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Jan. 14, 2023 - Bannon's War Room

48:51

Episode 2443: The Payback For Modern Monetary Theory

Participants

Main voices

john fredericks

05:43

steve bannon

25:57

Appearances

ali velshi

03:27

dave brat

04:40

Clips

jake tapper

00:10

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Speaker	Time	Text
steve bannon ▲ ● ▼		This is the primal stream of a dying regime.
		Pray for our enemies, because we're going medieval on these people.
		I got a free shot of 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.
jake tapper ▲ ● ▼		And where do people like that go to share the big line?
jake tapper ▲ ● ▼		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?
steve bannon ▲ ● ▼		If that answer is to save my country, this country will be saved.
unidentified		We're at a fork in the road now.
ali velshi ▲ ● ▼		We can make good decisions or bad decisions, but we're at the edge.
unidentified		Right. This is also a really important point.
		We are in a situation where recent data suggests there is a credible, plausible path to steady, stable growth, to a soft landing, to whatever term you want to call it, where we maintain the very important and impressive gains that we've seen under this president's administration to the labor market.
		4.5 million jobs last year.
		You heard Lloyd Doggett talk about the loss of 6 million jobs, so we could wipe out a year of job gains.
		But those job gains with inflation now down 2.5 points from its most recent peak last summer, We are making real progress towards that steady, stable transition to growth.
		The idea that you would want to undermine the full faith of credit of the government to actually take steps that would far, far increase the likelihood of negative things happening in not just our economy but in the global economy is beyond reckless, beyond irresponsible. I'm not sure I have the adjectives for it right now.
ali velshi ▲ ● ▼		...empowered House conservatives have triggered a high-stakes fight over the debt ceiling.
		Yesterday, the Treasury Secretary Janet Yellen announced that the U.S. will hit its debt limit on Thursday.
		She warned House Speaker Kevin McCarthy that this is, quote, critical that Congress act in a timely manner to increase or suspend the debt limit.
		Republicans in the House intent on cutting government spending are coming up with a contingency plan.
		According to the Washington Post, House Republicans are preparing a plan telling the Treasury Department what to do if Congress and the White House don't agree to lift the nation's debt limit later this year.
		The Post adds, the emerging contingency plan shows how Republicans are planning to threaten not to lift the nation's debt ceiling without major spending cuts from the Biden administration.
		Now, if Republicans decide not to lift the debt ceiling, it will undoubtedly start a fiscal showdown that will have huge consequences for the American people, possibly people all over the world.
		It is important to understand the debt ceiling.
		Here's how it works. The government takes in money through things like taxes and duties and spends money on all the things that government spends money on.
		If in a given year the government spends more than it takes in, that's a deficit.
		According to the U.S. Treasury Department, in the last 50 years, the federal government's budget has run a deficit in all but five years, most recently in 2001, as you can see.
		That year, the Congressional Budget Office says the federal government brought in roughly $4 trillion.
		It spent about $6.8 trillion creating a deficit or shortfall of nearly $2.8 trillion.
		The accumulation of all those deficits is the national debt.
		Which now stands at roughly $31.5 trillion.
		Many people worry about this debt and how we're going to pay it back.
		And that's an important consideration.
		But until we get an answer to that, let's just look at how those deficits and the debt are financed.
		Where does the money come from? Well, it comes from bonds issued by the government and sold to investors.
		The bond is a promise to pay back a loan at a certain interest rate.
		The rate is comparatively low because a loan made to the U.S. government is considered the safest investment on Earth.
		But now, once again, that is at risk, as some Republicans threaten to not allow the debt limit, which is the amount of money the government can borrow to pay its bills, to be raised.
		If Republicans succeed in that effort, the government would have to do what an individual or a company would have to do, reprioritize who gets paid first.
		And in the case of the U.S. government, interest on those bonds have to be paid first.
		Because if a payment to a bondholder is missed, the credit rating of the entire United States could drop, and the interest rate for borrowing any more money goes up.
		And that could cause inflation as costs get more expensive.
		It could cause a recession, making the one that we're headed into possibly worse.
