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Sept. 26, 2022 - Bannon's War Room

48:38

Episode 2182

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steve bannon

10:21

steve cortes

19:31

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terry schilling

03:24

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Speaker	Time	Text
unidentified		Well, first of all, I think that the GDP number is one way to think about the economic performance, but many others would suggest that the economy has a lot of positive momentum.
		We're still creating lots of jobs on a monthly basis.
		And so I actually think that there is some ability for the economy to absorb our actions and slow in a relatively orderly way.
		Look, we need to have slowdown.
		There's no question about that.
		But I do think that we're going to do all that we can at the Federal Reserve to avoid deep, deep pain.
		And I think there are some scenarios where that's likely to happen.
		Deep, deep pain?
		Or that you can avoid the deep, deep pain?
		Although we can avoid that.
		Thank you for that.
		for that. Sorry.
		Because Alan Blind...
		Big sell-offs, retail investors tend to buy the dip, but this year's extended downturn has put a dent in that popular strategy, making 2022 the worst year for buying stock market dips since 1931, I believe. CNBC contributor Gunjan Banerjee of the Wall Street Journal is out with a new piece examining the age-old strategy, which remains popular despite recent losses, and she joins us now.
		So are people still chasing the dips, Gunjan?
		It looks like they are.
		By the dip, one of the most popular strategies of the past few years, and even since the last financial crisis, has retained its popularity this year during this month-long sell-off that has now dragged the S&P 500 down more than 20%.
		Individual investors do seem to be hanging on.
		They do seem to be buying more when the S&P 500 declines than when it's rising.
		Though many are being tested by this incredible downturn.
		And it's been painful to say the least.
		Well, it certainly has been.
		I mean, I think people got accustomed to or maybe spoiled by the idea that whenever the stock market went down temporarily, it was pretty soon going to, over the last decade, it was pretty soon going to snap back and then go higher than it was.
		Then it was going to go higher than it was.
		That works until it doesn't.
		And right now, it doesn't seem to be working because the steps are not going higher.
		The steps seem to be going lower as we broke last week through those June lows.
		That's right.
		You know, it's been the worst year for buying the stock market dip since 1931, the second worst year on record.
		And look, the past few years, it kind of just seemed like stocks would keep going up and up and up.
		And so many people just felt really rich.
		Right?
		Because they did buy on those dips.
		Then the stock market shot up immediately.
		And one individual investor I spoke with said, look, I got greedy.
		I thought it would be so easy to turn my brokerage account into a $100K brokerage account.
		I thought I'd be able to pay for my daughter's college education through the stock market, shielding them from loans, because it just seems so easy.
		For a few years and that has not been the environment at all.
		And I think just zooming out this shows you how much the market has changed this year with higher bond yields and tumbling stock prices.
steve bannon ▲ ● ▼		Okay, welcome.
		It is Monday, 26 September, Year of the Lord 2022.
		Let's bring in Steve Cortez.
		Steve, I guess we don't give financial advisory.
		We don't give financial advice on the show, but we have mocked and ridiculed many times the cheerleaders at certain other channels hawking, buying the dip.
		Steve Cortez and also the Atlanta Fed.
		The Atlanta Fed president makes another guest appearance in the War Room.
		Talk to us, sir.
steve cortes ▲ ● ▼		Yes.
		So, Steve, well, first of all, you know, unfortunately for many Americans who do rely on those legacy platforms for their financial information, they've had their head handed to them this year.
		You know, that woman from the Wall Street Journal said, if you thought this was going to be easy to build your wealth through investing, well, that's not happening.
		It's also not easy or it's impossible to build your wealth through working because real wages are crashing in this country for a record consecutive now of 18 straight months under Joe Biden.
		And most of the blame absolutely belongs with Biden and with his acolytes on Capitol Hill, people like Nancy Pelosi and Chuck Schumer.
		But a lot of the blame as well does belong on the Fed, Steve.
		And I think this is important.
		I'm glad you opened the show with that clip of Raphael Bostic, who is the president of the Atlanta Fed.
		I put up a new article.
		It's the second time that I have written about him because I've been frankly astounded at the kinds of things he says.
		For somebody with a really important position, okay, the head of the Federal Reserve in the southern United States, Maybe the most dynamic economic area in America, and somebody with incredible credentials.
		Again, he's another example of why we shouldn't rely on just credentialism.
		Somebody who went to Harvard and Stanford, and yet he says things that are just so inane, so wrong, so misguided, that it's almost hard to believe that he believes them.
		So what he said over the weekend, which was really incredible to me, is he said, I think, and I give the full quotes in my new article, it's up on my sub stack, he said, I think that we're going to avoid deep, deep pain.
		Well, that's not exactly reassuring, particularly when we put that in context of what he said just a few weeks ago, which we previously talked about on this show, Steve, when he was at Jackson Hole at the Central Bank Confab out in Wyoming, when he said that this kind of inflation that we're experiencing, he said it was unimaginable Just 18 months ago.
		He literally said that.
		No, it was totally imaginable, all right?
		And as a matter of fact, it was fairly easily forecastable, I think, to people who were actually paying attention, to people who are well-versed in economics, who aren't committed to narrative, who prefer facts to narrative, and to people who are students of economic history.
		So, You certainly got it right.
		Peter Navarro got it right.
		I got it right.
		A few others did, but almost no one in corporate media and no one at the Federal Reserve.
