June 8, 2022 - Bannon's War Room
48:47
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
|
Good morning. | |
| We're looking here at stunning results. | ||
| San Francisco, as you know, had been a center of cutting-edge criminal justice reform thanks to Chesa Boudin, the progressive prosecutor elected here in 2019. | ||
| But now, after a very heavily funded recall and rising crime in this city and cities across the nation, San Francisco voters have tossed him out of office and the nation is watching. | ||
| The progressive reforms that helped elect San Francisco's District Attorney Chase Abudin in 2019 may have caused those same voters to toss him out of office last night. | ||
| People are right to be frustrated. | ||
| There's so much room for improvement. | ||
| People should hold all of us to a higher standard. | ||
| Boudin won office promising to fight inequality in the justice system with alternatives to prison pushing against what he calls mass incarceration. | ||
| The successful recall vote halfway into his four-year term was not a surprise. | ||
| Polls leading up to the election showed voters were driven by the perception of a city in decline. | ||
| Homelessness and drug addiction are rampant and crime is up. | ||
| Homicides and assaults are up 11% so far this year. | ||
| There's been a wave of recent hate crimes and auto thefts touch every neighborhood. | ||
| A lot of progressives are so wed to what they believe in That they won't listen to what actual people are telling them. | ||
| Lifelong liberal Adam Westnick is one of them. | ||
| I was, uh, my god, I've been robbed on Mission Street, I was jumped on 6th Street. | ||
| The owner of this San Francisco sandwich shop says the DA's politics are no match for crime in his city. | ||
| The ideology that's happening now is a little bit dangerous for the residents. | ||
| Boudin says the recall is a political tactic. | ||
| The right-wing billionaires outspent us three to one. | ||
| They exploited an environment in which people are appropriately upset. | ||
| And they created an electoral dynamic where we were literally shadowboxing. | ||
| But for Wesnick, things feel out of control. | ||
| The top cop has failed. | ||
| With this recall, DAs in other cities nationwide are now on alert. | ||
| Now, you guys, we're looking here at a place where, you know, the city has essentially tossed out someone who embodied their ideals. | ||
| And the supporters of Boudin say that rolling back 50 years of tough-on-crime traditions was never going to be easy. | ||
| It was never going to be politically popular. | ||
| But here's the thing. | ||
| When we spoke to voters here, even those who had voted him in on the strength of his progressive policies, Many of them say they now voted to recall him because they simply felt that he was not doing enough to fight crime. | ||
| Plus, as you mentioned, this is a real bellwether for other parts of the country. | ||
| Specifically, if you look at progressive prosecutors in places like Los Angeles and Chicago, both of whom are facing possible recall efforts, you know they have to be watching this very closely. | ||
| You guys? | ||
| Yeah, you know, Jake, it's so fascinating too that he was elected, as you reported, he was elected in 2019. | ||
| You look at stats for, say, New York City in 2017. | ||
| I can't, that was actually an amazing report from NBC News. | ||
| I can't take Morning Joe, I can't take Joe blathering on after that. | ||
| It was actually, cut him off and let's go with the good they had. | ||
| Absolute Tsunami, as we've been talking about. | ||
| A tsunami coming, hitting the Pacific yesterday in San Francisco, in Los Angeles. | ||
| The Republican actually won. | ||
| Of course, it's got to go to a runoff. | ||
| Turnout Democrats, so low, they're in shock. | ||
| Remember, we've been saying Newsom, of course, won in a landslide, but we've been saying in 2024, it's going to be California versus America, Woke versus MAGA, Newsom versus Trump. | ||
| OK, so the predicate was set yesterday. | ||
| Every one of these woke DAs, even the liberals, super liberals in San Francisco said the city's out of control. | ||
| They feared for their lives. | ||
| You know, they might have liked it around the salons and the cocktail party chitchat, but when it came to the lives of their businesses... By the way, that report goes on for another seven minutes. | ||
| It's amazing. | ||
| They talked to individual store owners. | ||
| All these folks are liberals, and they voted to recall him. | ||
| Of course, he's defiant last night and said it's all right-wing billionaires, so they're not going to learn their lesson yet. | ||
| You got Chicago, you have Los Angeles, I think, are available for to be recalled. | ||
| New York City is not. | ||
| I think New York may be the worst. | ||
| We're going to bring in America's mayor, Rudy Giuliani. | ||
| Rudy, I think the way to recall both Adams and Bragg, and I throw in Letitia James, is to elect Andrew Giuliani as the governor of New York. | ||
| You elect Andrew Giuliani, you're going to get the Giulianis, and they're going to come and clean this thing out. | ||
| And give us your thoughts about last night, the chase of Boudin. | ||
| Would you know Rudy better than anybody? | ||
| His parents were domestic terrorists. | ||
| They killed working-class cops. | ||
| They're the worst people. | ||
| They went on the lam after they blew up that townhouse. | ||
| I think it was in Greenwich Village, killing a bunch of people. | ||
| Rudy Giuliani, your thoughts on last night in Baghdad by the Bay, San Francisco? | ||
| Well, I expected it to happen. | ||
| Not just there, but in all the Soros places. | ||
| The thing they failed to mention, and everybody should make this a very, very clear point, this was an orchestrated effort to destroy America. | ||
| It began in 2015. | ||
| George Soros invested over $40 million. | ||
| I mean, he originally elected Gascon in San Francisco, who brought crime all the way up. | ||
| Boudin replaced Gascon, who went to LA, who's now ruining LA. | ||
| So we've got about 30 of these DAs, including one in Manhattan. | ||
| They were put in by millions of dollars being pumped in by George Soros for the very purpose of getting people killed. | ||
| So don't make any mistake about it. | ||
| What a district attorney doesn't do his job correctly. | ||
| People die. | ||
| That because there's so much unfortunate crime that that's Nathan in the country that you can encourage, which is what they did in 2020 when they talk about, you know, guns and gun control and gun control has been the same for the last six years. | ||
| Hasn't changed. | ||
| What changed in the last six years? | ||
| Lack of respect for the police. | ||
