Nov. 17, 2022 - Bannon's War Room
48:47
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
|
unidentified
|
Because we're going medieval on this, people. | |
| I got a free shot all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
| MAGA Media. | ||
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved! | ||
|
unidentified
|
War Room. Here's your host, Stephen K. Baskin. | |
| It's Wednesday, the 16th of November in the year of our Lord 2022, and you are in the War Room. | ||
| I want to start today with one of the great conservatives of our country, Matt Rosendale, Congressman from Montana. | ||
| Sir, you caused a little controversy, I think it was on Montana Radio earlier today, and we're going to try to get it caught up here, that you said that you were one of the folks yesterday in these leadership conferences that voted against McCarthy. | ||
| Can you walk through the reason for, I think there's only one or two of you, Matt Gaetz being the other, have come forward, and I think Andy Biggs. | ||
| Can you walk through why you voted against him, sir? | ||
| Oh, absolutely. | ||
| Very easy. | ||
| Also, my good friend from Virginia, Representative Bob Good, he's amongst us that's come out publicly. | ||
| It's a secret ballot. | ||
| On the conference nomination process, and I think that's the first point that everybody really needs to understand. | ||
| The Speaker was not elected yesterday. | ||
| What happened yesterday was the Republicans nominated their candidate to run for Speaker. | ||
| It takes 218 votes in order to be elected as Speaker. | ||
| Kevin McCarthy received 188 votes yesterday. | ||
| There's a group of us that really were vocal about it, but there's a lot more people among the conference that feel this way, and that is they want their voices to be heard. | ||
| The rules need to be restored to where they were prior to Nancy Pelosi taking the gavel, so that each member of Congress uh... truly uh... is able to represent their district that's what representative government is about and they're supposed to be able to do so in equal fashion and unfortunately congress has consolidated power within the speaker and the nine people who sit on the rules committee and that the speaker selects uh... him or herself | ||
| and so the rest of us don't have that much of a voice and what the general public doesn't understand is that's where the legislation comes out to the floor and and you're uh... as to give a yes or no vote on it without really having the ability to participate and the crafting of that legislation I served in the Montana legislature, as you referenced, and I was the majority leader in the Senate. | ||
| I understand how legislation is supposed to be crafted and passed in a collaborative process, and we don't have that taking place. | ||
| The group that voted against Kevin, most of them I will tell you, participated in a process to provide to him amendments to the rules to amend this procedure so that we could all participate. | ||
| And we put it in writing, and we submitted it to him months ago, and he is just unwilling To adopt that, to empower each of the members of Congress to serve their constituents. | ||
| And that being said, I refuse to elect the same people utilizing the same rules that keep us from, members like me, from participating and hoping that I'll have a different outcome. | ||
| So we're going to have a change. | ||
| Hang on a second because I think this is being portrayed as a personality contest that McCarthy's not tough enough. | ||
| There's all types of things people want to do. | ||
| You're saying it's something even different. | ||
| There's a structural problem and you're saying that the speaker has grabbed – just like the executive branch has become so powerful around the president. | ||
| That they've structurally put all the power around the Speaker and he gets a handful of his buddies on the Rules Committee. | ||
| They basically run the deal and then you get a 3,000-page bill. | ||
| They give you an hour to review it and they whip and they want a yes vote. | ||
| And it's that structure – you're going after structural and kind of systemic issues, correct? | ||
| That is absolutely correct, Steve. | ||
| You know, I told the people of Montana that I'm coming up here to make changes. | ||
| And the way that we're going to make changes is to change that process. | ||
| And it's not even a radical deviation from the standards, if you will. | ||
| This is merely to restore the process to where it had been previously. | ||
| Our founding fathers would not recognize the way that Congress functions right now. | ||
| It is dysfunctional. | ||
| And this is a way that we can get back to having the body elaborate. | ||
| Amend, discuss, debate, and pass or kill legislation. | ||
| And hopefully, it can be done in a manner where you don't have a 2,000-page document that you're trying to force through that's a trillion and a half dollars and contains probably 15 or 20 bill titles. | ||
| You can have a single subject debate it, pass it, or defeat it on its own merits. | ||
| At 222 or 223, which they think now be the number, he's got to get – he can only lose four or five votes, right? | ||
| So people have tremendous amount of leverage here. | ||
| Obviously you guys believe that he'll crater on this. | ||
| He'd rather be speaker with your process. | ||
| If it's Jordan or Stefanik or Scalise or whoever, Banks or whoever else is up there, you're a no vote until you get changes to this process. | ||
| You don't care who's in the slot? | ||
| Absolutely correct. | ||
| This is about the process. | ||
| That is what we are focused on. | ||
| The process must be changed and it must be changed in a fashion that we can enforce it. | ||
| There's got to be a hammer to make sure that we can enforce it or else we're just going to be like the rock song. | ||
| You're going to change the names and we all get fooled again and I won't be. | ||
| This is something that just didn't come up, right? | ||
| This consolidation of power and the speakers, both on the Republican and Democratic side, it's been for a while. | ||
| And you said you guys came forward, what, a couple of months ago to give him a heads up, to say, we're going to do this. | ||
| Did they just blow you off and think you're bluffing? | ||
