Sept. 30, 2022 - Bannon's War Room
48:55
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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They've got to be calling, saying, what are we supposed to do? | |
| How much worse do you think it's going to get? | ||
| What's the best strategy? | ||
| What do you say? | ||
| Well, Scott, as you know, we've been negative since all my appearances on Halftime. | ||
| We've been negative all year. | ||
| And events have been unfolding as we've been looking for. | ||
| In February, after Putin invaded Ukraine, we put out a client note saying, if the markets survive Putin, they still have to deal with Powell. | ||
| And that's exactly where we're facing right now. | ||
| So we don't think it's a time to get aggressive or add equities even though prices have come down. | ||
| We're in the midst of a period where the monetary landscape is changing and investors should focus on the return of capital versus the return on capital. | ||
| So you're as negative as you've been. | ||
| You want to use any sort of rally to reduce positions that you may still have? | ||
| Yeah, absolutely. | ||
| So we've had nearly 15 years of an environment where there hasn't been a market-determined level of interest rates. | ||
| And interest rates are the traffic signals that basically control the monetary highway. | ||
| And they've been flashing green for years. | ||
| That's led to a lot of leverage, excess speculation, and rising asset prices. | ||
| Now everything's turning. | ||
| So, in that turn, it's changing the dynamic of valuation, and that's what we're facing right now. | ||
| How much worse do you think it's going to get? | ||
| I mean, you're painting a pretty nasty-sounding scenario. | ||
| Well, lots of talk about recession, okay? | ||
| So, we've got... You don't think we'd price that in? | ||
| Not yet. | ||
| You know, even though we've had two quarters of negative GDP growth, six months of declining leading economic indicators, we've got credit card debt up 18%, housing is slowing. | ||
| We're slowing, but we're not yet in recession. | ||
| Labor market's still really strong. | ||
| Labor market's strong and our expectation is that companies will be slow to lay off workers because there's a labor shortage. | ||
| But nevertheless, Expectation for earnings is going to go lower. | ||
| You like bonds better than stocks? | ||
| I like cash better than everything right now. | ||
| You have more cash now than you've had in how long? | ||
| Forever. | ||
| Really? | ||
| We have the highest cash positions we've had in years. | ||
| Look, let's look at the market. | ||
| Let's look at valuation. | ||
| There's sales, there's margins, and there's multiples. | ||
| All three are going to have to come down. | ||
| So sales have been elevated because inflationary push has gone through to consumers, but that only lasts for so long. | ||
| Margins will be under pressure simply because of inflationary pressures and labor costs. | ||
| And then multiples, you know, where are they going? | ||
| Multiples have to be reset lower. | ||
| So put 15 times on 220 earnings on the S&P and you're at 3,300 bucks. | ||
| Oh, but you're still getting to $220. | ||
|
unidentified
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Some people have $200. | |
| Yeah. | ||
| Trenner's out for $200. | ||
| There's others that are all over the place. | ||
| But look, if we can look at different levels of... They quoted Jason Trenner, who's on the show a lot, too. | ||
| I want to go back to Steve Cortez. | ||
| Is he cribbing notes from the war room? | ||
| I just want to make sure people understand the buried leads here. | ||
| And Saperstein's one of the smartest guys on Wall Street. | ||
| Of your capital, not return on capital. | ||
| Right. | ||
| Right. | ||
| We haven't had a market-determined interest rate in, what, 12 years, a decade, over a decade? | ||
| That means artificially low inflation. | ||
| I would argue not really in 20 years, Steve. | ||
| I mean, since the Y2K fiasco when Greenspan massively overreacted. | ||
| But yes, correct. | ||
| It's been at least a decade, probably two decades, since we've had market-determined interest rates. | ||
| I could go on and on on the multiples and the coup de grace was, well, you like bonds more than stocks. | ||
| I like cash more than everything. | ||
| What's your assessment right there? | ||
| That goes to a lot of themes we've been talking about for many months. | ||
| But that is one of the more respected guys on Wall Street. | ||
| And of course, the guy on the desk at CNBC could not believe the answers. | ||
| I mean, he was in shock, right? | ||
| When he says, give us your assessment of what you just heard there. | ||
| And I think the key thing for people, remember, we don't tell you what to do, but when a guy like that says, it's like a papal bull. | ||
| When he says, hey, it's return of your capital, don't worry about your return on capital. | ||
| Steve Cortez. | ||
| No, that's the unfortunate reality right now. | ||
| Preservation of capital is winning at the moment. | ||
| Forget about growth on capital as far as investing. | ||
| That's a terrible scenario, but it's just the reality. | ||
| Again, we don't come on the air, certainly not on your show, to sugarcoat things for people or to act like Pollyanna. | ||
| We do come on to provide solutions so that we can get back to the growth of capital and the growth of wages, more importantly even. | ||
| I care much more about wages than I do capital, but we can do both. | ||
| Donald Trump showed us that in 2019. | ||
| Pre-pandemic economy that we can do both. | ||
| But yes, Saperstein maybe has been watching War Room. | ||
| We certainly seem to be reading from the same books and seeing the same things out there in the economy. | ||
| I think anybody who's honest, Steve, who's not dominated by narrative, is seeing what Saperstein is seeing there. | ||
| Let's talk about performance today. | ||
| Actually, the price is true. | ||
| Let's talk about actual performance. | ||
| We are concluding the third quarter today. | ||
| It's going to be the third quarter in a row for the S&P 500 that it is down. | ||
| Steve, that has not happened since 2009. | ||
| That has not happened since the great financial crisis, since the housing and credit crisis of 2008 and 2009. | ||
| We have not had three straight down quarters in the S&P. | ||
| We didn't even have that in 2020 with all of the challenges of the lockdown and the CCP virus. | ||
| But this is far worse than 2009 for this reason. | ||
| At that time, we had interest rates plunging lower, bonds rallying. | ||
| Again, bonds acted as they're supposed to in calamitous times, generally, in volatile times. | ||