| of hundreds and hundreds of times people on television watching people breaking into stores beating the heck out of other people burning killing beating up cops the cops just standing by and watching that's like an advertisement to go commit crime and that's why we have a country that's committing crime now but hang on, here's the beauty of it the criminal justice reform was the prosecutors in the judicial system The defund of police was to basically break the backs of the police. | ||
| And you had Soros in back of it the entire time. | ||
| Soros was smart enough, let's give the devil his due. | ||
| He was smart enough to understand the secretaries of state, the attorney generals in the state, and the DAs control basically, are the guys that control civic life. | ||
| They control the elections and they control how the law is actually enforced. | ||
| They can go after their enemies and actually then allow their own... Remember, they use these thugs To turn on to the deplorables, to make you nervous, to make you want, you know, more control from these guys. | ||
| This is diabolic, it's demonic, and we're taking it apart. | ||
| And you saw yesterday what happened in San Francisco. | ||
| Chesa Boudin is the poster boy for this. | ||
| Think about it. | ||
| He's the offspring. | ||
| Right? | ||
| He's the devil's spawn of two terrorists who went out of their way to kill blue-collar deplorables. | ||
| That's what their target was in the salons in the Upper East Side, right? | ||
| They weren't going after the Lincoln Center. | ||
| Tell about the parents. | ||
| The parents are the two of the demons on Earth, about killing working-class people. | ||
| That's who this devil, he's a spawn of two demons, Rudy Giuliani. | ||
| Well, you're absolutely right. | ||
| He was born of two cop killers. | ||
| And, you know, you can always be different than your parents. | ||
| We see that a lot. | ||
| Unfortunately, this guy is just as bad as they are. | ||
| In a different way, he got many people killed in San Francisco. | ||
| And the reason he's thrown out is, I mean, my predecessor, Ed Koch, had an expression. | ||
| He said, you know how you make a liberal, a conservative mug him? | ||
| Well, actually, the whole city got mugged. | ||
| And I'll tell you one thing, you've got to be a really dumb progressive to vote for people like Boudin, The idiot governors that we have, like Hochul. | ||
| Hochul is talking about gun reform. | ||
| She doesn't enforce the gun laws that we have. | ||
| The guy who committed the murders in Buffalo might as well have taken out a newspaper ad that he was going to murder people. | ||
| He told the police. | ||
| He told the medical officials. | ||
| He told the school officials. | ||
| Under the law in New York, they're supposed to report it. | ||
| So Hochul now is blaming social media. | ||
| We can blame social media for a lot of things, but actually social media alerted us to the fact. | ||
| That this guy wanted to commit murder. | ||
| How do we clean New York? | ||
| Eric Adams is sitting there going that even he said the judicial system and the DA is unacceptable. | ||
| He comes out yesterday and says they're unacceptable. | ||
| DA hasn't responded. | ||
| How do you clean that up? | ||
| Is it going to take a Giuliani being governor to clean up New York City? | ||
|
unidentified
|
100%. | |
| I mean, it's hard for me to say it, but that's about the only way it's going to get done. | ||
| You got to put someone like Andrew Giuliani in who understands law enforcement, understands the law, ...understands the Constitution. | ||
| The governor right now is violating the Constitution by not removing Bragg. | ||
| The Constitution of the State of New York, Article 8, Section 13, says that any district attorney who shall fail to faithfully prosecute should be removed by the governor. | ||
| The governor then takes an oath to faithfully execute the Constitution. | ||
| I'm reading it to you. | ||
| Andrew Giuliani will enforce the Constitution of the United States. | ||
| Of course, everybody, the left wing will attack him for this, that, and the other thing, because the left wing doesn't believe in the Constitution anymore. | ||
| But Bragg should have been removed. | ||
| The minute he wrote that letter, he should have been taken out. | ||
| The minute he wrote that letter saying, I'm not going to prosecute resisting arrest and armed robbery, the governor should have said, you just violated your oath of office. | ||
| You just took, you're out. | ||
|
unidentified
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Gone. | |
| We don't want you. | ||
| I'm not going to change your mind about something like that. | ||
| What kind of idiot says I'm not going to prosecute resisting arrest? | ||
| You'll get every cop in the city beaten up. | ||
| The guy should have been removed. | ||
| Not one of the gubernatorial candidates, I believe, including the rhino we have running on our side. | ||
| Come on, there's no way they're going to do that. | ||
| Plus, they'll put $5 billion in right away to refund the police. | ||
| We're not going to raise the budget. | ||
| We're going to take it out of the money they're wasting. | ||
| And $5 billion will be available. | ||
| Rochester, New York, Black Lives Matter basically took over Rochester, New York, and they used it as an experiment for reinventing the police, just like they did in San Francisco. | ||
| You know, last year, Rochester had more murders than ever in its history. | ||
| And little Rochester was sixth in the country of a homicide because of Okay, we're starting a crusade here in the War Room. | ||
| Democratic Party spouses and that a lot of brainwashed Democrats voted for them. | ||
| Hopefully this is unbrainwashed. | ||
| Okay, we're starting a crusade here in the war room. | ||
| All Soros-backed DAs must be removed. | ||
| We got the one in San Francisco. | ||
| They must be removed. | ||
| They've caused chaos and anarchy, and it's the working class minority community that's bearing the brunt of this. | ||
| It's not acceptable. | ||
| This is another way they'll vote for us. | ||
| We'll get 80% of the vote this time and throw all these bums out. | ||
| Rudy, what's your travel schedule? | ||
| I know you're campaigning with Andrew. | ||
| What's your social media? | ||
| How do they get to the radio show? | ||
| How do they get to you? | ||
| You can get to me at rudyscommonsense.com. | ||
| You can get me on wabcradio.com, three to four. | ||
| And then this weekend, we're going to be spending time in Nassau, Suffolk, and Staten Island. | ||
| A lot of time in Staten Island. | ||
| There are a lot of things going on there. | ||
| And then next weekend, next week upstate. | ||
| So we've got a pretty heavy travel schedule. | ||
| You're particularly loved in Staten Island. | ||
| You're like St. | ||
| Rudy over there. | ||
| It's amazing. | ||
| I love it. | ||
|
unidentified
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It's a mutual love affair. | |