| Because I know people have talked about this before. | ||
| Do they just think you're bluffing and that you eventually go away? | ||
| Well, what happened is that's when he thought that he was going to have 240 or 250, 260. | ||
| My golly, six months ago, they thought we're talking about 270 seats in Congress for the Republicans. | ||
| And so, yeah, we were basically told to go pound sand. | ||
| I think that's a Latin term. | ||
| You may have used it before. | ||
| But they were not willing to have a conversation at all. | ||
| And this was presented in writing. | ||
| So this is no surprise. | ||
| This is no, you know, tactic that was just brought up over the last week to try to make these changes. | ||
| This was put in writing months ago, and we were trying to make sure that each member of Congress is going to be able to represent their districts, their constituents, and participate in this process. | ||
| For the folks out in Montana, they've now broken up Western Montana in one district and Eastern to the other, and you're an Eastern Montana rancher. | ||
| What difference is it going to make for the folks in your district to have the structure your way versus what McCarthy currently has and wants? | ||
| We'll be able to participate. | ||
| So instead of having these monstrosities of legislation that just come through and are forced through without any participation from the floor, we literally will be able to go down and propose an amendment. | ||
| And it's going to give the individual representatives the opportunity to craft and participate in that process to improve the legislation. | ||
| And then again, my hope is that we can reduce down the number of of bills that are compiled into one piece of legislation so that each bill can be discussed, debated, and amended, and passed or defeated on its own merits. | ||
| A great friend of this show and someone who's kind of the wingman of Matt Gaetz, Marjorie Taylor Greene, says, hey, I love Rosendahl and Good and these guys, but they're playing with fire. | ||
| Because if they continue down their path, you're going to have Liz Cheney as a speaker working with the Democrats. | ||
| What say you, sir? | ||
| Red herring. | ||
| That's a veiled threat that people are trying to utilize to scare us from making this change. | ||
| Steve, we cannot continue to elect the same people and grant them the same privileges and process that eliminate participation from the body of Congress and think that anything up here is going to change. | ||
| We're going to continue to run trillion dollar deficits, we're going to continue We're going to continue to have legislation that expands the role of the federal government, and that is not what I was sent here to do. | ||
| We have to make changes. | ||
| We have to restore federalism and allow our states to function the way that they are supposed to and were designed to do, and the only way that we're going to do that and shrink The role of the federal government is to empower Congress so that we can achieve that. | ||
| So you're saying, actually, this is not a personality thing. | ||
| You're looking for... You actually are, to them, kind of a revolutionary. | ||
| You want regime change. | ||
| Have to have regime change. | ||
| We have to. | ||
| Look, Kevin's a pleasant person. | ||
| He's great at fundraising. | ||
| He's a guy that you would like to have at the party to talk to everybody. | ||
| He recruited a lot of candidates. | ||
| Wonderful. | ||
| Go ahead and play that role. | ||
| Look, I've had businesses of my own, and I still have businesses to this day. | ||
| And just because someone is a great salesperson doesn't mean that I put them in charge of an entire division of a company or an office. | ||
| Everybody has to recognize where their skill sets are. | ||
| And when you're willing to promise anything to anyone to consolidate that power so that you are the one making all of the decisions and you're not willing to disperse it out so that you can have buy-in from the body, it's very problematic. | ||
| And we have seen over the last several years what the byproduct of that is. | ||
| And so the only way that we're going to be able to change that is to go back and restore. | ||
| Again, we are not trying to propose radical ideas and concepts that have never been utilized before. | ||
| This is a restoration of Congress. | ||
| We got a couple minutes left. | ||
| We're going to be back. | ||
| What do you want to see accomplished, and what do you think must be accomplished, given this mandate that the American people have given the Republicans in the House? | ||
| To fire Nancy Pelosi, no matter how small a majority, and to put you guys in charge. | ||
| What are the two or three things you think must be accomplished? | ||
| The we absolutely have to use in the House of Representatives our authority with the power of the purse to make these changes and we can do that again if you empower all of the members of Congress. | ||
| We have to develop a budget. | ||
| And we have to appropriate the funds. | ||
| That's what we're charged with. | ||
| And that hasn't been done for several years. | ||
| Three going on four years now. | ||
| And we can use that process to make sure that we secure our southern border. | ||
| And I think that we should also use it to make sure that we increase our domestic energy production. | ||
| If we took care of those two things, it would reverberate out to so many other issues that we're experiencing right now, problems. | ||
| Congress. | ||
| that we're experiencing right now that the Biden administration has caused for us. | ||
| The energy production is going to help bring down energy costs. | ||
| It's going to help reduce inflation. | ||
| It's going to help reduce the cost of your groceries in the grocery store. | ||
| And then if we secure the southern border, we're going to secure reduced crime. | ||
| Congressman, if they pass a two trillion dollar discretionary spending part of an appropriations bill in this lame duck with no other way to pay for it but to print money at the Federal Reserve, Is America looking towards an economic and financial catastrophe? | ||
| I think that we have been building towards an economic catastrophe for quite some time now based upon where the inflation rates are and the supply chains and every single economic indicator that we're watching. | ||