| They acted effectively as insurance. | ||
| And for many investors, for most investors, they cushioned the blow. | ||
| And in 08-09, there was a lot of economic pain out there, a lot of it. | ||
| You know, millions of people were losing their homes, and I don't want to diminish that at all. | ||
| But the silver lining to that pain, Steve, was at least for people who were in a good financial position, who kept their homes, who were responsible about leverage, everything in their life was getting cheaper at that time, okay? | ||
| So that's the silver lining for the dark cloud of recession, generally, as things in your life get cheaper. | ||
| We have the opposite now, right? | ||
| Bonds are getting killed along with stocks. | ||
| While your real wages are crashing, everything in your life is getting more expensive. | ||
| This is the economic vice that we have been put into because of Joe Biden. | ||
| That's why Saperstein says, right now, it's just about the preservation of capital, not the return on capital. | ||
| And when he said, I loved his answer, he said, so you like bonds? | ||
| And he said, no, I like cash right now. | ||
| And if somebody were to ask me that, I would say, look, I like farmland right now, in all honesty. | ||
| I know that's not an easily effective investment for a lot of folks out there. | ||
| But in terms of stocks and bonds, I mean, the answer is neither, thank you, right now. | ||
| That's the reality. | ||
| Because this right now, as we speak to, as we finish this third quarter, I mentioned how bad it is for stocks. | ||
| Right now, year to date, it is the worst year for the United States Treasuries ever, ever, in data going back over a century. | ||
| We have good data going back to the teens. | ||
| This is the worst year for the 10-year Treasury in the history of the United States. | ||
| When they say the teens, they mean the 19 teens for 100 years. | ||
| Listen, that is the smart money. | ||
| That is the world's vote on what they think of the Biden regime. | ||
| This is what they think of the Biden regime. | ||
| Don't take it from Steve Bannon and Steve Cortez in the War Room. | ||
| Look at what the price is truth. | ||
| I want to make sure people understand, particularly people who say this Kavanaugh-Marx stuff is kind of confusing. | ||
| I get all confused. | ||
| Let me just direct you to politics. | ||
| When Lehman was putting a bankruptcy, when the OA crisis started, or it had been building, but when it actually started, that day on, I think on, On the polls, Gallup poll, I think it had McCain and Palin up one within margin of error. | ||
| The plunge in 20 in 2008 brought Barack Obama to the presidency. | ||
| His half-baked, terrible solution for that, where we're still dealing with, led to the Tea Party revolution of 2010. | ||
| These are directly related. | ||
| This is my point. | ||
| You have to understand the economics and the capital markets because they're directly related to these big movements in politics. | ||
| That's why the Democrats right now, every Democrat, when he started the show and talking about these House seats, if you go look at the spots, every Democrat is running away from Joe Biden. | ||
| You can't even know they're Democrats, except for the abortion issue. | ||
| They're sitting there, they're running as moderate Republicans. | ||
| They're talking about, oh, we got to bring jobs back from China. | ||
| We got to do this. | ||
| They're not even talking about, and they're not bragging about any of the inflationary things they cost. | ||
| Steve Cortez, this has direct. | ||
| Obama and the 2010 Tea Party Patriot reaction to that was caused by this collapse. | ||
| That's what this collapse is going to cause. | ||
| Yeah. | ||
| And Steve, to that point, let's connect the dots here between what's happening on Main Street, what's happening in capital markets, and then the election that we have in just weeks to go. | ||
| Because as terrible as the news is, and it's dire in our economy, the great news is we have human agency, we have control. | ||
| This is still our republic. | ||
| I think in many ways it's devolving into an oligarchy, but there's still time to save it, though the hour is late. | ||
| And we have enormous decision-making power in just a few weeks. | ||
| And toward that end, To encourage the deplorables out there, that we are winning and that we're going to enjoy a massive victory on November 8th. | ||
| Let's look at some of the polling. | ||
| If we can pull up chart number one, please. | ||
| I think this is important. | ||
| And this is a poll from YouGov and Yahoo. | ||
| And they asked, first of all, before I get to what I've shown there on the screen, they asked, is inflation better or worse under Joe Biden? | ||
| Only 13% overall said that it is better. | ||
| 60% said it is worse. | ||
| Among independents, only 8%. | ||
| Said that it is better. | ||
| And then the chart that we're showing there, they just asked, and this is I think very important for independents, this is the overall economy, overall, not just inflation, since Joe Biden took office. | ||
| Are things better or worse? | ||
| And what I highlight there in the yellow, among independents, 11% of independents say better, 51% say worse. | ||
| Almost a 5 to 1 upside down ratio. | ||
| Are things overall, they didn't even specifically say economy, just are things better or are things worse under Joe Biden? | ||
| Almost a 5 to 1 ratio against Biden among independents. | ||
| This should, this poll, again not one of our polls, not from a right-wing organization, this should embolden the American people, this should embolden the deplorables to go out there. | ||
| We are going to get a mandate. We're going to get a mandate to fix this economic mess. | ||
| Wow, that's the word. | ||
| We finally use it. | ||
| Mandate. | ||
| This also barely incorporates the other article I sent you from CNBC, Steve. | ||
| 60% living paycheck to paycheck, including almost 50% of people in six-figure incomes. | ||
| Correct. | ||
| This is now... And that's without... Remember, your balance sheet is imploding. | ||
| $9 trillion of wealth wiped out in the stock market. | ||
| They haven't even calculated what you've been wiped out into the bond market and the mark-to-market on your real estate. | ||
| It's all about to happen. | ||
| This is the created crisis of a group of radical incompetence. | ||
| You think the extraction from Afghanistan was incompetent because you could see it on TV every day? | ||
| What they're doing to your economy and what they're doing to the capital markets is really criminal. | ||
| And the American people get it. | ||
