeks. | ||
| Three weeks ago, it had its worst single day since 1987. | ||
| So did Walmart. | ||
| It's not isolated in Target. | ||
| But let's talk Target stock. | ||
| It is trading down 4% right now at $153. | ||
| At Thanksgiving, Steve, into the Christmas shopping season, it was at $268. | ||
| It has lost $115, over 40% of its value since November. | ||
| Why? | ||
| Because the American consumer is absolutely trapped, anguished, and unfortunately dying on the vine and cannot afford even the necessities of life at places like Walmart and Target. | ||
| That's the reality. | ||
| Okay, hang on a second, we're getting all this on the other side of the break. | ||
| Tarjay, management, how's that pride thing working out for you? | ||
| Any of that's in the front of the store that's in your face, in the consumer's face, in the American parent's face? | ||
| Any of that going into the markdown bin? | ||
|
unidentified
|
Uh, homie, think so. | |
| Sorry, Tarjay. | ||
| Bye-bye in the car-car. | ||
| Okay, next in the world, Cortez and Walsh. | ||
| Gas soars to 14-year highs because of Biden's overall inflation plus his war on American energy. | ||
| For the numbers, let's get to a Chalk Talk brought to you by Getter. | ||
| When Biden took office, natural gas was plentiful, domestic and affordable. | ||
|
unidentified
|
$2.50. | |
| By last Thanksgiving, it had risen over 70% to $4.35. | ||
| by last Thanksgiving, it now nearing $10. | ||
| Almost a four-fold increase. | ||
| Now, what you may not realize is how important natural gas is to electricity generation. | ||
| And going into summer, I want to look at four states that are very warm weather places that get the majority of their electricity from natural gas. | ||
| Texas, Nevada, Louisiana, and Florida. | ||
| So, when you see your air conditioning bills this summer and they make you sweat, you can thank Joe Biden. | ||
| Okay, welcome back. | ||
| You're in the War Room. | ||
| It's Tuesday, 7 June. | ||
| 7 June, Year of Our Lord 2022. | ||
| I'm organized. | ||
| I got it. | ||
| We got this. | ||
| Let's go to Dave Walsh. | ||
| Dave, you're the first guy to warn America about a convergence of an energy crisis that's going to be mammoth in scale. | ||
| Cortez has been all over this. | ||
| Folks, you're trying to look over the other side of the hill, like Wellington taught his officers, okay? | ||
| You've got a summer that you're gonna enjoy in the great outdoors in some of the hottest states in the Union, and then you're gonna have a winter that, remember, you can't fake the winter. | ||
| In the summer, you can at least take some pain and go outside, but for the old people, it could be catastrophic. | ||
| Dave Walsh, how serious is this problem, sir? | ||
| Well, we have, as Steve mentioned totally correctly, we've got now 39% dependence of the U.S. | ||
| electric power system on gas, which in and of itself is not a bad thing. | ||
| But how we got there, I mentioned yesterday this alphabet soup of EPA regs that came out between 2013 and 2016. | ||
| To pressurize, now we're looking at the MISO region. | ||
| You know, the U.S. | ||
| is divided into seven regions for electrification. | ||
| CERC, FERC, ERCOT is one, the Florida Reporting Council. | ||
| MISO is Indiana, Iowa, Minnesota, Arkansas, Louisiana, Northern Kentucky. | ||
| In the last seven years, about 22,000 megawatts of electricity production coal plants were shuttered due to the alphabet soup pressure, which of course causes the cost of running those facilities to be higher. | ||
| So suddenly the other side can say, oh, look, coal became non-competitive because of the cost. | ||
| Well, the cost came from the environmental regulations. | ||
| So we've shut down 22,000 megawatts and throwing big numbers around so everybody understands that's power for about 25 million people. | ||
| On top of that, Plant Zimmer in Cincinnati is going to close this year, 1,600 megawatts. | ||
| AEP Rockport in Indiana, 2,600 megawatts scheduled to close by 2027. | ||
| So we're seeing impacts on nearly 30 million people of a transition over to 80% of that capacity displaced with gas, about 20%, 15 to 20% with wind, massively intermittent. | ||
| So the challenge is, as you take a baseload resource and begin to get overly dependent on a fuel that does have a volatile price history. | ||
| Gas has gotten to this place three times in the last 20 years. | ||
| Back in 2002, again in about 2006, and a couple of years ago. | ||