| Rudy, I love you, brother. | ||
| Keep grounded. | ||
| Thank you for coming on today. | ||
| Thank God. | ||
| Can't wait till you clean up New York City. | ||
| Thank you, sir. | ||
| Dave Brat. | ||
| Soros. | ||
| Walk me through Soros. | ||
| Ladies and gentlemen, a tsunami. | ||
| And Captain Bannon's got it up on Getter right now, collecting all the headlines from Drudge, all the Daily Mail. | ||
| From New York Post everywhere. | ||
| New York Post sent a message to to brag into Eric Adams with the huge thing about San Francisco. | ||
| The super liberals in San Francisco recalled the most radical DA, but he's he's the most radical, but the other ones are right around him. | ||
| LA, Chicago, New York, these are all source-based. | ||
| They're also at local levels like in St. | ||
| Louis. | ||
| They have tried to destroy this country day bread. | ||
|
unidentified
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You know, Soros is interesting because, as you say, you've got to give the devil his due. | |
| He is a brilliant man, right? | ||
| He was back on Karl Popper and very sophisticated philosophy way back when on the Open Society, which sounds attractive, but then you see what he does, and he's buddies with the CCP in China, etc., short of the silver market in England, made all his money, right? | ||
| So he's totally self-centered. | ||
| And opportunistic, and the real giveaway right now is he's taking over these Attorney General slots and pay-to-play and all this, but all of a sudden, him and Davos and Klaus Schwab, etc., all of a sudden they're doing about-face on China, because they realize the oligarch class is not going to be able to control China. | ||
| China's its own entity, and they're more powerful than the oligarch class in their own turf at least. | ||
| I actually think that's all a head fake. | ||
| I think it's a head fake. | ||
| Because they want the China model. | ||
| I think it's a head fake. | ||
| That's what they're going for. | ||
| I think they're a head fake. | ||
| I think they're giving talk. | ||
| Because remember, sources people monitor the show very closely. | ||
| They're always nervous. | ||
| They run right away to the media. | ||
| You saw it in the Atlantic piece on American Rasputin. | ||
| Oh, the audience is so anti-Semitic. | ||
| We're the most pro-Judeo-Christian show out there. | ||
| We're anti-demons like Soros. | ||
| By the way, Ray Daly, all the guys, they're all demons. | ||
| I don't care if they're Catholics, Protestants, you know, Zoroastrians, or Jews, or Christians, Evangelical Christians. | ||
|
unidentified
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If you're against... They may have turned Xi Jinping back their way now, too, right? | |
| Xi Jinping was going full-on Marxist-Confucius, and now he's not anymore. | ||
| Yeah, the rich guys may win. | ||
| Brad's here with me the entire two hours. | ||
| We've got Julie Kay. | ||
| This show is packed! | ||
| We're going to give you the counter-programming for tomorrow. | ||
| Also, going to Mississippi next. | ||
| An upset down in Mississippi. | ||
| You're going to want to meet the guy that pulled it off next in the War Room. | ||
|
unidentified
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War Room. | |
| Pandemic. | ||
| With Stephen K. Bannum. | ||
|
unidentified
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The epidemic is a demon and we cannot let this demon hide. | |
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| OK. | ||
| Promo code War Room. | ||
| MyPillow.com. | ||
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unidentified
|
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| Also, you've got the biblical pillow and blanket for the children, grandchildren or hey, maybe yourself in a pinch. | ||
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| Okay, we're going to bring on an Irish Irish-descent naval officer from VPI, Virginia Tech. | ||
| Oh, that's Michael Cassidy in Mississippi. | ||
| Dude, even in California, where it had these massive, upset tsunami, political earthquake, yours might be the most interesting race of all last night, kind of a come-from-behind, out of nowhere, How did you do this, Cassidy? | ||
| Tell us about Mississippi, tell us about the district, and tell us how you pulled this thing off. | ||
| the need of the subject, the heart of the matter, always votes against them and kind of a do-nothing. | ||
| How did you do this, Cassidy? Tell us about Mississippi, tell us about the district, and tell us how you pulled this thing off. I tell you, even MSNBC and CNN had your picture up there all night saying this is a kind of came out of nowhere. Yeah, so thanks for having me on. | ||
|
unidentified
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We were able to do this because the district, the base of the Republican Party here, is very conservative. | |
| It is extremely conservative, and for too long it's had representation that at the federal level, and even at the state level, that really doesn't reflect the values of the base. | ||
| And so all I really had to do was tell people about Mr. Guest Record, tell them about the things that I wanted to do, tell them a little bit about my background, and people were extremely receptive. | ||
| If we had had another few months, we would have walked away with this, with a lot more votes. | ||
| We wouldn't even be in a runoff. | ||
| The fact that you mentioned that Mr. Guest voted for the January 6th Commission, when people found out about that, they were furious if they didn't know about it already. | ||
| And so it was somewhat easy pickings once you tell people about your congressman's record. | ||
| Most of us in America, we think that 80-90% of Congress should be thrown out, and that includes a lot of our current representation in the 3rd District, that includes Michael Guest. | ||
| When he said a lot of people didn't know about his vote for the 6th January, he did not go back to the district and actually make presentations and do town halls and kind of tell people, hey, even beforehand, I'm thinking about doing this, give me some feedback, or afterwards say, hey, here's why I did it, and in the run-up say, this is what's interesting, this is what we're going to find out, this is why I did it. | ||
| He failed to do that? | ||
|
unidentified
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No, unless he was actually being called out on it by me, he wouldn't talk about it at all. | |
| I talked to plenty of people that would email him, people who supported him in 2020, and they said, why are you doing this? | ||
| And he wouldn't answer. | ||
| The couple times that he would have a response, he says that, falsely, that it was a bipartisan, January 6th Commission was a bipartisan thing. | ||
| And well, it's bipartisan with Democrats and RINOs. | ||