| So that's what we're talking about, a mandate. | ||
| And that mandate is going to require a Republican Party with a set of stones, is it not, Steve Kortes? | ||
| No, absolutely. | ||
| You know, and again, this is why we need candidates who are willing to be bold, who are willing to say, for example, when I'm elected to the U.S. | ||
| House or I'm elected to the U.S. | ||
| Senate, I will not vote for an atrocity of a CR of a continuing resolution like 22 Republican senators did yesterday that prioritizes aid for Ukraine and prioritizes Vaccine mandates, unscientific vaccine mandates over the prosperity of the American people, particularly at a time when millions of Americans right now, today, are suffering in the state of Florida because of what happened via Mother Nature. | ||
| So we need bold champions who are going to go to Washington, D.C. | ||
| to truly represent the people and not join the UNA party, not become part of the establishment. | ||
| But here's the great news. | ||
| I firmly believe that we have those candidates. | ||
| All over America. | ||
| On the House side, for example, I think John Gibbs is one of those people in West Michigan. | ||
| Joe Kent on the West Coast. | ||
| Catalina Lau, dynamic young Latina in Illinois. | ||
| On the Senate side, Blake Masters, J.D. | ||
| Vance, Katie Britt. | ||
| I think we have these candidates all over the United States. | ||
| And by the way, Regarding this mandate, all of those people I just named, plus more, are going to win, okay? | ||
| All of them have tough races, but I think all of them are going to win. | ||
| We are going to achieve, nobody should get cocky, no complacency, but we're going to have an incredible mandate, in part, now I'd like it to believe that it's all about our ideas, and it is certainly in large part, but Steve, it's also, let's just be honest about it, it's also because of the brutal economic predicament I know a lot of the folks in the audience, including me, don't like Nike, right? | ||
| and in terms of the economic data only back that. | ||
| You know, if we can pull up chart two, I wanna show here a company, a major company, Nike, and what it's doing today. | ||
| Now, listen, I know a lot of the folks in the audience, including me, don't like Nike, right? | ||
| We don't like the toxic corporate cultural Marxism But nevertheless, it's a really important read into where the consumer is in the United States and for that matter around the globe. | ||
| Well, Nike is down 10% today. | ||
| So this is just the latest company. | ||
| That chart goes back to the beginning of the year 2000 and kind of like the charts I showed yesterday. | ||
| But I want to show the audience there for those who are watching. | ||
| And not just listening, is that we are back into the worst days of the spring of 2020. | ||
| We're back into the lockdown of 2020 zone for an important stock like Nike, which did relatively well actually on its top line earnings. | ||
| But the devil was in the details, and particularly as it relates to inventory. | ||
| And they now have a bunch of inventory that they're going to try to dump into Christmas, into a very weakened consumer market. | ||
| And the stock market is really punishing this firm. | ||
| And by the way, even though I hate the management of Nike, They've got an inventory backup because the stores don't want the product. | ||
| The stores don't want it on their balance sheet. | ||
| This shows you the bottom's falling out. | ||
| This is going to be a bleak, cold, expensive Christmas. | ||
| Short break. | ||
| Steve, hang on with us. | ||
| We've got Dave Walsh and Todd Bensman. | ||
| The Democrats are right now working on an executive order. | ||
| On something absolutely, incredibly outrageous. | ||
| It's going to blow your head off. | ||
| Dave Walsh is going to talk to us, not just about energy, but about Florida energy. | ||
| What is going to happen in the free state of Florida with this rebuild? | ||
| Cortez thinks it's going to jack up inflation even more. | ||
| Dave Walsh got some very specific ideas about the grid down there. | ||
| Short commercial break. | ||
| We're going to get all into it on the other side in the war room. | ||
|
unidentified
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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. | ||
| Oh Okay, it's the last day of the third quarter here, 30 September, Year of Our Lord 2022. | ||
| Let's bring in Dave Walsh, our energy expert. | ||
| Dave, you're also a Floridian. | ||
| Give us an assessment, heroic efforts down there, but give us an assessment of what the reality is right now on this rebuild and particularly around electric power and how is this going to happen, sir? | ||
| Well, we've got, Steve, two and a half million Floridians out of service on electricity this morning. | ||
| Here in Orlando, not so bad. | ||
| A lot of tree trimming and high winds, rain, but not serious. | ||
| Fort Myers, Naples, Punta Gorda, we're hearing reports of nearly 250,000 homeowners potentially permanently out of a home. | ||
| This storm in the southwest area of Florida was devastating, completely devastating. | ||
| So we're looking at, you know, normally you'd look at 8 to 10 days to have everybody back in service. | ||
| Duke Energy alone has 10,000 people mobilized, 2,000 trucks. | ||
| Other utilities like Nextera, JEA, TECO, Seminole, another 20,000 people. | ||
| mobilized working on this there are and they support a consortium to the energy southern company dominion axel on PSE and G all have a consortium with the Florida utilities were when these things happen throughout the southeast they pitch in help one another so there's probably another 20,000 coming in of manpower from those aforementioned non Florida utilities to support this while for example Duke is preparing for the same storm to show up in two or three days in South Carolina and North Carolina | ||
| So they've got a massive logistics issue, but it's an incredible service that they perform. | ||
| There's a lot of concern about the key electrical components have been in short supply during the post-pandemic shortages of things like distribution transformers, medium power transformers, have been in some cases two to three year lead times to get devices like these that are | ||
| Also, unfortunately, damaged in storms, so that's going to be a bit of a hiccup with getting everybody back in service quickly, but they'll do whatever is required to jump through hoops to solve these issues. | ||
| And we have had, too, a lot of benefit from grid-hardening actions by Nextera, by Duke, in the last five years, bolstering a lot more underground power, a lot more resilient systems and distribution with switchgear and relays. | ||