| Now, we've enjoyed, during the Trump administration, and frankly even at the end of the Obama administration, bragging about the fracking boom and what a boom it was to the economy, that flooding the zone with natural gas supply caused a stabilization of prices between 2013 up through 2021. | ||
| Gas was in the $2.50 to $3.00 buck range. | ||
| Steve mentioned now we're at $10. | ||
| Well, the flooding the zone with supply caused low prices. | ||
| A couple of things changed. | ||
| Well, gas supply is globalized. | ||
| It used to be regionally priced, now with LNG it's become more of a globally priced commodity, hovering before this crisis at around $10 per decatherm globally. | ||
| So there is some upward price pressure from that, but most importantly the restrictions on supply If they were serious, we've got about a minute, if they were serious, what are the two or three things you would do immediately to get supply back, to get cranking on all cylinders on supply? | ||
| What would you do? | ||
| You need to reduce the restrictions completely on federal lands, on offshore, on Alaskan production, on Gulf of Mexico production, is one thing. | ||
| The incentivization of firms to invest in production, refining, and exploration capacity for gas and oil is essentially important. | ||
| All this ESG stuff has pushed firms in, frankly, the opposite direction. | ||
| Of continuing to broadcast measures that just make no sense on constraining investment. | ||
| I mean, the total investment in the global oil and gas production refining activity dropped by about 300 billion in the last four years, heavily influenced by this ESG mantra over here. | ||
| And, you know, a global notion of just one last thing on this. | ||
| Yesterday, the administration announced we're going to invoke the War Powers Act to import more solar panels for two years from China. | ||
| China produces 60% of the world's supply of solar panels. | ||
| They produce all of the rare earths that go into the thin film PV cells and solar panels. | ||
| This is 1.3% of the US total energy supply comes from solar. | ||
| The administration is going to address not the big handles on the issue of energy cost, but the 1.3% of the total energy supply and with total dependence on China. | ||
| It's performative. | ||
| That's not the way forward. | ||
|
unidentified
|
It's completely performative. | |
| It's also performative. | ||
| Hang on, Dave. | ||
| Cortez, let me bring you in here. | ||
| Give me your assessment, sir. | ||
| Well, listen, you know, who is benefiting from these kind of energy prices? | ||
| Because it sure isn't the American consumer. | ||
| We got some news out this morning that was actually kind of shocking, even to me, Steven. | ||
| That is the GDP of Saudi Arabia. | ||
| If we can pull up chart two, folks, this shows the headline from Reuters. | ||
| Saudi Arabian GDP up 9.9% for the quarter, the highest in a decade. | ||
| As I mentioned yesterday, in Riyadh, they are lighting their cigars with $100 bills. | ||
| Same thing in Moscow, same thing In Tehran, probably same thing in Caracas. | ||
| If we compare that to U.S. | ||
| GDP, in all likelihood, we are going to have a negative GDP for the first half of 2022. | ||
| We know we already had a serious recession in the first quarter, minus 1.5% GDP. | ||
| And right now, the Atlanta Fed model, not my opinion, the Atlanta Fed statistical model on GDP is presently tracking at only 1.3% for quarter two, which hasn't finished yet, of course. | ||
| So in all likelihood, we're looking at a down quarter while the Saudis are growing at 10%. | ||
| That is the reality created by Joe Biden. | ||
| And then to add insult to injury, Steve, Joe Biden is considering going hat in hand over to Riyadh to beg the Saudis to produce more energy. | ||
| This is the polar opposite of gunboat Hang on a second. | ||
| I just gotta make sure everybody understands this. | ||
| Because you look back in the summer and fall and Christmas of 1919 when we had it hitting on all cylinders. | ||
| Full spectrum energy dominance. | ||
| Look what it washes. | ||
| Everything's this convergence of oil, gas, and now electricity. | ||
|
unidentified
|
Okay? | |
| You're gonna have a long, hot summer. | ||
| Because your bills... Cortez walked through it last night. | ||
| It's going to be a 300-400% increase in gas. | ||
| Okay, you're not going to get air conditioning in Florida and Texas, California, Nevada. | ||
| That's going to be nice out there in the desert. | ||
| I hope the tourist industry does well. | ||
| At the same time, they're doing performative. | ||
| They're doing the Defense Production Act on solar chips, which is like 0.9% or 1%. | ||