		The worst case scenario, however, is that it causes both inflation and a recession, which is a very difficult position to get out of.
		The idea that a government, like a household, shouldn't spend more than it takes in is interesting, but it's incomplete.
steve bannon ▲ ● ▼		Okay, okay. Welcome.
		It's Saturday, 14 January in the year of our Lord, 2023.
		They hit the panic button.
		Good job, War Room.
		They've hit the panic button.
		And now they've sent the letter.
		We're going to hit the dead scene. As we said before, this thing was going to happen in January, February.
		Then they said, well, it's not going to really be the June or the fall or whatever.
		So I want to bifurcate some things because the audience, not the show, but the show's audience having such a huge impact.
		They've done this for a number of reasons.
		Number one, they panicked. Number two, they want to get the discussion away from the crimes.
		Of the top secret compartmented information that clearly there are crimes there, major crimes from a number of people.
		I also want to put a name on your, on your, get your number two pencil out because I got a name for you just to jot down.
		I'm going to get back to it later. Dana Remus.
		Dana Remus. White House Counsel's Office left, I think, on October 2nd.
		We're going to get the full details of Dana Remus.
		White House Counsel's Office left the 2nd of October, and she was one of the ones rummaging around in the Biden Penn Center on 2 November.
		There's no conspiracies, but there's no coincidence.
		Why would One of the top lawyers leave the White House counsel's office and then 30 days later be rummaging around in the Penn Center.
		What you're going to find, and this is where, you know, he had Chuck Schumer on, or Chuck Schumer was on yesterday, and they asked him, have any crime, do you think any crime, because they're all saying, hey, this is not as bad as Trump and not as bad as Mar-a-Lago, so they asked Schumer, hey, because he said, any crime's ridiculous, this is all just made up, it's nothing, it's inadvertent, they asked Schumer, have any crimes been committed?
		Too, too early to tell, too soon to tell.
		Hey, Chuck, you got to get it.
		You didn't get the message.
		You didn't get the memo from Zen master Jean-Pierre.
		It's the process.
unidentified		Trust the process. The process has started.
steve bannon ▲ ● ▼		So Jim Jordan and the team have announced their own independent investigation on the house.
		We're going to get to all that. We're absolutely packed.
		But the debt ceiling, since we've been driving this, number one, they say the debt ceiling is going to be hit next week.
		But then they said they're going to run out of cash in their extraordinary measures.
		They're going to run out of cash in June.
		So they want to put the gun to your head now.
		And you've seen it right there with Ali Valshi.
		That was last night with the economist from the White House, Bernstein, Jared Bernstein.
		They've got, you're just going to be bombarded.
		Sunday shows are bombarded because they want to change the conversation around the crimes.
		Right? And around all the investigations, right?
		They got to change the conversation.
		So now it's the extremist, worst element of the Trump movement.
		That would be you, audience.
		Just make sure when they're saying most extreme, radical, worst people on earth, they will be talking about you.
		Okay? Just remember that. That now they're going to drive, you know, got this amazing turnaround.
		You got all these great numbers they're putting up, right?
		We're putting up all these great numbers and what's going to snatch, you know, it's going to destroy the American economy is now the worst elements going to dig their heels in.
		By the way, this is all for just a thing that the founders didn't even think about.
		It was just a line in the Constitution and it's already money being spent.
		You're going to see every line misrepresentation spun.
		Non-stop. But we got them because they panicked.
		One of the things I heard they panicked about, the more people understand about this, the more people understand, the less they want to raise the debt ceiling.
		He said, no, hang over a second. Two things, concepts.
		So three concepts.
		Remember, we try to teach nomenclature first, then process or critical path, then the statics and dynamics of process so you kind of understand for yourself and you can think for yourself.
		All this jargon has turned out.
		Extraordinary measures. If they hit the debt ceiling in the next couple of weeks, they can't bar any more money.
		You can't issue any more bonds.
		Isn't that terrible? Isn't that just terrible?
		By the way, he did say a thing.
		He said, oh, we sell it to investors.
		Well, hey, a lot of it we just buy ourselves because there's nobody there to sell it.
		That's just monetizing the debt.
		That's just printing money. Extraordinary measures.
		This is what the Treasury is going to do.