| And that's not the kind of bipartisanship that we need. | ||
| But that's the kind of bipartisanship he had. | ||
| In that January 6th Commission bill, it called 19 times, 19 times it said the events of January 6th were a domestic terror attack. | ||
| And that's not bipartisan. | ||
| That is just the capstone of the Democrats' witch hunt against the right and against President Trump. | ||
| And Mr. Guest, he voted for it. | ||
| He continues to defend that vote to this day. | ||
| I mentioned it on a radio show a couple days ago that if he had only come back and said, you know, I messed up. | ||
| I should not have voted for it. | ||
| I've made a mistake. | ||
| People may have forgiven him, but he hasn't done that. | ||
| He hasn't said anything about the political prisoners being held who were up on the Capitol that day. | ||
| People held without due process rights. | ||
| And it's just something that we, the people in Mississippi, saw that and they've made their voices heard. | ||
| Tell us a little bit about yourselves. | ||
| You're introducing yourself now to the world of MAGA. | ||
| Tell us about yourself. | ||
|
unidentified
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Well, I grew up in Virginia, went to Virginia Tech. | |
| I was in Arlington, Virginia, actually, during September 11th. | ||
| And that's a big part, I mean, it is the reason why I ended up joining the Navy. | ||
| Some people would call it subjective, but I think it's objective that the coolest thing that you could do in the military would be to fly jets for the Navy, fly F-18s off of aircraft carriers, and that's what I tried to do, and I was fortunate enough to be able to do that. | ||
| So I did that for a few years, got stationed in Virginia Beach, and then I came to Mississippi in 2016. | ||
| And as an instructor pilot, I got off active duty about a year and a half ago, but I stuck around. | ||
| I like it down here in Mississippi. | ||
| And I ended up running because I'm just fed up with how things are in D.C. | ||
| Like so many of the people listening to this, like so many Americans in general, both on the left and the right, we're just fed up with D.C. | ||
| and fed up with leaders that will talk a big game, but then they just end up being part of the swamp. | ||
| So that's who I am. | ||
| I gotta tell you, Top Gun comes to Mississippi and had, I think, the biggest upset last night. | ||
| Michael Cassidy, when is the runoff, sir? | ||
| What do people gotta get focused on? | ||
|
unidentified
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So it's going to be June 28th, so that's three weeks from yesterday, and it's going to be, man, it's going to be a fight. | |
| We've been working hard the last few weeks, getting the message out as best we can, but what we really need, what we need more than anything, is we're going to need financial support from people listening to the show, from other people that we talk to, that Mr. Guest and the establishment, they've woken up. | ||
| They've woken up to the fact that we're fighting for this, and that the base is angry, and the base is angry enough to Vote him out. | ||
| So they're going to be coming with all their guns, but we've got the support of the people, but unfortunately we just need more capital to continue to get the message out, pay for signs, pay for radio and TV, and make sure that Guess doesn't own the airwaves for the next three weeks. | ||
| How do people get to you? | ||
| How do they get to the campaign? | ||
|
unidentified
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So, you can donate at VoteCassidy.com. | |
| I've also got a Twitter with the same account, and then Michael Cassidy for Congress is my Facebook. | ||
| Carrier-called Navy fighter pilots are usually pretty stable hands. | ||
| I don't think they're going to be able to rattle you down. | ||
| I don't care how much the establishment comes to UCAS today. | ||
| I think you guys are, it says the service warfare officer did plane guard enough of the carriers. | ||
|
unidentified
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I can tell you, these guys are pretty, they're pretty cool hands. | |
| Hey brother, it was fantastic. | ||
| Couldn't be prouder of you. | ||
| Thank you so much. | ||
|
unidentified
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Thanks Steve, appreciate it. | |
| Give Michael Cassidy a look. | ||
| Check out the website. | ||
| See if you like the cut of his jib. | ||
| And if you do, hit it with something. | ||
| Before he came on, we had a little talk, Brad. | ||
| He's saying, hey, I'm shocked this guy really doesn't do anything. | ||
| That's the problem, isn't it? | ||
| You got so many of these guys are stiffs. | ||
| They get up here and here's what happens. | ||
| They get sucked into the cocktail party circuit. | ||
| Everybody telling them, you know this. | ||
| And then the media, if you stand for something, the media starts to call you from the herd and comes in It comes, I mean, Atlantic Magazine, which is, you know, that's one of the drop in the heavy artillery on you, right? | ||
| But they start coming hard. | ||
|
unidentified
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Yeah, in Virginia, we had this thing called Blue Virginia. | |
| Every state's got the same. | ||
| And they'll drop just absurd stories on you. | ||
| Just, you know, radical leftist stuff. | ||
| But then, because it's printed, the Atlantic and the Washington Post and then your regional paper, and as a Republican, you got nothing. | ||
| I'm a sitting U.S. | ||
| Congressman, right, without a megaphone to speak. | ||
| So he said the finances, unfortunately, are important. | ||
| So support the good folks like Cassidy there that are in the fight and going to do the right thing. | ||
| Okay, let's talk about, we always have Brett here every week, and we talk about the economy, and we talk about, I want to talk about, you went to an event last night, and this event was the great Steve Forbes, he's got a new book out, but I want to make sure, we've got a couple minutes here, set it up because we've got other stuff to come back to on this, but you still have a fundamental difference of opinion, and I want to make sure everybody understands this. | ||
| You're a Milton Friedman guy, a monetarist, right? | ||
| That says, hey, this is all about, we've printed too much money. | ||
| We've printed too much money until we get over that crack habit. | ||
| All this other happy talk about everything else, that's manifested because you put in too much money, and now it's going into commodities. | ||
| The money's not going into currencies now, it's going into commodities, and that's where you see the explosion in commodities. | ||
| That's basically the theory of your case. | ||
|
unidentified
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Yeah, and Steve Forbes has been around. | |