| Performative. | ||
| And the worst gangsters in the world are making a fortune. | ||
| Russia. | ||
| You got a problem in Ukraine with the KGB? | ||
| Hey, Russia. | ||
| The KGB and the FSB and the army, the military that runs it, the oligarchs. | ||
| Tehran, Persia. | ||
| Saudi Arabia. | ||
| Nice guys, right? | ||
| Chopping guys up. | ||
| Hey, and then Caracas. | ||
| The worst elements on earth are making a fortune and you, in this audience, are getting crushed. | ||
| And look what they're doing, and you've got Pete Buttigieg up there yammering on about, we're going to do this on inflation. | ||
| The only thing on inflation they're talking about doing is crushing your wages. | ||
| Remember, Cortes, his essay, not mine, his essay written, now we know, by his National Economic Advisor, another genius. | ||
| The whole point is, we're going to let the Fed do their thing, and we're going to crush wages. | ||
| Steve Cortes. | ||
| And look, as a consequence, savings, American savings, are now at the lowest level since 2008. | ||
| Now, people out there in the audience don't have very fond memories economically and financially of 2008. | ||
| That was a catastrophe. | ||
| It was an incredibly deep recession known as the Great Recession for good reason. | ||
| Savings have now plummeted all the way back to those levels. | ||
| Why? | ||
| Because of this very inflation that we're talking about. | ||
| And by the way, it's not just energy, as terrible as that is, It's also rents. | ||
| Rents and housing costs right now for Americans are out of control. | ||
| And by the way, that has 0.0 to do with Putin or to do with what should be a regional war in eastern Ukraine. | ||
| A war that Biden and a lot of establishment Republicans have decided to escalate. | ||
| So, you know, it's important to note, I did this in the Chalk Talk there, it's important to note that natural gas was already exploding. | ||
| Energy was already exploding before the Ukraine Issues by last fall. | ||
| It had almost doubled in terms of crude oil as well as natural gas because of Biden's inflationary policies overall and his specific targeting of the energy sector. | ||
| But then we took a pre-existing crisis and it got put unfortunately on steroids. | ||
| Why? | ||
| Because the establishment the Washington war machine. | ||
| Let me give you the buried lead from the opening cold open we did from CNBC this morning. | ||
| Here's the buried lead. | ||
| The World Bank has just put out a report, Cortez. | ||
| U.S. national security interest and the economic fallout for American citizens is dire already and it's going to get worse. | ||
| That's the reality. | ||
| Let me give you the buried lead from the opening cold open we did from CNBC this morning. | ||
| Here's the buried lead. | ||
| The World Bank has just put out a report, Cortez, we're going to get to this, you and Walsh in the next segment after Ken Paxton, says years of stagflation, maybe a decade. | ||
| Hello? | ||
| But the real buried lead was Andrew Roar's Sorkin, who said the quiet part out loud. | ||
| He said, you know, as bad as this is, this gets portend for a, wait for it, a more challenging fall. | ||
| A more challenge. | ||
| You ain't seen nothing yet. | ||
| 83% of the American people in the Wall Street Journal poll believe that the economy is either bad or terrible. | ||
| 83% numbers that are historic. | ||
| You wait till you get through this summer, the long, hot summer of 2022, and get into the fall. | ||
| Andrew Ross Sorkin from the New York Times, lead business columnist. | ||
| A more challenging fall. | ||
| What could get more challenging, dude? | ||
| What could get more challenging? | ||
| Give it to us. | ||
| Tell us. | ||
| Tell us. | ||
| Okay, if you won't tell us, Walsh and Cortez will. | ||
| When? | ||
|
unidentified
|
Next. | |
| Where? | ||
|
unidentified
|
The 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. | ||
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| Okay, the great state of Texas, and of course, Ken Paxton. | ||
| The Attorney General running in the race. | ||
| Ken, I just saw yesterday and I had to get you on. | ||
| I don't want to gloat. | ||
| We don't gloat here in the War Room, but I do have to hope the Financial Times of London, my favorite paper for its headline, Musk threatens to scrap $44 billion Twitter deal over fake accounts. | ||
| That would be the bots. | ||
| Of course, we warned about that the very day he announced it. | ||
| I said this thing was a sham. | ||
