Oct. 13, 2022 - Bannon's War Room
48:55
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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Let's go, let's imagine this is six months from now and we look back on the September inflation report and said, darn, if only we'd seen X in here, we would have known inflation is going to come down quickly. | |
| And this is the same mistake the Fed made. | ||
| Is there some argument to be made? | ||
| Because you do have people, as Andrew mentioned, like Barry Sturm, like coming forward, Jeremy Siegel coming forward and saying, you idiots, you're missing the big story. | ||
| Neela, are we missing the big story of inflation coming down? | ||
| I remain completely open to being completely reversed on my thinking. | ||
| I just can't see it in the data yet, but maybe you can help me. | ||
| The big story, Steve, unfortunately, in my view, is not optimistic that we're missing. | ||
| A sea of derivatives out there that have all these similar adjustments and tweaks that need to be made almost on a daily basis. And I see that we haven't heard or seen any major explosions, but they're out there. | ||
| See, the point here is, is that all these structural issues that we are discussing, they're real. | ||
| And they have to correct. | ||
| And, just take housing for example. | ||
| Why do we have supply at a decade low? | ||
| Well, probably because of the 07, 08, 09 credit crisis. | ||
| And why was that caused? | ||
| Well, everybody's gonna tell you because they're greedy bankers, but that's not really the case. | ||
| Okay? | ||
| Greedy bankers, bankers are always greedy. | ||
| They're lions. | ||
| Lions eat meat. | ||
| The government left a lot of raw meat around and they ate it. | ||
| The point here is, many of these structural issues, we created ourselves. | ||
| Remember when we had 18 to 20 Trillion dollars of negative securities around the globe? | ||
| That's when all these derivatives were born. | ||
| And the central banks knew it. | ||
| They knew that if you're a pension fund, for example, if you're a pension entity, you have long-term liabilities. | ||
| When interest rates are negative, how can you possibly make a balance between your asset and your liabilities? | ||
| They need to be matched. | ||
| Hence, we drew a sea of derivatives to address that. | ||
| And now we see they're starting to smoke. | ||
| Some are going to start on fire. | ||
| But the point here, Becky, is even though we all know what's wrong, I still agree with the professor at Wharton. | ||
| I think in a year and a half, two years from now, prices will definitely be significantly lower because many of these structural issues cannot be fixed by the Fed. | ||
| Only time will fix them. | ||
| Energy won't be fixed in two years. | ||
| And what's going on in Europe will not be fixed in two years. | ||
|
unidentified
|
Yeah, and you know, Jen, we were just talking about it last hour. | |
| Things that matter to us. | ||
| January 6th. | ||
| These January 6th hearings. | ||
| Democracy. | ||
| Preserving Madisonian democracy. | ||
| They matter to Americans. | ||
| But if your grocery bills or prices are just Absolutely exploding, and they keep exploding. | ||
|
unidentified
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Health insurance. | |
| Health insurance doubling for a lot of Americans. | ||
| Rent exploding. | ||
| If you're a young couple, you can't buy a house. | ||
| You can't live anywhere. | ||
| The housing market's insane. | ||
| Interest rates through the roof. | ||
| Suddenly, these issues that we're arguing about, that we're discussing, that do matter to the future of American democracy, they're not quite so immediate in voters' minds, are they? | ||
|
unidentified
|
Yeah, I mean, I think people may feel like, I'm not sure that I can afford to care about democracy. | |
| Right. | ||
| I'm not sure that, you know, I can afford to care about these issues that are really, that are otherwise very much on people's minds, like abortion, and depending on what state you live in, whether or not democracy is really under threat. | ||
| Okay, welcome. | ||
| It is Thursday, 13 October in the year of the ruler 2022. | ||
| Black Thursday, the last print before election day on inflation. | ||
| And of course, we've got capital markets. | ||
| I've got the brain trust of Cortez, Navarro and Bratt that we're going to get to. | ||
| What you heard here now, I think, is reality check. | ||
| And we have to be. | ||
| Not just serious about this, but we have to, I think, bring more room of thinking to the mainstream media and really to the nation's capital because there's finally the daunting realization among the political class and their cheerleaders on Wall Street that this is an economic crisis and a financial crisis. | ||
| That will be the greatest in American history. | ||
| There's no doubt about that. | ||
| And the day you start to see the great Rick Santelli trying to put some logic into the cheerleaders over at CNBC, but even the professor at Wharton had to tell Steve Leesman, hey, there's no good news here. | ||
| And there's not going to be any good news for a couple of years. | ||
| The interesting thing today was not just about the Prince and the capital markets immediate reaction. | ||
| It was about reality. | ||
| As we've said, there's no magic wand here. | ||
| There's none. | ||
| This is a catastrophe of epic proportions and it's going to take, we have a lot of carnage to go through and it's going to take, they're going to have a lot of tough times. | ||
| But the one thing, and that's what we want to finish with that one clip, and we're going to come back to it. | ||
| You have financial market capitulation. | ||
| You know, Zero Hedge is saying right now, they've got a story that's saying how the markets are puking up the print on inflation here. | ||
| Remember Futures overnight, Cortez and I watched this in Navarro. | ||
| The Asian markets got crushed. | ||
| We're not there yet. | ||
| You had the futures, you had the gamblers with the hedge funds, your pension fund money gambling going long. | ||
| And as soon as the print came out on the inflation of another 40-year high, the market actually crashed and those guys got wiped out. | ||
| So you have financial market capitulation. | ||
| Particularly as it goes, you see bonds. | ||
| Guys are saying, I'm not listening to Jim Cramer buy the dip anymore. | ||
| I'm just getting out and going to cash. | ||
| So you have financial market capitulation. | ||
| We're not there yet. | ||
| We're going to talk about that and about what it's going to mean to you personally, but into the country. | ||
| But you're starting to see, I'll start with Cortez. | ||
| Steve, you're starting to see the dawning on the mainstream media. | ||