		Instead, people like Bostic, people like his boss, Jerome Powell, people like the former Fed Chair, current Treasury Secretary, Janet Yellen, they chose to lie to the American people all through 2021 and pretended that the inflation was transitory.
		And they used that ridiculous term of propaganda Over and over again and again.
		When the Fed, by the way, could have been slowly adjusting rates upward to try to fight what was then growing but containable inflation.
		Well, now the fire is burning out of control.
		Now the Fed is trying to raise rates extremely quickly at a pace that is taking an already troubled economy and sending it over the ditch even further.
		That's the economic reality, and you don't have to take my word for it.
		We can certainly get into, you know, price is truth, and we can get into what financial markets have been doing lately and what they did just today.
		And we have some charts that we'll show as well about the unfortunate reality, the unfortunate consequences of the total economic mismanagement, the total caused economic crisis of the Biden regime.
steve bannon ▲ ● ▼		This is a creative crisis, and I want everybody to know your life and the market signals today, but Steve's going to get into a second and change your life pretty dramatically.
		But I want to go back to Dr. Bostic.
		The Atlanta Fed is the Fed that actually puts out the GDP forecast, right?
		They're kind of renowned for that.
		I think now because they're having these still arguments on TV, which he's part of.
		Oh, we're in a recession.
		Are we not in a recession?
		The technical things.
		I think their third quarter forecast.
		Actually, it's negative growth right now.
		How do they have Dr. Bostic in charge of the one that's probably one of the most important we've got outside the New York Fed?
		Because it really does the forecasting that so many people depend upon.
steve cortes ▲ ● ▼		They do.
		And listen, let me tell you that, okay?
		As somebody who is a student and a connoisseur of that data, the Atlanta Fed, they have a fantastic team of economists there.
		They really do.
		Which I think makes his opinions and his pontificating and his wrongheaded lying on air even more obscene.
		Because the Atlanta Fed puts out some really good information.
		The GDP Now indicator is one of them.
		They also put out the Sticky Inflation Index.
		I've talked a lot on this show and in my writing about the stickier aspects to inflation, things that once the price goes up, things like rents, They are unlikely or impossible to go back down.
		The Atlanta Fed has actually quantified that and has a rating on sticky inflation, which has absolutely exploded, of course.
		At historic pace in recent months.
		So there is some good work done, you know, by some of the grunt dunes at the Atlanta Fed, but not by the people in charge.
		And I think again, too, we have to ask ourselves why.
		I think number one, the Fed.
		And again, I'm not trying to take the blame off of Biden in any sense.
		He absolutely deserves the lion's share of the blame.
		And we have to replace every single Democrat on Capitol Hill who was part of helping his regime do this to the American economy.
		But I'm saying we can we can do both.
		We can do the both.
		And while we are appropriately blaming Biden, for this economic carnage.
		We need to also recognize the full complicity of the Federal Reserve at every level, from the chairman of the Fed, all the way to the regional presidents, to the other members of the Board of Governors on the Fed.
		And I think part of the reason, Steve, that they have so lost their commitment and what was really a great historical legacy.
		The Fed was a revered institution in American life for good reason, because of the great men of decades past who led it.
		It is now interested, I think, really only in two things.
		Number one, and this is its first priority, is its own institutional power, right?
		And the best way for it to preserve and intensify its institutional power is to play ball with the establishment.
		No better person to play ball with than Janet Yellen as Secretary of the Treasury and Joe Biden in the Oval Office.
		But I think the second thing is we see a lot of mission creep at the Fed.
		And I give the citations in my article to point this out about Boston.
		He's totally — when I say mission creep, he is totally focused on a social left agenda, on a social justice warrior agenda, trying to use the Fed as an agent of so-called, quote, equity.
		He wrote an entire paper in 2020 about how the United States is systemically racist, in which he mentioned George Floyd.
		It's quite something, by the way, Steve.
		If we are such a racist country, we're doing a pretty bad job of it.
		If we allow somebody like Dr. Bostic to earn degrees from Harvard and Stanford, achieve a tenured professorship at the University of Southern California, and then become the president of one of the most important banks in the United States.
		That doesn't sound like a very bigoted country to me.
		So the reality, though, here is, again, I think for a couple of reasons of bad motivation, the Fed has been totally derelict in its duty.
		It's now totally in a corner trying to fight its way out.
		But here's the reality.
		As the market shows us, the Fed is raising rates into the teeth of an economy that was already Totally struggling, more than struggling.
		That was careening lower.
		Should we look at some of the charts here, Steve?
steve bannon ▲ ● ▼		Yeah, let's go.
		I just want to make sure that the title of the piece is The Clueless Fed.
		It's in Steve Cortez.
		How do people get to your sub stack?
		Because I want them to particularly go there.
		This is a very analytical piece.
		And we know from all the great feedback we've gotten from Bend, Oregon and others, people want more charts, more detailed analysis.
		So where do they go for this?
steve cortes ▲ ● ▼		Yeah, so please go to my social media.
		I prefer you go to my getter, the Free Speech Home.
		I just did a getter right before the show.
		Steve, I was sort of the appetizer to your entree.
		We did a getter livestream.
		And on getter, I'm just at Steve.
		You can also find it on my Twitter, where I'm at CortezSteveCortez with an S. So yes, please take a look.
		Read this article.
		I am always very careful to cite.
		I don't just offer opinion.
		I make sure to back it with evidence and data and provide the citations of exactly what I'm talking about.
		And unfortunately, here's the reality.
