Oct. 12, 2022 - Bannon's War Room
48:48
Participants
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| Speaker | Time | Text |
|---|---|---|
| So all those years the central bank seeded the clouds of inflation. | ||
| Now the downpour has started. | ||
| Our September read on producer prices, the supplier side of the cost equation, expected up two-tenths on headline. | ||
| Multiply that by two, up four-tenths, up four-tenths. | ||
| That's the hottest since it was in June when it was up one percent. | ||
| And if we look at ex-food and energy, which almost sounds silly, because food and energy, especially energy, that's the big enchilada here. | ||
| X Food and Energy, it did come in, as expected, up three-tenths, up three-tenths. | ||
| And, of course, in the rear-view mirror, we have up four-tenths. | ||
| Don't see revision yet. | ||
| Now, if we strip out food, energy, and trade, it's double expectations, up four-tenths. | ||
| Now we get to the real numbers. | ||
| Year-over-year final demand, expected up 8.4, is hotter than expected, up 8.5. | ||
| Now, the high watermark for this one is going to be up 11.7. | ||
| Yes, you heard me right, 11.7. | ||
| That was in March. | ||
| All the high watermarks for producer prices were made in March, so that is indeed good news, 8.5. | ||
| That almost sounds crazy in and of itself. | ||
| Ex-food and energy up 7.2, a tenth light to expectations, a tenth light to the rearview mirror. | ||
| High watermark in March there was up 9.7. | ||
| And if we look at the final year-over-year numbers, ex-food, energy, and trade up exactly as expected, up 5.6, which exactly matches the rearview mirror, up 5.6. | ||
| High watermark was up 7.1. | ||
| So, if you're the Federal Reserve panel, and you're looking at 8.5, 7.2, and 5.6, they have definitely moderated from extremes. | ||
| Have they moderated enough for the Fed to put their neck on the block? | ||
| I probably don't think so. | ||
| Think so, and we'll see what the panel says. | ||
| We see that interest rates have moved from a bit lower to a bit higher in yield as we continue to hover above 430 in twos, and you see the way it popped up on that number, whereas the 10-year actually didn't move very much. | ||
| Much of the yields today have been under that 395 mark, 4% obviously huge psychological level. | ||
|
unidentified
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Panel, Joe, The International Monetary Fund today said a third of the world is headed for a recession next year. | |
| The three largest economies, the United States, China and the euro area will continue to stall. | ||
| In short, the worst is yet to come. | ||
| And for many people, 2023 will feel like a recession. | ||
| US President Joe Biden, who's facing midterm elections, says if America goes into recession, well, it'll only be slight. | ||
| Every six months they say this. | ||
|
unidentified
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Every six months they look down the next six months and see what's going to happen. | |
| It hadn't happened yet. | ||
| There is no guarantee that there's going to be a recession. | ||
| I don't think there will be a recession. | ||
| If it is, it'll be a very slight recession. | ||
|
unidentified
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That is, we'll move down slightly. | |
| There'll be no recession. | ||
| Well, it might be mild. | ||
| Make up your mind, man. | ||
| In Australia, the IMF tips no recession, but a sharp slowdown in growth. | ||
| It says the Australian economy will grow at 1.9% next year, compared with the forecast 3.8% this year. | ||
| It expects our unemployment rate to tick up slightly from 3.5% to 3.7% next year. | ||
| Let's begin with this morning's inflation data. | ||
|
unidentified
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As we said, PPI four-tenths. | |
| We were looking for two-tenths. | ||
|
unidentified
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Core at three-tenths, Jim, in line. | |
| I know you said there's nothing good in here. | ||
| 8-5 is a lot better than 11-7. | ||
|
unidentified
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Yeah, I mean, look, not that long ago I said we're really a peak-flation commodity. | |
| Financial Times made fun of me. | ||
| I like them because it's a salmon-colored paper. | ||
| And I've caught salmon. | ||
| You know, when you go pretty deep. | ||
| But I'll tell you this, I look at this and if I am a A believer that we're at peak wage, peak food, peak housing. | ||
| I have nothing. | ||
| Nothing at all. | ||
| So anybody who buys bonds on this... | ||
| I don't know why, because we already knew we were peak commodities. | ||
| Let me have the mic. | ||
| There's only so much of Jim Cramer sitting there admitting he's been dead wrong. | ||
| Today, the construct for the election of 2022, 8 November, and it is Wednesday, 12 October, | ||
| In the year of our lord 2022 a very smart man Told us I don't know a year ago That this uh, this election is going to come down to the two eyes immigration and inflation In a moment, we're going to go to our own ben burquand real america's voice investigator reporter down on the border with some sheriffs We're going to talk to you about the practicality of the invasion of the united states of america But I got to start in capital markets and plus the signal Not the noise. | ||
| Steve Cortez, this is what we call the last print before election day, right? | ||
| A producer price today, the wholesale prices, consumer prices tomorrow. | ||
| Nothing, nothing good. | ||
| Kramer went on there in his capitulation, said there's nothing good in this number. | ||
| But you've done the analysis. | ||
| This is, as Rick Santelli said, the central banks have seeded this. | ||
| The fiscal irresponsibility of our political leaders exacerbated it. | ||
| And we are where we are. | ||
| Steve Cortez, the two eyes, brother. | ||
| Yes. | ||
| You know, look, quite a contrast there from CNBC. | ||
| You had Jim Cramer in the mumble tank, somebody who has unfortunately misled so many investors out there, people who unfortunately have actually trusted him, and he has completely squandered that trust and abused it, quite frankly. | ||
| But then on the plus side, on the positive side, you have Rick Santelli, who is one of the really few truth-tellers in the corporate media. | ||
| He's a friend of mine and my old brother-in-arms from the Chicago futures and options markets, and he laid it out correctly by the numbers, data and evidence, not sloganeering and narrative and opinion. | ||
| PPI came in twice as hot as expected this morning, so this inflation is intensifying. | ||
| It is persisting. | ||