| It was never going to close to that price. | ||
| And they would find in any due diligence the lies and misrepresentations of Jack Dorsey and the board. | ||
| This is a scam. | ||
| This company's been a scam from the beginning. | ||
| It's a scam. | ||
| It's a total and complete scam. | ||
| I would posit that every number they've put up for financial reporting has been a scam, okay? | ||
| Because they lie non-stop about the fake accounts. | ||
| Ken Paxson, is the state of Texas going to do something about it to protect The consumers, the advertisers, and the shareholders and the stockholders of Twitter from these lies and misrepresentations they've been putting out? | ||
|
unidentified
|
Absolutely. | |
| Under the Texas Constitution, one of my obligations is to protect consumers against corporate fraud. | ||
| And so we have sent them, as of yesterday, what are called civil investigative demands. | ||
| We short it and we say CIDs. | ||
| And those are questions about their practices and what these numbers, whether these numbers are accurate. | ||
| We're asking them for all the numbers. | ||
| Because if they are actually not telling the truth, it affects Texas consumers. | ||
| They're overpaying and they're not getting what is being advertised. | ||
| What brought this on? | ||
| Was it the fact that Elon Musk is now a Texas, I guess, a citizen of the state of Texas? | ||
| I guess his company's down in Austin. | ||
| Would you have done this anyway? | ||
| Or was it driven by Musk leading the deal and then essentially walking away from the deal? | ||
| Because he gave him plenty of time. | ||
| He came out a couple weeks in the deal and started peppering him with questions about, hey, you say it's five percent, you know, and he gave some analysis about what he thought. | ||
| And then he said, hey, I think it's 80 percent. | ||
| Okay, that's a spread between the bid and the ask, as we say on Wall Street. | ||
| What drove you to get to this point? | ||
|
unidentified
|
So we were already investigating Twitter. | |
| We started this probably eight months ago, and they sued us in federal court trying to stop us from asking questions about the whole parlor issue and deplatforming the president and others. | ||
| And so we're in federal court. | ||
| We've actually won in Northern California. | ||
| They appealed it. | ||
| This came up because we learned from Elon Musk about this issue, and so we started looking into it. | ||
| This doesn't just affect Elon Musk, this affects all consumers in Texas that either advertise or use Twitter and potentially are being deceived. | ||
| So we started our investigation by asking simple questions that they are required to answer, and if they answer those the right way and the numbers match up, then everything's good. | ||
| If they don't, then we'll have more to do. | ||
| This is a civil proceeding now, right? | ||
| You're just trying to get to the bottom of it. | ||
| But if you showed, if you got the information and it didn't match up to what reality was, there is a possibility that either the state of Texas or federal authorities could start to bring criminal charges, correct? | ||
|
unidentified
|
Yeah. | |
| Now, my office can't do that. | ||
| Unfortunately, it's local district attorneys would have to do that, or if it was a federal violation, the federal law enforcement. | ||
| I wish we could do that, but we are totally confined to civil. | ||
| The civil side of it should disclose the truth and also effectively allow us to go after civil damages. | ||
| In Texas, that's trouble damages. | ||
| So, you know, that's like restitution back to consumers. | ||
| Amazing. | ||
| Two other things, Ken. | ||
| I know you're busy. | ||
| By the way, we had you on. | ||
| Thank you for the huge victory you had over Bush and killed the end of the Bush apparatus. | ||
| Maybe not the apparatus, but at least the legacy. | ||
| But two things are up. | ||
| One, can you tell us any updates on this terrible situation down in Uvalde? | ||
|
unidentified
|
Yeah, I think local law enforcement, as well as our state police, and I think the state police have also brought in the FBI to look at what happened that day. | |
| Obviously, there's a lot more that can be done. | ||
| I think part of what can be done is we can follow some of the authorizations. | ||
| Local school districts could actually teach and train local school officials and local teachers to be prepared and be prepared to using a weapon. | ||
| We have several programs for that, and I think we need to continue to focus on creating fewer access points to these schools. | ||