		Let's talk about the consequences then of this total mismanagement, both on the fiscal side by Joe Biden, his attack on American energy.
		The exorbitant borrowing and spending orgy that they engaged upon with the help of establishment Republicans, plus a derelict Fed.
		What has it resulted in?
		Well, inflation at generation plus highs, meaning interest rates are soaring and hitting decade plus records yet again today.
		If we can pull up chart 10, this is the unfortunate tale of woe in the bond market.
		And as I've repeatedly said, you probably think that stocks are more fun, but bonds are much more important for your life.
		And so bonds today hit three, 10-year treasuries hit 3.93% in interest rates.
		We were getting very close to 4%, a level that we have not seen in over a decade.
		And for the folks who are watching the program, I want to make sure they see there the comparison side by side of what 10-year treasury yield, what interest rates did under Trump, Stable to heading lower and what they did now have done and are doing under Joe Biden.
		And notice that contrast.
		During Donald Trump's, even his first three years before the CCP virus, when we had an economy that was growing aggressively, when we had personal incomes in real terms that were leaping ahead, we had contained inflation and contained interest rates.
		Now we have the exact opposite.
		We have the worst of both worlds where your real wages are crashing and interest rates are absolutely soaring.
		It's been a miserable performance for interest rates.
		You know, that woman from the Wall Street Journal also mentioned that it's been the worst year for buying the dip in stocks since 1931.
		That's pretty terrible news.
		You know what's also terrible news?
		It has been the worst year to buy bonds ever, ever, Steve, not just since 1931.
		The U.S.
		10-year Treasury has never had a worse year than what it is having right now in 2022, as shown by that chart, by the spike in yields, meaning as yields go up, the bond price, the 10-year Treasury price goes down.
		Now, let's talk about some of the consequences of this, very real-world consequences for you.
		If we go to chart number two, This isn't, I don't think I've shown this yet on the show.
		These are investment grade corporate bonds.
		So these, I think I've shown the spread, but not the actual investment grades.
		These are companies that are predictable and boring.
		Companies who pay their debt on time.
		Companies who are not considered to be risky.
		Okay.
		These are normally for grandma.
		These are normally for the safest port of your portfolio.
		They're basically like treasuries, but they offer just a little more yield than treasury.
		So a lot of investors like to pour into them at times.
		Investment-grade bonds have been rinsed this year.
		This is the ETF, the ticker is LQD, so it trades like a stock, but when you buy it, you're not buying a stock, you're buying an investment-grade bond.
		And year-to-date, they have absolutely collapsed, down 22% on the year.
		In principle, Steve, this is calamitous.
		It has never happened before.
steve bannon ▲ ● ▼		Yeah.
unidentified		I mean, let's take a break.
steve bannon ▲ ● ▼		I want to come back because these are government securities.
		We talk about a sovereign debt crisis.
		I mean, you've never had these are supposed to be what Aunt Daisy buys and puts away for retirement.
		It's unimaginable.
		And the media won't talk about it.
		This is the markets voting on the Biden business plan for America.
		And they're voting.
		It's obscene what's happening.
		It's obscene what's happening to capital.
		People's pension funds, 401ks, all of it.
		Short commercial break.
		Steve Cortez next in War Room.
unidentified		War Room.
		Pandemic.
		With Stephen K. Bannon.
		The epidemic is a demon and we cannot let this demon hide.
		War Room.
		Pandemic.
		Here's your host Stephen K. Bannon.
		Okay, welcome back.
steve bannon ▲ ● ▼		I want to make sure everybody goes to birchgold.com forward slash Bannon.
		You get the end of the dollar Empire a lot of what we're talking about the politics of money was part one.
		The second is the fall of the dollars the prime reserve currency.
		This is a primer to get everybody up to speed.
		We're going to spend a lot of time on this.
		In the coming days and weeks ahead as the politics of money becomes central to our political dialogue.
		So you have to understand it and we try to break it down in a relatively simple way.
		We're going to be talking a lot more about this.
		I'll also probably be doing some specials about it with the Birch Gold guys and Peter Navarro, Steve Cortez and others.
		Steve, I just want to make sure to go back because what you're saying is so Right.
		profound and important to the country and to people, individuals, that it just boggles my mind that, you know, the Wall Street Journal, the Financial Times of London, New York Times, these papers that cover business are not talking about this.
		I want you to go back and talk about, you know, what investment grade securities, this is normally the safe harbor where people take their cash out of the stock market and put it in a safe harbor.
		They've been eviscerated.
		It's a bear market in the safest securities we have, sir.
steve cortes ▲ ● ▼		Right, and insurance and what is supposed to be the stability of the insurance for your portfolio.
		And not only has it not been insurance, it has been absolutely rinsed.
		And to your point, I think the folks in media who do know what's going on, who see what's happening, they're just too committed to narrative and they will prioritize their personal narrative, their personal propaganda, their leftist political leanings and just ignore what's going on.
		And I think there's also a lot of folks, particularly in TV news, who frankly just don't understand what's going on.
		They haven't had enough real-world experience.
		They've only worked in media, or they've only been lawyers before, and they just don't see what's going on here.
		So, kudos to you, Steve.
		You're the only major media figure who is uncovering this for the American people, and it is so consequential to regular Americans.
		Because it's understandable that a lot of regular Americans don't follow this.
		You don't follow the bond market day-to-day, even if you're into the stock market.
		A lot of folks just aren't into markets, period.