		The other is prioritization of payments.
		That is now, it's a buried lead in the Guardian story.
		I've got these up on Getter.
		The Guardian story's got it buried about the fifth paragraph.
		This is what we talked about on the show.
		This is what we talked about with Russ Vogt.
		This is what Russ Vogt and I worked on in 17, where we're going to hit a debt ceiling issue.
		And we worked on, hey, how, why can't you just go to a prioritization of payment?
		Allie Voucher just said it. Cash comes in, interest payments get paid off, so all the bonds Everybody's happy.
		You don't lose any credit rating. Then you pay the face amount off any bonds coming due, so that gets paid.
		Then you pay Social Security, Medicare.
		Then you have a discussion, right?
		Then you prioritize your payments.
		So prioritization of payments.
		And what was leaked in the pressure, say, is that the Republicans are actually working on that now.
		The Republicans are actually working on a prioritization of payments plan.
		The third, and I think this gets lost in the back and forth.
		But remember, we put this over to the guys at the committee.
		One of the things about the pandemic, let me go back in time.
		One of the things about the pandemic that Fauci and Birx, and if you read the books, if you read Kushner's book, if you read Judas Pence's book, I've read every book about this time, just to make sure I'm not missing anything.
		They never talk, and I said this on the show at the time, they never talk about the internal model of CDC or Fauci or NIH. What was the internal model?
		You had Southampton University, you had Hong Kong University, you had the University of Washington, Seattle.
		You had all these models about the curve and ICU capacity and the mortality rate, you know, the COVID rate.
		You know, how it would go through the population.
		Everybody had this mortality curve, the death curve, right?
		I said, where was CDC's?
		It's like a company on Wall Street.
		You've got First Boston saying these are earnings, Goldman Sachs saying these are earnings, Morgan Stanley saying these are earnings.
	What's the company's projection?
	What is the company telling the street?
	What is their forecast, right?
	Never saw that. That's got to come up.
	Nobody knows today.
	What did CDC tell the president?
	What was this task force telling the president?
	It's never mentioned in any of the books.
	What was the internal model?
	The same thing here. Hey, baby, you just told me you're hitting the debt ceiling.
	You just sent a big old official letter to McCarthy.
	You know, you just sent it.
	You're hitting the debt ceiling next week.
	Surprise, surprise. War Room told you next week.
	But your extraordinary measures.
	I've got enough cash.
	I can play with things.
	I can, you know, turn up.
	I'm going back to the Treasury and pull all the cans out of the lawn, tomato cans, and I've got cash.
	I can pay until June.
	Okay, I got that. Just give me your cash flow model.
	That's the first thing you ask for in a restructuring or bankruptcy or anything.
	And hey, guess what, baby?
	You're bankrupt. You're stone-cold bankrupt.
	You're coming back to the parents.
	You come to the head of the creditors committee, the war room posse.
	You're asking for the credit card to be increased.
	Hey, maybe, maybe not.
	We don't know. Give us your cash flows.
	Let's see the cash flow model.
	We have to force, we have to force Yellen, and this is why she's sticking around.
	Remember, she said she was quitting before they blew her out, before the campaign.
	She was the worst treasury secretary in history.
	They didn't want her as an albatross.
	We're getting rid of her. She's leaving.
	She ain't leaving because of this.
	And they know they couldn't get anybody confirmed.
	The confirmation hearings would be a bloodbath.
	So poor Janet Yellen stuck with the duty.
	Hey, Janet. Ms.
	Secretary, Mrs. Secretary, please send us your cash flow model.
	Not that we don't believe you, but it's like any company.
	Okay, trust but verify.
	Trust but verify.
	Oh, baby. The hunted become the hunters.
	On every different aspect now.
	We got them. Every different aspect.
	Just have to close the deal.
	As we know, there's a long way between the cup and the lip on that.
	Short break. Dean Dave Brat is going to join us.
	He knows the inside workings of Congress, how the whole mechanism works.
	Also, we're going to talk a little bit about the balance sheet of the Federal Reserve.
	I thought we had a cap of $31.4 million.
	Mercatus is telling us the nine-and-a-half trade on the Fed, how did that happen?
	All next, only in The War Room.
unidentified		We will fight till they're all gone.
		We rejoice when there's no more.
		Let's take down the CCP. Here's your host, Stephen K. Bannon.
steve bannon ▲ ● ▼		Okay, welcome back. MyPillow.com, promo code WAR. We're going to talk about the RNC race here in the bottom of the hour.
		John Fredericks is going to join us about this debate.
		Mike Lindell, breaking news.