| And that's what we always focus on morning, Mika, in the morning, because that's the conventional wisdom of Washington. | ||
| They set the conventional wisdom. | ||
| And today they said, as we've said now for a year and a half, the January 6th thing is irrelevant. | ||
| It's not relevant. | ||
| We're preserving democracy. | ||
| We're going to, in the second hour, we're going to talk about the politics of this and what's happening. | ||
| We're going to have an overwhelming victory here on November 8th. | ||
| But make sure you understand this, this audience, as only the Boer audience can understand, not just that the Biden regime end on the evening of November 8th with the vote, What, even the cheerleaders of CNBC, it dawned on them today when they talk about two years or three years. | ||
| Whether it's Newsom, whoever's running in 2024, the Democrats are going to be really against headwinds because this carnage is going to take a couple of hard years to work through. | ||
| Cortez, put it in perspective. | ||
| I'll go to Navarro and Dr. Dave Brat down at Liberty next. | ||
| Tell us what your thoughts are this morning as you see this print, the last print before Election Day. | ||
| Steve, you are correct that even the corporate media, which, let's face it, acts as a PR machine for the Democratic Party, even those insufferable cheerleaders have to admit because the data is so continuously and persistently terrible that we have a systemic problem in this country right now with inflation. | ||
| I traded interest rates and inflation for 25 years, day in and day out, month after month, pouring through these reports, going over them with a magnifying glass. | ||
| I don't believe I have seen a report that is this awful in the details and in its scope before. | ||
| I mean, it's truly that bad. | ||
| This is a horrific report, particularly as it relates to, let me be specific here, as it relates to core inflation. | ||
| Because the commodity-based inflation, which is terrible and which is also persistent, that's relatively well known, what's going on. | ||
| at the grocery store and at the gas pump. | ||
| But now we're entering this next phase of inflation, which is more services-based, a lot of it housing-generated. | ||
| Rents rose in this report at an all-time high. | ||
| The cost for shelter and rents at an all-time high. | ||
| They have never risen as high. | ||
| And hence, we have core inflation at a 40-year high. | ||
| If we can show chart number one, I'd like to show this visually to folks because I think it's good for them to get a visual of just how insane this recent spike is. | ||
| That chart goes back 25 years. | ||
| That is the core inflation rate in the United States. | ||
| All the way back to the late 1990s. | ||
| As you can see, for the most part, inflation has been very, very tame for decades in the United States until Joe Biden began his assault on American energy, his absolutely exorbitant borrowing and spending spree. | ||
| And thirdly, there are three legs to his inflation explosion and needlessly escalated what should be an irrelevant regional struggle in the Black Sea and turned it into a global economic conflagration. | ||
| Those three factors combined have created what you see right there on that chart, which is an absolute explosion higher in inflation, including core inflation. | ||
| So, it's no longer just a commodity story. | ||
| The commodity story goes on. | ||
| But it's even worse than that for a lot of people. | ||
| And Steve, it's hard for me to exaggerate how bad this report is. | ||
| I can't imagine, by the way, to connect to the politics. | ||
| I can't imagine what I do for a living now. | ||
| I no longer trade interest rates. | ||
| What I do now is political messaging. | ||
| I can't imagine what they can say on their side. | ||
| There's no way that you could try to spin this. | ||
| You're going to have you're going to have you're going to have Zen master Jean-Pierre just lie like she did yesterday. | ||
| No, but they're going to try to change the conversation. | ||
| This is why everybody's got to be on the rampage right now, because they have nothing to defend themselves with. | ||
| And by the way, if you're a Hispanic American, if you're an African American, Asian American, and if you're under 35 years old and you've continued to vote for this, hey, it's a free country. | ||
| You're free men and women. | ||
| You do it. | ||
| Hey, if you got if you got a grief or a beef or a gripe and you think the Democrats solve that, hey, go with God. | ||
| It's a free country. | ||
| And you're free men and women. | ||
| Vote for what you want. | ||
| But understand something. | ||
| Particularly people under 35 years old, you know what this report shows you? | ||
| And what's going to have to happen to get over top of this? | ||
| You're going to lose a decade of your life financially. | ||
| Everybody under 35, particularly people in college, coming out of college, all these college people running around, you know, social justice warriors. | ||
| Social justice warrior this. | ||
| You are going to lose a decade of your financial and economic life, of which you are never going to recover. | ||
| You'll never recover from. | ||
| You'll never recover from. | ||
| I'm telling you right now, this is how serious it is. | ||
| You will never recover from this. | ||
| And Steve Cortez is right. | ||
| You think we've got a problem with family formation right now? | ||
| It's pushback, because quite frankly, you know, women are sitting there going, hey, can the guy actually make enough money that we can have actually a life? | ||
| You think family formation is bad right now? | ||
| You ain't seen nothing yet. | ||
| And for Madeline Peltz and the team over at Media Matters, she's saying you're using 1990s jargon. | ||
| We told you this day was coming for two years. | ||
| Okay? | ||
| We told you this day was coming. | ||
| And you're not doing a service. | ||
| You may hate our politics. | ||
| We don't care about that. | ||
| You're not doing a service to the generation under 35 years old. | ||
| This generation, this is the first time in American history we've ever wiped out a generation, financially and economically. | ||
| Not even in the Great Depression was it going to be this bad. | ||
| Let me go to Dr. Navarro. | ||
| Dr. Peter Navarro, you've watched this intensely. | ||
| You were the first guy to call stagflation, the first guy to call the market short. | ||
| Give us your assessment on the worst print in American history about inflation, sir. | ||
| Well, Steve, we're not just wiping out the young generation. | ||
| We're wiping out the senior citizens who, their 401k's now a 101k. | ||
| For you, just so we know what we're up against. | ||
| The September CPI comes out. | ||
| It's an 8.2% overall number, the highest in 40 years. | ||