		That's why you do such a good job of pulling that curtain back and saying, look behind here.
		This is what really matters.
		I mean, a lot of things matter, of course, in terms of the economy.
		But if we can put chart number two up there again, just for another quick look on the LQD, which stands for liquid, essentially.
		So this is the ETF, the exchange traded fund for investment grade corporate bonds.
		You buy it like a stock.
		It's a ticker, but you're not really buying stocks.
		You're buying a group of investment grade bonds.
		These are the biggest brand name companies that would know and recognize their debt on time.
		And t to be insurance.
		You know, when you talk a blend, you invest roughly make your money over time and its insurance against When that 60% gets slammed, normally that 40% stocks gives you some stability.
		It either increases in value or holds its value.
		What's happening right now instead is the 60-40 blend is getting decimated.
		It's getting absolutely shot with both barrels, bonds on that chart, which I'm showing right there.
		Year to date, in principle, down 22% on investment grade corporates.
		Let's talk about another real world ramification of this.
		If we can go to chart number three, on real estate, because of course, rising real estate is terrible for a lot of parts of the economy, but most particularly for real estate.
		So these are REITs, Real Estate Investment Trusts, and a lot of folks out there probably know of REITs, but they may not realize that there's an ETF, an exchange-traded fund of REITs.
		So in other words, this is a grouping of the biggest REITs.
		So you're getting a lot of exposure here, mostly commercial and retail, not as much residential.
		There is some residential in there, but it's mostly commercial and retail Real estate in the United States, the ticker is the IYR.
		And much like the LQD, this has been absolutely decimated, particularly in the last few weeks where I drew that red arrow there down the line.
		The IYR down 29% on the year.
		Just liquidation right now in the REITs.
		These are the real world consequences of Joe Biden's policies and the Fed dereliction of duty.
steve bannon ▲ ● ▼		That's all going to flow through the economy too, these financial capital markets.
		I want to be as specific as that.
		This shows you the evisceration.
		Remember, these, when he talks about investment grade and he talks about, you know, buying into the REITs, that's for capital preservation.
		You don't think these things are going to be four and five baggers as far as price increases, but you'd never think they're for capital preservation and clip some coupons, right?
		Get some dividends, get some interest payments.
		You never think you got to worry about the face amount.
		Right.
		So these are capital preservation.
		That's eviscerated.
		What Biden's doing now, and this is why I say we have an opportunity to destroy the Democratic Party as a national political institution, because they're eviscerating a generation of people right here.
		This is not going to be turned around in a week.
		OK, as much happy talk as you're not going to turn around a week.
		Also, when I go to the 10 year treasury is almost four.
		It's three point nine percent.
		The two year treasury is over four.
		Real quickly, Steve, before we go talk about Georgia, Maloney, and Italy, talk to me about how that's going to roll through people's lives, through their car loans, through their mortgages, through their credit cards, sir.
steve cortes ▲ ● ▼		And it's well over four, and that's an inverted yield curve, which is very abnormal.
		Lately, it's become the norm under Joe Biden, but historically, it's incredibly abnormal.
		In other words, two-year interest rates are higher right now than 10-year.
		That is the opposite of how things are supposed That's a normal interest rate.
		That's a normal interest rate curve.
		The curve is inverted now.
		understand it better. If and buy a certificate of the bank your money for o a very tiny amount of int say, hey, I'll give you t you get more. Okay, that' That's a normal interest is inverted. Now it is th which was a big sign of a have been warning about f a year on this show and w though the corporate media otherwise and tries to te
		doesn't equal four and th of negative growth in a row don't equal a recession.
		They do.
		That is the reality right now.
		But, you know, regarding more real-world ramifications of interest rates rising, car loans, mortgages, student loans, I mean, everything, and the whole world of loans is based off of 10-year treasury yield in the United States.
		That's sort of the North Star of interest rates.
		So, it rising this dramatically into a slowdown.
		I mean, I can't emphasize that enough, Steve.
		Normally, if you were to see this kind of interest rate increase, it would at least be because the economy is getting hot.
		Now, it still would be worrisome for interest rates to rise this fast, okay?
		But what you have now is the opposite situation.
		You have interest rates absolutely spiking with an economy that is plunging lower.
		With the lowest consumer confidence in the history of the survey, University of Michigan goes all the way back to the 1950s with PMIs crashing, purchasing management indexes crashing below 50 in the United States, and for that matter, worldwide.
		And again, why?
		Let's get back to besides the Fed.
		Let's put them aside for a second.
		Let's get back to the politicians who did this, Biden and Pelosi and Schumer.
		They did three things.
		They attacked American energy, American domestic energy production, the energy renaissance that was ushered in by Donald Trump.
		They went after it, first thing.
		Secondly, absolute orgy, exorbitant borrowing and spending in a country that was already doing too much borrowing and spending, okay?
		And then the third thing, and this is crucial, is escalating what is a regional conflict in the Black Sea, which should be economically pretty immaterial to the United States and the rest of the world.
		They escalated that into a global conflagration with massive inflationary effects for the world.
		So I also put a lot of the blame for global inflation on Joe Biden.
		Now, listen, I care about America and I want us to solve our problems for America.
		But I'm also very cognizant and very aware that the reckless policies of Joe Biden and taking a leadership role in escalating that conflict in Ukraine, he is also partly responsible for the economic damage that is being wrought around the world.
steve bannon ▲ ● ▼		Oh, no doubt.
		Hang on, Steve.