		I think Politico is saying this.
		Mike Lindell has qualified now with three states to actually be officially on the ballot.
		Harmeet Dillon, I think, has got 10 states, so she's officially on.
		John Fredericks is going to be on about a proposed debate.
		Who's going to be in there? Who's not going to be in there?
		Make sure you go to MyPillow.com, promo code WAR. The sleep of the just.
		I should have gotten more sleepless.
		I was up to the wee hours.
		Then didn't get much sleep. You know why?
		There's so much going on.
		I've never seen it like this.
		Behind the scenes, you know, things are just cranking.
		People are working like crazy.
		And there are big fights ahead of us.
		And they just dropped this debt ceiling.
		They've totally, completely panicked.
		Dave Bratt, you've been around a long time.
		You've been with us riding shotgun on this thing now for over a year in the debt ceiling alone.
		We told everybody that was the...
unidentified		One of the big things for the election about losing the House, they were going to freak out.
steve bannon ▲ ● ▼		And you saw in the speaker's debate last week, that's all they talk about.
		Look at these extremists.
		If these extremists take over, they're going to ruin the full faith and credit of the United States.
		Here's who ruined the full faith and credit of the United States.
		The radical Democrats, their buddies on Wall Street, and the oligarchs in corporate America that believed in this radical concept called modern monetary theory.
		Where deficits didn't matter. We've preached on this for years.
		Modern monetary theory.
		Where deficits don't matter.
		Until they do.
		And now we're in this jam.
		And you're going to see all these people.
		Listen, the Boer and Posse.
		The strict parent.
		That for love of the child is strict.
		And it's hard. You know how hard it is.
		But you're strict with them so that they have formation so that later they become productive and happy and self-sufficient adults.
		Right? You totally understand what I'm talking about.
		You have to be the adult in the room.
		You, this audience.
		If you're the adult in the room, We're gonna get through this.
		And you're gonna be called every name in the book.
		Like a child thrown a temper tantrum.
		That's what you're gonna see now. This is a temper tantrum at a high level.
		And you're gonna be called everything in the book.
		Mean, cruel, unyielding, unfair.
		You're unfair. You're mean.
		You're cruel. All of it.
		Same thing. You're gonna be called that.
		So just buckle up.
		You stand between These radicals who never care about anything and never worry about anything but got to come back to mommy and daddy and get the credit card up and complete Armageddon.
		Is Bernstein a heavy hitter, Brett, or they roll him out when they got to start trash talking the American people?
dave brat ▲ ● ▼		He's good. Your parental metaphor there was good in that Jared is likable and he comes across as a parent.
		But he's got one fatal flaw.
		Now, everybody listen real careful here.
		I did a PhD in economics, five years of suffering and then taught it for 18 years.
		I have a very technical argument I have to make right here.
		And so we go through this fear mind ring every year on raising the debt ceiling.
		And so the technical solution to this Which Jared never seems to get at is called a balanced budget, right? So that's a very technical, you know, requires years of study to get at this.
		But if you don't want to have this recurring nightmare of losing the full faith and credit of the United States of America, which never happens, and it's just like the Federal Reserve, right?
		The forecast, the blue chips, they're wrong every year.
		We know it's intentional.
		But the average American doesn't have time to deal with all these issues because they're busy leading their lives and taking care of their kids.
		So Bernstein is clever, but then the Fed comes out with some new staggering news.
		The Fed, who's got floors and floors of PhD economists, missed the idea that if you borrow long like a hedge fund, and then you're borrowing off of your short-term rates, which have now gone from zero up to 5%, they're coming up a trillion dollars light.
		And they did not Present that risk analysis to Congress whatsoever.
		And so it's just stunning.
		That's a trillion-dollar tax bill coming to you.
steve bannon ▲ ● ▼		Okay, but hang over a second.
		I want to make sure we're not throwing too much at them at one time.
		We have the Treasury, and that's where you got the barring the face amount of the debt.
		Remember, the debt's gone from $10 trillion to $30 trillion like that.
		Bang. Okay?
		So somebody's got to be the adult here.
		In addition, you've got the Social Security and Medicare true payments.
		This is why Congressman Norman came on here and said, hey, the real debt he thinks is $60 trillion.
		Okay? And I think it's actual.
		But let's leave that off to the side.
		Just another $30. That's hard money you got to pay.