| It's very, very problematic. | ||
| Congressman, do you think there's enough votes, as you see it right now, to deny Kevin McCarthy the speakership? | ||
| Oh, there absolutely is. | ||
| Kevin received 188 votes. | ||
| Again, not 210, not 200, not 190, 188. | ||
| He's going to have to find 30 votes. | ||
| And based upon the margin of majority that you were just discussing, where we're going to be probably at 222, 223, five votes does not replace 30. | ||
| Congressman, how do people get to you? | ||
| What's your social media or your website? | ||
| Oh, goodness gracious. | ||
| Matt4Montana. | ||
| Matt4Montana.com. | ||
| People are going to be following you now, you realize that. | ||
| I got out of campaign mode, Steve. | ||
| You caught me off guard. | ||
| You're a revolutionary. | ||
| People want to follow you now. | ||
| Thank you, Congressman. | ||
| Thanks for having me on. | ||
| Love the folks out there in Montana. | ||
| God bless you. | ||
|
unidentified
|
I will. | |
| Thanks, brother. | ||
| You too, sir. | ||
| Short break. | ||
| We're going to go back to Mar-a-Lago. | ||
| We're going to talk about a presidential run. | ||
|
unidentified
|
two years of the grinder next in the war room. | |
| Their entire economic plan. | ||
| Tax cuts for the rich and corporations. | ||
| And record-breaking unemployment. | ||
| The worst jobs report on record. | ||
|
unidentified
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Trump is the only modern president to leave office with fewer jobs than when he took office. | |
| The Trump administration formally asking the Supreme Court to overturn the Affordable Care Act. | ||
| This could leave up to 23 million Americans without coverage. | ||
| I hope this is the end. | ||
| You also had people that were very fine people on both sides. | ||
| People believe in punishment for abortion, yes or no? | ||
|
unidentified
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There has to be some form of punishment. | |
| For the woman? | ||
| Yeah, there has to be some form. | ||
|
unidentified
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And if I win, we will treat those people from January 6th fairly. | |
| And if it requires pardons, we will give them pardons. | ||
| Trump, this time around, has staying power. | ||
| Yeah, I'm welcoming all my new Never Trump brethren. | ||
| It took them seven years, but you know, better late than never. | ||
| The water is warm over here. | ||
| Here's the problem, Yasmin. | ||
| It doesn't really matter what hedge fund guys in New York or bloggers for the National Review or backbench senators think about Donald Trump 2024. | ||
| It matters what Republican voters think. | ||
| Yeah, and Vaughn and I were in Arizona last week, went to some Carriot Lake events. | ||
| The type of voters at those events, to me, don't seem like they're ready to move on. | ||
| Maybe they will be, eventually. | ||
| And maybe they've seen enough, and they've gotten sick of the losing, and they're ready to look somewhere else, to a new generation. | ||
| And if that is the case, then I think Donald Trump is very vulnerable. | ||
| But all these kingmakers, Donald Trump won in 2016 without any of these kingmakers. | ||
| He didn't have any endorsements, he didn't have any money. | ||
| It was him and his golf caddy and hoe picks on an airplane. | ||
| And he won the primary. | ||
| These guys think they're more important than they are. | ||
| I welcome anybody that wants to oppose them. | ||
| I hope people actively oppose them in the primary. | ||
| But I think we're getting a little over our skis if we're ready to bury them until we hear more from actual rank-and-file Republican voters. | ||
| Okay, I want to bring in Boris Epstein. | ||
| Boris, that's Tim Miller, used to be at the RNC and now is, you know, either wearing pukas or pearls. | ||
| We can't figure it out. | ||
| Over there at MSNBC, he also does a circus. | ||
| He and I kind of went at it at a Kerry Lake event last week. | ||
| The first part of that, Boris, interestingly enough, I think was on the official government site of Biden attacking President Trump. | ||
| I don't know if that's a Hatch Act violation or whatever, but It's quite odd he would be going after President Trump so hard. | ||
| Tell me about Tim. | ||
| Tim Miller basically took on the Steve Schwartzman's lead story in the New York Post today, the abandonment of Donald Trump, all the big hedge fund guys. | ||
| You've got the National Review had the story up there, the very nasty story, not now, not ever. | ||
| And of course you got a bunch of, as Tim Miller says, a bunch of backbend senators saying it's guys you never heard of from North Dakota, right? | ||
| Kramer and these guys. | ||
| Steve, honor to be with you, honor to be with the posse. | ||
| What's your sense? Is Tim Miller right? | ||
| That the is he was out there. | ||
| He followed Kerry Lake. | ||
| He's seen the Trump base. | ||
| He's seen the Trump voter. | ||
| He knows these guys. | ||
| He's the reason he left the RNC because he didn't like the populist nationalist movement. | ||
| He's decided to just rather go be a liberal and live in San Francisco. | ||
| Boris Epstein. | ||
| Steve, honored to be with you. | ||
| Honored to be with the posse. | ||
| Let me tell you this. | ||
| Tim Miller has not been right in a long time, but he's right on this one. | ||
| President Trump is the irrefutable, undeniable, undisputable leader of the MAGA movement and of the Republican Party and the party is the electorate. | ||
| It isn't, you know, a bunch of people sitting around, you know what, this is a backbench of Cynthia Loomis, I think, from, I haven't even heard of her, okay? | ||
| Here's the bottom line. | ||
| here's the bottom line as if the establishment chooses to come up president trump as they are now that all that is doing good handing the president the win in the primary and the general even quicker please go to get out otherwise it was probably more for the president of the anchor nobody want them with the twenty fifteen twenty fifteen all over again steve you know i would every dark back they help us upstart uprighting That's what we are. | ||
| That's why the theme from Les Mis played yesterday, right before President Trump's walk-on. | ||