		I want to get your comments on Italy.
		Do we have the cold open for Maria Luisa Rossi Hawkins?
		Can we go ahead and play it?
unidentified		Voters in Italy tomorrow appear poised to make a hard right turn.
		The woman expected to become prime minister leads a party with roots in neo-fascism.
		The hallmarks of Italian fascism like this motto.
		God, fatherland, and family.
		A far-right political party whose roots go back to post-World War II neo-fascists.
		The most far-right political party whose roots go back to post-World War II neo-fascists.
steve bannon ▲ ● ▼		Roots in Italy's post-war fascist movement.
unidentified		Roots in Italy's 20th century neo-fascist movement.
		Melania herself was a hardcore neo-fascist militant.
		Stunning because of Italy's disastrous history the last time a hard-right party rose to power.
		The most far-right government in that country since Mussolini.
		Most right-wing government since Mussolini.
		Since Mussolini.
		A red flag if there ever was one, says Edith Brooke, a renowned poet and Holocaust survivor.
		Italy about to see the country's most right-wing government since World War II.
		Most far-right.
		Far-right.
		Far-right.
		Government since World War II.
		Since the end of World War II.
		Maloney's win will probably send alarm bells throughout Europe.
		You know, it's alarming to a lot of people around Europe.
		Italy is revered for its history, but not all of that history is beautiful, and many fear that one particularly ugly chapter could soon repeat itself.
steve bannon ▲ ● ▼		Okay, welcome back.
		I want to bring in Maria Luisa Rossi.
		You see how it's being played by the mainstream media throughout the world.
		Tell us what the reality is, ma'am, before we go to break.
unidentified		Well, Steve, it's laughable, it's risible, and it's kind of scary that the U.S.
		media would portray Giorgio Meloni in such a way.
		What's really going on is that the people have spoken.
		The people of Italy, in a democratic election, which we have not seen in five years, have decided for their own destiny.
		And the results of the election speak loudly.
		Speak for a win, an astonishing win by Georgia Meloni, independent thinker, definitely a woman that has her roots in the conservative movement, but definitely not a fascist.
		No one would even think of her as a fascist.
		The people have spoken against the government of Mr. Draghi, because the win of Georgia Meloni and the win of the Five Star Movement are a demonstration of the fact that people really want to vote and think for themselves.
		And this is exactly what they have done yesterday.
steve bannon ▲ ● ▼		Before we go to break, what is it about her motto, God, Homeland and Family, that triggers the mainstream media, particularly in Europe, ma'am?
unidentified		Well, I think the concept of patriotism, Steve, is tied for the Italian left-wing system.
		Now, these are the elections that declare the defeat of the left-wing Maria, hang on for one second.
		which is also a corruption, a network of corruption and a network of, how can I say this, systemic, systemic indulgence for the Italian government.
		So patriotism is trigger war.
		It means taking care of one's own.
steve bannon ▲ ● ▼		Maria, hang on for one second.
steve bannon ▲ ● ▼		We're going to come right back to talk about Italy and Giorgio Maloney next.
unidentified		We will fight till they're all gone.
		We rejoice when the war room pandemic with Stephen K.
		The epidemic is a demon and we cannot let this demon hide.
		War Room Pandemic.
		Here's your host Stephen K Banham.
steve bannon ▲ ● ▼		Okay, MyPillow.com, promo code War Room.
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		Maria Luisa, you would think that people would be touting that she's the first woman to really win enough votes to actually put together an Italian government and to lead it.
		But all I hear is that she's a fascist.
		This campaign for our American audience, how dirty was it?
		How nasty was it?
		How much of the politics of personal destruction did she have to go through?
unidentified		This was a short but very ugly campaign.
		It was a campaign of insults, personal insults.
		towards Georgia Maloney as a woman, as a neo-fascist or fascist as the Italian media has described her, and as the American media has decided to portray her, just reading one side of her personal history, which is really a history of a 45-year-old young woman who was not born of privilege, who decided to do everything by herself, and who took a party from 1.9% to 4.7%
		five years ago to 26% of the Italian vote in a country that is dominated by left-wing activism.
		So, Giorgia Melloni not only is a patriot, she's a hero, she's an independent thinker, and she's a very, very smart woman.
		Going back to your suggestion and to your observation, Steve, her being the first woman leader just pretty much was ignored by Italian media and by the U.S. media.
		media.
		But she is the first woman, and she's a conservative, to hopefully lead the country in the next few weeks.
steve bannon ▲ ● ▼		When you say hopefully, are they going to allow her, since she dominated, really, Lega and dominated Berlusconi's party, are they going to let her put together, is she going to get the nod to actually get a chance to put together a government?
unidentified		Well, they can't but give her, the Italian President Mattarella has to give her the assignment of leading, of forming a coalition government because her history And her success in these elections is so crushing that he can't but.
		But you know in Italian politics everything is possible and everything is feasible.
		But the people have spoken and she's being very careful and she's being very gracious and she's being quite analytical about not speaking out.
		So definitely she has she's working on what she needs to be doing in the next few weeks.
		And number one on her list is Just laying it low, and most of all, playing her cards just right, granted that she has the national popular vote.
		The Centauri coalition, Steve crushed it.
		I mean, they have a majority in the Senate, majority in the chamber, and this with a limited amount of representatives, because the new electoral law presented the Italian public a new perspective, less parliamentarian.
		It was tough, it was a tough result to obtain, and she did it, and she did it by herself, going back to the nastiness.