| It wasn't transitory. | ||
| It wasn't peaking. | ||
| It is a remaining crisis and a created crisis created by Joe Biden, as well as the establishment in Washington, D.C., by their attacks on United States domestic energy production, as well as their exorbitant borrowing and spending. | ||
| By the way, regarding this news, Most of the time, in normal economic time, Steve, if you have hot inflation, it's typically because the economy is hot, because the economy is overheating, in fact. | ||
| That's normally when you get inflation. | ||
| Because of what Joe Biden has done, we have exactly the opposite. | ||
| For the first time since the 1970s, we have the scenario of stagflation, where we have a recession, combined with rising prices, the worst of all worlds. | ||
| And let me give you a data point to prove that. | ||
| Unfortunately, according to Bloomberg News, Intel is just about to announce massive layoffs, layoffs of thousands of people. | ||
| Steve, this is the beginning of a trend. | ||
| These layoffs are going to accelerate in the coming weeks and months because companies like Intel simply cannot have the kind of payroll that they've had previously with this combination of a Biden recession plus the Biden-induced inflation. | ||
| And again, Those are two data points that we got just as of this morning. | ||
| The Intel layouts that are looming, as well as the PPI. | ||
| We are in a world of hurt. | ||
| And by the way, let's talk about some of the real-world ramifications of this. | ||
| But hang on, but hang on. | ||
|
unidentified
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Ho, ho, ho. | |
| Hang on. | ||
| Hang on a second. | ||
| I want to make sure the audience gets this. | ||
| Because it's being already the narrative. | ||
| They're already getting ahead of it, you know. | ||
| The 0.4, it's twice as much as they thought. | ||
| I want everybody to understand this on inflation. | ||
| It's 2x, two times what they thought it was going to be. | ||
| They talk about the peak in March. | ||
| At the producer price level, this is a burning dumpster fire. | ||
| And we don't have time today, but we're going to get back into your analysis. | ||
| These prices are also what we call sticky. | ||
| Right? | ||
| So it ain't going away. | ||
| This is also the last print before Election Day. | ||
| And I'll get to the Tapper thing in a second, which was embarrassing. | ||
| Jake Tapper. | ||
| I know he doesn't know anything about economics or finance. | ||
| But it's embarrassing to let that doddering old man just yammer on. | ||
| We're not in a recession. | ||
| We're in a depression right now for working class Americans. | ||
| And they're going to have their say-so on 8 November. | ||
| Also, we have said for a long time, they sit there all the time, yelling at all these people, but look at the jobs numbers, they're full of economy, we're adding jobs, adding millions of jobs, oh crap. | ||
| Intel is a proxy, not just for the American economy, it's a proxy for the world economy. | ||
| And when they start saying massive layoffs, they can look down range and say, hey, the bottom's falling out of this thing, we gotta let these people go now. | ||
| Steve Cortez. | ||
| No, that's the reality. | ||
| You know, and yesterday we showed the chart of Taiwan Semiconductor, which is the dominant company in the dominant country of Taiwan when it comes to chip production. | ||
| Same business, of course, primarily that Intel is involved in. | ||
| The global chip business is in a terrible state right now. | ||
| And that is evident from the price of stocks like Taiwan Semiconductor, TSM, and it's also evident now by Intel's plans to lay off thousands of people. | ||
| But, you know, I want to talk also about the real-world ramifications for Main Street, for regular people, not just for financial markets, for regular people of this persistent crisis-level inflation. | ||
| If we can pull up chart number one, please. | ||
| This is mortgage applications, okay? | ||
| So this is the MBA, the Mortgage Bankers Association, their purchasing index. | ||
| And that chart goes back five years. | ||
| As you can see, it has been in an absolute collapse over the last year because of Joe Biden. | ||
| And what I think is most important, most damning about that chart, As you notice, not surprisingly, in the spring of 2020, during the lockdowns, mortgage applications crashed briefly, quickly rebounded, thanks to the Trump boom 2.0. | ||
| We have now broken those lows. | ||
| Mortgage applications, because of massive interest rates, 30-year mortgages, some of them are now above 7%, the highest in over two decades because of Biden's inflation. | ||
| So, not surprisingly, massively higher interest rates, massively more expensive Finance costs for homebuyers means that applications are absolutely plunging, right? | ||
| And when we put this together with the FT story that we talked about yesterday, where they reported that people who are involved in the housing industry from construction to appraisers to mortgage brokers are seeing their revenue go down 80%. | ||
| Steve, that's not a recession, that's a depression, when you're talking about an 80% decline for an industry that's incredibly important. | ||
| It's not like this is some small niche industry, okay? | ||
| This is a leading industry for the United States, and so the ramifications are dire for this country, and I hope and believe that it's going to motivate people to take action and not let it stop. | ||
| But this shows you, when you're talking to mainstream media and you're watching CNN, it's these bunch of airheads. | ||
| Jake Tapper's an airhead. | ||
| He allowed Biden to yammer. | ||
| We're not even in a recession. | ||
| You're in a depression, dude. | ||
| And we can show you the math, and you should have asked a follow-on question right then and not let him get away. | ||
| Hang over a second, Cortez. | ||
| We're going to come back to this. | ||
| I want to go to the border, the second eye of Steve Cortez's analysis, the immigration part, to our own Ben Burquam and a couple of heroes down there, these great sheriffs. | ||
| Ben, take it away, brother. | ||
| Hey, thank you Steve. | ||
| I'm here with Goliad County Sheriff Roy Boyd and Brooks County Sheriff Benny Martinez and we're here at a command level meeting for its Operation Lone Star, excuse me, Task Force Lone Star. | ||
| Tell us about it Sheriff. | ||
|
unidentified
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Yeah, what we're doing is the command level folks, the sheriffs and the chiefs are coming together today. | |
| And we're going to start, we're looking at planning some of our operations that we run in the field. | ||