| Because we are the undeniable, irrefutable, indisputable minority rising up against the establishment. | ||
| We are the outsiders. | ||
| And people are with us. | ||
| The establishment wants to come at us, let them come at us. | ||
| But we're going to win the primary, we're going to win the general, we're going to keep on winning, and we're going to get our country back. | ||
|
unidentified
|
Because we've had a hollowing out of this country. | |
| We've had a hollowing out of the American family unit. | ||
|
unidentified
|
We're going to get to... | |
| Uh-huh. | ||
| Keep going, sir. | ||
| We've had a hollowing out of the American family unit, a hollowing out of America. | ||
| And for those who think, for those who think that an upstart, uprising campaign led by Donald J. Trump is anything but a juggernaut... | ||
| They are going to be proven wrong one more time. | ||
| This campaign reflects the president. | ||
| It is authentic. | ||
| It is strong. | ||
| It is all American, and it is all about taking our country back. | ||
| If Joe Biden wants to post things on his website, let him. | ||
| And you're right. | ||
| Tamila is right. | ||
| The people who are the people who choose, the people who choose are the minority among, you know, the fancy elected. | ||
| But they're the majority. | ||
| The overwhelming, huge majority. | ||
| Hang on. | ||
| I want to make sure, by the way, you were there at 15 and 16, and in 14, quite frankly. | ||
| I want to be blunt about this, and I said this, you know, they're looking for a vessel. | ||
| Ron DeSantis came out today, and this is my point about DeSantis. | ||
| It was very classy. | ||
| He says, hey, everybody's got to chill out. | ||
| He says, I just want, again, I got a lot of work to do. | ||
| I'm going to work, right? | ||
| I don't want to be bothered anymore about civil war and all this stuff. | ||
| The issue here is not Junkin and DeSantis. | ||
| The issue here is Ken Griffin and Steve Schwarzman and Rupert Murdoch. | ||
| The show ends today and the lead story, Boris, it would be like you and I wrote it, wrote the copy and put it up. | ||
| The lead story was Trump abandoned by the hedge fund guys and all the big donors on the New York Post. | ||
| Love it. | ||
| Used to be the most pro-Trump newspaper in the country. | ||
| A tabloid, but still a fantastic thing, but owned by the Murdochs. | ||
| It broke with the great Miranda Devine. | ||
| It broke the story on the laptop from hell and took a huge risk there. | ||
| But it's, you know, Murdoch is open. | ||
| He doesn't want Trump. | ||
| I think he says he's talked to the president. | ||
| Fox is not going to support him. | ||
| The Wall Street Journal is not going to support him. | ||
| New York Post. | ||
| You got Schwarzman, Ken Griffin, and Rupert Murdoch. | ||
| That's who Trump's running against. | ||
| See, he's not running against Junkin, or Pompeo, or Ron DeSantis. | ||
| He's running against those three guys. | ||
| They're looking for a vehicle, and it's not even against Trump. | ||
| It's against this audience. | ||
| They want your vote, and they want your tax dollars, and they want your children, and they don't want anything else. | ||
| Why don't you keep your mouth shut? | ||
| Go ahead. | ||
| Go ahead, sir. | ||
| It's against Trumpism. | ||
| It's against national populism. | ||
| Let's be honest. | ||
| It's against America, and it's for the Chinese Communist Party. | ||
| Ken Griffin, Steve Schwartzman, All these huge hedge funds, they're not here for us. | ||
| They're not here for America. | ||
| They're not here for people struggling to make enough money to buy gas because of the runaway prices. | ||
| They are here to sell our country down the river, and President Trump is standing up for our country. | ||
| That's what this campaign is all about. | ||
| And by the way, President, as he said in his speech yesterday, this pause that drew the stark contrast, stark contrast, | ||
| Between the shining city on a hill that our country can be and was under President Trump, and the feckless, pathetic, sad state of our country on everything from the border, to gas prices, to inflation, and to national security that it is now, is the best argument for why it is not just positive, not just important, but vital to bring President Trump back and to save our country. | ||
| And everyone knows no one else can do it. | ||
| Everyone, Ron DeSantis knows he can't do it right now. | ||
| And hey, Ron's done a good job down in Florida. | ||
| That's fine. | ||
| But this, we have, we have a, this isn't, again, this isn't just serious. | ||
| This is life dependent. | ||
| We have an existential crisis in this country and we need the broadest, strongest shoulders possible. | ||
| And that's President Donald J. Trump. | ||
| And you know what, if the globalists want to be, you know, running away from him, great. | ||
| That is an even better argument by every voter in Michigan. | ||
| In Pennsylvania, in Wisconsin, in Ohio, and all across the country, needs to be standing up for President Trump. | ||
| Boris, people need to get your morning newsletter and to follow you on social media now more than ever since you're running around and you're always engaged in these very important consultations on legal and also on the campaign. | ||
| How do people follow you? | ||
| It's an honor, Steve. | ||
| Everybody's signing up. | ||
| Thank you so much. | ||
| Sign up right now. | ||
| Hot on the website, BorisCP.com. | ||
| Sign up right now. | ||
| BorisCP.com. | ||
| Hot on Getter at BorisCP. | ||
| On Twitter at BorisCP. | ||
| Hot on True Social at Boris. | ||
| Hottest on the gram, Boris, underscore Epstein. | ||
| Stay strong. | ||
| God bless. | ||
| All offense. | ||
| And I'll talk to you tomorrow. | ||
| All offense. | ||
| Thank you very much, Boris. | ||
| I want to make sure everybody gets that and gets up there. | ||
| I want to play, can we play the Tim Miller clip just one more time before we go to break? | ||
| And hopefully Cortez is already up and can see this, because I don't have time to the other side. | ||
| I want to play Tim Miller, who I tangled with. | ||
| Tim's a very smart guy. | ||
| Look, he cannot stand Trump or the Trump movement, but he's a smart guy. | ||
| Let's listen to Tim Miller. | ||
|
unidentified
|
Trump, this time around, has staying power. | |