		Then you've got contingent liabilities, but they really ain't that contingent.
		I don't know. Net present value of that is, let's say, $100 trillion, okay?
		And we can walk you through all that.
		But then all that, as messed up as it is, as screwed up as it is, Congress has at least authorized it, right?
		Social security. You may not like it, but somehow there's some statute that actually allowed that to be spent or quasi-allowed it to be spent.
		There's a lot slipped in there, but into the crevices.
		But at least Congress is on the hook for saying that.
		Then you've got the Federal Reserve.
		Because remember, the debt ceiling by statute right now is $31.5 trillion.
		You've got the Fed over here.
		They've got $9.5 trillion on their balance sheet.
		How did that happen? But because Mercatus, and you got it, this study is very technical, but you just skim it.
		You should skim it. They've got down that with no congressional authorization.
		What these guys have done, and it's called the trillion dollar triage, they just created a trillion dollars out of nowhere during the pandemic.
		And now, because of the inverted yield curve, they're going to have a trillion dollars of interest payment with a trillion dollars short, they've brought. So we got another...
		Yes. Smoking landmine over there that they don't even want to talk about.
		Is that basically what we've got?
		Here's the point. Just like they haven't audited the Pentagon and they can't audit the Pentagon, they haven't audited Ukraine because you can't audit.
		And if you read Gateway Pundit, they got some young American volunteer over there says, hey, none of the stuff gets to the battlefield.
		They all sell it off beforehand.
		You can't audit the Pentagon.
		You can't audit Ukraine. The Fed has never been audited, right?
		Remember Ron Paul and Rand Paul said, hey, I want to end the Fed.
		They just wanted to audit it.
		You can't audit the Fed.
		And they won't let you.
		And you know why, Dave Brat?
		Because they got these smoking bombs over there.
		They're about to go off.
		The whole thing's a mess.
		The whole thing's a mess.
		This is why Janet Yellen and Powell...
		Screw both you people.
		Don't send any more letters.
		Don't go to the press. Don't send Jared Bernstein out there.
		Don't have Ali Vecchi whining every day up on our grill about this.
		Don't tell us this. Hey, you are the full faith and credit of the United States.
		This audience is the full faith and credit, and don't let anybody ever tell you otherwise.
		You. You're the people that go to work every day.
		You're the people that pay the tax. You are the full faith and credit of this nation.
		Full stop. And what you demand right now is show me the money.
		I want to see the cash flow model.
		If we're going in to lend any money, if you're going to lend any company, bankrupt or not, show me the model.
		So Janet Yellen, show us the model.
		And pal, show us the model.
		What the hell's going over the Fed?
		Brad, this is a scandal.
		And we've got so many. You've got the vaccine.
		You've got COVID. You've got the invasion on the southern border.
		This is what happens when you have radicals.
		Remember, their great idea, Brett, was modern monetary theory.
		We can just spend on infrastructure.
		We can spend on Build Back Better.
	We can spend on the American Recovery Plan.
	Remember all the happy talk he gave you?
	And what Bernstein's telling you, you've got a sugar high now off all the government spending.
	That's the only reason Biden's got anything going, right?
	They've got the sugar high off of that, off the trillions they spent, the trillions and trillions of dollars.
	That the collaborationists, Mitch McConnell, and these guys are going to be sitting there, and the Senate's going to be saying, well, you've got to, you know, there's a full faith in credit.
unidentified		You've got to raise the debt ceiling, right?
steve bannon ▲ ● ▼		This is where we are.
steve bannon ▲ ● ▼		If this audience doesn't dig in on this, look at the kids and grandkids, because they're the ones going to get crushed.
dave brat ▲ ● ▼		Dave Bratt. Yeah, well, it's interesting that they're blaming the Republicans, the adult in the room, for ruining the economy.
		Actually, the Fed ruined the economy back in 07, 08, and now they've ruined it again.
		And so the real story in that Mercatus piece is that they already had the federal funds rate, the Fed interest rate, set at 0 % for a decade.
		And that wasn't enough stimulus.
		To keep the economy, which these elite experts have managed over the past decade.
		So they lowered the interest rate to zero.
		That's not good enough. So then they had to come up with another trillion through QE4, quantitative easing four.
		And they totally miscalculated the short-term interest rate.
		It was going to go way up, and they have to pay that back.
		So that's costing us another trillion.
		So who ruined the economy?
