Dec. 1, 2022 - Bannon's War Room
48:52
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
|
unidentified
|
Because we're going medieval on these people. | |
| You're not going to free shot all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
|
unidentified
|
I know you don't like hearing that. | |
| I know you've tried 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 lie? | ||
|
unidentified
|
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. Babb. | |
| Thanks. | ||
| The overarching goal of Neuralink is to create ultimately a whole brain interface. | ||
| So a generalized input-output device that in the long term literally could interface with every aspect of your brain. | ||
| I'll talk a little bit about a long-term goal. | ||
| It's going to sound a little esoteric, but it was actually my prime motivation. | ||
| What do we do about AI? | ||
| What do we do about artificial general intelligence? | ||
| If we have digital super-intelligence that's just much smarter than any human, how do we mitigate that risk? | ||
| At a species level, how do we mitigate that risk? | ||
| And then even in a benign scenario where the AI is very benevolent, then how do we even go along for the ride? | ||
| How do we participate? | ||
| The biggest limitation in going along for the ride and in aligning AI, I think, is the bandwidth, how quickly you can interact with the computer. | ||
| So we are all already cyborgs. | ||
| In a way, in that your phone and your computer are extensions of yourself. | ||
| Leaving your phone behind is kind of like a missing limb at this point. | ||
| You're so used to interfacing with it. | ||
| You're so used to being a de facto cyborg. | ||
| So if you're interacting with a phone, it's limited by the speed at which you can move your thumbs. | ||
| Or the speed at which you can talk into your phone. | ||
| This is an extremely low data rate. | ||
| This is the fundamental limitation that I think we need to address to mitigate the long-term risk of artificial intelligence and also just go along for the ride. | ||
| So you want to be able to read the signals from the brain. | ||
| You want to be able to write the signals. | ||
| You want to be able to ultimately do that for the entire brain and then also extend that to communicating to the rest of your nervous system. | ||
| So this is Pager, who is playing Monkey Mind Pong. | ||
| Pager has a Neuralink implant in this video. | ||
| It's sort of like having an Apple Watch or a Fitbit. | ||
| And replacing a piece of skull with a smart watch. | ||
| I think it's also important to show that Saki actually likes doing the demo. | ||
| And does not like strapped to the chair or anything. | ||
| The monkeys actually enjoy doing the demos. | ||
| And they get the banana smoothie, and it's kind of a fun game. | ||
| I guess what we're trying to make is we care a great deal about animal welfare. | ||
| And I'm pretty sure our monkeys are pretty happy. | ||
|
unidentified
|
So similarly, for implanting our device safely into the brain, We built a surgical robot that we call the R1 robot. | |
| It's capable of maneuvering these tiny threads. | ||
| They're only on the order of a few red blood cells wide, and inserting them reliably into a moving brain while avoiding vasculature. | ||
| So who wants to see some insertions? | ||
| Yeah, there's a second one that went in, and we're going to do a third one. | ||
| Bye. | ||
| you There you go. | ||
| And then that's going to go in the background and we'll come back to it. | ||
| And as Elon mentioned, over the last year, this has been the central focus of the company. | ||
| And we've been working very closely with the FDA to get approval and to launch our first in-human clinical trial in the U.S. | ||
| Hopefully in the next six months. | ||
| Woo! | ||
| Applause Music And I saw when the lamb opened one of the seals and I heard, as it were, the noise of thunder. | ||
| One of the four beasts sang, come and see. | ||
| That is from St. | ||
| John's Book of Revelations, the Apocalypse. | ||
| And not to overstate it, last night, the 30th of November in the year of our Lord 2022, We'll be a day that's been marked down. | ||
| The merger of man and machine, man and computer, in a very disturbing four hours that we covered live on Getter with Joe Allen and the team. | ||
| I was in for the vast part of it. | ||
| I cannot tell you how disturbing this is and how it's just now a thing. | ||
| With no debate, no discussion, nothing, except your tax dollars and underwriting and research and all of it going into it, plus your pension funds. | ||
| So you're culpable here. | ||
| All of us are. | ||
| We're going to get to later in the show, we're going to do a complete drill down on what happened last night with Elon Musk and his team over at Neuralink and what was shown and what they have developed and I think, quite frankly, shocked the scientific community about how advanced they are. | ||
| I just hope that they treat us with the banana smoothies that they gave the apes and the monkeys that they're working on. | ||
| I'm bringing Joe Allen. | ||
| We're going to get to the more mundane things that we have to worry about, like crushing financial capital markets, this lame duck session, and all that. | ||
| I've got Russ Vogt, and I've got the great Steve Cortez going to join us momentarily. | ||
| I want to start with Joe Allen. | ||
| Joe, you're going to come back in the second hour. | ||
| This was so disturbing, and it's not being covered the right way. | ||
| It's pure fanboyism, and I hope Conservative Inc., the fanboys, understand with Elon Musk, Axios has this huge story about the Republican Well, Steve, that was the Neuralink show and tell, and people have been waiting to see how far along they are. | ||
| They appear to be very, very far along. | ||
| the elites of the Republican Party. | ||
| Incredibly disturbing. | ||
| Joe Allen, what did we see last night, sir? | ||
| Well, Steve, that was the Neuralink show and tell, and people have been waiting to see how far along they are. | ||
| They appear to be very, very far along. | ||
| I've followed Neuralink for two years, and I think that this really does show that it's realistic that they will have a device like this in a human brain. | ||