| Yeah, I'm welcoming all my new Never Trump brethren. | ||
| It took them seven years, but you know, better late than never. | ||
| The water is warm over here. | ||
| Here's the problem, Yasmin. | ||
| It doesn't really matter what hedge fund guys in New York or bloggers for the National Review or backbench senators think about Donald Trump 2024. | ||
| It matters what Republican voters think. | ||
| Yeah, and Vaughn and I were in Arizona last week, went to some Carriot Lake events. | ||
| The type of voters at those events, to me, don't seem like they're ready to move on. | ||
| Maybe they will be, eventually. | ||
| And maybe they've seen enough, and they've gotten sick of the losing, and they're ready to look somewhere else, to a new generation. | ||
| And if that is the case, then I think Donald Trump is very vulnerable. | ||
| But all these kingmakers, Donald Trump won in 2016 without any of these kingmakers. | ||
| He didn't have any endorsements. | ||
| He didn't have any money. | ||
| It was him and his golf caddy and hoe picks on an airplane. | ||
| And he won the primary. | ||
| So these guys think they're more important than they are. | ||
| And I welcome anybody that wants to oppose him. | ||
| I hope people actively oppose him in the primary. | ||
| But I think we're getting a little over our skis if we're ready to bury him until we hear more from actual rank and file Republican voters. | ||
| Steve, give me 20 seconds before we go to break. | ||
| You agree, the hedge funds... Ken Griffin and Steve Schwartzman and Rupert Murdoch are not going to make a decision here, correct? | ||
|
unidentified
|
100%. | |
| And listen, yeah, Tim Miller is rarely correct. | ||
| He's correct about this. | ||
|
unidentified
|
This Republican primary will be submitted to the Senate by DeFlorum.com. | |
| Okay, short commercial break. | ||
| Steve Cortez next. | ||
| next okay tonight on real america's voice at seven o'clock from long island you're gonna have a uh... incredible incredible uh... | ||
| special with david sear Steve, can you tell us about that, and then I want to get into some economic news. | ||
| Yes, very excited. | ||
| I'm here on Long Island. | ||
| We're going to have a live studio audience, the full hour, 7 p.m. | ||
| Eastern Time. | ||
| We're going to analyze the election, the economy. | ||
| ...imperatives for this incoming GOP House, so please tune in Real America's Voice 7 p.m. | ||
| for the entire hour live. | ||
| I'll be on with a live studio audience. | ||
| Okay, you've got a couple of pieces up on Substack, and your theory of the case is when you look under the hood, besides the happy talk numbers, the economy is not just deteriorating now. | ||
| It's rapidly heading towards a crash and burn, particularly for working class. | ||
| That is exactly right. | ||
| How do you back that? | ||
| You're always good at bringing evidence. | ||
| Walk us through your evidence on this crash and burn. | ||
| I believe in data and evidence and numbers and charts, not just sloganeering. | ||
| So let me start with the bond market. | ||
| There's an absolute bond market revolt going on right now against Joe Biden and his policies. | ||
| As of today, the two-tens yield curve, we've talked before the show about yield curve inversion. | ||
| Without getting into all the details, it's basically a massive vote of no confidence from the bond market. | ||
| That inversion got more extended today than any time since 1982, because the inflation situation is the worst it has been in 40 years. | ||
| So we're hitting these unfortunate records. | ||
| The National Association of Home Builders. | ||
| Let me show if we can pull up chart number one, please. | ||
| This came out today. | ||
| The NAHB Home Builder Index, which just continues to careen lower. | ||
| It has now been down now, Steve. | ||
| No, that's real earnings. | ||
| That's from the last time. | ||
| If we have chart one on NAHB, let's show it. | ||
| But I can describe it too. | ||
| It has now gone down 11 straight months. | ||
| And it has now hit, other than the spring of 2020 lockdowns, if we take out that very brief period, it has now hit the worst levels in 10 years. | ||
| So the housing market, because of a lack of affordability, because of soaring interest rates, because of remaining problems in the supply chain, housing is absolutely falling apart. | ||
| And with it, homebuilder confidence. | ||
| To put this in context, this homebuilder index, Steve, it was at 84 earlier this year. | ||
| It chimed in today at 33. | ||
| So it has been more than cut in half so far this year. | ||
| Hang on one second, Steve. | ||
| Walk me through the drop from 84 to 33. | ||
| So Target is a company that we've talked about. | ||
| Hang on one second, Steve. | ||
| Walk me through that, the drop from 84 to 33. | ||
| Is that, what is that? | ||
| I know it cuts it in half, but what does that mean? | ||
| So what it means is, again, accepting the very brief period when the home builder index tanked in March and April of 2020, okay, when we had a massive decline, but very temporary Other than that, we have not seen these levels in a decade, and I would see the curve that shows how precipitous this decline is. | ||
| If we go back historically, by the way, this index goes back decades, the NIHB Housing Index, it goes back decades. | ||
| For most of the last 30 years or so, for a generation, Steve, this index has traded basically in the 60s and 70s. | ||
| In really good times, gets up into the 80s and 90s, gets down occasionally into the 40s and 50s. | ||
| It has now collapsed. | ||
| I mean, that's my point. | ||
| This isn't just an economy that's in a recession. | ||
| We're in an incredibly deep recession. | ||
| And if we don't make some quick policy fixes, if this incoming GOP House doesn't take the imperative, doesn't take the mandate that has been handed to it, I don't care if it's a slim majority, it's still a mandate to start fixing this economy, then this bad recession that we're currently in could very well slip into a deep crash. | ||
| You about just how bad the situation is and how imperiled the consumer is. | ||
| If we can pull up chart number two of Target stores. | ||
| Target is, of course, one of the biggest retailers in America. | ||
| And Steve, often when I pull up these charts, I want to point out two things. | ||