| That had been present before to make these events less, less severe than they are. | ||
| But this is the impact on construction and the insurance market here is going to be huge. | ||
| This, this was a huge amount. | ||
| How do you, the two and a half million people, what, what, what's your, what do you think the prospects are when that, that part of it actually gets the immediate aftermath gets fixed versus the longer term build here? | ||
| What, what, what do you think actually everybody gets back some, some sort of a constant power? | ||
| I mean, up here we're hearing maybe three to five, six days, which isn't bad. | ||
| In the southwest, though, Punta Gorda, Naples, Fort Myers, could be weeks, realistically. | ||
| And that's, by the way, hats off to the utilities and what they do. | ||
| That's a Herculean effort to bring them back into service. | ||
| With a storm of this nature, the issue is going to be the long-term lead times that have developed in some of these core components like medium voltage and high voltage switchgear and distribution transformers have been year and a half to three-year lead time items in the last year. | ||
| That's going to be a bit of a challenge to the extent that equipment has been damaged. | ||
| The generation equipment here is mainly gas-fired. | ||
| It's in fine shape. | ||
| Cortez, let me bring you back. | ||
| I mean, what is the impact on inflation going to be here on construction? | ||
| We talk about the backup of generators, everything, every piece of material you're talking about is already backed up for months and months and months. | ||
| If not, I mean, across the country, ask everybody that's trying to, you know, you're going to give us your situation, but I can tell you other parts of the country, people, it's your six months to get anything going. | ||
| So what's going to happen here? | ||
| Steve, here's the problem. | ||
| Look, the storm is not Joe Biden's fault, okay? | ||
| But it is his fault that we have a hobbled U.S. | ||
| economy when this storm hit us. | ||
| That's the problem with being weak when something unforeseen happens to you, some exogenous shock. | ||
| Like thankfully, for example, we had the opposite scenario. | ||
| When the CCP virus hit us in 2020, we had an incredibly strong Trump booming economy. | ||
| It made us far better able to withstand that exogenous shock, that epidemiological dirty bomb of the CCP virus. | ||
| Now we have the opposite scenario. | ||
| We have this massive hurricane hit us. | ||
| Displacing so many people in Florida, and of course we're most concerned about the human toll, but the economic ramifications, Steve, I think are going to be severe and lasting, particularly as it relates to construction and inflation. | ||
| And what I mean by that is right now we already have an incredibly difficult construction situation all over the United States. | ||
| If you talk to anybody right now who is building or remodeling, It's an absolute slog. | ||
| Every project is way behind schedule and generally way over budget because the supply chains as well as the labor force is so stressed right now and so inadequate and that is before the storms. | ||
| So you're now adding literally massive amounts of new demand for materials, for expertise, for labor, for construction because of this storm, which again, we couldn't control that, but we could control the condition we were in before the storm hit, and Joe Biden made it incredibly wheezing. | ||
| So it's as if you got hit with a sickness, but rather than taking care of your health before the sickness, You were incredibly unhealthy, making you so much more vulnerable. | ||
| That's what's happened right now, and I really fear, Steve, that an already terrible inflation situation in this country, particularly for building-related materials, it's going to go into absolute overdrive because of what just happened in Florida. | ||
| I mean, right now, as it stands, before the storm, things like electrical boxes that folks used to be able to, contractors used to be able to go and buy and pick up literally day of, they take weeks and weeks, if not months, to get, and that's before The stresses and the added demand created by this storm. | ||
| It's a terrible economic predicament. | ||
| I think it is sure to exacerbate an already awful inflation situation. | ||
| By the way, inflation today in the Eurozone was announced as 10%, 10% inflation in Europe. | ||
| Dave, where do people get to you to follow you on this? | ||
| I know you're putting up stuff all the time, particularly this tragedy down in Florida. | ||
| I want to point out, too, Steve, the governor's done a yeoman's job. | ||
| He's got denigrators, consistent, constant denigrators in the St. | ||
| Pete Times, the Orlando Sentinel, the media center companies that own media affiliates here. | ||
| No matter what he does, they're going to hate him. | ||
| He's been on top of this and on a state of emergency since last Friday, before this storm actually aggregated into a hurricane. | ||
| We had a state of emergency. | ||
| The governor's been very active and involved with this. | ||
| And I can be reached and watch my postings at DaveWalshEnergy on Getter. | ||
| Thank you. | ||
| What Walsh just said, the politicization of this, is something we're going to get into a lot starting this afternoon and tomorrow. | ||
| We're live on location tomorrow, but this is a very big deal. | ||
| Can I add one more on that one? | ||
| Go ahead, sir. | ||
| Can I add one more on that one? | ||
| I woke up yesterday with stellar power. | ||
| New York Times reports this event was caused by man-caused global warming. | ||
| Decree that already. | ||
| One data point in the episodic rate of storms being greater in the last 10 years. | ||
| Statistically valid data goes over 120, 140 years. | ||
| We've seen a reduced episode of these types of events in North America in the last 120 years. | ||
| And what's changed? | ||
| Yeah, we've got 10 times more people living in the southeast on the coast than we had 30-40 years ago. | ||
| The monetization of these, to Steve's point, is now huge because the population growth down here has been, you know, we had 4 million people in Florida 40 years ago. | ||
| Now we have 21 million. | ||
| And they all live on the coast. | ||
| Yeah, more prone to the monetization of these events being a big deal, a very big deal. | ||
| Three main, I think, have moved in since 2010. | ||
| Not because of man-caused global warming. | ||
| Nothing to do with it. | ||
| They're moving down there because it's the free state of Florida. | ||
| Dave Walsh, we'll get back to you. | ||