| And much like the previous brain-computer interfaces that have been shown to work, I anticipate that Neuralink will work quite a bit better. | ||
| It's much more sophisticated than what Synchron has. | ||
| It's much more sophisticated than what BlackRock Neurotech has. | ||
| No. | ||
| You know, a lot of people who want to defend Elon Musk point out, rightly, that this device will allow people who are suffering from stroke or Lou Gehrig's disease, various other ailments... Okay, okay, hold on, hold on, hold on. | ||
| Stop. | ||
| That's all... Stop. | ||
| Hang on, hang on. | ||
| I can't... That's all they pitch last night. | ||
| The paraplegics, the Lou Gehrig's disease, that's all up front. | ||
| That has nothing to do with what's going on. | ||
| I'm glad you brought that up. | ||
| The paraplegics that can walk, the blind that can see, the Lou Gehrig's disease, that's all just a sideshow carnival act, okay? | ||
| This is man and machine merger. | ||
| This is what we told you about the convergence of artificial general intelligence, regenerative robotics, quantum computing, advanced chip design, CRISPR. | ||
| That convergence on this side of the football is Homo sapien. | ||
| On the other side of the football is Homo sapien plus or something else. | ||
| And that's why this is so massively important. | ||
| And the reason it's important Is no one is talking about this. | ||
| No one is talking about how this actually got to be last night. | ||
| Correct me if I'm wrong. | ||
| He was much farther advanced. | ||
| The term it after he's much farther advanced than what people thought. | ||
| And this ties back exactly to the executive order. | ||
| That Biden signed that really is about transhumanism. | ||
| They try to say we're curing cancer. | ||
| It's a moonshot. | ||
| That's all nonsense. | ||
| It's all crap. | ||
| That's what they're using as air cover for what they're doing. | ||
| This is a man-machine merger. | ||
| This is the most significant thing. | ||
| Forget climate change. | ||
| That's all some bizarro medieval religion. | ||
| Pagan religion. | ||
| You could say that you finished my thought. | ||
| This is the fundament last night. | ||
| And it went on for four and a half hours, right? | ||
| Anyway, Joe, give me a summary. | ||
| I don't want to steal your thunder. | ||
| I want you to come in. | ||
| I want you, we're gonna really drill down on this. | ||
| You could say that you finished my thought. | ||
| So the, right now they're talking about killing people. | ||
| And as I pointed out many, many times, the underlying principle for how transhumanism will develop is a progression from healing to enhancement. | ||
| And what we heard last night is Musk openly stating that the underlying philosophy behind Neuralink is the idea that the brain-computer interface will be necessary in order to keep up with artificial intelligence, in particular artificial general or artificial superintelligence, And that he is actually working on, Tesla is working on artificial general intelligence. | ||
| So I think that to really put a bow on this, what we're seeing is a technocrat offering a technical solution to the sort of technology that he's producing. | ||
| Okay, Joe. | ||
| Joe's going to join us in the second hour. | ||
| We're going to get to a drill down, and this is the whole reason we had our editor, Joe, join us a couple of years ago. | ||
| These are fundamentally, I mean, it's quite frankly shocking. | ||
| And there's no discussion, no debate. | ||
| And then now they're going to go to the FDA. | ||
| What do you got standing between you and Homo Sapien Plus is the FDA. | ||
| You feel good? | ||
| Maybe throw the CDC in there too, just so you feel better. | ||
| Joe Allen, thank you very much. | ||
| Magnificent job. | ||
| The whole team. | ||
| We had 27,000 people on Getter last night, live, during this. | ||
| That was the level of interest. | ||
| And I want to thank everybody in the posse. | ||
| The engagement was incredible. | ||
| Let me go. | ||
| I got Russ' vote. | ||
| I got Russ and Cortez. | ||
| Russ, from the sublime to the less sublime. | ||
| The, um, but hey, this is what, uh, you know, Biden signed this executive order. | ||
| This is the power of these executive orders to do a whole of government approach on transhumanism. | ||
| You see it there because the money is in all these research labs and weapons labs. | ||
| Russ, before I get into the lame duck, this is why people on this show, we've got to make sure people understand this federal budget. | ||
| It's so massive. | ||
| When you're at five and a half and six trillion dollars every year, think of your private equity fund. | ||
| You're funding, taxpayers are funding so many things buried in these appropriations bills that it would shock the American people of what they're paying for. | ||
| Am I incorrect on that, Russ Vogt? | ||
|
unidentified
|
Not at all. | |
| And all of the things that they are spending money on escape the awareness of the political leaders that are charged with leading those agencies. | ||
| And so, you know, how did Wuhan Institute get funded until we found out about it? | ||
| Because no one told us. | ||
| Fauci didn't tell his own people and they changed even an Obama policy to be able to do that. | ||
| And that's the kind of thing that you've got to have executive orders, rules of engagement, paradigms that you go into these offices with that says, I'm going to get the answers immediately. | ||
| And know how to do that. | ||
| The M in OMB is management, and they have a lot to do with how they direct the research allocations and priorities of artificial intelligence. | ||
| A lot of the things in that area, and we need a lot of great thinking and work being done. | ||
| I learned something just from hearing Joe talk about it. | ||
| No, it's shocking. | ||
| We only got a minute and I'm going to bring you back to the break. | ||
| I want to set the table. | ||
| There's things going on, reasons we're so maniacally focused on the lame duck. | ||
| There are things they're trying to do in this lame duck that are, forget who wins in 2024, they're going to set the structure and path of the American government. | ||
| That's going to be very tough to unwind. | ||
| Am I wrong in that Russ vote, what's happening in the next three, four weeks? | ||
|
unidentified