| Those are actual things that I think could work, as opposed to saying somehow A gun law is going to stop this guy who committed murder from getting a gun and doing exactly what he did. | ||
| We need to make it harder for people to do this. | ||
| And the schools that have actually taken advantage of these programs that Texas has authorized and paid for have had no school shootings. | ||
| With everything to be done, even you talk about the kids and the parents responsible, everything like that. | ||
| Why is it, I think what's confusing, and Cortez gets worked up on this every night, he's blowing me up on the messaging that we go back and forth. | ||
| Why are Republicans in the Senate, I don't understand why John Cornyn, last time I looked he's from the state of Texas. | ||
| Why is a guy from the state of Texas leading any of these bizarro conversations they're having now and taking the focus off of where the focus should be, Ken Paxson? | ||
|
unidentified
|
Look, I have great concerns about John Cornyn and others focusing on limiting gun rights, Second Amendment rights, for law-abiding citizens. | |
| That is not our problem. | ||
| These are not law-abiding citizens that are going out and shooting kids and shooting teachers. | ||
| So I have no idea why John Cornyn would even consider negotiating with the Democrats on doing something at this point. | ||
| You know, they always said, when I was in law school at the University of Virginia, they always said that bad facts make bad law. | ||
| And in this case, we have some very bad facts. | ||
| And reacting to this in a way that affects law-abiding citizens and their Second Amendment rights, I would really encourage young people to stop looking at that angle and start focusing on the safety of these children, which we can do something about. | ||
| And maybe instead of sending $40 billion to the Ukraine, we send $40 billion to the schools to create stronger access points, or make it at least more difficult to get in, and provide law enforcement, potentially, to every school in the country. | ||
| Talking about $40 billion that could be used on the southern border also. | ||
| This caravan we've had, and we're trying to get Oscar up, we've had some contact. | ||
| Real America's Voice guy's done an amazing job. | ||
| We were first down in Tallachula, right? | ||
| Tappachula, Tappachula, down there. | ||
| We lost our connection yesterday. | ||
| But he's been down there for weeks when the caravan only had 1,000 people. | ||
| Now I think it's being reported it's 15,000 plus. | ||
| What is the state of Texas going to do to defend its border, Ken Paxson? | ||
|
unidentified
|
We're hoping that the Supreme Court will rule on our case. | |
| We think that, obviously, it will in June. | ||
| It was the Romanian-Mexico Asylum Project. | ||
| If that is reinstituted the way it's supposed to be under federal law, and presumably the Supreme Court is going to rule, you know, this month, then that could have a tremendous impact on the people coming. | ||
| They can no longer come in and say, I want asylum, and then disappear into the country. | ||
| They would have to either be detained or sent back to their country of origin. | ||
| So that, I'm very hopeful about. | ||
| If Title 42 and that stay in place, We've got a chance at least at limiting the great numbers that Joe Biden's inviting in to a lot less than the numbers that he's inviting in. | ||
| Ken, how can people follow you on social media? | ||
|
unidentified
|
KenPaxson.com and then also at KenPaxsonTX for Twitter, Instagram, and Facebook. | |
| Ken Paxson, we'll let you go back to work. | ||
| Thank you so much for updating us. | ||
|
unidentified
|
Thanks, Steve. | |
| Cortez, I know you've got a lot of thoughts about this and also the impact this is having in states like California, everything. | ||
| Give me your thoughts first on this invasion coming up from the 15,000, now 16,000, maybe 17,000, coming up from Tapachula in this caravan. | ||
| Yes, Tapachula, Steve. | ||
| By the way, these Spanish phrases, they don't roll off of your Irish tongue necessarily easily, although you are an honorary bad hombre, that's for sure. | ||
| But listen, speaking of bad hombres, looking at that crowd, and we pointed this out yesterday, but I think it's important to reiterate, it is important to note that the vast majority of these people are young men, are healthy, able-bodied young men. | ||
| What does that tell us? | ||
| That these are economic migrants. | ||