| He's a brilliant guy. | ||
| Just a great guy. | ||
| But he opens the door, like modern economics does, to relative supply and demand, right? | ||
| On energy and agriculture and all this kind of stuff. | ||
| Baby formula. | ||
| There are supply shocks. | ||
| They're real. | ||
| And the prices there are going up. | ||
| And no one disputes that, right? | ||
| So, some people are phrasing this that there's two causes of inflation. | ||
| Monetary printing too much money. | ||
| And relative supply and demand. | ||
| I don't buy that. | ||
| I think it's dangerous because I think it gives the left the narrative. | ||
| Once you open the door to everything under the sun causing inflation, right, like, you know, Putin and the war. | ||
| I mean, it's just not. | ||
| And if you buy electric cars, that'll help inflation. | ||
| No. | ||
| All of that is true, but it's accommodated by printing too much money, right? | ||
| So you've got too much money chasing too few goods. | ||
| And so just, I don't know if the audience, but here's the simplest way. | ||
| If you have a limited amount of money, right? | ||
| It's just a flat amount of money. | ||
| If the price of oil goes up and you don't print any more money, the price of everything else has to go down. | ||
| Right? | ||
| So you don't get to raise, inflation is not about oil prices going up, it's about the entire price level for the entire economy going up. | ||
| That's the key. | ||
| People get confused on this, that there's inflation like in baby food. | ||
| No, that's not the right terminology. | ||
| The price of baby food is going up, that's true, but that's not inflation. | ||
| Right? | ||
| That's one good, and the price is going up, because there's screw-ups. | ||
| And the more you want government running your life, the more screw-ups you're going to have. | ||
| Inflation is where all prices go up, If you want to stop that, don't print the money, and the Fed was on full display this week showing deer in the headlights, confusion, and irrationality like I've never seen. | ||
| This is where we're going to come back, because this is a signal, not noise. | ||
| You've got a Fed that's giving conflicting signals, and they're starting to want to do one of these Greenspan puts. | ||
| You can tell that. | ||
| The other thing is Yellen. | ||
| She's got to go. | ||
|
unidentified
|
Yep. | |
| You can't have, and it's not ageism, but you can't have somebody like a grandmother sitting there and just spurting out, oh I missed this. | ||
| In her book she says, oh no, I told them not to do it. | ||
| Her testimony is, we're in very tough straits. | ||
|
unidentified
|
Yep, and Forbes last night. | |
| Hang on a second, I've only got, hold that, we're going to bring it back. | ||
| Yellen's got to go. | ||
| Powell, I think got to give him the hook too, but they've got to re-staff this with people actually know what they're doing because we're in a crisis. | ||
| short commercial break be back in a moment The markets opened uh just a little while ago down after two straight days of gains and we're watching some other economic warning signs The World Bank says the global economy's odds of avoiding a recession are getting lower. | ||
| And a key Fed GDP tracker now shows the U.S. | ||
| economy could be on the brink of a recession. | ||
| That comes as gas prices keep soaring, approaching $5 a gallon nationally. | ||
| That hurts Americans. | ||
| And 16 states now seeing average prices above that mark. | ||
| Let's bring in the co-host of CBC's Squawk Box, Andrew Ross Sorkin. | ||
| Andrew, it's great to have you with us. | ||
| Jonathan O'Meara is in New York and has the first question. | ||
| Jonathan. | ||
| Andrew, everything is bad. | ||
| We heard from Treasury Secretary Janet Yellen this week acknowledging that they quote got it wrong in terms of their response to inflation. | ||
| Noteworthy admission from the administration. | ||
| I should point out White House aides kind of try to clean it up afterwards and try to take back a little bit of what she said. | ||
| But the point being here is they feel like there had been perhaps injected so much money, federal spending money into the economy that had a role in rising inflation. | ||
| And now we're seeing this dire forecast from the World Bank. | ||
| Give us your assessment as to what happened. | ||
| Well look, she said it. | ||
| They were wrong. | ||
| They injected too much money. | ||
| The government injected too much money into the system. | ||
| That has been one element of the reason we have the inflation we're seeing. | ||
| Having said that, perhaps in the defense of the administration or in the defense of understanding where we are today, I think in large part, and she said it during her testimony as well, the Federal Reserve, if you were to prioritize a list of how we got here, if you will, it really was the role of the Fed that also missed it, and missed it in a much bigger way. | ||
| Having said that, we are here, and the question is, where do we go from here? | ||
| Most analysts now are suggesting it's going to get worse, and as Joe pointed out, the gas prices are the singular issue, I think. | ||
| Okay, okay, okay, I can't take any more psychobabble. | ||
| gas and food is what's going to make people feel it, but this summer it's going to get even tougher. I think most analysts are expecting gas to get up to about $6, and that's money that's obviously taken out of all the other spending. And by the way, there couldn't be come a price. | ||
| Okay, okay, okay, okay. I can't take any more psychobabble. | ||
| We've been telling you, and the convergence of the, and this is their ideology on the green, you know, the Greta Thunberg as their energies are, they've got oil, gas, and now electricity. | ||
| This is going to be a long, hot summer. | ||
| Natural gas is exploding. | ||
| You're going to be cutting off air. | ||
| Old folks are going to die because of this, because of the Biden administration. | ||
| But I want to go back, and that's why Brother Bratt, economist, runs a business school down at Liberty, was a former economist, taught economics over at Randolph-Macon before he had the biggest First time in the history of the Republic, a sitting majority leader had been defeated in a primary. | ||
| In the entire history of this Republic. | ||
| And he kicked off his campaign right upstairs when Ron Maxwell brought him. | ||
| I said, no, no, no. | ||
| We're not going to beat Cantor with some nice looking guy. | ||
| Some guy looks like a movie star from Randolph-Macon. | ||
| That's not going to work. | ||
| And boy, did he do it. | ||
| I want to go back to Andrew R. Sorkin of the New York Times. | ||
| They kind of throw it out. | ||
| Yeah, you know, she gave testimony yesterday, and she's given this thing to CNN. | ||
| She's Amaya Cooper, right? | ||