| Number one, I'm not trying to pick on this company. | ||
| I don't know if this stock is a buy or sell. | ||
| That's not my point here. | ||
| I also don't particularly like the management of Target stores because it's incredibly woke. | ||
| But putting that aside, it's a really important read on the health of the U.S. | ||
| consumer. | ||
| Well, Target had a terrible earnings report. | ||
| And it went down 13% today. | ||
| Steve, that's a crazy hit for a company that is as big and mature a business as Target. | ||
| So TGT, as we show in there on the chart, has been an absolute free fall for an entire year. | ||
| It is now 39% off of the highs of one year ago. | ||
| So again, Steve, that's not showing us a recession. | ||
| That is showing us... | ||
| A deep, deep recession that borders on a depression. | ||
| When we put that housing chart together with this Target news, what that tells everyone is that this economy is absolutely crashing into the ditch and action is needed. | ||
| And thankfully, we didn't do as well as we wanted to do a week ago, that's for sure. | ||
| But we did get control of the house, okay? | ||
| It's something that we should celebrate, but celebrate for about two seconds. | ||
| Because we have work to do. | ||
| And the incoming House, and I lay it out in my new Substack article, what exactly the House needs to do, and the quick takeaway? | ||
| American energy. | ||
| American energy has to be unleashed, and the House needs to be willing to engage in brinkmanship, it needs to be willing to go all the way to the mat, and it needs to be willing to risk a government shutdown if necessary to get Joe Biden to again unleash the power of American energy To get inflation under control and to stop the kind of free fall that we see in the home builder index and in target stores. | ||
| By the way, when Target stores drop that much, because they're forecasting how bad Christmas is going to be, Christmas is not going to bail these people out. | ||
| In fact, it's going to be the exact opposite. | ||
| They're just going to be selling inventory. | ||
| It's the opposite. | ||
| Also, Jeff Bezos came out today and said people shouldn't be buying homes, they shouldn't be buying cars. | ||
| I think the overall debt of the American consumer is $16 trillion. | ||
| And that was all structured at lower interest rates. | ||
| You've got a massive tsunami. | ||
| Talk to me about that. | ||
| Because they've been talking about, oh, the unemployment's fine, and the consumer hasn't felt it. | ||
| And we kept saying, hey, watch. | ||
| When it hits, it's going to hit like a sledgehammer. | ||
| Now you have Amazon dropping 10,000 people. | ||
| This is why Bezos says, hey, people shouldn't be buying stuff right now. | ||
| Now's the time to be hunkering down. | ||
| And you've got this massive already, you already got the debt that's kind of gotten them to date. | ||
| Now they're having to do that to actually pay for food and for, and for the electrical bill, Steve Cortez. | ||
| That's exactly right, Steve. | ||
| So the American consumer so far has only coped with Biden's price hikes through credit cards. | ||
| And we've demonstrated that several times with the charts I've shown on this show and the chalk talks that I've done, credit card debt has exploded. | ||
| That's always a dangerous game, even in the best of times, but it's particularly dangerous at a time of rising interest rates. | ||
| And we know from the Federal Reserve's very direct comments over the weekend, the most direct comments I've ever seen out of the Fed, they're nowhere near done raising interest rates. | ||
| So those indebted consumers, their situation is going to get even worse just trying to service that debt. | ||
| They are tapped out as far as piling on additional debt. | ||
| And you mentioned Amazon. | ||
| The fact that Amazon is laying off workers into the holiday season, into what should be its Banner quarter, it's Banner weeks ahead, is very telling. | ||
| I would also point out, in a related move, FedEx Freight. | ||
| So not the overnight shipping, but more of the cargo and regular shipping aspects of FedEx Freight. | ||
| They just furloughed thousands of drivers, again, into what should be the very busiest time of the year for them. | ||
| So when we combine what FedEx told us, what Amazon told us, with what we saw today from Target, That tells us that we have, unfortunately, a miserable Christmas shopping season ahead. | ||
| Why? | ||
| Because Biden has crushed middle- and lower-income Americans. | ||
| They simply don't have the ammunition anymore to go shopping the way they would have in past years. | ||
| So the job cuts are coming, unfortunately, probably en masse. | ||
| That's just the reality. | ||
| And again, I can't state enough the imperative here. | ||
| The urgency of this, Steve. | ||
| Our economy is falling off a cliff. | ||
| But we have a lever. | ||
| I wish we had more levers, but we have a lever. | ||
| And that is the GOP house. | ||
| We have control of the GOP house. | ||
| We need a lion in charge. | ||
| Speakers gavel and of course, you know, I don't believe that's McCarthy But we need a lion to step up to take on Joe Biden to unleash American energy again to start to fix this mess and start healing this Incredible economic pain that bedevils so much of our society right now Look, the orgy that's about to, it's starting right now, they're going to have appropriations bill that's going to be a trillion to two trillion dollars, a discretionary spending unfunded, not the transfer payments of Medicaid, Medicare and Social Security. | ||
| Why? | ||
| The existing house is going to be under pressure to pass that because they say, hey, tough economic times, people getting laid off. | ||
| It's the same story. | ||
| And we don't have control, and by the way, we could have control by blocking this and making that appropriations bill start in the new Congress. | ||
| What is your recommendation on that? | ||
| What is your recommendation on spending? | ||
| Let's leave the energy part aside. | ||
| Understand that you're prepared to do... Cortez says if you don't do brinksmanship on energy... And I might add, they're over at COP 27 talking the exact opposite. | ||