| The core is the one that's troublesome. | ||
| 6.6 per year. | ||
| That's the one that's been less than the non-core because of all the energy and food stuff. | ||
| That one is now very robust. | ||
| That's the one that should really scare you. | ||
| And Steve, you and I talk about real wages down 3% this year and food up 11%. | ||
| Now, we've been talking about how stagflation is a combination of recession And inflation, and it leads to a situation where both stock prices and bond prices go down. | ||
| So when you saw the gap down today yet again, once again we see those prices going down at the same time. | ||
| There's literally nowhere to hide. | ||
| If you got that Varney clip, at some point play it for the audience, because they're asking these meatheads They're asking these meatheads, Steve, where do I put my money? | ||
| It's like we've been telling them since last November to get the hell out of the market. | ||
| We don't give them financial advice, but that's kind of the read. | ||
| And they're still saying buy the dip on some of these shows. | ||
| So what I'm seeing here is probably we've just picked up another 10 Republican seats in the House if we can press this advantage, because this is bad politics for the Democrats. | ||
| And I think the Santelli thing was really telling because he used the S word. | ||
| It's structural. | ||
| This is all structural. | ||
| But here's why we had Santelli. | ||
| Here's why I played that Santelli clip. | ||
| We're going to go to break and we'll come back. | ||
| We got a special. | ||
| Mike Lindell is going to join us briefly. | ||
| He is down in Florida doing a work of charity and philanthropy that we want to make sure that we're supporting. | ||
| We're going to go to Mike Lindell and then come back. | ||
| But the reason I had Santelli And this is the reason we don't give financial advice on the show. | ||
| That's not what we do. | ||
| We're kind of macro guys. | ||
| But we do advise that everybody talk to your financial advisor or if you and the wife or the financial advisors get around the table and like go through things. | ||
| Because and Dave Brad will join us in the next segment. | ||
| Right now, I have up on Getter, Janet Yellen saying yesterday, we have a liquidity problem in the Treasury market. | ||
| They're not buying this crap. | ||
| You look at what's happening in England right now. | ||
| We are going to have, Jamie Dimon said it, oh, it could be a country could be the crisis. | ||
| There is a sovereign debt crisis coming to the first world, not to Greece. | ||
| Not to Sub-Saharan Africa, not to Asia, not the Thai bot. | ||
| You have a financial crisis that is building a sovereign debt crisis that is coming to the United Kingdom, our mother country, and is coming to the United States of America. | ||
| When he talks about those derivatives, rewind back to 2007. | ||
| Okay. | ||
| These hedge funds, these pension funds are so leveraged. | ||
| You got so much crap in there right now, based on a negative zero interest rate world. | ||
| Stand by for very heavy roles. | ||
| Okay, short break. | ||
| Brad, Cortez, Navarro, Bannon in the War Room. | ||
|
unidentified
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next War room You're on the CCTV! | |
| War Room Pandemic. | ||
| With Stephen K. Bannon. | ||
| The epidemic is a demon and we cannot let this demon hide. | ||
| War Room. | ||
| Pandemic. | ||
| Here's your host, Stephen K. Bannon. | ||
| Okay, we're hopeful because we're Christians, right? | ||
| And Catholics and Christians, we always, the Judeo-Christian West is based upon, we understand that we're flawed, but we always keep, we always stay positive, particularly in tough times. | ||
| We got tough times right now. | ||
| Catholic Church we call, I think, Corporate Works of Mercy. | ||
| We've got Mike Lindell, great Mike Lindell. | ||
| They left Minnesota the other night to go to South Florida to deliver some MyPillow products to people down there. | ||
| Mike Lindell. | ||
| Mike, are you in Fort Myers or Fort Myers Beach? | ||
| Tell us where you are. | ||
| We're in Fort Myers and I've been here all morning, Steve. | ||
| I'm with Samaritans First. | ||
| They're amazing. | ||
| We started out with prayer this morning about 6 a.m. | ||
| and now we're going neighborhood by neighborhood. | ||
| We're giving out My pillows, my Bible pillows, the children pillows, blankets, everyone that you can see behind us. | ||
| They're working on, just Samaritan's Purse is amazing, Steve. | ||
| They've been, they're always there for every time there's a tragedy in our country and like this hurricane. | ||
| Samaritan's Purse is Franklin Graham's organization. | ||
| I know they went to Katrina, they went down with President Trump when Louisiana got hit. | ||
| They're always kind of first on the ground with charitable works, correct, to help folks in these terrible tragedies? | ||
| Absolutely, and they need volunteers if anyone wants to volunteer at SamaritanPurse.org. | ||
| They're there when, you know, one of the things I'm finding out down here is like This is already old news, it seems like. | ||
| You know, people are going, you know, these people are going, yeah, they've forgotten about us. | ||
| They've forgotten about the American Purse. | ||
| Never forget, they're there for them. | ||
| They're the first ones to get there and it seems like the last ones to leave. | ||
| Mike, what's the spirit of people down there? | ||
| We know that devastation is kind of hard to comprehend, and Florida's had so many people move down there. | ||
| It's such a state with real grit and determination. | ||
| How are people handling this? | ||
| What's the attitude on the ground? | ||
| It's pretty amazing. | ||
| They're pretty hopeful. | ||
| Of course, I'm going door to door, and myself, and they're happy to get my pillows. | ||
| I know that, and blankets and stuff. | ||
| We brought them. | ||
| And they're asking me all kinds of questions. | ||
| Is there hope? | ||
| Mike, keep going. | ||
| Keep fighting for our country. | ||
| They said to tell you hello, Steve, and your audience. | ||
| And they thank you for everything that you all have been doing. | ||
| And it seems just everybody's looking for hope. | ||
| And these guys got double hit. | ||
| I know you're announcing this horrible economy news today. | ||
| Um, and now these guys are double whack. | ||
| They got their, their lives or their physical things destroyed. | ||
| And plus they're, you know, so they're, these guys having hope down here, if they can do it, anybody can, right? | ||
| What would be your assessment of, you know, your Samaritan's Purse down there, like the Franklin Graham organization, we'll make sure everybody, they're asking for volunteers. | ||