| We've just completed a few operations. | ||
| We're looking at the near future and trying to figure out exactly what we need to do, find out what everybody's needs are, and try to intercept cartel activity as they come through our region. | ||
| And tell us about this. | ||
| So you guys, you're down here, you're sheriffs and it's not just sheriffs, it's some police. | ||
| You guys have come together and said you're doing this because the federal government won't tell us the rationale and the benefits to it. | ||
|
unidentified
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Well, the biggest deal is, of course, as we know, we have a wide open border. | |
| And so Governor Abbott has come forward and given us money through Operation Lone Star through a grant. | ||
| And so what we did was we came together, we formed our own task force of 20 law enforcement agencies, We're basically trying to put up our own wall that the cartel has to go through. | ||
| It's been very successful as far as apprehending and reducing the numbers and changing the habits of the cartel as they come through our areas. | ||
| You know, Benny down here, he is on the front lines of it, and he sees it firsthand before it ever gets to us on the northern end. | ||
| But all of us working together, You know, it really helps. | ||
| It's a force multiplier and it's a much better way to use tax dollars than just throwing them at worthless programs. | ||
| The governor has done an outstanding job of giving us this lifeline and providing us with this opportunity. | ||
| And Sheriff Benny, you were talking, both you guys have fairly small counties, 7,000 plus people. | ||
| Talk to us about how bad the impact these Biden border policies have been to you guys and what you've seen. | ||
|
unidentified
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Well, the open border creates nothing but chaos to all of us, especially small counties like ours. | |
| You know, we have recovered 80 bodies for the year, from January to now we already have 80. | ||
| We had 119 last year. | ||
| We have multiple pursuits, multiple fence damages to these ranches. | ||
| And it's not, I think, I have applied almost $80,000 in just fence repairs and gate repairs and even a calf got Got killed as he worked his way through the ranches. | ||
| But the fact that we're pretty much a mobile wall, so we can move, we can mobilize units anywhere we need to, because what they do, they find different routes, okay? | ||
| They're working against us, so they know where we're at, we know where they're at. | ||
| So they just, they become mobile, and we become mobile. | ||
| So that's a good thing that it's force multiplying, we can cover more area. | ||
| And that's really Steve down here, the sheriff's law enforcement, all the people on the front lines down here battling this battle because of the policies coming out of Washington, D.C. | ||
| As you mentioned, these are the heroes that are doing it and the deputies below them, the guys that wake up every morning and actually uphold their oath. | ||
| Uh, Ben, if I could ask you guys just to stay through a short commercial break, we've got a couple of questions. | ||
| Cortez and I have a couple of questions for these, uh, brave sheriffs about, uh, policies, uh, from Washington DC. | ||
| So if they could just hang on for a second, we'll, we'll take a short commercial break. | ||
| We're in the war room. | ||
| It's the two eyes, immigration and inflation, inflation's on fire. | ||
| And of course, We're being inundated with over 4 million illegal aliens because of the Bidens allowing and exacerbating the invasion on the southern border, of which will be the first article of impeachment when he's impeached in the spring or summer of 2023 after the sweeping victory we get on 8 November. | ||
| Steve Cortez, Ben Burquam, and these brave sheriffs next in the war room. | ||
|
unidentified
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We will fight till they're all gone. | |
| We rejoice when there's no more. | ||
| Let's take down 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. | ||
| I tell you what, we're honored even to stand in their presence. | ||
| People don't realize until you get to South Texas in the Rio Grande Valley, these incredibly brave Hispanic American citizens have taken an onslaught by our nation's elite who really don't think their lives mean anything. | ||
| So they've essentially turned control of the border over to the cartels and you have the thin blue line of these law enforcement officers, these sheriffs that are down there in these counties. They're nothing short of heroic. Our own Ben Burkwald was down there. | ||
| They have a command meeting on task force Lone Star today. | ||
| Ben, can you ask the sheriffs, do they feel like, and I'm not trying to minimize what they're doing, but given that the federal government basically is exacerbating this invasion of the southern border, do they feel like a lot of what they're doing is just trying to put fingers in the dike? | ||
| Yeah, Sheriff, we had asked that. | ||
| So that's really the question. | ||
| Are you guys? | ||
| Do you feel like it's being effective? | ||
| Or do you think we're just putting fingers in the in the levy here? | ||
| And this is, you know, it's in the end, it's all going to come flowing in. | ||
|
unidentified
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Really, all we're doing is mitigating the situation for our area. | |
| We're not solving it. | ||
| We're not bringing it to an end. | ||
| It's not a long term effective plan or solution, but for us at the local level, it's the mitigation of it for our communities, our actions. | ||
| All they do is push the cartel around. | ||
| It's because the cartel is here and amongst us. | ||
| They live, they live here, they operate here. | ||
| And what we're doing is we're pushing them more westward towards San Antonio. | ||
| So you're absolutely right. | ||
| You know, what we're doing is not a solution. | ||
| It's just mitigation in the short term. | ||
| And that's all we can do at our level. | ||
| What would Sheriff Martinez, what would your message be to DC? | ||
| They've never been down here to visit you. | ||
| What would you tell them if they're watching this? | ||
|
unidentified
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Well, they definitely need to come down. | |
| He knows you have a couple of mayors up there complaining about the been this folks been bust up there the immigrants but the fact is at least they're clean okay in terms of clothing and everything else we pick them up that'll see how we pick them up on our end okay they're dire straits right and this is actually the impact of this is just the open borders okay that's what it is and all we're trying to do is make some sense out of it because Washington ain't doing it | ||