| In fact, Henry Kissinger is saying what a great job Biden's doing talking to Xi about climate change. | ||
| Right, about working together with China, which is only the biggest polluter in the world. | ||
| So we're so far apart ideologically. | ||
| Where do you think we start? | ||
| Yeah, well, and Steve, by the way, that's my point, why we have to be willing to enter into the brinkmanship, right? | ||
| This is probably an unbridgeable gap. | ||
| But guess what? | ||
| The American people just took the gavel away from Nancy Pelosi, thank God, and they're going to give it to a Republican. | ||
| Can I help that Republican? | ||
| It's not Kevin McCarthy. | ||
| But whoever it is, we need that speaker and we need the 220 or so GOP House members to have resolve of steel because the hour is so late regarding the American economy. | ||
| And to your point, Steve, absolutely the exorbitant borrowing and spending. | ||
| Has to be restrained. | ||
| And I think that is an incredibly important job for the incoming Congress. | ||
| My point is that will take some time. | ||
| Unleashing American energy could happen literally starting day one. | ||
| Pipelines could be permitted. | ||
| Drilling could be permitted. | ||
| If we call Joe Biden to task, if the House GOP does that. | ||
| To your point too about this interim period. | ||
| This is a dangerous zone that we're in right now, right? | ||
| This lame duck session. | ||
| You're exactly correct, because unfortunately, on the Senate side, where we actually have more levers right now, on the House side, because we're in the minority, there's not as much we can do. | ||
| But on the Senate side, I really want to encourage the audience out there to pressure your senators to not use these coming weeks as some sort of ridiculous free-for-all period. | ||
| Where they feel that they are emboldened to massively spend and borrow when we already have an inflationary spiral that is out of control in this country. | ||
| I would also add, particularly don't spend on boondoggles like Ukraine. | ||
| The last 24 hours or so of news cycle in Ukraine show us just how dangerous that situation is and just what a charlatan Zelensky is. | ||
| The idea of funneling tens of billions of dollars to that man and to escalating that struggle, which further escalates global inflation, is one of the worst things we could possibly do in the coming weeks. | ||
| So let's pressure those GOP senators to hold the line and not allow that to happen. | ||
| When Steve talks about dangerous situations, Biden's coming back asking, I think, for another $47 billion. | ||
| But that Zelensky, the missile that they were all trying to say came from Russia, oops, looks like it came from Ukraine. | ||
| And of course, Biden's partners over there, Zelensky, wasn't exactly too forthcoming about those facts. | ||
| That's all being revealed right now. | ||
| Steve, once again, the Real America Voice special with you and the great David Zeir out there in Long Island. | ||
| It's a great location. | ||
| We did one with Rudy and the team. | ||
| Yes, please see it at Real America's Voice, 7 p.m. | ||
| Eastern Time tonight. | ||
| Again, we're gonna have a live studio audience for the full hour. | ||
| I'll be taking questions from them, from the good citizens of Long Island, as well as the host, David Zier. | ||
| Very excited about it, and folks, by the way, Long Island was a real bright spot on Election Day, completely represented by Republicans now for the first time in decades, and so we'll be coming to you live from Long Island. | ||
| Steve, what's your social media? | ||
| How do they get to your Substack and all your getter lives? | ||
| Yes, so please go to... Getter is by far the best place. | ||
| I'm just at Steve. | ||
| Very simple. | ||
| And that links to my Substack. | ||
| You can read my latest article about the GOP Congress and what they must do to save us from Biden's economy. | ||
| So please read that. | ||
| You can also find me on Twitter. | ||
| I'm at CortezSteve, Cortez with an S. And I will see you all, I hope, at 7 p.m. | ||
| 7 p.m. | ||
| right after the John Solomon show. | ||
| Steve Cortes, thank you very much. | ||
| Looking forward to that. | ||
| Okay. | ||
| Not the best connection there. | ||
| A little hotel connection. | ||
| We're going to get Cortez back on tomorrow morning. | ||
| Talk about capital markets, more on the economy. | ||
| Don't think we have forgotten about Arizona. | ||
| There is a lot of work that's going on behind the scenes that will all come to fruition in the next, I don't know, 24, 48 hours. | ||
| We're going to take a short break. | ||
| When we come back, we're going to talk a little bit about Arizona. | ||
| Carrie Lake in an election that cannot possibly be certified. | ||
| Next in the War Room. | ||
| Getter has arrived. | ||
|
unidentified
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Getter has arrived. | |
| The new social media taking on big tech, protecting free speech, and cancelling My name is John Leggett. | ||
| I'm a Phoenix resident. | ||
| I have an affidavit I want to present to each of the members. | ||
| and a 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. | ||
| Good morning, my name is John Leggett. | ||
| I'm a Phoenix resident. | ||
| I have an affidavit I want to present to each of the members. | ||
| Can I hand that to the clerk? | ||
| I come here to represent my grandchildren. | ||
| Amen. | ||
| My children and my grandchildren. | ||
| I don't want them coming to me asking me, Grandpa, what were you doing when this republic was taken down by corruption and fraud? | ||
| I'm going to ask you a question. | ||
| What is the motto of our state? | ||
| Does anyone have an answer? | ||
| The motto of our state? | ||
| D.Taddeus, God Enriches. | ||
| We moved here from Massachusetts, the capital of corruption, to try to get free from that. | ||
| I don't feel enriched right now. | ||
| I feel betrayed. | ||
| I feel discouraged. | ||
| I feel abandoned by elected officials who can't take up, screw up the courage to stand against whatever the unseen hand is that's offering blandishments and threats. | ||
| To our elected officials across this country. | ||
| We are ground zero right here. | ||
| We have had discussions about this. | ||
| You've taken an oath of office. | ||
| And we have been left in the lurch. | ||