		Insults, personal insults to her, to her spouse, and to her daughter.
		It was nasty, it was ugly, but she overcame it all.
steve bannon ▲ ● ▼		And she did it on her own with no help and very gracious.
		That's what people should understand.
		This is a rock of Gibraltar.
		Maria Luisa, you're the White House correspondent and really the U.S.
		correspondent for Mediaset, the most powerful news organization in Italy.
		How do people get to you on social media and follow you?
unidentified		Well, I am on Twitter.
		I am on Instagram.
		And of course, I'm on Getter.
steve bannon ▲ ● ▼		Maria Luisa Rossi Hawkins, thank you very much for joining us and updating us, ma'am.
unidentified		Thank you, Steve.
steve bannon ▲ ● ▼		Let's go to Terry Schilling.
		Terry, you sent today, and people have been putting around, we actually did the cold open in this amazing video where she was talking to the, I think the Global Conference on the Family, and she got tremendous grief even going to this.
		Talk to us about what she said, what was so powerful for you, and the message to the American people and to the American family, sir.
terry schilling ▲ ● ▼		Well, Steve, she's going viral, and it's gone way over 3 million.
		It's over 10 million views now.
		But I want to read a quote from her speech.
		She says, and so they attack national identity, they attack religious identity, they attack gender identity, they attack family identity.
		I can't define myself as Italian, Christian, woman, mother.
		No, I must be citizen X, gender X, parent one, parent two.
		I must be a number because when I'm only a number, when I no longer have an identity or roots, then I will be the perfect slave at the mercy of financial speculators, the perfect consumer.
		She, in one two minute speech, Simplified everything down for why these people are trying to abolish the family.
		And it's because it's who you are.
		It's a loyalty.
		It's an allegiance to something outside the state.
		That's why these people want to destroy the family.
		That's why they've worked hard to get the moms out of the home, to make it so you need two incomes to support a family these days.
		That's why they're pushing all this cultural destruction and rot against our kids to sexualize them.
		This is it.
		This is the state.
		This is the communist Trying to destroy the family because it's a threat to their power and their influence over us.
		And it was the most beautiful thing.
		But the most beautiful thing about this is it's got over 10 million views on Twitter alone.
		Right?
		People are hungry.
		The world is hungry for this type of truth.
		They know something's wrong.
		They don't know exactly what.
		They don't know exactly why.
		But politicians like Maloney stepping up and saying this stuff out loud It's such a threat to their power because it connects the dots and it awakens people like no other.
steve bannon ▲ ● ▼		You've made the American family, you're saying it's kind of the centerpiece.
		I know Cortez has worked on the economics of the American family.
		You're saying that's the unit that we have to build MAGA around.
		What lessons, what is she telling us about how to fight this fight?
terry schilling ▲ ● ▼		She's telling us that if you want a world that's worth living in, you have to defend the family as the unit for organizing in society.
		The family is why you go to war and fight and defend your borders.
		No one goes to war to defend a country where they're never going to have children that are going to live there.
		That's why they want to destroy it.
		We have to get back at this.
		And Steve, the other thing to bring up is The politics of the family are incredibly popular.
		Look at the politicians in the Republican Party alone who are championing the family, who are actually going to war against the powerful institutions of this country, like Disney.
		Ron DeSantis is getting rewarded like crazy because he picked a fight over Disney grooming our kids, right?
		Donald Trump has made the family the centerpiece of his campaign.
		He's getting rewarded.
		The people that are ignoring the family, that are ignoring these threats to our children, they're the ones that are irrelevant.
		No one's talking about Greg Abbott actually running for president and having a chance.
		And there's a reason for that, because he doesn't champion the family.
		You have to stand out.
		You have to be bold.
		You have to work on this in your campaigns, your politics.
		Blake Masters, what are the Democrats most afraid of about him?
		Because he talks about getting to where you can support a family off of one income again.
		That's not what I'm saying.
		That's what Democrat strategists are saying that makes them worried about this race in Arizona.
		It's getting back to the family.
		The family's attractive.
		People want to support it.
		They just haven't had a vision.
		They haven't had any politicians that have painted what we can do for the family and how we can rejuvenate the family in America again.
		But this is the most powerful campaign platform you can run on, is rejuvenating and restoring the American family.
steve bannon ▲ ● ▼		Terry, hang on one second.
		I want to bring in Steve Cortes.
		Steve, we end up talking economics a lot, capital markets, and the tougher aspects of politics, but you've said from day one in working with Terry, the centerpiece of MAGA, the centerpiece of how to turn our economy around and really get to the sunlit uplands, to become the country we used to be, is predicated around the economics of the family.
		What is Maloney and what happened in Italy?
		What does it tell Steve Cortes?
steve cortes ▲ ● ▼		Yes.
		Well, first, regarding that policy goal, which I really do believe is the holy grail that we're going to reach again in the United States, the policy holy grail of the patriotic populist movement is to allow a family to again thrive on a single income.
		That was the norm when I was young in a very middle class suburb of Chicago.
		You didn't have to be wealthy to be able to support a family of several children or many children, even send them to private schools and support that family on a single income.
		It went away, Steve.
		It's one of the most consequential shifts in the history of the United States, and we hardly even talk about it.
		That's changing now, thankfully, because of candidates like Blake Masters, because of activists like Terry Schilling, and we lay out the economic plan.
		How do we get back there?
		Because it's a place we belong.