| Thank you very much, sir. | ||
| Let me bring in, I want to bring in Todd Bensman, while I still got Cortez. | ||
| Something else I want to make sure does not slip under the radar. | ||
| The White House knows they're going to lose in court on DACA. | ||
| Right. | ||
| That's going to get thrown out. | ||
| And now they're already plotting, but it's got massive implications. | ||
| Todd Bensman, what is specifically going on here about DACA, about this executive order, and what's the impact given the invasion that's taken place that Biden has allowed and actually cheerleaded and exacerbated in the United States, sir? | ||
| Well, first of all, DACA amounts to about, it's a protection providing work authorization to about 700,000 People whose parents brought them in when they were children. | ||
| And the issue here is that the courts, the Fifth Circuit here in Texas, is about to rule against that protection, which means that they will lose their work authorization and then be subject to deportation. | ||
| Of course, you know, deportation is not going to happen under Biden because they've eliminated interior deportations Almost entirely, so they wouldn't really have to worry about deportation anyway. | ||
| They'll appeal to the Supremes. | ||
| The Supreme Court, the current makeup, will probably affirm the lower court ruling, and that leaves the 700,000 DACA people sort of out there hanging for maybe a Republican president at DHS at some point. | ||
| What they're preparing is an executive order that would Affirm that former DACA people will not be deported, but it's really just window dressing since they won't be deported anyway. | ||
| To me, the bigger issue, the broader issue here is that since DACA was put in place, we probably have two and a half million more children whose parents victimized them by bringing them over the border into a situation like that. | ||
| Uh, where they'll grow up and eventually have to be deported too. | ||
| And the issue there is that, you know, you have these whole broad new DACA generations that if you give DACA protection to the old one, they're going to be like the Van Halen song. | ||
| Everybody wants some, I want some too. | ||
| And we just, you know, these are going to come up. | ||
| This is going to come up before the next Congress. | ||
| Uh, and yeah, hang on. | ||
| I just get what you just got to hit before we go to break. | ||
| With the DACA, it was $700,000 illegally brought. | ||
| Let's be specific about that. | ||
| You're saying there's $2.5 million that would be eligible for this in addition to the DACA? | ||
| Yeah, this is my calculation. | ||
| The government does not release the total number of children that came in as part of family units, so I'm kind of calculating one parent, one child, one parent. | ||
| Okay. | ||
|
unidentified
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Okay. | |
| Hang on. | ||
| Hang on one second. | ||
| We're gonna come back. | ||
| We got Cortez. | ||
| We have Todd Bensman from CIS. | ||
| We're gonna get Karen Siegemann from the Alliance for Freedom. | ||
| American Alliance for Freedom. | ||
| Freedom Alliance. | ||
| All next in the War Room. | ||
|
unidentified
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We rejoice when there's no more, let's take down the C.C.P. | |
| 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. | ||
| Look, this DACA situation is not an easy one. | ||
| The reason this is a huge problem is because of people gaming the system. | ||
| It's become, it's metastasized, become an even bigger problem. | ||
| And you're going to have Biden do this executive order to go through this whole court situation again. | ||
| Steve Cortez, I know you and President Trump, this is one President Trump, Russell Wilson, I know you have. | ||
| That's why I wanted to get Bensman in to talk about the reality of the two and a half million. | ||
| Talk to me about your assessment of this, sir. | ||
| Yeah, Steve, no, listen, I think this is important. | ||
| And during the Trump administration, and I talked to President Trump many times about this exact issue because he knew that as an Hispanic, I cared deeply about it. | ||
| And I was actually for some sort of status for DACA. | ||
| I believed it was a different category of illegal immigrant children who didn't choose to come to this country. | ||
| I never supported citizenship, but some sort of permanent status. | ||
| And I have to say, I no longer believe that. | ||
| I was in the same place then as Donald Trump. | ||
| I no longer believe that, and the reason I don't is because exactly what Todd Benchman is talking about. | ||
| Because of what the liberals have done, because of what Joe Biden has done and absolutely inundated this country, turning children effectively into admission tickets into the United States, to the point where now I think any kind of what might have been a reasonable solution before regarding DACA is absolutely impossible. | ||
| We cannot go there. | ||
| Steve, I'll be the first to say, you know, listen, I think when the facts change, we have to change our minds. | ||
| And given what has happened at the border, I have changed my mind. | ||
| I'm coming to your position. | ||
| I'm where you were all along. | ||
| You were right. | ||
| But a lot of us, I think, you know, did, in fact, on the right, a lot of us who are not at all soft on the border. | ||
| Look, I'm for a moratorium on even legal immigration, OK? | ||
| I want zero immigration to this country. | ||
| So I'm not soft on the border. | ||
| But I did have a heart for children who I think were victimized, you know, even if it's by their own parents. | ||
| But the reality now is we can't do this any longer. | ||
| There can be no DACA. | ||
| And the Hispanic community is going to be with us on this. | ||
| And Biden's going to make it even tougher, this executive order. | ||
| This is going to make it even more complicated. | ||
| This is one of the reasons that ramifications of this invasion on the southern border and breaking of the laws is going to be with us for decades and decades. | ||
| But we've got to sort this out. | ||
| The victory on November 8th is so important. | ||
| Todd Bensman, I don't understand why your book's not out now, right? | ||
| I don't understand why the publisher's holding it, but I want everybody to order. | ||
| How do people get to you, your writings, everything on social media, and how they get to your new book? | ||
| Okay, I'm at tbensmangetter at Getter, and the book, you can pre-order it. | ||
| It's called Overrun at toddbensman.com. | ||
| It's on Amazon, Barnes & Noble, You can find it everywhere that you like, and pre-order it. | ||