|
No, the most critical leverage point, they're trying to move a full year appropriations bill. | |
| The reason why that is so dangerous is it takes away all of your leverage points to do anything between now and next fiscal year. | ||
| It is a very, very critical fight. | ||
| This is all about leverage points. | ||
| Leverage points are the biggest priority, and they're wanting to cede it away in the lame duck before the cavalry arrives in January. | ||
| And the ones that are trying to cede it away are Republican establishment. | ||
| We've got Steve Cortez we're going to get to. | ||
| We've got a lot of capital markets. | ||
| The Fed yesterday, Janet Yellen, did less than a star turn on Steve Colbert last night. | ||
| We're going to play that. | ||
| We've got Russ Vought to talk about what's going on this lame duck. | ||
| And remember, this lame duck is everything right now. | ||
| And we have tremendous leverage. | ||
| We still have tremendous leverage. | ||
| We're going to have even more leverage Starting on January 3rd, this is what your representatives are about to give away to Nancy Pelosi. | ||
| Give her a kiss on the way out the door. | ||
| Let's vote for the former Director of Office of Management and Budget under President Trump, the great Steve Cortez. | ||
| Join us after a short commercial break. | ||
|
unidentified
|
Here's your host, Stephen K. Back. | |
| Okay, welcome back. | ||
| Um... | ||
| From the sublime to maybe slightly less sublime, Russ Voigt joins us. | ||
| Russ, you have a firefight up there on Capitol Hill right now about who's going to be speaker, who's going to lead this. | ||
| And Congressman Norman came on the other day, Ralph Norman of South Carolina, who's kind of, you know, Mark Levin dismissing some backbencher nobody's heard of, but he said, hey, look, I asked McCarthy In that closed meeting, if he could use the Republican Study Committee and even your, Russ Vought, the one you're working on, that shows you get to a balanced budget in seven years, and I understand it's got some big cuts in there, would you support that? | ||
| And he said, out of hand, no, I'm not going to do it. | ||
| Norman says, then he's not the right guy for what's going to happen, because this is going to be so tough to get done. | ||
| Right now you have this omnibus up there debating a trillion and a half dollars could be two trillion without the financing costs. | ||
| You've got the specter of this fight right now on speaker. | ||
| It's all intertwined. | ||
| So explain to our audience what the fight is and what the key elements are. | ||
| And then we'll talk about how this audience can participate, sir. | ||
|
unidentified
|
Sure. | |
| We have major problems in this country that require seizing leverage points where they are available. | ||
| When you have an appropriations moment, that is an opportunity to seize. | ||
| You need to use the House majority for that. | ||
| When you have a debt limit expire, you have to use that. | ||
| Kevin McCarthy has said he won't put forward a church committee. | ||
| That's another thing that would have been an easy commitment if he was willing to deal with the national security apparatus that's oppressing the American people. | ||
| So on an ongoing paradigm shifting basis, he has been unwilling, in past, present, and apparently in the future, To go down these roads and use the House majority where risk is required. | ||
| Yes, risk will be required, but it can be managed risk, strategic risk to be able to accomplish our objectives. | ||
| So they are in the situation right now where they are considering a lame duck appropriations bill that needs to be carried over into the new year where the new Congress, where the cavalry can come with the House majority to rewrite these bills and to do it on the basis of a Republican imprint. | ||
|
unidentified
|
That needs to happen. | |
| In January 3rd, there's a speaker vote on the floor. | ||
| Kevin McCarthy has not won yet. | ||
| He does not have 218 votes. | ||
| And Republicans are in full driver's seat to ensure, conservatives are in the driver's seat to make sure they have a paradigm shifting person who becomes speaker. | ||
| All hell will not break loose. | ||
| This has been done before. | ||
| This is how Mark Meadows got rid of John Boehner. | ||
| John Boehner didn't have to rely on votes from Democrats. | ||
| Democrats didn't collude with Republican moderates because the political fundamentals don't work. | ||
| So right now the Washington establishment is losing their mind that House conservatives have seized the moment and are actually using this to be able to get a House majority that works on behalf of the American people that put them in office. | ||
| They're using the majority and you have people losing their minds. | ||
| And providing air cover to the adversaries. | ||
| That's rule number one of political strategy. | ||
| Don't give air cover to your adversaries. | ||
| Don't bomb your own political allies who are on the battlefield. | ||
| The other thing you need to learn is not to take the actual words that your enemies say as if it's the inerrant word of God and that it hasn't been manipulated for a particular effect. | ||
| And right now we are seeing itching ears throughout the conservative movement Aid Kevin McCarthy a month before January 3rd when House Conservatives have all the power and they're reporting back, Steve, by the way, their offices are saying this is one of the highest engagement that they've ever seen because the War Room Posse and the Roots are out there building this fight like we all said was buildable and was going to happen. | ||
| So we're in a good place. | ||
| We got to hold steady, take a deep breath and let the guys on the battlefield Get the best opportunity, best strategic result that they possibly can. | ||
| You brought up, and Cortez talked about this, about the cartel. | ||
| When people say the swamp, that's a cutesy phrase, but there's a cartel that runs Capitol Hill, this uniparty cartel. | ||
| Correct me if I'm wrong, and I want to make sure I'm fair to Kevin McCarthy and these guys, but this omnibus bill is everything, because this omnibus bill is a trillion and a half dollars on top of the three and a half trillion of Social Security, Medicaid, and Medicare. | ||