		All of these establishment elitists with the Greenspan put with interest rates, which is the main price of money, right?
		Free market people, you don't mess with prices.
		Those are the receipts. Prices don't lie, Cortez always says.
		That's correct. The entire rationality of our system is built on the Federal Reserve, the interest rate system, the 10-year Treasury.
		Big deal. They messed it all up.
		Now we have to come to the rescue, and they always blame the adults in the room who want to balance the budget, and the best adult in the room is Russ Vogt.
		Who has a plan to put this in shape?
		And then you can get rid of the fear-mongering immediately on this messaging piece to Jared Thomas Massey.
		Put a CR together that funds the government at 90%.
		And there's no debate.
		Just fund the government right today.
		Give it a 10 % haircut.
		Fund it at 90%.
		Done deal. We're done with this juvenile discussion.
steve bannon ▲ ● ▼		Hold it.
		Brad, I'm going to hold you for a few minutes.
		I know you've got stuff to do on Saturday, Mark.
unidentified		Let's hold you shortly after the break.
steve bannon ▲ ● ▼		A 10 % across the board budget cut and discretionary spending.
		This city would vapor lock.
		That's the type of thing you need.
		I love Massey. Russ, remember, here's the watchword.
		We're not going to be hurried in this.
		We're going to have to take a deep breath.
		We want to see your cash flow model first.
		And we're going to give you the prioritization plan.
		Maybe we'll even base it off your cash flow model if it makes sense.
		Right? But we've got to see that.
		We have to see that. Show us the model.
		Don't send any more letters.
		Don't send any more nasty letters or letters, help me, help me, help me.
unidentified		We're out of cash. Sorry.
steve bannon ▲ ● ▼		Not sorry. In the war room.
unidentified		Here's your host, Stephen K. Bannon.
steve bannon ▲ ● ▼		Okay, we're going to go from the world's capital markets.
		We're going to go to where the full faith and credit of the United States of America rests upon, and that is the hard-working, grassroots folks in this nation.
		We're going to go to South Dakota. Jessica Palema is out there.
		Jessica, tell us what's going on.
		Who's the posse out there?
		What are you guys fighting for today?
unidentified		Yeah, we have a large crowd here in the hallway at the meeting room in here.
		So we showed up.
		People are holding signs, American flags.
		We are fighting for our voice as precinct committemen.
		This is Mr. Nelson.
		Why are you here today?
		I'm here because the people need to retain their voice in our state GOP party.
		We're bleeding membership, and a lot of membership in the young people.
		I come from a family that has been involved in Republican politics.
		My dad was a county chairman for the party for a while, and we can't get young people to sign up.
		They're signing up independent.
		They're registering independent because they say the Republican Party doesn't talk for us anymore.
		Rural South Dakota leaving the Republican Party.
		because of what they're doing to take away our voice and take away our representation and center it in the urban areas of the county, in the east end and the west end, Rapid City, Sioux Falls, and the larger cities.
		And I'm here to try and retain the voice of rural South Dakota.
		I can pan around here and kind No, go ahead, Jessica. Give us some more people.
		All right. So I'm just going to turn.
		Sorry. Not doing a very good camera job, but we've got people here with signs, flags, ultra-proud MAGA, ultra-MAGA. We're here to save our voices.
		This is South Dakota.
		South Dakota, everybody say hi.
		Woo!
		So yeah, we're here.
steve bannon ▲ ● ▼		Hello? Hello? Hello?
		You're going to fight the good fight.
		Here's what I'm confused about.
		I thought Christy Noem, the governor, was a grassroots person.
		Does she have your back in this?
		Are you guys communicating with her?
unidentified		You know, you go ahead.
		I don't know. There's a lot of people that, Bill, that Christy has sided with.
		I like to term them.
		I'm back. I'm old enough that I remember the fight between Rockefeller and Goldwater.
		Most of South Dakota are Goldwater Republicans, and we don't go along with the Rockefeller wing of the party as much as a lot of states do.
		In the rural areas, we feel that Christie has become a part of the Rockefeller wing of the Republican Party.
		Well said. Hey, Jessica?
steve bannon ▲ ● ▼		Jessica, what time does the meeting start?
unidentified		The business meeting where they are going to vote starts at 10 and then the elections for the new Republican happened at noon, I think, this afternoon's session.
		Now, there's been a lot of problems here where the current state party chair, Dan Lederman, is actively suppressing newly organized counties that had their elections.
		They have patriots here to vote, and now they are playing technical games, word games with them, not letting them vote today, too.
		So there's a lot of moving parts.