| And to your point that you always make correctly, They're making a rational choice. | ||
| They're making a rational choice. | ||
| If they are being invited and incentivized to come into the United States, then they will get here, right? | ||
| Because they live in tough places. | ||
| But guess what? | ||
| A lot of Americans live in tough places. | ||
| A lot of Americans have a dearth of opportunity. | ||
| That has never been an excuse for asylum. | ||
| These are not legitimate asylum seekers. | ||
| These are economic migrants. | ||
| The other thing I would point out about the crowd that really irks me, and this I will hold against these illegal migrants who are trespassing into our country, is the way that they fly foreign flags in these caravans as they approach the United States. | ||
| You notice flags of Honduras, of Venezuela. | ||
| As they come to break and enter into the United States of America, as they come to trespass into our land, they are waving the flags of Latin America. | ||
| If they are so proud of their countries, and I hope they are, then they should stay there. | ||
| They should make Honduras great again. | ||
| They should make Venezuela great again. | ||
| They should not be coming to the United States illegally without actual invitation. | ||
| I realize Joe Biden has given them a de facto invitation, but they don't have a legal right to come here to the United States, as so many millions have, including my own father, who did it the right way. | ||
| And it's a complete disrespect and injustice to them that these illegal migrants do it on their terms rather than by the rules, the reasonable rules of the United States. | ||
| The other thing, Catholic Charities and the other sponsored, the SOAR sponsored NGOs, the one part of the performative they haven't gotten down here with, the Fighting Age Males, first off, which is great, all look pretty healthy. | ||
| The other thing is that they all got the latest iPhones, the latest communications, they got the best backpacks. | ||
| They're dressed fine, great sneakers. | ||
| I mean, there's some, don't get me wrong, but there's enough. | ||
| I'm not feeling even the economic migrant part of it. | ||
| I mean, the casting call, if you're going to do that, should get better because it's so obvious they're just looking for a better deal. | ||
| I got that. | ||
| You know, there's 7 billion people in the world and, you know, 6.9 billion of them would like a better deal. | ||
| Is that correct, Steve Cortez? | ||
| 100%. | ||
| Effectively, they're aspirational job seekers. | ||
| That's what they are. | ||
| And again, I don't begrudge them that because they have been invited and incentivized by Joe Biden. | ||
| But here's the thing. | ||
| We have real wages crashing in the United States of America right now for American citizens who cannot afford the basics. | ||
| That reality was reinforced again today. | ||
| Let's talk data. | ||
| By Target Target stores. | ||
| And look, you know, I have no love lost for the management of Target or Walmart, but they are incredibly important reflections on where the American consumer is the fact that both of those stocks have fallen apart. | ||
| If anything, Steve, I think it's time for the exact opposite. | ||
| consumer, particularly at the middle and lower end, is at a very terrible place because of real wages crashing. That is the worst possible environment to invite in millions of new workers to compete unjustly and illegally in the labor market against American citizens. If anything, Steve, I think it's time for the exact opposite. Not only do we need to get control of illegal migration to this country, that should be a given, I believe it's also time for a moratorium on even in legal migration. | ||
| Even legal migrants. | ||
| It is time for a pause. | ||
| It is time to assimilate migrants who are here. | ||
| And it is time for real wages for American citizens, whatever their nationality, whatever their color, for real wages to rise again in the United States. | ||
| So I think we need to go even further than just securing the border. | ||
| We have to do that. | ||
| It's an imperative. | ||
| But I believe we need to go further than that. | ||
| Okay, there's seven primaries a day. | ||
| There's one in California. | ||
| Give me 30 seconds on California. | ||
| I'm gonna hold you through the break and Dave Walsh. | ||
| Give me 30 seconds on California. | ||
| Yeah, California. | ||
| Fascinating. | ||
| I am most focused. | ||
| I wrote an article on this on my sub stack on the Central Valley of California, which is nothing culturally like San Francisco or Los Angeles. | ||