| We missed it. | ||
| And, you know, the 1.9, remember, this is the 1.9 American recovery, which we're already going to show you shouldn't do, and the collaboration of Republican Mitch McConnell, this is right at his doorstep. | ||
| Then they had the infrastructure thing. | ||
| You shouldn't have done that at the time either, because that's all not real infrastructure. | ||
| That's just all pay-to-play stuff. | ||
| Then the Fed. | ||
| We've been talking about the nitrate and the balance sheet. | ||
| Here's my point. | ||
| These are not small on the margin misses. | ||
| These are the biggest misses in American economic and financial history. | ||
| We are now in a jam. | ||
| The World Bank said we're in a jam. | ||
| Folks, even with Trump coming, us taking over this November, Trump coming back, please understand this is 10 years of carnage in front of you. | ||
| What they have done This illegitimate regime in under two years, 18 months, has put this country in such a jam. | ||
| And here's the thing, you nailed it and I want you to talk about it. | ||
| Powell is up there right now, trust me, they're over there figuring out how do we not bump interest rates and how do we stop, don't do quantitative tightening because the economy's going to, the bottom's going to blow out. | ||
| All the Democrats are going to lose 100 seats. | ||
| Biden's gone forever. | ||
| He's going to get impeached. | ||
| All this is going to happen. | ||
| We've got to stop it. | ||
| And they're up here right now on a budget talking about another $1.5 trillion deficit unpaid for budget. | ||
| And they're talking about the defense bill. | ||
| These big shot Republicans who gave you $40 billion to Ukraine are up there talking about having a trillion dollar defense bill. | ||
| Dave Brat. | ||
|
unidentified
|
Yeah, and the war funding is just the beginning. | |
| Right now it's an endless pit, because we're invested. | ||
| And tell the American people to speak up. | ||
| Okay, hold it. | ||
| See how good Brad is? | ||
| Look at the cover of the Financial Times today. | ||
| He's back begging for more money, and he's going to be begging. | ||
| The $40 billion just got there, and he's back going to hit you up for another $10 or $20 billion, constantly. | ||
| This is like Afghanistan. | ||
| This is how you spend $9 trillion in Afghanistan and Iraq, and you never get any accomplishments. | ||
| Look at that, Brad. | ||
| That's a permanent war party right there. | ||
|
unidentified
|
It's permanent. | |
| And our elites, right now, everyone says, you know, the trendy, politically correct thing, I'm with Ukraine, I love Ukraine. | ||
| So do I, right? | ||
| Judeo-Christian, great people. | ||
| But they're missing the point. | ||
| We led them down the primrose path, as you say, right? | ||
| John Mearsheimer. | ||
| Everybody go out and Google him. | ||
| He laid out the case back with Crimea back in 2014, and it's all sitting there. | ||
| Don't mess around with the Euro folks and the NATO folks, and we started hinting to Ukraine that, hey, we might have your back. | ||
| We may have your back a little bit. | ||
| Anyway, getting to inflation, I try not to get political because I don't want it to be political. | ||
| Milton Friedman's had it right, you know, before the politics got hot. | ||
| Inflation is always, always, and everywhere, a monetary phenomenon. | ||
| You print too much money, you get inflation. | ||
| Period. | ||
| Right? | ||
| But it gets political when you have a, this was an intentional put, right? | ||
| The Greenspan put, the Bernanke put, the Greenspan put, For the folks who don't know what I'm saying, the put just means, at the last minute, the Fed will come and bail out Wall Street, if needed. | ||
| Right? | ||
| That's what it means. | ||
| You'll do connotations, you'll force cash into the system, or you'll take the rates back to zero. | ||
| It makes it easier for these traders. | ||
|
unidentified
|
For the big guys. | |
| But it happened in 2008, and it brings up this concept of moral hazard. | ||
| What would that be, Dave Brat? | ||
|
unidentified
|
Yeah, so the moral hazard is you got, now you got the, it used to be a real estate bubble, now it's called the everything bubble. | |
| Every asset class is up, right? | ||
| Stocks, all bonds, all real estate, everything. | ||
| And the Fed is quite aware that if that thing pops and all sorkin, everything's bad, what that sentence means, they know. | ||
| If it pops, it pops. | ||
| So don't want to get political, but the political point is if you keep reappointing the people who just do huge intentional misses on purpose, Then it's political, and that just happened a few weeks ago, right? | ||
| The chair of the Fed just got reappointed. | ||
| And just so you know, folks at home may not know how academia works. | ||
| I've been privileged to be part of the Marxist-Socialist class for 30 years, and so I'm pretty well acquainted. | ||
| Departments hire their faculty, right? | ||
| The guy with the research project that gets into the top journal, American Economic Review, hands over the reins to the junior guy, or gal, and they get to be in the AER. | ||
| And that's the way it works. | ||
| And the department hires internally, not the dean, not the president, and they have tenure, and if you mess with the faculty, they'll take your head off, if you're the president, right? | ||
| Like Larry Summers, for example. | ||
| So that's good, and then that points to a deeper problem. | ||
| All the money... Hold on, how does that relate to this situation? | ||
| You're saying Powell hires the other guys at the Fed? | ||
|
unidentified
|
All the elites, the Harvard, Yale, Princeton, MIT, and by the way, Yellen's husband is Akerlof, a serious economist, MIT, Yale background. | |
| Serious guy. | ||
| I wish his wife was more serious. | ||
| No nepotism there. | ||
| Nothing to see there. | ||
| So this gets to the broader problem at the Fed. | ||
| They have floors and floors of Ph.D. | ||
| guys getting paid $200,000 each for four floors and they're dealing with pronouns and multi-colored flags and all this stuff instead of focusing on the inflation. | ||
| So what does this have to do? | ||
| Go Google Peter Thiel. | ||
| Peter Thiel is brilliant and succinct. | ||
| On his analysis of productivity. | ||
| Why is it that we're funding all this research dollars and productivity doesn't show up anywhere in the statistics in the U.S. | ||
| economy? | ||
| Because from medicine to Fauci to the Fed to economics, the research isn't producing anything that's productive. | ||
| It's not helping us make stuff. | ||
| It's not helping small business. | ||
| It's not helping productivity. | ||
| It's not showing up in the economy. | ||
| And last time on your show, I had Robert Gordon from Northwestern. | ||
| If you really want to get into the weeds on this total factor productivity, no one knows what it is. | ||