| So if you go to Samaritan's Purse, in fact, if my crack production team in Denver, if we can pull Samaritan's Purse this segment or next, and just, let's put it up on the screen. | ||
| Mike, as you go around, you're there under Corporate Worker Mercy to bring the blankets and the pillows and the Bible pillows and to tell people, hey, you haven't been forgotten. | ||
| We're there for you. | ||
| But when you look around at the overall bigger infrastructure changes, how does it look? | ||
| We're a couple of weeks out from that. | ||
| Does it look like there's any progress being made? | ||
| Is power returned? | ||
| From being on the ground, where do you think we stand? | ||
| Well, I don't know where they started from, but for me, I don't know. | ||
| I just see progress behind us. | ||
| I've just watched a few of these. | ||
| They say, you know, you've got files and stuff. | ||
| They pour off and they're rebuilding. | ||
| But the airport was still shut down in Naples from 7 p.m. | ||
| to 7 a.m. | ||
| And I guess, you know, from talking to everyone, they've done a lot in a few short weeks. | ||
| But obviously, this is going to take months and could take even longer. | ||
| People don't realize the devastation that comes along with a hurricane. | ||
| Each family's got a different story to tell, and each damage is different. | ||
| Some people have insurance, some don't. | ||
| It's sad to see, but I enjoy bringing people the hope. | ||
| You know, me, Steve, I'm always optimistic that it can be rebuilt and it can be We're going to get to a great place in our country. | ||
| We're just going through a lot right now. | ||
| Let's talk about that. | ||
| If you give us a minute or two, particularly with the economic news today, we're going to have political news in the second half of the show. | ||
| The polling, you know, Ron Johnson's up six in Wisconsin. | ||
| Rhode Island, too, we're up eight points in a heavily Democratic state, heavily Democratic district across the country, a surge. | ||
| Where do people go on the Lyndell TV? | ||
| I want to talk about this cause for America. | ||
| Where do people go? | ||
| Because everybody wants to know, how do we secure this vote? | ||
| We don't want to be like 2020. | ||
| We turned at 74 million votes and still Biden's at 1600 Pennsylvania Avenue. | ||
| Where do people go on your site right now to see how they can get actively, personally involved to make sure that we can secure this vote? | ||
| Where do they go? | ||
| Yeah, download the app Frank Speech, everybody. | ||
| Download that app and then go to Cause of America on there and Cause of America. | ||
| Actually, you can go Cause of America Missouri, search that. | ||
| They have a great plan that we're going to put up front and center, but All your information is right there and I encourage everybody, I'm going to say this every day right after the election, vote in person. | ||
| If you get sent a mail-in ballot, bring it with you to vote in person. | ||
| If they say you've already voted, go tell your sheriff, say, no, I have not voted. | ||
| Bring a blue pen. | ||
| We've got to vote in person. | ||
| You've got to tell everyone you know to get out and vote. | ||
| Steve, all this stuff going on right now, you know I'm so optimistic because I was just in California and even there, everyone I talked to there, you know, this is bringing people to see the light, to see where common sense government, it can help everybody, but you get something that's going on right now, it can destroy a country very fast. | ||
| Mike, send our best to everybody down in Florida, particularly the War Room Posse down there. | ||
| We've got their back, and we're so proud and glad that you're down there to help out. | ||
| And also the Franklin Graham team at Samaritan's Purse. | ||
| Make sure you tell everybody there. | ||
| Thanks, Steve. | ||
| And I do want to say this, too. | ||
| We put this up on the War Room Square on MyPillow.com. | ||
| We put up all the pillows, the Bible pillows we're giving out today. | ||
| Thank you, Mike Lindell. | ||
| Maybe we'll track you down in the afternoon show, but thank you very much for joining us. | ||
| Thank you. | ||
| I tell you, this Florida thing is bad. | ||
| Can I play the Stuart Varney? | ||
| I'm going to lose Navarro. | ||
| Can I play the Stuart Varney clip and then I want to bring in Peter for his assessment before he bounces and I'll get to DeBrett. | ||
| Let's play Stuart Varney. | ||
|
unidentified
|
...like this. | |
| Where'd you put your money? | ||
| There's a temptation to just sell everything. | ||
| And you can understand, in a moment like this, where people are upset, they're looking at their 401ks, the Nasdaq is down 35% year-to-date. | ||
| Selling is not the solution. | ||
| High-quality, solid companies that actually have earnings, many of which are now trading in the mid-teens multiples. | ||
| We're talking about PEs of 13, 14, 15 times. | ||
| That's historically actually within the range. | ||
| 14 to 17 times is the historic range. | ||
| So, you ask me, what are you doing with your money? | ||
| I'm not selling anything, but I am staying absolutely long these high-quality companies. | ||
| I have already sold the weaker, smaller ones, and I have rotated into higher. | ||
| I can't, I can't take any more of the, I just can't take it, Navarra. | ||
| Peter, so give me your assessment before I go to Dave Brat. | ||
| I know we're going to lose you. | ||
| Given where we started, hang on, January 20th of 2021, Ewan Cortez came in here immediately and said, hey, what this guy's done with energy on the first day, what he's doing, what these guys are doing, then the American Recovery Act, it was only Navarro, Cortez-Bannon, and Larry Summers that said, hey, you're putting out $1.9 trillion and 19 Republican senators voted for it. | ||
| When aggregate demand has come back, this is going to be explosive. | ||
| Given where we started, Talk to me about your assessment of this print right now that you saw today. | ||
| Well, it's the worst case possible because it just confirms everything you and I and Cortez and Bratt have been saying. | ||
| And by the way, the difference between us and Larry Summers is Larry Summers wants to cure stagflation by driving down the real wages of the American workers. | ||
| I mean, you take that smug Ivy League idiot On Varney. | ||
| How does he even get on the set at this point? | ||
| And you stick him, like, without a wallet in Ohio, and, like, people are going to look at that guy like he's a Martian. | ||
| I mean, the only place that that guy can exist is in the suites of Manhattan, where they're just burning people's money like monkeys with flamethrowers. | ||
| This is criminal. | ||
| Where do you put your money? | ||
| Where do you put your money when you have structural problems? | ||