| So it'll be over a five, five and a half trillion dollars. | ||
| Appropriations packets, we're going to have to figure out how to finance. | ||
| That omnibus is what they're trying to jam through now while Nancy Pelosi's still in charge. | ||
| Everybody that's smart wants to push it into next year, understanding there'll be tons of tough votes. | ||
| You're going to have to take some tough votes. | ||
| You have to stare down Biden. | ||
| But did McCarthy, McConnell's already said it's a priority for him to get it done now because they want all those deals cut as they do. | ||
| Did Kevin McCarthy also come out and say, I think we got to get the omnibus done now? | ||
| I read that the other day. | ||
| I just want to confirm from your, what you're hearing up on Capitol Hill, that he supports getting this done now and giving away all the leverage of the speaker in this majority that we control starting on 3 January, sir. | ||
|
unidentified
|
Kevin McCarthy's public positioning has gotten better as he has lacked the votes to get speaker. | |
| So he has said things publicly to say, we can't cut a bad deal, but I don't think he has gone to the place that we need to be, which is don't pass the bill in the lame duck. | ||
| And it allowed them when they came out of that group of four with the president to say, everyone agrees the best possible result would be to do the omnibus bill. | ||
| So something was communicated in that meeting to suggest Everyone was on board with doing an omnibus bill, and that's the kind of thing, that's cartel speak. | ||
| When you hear that, that's cartel speak. | ||
| Okay, for this audience, I want to make sure we got some fundamentals. | ||
| You basically have, between Social Security, Medicaid, and Medicare, it's essentially three and a half trillion dollars of transfer payments, right? | ||
| Total tax revenues, fees, is roughly three and a half. | ||
| Our discretionary spending, and when I say discretionary, it's defense budget, everything else. | ||
| Is another, because the defense budget is almost a trillion, it comes to 1.5 trillion dollars and maybe more, but at least a trillion and a half over top of that. | ||
| That's discretionary spending but has to be financed, right? | ||
| Over and above our taxes because we're not going to increase taxes. | ||
| I just want to make sure that people understand this because nobody talks about it. | ||
| Since 2008, the interest payments on the federal debt have been essentially zero, right? | ||
| $100 billion, because interest rates were so... we kept interest rates low. | ||
| In this new interest rate environment, the financing cost of that is, I think, $800 billion, going to a trillion, going to be bigger than the defense budget, and get to the size of Social Security, Medicaid, and Medicare individually. | ||
| Russ Vought, that is not included in the $1.5 trillion. | ||
| This smoke and mirrors, they don't actually put the financing charges in there. | ||
| So essentially, it's $2.5 trillion to $3 trillion, sir, discretionary, because you've got to finance how you're going to then pay for the payment itself? | ||
|
unidentified
|
When you include mandatories and entitlements, right, you have a much bigger package and they do not include the interest on the debt with these appropriations. | |
| That's something that, you know, they float bonds to be able to do. | ||
| And that's the racket, is that everything that they don't want to touch, entitlement, is they blame the problems, but they never want to actually go after the cartel spending, which is the bureaucracy spending, which they have a vote on every single year. | ||
| And that's another opportunity with this omnibus bill. | ||
| And so that's where the real fight is. | ||
| The real fight is not entitlements. | ||
| You've got to make some reforms there, not to the degree that people feel like you need to. | ||
| But that fight is on appropriations, and you can't cede that, and you can't let the cartel play a shell game of distracting you away from where the real fight is. | ||
| Amnesty for 11 million plus, the debt ceiling to remove that, the Defense Authorization Act that has all this woke stuff that you can't recruit a kid in the South anymore because of all the wokeness in the military and our personnel costs go up. | ||
| These are massive, I keep telling people, and this is why, quite frankly, we need President Trump to jump in here. | ||
| People gotta start, you know, maybe playing less golf and focus on this because, correct me if I'm wrong, vote. | ||
| We're setting structural things in place that are going to handcuff a Republican president and a MAGA president in 2024 of what's being done in the next four or five weeks. | ||
| Am I correct in that? | ||
|
unidentified
|
Yes. | |
| If we keep spending with trillion dollar deficits, as far as the eye can see and do nothing to put a hurt on the spending that you can control, then you're going to have years of inflation that require an economy that's killed, you'll have less Trade space to do tax cuts. | ||
| You'll have less ability. | ||
| You'll have to get the economy growing and that'll make your fiscal situation more complex. | ||
| And so you've got to use these these years even in minority to be able to get stuff done. | ||
| And that's why the House majority is so critical right now. | ||
| Russ, how do people, how does this audience participate? | ||
| I want to know, first off, I wanted to go to your site because you guys have tremendous information. | ||
| You have to be armed with information, right? | ||
| Then you've got to go and weaponize yourself to get involved in talking to people. | ||
| But where do they go to your site? | ||
| And where do they go on the site? | ||
| Because I need everybody in this audience engaged in this and understanding what's exactly going on. | ||
|
unidentified
|
AmericaRenewing.com is the site, and you can get me best at AtRussVote on all the social channels. | |
| We're putting out real-time information, doing battle, to be able to put to rest all of the misinformation that's coming from, unfortunately, some good allies in the conservative movement who are freaking out for the wrong reasons. | ||
| If, uh, I just want to, this whole thing about you're playing with fire. | ||