| That's a problem for the American people because that's the only thing that causes long-run economic growth. | ||
| And I did my PhD in economic growth, so I'm not just making this stuff up. | ||
| Capital is the driver of growth, right? | ||
| But it's diminishing returns. | ||
| So you got a curve that goes like this, right? | ||
| You grow and then it kind of levels out. | ||
| Total factor productivity raises that whole curve up like this. | ||
| That's how we got rich. | ||
| I want you to go back to a second because it's becoming evident to the American people. | ||
| You say the carcass of the American economy is dead. | ||
| And all they're doing is infusing this carcass with more blood, that blood being currency. | ||
| And that's why they've got to keep going because if they were forced to stop, the whole system would come down. | ||
| Is that your theory of the case? | ||
|
unidentified
|
That's the case. | |
| The real economy, not this financialization, Wall Street, stocks. | ||
| Yeah, that all affects your retirement. | ||
| Sorry about that. | ||
| That's a disaster. | ||
| But it's worse than that, because the next decade or two decades, the real economy is driven by capital, human capital. | ||
| No one wants to talk about it. | ||
| It's not sexy. | ||
| It's not cool. | ||
| What your kids are studying in school. | ||
| The Chinese and the Indians have no problem sticking the kids in engineering, science, whatever. | ||
| Math. | ||
| Math. | ||
|
unidentified
|
Dominant, and they're highly intelligent. | |
| In our culture right now, we're doing all this social nonsense, and we got decades to pay because we're misaligning human capital, which is one third of economic growth. | ||
| And so you're going to see for the next, I think it's 20 to 30 years, and politics and economics are downstream from culture. | ||
| And we're losing the culture war. | ||
| We're toast, right? | ||
| The conservatives don't know how to message. | ||
| Our leadership in D.C. | ||
| is terrible. | ||
| They don't message. | ||
| Well, out in the Hustings, they're winning. | ||
| I mean, we're winning the school boards. | ||
| We're winning all this money. | ||
|
unidentified
|
Thank God. | |
| That's where we're winning. | ||
| You're not going to win here because they're going to blink. | ||
|
unidentified
|
Right. | |
| Give us a thing. | ||
| This is what I want American people to understand. | ||
| We've got a tough fight ahead of us. | ||
| There's no magic wand. | ||
| To wave here, right? | ||
| Because in stopping the crack, the money crack, you're going to have withdrawals, right? | ||
| But this summer you're going to see it. | ||
| Here's what you're going to see. | ||
| Natural gas and these things, because they're not even touching the basics of how to get your hands around it. | ||
| One, stop printing the money, but two, is the energy crisis, right? | ||
| Because they're so tied up in the ideology. | ||
| They spent two days up here and the news stories all over We're about him using the defense production on the solar chips. | ||
| That's 0.9%, I think, of total energy output, or 1%. | ||
| It's not relevant in the situation we have today. | ||
| We're correct? | ||
| And so they're shuffling the chairs on the Titanic, and they're not addressing any core issues. | ||
| That's why this summer it's just going to explode and explode more. | ||
| But here's the good news. | ||
| People, you see in the polling, 83% of the people in the Wall Street Journal poll think the economy's bad to terrible. | ||
| They've never had numbers like this. | ||
|
unidentified
|
Yeah, and keep your eye on the labor market. | |
| It's been tight, which is kind of good news. | ||
| The unemployment rate is low, but that puppy, that's the real economy, right? | ||
| And you're gonna see, hold on to your job, hold on to your benefits, hold on to your seat, because that is coming to a theater near you. | ||
| That's because you're seeing already the slowdown. | ||
|
unidentified
|
Right, the slowdown's coming. | |
| Also, the reason this policy is that this, the Atlanta Fed has put out numbers kind of jumping to the end of this quarter and for the first half of the year. | ||
| I think you're going to see for the first half of the year, because we went down 1.3 in the GDP in the first quarter. | ||
|
unidentified
|
Globally also, right? | |
| And I think you're going to see, well globally, but I'm going to give you some guys who are not. | ||
| Right now, you're going to see, for the first half of the year, slightly down. | ||
| That means the country really is beginning a recession. | ||
| But, Saudi Arabia up 9.9%, Russia going through the roof, the mullahs in Persia, the economy going through the roof, and in Venezuela. | ||
| Why? | ||
| Every bad actor in the world that has oil and gas and is pumping, we're making filthy rich on your money. | ||
| You're going broke because of the illegitimate regime of Biden and what they've done to reverse Trump policies. | ||
| And just don't think, that's why we've got to get them out now. | ||
| And when I say get them out now, I mean impeach a lot of them and freeze them in place. | ||
| Freeze them in place so they can't do any more damage. | ||
| These guys are so out of control they must be frozen in place. | ||
| The only thing to do is take the house over, immediate impeachment hearings on the southern border and a whole raft of other things. | ||
| I actually think you'd throw the economy in there, right? | ||
| Maybe that's just, I don't know, is it a high crime or a misdemeanor of being incompetent? | ||
| Okay, back in a moment in the worm. | ||
|
unidentified
|
When there's no more, let's take down the T.T.D. | |
| They have all our tech. | ||
| Tech monitors us, censors us, de-platforms us. | ||
| Conservatives have been helpless to do anything about it, until now. | ||
| Join Getter, the social media platform that supports free speech and opposes cancel culture. | ||
| On Getter, you can express your political beliefs without fear of Silicon Valley liberals coming after you. | ||
| Getter is led by former Trump advisor and War Room co-host Jason Miller, who saw what big tech did to President Trump and decided to fight back. | ||
| Getter is the fastest growing social media platform in history with millions of users, including prominent conservatives like Mike Pompeo, Steve Cortez, and Steve Bannon. | ||
| Join Getter. | ||
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| Join Getter. | ||
| It's time to cancel, cancel culture. | ||
| Caruso and Karen Bass in that general election for mayor of Los Angeles to be settled in November certainly looks like it's headed in that direction in California the headline of the night though comes out of that recall election in San Francisco the district attorney Chesa Boudin he's been recalled. He's been recalled by a lopsided margin He will leave office his successor will be appointed by the mayor of San Francisco. That's a Democrat London Breed She will make that pick. What are we waiting on? | ||