| These cable TV business networks, whether it's CNBC or Fox Business, they just want to sell you down the river and that's what they're doing. | ||
| It's criminal that they don't tell the truth about what's going on and then they act surprised. | ||
| How can anybody act surprised? | ||
| The Fed released minutes and said, we're surprised that what we're doing isn't working. | ||
| Really? | ||
| So, this is a situation where everything we've been saying is coming home to roost. | ||
| The signal here is November. | ||
| Win that friggin' election. | ||
| A hundred seats for a hundred years. | ||
| Because if we don't do that, all hope is lost. | ||
| By the way, if you don't win in November, forget it. | ||
| It's over. | ||
| How do they get to the book? | ||
| Yeah, yeah, yeah. | ||
| Real P. Navarro on Getter, the Twitter killer. | ||
| That's the way we want to be communicating. | ||
| Go to peternavarro.com, learn about the Taking Back Trump's America book. | ||
| It's the key to doing just that. | ||
| Admiral, carry on, sir. | ||
| We've got a sinking ship today. | ||
| Unfortunately, it's not ours, but it is this country's right now. | ||
| Thank you, brother. | ||
| Appreciate it. | ||
| Cortez, when we come back, you and Dave Brackman stay with me. | ||
| The solution that CNBC is talking about, you know what the solution is for our audience? | ||
| Here's the solution. | ||
| You know what the solution is? | ||
| Mass immigration. | ||
| You know why? | ||
| Those Democrats on CNBC, they want to drive down working class wages. | ||
| That's their solution. | ||
| Literally, they're sitting there and going, we've got to have mass immigration because we've got to break the back of the working men in this country. | ||
| They're the problem. | ||
| I want you to understand, in all this carnage and everything that's going on, the Fed and all this fiscal domination of the political class, you know what the problem is? | ||
| The problem is African Americans, Hispanic Americans, the white working class, you're the problem. | ||
| You've had 18 months in a row of down real wages, but you're the problem. | ||
| And they got a solution. | ||
| More immigration. | ||
| That's the solution. | ||
|
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next in the war room spread the word all through Hong Kong we will fight till they're all gone we rejoice when there is no more let's take down 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. Banham. | ||
| Okay, welcome back. | ||
| The reason we focus so much on this, this is Signal Not Noise. | ||
| This sets the framework for so much that you want to try to accomplish in your life. | ||
| You know, your ability to have that time spiritually, the things that you want to do to develop yourself. | ||
| It's all within an economic framework and the harder times are the harder it is just to get by. | ||
| And particularly for the people have saved up so much and being able to now, you know, enjoy the benefits of it. | ||
| It gets to be horrific. | ||
| So here's what it is. | ||
| What we're hurtling towards, and we've talked about this, is a credit crisis. | ||
| Not about stocks dropping. | ||
| It's not about... That's all coming. | ||
| But there's something bigger. | ||
| There's a credit crisis. | ||
| And not just credits of corporations. | ||
| Cortez has done an amazing job of talking about investment-grade bonds. | ||
| That's the best companies in the world. | ||
| It's all money good. | ||
|
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Right? | |
| You buy that and you clip the coupons. | ||
|
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Right? | |
| You get the returns. | ||
|
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Right? | |
| And they're never huge because you're buying a quality credit. | ||
| What are those now? | ||
| 20-30%? | ||
| You're getting wiped out in that. | ||
| The crisis we're talking about is a sovereign debt crisis. | ||
| We're talking about governments. | ||
| We're talking about governments that have had this thing called fiscal domination. | ||
| That means the political class spends and spends and spends, and the central banks just print the money. | ||
| They just print the money, continue to print the money. | ||
| Okay? | ||
| That game's coming to an end. | ||
| It's coming to an end. | ||
| We've warned about this and now you can see it's going to come to an end and the carnage around that, you know what Steve, what Rick Santelli calls structural issues, structural issues are going to be massive. | ||
| In any bankruptcy, and this is what we're looking at, a pre-packaged bankruptcy, a pre-pack, In a bankruptcy, you have a creditors committee, right? | ||
| The creditors committee kind of makes decisions. | ||
| It's no longer the management team. | ||
| It's no longer the shareholders. | ||
| Because you're senior in the capitalization table, the debt comes first, and then the equity. | ||
| So when you have a crisis, a prepack or a bankruptcy, the creditors take over. | ||
| The accounts payable guys, and the junk bonds, and the senior bank debt, that all forms a committee, and everybody gets a say, so everybody gets a seat at the table, and they kind of determine what's going on. | ||
| Our country is bankrupt. | ||
| It's bankrupt. | ||
| It's just absolutely bankrupt and it's a business model that doesn't work. | ||
| You can't fund this anymore unless you continue to print money. | ||
| This is going to bury ourselves now in your own life and bury future generations. | ||
| Okay? | ||
| That creditors committee is going to be formed. | ||
| It's going to be formed politically. | ||
| And here's the whole purpose of this show, is to make sure that MAGA, to make sure that you, the deplorables, are not just on the creditors committee, but you essentially chair the creditors committee. | ||
| This is why November 8th, the sweeping victory, Alan Fung in Rhode Island too, Joe Kent in Washington three, those seats in Oregon, the seats in the Rio Grande Valley, the Hispanic Americans, right? | ||
| This coalition we're putting together, when we start winning these seats, seats in Maryland 6, we'll talk about all these seats we could win, the governorships in these blues, flipping Minnesota's house, flipping Nevada's house, flipping New Mexico's house. | ||
| When you do that, that is political power, raw political power. | ||
| And it puts you as the chairman of the creditors committee, right? | ||
| Not Tucker Carlson and not Donald Trump and not Ron DeSantis and not Steve Bannon. | ||
| You, you and your wisdom and judgment get to have the leverage to say, guess what? | ||
| There's got to be a way we're going to rethink this. | ||
| And we're just not going to take we're just not going to get crushed anymore. | ||
| Let me play. | ||