| If you get down to the January 3rd and you start doing a roll call vote that the Democrats have an opportunity to have, uh, you know, Liz Cheney working with a handful of moderates, uh, Republicans. | ||
| Is that, uh, is that a possibility to tell our audience in, in the scale from one to 10, one being no chance, 10 being it could happen. | ||
| Where, where does Russ vote think that stands? | ||
|
unidentified
|
Number one, it is no chance whatsoever. | |
| The political fundamentals do not allow it. | ||
| It is a party switch vote for a Republican to rely on Democrat votes, for a Democrat to participate in Republican speakership. | ||
| They have their own primaries outside of the strict control of their leadership. | ||
| It is not a thing. | ||
| It's one of the reasons why John Boehner is not speaker today is because he did not have the political fundamentals to rely on Democrats and vice versa. | ||
| Big time. | ||
| And I was there for that fight with Mark Meadows, which was absolutely brilliant. | ||
| I think it was in 2014. | ||
| Russ, social media. | ||
| You come in a little hot on Twitter, I see. | ||
| I want people to follow you. | ||
| Where do they go? | ||
|
unidentified
|
At Russ Vogt. | |
| Rubbin' is racin'. | ||
| We gotta be able to use this opportunity, and we'll keep making progress. | ||
| Folks, you wanted to be the head of the Creditors Committee. | ||
| You're there right now. | ||
| I don't care if we didn't win 30 or 40 seats. | ||
| We won, what, 10 or 11, and that gave you the power. | ||
| Now it's time to use it. | ||
| We're gonna get the number up of where you call, how do you have your voice heard, your emails, your calls, your talking to people at these town halls when they come back in the district. | ||
| This is the time, okay? | ||
| The killing fields of Capitol Hill. | ||
| Short break. | ||
| Steve Cortez is gonna walk through, contextualize all for us, the world economy next. | ||
|
unidentified
|
Here's your host, Stephen K. Bannon. | |
| We had a rapid recovery from the pandemic. | ||
| When President Biden was elected, unemployment was quite high. | ||
| It was close to 7%. | ||
| And we put policies in place that generated a very rapid recovery. | ||
| Unemployment quickly fell back into the threes. | ||
|
unidentified
|
What is it now? | |
| What is it now? | ||
|
unidentified
|
3.7. | |
| Okay. | ||
| So, normally you wouldn't expect, just because you had a rapid recovery, for inflation to rise very much, if at all. | ||
| But it turned out the pandemic had very special impacts on the economy. | ||
| Remember, everybody stopped spending on services. | ||
| They were in their homes for a year or more. | ||
| They wanted to buy grills and office furniture. | ||
| They were working from home. | ||
| They suddenly started splurging on goods, buying technology. | ||
| You know, we're suddenly working through technology. | ||
| And bottlenecks started developing where supply, in particular important sectors of the economy, just couldn't keep up with demand. | ||
|
unidentified
|
Amazon, JP Morgan, Meta, Disney, Paramount, they've all done big cuts in anticipation of a recession. | |
| One doesn't seem to have shown up yet. | ||
| Who's right? | ||
| Are we headed for a recession? | ||
| Because your counterpart in England says that they're already in recession and it's going to be the longest one since the Great War. | ||
| So I believe there is a path to bringing inflation down while maintaining a strong, healthy labor market. | ||
|
unidentified
|
Do you think it's possible we're not heading into a recession? | |
| Yes. | ||
| We had a rapid recovery. | ||
| Growth has slowed down. | ||
| I expect the pace of job creation to slow down. | ||
| That's natural and expected when the unemployment rate is close to the lowest in 50 years. | ||
| So I think we can take the heat out of the economy. | ||
| And remember, Russia has conducted a brutal war against Ukraine, and that caused gas prices to spike. | ||
| So when I say I can't take any more, normally we stop. | ||
|
unidentified
|
Good. | |
| There we go. | ||
| OK. | ||
| The key is when I say I can't take any more, we can start to pull it down. | ||
| Colbert actually was, I thought, pretty even-handed in asking the questions there, Steve Cortez. | ||
| By the way, I don't think Yellen was a bad... | ||
| Federal Reserve Chair. | ||
| Remember, she did actually quantitative tiding under the Trump administration, took a trillion dollars of liquidity off the balance sheet of the Fed. | ||
| It shows you the power of President Trump's economic agenda because we had the golden year of 2019, sir, as you remember. | ||
| But Janet Yellen is, and this is her kind of farewell interview because she's out, right? | ||
| The happy talk, the misdirection plays. | ||
| Sir, give me your comments before I want to bring in the pal, too, and have you comment on that. | ||
| Well, first, Steve, please don't go soft on me on Janet Yellen, okay? | ||
| She's the worst Treasury Secretary in the history of that very august office, right? | ||
| I mean, the idea that she is the successor to Alexander Hamilton is an absolute tragedy. | ||
| And there's not much actual comedy on Stephen Colbert's show. | ||
| But some of her answers were almost comical because they're so insanely wrong, particularly the part about her trying to once again, it's sort of the dog ate my homework excuse for this inflation explosion, it's Putin's fault. | ||
| Okay, let's look at actual numbers and data to once again prove that that is a ridiculous canard of an excuse. | ||
| So if we can please Pull up chart number two. | ||
| This is gasoline futures from the year 2021. | ||
| So that is from the day Biden took office at the lower left of that chart through October of 2021. | ||
| That is not through the present day, okay? | ||
| This is a snapshot of that year. | ||
| The reason I chose that year is it's from Biden taking office into roughly Halloween. | ||
| Nothing was hot yet in the Black Sea, okay? | ||
| Nothing was building. | ||
| It had 0.0 to do with Putin or Zelensky or anything going on overseas. | ||
| Look at what gasoline futures were doing. | ||
| They went from $1.39 a gallon. | ||
| You might be saying, wait a second, Cortez. | ||
| Gas was never $1.39 where I live. | ||
| This is at the wholesale level, okay? | ||