| It's a little more like Texas or other Western states. | ||
| It's a place where bad hombres Wear cowboy hats and Latino women drive pickup trucks. | ||
| Majority Hispanic district that was won by Larry Elder, fascinatingly, in the recall election against Gavin Newsom. | ||
| I'm for Giglio in that primary. | ||
| We'll see what happens today in California 13. | ||
| Okay, short break. | ||
| Giglio is going to join us in the second hour. | ||
| California 13. | ||
| There may be a tsunami coming out of California. | ||
| Driven by economics and wokeness. | ||
| All next. | ||
|
unidentified
|
Where? | |
| the war room. | ||
| Conservatives have been helpless to do anything about it until now. | ||
| Join Getter, the social media platform that supports free speech and opposes cancel culture. | ||
| On Getter, you can express your political beliefs without fear of Silicon Valley liberals coming after you. | ||
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| Getter is the fastest growing social media platform in history with millions of users, including prominent conservatives like Mike Pompeo, Steve Cortez, and Steve Bannon. | ||
| Join Getter. | ||
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| I think we're trying to track down Michael and Deb about the machines. | ||
| The machine stuff is blowing up because of the CISA report. | ||
| We're going to have a lot more of that throughout the day. | ||
| Remember, you've got four hours of the War Room. | ||
| It takes that much time to get all the news and information out to this army of volunteers. | ||
| The deplorables are now on the march. | ||
| OK, Dave Walsh, Biden administration, they're lying to you. | ||
| Here's the performative. | ||
| All the stories yesterday is solar panels, Biden administration, you know, Defense Production Act, everything. | ||
| It's what, 1% of what our problem is. | ||
| And I got nothing against solar panels. | ||
| OK, but it's not relevant. | ||
| I don't think so. | ||
| I think I'll take these other polls and say they're worried. | ||
| You know why they're worried? | ||
| percent that list paycheck to paycheck, 60 percent of the American people list paycheck to paycheck, two-thirds of the American people are saying now they can't get to sleep at night, they're worried about their financial condition. | ||
| Although, Dmitry said, oh, they're happy about their financial condition. | ||
| I don't think so. | ||
| I think I'll take these other polls and say they're worried. | ||
| You know why they're worried? | ||
| Just like the folks walking off from Tapachula, Steve Cortez, they're rational human beings and they're going to act rationally. | ||
| We're going to get to California in a second where African-American and Hispanic men are starting to act rationally from the spin and the lies that they've been told for years and years and years. | ||
| But Dave Walsh, give me some more bad news about the feckless, hapless, incompetent Biden regime. | ||
| No, exactly. | ||
| If you want to help the average American, the average working class American, you work on the 88% of the energy supply cost and availability that's the problem, not the 1.3% solar. | ||
| So here, another thing that's going on. | ||
| We're considering now, at the federal level, an imposition of an excess profit tax on oil and gas producers. | ||
| Now, here again, would be an added cost to diminish their motivation to produce. | ||
| What we need are incentives to get them to produce more and the lack of restrictions. | ||
| This is a commodity. | ||
| Oil and gas are global commodities. | ||
| Accepting for the existence of an illegal country-by-country cartel that drives up prices Basically, BP, Shell, Exxon Mobil have no influence over pricing. | ||
| They're price takers. | ||
| Same as Alfie Oaks on corn and celery and other folks on celery. | ||
| Those are commodities. | ||
| You're a price taker in that activity. | ||
| Oil and gas is no different. | ||
| These guys make money half the time. | ||
| They make a lot of money when oil is over 50 bucks a barrel. | ||
| When it's below, they don't recoup their billions and billions of production and research investment. | ||
| It's the nature of free enterprise. | ||
| But they're price takers. | ||
| Punishing them adds to their cost structure, means less production. | ||
| So the UK is moving down this path with a Vox Populi, let's punish oil and gas producers such as BP, making excess profits for the moment. | ||