| Yeah, and you mentioned that, Sheriff, that Martha's Vineyard, so you're talking about that, what you guys are dealing with here. | ||
| Martha's Vineyard, they had 50 and they all lost their mines. | ||
| These are people that voted for these policies. | ||
| These are open border sanctuary city and sanctuary state people. | ||
| Talk to us about the reality of what it's like to be down here and the invasion that you guys have going on. | ||
|
unidentified
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Well, I'll tell you, and Benny can speak even more to this because he's to the south. | |
| They want to talk about 50. | ||
| Sheriff Martinez here has seen more than 50 in a single group trespassing on a ranch at a time. | ||
| And he can articulate that very well because he's been dealing with it for many years. | ||
| Absolutely. | ||
| You know, we'll get maybe three or four groups of 25, each group, simultaneously come to the private ranch lands, okay? | ||
| We got over 300 identified trails out there that they use. | ||
| This is all cartel-driven. | ||
| The fact is, though, they're vetted. | ||
| They're vetted in the U.S. | ||
| Any state, they're vetted. | ||
| And I know the government knows they're there because I used to do that. | ||
| I used to work alongside the federal government, so I know they're there. | ||
| It's just the fact that we need to find them and start extracting them. | ||
| And this, Steve, this is my last question to you guys. | ||
| We know the cartels run Mexico. | ||
| Now what we're seeing is it appears that they're running many politicians in America, many parts of America. | ||
| You look at the policies coming out of Washington, D.C. | ||
| Should Secretary Maracas be impeached? | ||
| Should Joe Biden be impeached? | ||
| Is this a break of their oath of office? | ||
|
unidentified
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What this is is a violation of constitutional rights of the people of the United States. | |
| We have people right here in South Texas who cannot go out and enjoy their property. | ||
| They cannot go out and enjoy life, liberty, and the pursuit of happiness as a direct result of what this government is doing to them. | ||
| And by their lack of enforcement and the policies they've put in place, the government is violating the constitutional rights of the people of South Texas, and I think they need to be held accountable. | ||
| Thank you, sir. | ||
| Steve? | ||
|
unidentified
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Wow. | |
| Thank those two sheriffs. | ||
| Tom, we look forward to having them back. | ||
| And the war room has their back. | ||
| Ben, hang around. | ||
| We're going to get back to you in a little while. | ||
| Ben Burquam. | ||
| Steve Cortez. | ||
| I got to tell you, if you want to know why Hispanic Americans are going to sweep these bums out, that's it right there. | ||
| You talk about the education system in South Texas, the rear of Grand Valley. | ||
| You talk about the health care system. | ||
| You talk law enforcement officers that can't do anything else. | ||
| But chase this. | ||
| This is a sick game. | ||
| And Kamala Harris not having the balls to go down and see exactly all they talk about is Ukraine, Ukraine, Ukraine. | ||
| We got Josh Hammer and Brian Kennedy on the second hour talk about Ukraine, the border in Ukraine, about their territorial integrity and the sovereignty of Ukraine, Ukraine, Ukraine. | ||
| You look what's happening to American citizens in South Texas and the Rio Grande Valley. | ||
| And I got to tell you, if any Hispanic Well, the great news, Steve, is that Hispanics are increasingly rallying to the America First movement, to patriotic populism, and to a muscular vision that includes border sovereignty. | ||
| And in part, particularly in places like Texas and Arizona, it's because the brave, bad hombres of the Customs and Border Protection are largely Hispanic. | ||
| As a matter of fact, it's the most Hispanic agency of the entire federal government, and there are a lot of bad hombres there who are doing tough, dangerous work to try to defend the front door of America, but their work is being undermined by the open borders globalist Joe Biden and all of his cronies. | ||
| We're going to vote all of them out, and one of the key priorities, Steve, for the Congress that we are going to seat, the Republican House and Republican Senate that we're going to seat, We're going to elect them in a month. | ||
| We're going to seat them in January. | ||
| They must hold the line on this issue. | ||
| It's an existential threat to the United States. | ||
| They must say to Joe Biden, we will fund none of your programs, none of your nonsense, unless you get control of the United States border. | ||
| And Steve, I'm glad you brought up that contrast with Ukraine as well. | ||
| It is absolutely just a dereliction of duty. | ||
| It is a betrayal of the American people that right now we are spending tens of billions of dollars to defend the eastern border of a corrupt and irrelevant country 5,000 miles away while we refuse, while the Biden administration refuses to defend our very own border that is being absolutely inundated by a tsunami of trespassers It's not just that it threatens our national security and our street safety. | ||
| the United States and to connect this back to our previous discussion, Steve, on the economy, it's not just that it threatens our national security and our street safety, it's also an economic imperative to get control of the border because in a time of soaring inflation, the worst thing, there's never a good time for an open border, but this is the worst time of all because Americans increasingly have to compete in the labor market against unlawful and unjust competition from these illegals who are pouring into our country | ||
| and depressing wages for American citizens. | ||
| It has to stop. | ||
| We're going to cut this late, but those two sheriffs and those two counties, one of the northern part, one of the southern part, the buried lead there is they said the southern to the cartels in control of cartels live. | ||
| The cartels are in control. | ||
| The cartels who are in business with the triads and the Chinese Communist Party. | ||
| These are not friends of the United States. | ||
| We're over in Ukraine. | ||
| We've got CIA paramilitary. | ||
| We've got troops on the ground. | ||