| A stunning, stunning tsunami on the West Coast. | ||
| Now people start, these are liberals, progressives that said we can't do this anymore, right? | ||
| And our crusade here is to get rid of all these source-backed DAs that are trying to destroy this country, okay? | ||
| They're trying to destroy this country. | ||
| That's, hey, we're saying it, and we're backing it up, and I tell you, these guys have got to go. | ||
| They're going to go by recall petitions, we're going to vote them out of office, people are going to start protesting. | ||
| What they've allowed to have happen in this country is terrible. | ||
| Mo Bannon, you're a Californian via Brooklyn. | ||
| Tell me your thoughts on what happened last night. | ||
| I think it's great that this recall has occurred. | ||
| However, I think that Chesa Bowden is so far off the mark. | ||
| He honestly believes this is a Republican police union-led playbook to undermine and attack the progressive prosecutors who have been winning elections across the country. | ||
| No, this is because crime is on Uh, an increase in San Francisco and the citizens of San Francisco are fed up with it. | ||
| The citizens of California are fed up with it across the entire state. | ||
| Um, and I just want to point out that it was a low turnout for this recall. | ||
| Roughly 118,000 people casted ballots for the recall, but of that 118,000, 70,730 voted for a recall. | ||
| Yeah, it's two-thirds. | ||
| I mean, it was blown. | ||
| It was a low turnout throughout the state. | ||
| Democrats are in shock out in California, Brad, because they didn't turn out anywhere. | ||
| They had a Republican lead. | ||
| Now, look, he used to be a Democrat, but he's still left in crazy L.A. | ||
| He looks like he's MAGA, right? | ||
| So you've got a guy there that led. | ||
| But throughout the state, they're freaked out because there's no enthusiasm. | ||
| Democrats, you see the places are lawless. | ||
| The energy prices are going to explode. | ||
| As we've talked here, the prices are only going to get worse. | ||
| Mo, hang in there. | ||
| I want you around for the second hour. | ||
| We're going to get Julie Kelly in here to talk about Julie Kelly. | ||
| The great Julie Kelly is going to join us for the whole hour with Brad, myself, Mo, Harnwell, others to talk about By the way, I think we got Jeff Shepard, too, to talk about what the real alignment is between the federal court, the DOJ, and these committees, just like in Watergate. | ||
| But I want to go to Ben Harnwell. | ||
| Ben, the Financial Times of London, you know, they always follow us by months about what reality is, but then they just kind of make stuff up, and they're such a powerful paper. | ||
| I want to make sure everybody understands that they're trying to sell now. | ||
| Some columnists are trying to sell that. | ||
| The support for Ukraine is driven by the populist movement in these different... I mean, walk me through this thing. | ||
| This is just an outright... This is not a myth. | ||
| I think this is actually a lie. | ||
| They're trying to spin this like the populists are really backing Zelensky and these guys. | ||
| You're absolutely right Steve, good morning. | ||
| So look, you know you're at an inflection point with the public's tolerance of Ukraine, when the mainstream media is running a headline suggesting that the war in Ukraine was all down due to Tamagot. | ||
| Let's have a look at the headline itself, right, because this tells you everything you need to know. | ||
| It says, the bright side of Anglo-American populism It's belligerence and jingoism led it to the right position on Ukraine and I'm sorry to say I don't look I have some sympathy for the war room posse here because the rest of the article is as bad as the headline but we're going to break it down. | ||
| What they're doing here is really important and we're going to unpack it now. | ||
| I've got two of the choicest excerpts of this and let's go straight to the first one. | ||
| For his quick and lavish support, British Prime Minister Boris Johnson is better liked in Ukraine than at home. | ||
| Republicans have scolded President Joe Biden for not raising sanctions on Russia earlier. | ||
| That's not an accident. | ||
| They're pretending, the FDA is pretending it can't tell the difference between the populist nationalism of MAGA and the establishment that we loathe more than our own political opponents. | ||
| And the reason why they're doing this will become apparent. | ||
| Let's go to the second excerpt I've chosen because here the only actual populists in the United States are both named. | ||
| Young and ambitious Josh Hawley is among the Republican senators to oppose the astronomical aid to Ukraine. | ||
| Trump himself wonders about its wisdom while Americans are paying high gas and retail prices. | ||
| And now I hope it's starting to become clear what the sleight of hand of Yeti is here in this article. | ||
| And that is actual, real populists have been against this war in Ukraine from day one. | ||
| Why? | ||
| Because we can correctly consider the second, third, fourth order consequences of an act, not just the first act itself. | ||
| And it's not enough to be populist. | ||
| Because Latin America has plenty of populists. | ||
| Populism needs to be allied with economic nationalism. | ||
| I'll close with this point. | ||
| This article here is a prime example of a sociopathic globalist overlord's war. | ||
| They own it, and they own its consequences. | ||
| Ben, how do people get to you on Getter? | ||
| I know you're going to be up throughout the next couple of days with your biting analysis, brain analysis. | ||
| How do people get to you? | ||
| Thanks, Steve. | ||
| It's straightforward. | ||
| Just go to getter.com, or if you've got the app, go to the Getter app. | ||
| In the search box, you need to go to the verified account, because there are impostors pretending to be me. | ||
| There's only one real me on Getter. | ||
| It's my surname, atHarnwell, and I'm there breaking out my analysis 24-7. | ||
| Okay, Brad, give me your Harnwell. | ||
| Give me your Harnwell imitation. | ||
|
unidentified
|
Harnwell, Steve. | |
| Harnwell, my surname. | ||
| I love him. | ||
| He's on to money every time. | ||
| Great job, brother. | ||
| You have a huge fan here. | ||
| Congressman Dean Dave Brat from Liberty University. | ||
| Harnwell, go back to work. | ||
| Moe, hang around. | ||
| The great Julie Kelly is going to walk through. | ||
| We're going to walk through what What January 6th should actually show. | ||
| Not the dog and pony show you're about to see. |
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