| So it was $2.39. | ||
| It was almost exactly a dollar higher than that at the pump on a national average. | ||
| But the wholesale futures contract was $1.39 a gallon when Biden took office. | ||
| By that Halloween, again, nothing happening in the Black Sea region. | ||
| It had gone up almost 50% to over $2 a gallon. | ||
| So, no Janet Yellen, you're completely wrong. | ||
| It's not Putin's fault. | ||
| It's the fault of you and your boss because A, you declared war on domestic American energy. | ||
| You killed the golden goose of American dominance, full-spectrum energy dominance. | ||
| And B, even more importantly, perhaps, or as importantly, You engaged in an exorbitant orgy of borrowing and spending, pouring trillions of dollars of new money, borrowed money, upon an economy which you were handed by Donald Trump, which was recovering very nicely with very, very contained inflation. | ||
| So, it's not Putin's fault. | ||
| Yellen, you own this 100%. | ||
| You lied repeatedly to the American people for months and months, and you called it transitory. | ||
| And for that, you should, as your valedictory exit interview, you should retire in shame, because you will forever be marred as being the worst Treasury Secretary in the history of that incredibly important and august office. | ||
| Talk to me about – they're still up there. | ||
| This gets back to Russ Vought and what's happening right now and where this audience can participate. | ||
| There's another $2 trillion. | ||
| We haven't learned – listen. | ||
| It's $1.5 trillion to $2 trillion without the financing charges in there. | ||
| It's going to cost us $800 billion to $1 trillion to finance the entire $5.5 trillion now because of the $30 trillion of debt and the debt that's on the Social Security and all that. | ||
| And remember, folks, in 12 months it happens again. | ||
| In 12 months after that, it happens again. | ||
| In 12 months again, it happens after that. | ||
| The Yellen-Biden regime program is pure fiscal and monetary insanity. | ||
| Steve Cortez, is there any other way to say it? | ||
| No, of course it is. | ||
| And by the way, you don't have to take my word for it. | ||
| Look at the plunge in the savings rate in the United States. | ||
| Americans have literally no cushion left, particularly middle and lower income folks who don't have savings at all. | ||
| As a matter of fact, they have high interest credit card debt thanks to Biden and Yellen's inflation. | ||
| And to your point about this lame duck session, you know, I want to say a couple of points that I think are critical. | ||
| First of all, we earned that Speaker's gavel. | ||
| It's a glorious thing that we're going to take it away. | ||
| From Nancy Pelosi over 50 million Americans out there voted for Republican candidates for House and Senate Hundreds of thousands, perhaps millions of Americans worked tirelessly campaigning to make that happen. | ||
| It's not quite the scale of victory that we wanted, but it is a huge victory nonetheless. | ||
| Now, Nancy Pelosi, as she surrenders that gavel on the way out the door, what should be happening, okay, given our victory, what should be happening is the political version of a CCP struggle session. | ||
| Okay, that should be her exit interview. | ||
| Instead, a lot of Republicans, especially on the Senate side, but some on the House side, They want to throw an exit ticker tape parade for Nancy Pelosi and allow her to absolutely set the table such that the Republicans have no leverage when they do take over in January. | ||
| And as proof of that, Steve, I would offer to the audience, look what just happened on the attack on religious liberty. | ||
| It's coaxed as the so-called Respect for Marriage Act, completely misnamed a bill and act that actually has almost nothing to do with gay marriage. | ||
| Civil gay marriage is already legal in every part of the United States. | ||
| It's largely uncontroversial, but Republicans joined with Democrats to pass a bill that will surely become law, that is going to become a weapon, effectively making illegal a belief, a private belief in traditional one man, one woman marriage. | ||
| And it will lead, mark my words, to the knock on the door at your rectory if your church dares to uphold and believe in traditional marriage. | ||
| It's criminalizing Christianity. | ||
| Can we go ahead and play the piece right now? | ||
| I want commentary on this. | ||
| Let's go and play it. | ||
|
unidentified
|
Last press conference that you thought the path to that soft landing had narrowed. | |
| Has it continued to narrow or is it widened? | ||
| I don't know if you can have a wider soft landing. | ||
|
unidentified
|
I don't know that it's changed since. | |
| That was five, six weeks ago. | ||
| I was asked the question, has it narrowed? | ||
| Is it still possible and has it narrowed? | ||
| It's definitely still possible and it has narrowed because if you look over the course of this year, Nobody expected us to raise rates this much. | ||
| No one expected inflation to be this strong and this persistent and this, you know, to move up, to have spread so broadly through the economy. | ||
| And so to the extent we need to get, keep rates higher or keep them higher longer, that's going to narrow the path to a soft landing. | ||
| Okay, Steve Cortez, that's the apparatchik that is the current Federal Reserve Chair. | ||
| That was Cartel speak. | ||
| Is he getting dovish? | ||
| Did he put a little bit of the punchbowl back on the table? | ||
| Are they starting to blink about this, sir? | ||
| You know, look, I don't think so. | ||
| I mean, yes, I believe he was dumbish in comparison to other Fed speakers, particularly Bullard over the weekend, who was about as hawkish as you could be. | ||
| And so I mentioned that I thought he would temper their remarks just a bit. | ||
| But listen, I think even Powell, who again, as I also mentioned, he could only succeed in a town like Washington, D.C. | ||
| But even Powell realizes now the gravity of the crisis that they helped to create. | ||
| What I think is important there, by the way, in his interview at the Brookings Institution, for people who don't follow Brookings, by the way, that's sort of the think tank Vatican of the establishment left in Washington, D.C. | ||