steve bannon ▲ ● ▼		But you guys are dug in.
		Tell me, what the key vote to make sure the precinct strategy people still have a voice.
		What time is that going to take?
		And are you guys going to be allowed in the room for that vote?
unidentified		They are not allowing us in the room.
		In fact, they called the police already.
		The police have been here and made our media person leave.
		We are not allowed in the room.
		We have patriots in the room.
		But first, they're going to have a kind of a battle on counties that they won't let He's certified and able to vote because they know that's more votes for the grassroots candidate Tom Bruner for party chair.
		So it might be delayed.
		We just got to wait and see how this plays out.
steve bannon ▲ ● ▼		Okay, Jessica, I tell you what, we'll check back in with you next hour, okay?
		Get an update. Tell everybody there we love them and we got...
		Tell everybody there we love them and the War Room has their back.
unidentified		Okay, we appreciate you.
unidentified		God bless. Thank you. Thank you, guys.
steve bannon ▲ ● ▼		John Fredericks has seen this time again.
		Brad's seen it again. Brad was a grassroots congressman, came out of nowhere with no money.
		Remember, Eric Cantor spent more money in the primary, where he was the first majority leader in the history of this republic ever to be defeated in a primary.
		Eric Cantor had spent more money.
		Remember this, Brad? He spent more money at Bobby Vann's.
		His campaign spent more money for one dinner.
		The day Brat raised in the entire campaign.
		Brat was a pure grassroots phenomenon.
		And John Fredericks remembers that because it was John Fredericks that pushed it over the top.
		Brat, before I lose you, how do people get to your...
		We're going to get so much more into this.
		Remember, they panicked. Here's the state of play.
		They panicked on the debt ceiling.
		Janet Yellen sent a letter yesterday to McCarthy, said, oh, by the way, the debt ceiling comes due next Thursday, and we need you to increase the debt ceiling some unlimited amount.
		You pick it. Right now, that's not going to happen.
		I can tell you the plan is everybody take a deep breath.
		Everybody slow down. There's a prioritization of payments.
		That's going to be presented, but I keep saying the first thing is don't show that first yet.
		Let the administration show their model.
		Let's see the cash flow model.
		Don't give them our plan until we know what their numbers are.
		This is the problem with the pandemic.
		Nobody ever made Fauci without that little midget up there yammering all the time.
		Nobody ever made me come up and actually put forth a model.
		Give me a model.
		Don't give me happy talk. I don't want to hear rhetoric.
		I want to see numbers. This is the way the world works.
		Everybody in business knows that, right?
		Everybody out there in the world knows that.
		They all run off mathematics.
		Let me say that because mathematics is a numerical representation of what you think reality is going to be.
		So show me the model.
		That's what I want to say. The prioritization of payment plans, they're not going to like it.
		Please remember in the audience, you're going to be called every name in the book.
		You're the extremists that are causing this.
		You're the people that breathe through their mouths that are calling this.
		You're the people that are destructive that are calling this.
		No. They caused it.
		They went down the path of modern monetary theory.
		Remember the American Recovery Act and the Infrastructure Act and the Runaround Build Back Better, which they wanted to be $6 trillion.
		What is a trillion and a half is?
		All that big party that's juiced whatever this dead carcass of our economy juiced up by government barring and spending, that is stopping.
		You're not the problem.
		This audience is the solution.
		And the solution is to be the adult in the room as these people run around and throw a temper tantrum and call you every name in the book.
		Dave Bratt, any closing thoughts, ideas before we get you back here on Monday?
dave brat ▲ ● ▼		Yeah, yeah. On the receipt, it's a little ironic right now when they're starting to talk about the full faith and credit of the United States and going bankrupt that the Federal Reserve itself is bankrupt.
		They usually pay us $100 billion a year in remittances.
		That's just a fancy word for profits they make.
		And that's misleading.
		That's a shell game because they have a monopoly on just setting interest rates.
		So, of course, they're going to clear the market.
		They can set whatever interest rate they want.
		So they make $100 billion a year in profits.
		They're negative. They just lost a trillion dollars for us on QE4. So the next 10 years of those profits are going to go toward repaying what they just lost since they're now in bankruptcy at the Federal Reserve System.
		Let that sink in for a minute, right?
		So Brad Economics, I'm going to start posting more because this is important.