| We're pouring in billions of dollars and spending all this time and effort on Ukraine, on the Russian-speaking eastern border of Ukraine, and you've got paramilitary. | ||
| You talk about bad hombres. | ||
| They don't come any badder than the cartels. | ||
| And now we have sheriffs sitting there, right there, saying the cartels run the southern border. | ||
| They're inside. | ||
| They're inside the wire. | ||
| This is what's the first article. | ||
| Write this down. | ||
| The first article of impeachment on Biden is going to be after a thorough congressional investigation of exactly what they did to break existing U.S. | ||
| law to exacerbate this. | ||
| And those are American citizens. | ||
| They're not Ukrainians. | ||
| Ukrainians, that's a European problem. | ||
| And yes, I feel for the Ukrainians. | ||
| We've tried to stop the escalation and say you're killing women and children and try to de-escalate this thing. | ||
| But these are American citizens. | ||
| These are our countrymen. | ||
| And we're allowing this to happen to our countrymen. | ||
| That is why he's going to be impeached. | ||
| And I don't care if the MSNBC or, you know, the Justice Department, the FBI didn't like it. | ||
| Joe, we're going to win a sweeping victory and you're not going to steal it. | ||
| We're going to impeach Garland. | ||
| We're going to impeach Mayorkas, but we're going to get to Biden. | ||
| Mark my words, we're going to get to Biden. | ||
| This is unacceptable. | ||
| You see the agony that's down there? | ||
| And we've allowed this? | ||
| And all they're sitting there, Kamala Harris sitting there lecturing us on the Ukraine? | ||
| I don't want to hear any more about the Ukraine. | ||
| Cut the money off. | ||
| Let Trump get in a room and cut a deal. | ||
| Steve, let's go back to inflation. | ||
| We've got a couple of minutes here. | ||
| We're jammed up in the rest of the show. | ||
| I want to make sure we get all the capital markets. | ||
| Walk me through. | ||
| By the way, I'll tell you what let's do. | ||
| Let's go to the White House. | ||
| Can we play Zen Master Jean-Pierre? | ||
| I got to hear her on inflation. | ||
| Let's hear it. | ||
| We have seen some important progress for the American people. | ||
| A couple of things that I lay out. | ||
| We've seen real disposable income and real consumer spending both increase in part thanks to the strength of our job market. | ||
| Gas prices are down over $1 per gallon since their peak this summer. | ||
| That's an overall decline of 22%. | ||
| Okay, is it because she comes across as a Zen master pixie that nobody blows back on that? | ||
| What's the reality there, Steve Cortez? | ||
| Yeah, let's do some fact-checking here. | ||
| Let's go with data and analysis and charts because Corinne Jean-Pierre, somehow with a straight face, said that wages are up and gas prices are down. | ||
| Of course, the exact opposite is true. | ||
| Let's go to chart number two. | ||
| This is real wages. | ||
| Real wages have now been crashing for 18 straight months. | ||
| I have highlighted the period of time, that chart goes back five years, the period of time on that chart in which real wages have been descending. | ||
| It is below 0%. | ||
| You are working harder to get poorer every single month for 18 months in a row. | ||
| So no, Corinne Jean-Pierre, wages are not up. | ||
| Wages are down massively on a real scale, which is all that matters, is what people can actually buy. | ||
| Now, regarding gas prices, Let's go next to gas prices. | ||
| Gas prices as of today, according to the U.S. | ||
| Department of Energy, national average $3.91. | ||
| It varies dramatically, of course, far higher than that on the West Coast, for example, but national average right now is $3.91. | ||
| When Joe Biden took office, January 20 of 2021, $2.38. | ||
| So, it is up over $1.50, a gallon, since Joe Biden took office. | ||
| January 20 of 2021, $2.38. | ||
| So it is up over $1.50 a gallon since Joe Biden took office. | ||
| Also to put that in context, Steve, the entirety of President Trump's presidency, because we became energy dominant in the United States, because he unleashed the forces of American energy production. | ||
| Um... | ||
| The entirety of his presidency, gasoline prices averaged in the ones and twos. | ||
| It was either a dollar something a gallon or two dollars something a gallon. | ||
| The entirety of his presidency. | ||
| We now have a scenario where we are in the threes and fours. | ||
|
unidentified
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So it has literally doubled from the ones and twos to the threes. | |
| Their lies and spin is not even... You gotta give me smart... Give me smart spin. | ||
| Give me smart narrative. | ||
| Give me smart lies, okay? | ||
| Let's deal with that. | ||
| This is so Junior Varsity. | ||
| As the nation's economy implodes. | ||
| Just check the math. | ||
| Short commercial break. | ||
| Back with Cortez. | ||
| And also gonna go to Delaware. | ||
| Somebody running for Attorney General. | ||
|
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Next. | |
| War Room. | ||
| Pandemic. | ||
| With Stephen K. Banham. | ||
| The epidemic is a demon, and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, you've got to go to Getter and get on the Getter feed and download the app because you get a more immersive experience. | ||
| Here's the reason. | ||
| There's so much going on and we just give you signal, not noise, that you can't cram it in even in four hours a day. | ||
| You can't. | ||
| That's why Cortez, myself, Navarro, Mike Davis, everybody is up on Getter non-stop. | ||
| And here's one of the things. | ||
| We have so many victories. | ||
| That is a victory because people can see that and that's leadership and courage. | ||
| But you have it all over. | ||
| I want to go to Delaware. | ||
| Normally, we would not be focused on an attorney general race in Delaware, although the Washington Post today and we got Alex DeGrasse coming on the second hour. | ||
| The Washington Post talks about One of the most competitive parts of the country for house races, where is it? | ||
| In New England. | ||
| Rhode Island, Connecticut, up in New York. | ||
| Right? | ||
| State. | ||
| Why? | ||
| Because the MAGA messes are spreading. | ||
| We're competitive all over New England. | ||
| New Hampshire, Alastair Grass is going to walk you through that. | ||
| That's called spreading the battlefield. | ||
| I want to bring in Julianne Murray, running for the Attorney General in Delaware. | ||
| But I'm bringing you on because you had a blockbuster win in the Delaware Supreme Court. | ||
| I want you to explain exactly what happened, what this victory is, and what's the national implications. | ||