| I'll bring Brad in for a second, but let me play. | ||
| Steve, I got to play. | ||
| This is what? | ||
| The Wall Street intelligentsia, the cheerleaders of this narrative that has broken this freaking country on the rack. | ||
| This is what they're saying this morning. | ||
| This is in the worst print of inflation in the history of this nation. | ||
| The history of this nation. | ||
| This is what they come up with today. | ||
|
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that play the immigration part. | |
| Can't you... And if you had an EV, it'd be even faster, Joe. | ||
| If high rates aren't going to solve the structural problems, don't you need to start thinking about supply side? | ||
| But you can't solve structural problems overnight. | ||
| It's even slower than trying to solve the... Let me tell you something. | ||
| I've not really reported as well as I should have. | ||
| The last two Fed surveys we did, do you want to know what the number one thing, other than raising rates, that economists and strategists and forecasters said we should do to reduce inflation? | ||
| Fix the supply chain. | ||
| Take a guess, no? | ||
| immigration reform. Boom! Winner winner chicken dinner right there. Immigration reform. The best thing we could do right now, hire American workers, send them over to embassies overseas, start processing those J1, B1, V1, T1, X1 visas and increase the legal immigration supply to the United States. You will find people on the right and the left who will say this, why they can't come together and find some bipartisan agreement. You are so correct, Becky, because I have been talking to the Cato Institute as my main source on this. | ||
| David, I can't forget his last name, David was telling me we are down an estimated one and a quarter. | ||
| Okay, over our dead body, over our dead body, you're gonna send thousands of guys to start processing visas to break the American working class, the middle class. You think those kids out of college are ever gonna get any jobs? | ||
| This is the same economist geniuses at the Fed that got us in this mess. | ||
| Let me tell CNBC, Becky Quick and Joe Kernan and Leisman and all of you, over our dead body will we ever let that happen. | ||
| Never. | ||
| Never. | ||
| And don't sit there and tell me about the Open Borders Cato Institute like it's some big surprise, you fricking moron. | ||
| We will never let that happen. | ||
| That is a line in the sand we will never allow to be crossed. | ||
| Steve Cortez. | ||
| I'd like to deport Steve Leisman. | ||
| Why don't we start there? | ||
| That would be a good policy for the United States. | ||
| The reality is the corporatists out there, the C-suite executives, their cheerleaders in corporate media, fools like Steve Leesman, they do want to inundate this country with even more cheap labor. | ||
| Why? | ||
| To try to save their bottom lines of the global multinationals. | ||
| The reality is an open border is terrible for many reasons. | ||
| It jeopardizes our national security, our street safety, but I think perhaps the most important reason is Millions of illegal workers are competing unjustly in the labor market today against American citizens who are already suffering from the pain inflicted by Joe Biden, real wages down for 18 straight months. | ||
| That has never happened before in American history. | ||
| So I propose actually the precise opposite. | ||
| Not only do we have to get control of the border, I mean, that's an absolute necessity, right? | ||
| In this new Republican Congress that we're about to elect, Better get tough on that and better tell Joe Biden we will not spend dime one on your programs until you secure the border. | ||
| But Steve, I believe we need to go even further than that in an era of declining wages. | ||
| We need a moratorium, total pause on even legal immigration. | ||
| Because let me fill Steve Leisman in. | ||
| We don't do even legal immigration very well in this country. | ||
| According to the LA Times, before the pandemic, okay, so when economic times were still good, according to the LA Times, The majority of immigrant-headed households in L.A. | ||
| County were on public assistance. | ||
| Think about that. | ||
| The majority of immigrant-headed households in L.A. | ||
| County were on public assistance when times were good. | ||
| The number is surely far worse now. | ||
| So I'm not anti-legal immigration, but I do believe that we need a moratorium. | ||
|
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No. | |
| We need to pause, and we need to figure out how to do it in a way that serves the interests of the United States citizens first and foremost. | ||
| I want to pull the camera back. | ||
| In all the structural problems we have, in all the bad decisions, in all the greed and contempt of Wall Street and the corporatists, all of it. | ||
| And they're talking about structural and they got the big long faces because now they understand that not just on November 8th, but they're going to get wiped out in 24. | ||
| They get it to the core of their being. | ||
| You know what their solution is? | ||
| Their one solution. | ||
| Their one solution immediately. | ||
| is flood the zone with immigration. | ||
| And you think you've got a tough time competing and getting a good job right now when Intel is going to have these massive layoffs? | ||
| Yeah, they're going to have layoffs everywhere. | ||
| You know what the solution is? | ||
| Let's bring in, and yes, I'm talking about legal immigration, should be absolutely zero right now. | ||
| Until you've had 18 months of declining wages. | ||
|
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Right. | |
| The problem here is not the wages of working class people in the middle class. | ||
| Understand. | ||
| And if you don't understand they're out there to crush you, then we can't help you anymore. | ||
| You have to. | ||
| We've laid out the information in their own mouths. | ||
| They say it and they say it blatantly. | ||
| The solution for every bad decision of capital markets, of the Federal Reserve, of these governments, this mass spending, the Biden regime, the solution is, the solution is send tens of thousands, hire tens of thousands of people to go to embassies and start printing visas immediately. | ||
| Leasemen over our dead body. | ||
| I guarantee you we will never allow that. | ||
| And anybody out there can hear my voice that doesn't go in and throw these bums out on November 8th, then you deserve it. | ||
| You absolutely are free men and women. | ||
| You can make free conscious choices. | ||
| And if abortion is your issue or democracy is your issue, God bless you. | ||
| That's what a free democracy is about. | ||
| Then vote for that. | ||
| But understand you're voting for your own economic destruction. | ||