| For him to get in front of Brookings and say, oh, nobody could have foreseen this. | ||
| It was impossible for us to foresee. | ||
| That is such BS. | ||
| It's hard for me to even stomach it. | ||
| I mean, it should make you want to scream. | ||
| Because any honest observer of interest rates, of bond markets, of budgets, knew very early on exactly what was going on. | ||
| And certainly your show did a wonderful job of educating and arming the American people. | ||
| all the way back in early 2021 that we were going to face an absolute explosion in inflation. | ||
| Surely Jerome Powell, with the apparatus of the Fed, with the army of PhDs, should have been more than aware of what was going to happen. I believe he probably was. And like he decided to prioritize political narrative. Let me understand. Folks have to understand something. The Wall Street oligarchs and the government are running the country's finances on probably the most radical | ||
| theory, I think, to come up in finance maybe forever. | ||
| Modern monetary theory. | ||
| The deficits don't matter. | ||
| And it was Larry Summers, I think David Stockman, in our show on the American Recovery Act and all these other things said, hey, aggregate demand is coming back. | ||
| You're just going to put jet fuel on a dumpster fire. | ||
| That's what we've done. | ||
| I didn't hear a lot of Republicans at the time even coming forward. | ||
| But modern monetary theory, this is my point about where we are with this omnibus bill. | ||
| That's why we need a fight and force Biden to shut down the government. | ||
| If we don't lance the boil now, you're still on this thing. | ||
| Remember, every 12 months, it's going to be another two trillion dollars. | ||
| Right. | ||
| And up here, this is why they're talking about it's insanity. | ||
| They're talking about 40 or 50 billion dollars for Ukraine. | ||
| And we're going to do this here and that there and this here. | ||
| It's all madness. | ||
| Steve Cortez. | ||
| Yes, and particularly in an era of rising interest rates because of the inflation that has been created by Powell and Yellen and Biden. | ||
| Again, borrowing is spending too much for a very long time, but we were able to get away with it because of artificially suppressed interest rates. | ||
| That low interest rate bubble has been popped. | ||
| By Biden's policies, and we can no longer get away with it. | ||
| The global bond markets were effectively the bank have said if we're going to continue to loan you money, we need much higher interest rates to do so. | ||
| So that game has ended. | ||
| It's a good thing on the whole that it's ended, but getting back to the lame duck session and points of leverage, this is what is so critical. | ||
| What we cannot allow Nancy Pelosi and Chuck Schumer to do is to pass a budget That takes away the power of the purse, effectively, from the incoming GOP House, because that is our pressure point. | ||
| That is the leverage point for the GOP House, and we must make sure that it is maintained and that it is effective come January. | ||
| By the way, this is what we talked about the other day, the global inverted yield curve, but this was the Wall Street Journal a couple days ago after we called it. | ||
| Treasury yield curve inverts to deepest level since 1981. | ||
| The money gets a vote here. | ||
| The money gets, in your life, ask yourself, does the money get a vote in my life? | ||
| Uh, yeah, it does. | ||
| The money gets a vote. | ||
| And it's vote is, okay, what's the vote? | ||
| What's the vote? | ||
| Yeah, I got it. | ||
| I don't, we don't agree. | ||
| So we're gonna, you can do it, but we're gonna charge you more. | ||
| You can do it, but we're gonna charge you more. | ||
| This is where Ralph Norman, the old guy from South Carolina, comes up here and says, hey, I asked McCarthy, seven years of balanced budget, not gonna do it. | ||
| He said, hey, look, brother, we're gonna have some tough fights here. | ||
| I need a fighter. | ||
| A economic and financial crisis is building, okay? | ||
| And you remember, this audience, you're the chairman of the creditor committee, and we'll put the burden on your shoulders. | ||
| We're going to sort this whole thing out. | ||
| Rasmussen next to talk about Arizona. | ||
| Cortez is going to hang with us. | ||
| We've got the great Tudor Dixon, Joe Allen, next. | ||
|
unidentified
|
Eder has arrived. | |
| The new social media taking on big tech, protecting free speech, My friend and I were talking. | ||
| France is our oldest ally. | ||
| 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. | ||
| My friend and I were talking. | ||
| France is our oldest ally. | ||
| Our unwavering partner. | ||
| Let me have it. | ||
| cause from the spirit of Marcus Lafayette who helped secure the success of our revolution to the sacrifice of American GIs who stormed the beaches of Normandy. Let me have it. Our history has been shaped by the courage... | ||
|
unidentified
|
Cortez. Brother Lafayette what what was that? | |
| What was Joe Biden? | ||
| Marcus Lafayette. | ||
| All right, you know, listen, a couple things. | ||
| First of all, Joe Biden was elected to the U.S. | ||
|
unidentified
|
Senate in 1972. | |
| He has been there for 50 years, okay? | ||
| In a town where Lafayette's name is everywhere, including the name of the park, the square that is directly across from the house where he happens to live, and yet he doesn't know how to pronounce Marquis in front of the French president. | ||
| And by the way, France is one country that takes its language very seriously, and I think they are admirably protective of their language and culture, and they must be laughing pretty heartily at Marcus de Lafayette today. | ||
|
unidentified
|
Let me also say this. | |
| Why wouldn't the staff, if I worked on Biden's staff, okay, knowing his cognitive abilities, I would have spelled that phonetically in the teleprompter. | ||
| You put it in as M-A-R-K-E-E, right, so that the boss actually gets it right. | ||
| So it's also a staff fail there. | ||
| And we know he reads everything right off the teleprompter, including the pauses and the commas and the dots. | ||
| But talk about the lame duck. | ||
| Nothing happens by chance. | ||