		It's a place that patriotic populists all over the world, though, recognize.
		And I think what is so wonderful about this Maloney victory, and she, I hope, provides a roadmap to emulate for American candidates in these closing weeks, how bold and brave they need to be It's really not an R versus D or right versus left matchup.
		In many ways, it is transcendence against temporality.
		And what I mean by that, on the temporal side, is that the left, the establishment, the Davos crowd, the corporatists, the globalists, they view us as purely temporal beings, as machines, effectively, who are to be exploited for economic benefit, and that's it.
		Okay?
		We have a very different view on the patriotic populist right.
		We view human beings as being transcendent, and the things that give us transcendence are things like God.
		Patriotism, love of family, many children, grandchildren, right?
		That's why the left is so offended that this brave and persuasive woman is willing to stand up and speak boldly about these matters.
		So both in substance, as well as in style, because she brings a panache the way only the Italians can, Steve, but both in substance and in style, she is a politician to emulate.
		She is a model for us to seek after, and she points the way to victory, not just in Italy, but also in the United States.
steve bannon ▲ ● ▼		No, absolutely.
		Real quickly, when she says they just want to turn us into the perfect consumer, is that what you're saying?
		They just want to turn us into a unit of production and consumption?
steve cortes ▲ ● ▼		That's what I mean by the temple.
		Exactly.
		That you are simply a machine, right?
		You are void of a soul, and we are to use you for maximum economic benefit, to maximize GDP.
		And if that means shipping your job off to China and then sort of bribing you with a bit of government largesse while you get hooked on drugs that we allow in the country through an open border, well, so be it.
		GDP will grow, okay?
		That's effectively The grand scheme of the globalists.
		Of what the corporatists have gotten away with.
		Many of them, by the way, being Republicans.
		Some of the most pronounced ones.
		The Bushes, for example.
		The massive damage that that family has done to this country.
		And then also engaging in war all over the world.
		You know, I could go on.
		But yes, that's what she's talking about, I think.
		I know.
		When she talks about how we are viewed as human beings.
		By the left, by the globalists, by the Davos crowd.
		She has a clearly very different view.
		She says very proudly and boldly that she is a mother, she is a Christian, she is an Italian.
		So I want to implore all the candidates out there in the United States in these coming weeks.
		To speak similarly about who you are, who your fellow citizens are, what matters in this country, why a border matters for that matter.
		I mean, let's get specific about this.
		If you only view Americans as economic machines, then you're fine with an open border, right?
		You really are, especially if you're already successful because you want cheap labor to come in.
		But if you view Americans as transcendent human beings, right, with vital, eternal worth, and if you view American citizenship as something to be prized and guarded, That you will never allow an open border.
		It's an impossibility, right?
		So that's a tangible example of where this transcendence versus temporality, I think, comes down to brass tacks and to actual policy application.
		It's, listen, I think it's an astounding victory.
		I hope we have a similar victory in Brazil.
		We already had such a victory in Sweden.
		Most importantly for us, though, is what we do here on November 8th.
		But, you know, let it power us.
		Let it encourage us.
		And again, let's borrow the best tactics of Georgia Maloney.
		And there's a lot there for us to emulate.
steve bannon ▲ ● ▼		Steve, how do people get to your sub stack?
steve bannon ▲ ● ▼		How do they get to you on Getter?
steve cortes ▲ ● ▼		Yeah, please go to my getter and you can see the live stream that I just did.
		You can always replay.
		So at getter, I'm at Steve and please go to my sub stack and read my new article about the clueless fed.
		You can also find me on Twitter at Cortez, Steve Cortez with an S. Steve Cortez.
steve bannon ▲ ● ▼		Thank you very much.
		Terry Schilling.
		How do people get to you?
		I know this has been the centerpiece of what American Principles Project has been fighting for the American family.
		How do people get to you?
terry schilling ▲ ● ▼		It's just Shilling 1776 across all the major platforms.
		Getter, True Social, Twitter, Instagram, all that.
		Shilling 1776.
steve bannon ▲ ● ▼		Terry, I'm going to have you back because Media Matters is picking on you saying that Politico and other people are writing good things about you and you're actually one of the most evil, worst people in the world because of these spots that you're making in these battleground states.
		We'll have you back on hopefully in the next day or two to discuss that.
		Terry Schilling, American Principles Project.
		Okay, Tiffany Justice, Moms for Liberty, next.
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steve bannon ▲ ● ▼		By the way, my crack staff has just informed me that the Georgia Maloney video has now 12.4 million views.
		12.4 million views.
		So she's speaking to her.
		Her voice is resonating with someone.
		Tiffany, before we get into the pledge and what Monster Liberty are doing, talk to us about what are your thoughts on Georgia Maloney?
unidentified		Georgia is speaking for every mother across this world who wants to have their fundamental rights to direct the upbringing of their children respected and their families respected and wants the government to stay out of our homes.
		We need a boundary.
		And that's what Moms for Liberty is about.
		It's redrawing the boundary between government at home, between school and home, giving respect and trust back to the people of your country.
		And I think that's why it's resonating so much.
		And I'm very excited.
		I think there are going to be a lot of elected officials across this country who embrace that and we've started a parent pledge, Steve, that I'm so excited that you have me on to talk about tonight so that elected officials and candidates can show their constituents and American citizens exactly where they stand on these issues.
steve bannon ▲ ● ▼		So let's go through the pledge.
steve bannon ▲ ● ▼		What is the pledge and what are you requiring of people when they take it?
unidentified		It's very simple.