| Julianne. | ||
|
unidentified
|
Okay. | |
| Hey, Ben. | ||
| Thanks for having me on. | ||
| I'm a fan, so I appreciate it. | ||
| Just a regular person running for Attorney General who happens to be a lawyer. | ||
| All right, how this set up is we have a, our constitution, Delaware's constitution is very specific about absentee voting. | ||
| And it basically says that the General Assembly shall enact laws when people are unable to appear at their polling place in their election district because of Public service, your business or your occupation, you're on vacation, you're sick or physically disabled. | ||
| There are six very specific reasons for why you can absentee vote. | ||
| In 2020, when in the height of COVID, our General Assembly passed vote by mail, many states did. | ||
| It was challenged here in Delaware and upheld under their emergency power, the General Assembly's emergency power. | ||
| Now, fast forward to 2022. | ||
| Oh, and in 2020, the Court of Chancery, which is our equity court where you go to get somebody to do something or to not do something, said under their emergency power, we're going to uphold this. | ||
| But the Delaware Supreme Court back in 1972 said that that list is an exhaustive list. | ||
| You can't expand it. | ||
| You can't reduce it without a constitutional amendment. | ||
| So fast forward to 2022. | ||
| It takes two sessions, two two-year sessions, so almost four years to amend the Constitution. | ||
| They started it in 2019, prior to the 2020 election, and then tried the second leg in May of 2022, and it failed. | ||
| They didn't get the two-thirds of both houses of our General Assembly. | ||
| So they turned around within a week, two weeks, and statutorily provided for vote by mail and said that they were allowed to do it under their broad power, that their broad power allows them to set the means and method of the election, and that therefore, absentee voting was basically just a method. In the actual debate, they talked about the fact that it could be unconstitutional. | ||
| There were experts that testified for the Republican caucus that said it's unconstitutional. | ||
| The Democrat leadership actually released statements to the press that, yeah, it may be unconstitutional, but we're going to let the court sort it out. | ||
| So they essentially said, we're going to do it anyway. | ||
| And you can sue us and we'll sort it out. | ||
| So I actually filed a lawsuit within two hours of when the governor signed it on July 22nd. | ||
| He delayed signing it for three weeks. | ||
| I think he delayed so that they could get things in place for vote by mail. | ||
| And another lawsuit was filed at the same time. | ||
| Both of us on vote by mail. | ||
| The other lawsuit also attacked same day registration. | ||
| And we had plaintiffs. | ||
| My plaintiffs were voters. | ||
| The other lawsuit, they were also voters, but one was an actual candidate and an election official. | ||
| They heard the two cases together in our court of chancery. | ||
| We did oral argument the end of August, and middle of September, 87-page decision comes out. | ||
| That says it's unconstitutional for vote-by-mail. | ||
| The Chancery Court actually upheld the same-day registration. | ||
| The state filed an appeal the very next day. | ||
| We did incredibly quick briefing. | ||
| Oral argument and a cross-appeal was filed over same-day registration. | ||
| We did oral argument last Thursday on bonk in front of all five justices, three of which are Democrats. | ||
| And the very next day, the Supreme Court put out an order that said that vote by mail is unconstitutional, and so is same-day registration. | ||
| So huge, huge deal. | ||
| Tell me the national implications of this, ma'am. | ||
|
unidentified
|
There's a couple. | |
| One has to do with what's called standing. | ||
| When you have a legal case, you have to have standing in order to bring the action. | ||
| Federal standing is very rigid. | ||
| You have to have what's called an injury in fact. | ||
| And so cases get thrown out all the time because under federal law for lack of standing. | ||
| State standing is a little less rigid. | ||
| And so we had a huge fight in chancery court over standing. | ||
| I argued standing basically Uh, that we had the entire universe. | ||
| We had voters, we had an election official, and we had a candidate. | ||
| This is a voting law. | ||
| They absolutely have to have standing. | ||
| The state argued that the only person who could bring a case would be someone from the Department of Elections, which is ridiculous, and that we hadn't had an injury in fact. | ||
| And I argued, yes, we do, because you've already created the application. | ||
| People were requesting ballots in August. | ||
| for the general election. | ||
| So I argued, we do have an injury, in fact, because you have now put out there that they can get these ballots. | ||
| And the chancery court found that they agreed. | ||
| And basically, you know, quoted a lot from my briefing, which, you know, is always a, you know, a nice, a nice feeling. | ||
| And basically said, we can't, you know, that the court cannot accept that a citizen does not have a remedy. | ||
| in a voting act. | ||
| And so that is going to play out nationally. | ||
| In the other case, the Public Interest Legal Foundation was assisting in that case, and they are already using basically the precedent that was created in Delaware for standing in other state cases. | ||
| So that's national implication number one. | ||
| National implication number two is that the wave prior to this, when this case was pending, Pennsylvania and Massachusetts both upheld under their state constitutions vote by mail. | ||
| Pennsylvania's decision is ridiculous. | ||
| They basically threw out 160 years of case law and came to the conclusion that absentee voting and vote by mail are not the same, and that basically Their constitutional guarantee for absentee voting is still there, but legislatively, the General Assembly, if they want to expand the ability to absentee vote, that they can do that. | ||
| This is the opposite. | ||
| It's honoring the Constitution, the precedent that we had in place. | ||
| And so I think that it is going to reverberate or could reverberate across the country because now we have a decision in what I'm, you know, what people are calling, you know, very blue Delaware. | ||
| We have a state Supreme Court that unanimously said, no, no, no. | ||
| This is a, you know, this is unconstitutional enlargement. | ||
| If you want to do this, you can do it, but you have to do it by an amendment. | ||