| John Adams said our Constitution was made for a moral people. | ||
| It is wholly inadequate to govern any other. | ||
| We have an immoral governance here in this county. | ||
| And you are responsible. | ||
| I'm sorry to say that I'm a Maricopa County resident. | ||
| I think about where could I move? | ||
| There is no other place. | ||
| We are like the forces at Dunkirk. | ||
| We're up against the English Channel. | ||
| So I want you to understand one thing from the Bible. | ||
| Beware, your sins will find you out. | ||
| There are going to be some serious investigations. | ||
| I would suggest that you get ahead of the curve. | ||
| Turn yourself over to state's evidence. | ||
| Your time is up, sir. | ||
| Thank you for joining us. | ||
| Thank you and come clean. | ||
| Hello, my name is Jonah Landry. | ||
| I'm 20 years old and this past midterm will be the first time I voted in a second major election. | ||
| It is an honor to be able to take part in such an integral part of our country, but nothing is more diminishing than feeling like your voice is not heard. | ||
| And that's what I and many others feel right now. | ||
| I am not here to attack anyone, but I am here to simply give a perspective that many of my peers and I feel. | ||
| Many of you are probably here going to get complaints about insecurities with machines, ballot stuffing, week-long counting, and some of the members even of this board being in a coalition that was to prevent MAGA candidates. | ||
| And though some of these arguments I agree with having some factor in the result of the elections, that is not what I'm here to talk about today. | ||
| Today I'm here to talk about something that can't be chalked up to conspiracy theory rhetoric, but is a factual event that cannot be denied. | ||
| Today I'm here to talk about the errors that occurred in 20-30% of our voting machines. | ||
| The delays that resulted from these errors extended lines around 60-90 minutes long. | ||
| I would be upset about this, but wouldn't say it's election-changing issues if it weren't for two factors. | ||
| First is how close this election is. | ||
| Our governor is being decided by a difference of 17,000 votes and our Attorney General by less than 1,000. | ||
| The second factor is that a request to extend the poll was submitted, just like Pennsylvania when they had delays, but for some reason it was shot down. | ||
| That is willful neglect. | ||
| A lot of people here went to vote early because they had no time to vote after work. | ||
| But delays did not allow them to vote in general without being late. | ||
| When election day in-person votes averaged around 16% Democrats, and these machine errors affected mainly red areas, we would have seen different results. | ||
| I request that December 6th, Maricopa County holds a runoff election without these machines that caused the problems in the first place. | ||
| Thank you. | ||
| Thank you again. | ||
| Please, no outbursts. | ||
| Okay, what you're seeing here is the voice of the people. | ||
| And people should understand, there are thousands now coming in and filling out affidavits, this debacle and this humiliation. | ||
| of Maricopa County, the city of Phoenix, and the great state of Arizona. | ||
| It has to be addressed. | ||
| It has to be addressed. | ||
| It is an impossibility. | ||
| You're going to see a lot of election officials, people who do what they call the judges and the poll workers come up with affidavits of the process. | ||
| You know, Bill Gates comes up there and pontificates at those sticks every day. | ||
| Pontificates, right? | ||
| And he goes on MSNBC and CNN with a tossing softballs and he and Steve Richard said the most honest and the most straightforward, the most transparent. | ||
| That's all spin. | ||
| And I take it from seeing some of these affidavits are going to be brutal. | ||
| There's no way that this election will be able to be certified. | ||
| And by the way, it's going to be presented to the folks in Arizona. | ||
| That young man right there. | ||
| Is so articulate and but there's so much more you're going to talk about people that are on the inside and the processes breaking down and this is because Bill Gates and these guys are totally incompetent. | ||
| Now people say well, it's malfeasance and they're doing it on purpose. | ||
| Hey, that may be the case too. | ||
| That's all to be proven but just sheer incompetence not having redundancy in systems and not just that. | ||
| You go back, they have a manual that's like that thick. | ||
| This manual is the way that they have agreed to run elections. | ||
| And you're going to see vast discrepancies in their procedures as laid out to run these elections. | ||
| I mean, vast discrepancies in these procedures by eyewitnesses at the time. | ||
| And just this thing became, you know, when the machines broke down, the question gets to be, how could you have tested the machines the day, Sunday and Monday, The two days before, had the ink and the settings ahead, everything set to go, and had a massive implosion. | ||
| And the mainstream media says, oh, they had a few problems. | ||
| They came out and admitted they had 26%. | ||
| And now I think the evidence is going to show it's much higher than that. | ||
| But they came up, they admitted they had 26% problem in the first couple hours. | ||
| And of that, one out of every five ballots in 26% of the voting centers. | ||
| It's a disgrace, an absolute total disgrace. | ||
| The people of Phoenix deserve better. | ||
| The people of Maricopa County deserve better. | ||
| The people of Arizona deserve better. | ||
| And the people of this country deserve better. | ||
| And they're going to get better. | ||
| There are so many people fired up on this to come back in a process and demand to see how this thing could possibly be certified given the discrepancies and the razor edge nature of this. | ||
| So, it's all by the rules, all by a process of certification, but you're going to see active legal and political engagement on this in the, I think, the hours, days, weeks ahead in Maricopa County. | ||
| The fight is a long way from over. | ||
| Okay, we're going to take a short break. | ||
| We're back for another hour of the War Room in just a minute. |
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