| Just show the publisher some support for the book. | ||
| That might convince him to hurry it up a little bit. | ||
| But if you go to my website, you can read all about it, and I've got the introduction is published now, and you can get a really good sense of what I'm going to report about this migration crisis. | ||
| I was there from the beginning, on the ground, and I'm going to tell you exactly why this A mass migration historic event happened. | ||
| Who caused it? | ||
| Where? | ||
| Why? | ||
| How? | ||
| Everything about it and what it looks like and where we're going with it. | ||
| You know, a lot of people contacted me because of this discussion about impeaching Biden. | ||
| And I keep saying that this is going to be the first article and it's going to be real, real hearings, real investigation to get to the bottom and no rush to judgment here because this invasion is so outrageous and it's going to have such massive implications for everybody. | ||
| Todd Yeoman's working, by the way, we'll work over the weekend and refine that number 2.5 million. | ||
| I want to be, I want to have as much precision about this as possible because this is a huge issue. | ||
| And this is what Biden's over at the White House working on. | ||
| This is what they're spending their time doing. | ||
| They're not sitting there combating inflation. | ||
| They're not sitting there trying to protect our southern border. | ||
| What they're trying to do is cause more chaos and more havoc. | ||
| This is exactly what they're doing. | ||
| Todd Bensman, thank you so much. | ||
|
unidentified
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Thank you. | |
| Go ahead, sir. | ||
| I was just going to say, it's worth remembering. | ||
| OK, yeah, it's just worth remembering that the 700,000 is now like quintupled. | ||
| with children. | ||
| These mass migrations from 2019 and now are child-centric mass migrations. | ||
| They were a ticket to get in, like Steve was saying. | ||
| And the numbers are huge. | ||
| So why give it to 700,000? | ||
| Why not? | ||
| When you give DACA to 700,000, you're telling the rest of the world that it's there for you, too, at some point. | ||
| Come on in. | ||
| It's 100 percent. | ||
| This is why I took a super hard line on this topic, because I knew one day we'd be here. | ||
| And guess what? | ||
| We're here. | ||
| And they're trying to hide it. | ||
| And nobody and Cortez, what you just said about the Senate. | ||
| They passed this thing with no border security, no stopping the invasion. | ||
| You just go through the laundry list. | ||
| More money to Ukraine, right? | ||
| Just continue the vaccine and mask mandates. | ||
| This is the gutless Republican Senate, which we're going to have to deal with on the evening of November 8th. | ||
| I realize the world's not perfect. | ||
| Cortez, how did people get to you, your substack, all your writings? | ||
| At Steve, and I'm still on Twitter, at CortezDCortez with an S. | ||
| Fabulous. | ||
| Great work, guys. | ||
| Really want to thank both of you guys for taking time to do this. | ||
| We got a lot of wood to chop here and not a lot of time. | ||
| I want to go to Karen Siegman, American Freedom Alliance, a big event over the weekend. | ||
| There are some tickets left, I guess for the, I think the dinner sold out, but you've got the two-day conference. | ||
| And it's many of the people have been on the show. | ||
| Tell us about it. | ||
| And how do people go get tickets? | ||
| Because I think tonight you end the ticket sales at, I don't know, about eight o'clock or something Pacific Coast time. | ||
| So how do people tell us about the conference or why do people want to go, particularly if it's last minute? | ||
| So everything that you talk about all the time and that you were just talking about with your guests, we're under attack on national sovereignty. | ||
| Our representative government is under attack. | ||
| The individuals are under attack. | ||
| Humanity itself is under attack. | ||
| And our two-day conference intends to address all of those things, all the ways in which we are being under attack. | ||
| Not all. | ||
| We're trying to cover as much as you can in two days. | ||
| We have the best speakers, including you. | ||
| We have Kevin Fallon, sorry, Kevin Freeman, Michael Fallon, Michael Rechtenwald, Ed Dowd, who's a frequent guest of yours. | ||
| It's going to be an absolutely astounding event. | ||
| We are cutting ticket sales off at eight o'clock tonight. | ||
| As you noted, you can get tickets at AmericanFreedomAlliance.org. | ||
| On the website, we also have the, yeah, there we go, the entire of the two days. | ||
| It will be an astounding event. | ||
| You will walk away so knowledgeable, so empowered, though, and so emboldened with ideas of how to combat this. | ||
| It's going to be an incredibly engaging and empowering experience. | ||
| Again, AmericanFreedomAlliance.org. | ||
| And there's a link for tickets, and we are cutting it off at 8. | ||
| The dinner, as you said, is sold out. | ||
| But there's still just a handful of tickets left for the conference itself. | ||
| And we're going to be broadcasting. | ||
| We're going to have a lot of the guests, a lot of the speakers on, etc. | ||
| So one thing I want to say about the title, about the puppet masters, you know, I'm not a believer in that. | ||
| I know some people are. | ||
| In fact, this is all about going through and having a debate and putting up and putting up information and facts. | ||
| Yes. | ||
| And I want to say I'm definitely not because I say there's no conspiracy, no coincidence. | ||
| I do want to I do want to thank Politico because, you know, They make the case that there actually are puppet masters in this amazing investigative report they did that talked about Gavi, that talked about CEPI, that talked about the Gates Foundation, that talked about the World Economic Forum, that talked about how these NGOs were really much more in control of the response of national governments. | ||
| Individual national governments to this thing. | ||
| I mean, that ain't that ain't Breitbart. | ||
| That's not, you know, Citizens Free Press. | ||
| That's not Gateway Pundit. | ||
| It's not War Room. | ||
| This was a major investigative report. | ||
| And I'm going to talk about that over the week. | ||
| Major investigative report by Politico. | ||
| That showed about the power of these NGOs, and a lot of this goes back to Brother Bill Gates. | ||
| I mean, it was their report that did it. | ||
| Now, they have a different take on it, that it should be more of that, and they could do more. | ||