| What this does and whoever the presidential nominee is in 2024 can send me a thank you note because vote by mail won't be passed before the next presidential election. | ||
| It's a huge deal. | ||
| Huge deal. | ||
| And by the way, we're going to make sure this reverberates everywhere and you bring up the great case of Pennsylvania, which is still a festering sore. | ||
| Real quickly, I just want to talk about it. | ||
| So this, I just want to make sure we're clear in this election on November 8th in the state of Delaware, there will be the mail-in ballots or don't count. | ||
| You got to show up and actually vote in person. | ||
| Is that what I'm hearing? | ||
| Unless you apply and get one of these waivers for absentee. | ||
| One of the six things. | ||
| Okay. | ||
| Talk about, you ran for governor before. | ||
| When you started, actually started the voting, you were, what, 100,000 down already in the mail-in ballots, correct? | ||
|
unidentified
|
I was. | |
| So I was a first-time candidate in 2020, ran for governor, won a six-way primary, and I got more votes in the general election than any Republican governor or gubernatorial candidate in the history of Delaware. | ||
| It was 192,000 votes. | ||
| I know people are saying, gee, that doesn't seem like very much, but Delaware is like a congressional district. | ||
| But heading into that election or that night, they had tallied the absentee votes. | ||
| I was down by 100,000 votes before the first machine vote was cast. | ||
| And so basically they say she lost by 100,000 votes. | ||
| No, I didn't, because if 50,000 from the sitting governor had come over to me, we would have been tied. | ||
| But vote by mail, I mean, and this was true nationally, vote by mail affected Mark Elias bragged about this is how they stole it. | ||
| This is what Rahim and I spent so much time on. | ||
| Last thing, what's your status of your Attorney General race right now, ma'am? | ||
|
unidentified
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It's terrific. | |
| We have a very soft on crime AG who is not prosecuting 85% of gun crimes. | ||
| And is basically saying I'm keeping guns out of the communities, but she's attacking lawful gun ownership and not doing anything about the criminals. | ||
| So this, you know, crime is nationally an issue. | ||
| It's absolutely an issue here in Delaware. | ||
| So basically I'm running saying the job of the attorney general, it should be a, you know, an apolitical position that is about enforcing the law. | ||
| She has completely politicized it. | ||
| And an example, you know, when this decision came out last Friday from her official position, she came out and said that the Delaware Republican party is trying to suppress voting. | ||
| Extremists are celebrating on the backs of voters. | ||
| So very, you know, I am able to just kind of stay the course and say this is about protecting law enforcement. | ||
| This is about protecting citizens. | ||
| We're not going to defund the police. | ||
| We're going to defend the police and you are not safer than you were four years ago. | ||
| You know, they are nervous because I think they were counting on vote by mail. | ||
| And it is now not a tool that's about available to them. | ||
| So this is a this is probably the most winnable statewide race in Delaware, for sure. | ||
| And same day registration is not not. | ||
|
unidentified
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It's also the killer on same day registration. | |
| Listen to this. | ||
| Guess what? | ||
| The deadline is October 15th. | ||
| So they were counting on registering people between now and Election Day. | ||
| And when this was shot down, they had six days to get everybody registered. | ||
| It's it's it's huge. | ||
| Julianne Murray, let me say something. | ||
| I think you should be on the short list for the next Republican. | ||
| Donald Trump should put you on the short list, or whoever it is, should put you on the short list for Attorney General of the United States of America. | ||
| Ma'am, how can they find out more about your campaign? | ||
| How can we follow you on social media? | ||
|
unidentified
|
Thank you for that very much. | |
| We are murrayfordelaware.com from a website standpoint. | ||
| So M-U-R-R-A-Y F-O-R Delaware.com. | ||
| Murray, the number four DE on Twitter, Facebook. | ||
| You can get all of... Oh, look at that. | ||
| They just plopped him up there. | ||
| We need money. | ||
| We need support. | ||
| It shouldn't be a surprise to people. | ||
| The current AG had George Soros literally on her campaign finance report in 2018. | ||
| No doubt. | ||
| Julianne, thank you very much. | ||
| Steve Cortez, that's a hammer. | ||
| Bring in the heat in Delaware and across the nation. | ||
| Short commercial break. | ||
| Mike Davis, Steve Cortez next. | ||
|
unidentified
|
We rejoice when there's no more, let's take down the CCB! | |
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| I have no technical skills whatsoever and I can use it. | ||
| That stuff you see being put up all day, that's for me. | ||
| Here's one of the things about our movement, Cortez. | ||
| We're going to have Mike Davis on here in a second because we've got to get to this Bank of England thing. | ||
| The power of MAGA is we are now unearthing and bringing to the forefront the Carrie Lakes, the Tudor Dixons, the Christine Carramos. | ||
| Julianne Murray is going to be a national figure. | ||
| What she did on this, because people run around with their hair on fire, mail-in ballots, boom! | ||
| She took care of the problem, because she's maniacally focused, and great, and a great lawyer. | ||
| And she took care of it in Delaware, which is not controlled by Democratic judges. | ||
| Do you understand the historic implication? | ||
| And she cut to the heart of this nonsense in the Commonwealth of Pennsylvania. | ||
| Steve Cortez. | ||
| Yes, and to your point, too, Delaware is perhaps the most corporatist and one of the most corrupt states of America. | ||
| So if she can achieve this in Delaware and get a unanimous ruling, it's an enormous precedent. | ||
| It should be invigorating to the election sanctity movement across the entire country. | ||
| And you're so right. | ||
| Julianne Murray is a star. | ||
| I'm telling you that. | ||
| And you're completely correct. | ||
| She is a warrior lawyer, somebody who assessed the situation and said, wait a second, The Constitution of the state says otherwise. | ||
| Common sense says otherwise. | ||
| It took a smart, tough outsider lawyer to make this case and win this case. | ||
| This is really inspiring and also to your broader point about all these people coming in from outside of politics, right? | ||
| People like Blake Masters and J.D. | ||