		Parental rights are fundamental and you've asked me what that means before and I'll just articulate that again.
		These are rights that the government does not give you and they cannot take them away.
		You have the fundamental right as a parent to direct the upbringing of your child, their education, their medical Their medical welfare, their religious and moral upbringing.
		So if you go to momsforliberty.org backslash pledge, you can see the parent pledge right there.
		You can sign the pledge and share that you've signed it.
		Let every person in your community know exactly that you stand with parents.
		Make the commitment to parents that you're going to have their backs.
		You've seen Ron DeSantis do it in Florida.
		You see George Maloney all the way in Italy doing it.
		This is the way forward, Steve.
		The way forward is trusting the American people.
		And, you know, America wouldn't be the same if that's not what we did.
		And it's about time we start putting our money where our mouth is as elected officials.
steve bannon ▲ ● ▼		So you've had people like DeSantis and others step up here with this Parents' Rights Movement.
		But when they take the pledge, what would be going through a politician's mind?
		What are Moms for Liberty?
		What are you really looking for when they sign the pledge?
unidentified		We want every decision that they make in the school district or in the county commission or their town council to put parents and children first.
		During COVID, we saw bureaucrats and elected officials put children last in this country.
		Never again.
		Will American parents ever vote for people that will make those types of decisions?
		And this is one way that you can show your constituents, that you can show American citizens where you stand on parental rights.
		That you're going to put every decision that you make through the lens of fundamental parental rights.
		That the government does not have the right to raise your children.
		You know I always say we will partner with our kids' schools but we do not co-parent with the government.
		What we hope, Steve, will happen from that pledge, if you go to that page, then you will see some resolutions.
		These are proclamations that you, as an elected official, can bring forward on whatever board you serve on.
		There are 15 there for every state that has fundamental parental rights recognized in their state statute, and then there's another resolution for the other 35 states.
		Go there, take a look at it, bring it forward if you're elected, bring it forward in your elected body that you serve on, and make that commitment to parents.
		We hope to create a groundswell of parental rights, a cry for parental rights around the country.
		And these midterms are so incredibly important because Americans are going to have the chance to vote for people who are going to put kids and parents and families first in America again.
steve bannon ▲ ● ▼		How is this going to get promulgated?
		I mean, how are politicians going to know this?
		Is your group going to make sure they go to their comms directors?
		Is everybody running for Congress?
		Everybody running for the state legislature?
		Everybody running for school board?
		You'll make sure that everybody gets this?
		How do you ensure that?
unidentified		So we are in 42 states now.
		We have over 240 chapters and all of our chapters are going around in their state and they're making sure that every elected official is aware of the opportunity to sign the pledge and then they're going to be publicizing who is signing the pledge.
		That again, people know who the parent pick is.
		We know, for American citizens, it's been difficult to know who to vote for, and especially in a lot of these school board races.
		These are non-partisan races.
		So who do you vote for?
		How do you know?
		One of the ways that you can show that you stand for parental rights is to take this pledge.
		And so we hope that everyone will take it, from school board members to representatives and senate members in the state, and state house and state senate, and then all the way up to the federal government.
		And we'd love to see a president take this pledge, although I don't know that Joe Biden could take it.
		He might have to cross his fingers behind his back these days.
steve bannon ▲ ● ▼		Well, this pledge would go... Democrats, I mean, how are they going to sign this?
		Because this puts them in... with the teachers unions, correct?
		The teachers unions would be very opposed to people signing this pledge?
unidentified		Isn't that shocking, though?
		I mean, parents are the number one driver of student success, so if schools really want kids to be successful in school, they should be rolling out the red carpet for parents, working to engage them in every facet.
		So it just leads me to believe that exactly what I've seen is true, even serving as a school board member, that teachers' unions don't care about kids.
		Public education has become a jobs program, and decisions are made at every level in public education about what is best for adults, Not what is best for kids.
		And so, you know, we hope to weed people out.
		Listen, if you're a Democrat, if you're a Republican, and you feel led to take this pledge and you're going to stand by it, then you should do that.
		And then in every action that you take in your district, in your community, we are going to remind you that you have pledged to recognize and respect fundamental parental rights, to work to prevent government overreach, and to create more transparency in children's education and lives for parents.
steve bannon ▲ ● ▼		By the way, I want to make sure I want to keep you over to the six o'clock hour because it's going to take a little longer than 60 seconds to answer this question.
		And we got to bounce.
		What is the situation?
		I keep reading the libraries that Moms for Liberty are nothing but the book burners, that you're trying to ban books and burn books.
		Tee it up and then we'll finish it at the top of the next hour.
		What's the situation with the libraries and the library books?
		And are you book burners?
		Are you trying to ban books?
unidentified		No, but it does seem like when book sales are slow, people invent a scandal in order to get media attention.
		What we've seen is a weak...
		of a banned book week, as it was called, where you had articles written, things said that were completely untrue, and it is very concerning.
		And what we're finding out is that media outlets, including Newsweek, didn't do any fact checking.
steve bannon ▲ ● ▼		So in 21 minutes- Hang on, I wanna get to the details of that, because it's very important.
		We've also, we're gonna take a short break.
		We're gonna come back, and we're gonna go to, Tiffany's gonna finish about the libraries and this book banning.
		We've also got some very disturbing news Chattanooga, Tennessee about the situation with the drag queens.
		We're gonna take a short break.

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