| It could be rapidly because governments are too fusty about this, but they're the ones that make the case that they're, in fact, our puppet masters, and they point right to Kroll, to Schwab, and particularly Bill Gates and the Gates Foundation. | ||
| This whole thing about the Puppet Masters is to be debated, and this is the key of the Freedom Alliance. | ||
| You started this years ago as a First Amendment. | ||
| We've got to be able to talk about these issues. | ||
| If we can't talk about them and debate these ideas, then the government becomes a despotism. | ||
| Is this correct? | ||
| Is this how you guys started off? | ||
| Exactly. | ||
| I was not the founder, but Avi Davis was, but I am just so honored to be at the helm At this point, after he died. | ||
| But yes, exactly right. | ||
| And freedom, we absolutely need to air opposite dissenting, even curious, inquisitive opinions. | ||
| We need to be able to search for the truth. | ||
| And when people impede that search for truth, that's when you run into trouble and despotism and totalitarianism. | ||
| You have to be able to question. | ||
| Karen, how do they go to the site, see all the speakers, and how do they get tickets? | ||
| How do people go? | ||
| AmericanFreedomAlliance.org. | ||
| And then there's a link when you scroll down a little bit further than that, and you'll see our mission, Advancing the Values and Ideals of Western Civilization. | ||
| That's who we are. | ||
| And if you scroll down a little bit further, you'll see a link for tickets. | ||
| But get them now. | ||
| Okay, ma'am. | ||
| Thank you very much. | ||
| Did we just drop her? | ||
| Okay. | ||
| Let's get that up there and put it up in all the chat rooms. | ||
| I want to go to Dr. Bradley Thayer, one of our favorites. | ||
| Dr. Thayer, the Chinese Communist Party, they're coming up to make Xi the emperor for life. | ||
| You've got a new book out. | ||
| I want to talk about that, about the book. | ||
| Why should people read it? | ||
| You're one of the top analysts we have on here. | ||
| You dedicate your life to exposing the Chinese Communist Party. | ||
| Walk us through the new book. | ||
| Why should people get it? | ||
| And how dangerous is this? | ||
| Because I said earlier, the plebiscite and the annexation of these eastern provinces in Ukraine was 1 million percent done because Xi told Putin, I got your back on this because I'm gonna do the same thing in Taiwan. | ||
| So everybody sitting there, all these people yammering over there about this problem. | ||
| Hey, this is the CCP as the head of the criminal organization. | ||
| Dr. Bradley Thayer. | ||
| Yes, Steve. | ||
| Well, thanks. | ||
| Good to be with you again. | ||
| The book lays out very clearly why China is a threat to the United States and to its allies and really to the global population. | ||
| The argument is that it's the Chinese Communist Party. | ||
| Historically, as well as today, the leaders, Xi Jinping of the Chinese Communist Party today, are determined to confront and defeat the United States and establish their own world order in international politics. | ||
| We also, in the book, argue with my co-author, Lian Chaohan, we argue that the United States can defeat China, and we point ways The United States recommendations that the US and its allies should adopt to bring about the defeat of the Chinese Communist Party. | ||
| Many measures that we can employ, the most important of which, Steve, is our ideology. | ||
| The fact that when you compare China with the United States, when you compare Chinese totalitarianism with freedom offered by the United States, the world that the Chinese are seeking to create, the totalitarian future for the 21st century, versus the world that we're trying to create, to sustain, which is to have— Hang on, hang on, hang on. | ||
| You're losing me. | ||
| I just, I got the Federal Reserve today put out an announcement that the Federal Reserve, with everything that's going on, the dumpster fire they've created, is focused on ESG scores. | ||
| I mean, they're going to a social credit score. | ||
| The totalitarian nature, our elites are copying the exact model of the Chinese Communist Party. | ||
| So how can you say our ideology I think we can win on a lot of grounds. | ||
| I'm not so sure. | ||
| How do you say our ideology is acceptable to people throughout the world when I think people are rejecting the fact that we're just, we're, we're a mini me version right now. | ||
| Our elites, not the country and not the American people, but our elites are a mirror image of, of what they are. | ||
| I tell you what, while we hold this, we're going to go to commercial break. | ||
| I have Dr. Thayer, Lin Chow Han, another superstar, Dr. Thayer, a brand new book out. | ||
| These guys know China better than anybody. | ||
| We'll take a short commercial break. | ||
| Remember, What is it? | ||
| In two weeks, they're going to anoint Xi as emperor for life. | ||
| If you think we got it tough now, we're going to have it even tougher then, particularly now that he's got a junior partner in Moscow that's helping him control your Asian landmass. | ||
|
unidentified
|
All next in the War Room. | |
| There has arrived the new social media taking on big tech, protecting free speech, I'm cancelling cancel culture. | ||
| Join the marketplace of ideas. | ||
| The platform for independent thought has arrived. | ||
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| Enough. | ||
| Getter has arrived. | ||
| It's time to say what you want, the way you want. | ||
| Download now. | ||
| So Dr. Thayer, is it realistic to think that people want our model versus, can they see past the apparatus, the administrative state to the underlying love of freedom and independence and self-reliance of the American people, sir? | ||
| Absolutely they can. | ||
| If you look at what the United States has been historically, what the United States is, what the American people support, it's quite clear that freedom is going to encounter a renaissance. | ||
| There's going to be a rebirth of freedom. | ||
| In the United States as well as globally. | ||
| And when you contrast that with what the totalitarian Chinese Communist Party is offering, ideology remains one of our greatest strengths as long as this Cold War competition with China does not turn hot, of course, does not become a kinetic one. | ||
| So there's great reason for optimism. | ||
| Do you argue that we can actually take this on and defeat it without going to a kinetic war, sir? | ||
| Indeed, Steve, we can. | ||
| And that is that the Chinese Communist Party is illegitimate. | ||
| They know that they're illegitimate. | ||
| They know they have tremendous weakness. | ||