| A horrible policy that's once again about diminishing supply. | ||
| I'm all for Vox Populi. | ||
| We are Vox Populi. | ||
| However, what I want to do is not have the bad guys in Saudi Arabia and in Venezuela and the mullahs in Persia. | ||
| Okay, that's our problem now. | ||
| We got to get back to making America full-spectrum energy dominant. | ||
| That's where we got to draft Trump. | ||
| We're gonna get something up here in a second. | ||
| I think we got a graphic. | ||
| Cortez, is Dave Walsh right? | ||
| Is this excess profits? | ||
| This is all this madness. | ||
| Look, I'm a populist, right? | ||
| We're economic nationalists, but you're in a jam right now. | ||
| You've got to unleash American productivity, Steve Cortez. | ||
| Well, and to me, in addition, yes, of course, David's right, but in addition to that, these ESG mandates, right, this ridiculous, woke, social justice warrior narrative that is being inflicted upon companies, both by the government, as well as by asset managers, by BlackRock, that has been crushing to a lot of industries, but particularly so to the energy production industry. | ||
| So if we lift those shackles, if we take those harnesses off of this industry, uh... and we unleash american energy again as we did just over a year ago uh... we can quickly get back to a place of def dependable affordable energy in this country and we we need to yesterday that's the reality steve this about what's larry fink all over again He's kowtowing to the Chinese Communist Party. | ||
| Frank Gaffney's going to be on the show, the 6 o'clock show tonight, talk about Larry Fink all over using taxpayer and military personnel to fund the Chinese Communist Party's companies. | ||
| Plus he's got all this, he's the king of ESG. | ||
| He thinks he's the most powerful guy in the world. | ||
| Cortez is right. | ||
| One of the works we're going to get into, line of work, is that we've got to have trust busters start breaking up these $10 trillion asset managers. | ||
| They're way too powerful. | ||
| And as Cortez tells us, price It sure is. | ||
| And by the way, fantastic article in the LA Times of all places. | ||
| I don't say that very often on air that Steve sent to me. | ||
| To the audience out there, by the way, there's a lot of great things about being Steve Bannon's friend. | ||
| One of the problems with being his friend is that he sends me articles to read literally around the clock and he expects that I have read them. | ||
| By the time he talks to me shortly after. | ||
| But this is a great one he sent me. | ||
| And this is a quote from the L.A. | ||
| Times about the mayoral election there, where there is Caruso, who is not our kind of populist nationalist, but he is the conservative in the race running against Bass for mayor of L.A. | ||
| And this is what the L.A. | ||
| Times says. | ||
| Many black men are disillusioned and fed up with the status quo. | ||
| They don't believe another politician can fix anything in Los Angeles. | ||
| So why not give Caruso a shot? | ||
| Interesting. | ||
| The LA Times there sounding a lot like Donald Trump. | ||
| Remember when he said, what do you have to lose? | ||
| Things are so bad in Los Angeles, from a public safety perspective particularly, are so bad that a lot of the residents of that city, and in this case the article of the LA Times, particularly black men, are willing to say, we're not going to vote as we have in the past. | ||
| We're not going to vote as we're expected to vote. | ||
| A vote that has been taken for granted by the liberals and the Democratic Party. | ||
| It appears they're going to vote for Caruso today. | ||
| We'll see what happens in LA. | ||
| Somewhat similar situation. | ||
| Up the coast in San Francisco, where one of the worst prosecutors in America, a Soros-backed, really reckless, liberal, radical prosecutor there, is up for a recall election. | ||
| So this is an interesting primary day in the state of California. | ||
| Steve, I often refer to California as Paradise Lost. | ||
| It's a beautiful land ruined by liberals. | ||
| Steve, give your social media real quick. | ||
| Yeah, find me please on Getter at Steve. | ||
| Very simple. | ||
| And my sub stack is there on California as well. | ||
| And we're going to put up Dave Walsh. | ||
| Dave, thank you very much. | ||
| We're going to get yours up in all the chat rooms. | ||
| Dave Walsh is on. | ||
| Get her! | ||
|
unidentified
|
What? | |
| Dave Walsh energy? | ||
| I follow it. | ||
| You should too. | ||
| Short break. |
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