| Macron's over here because they understand you, this audience, is now in charge, and you're not going to be shoveling $50 billion of Ukraine. | ||
| And if you ain't shoveling it, that means the people of France got to pick it up, and he ain't got the support. | ||
| This is because of this audience. | ||
| He's over there, schlepping over here, breaking up his Christmas holiday. | ||
| Because in France, Paris is probably the greatest Christmas city in the world. | ||
| Not that they get into the religious aspect of it, but it's absolutely stunning during Christmas. | ||
| He schlepped over here for one reason. | ||
| He understands in this lame duck the right Of the Republican Party, the America first part of this, Steve Cortez, could shut down this Ukraine madness. | ||
| What they said yesterday, 100,000 troops dead, 20,000 civilians dead. | ||
| What the war room and Cortez and all of us said in the very first day of this war, you're going to end up at the same place, but you're going to have tens of thousands of Ukrainian men, women, and children slaughtered in a place that looks like Dresden after World War II. | ||
| Steve Cortez about Macron's trip. | ||
| Steve, I think you're exactly right. | ||
| Listen, there was a reason that he dragged his grandmother over here across the Atlantic to the United States because he realizes that the American right... | ||
| is ascendant and has power right now in the House of Representatives. | ||
| And by the way, the America First movement can't just be about taking on China. | ||
| When necessary, it's also about taking on the EU. | ||
| And I think there are two aspects to this right now that are critically important. | ||
| The EU is right now threatening Twitter for daring to engage in free speech. | ||
| OK, now you may not be a fan of Elon Musk, certainly not fans generally out there of Twitter as an organization. | ||
| But here's the point. | ||
| We have to stand up for American free speech against the tyrannical EU against Brussels and Davos and at the same time we need to stand up and say if Ukraine is a problem beyond the Black Sea and I don't happen to believe it is but if it is it surely is not America's problem It is the problem for Germany and France and Italy to handle not the United States and this burden is going to be put upon You not upon the good citizens of the United States. We don't have the money | ||
| Europe and all these great, all the wealthy over there, let's see them pony up. | ||
| Cortez, hang with me for a second. | ||
| I'm going to bring in Mark Mitchell from Rasmussen. | ||
| These amazing polls, Mark, you've been out and you've gone out to the American people and talked to them about Arizona. | ||
| What is the feedback you're getting in your polling, sir? | ||
| Yeah, and so everybody knows we've pulled on election integrity issues more than really any other pollster. | ||
| We've asked thousands of people these questions. | ||
| And when these results came back, I had to run it again just to make sure they were right. | ||
| And the benchmark here is that the highest number I've seen so far of people agreeing that election integrity problems exist is the 59% who said that cheating likely affected the outcome of the 2020 election. | ||
| So the question we just asked everybody was, Republicans in Arizona, Say problems with the election in Maricopa County prevented many people from voting. | ||
| How likely is it that these problems affected the outcome of the election in Arizona? | ||
| And 71% say yes. | ||
| So that's a 12 point increase. | ||
| And it's driven almost entirely by increases in Democrats and independents. | ||
| So going into this, you know, the last time we asked is widespread cheating going to affect the 2020 midterms, only about 36% of Democrats said it was likely. | ||
| But here's 65% of Democrats say that it's likely that issues in Maricopa affected the outcome. | ||
| And that's with the word Republicans in the sentence. | ||
| So two-thirds of Democrats are saying Republicans, you know, were affected by botched issues in Maricopa. | ||
| Now, 23% only say very likely, but you only see 20% saying not at all likely. | ||
| So this is the biggest number I've ever seen for Democrats. | ||
| And, you know, it's a big step change in public opinion. | ||
| And, you know, one would wonder why is this happening now? | ||
| I think part of it is that the things we saw in 2020, Didn't necessarily get out there. | ||
| And they're getting out there now. | ||
| And maybe that's just because Maricopa is so flagrant. | ||
| Or maybe it's because people are seeing things on Twitter that they weren't seeing before. | ||
| But I think there's an important lesson here to be learned about the Democrat electorate. | ||
| And that's the Democrat voters. | ||
| They don't like cheating. | ||
| 90% of them say it's important to prevent cheating in elections. | ||
| And I think one of the problems that the Democrats have is that the values of Democrat voters Do not match the values of the National Democrat platform. | ||
| You know, to give you an example, we asked California Democrats, you know, should abortion be legal from six to nine months? | ||
| Only 19% of California Democrats think that. | ||
| And yet abortion was the number one issue nationwide for Democrats going to vote in the midterm. | ||
| So I just wonder, looking at this, are cracks beginning to appear in their ability to control the narrative? | ||
| Because they need to. | ||
|
unidentified
|
So the other question we asked is whether voters agree... I'll tell you what, hang on a second, because I'm going to hold you over. | |
| I've got to get to this. | ||
| I want to particularly go back, because it's the relentless pounding of... That's why 59% of the American people think cheating affected the 2020 election. | ||
| Okay? | ||
| So everybody's sitting there, the election deniers, they've got these grand juries, Trump's going to go to prison, all this stuff. | ||
| 59% of the American people. | ||
| I tell you what, we're going to take a short break. | ||
| 90 seconds. | ||
| We've got Cortez is going to stick with us. | ||
| We've got the great Tudor Dixon. | ||
| Joe Allen's going to come. | ||
| Libby Emmons from Post Millennial. | ||
|
unidentified
|
All of it. | |
| This is going to be jammed. | ||
| And of course, Mark Mitchell from Rasmussen. |
Export Selection