| Dave Brat, your assessment, sir. | ||
| It's quite clear. | ||
| I've been following all the great heavy hitters on the economics and the charts and all that, and I've got a new little spin. | ||
| You know, it's kind of interesting. | ||
| You were talking about overnight looking at those charts and the futures were edging up a little bit, and then as soon as the print came out, you know, nosedive, the charts all collapsed instantly. | ||
| And that in itself is telling. | ||
| Because even that's a moral lie, right? | ||
| The idea that the charts are somehow going up a little bit overnight, and then they collapse with a 0.1% difference in the inflation price is a joke. | ||
| Jamie Dimon came out last week. | ||
| CPI is going at 8%. | ||
| The PPI, which is even more problematic long term, is at 8%. | ||
| So inflation's at 8%. | ||
| It's 40-year highs. | ||
| You can see the plummeting graphs there. | ||
| And that's what you guys have been talking about. | ||
| But what the American people have to come to realize is what you're talking about here. | ||
| The left's march through the institutions has crushed us. | ||
| Across all of the institutions. | ||
| The Federal Reserve now is, I want to say a comedy, but it's not. | ||
| It's a tragedy that's crushing the American people. | ||
| And so you got these news anchors that smile and look polite and they wear ties. | ||
| But they're reporting straight up to, you know, Darth Vader in the Death Star. | ||
| And it's not funny. | ||
| And the reason it's not funny is because they're selling out their own country to China. | ||
| All these things are, you know, biblically derived terms that come from the truth. | ||
| And the American people have been lied to in those charts this morning, the economic markets, the Jamie Dimon, etc. | ||
| comments. | ||
| Jamie Dimon knows exactly what's going on. | ||
| And he's probably really what he's saying is he's just begging the Fed To do their pivot, as usual. | ||
| To save who? | ||
|
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To save the global elites, not the American people, right? | |
| Slow down. | ||
| Give me that again. | ||
| When he was on CNBC and talked about the sovereign debt crisis, he was actually talking to Powell, saying, I'm the chairman of JP Morgan. | ||
| We need you guys to come in here. | ||
| I need more easy money. | ||
| Is that your assessment of that? | ||
| Yes! | ||
| And so, in the Judeo-Christian tradition, I mean, you don't have to be a rock at science. | ||
| We just had a summit at Liberty and we're trying to help on a global level. | ||
| We're trying to help Africa. | ||
| Why? | ||
| Because they're the poorest of the poor. | ||
| Well, Jamie Dimon, I'm sure you're listening out there. | ||
| You know, I respect your brain. | ||
| I'm sure you've been morally educated. | ||
| But in the future, you know, if you're doing God's will on earth, you might want to think about the poorest of the poor on the earth. | ||
| And if you can't think that broadly, maybe just the poorest of the poor of the United States and help them out so that when you're begging for policy relief, It's some relief that helps the people, unleasement and all these jokers. | ||
| That will crush the poorest of the poor. | ||
| Here's how they want to help the poorest of the poor. | ||
| Here's how they want to help the poorest of the poor. | ||
| They're going to jack their interest rates and they're going to flood the zone with cheap labor. | ||
| That's how they're really thinking of that. | ||
| Hang on for one second. | ||
| We got to go to break, but I want to come back. | ||
| Janet Yellen, we're going to talk about the credit crisis because this is what's going to drive politics, the economy, and your life for the next couple of years. | ||
| The coming credit crisis. | ||
|
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Globally. | |
| Next. | ||
|
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In the War Room. | |
| Arrived. | ||
| The new social media taking on big tech. | ||
| Protecting free speech. | ||
| And cancelling cancel culture. | ||
| Join the marketplace of ideas. | ||
| The platform for independent thought has arrived. | ||
| Superior technology. | ||
| No more selling your personal data. | ||
| No more censorship. | ||
| No more cancel culture. | ||
| Enough. | ||
| Getter has arrived. | ||
| It's time to say what you want, the way you want. | ||
| Download now. | ||
| Okay, welcome back. | ||
| When I talk about creditors committee, I'm going to turn back to Cortez and Brad here in a second. | ||
| There's an article on Reuters. | ||
| Just go to my Getter account. | ||
| An article on Reuters talking about the debt ceiling. | ||
| The debt ceiling is going to be a huge issue here shortly. | ||
| Reuters is on top of that. | ||
| Also, Janet Yellen said yesterday, there's a liquidity problem. | ||
| Liquidity is a fancy term for no money. | ||
| There's no cash, right? | ||
| You can't sell U.S. | ||
| government securities. | ||
| They can't find buyers. | ||
| Why can't they find buyers? | ||
| Nobody wants this crap anymore. | ||
| Because they've seen the $31 trillion of face amount of debt. | ||
| They've seen the $9.5 trillion of the Federal Reserve, $40 trillion of debt on a country that's going to run this CR, this appropriations bill, these games they played that Brad tells you all about. | ||
| Now, it's another $1.5 trillion deficit. | ||
| They won't tell you that because they play all kind of fancy, funny games. | ||
| But that's what it's going to be because of the $1 trillion defense budget. | ||
| You know why? | ||
| Because part of it was shipping tens of billions of dollars over to Ukraine. | ||
| Which has no relevance to the United States of America. | ||
| Okay? | ||
| I want those intel employees, when you get laid off today, and you're not going to have a job for three or four years, when the cycle comes back, I want you to, you know, I hope you got your Ukrainian flags outside your house. | ||
| With Zelensky in these crooks, these oligarchs over in Ukraine, just skimming it right off the top. | ||
| Okay? | ||
| You're going to be the creditor's committee. | ||
| In this creditors committee is going to have some very tough decisions because you've got a debt ceiling. | ||
| You've got a $3.5 deficit. | ||
| And if you look at there as long as just do, this is not even mathematics. | ||
| This is just pure arithmetic. | ||
| Okay. | ||
| It's arithmetic. | ||
| If you just do the gazintas, this goes into that. | ||
| You're going to see you very quickly. | ||
| You're going to be $50 trillion. | ||
| Not that that the interest rates, because structurally we're not in a zero interest rate world anymore. | ||
| Modern Monetary Theory, guess what? | ||
| AOC, guess what? | ||
| You radicals, guess what? | ||