| And they're fearful that we'll use ideology around the world, but also with the Chinese people to undermine them and overthrow them. | ||
| So there's much we can do short of kinetic conflict, obviously. We do not want kinetic conflict to come. We want this to be a Cold War that ends in our victory and their defeat. | ||
| Lao Baijing, how do people get the book and how they get to all your writing, sir? | ||
| Understanding the China Threats available at Amazon, as well as in book source. And my writing is on Getter, Bradley Fair at Getter, and of course at Truth as well. | ||
| The timing is exquisite because you've got to understand the threat because now Xi is going to be emperor for life, and we're going to have to deal with it, and Lao-Bai Jing is going to have to deal with it. | ||
| Dr. Thayer, thank you. | ||
| We'll talk after about getting you back on here ASAP. | ||
| Thank you, Steve. | ||
| Thanks very much indeed. | ||
| The existential threat that we face, the illegitimate transnational criminal organization. | ||
| But man, are they smart and they're tough. | ||
| This is the, I gotta tell you, this is an enemy of all enemies. | ||
| Libby Evans from Post Millennial, which they just do incredible work and I'm so impressed. | ||
| I don't even have time to talk to you about your transhumanism piece you've got up. | ||
| But this piece, more than any I've seen in the last couple of days, has blown my head off. | ||
| Walk me through exactly what is happening and how the Chinese Communist Party has infiltrated, I guess, police departments in Canada and the United States and throughout Europe. | ||
| What's going on? | ||
| Yeah, so they haven't exactly infiltrated police. | ||
| Maybe they have infiltrated police departments. | ||
| But this report out from... Let me just tell you exactly who it is. | ||
| This is a report out from Safeguard Defenders. | ||
| I called 110 Overseas about Chinese transnational policing gone wild. | ||
| And what happened is in an effort to deal with telecommunications fraud, the Chinese authorities have decided to go into other nations, basically do extra judicial actions, police actions on Chinese nationals, encouraging them to come home. | ||
| Encouraging, right? | ||
| Encouraging them to come home. | ||
| And face charges for telecommunications fraud they've opened up these offices in What appear to be Chinese businesses or in the case of Toronto one is in a private home and One is in a not-for-profit that is supposed to be helping Chinese nationals with services that they perhaps need. | ||
| Okay, but hang on a second because I want to make sure people, because I jumped the gun and talked about the infiltration into police departments, which that is a story for another day, but that has happened and that's one of the reasons that's allowed to happen. | ||
| When you say extrajudicial, They actually have Chinese nationals over in these countries, Canada, the United States, that are essentially putting pressure on people that are in these free countries that somehow they want them to go back home and they want to extradite them or help them get extradited. | ||
| Yes, but they're not necessarily using laws. | ||
| them. Is that essentially it? That they can't, even though they're in a free country like the United States or Canada or Australia or Europe, they're not free because they're hunted down by the CCP using these telecommunications laws. Is that essentially it? Yes, but they're not necessarily using laws. They're not necessarily going through the legal process at all. In fact, what they're doing is they're coming to Chinese nationals | ||
| across five continents with offices in Canada and the US as well as mostly in Europe. | ||
| And they're saying to them, hey, we think you've done this. | ||
| We think you should probably go home. | ||
| And if you don't go home, we're going to prevent the children in your family from attending school. | ||
| We're going to cut off the electricity for your elderly parents' homes. | ||
| And they put all of this pressure on family back home. | ||
| to coerce the people to go back to China. | ||
| So they don't even have to follow any laws. | ||
| They just have this sort of mafia mentality of, you know, it's a shame if something would happen to your family back home unless you do this. | ||
| And that's what they do. | ||
| So they don't go working within the law. | ||
| But certainly, American authorities and Canadian authorities are allowing this to happen. | ||
|
unidentified
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Maybe they I don't know why they would possibly do that. | |
| That's the question. | ||
| Why are authorities in Canada and the United States, you're saying there's actually activity here in the U.S. | ||
| and a couple offices in Canada. | ||
| Why? | ||
| Because this is known. | ||
| Why are they allowing it to happen? | ||
| I think we really need to put pressure on these governments to stop letting it happen. | ||
| I think we need to let our representatives and lawmakers know that under absolutely, under no circumstances, Should Chinese police be operating on the soil of free Americans and, you know, free-ish Canadians? | ||
| This should absolutely not be happening. | ||
| And the fact that it is happening, you wonder what kind of pressure authorities are being put under by the Chinese communist regime to allow this kind of thing to go on. | ||
| If they don't know about it, right? | ||
| If the U.S. | ||
| and Canada don't know about this, are they just stupid? | ||
| How could they not be aware of this kind of infiltration that's going on on our soil? | ||
| The next stage you're going to find is the infiltration. | ||
| Libby, how do people get to you at Post Millennial? | ||
| People ought to read this every day. | ||
| It's an amazing site. | ||
| You guys do incredible work. | ||
| We're at thepostmillennial.com and I'm up on Twitter and Truth at Libby Emmons. | ||
| Come check us out. | ||
| You've got an incredible piece on transhumanism. | ||
| We'll get to that later, but this one was so hot and it's quite incredible. | ||
| Stunning what's going on in the country. | ||
| Libby, thank you so much. | ||
| Thank you. | ||
|
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Okay. | |
| It's the last day of the third quarter from five to seven. | ||
| It'll be the closing hours of the third quarter. | ||
| You're not going to miss it. | ||
| We will be lit wall to wall from five to seven tonight. | ||
| See you then. | ||
|
unidentified
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We will fight till they're all gone! | |
| We rejoice when there is no more! |
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