| Vance and Joe Kent and John Gibbs in Michigan. | ||
| This group of outsiders who are coming to politics for the first time and add Julianne Murray to that list, they are going to change the national scene. | ||
| Let me bring in Davis for a second. | ||
| Mike Davis. | ||
| Mike's here for another reason on tech. | ||
| We're going to get to that in a second. | ||
| But Mike, you're another guy. | ||
| You kind of wandered off the playing field. | ||
| I mean, you were doing big work with Grassley. | ||
| Now you're a national figure. | ||
| Julianne Moore, what she's accomplished, how big a deal is that? | ||
| And is she going to be your wingman in the Justice Department of Trump? | ||
|
unidentified
|
She's great. | |
| I mean, I just heard what she said there. | ||
| And she has a backbone of steel, and that's what conservatives They need to stop being webs. | ||
| They need to stop being cowed by the left. | ||
| They need to stop being cowed by the uniparty. | ||
| They need to learn how to fight to win. | ||
| All the left cares about is power and we need to stop playing by the rules. | ||
| We need to, by the uniparty rules, we need to fight to win. | ||
| And she shows how you can do that. | ||
| And go back to the Constitution and just be a hammer, just be an absolute hammer. | ||
| Okay, hang on a second. | ||
| I'm going to put this in perspective now what's going on and Mike's going to hang with us for the A Block and talk about tech. | ||
| Let's play the Bloomberg TV Bank of England clip this morning and Cortez and I will give commentary. | ||
|
unidentified
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And I think it's taken a few days for the market to kind of get its arms around all of this. | |
| But this is not, this is not carte blanche. | ||
| This is not the Bank of England buying everything you want to sell them. | ||
| They'll buy it and they are being choosy on what they're buying, but they're not buying everything. | ||
| And there have been days when they haven't bought anything. | ||
| And I think it's been a less useful product. | ||
| And basically what Bailey's been signalling is, get your house in order. | ||
| You're running out of time. | ||
| But every time that is reiterated, I think it just reinforces the idea that there is still a long way to go. | ||
| Maybe not as much has been as unwound because the market was looking for more time ultimately. | ||
| And that is now not going to be delivered. | ||
| That's a very long way of putting all this. | ||
| But I think it's huge amounts of confusion. | ||
| John, I gotta say, I feel for guys who tries to parse through this. | ||
| It's difficult. | ||
| Because basically this is him trying to explain a policy that at its core is a paradox, both addressing financial stability, allowing some sort of easing, unwinding of positions that are untenable in the current regime, while also fighting inflation using very similar types of tools in terms of raising rates. | ||
| It is mind spinning. | ||
| I can see why they're very, very sensitive about the concept of fiscal dominance right now. | ||
| I can see why they are. | ||
| Almost immediately the questions were asked at the Bank of England, will they accommodate what this government is going to do? | ||
| And when they first came up with the gilt market operation, they were accused of just Pandering, accommodating what fiscal policy makers have decided to do. | ||
| So I think it's really, really difficult for them to do now. | ||
| And I think that's why we're seeing the kind of language, the approach that we've seen from Governor Bailey. | ||
| That's my guess. | ||
| I can't get inside his head. | ||
| The sense I get from him and the way he spoke yesterday just sounded like a man who was very, very sensitive to the idea that they might be contributing to so-called fiscal dominance. | ||
| There is an argument that for decades central banks helped offset a lack of action from fiscal policy makers, a lack of action from Washington D.C. | ||
| For decades. | ||
| Over the parliament. | ||
| And this is a question now of can the central banks pull back and stop giving the fiscal policy makers a pass and risk financial instability and risk perhaps disrupting things to such an extent that imperils the basic functionings of a capitalistic society. | ||
| And this is going to become an increasing debate in the months to come. | ||
| Something else is going on here. | ||
| That young woman right there, Abramowitz on Bloomberg TV, Cortez, that concept of fiscal dominance, this construct. | ||
| Remember, we try to get nomenclature right. | ||
| Get your number two pencil out and write that into your notebook. | ||
| That is one of the most important 60 seconds on television of this year. | ||
| Right. | ||
| What she just said right there. | ||
| What this means is the out of control spent fiscal dominance, the out of control spending of the politicians and the central banks You know, Steve, this is one of the most important stories in the world that almost no one in the corporate media is talking about what is going on in England. | ||
| The Bank of England, in many ways, is sort of the father or grandfather of all banks globally. | ||
| Central banks, as well as regular commercial banks. | ||
| And the Bank of England just got bitch-slapped by the global bond markets. | ||
| Because the Bank of England was trying to simultaneously loosen and tighten economic policy, monetary policy in England. | ||
| And the bond market said regarding your buying, yeah, we'll take it and we're going to sell even more. | ||
| Because interest rates, if we can show chart number three, interest rates in the UK, this is the equivalent of our 10-year Treasury, this is their gilt yield market. | ||
| As you can see, we are at new highs for the cycle. | ||
| That chart goes back six months on gilt 10-year yield in the UK. | ||
| Meaning prices go down, interest rates go up in the UK. | ||
| So they tried twice to intervene and buy their own bonds. | ||
| It did not work. | ||
| The market completely rejected this move and the Bank of England has lost all credibility. | ||
| England is trading like an emerging market right now, like a very troubled emerging market. | ||
| No, no, this is like Ghana or, you know, equatorial This is a big deal because they're trying to save the pension funds. | ||
| You guys sitting out there got a pension fund? | ||
| In England, they're fighting a headwind to save the pension funds. | ||
| We're gonna take a short commercial break. | ||
| We're gonna be back with all this Mike Davis. | ||
| We are packed in the second hour. |
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