| Mitch McConnell, the 19 Republicans that voted for the American Recovery Act, Wall Street, the corporatists, CNBC, all of you clowns that sat there on Modern Monetary Theory. | ||
| Deficits don't matter. | ||
| Deficits don't matter. | ||
| We sat here. | ||
| Yes, they do matter. | ||
| Even Noah Rothman over at MSNBC. | ||
| Noah Rothman's got a piece, if we can pull that off my getter, he's got a piece that says, hey, guess what? | ||
| The deficits and the debt are going to Because at 1 o'clock this afternoon is the J6 hearing. | ||
| political issue in the United States of America. Okay, we had capitulation this morning on Morning Meeca. They capitulated finally because at one o'clock this afternoon is the J6 hearing. Who gives a crap? | ||
| The networks wouldn't Cable's not going to take it. | ||
| Politico's got a story. | ||
| The second story on Politico, how the Democrats are not advertising using the J6 committee at all. | ||
| You know why? | ||
| Because it pisses off the American people even to hear about it right now. | ||
| Right? | ||
| When their wages are falling, they can't, there's nothing on the shelves and they can't buy what's there. | ||
| They can't make the car. | ||
| They're getting the car repossessed. | ||
| And remember when Janet Yellen says there's no liquidity, how does that affect your life? | ||
| Well, they got to jack the interest rates up to sell it. | ||
| Okay. | ||
| When they jack those interest rates up on the 10 year treasury and the two year treasury, that's going to roll through to your credit. | ||
| Every month, you're going to look at your credit card statement. | ||
| That's what it's going to roll through to your mortgage payment, to your car payment, to your credit card payment. | ||
| These things are inextricably linked, and now it's come home to roost to the American people. | ||
| The lies and misrepresentations of the neoliberal neocons that had us everywhere on every battlefield, spending money, killing your kids, right? | ||
| Well, now it's all here, and it's in living color right there. | ||
| And they can't run away, and they can't hide from it. | ||
| You know why? | ||
| Because MAGA is the head of the creditors committee. | ||
| And you're going to be head of the creditors committee and bang some heads. | ||
| Steve Cortez. | ||
| How bad is this, really, sir? | ||
| It is absolutely terrible, okay? | ||
| And people like Steve Leisman, the intelligentsia of the Acela Corridor, who reside in New York newsrooms and Washington, D.C. | ||
| K Street lobby and offices, they have no idea. | ||
| They live in their bubble and they are indifferent to the plight of working class Americans. | ||
| But let's talk, Steve, about the reality for middle and lower income folks of the bills that they have to pay. | ||
| You pay, and I literally call it my have-to basket. | ||
| If we can pull up chart two here, and this is from today's inflation report, this is the absolute latest data on gasoline, groceries, and utilities, three things that every single human being must pay for to live in the United States of America. | ||
| Gasoline up 18%, groceries up 13%, utilities up 33% year over year. | ||
| up 13%, utilities up 33% year over year. | ||
| Put together this basket, the half two basket, up 21%. | ||
| Up 21%. | ||
| Steve, let me be just very blunt about this, okay? | ||
| The American people cannot sustain this. | ||
| The only way that they've sustained it so far is through ballooning credit card debt. | ||
| That's always a dangerous game, but it's particularly a dangerous game when interest rates are soaring and that credit card debt becomes totally unsustainable just to finance the debt that they've built up. | ||
| But let me be very clear here, Steve. | ||
| If this continues, It's not just economic pain. | ||
| We risk social instability. | ||
| According to Bloomberg, not according to Steve Cortez, according to Bloomberg News, we are facing a, quote, tsunami of shutoffs of power for millions and millions of Americans. | ||
| So, Steve, the consequences here could be very dire. | ||
| In the United States, we're an incredibly dynamic country. | ||
| We have tremendous energy and creativity and vitality. | ||
| But there's a flip side to that. | ||
| We're not a docile people. | ||
| We're not the Japanese. | ||
| We're not the Swiss. | ||
| And if this kind of economic pain persists for the most basic necessities of life, for gasoline and groceries and utilities, Steve, I'm telling you, I've made a lot of bold predictions. | ||
| I've been right on almost all of them. | ||
| We have the risk of real social instability in this country if this continues. | ||
| Big time. | ||
| When Becky Quick and these people are talking about structural changes, you use the George Structure, and it could take years. | ||
| Note to CNBC, people aren't going to wait years. | ||
| They're not going to be destroyed before your eyes. | ||
| They're not going to wait. | ||
| They don't have time to wait. | ||
| You guys took 20, 30, 40 years to get here. | ||
| Now we've got structural problems with the Fed, the zero interest rates. | ||
| We've got structural issues that could take a couple of years. | ||
| All of a sudden, it's two years, three years. | ||
| Hey, guess what? | ||
| They're not going to wait. | ||
| They're not going to wait. | ||
| Once they shut off the power, they're not waiting. | ||
| The cars repossessed. | ||
| Right now, you see personal savings collapsing because people go in the savings account to live. | ||
| The other thing they're doing is they're using their own credit right above the equity. | ||
| What they're doing is borrowing. | ||
| And these rates are going to explode. | ||
| This is what's going to happen. | ||
| You have trillion dollar interest payments on our own debt, and your own personal debt is going to explode. | ||
| Cortez, how do people get to you? | ||
| Where do they go to find your great writings and analysis? | ||
| Yeah, please find me, and I do have a new Substack article. | ||
| Find me on the getter at Steve. | ||
| It links to my Substack there, and I'm also still on the Twitter at CortesDCortesoftheBest. | ||
| By the way, we got to have that have-to basket. | ||
| That's got to be, we got to brand that. | ||
| We got to trademark that. | ||
| It's because it's important. | ||
| It cuts through the nonsense. | ||
| Okay, Brad's going to stick with me. | ||
| We got a lot of politics to go through, some more economics, and we're going to talk about this red tsunami. | ||
| What does it mean? | ||
| How is it going to be delivered? | ||
| And most importantly, how it's going to be preserved. | ||
| Next, in the War Room. | ||
|
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We rejoice when there's no more. |
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