steve bannon ▲ ● ▼		Yes. You've got to get up.
		Brad Economics on Getter?
		Yep. Hang on.
		I want to, before you leave, here's one of the reasons they panic in Senate, and I know this from InsideScoop.
		Number one, they clearly want to change the conversation away from the top-secret crimes.
		Not just the cover-up, but the crimes that were committed before November 2nd in the handling of the most compartment, the highest, biggest secrets in the United States government.
		And Dana Remus, we want to know why she left as one of the White House counsels.
		Why'd she leave White House counsel to go be his person?
		Why is she rummaging around?
		In the closet of the Penn-Biden Center.
		Ma'am, why were you over there?
		And why did you leave the White House and become a personal lawyer to him?
		Inquiring minds want to know.
		This is why the Democrats are in freak-out mode right now.
		Total freak-out. And quite frankly, Garland, to cover his keister, put the special prosecutor in.
		Her guy who's up to his neck, hers up to his neck in the deep state.
		They want to change the conversation.
		Number two, they understand we get stronger every day.
		An informed public is the thing they fear the most about this.
		Because once you understand the three-card money, you're going to sit there and go, no, no, no, no, no.
		This thing in the Federal Reserve, in Mercatus, in...
		I love the guys in Mercatus.
		I'm not an Austrian economics freakazoid like Dave Brat and these guys.
		But I admire the work they're doing.
		I admire the work. By the way, Brat, how did you go from a tennis pro?
		From a tennis pro to, I never asked you, how did you go from a tennis pro?
		Fredericks wanted me to ask you this.
		How did you go from a tennis pro to a PhD?
		I love tennis pros like golf pros.
		I never think those guys are Einstein's cousin, right?
		So how did you go from a tennis pro To a Ph.D. in economics.
dave brat ▲ ● ▼		God called me to seminary, and now you're keeping me from my Brat Pit workout right now.
steve bannon ▲ ● ▼		Go, go, go.
		We'll do this another time.
		I'm getting the signal.
		We'll do it another time.
		We didn't want to take you away from the ministry for the PHA. Okay, Brett, we got it over at Getter.
		We'll push it out. Let me play.
		I got a short cold open for John Fredericks right now.
		Let me play that. Let me play that.
		Let me play the short cold open for John Fredericks.
ali velshi ▲ ● ▼		...make of what's going on with this far-right group in the House right now.
		What is it they want and how will they succeed?
		And how do they make sure that these 18 Republicans who won in Biden districts and many others who are otherwise moderate don't just sort of say, we'll vote with Democrats on some of these things?
unidentified		Well, they don't really care about that, Ali.
		What they're doing is they're giving their base voters what they want.
		I'd add to what Max said.
		The one defining characteristic of these Republicans these next two years is revenge.
		These two years are all about revenge.
		The base of the Republican Party, Ali, believes the 2020 election was stolen.
		House Republicans reflect that belief.
		So they're going to investigate Fauci and COVID. They're going to investigate Big Tech, who they thought helped steal the election.
		And they're going to go after the deep state.
		who they believed helped steal the 2020 election.
		I'm so glad you emphasized this in your opening.
		This is revenge. This is about settling scores.
		And for most of these Republicans, Ali, it will work.
		They don't care necessarily about these other moderate Republicans.
		Some of them we've talked don't even care if Republicans retain control of Congress in two years.
		This is about feeding the base.
steve bannon ▲ ● ▼		John Fredericks, your assessment, you're the oracle of the deplorables.
		We're going to get to the next block, the RNC struggle.
		Is Joe Walsh right?
		Is this revenge in settling scores, or is this trying to sort this mess out, sir?
john fredericks ▲ ● ▼		Look, Joe Walsh is a discredited, never-Trumper, moronic, sad figure.
		Had a radio show, Salem fired him, was in Congress, got bounced from there.
		I don't really care what Joe Walsh says.
		Look, this is about change.
		This is about watershed legislation that the House is going to do and getting a message going into 2024.
		Like, for instance, when they When they bagged the 87,000 IRS agents, they knew that was dead on arrival in the Senate.
		And even if it somehow got past the Senate, Biden's going to veto it, no two-thirds.
		So a lot of what they have to do is just messaging and show the American people and show our base that they stand for something.
		The debt ceiling fight is going to be the real battle here.
		Because are they going to use it as leverage or not?
		Basically, in a week...
		Or two, when we get Don McKeachin's replacement in the House for the Democrats, Jennifer McClellan will win that special handily.
		They're gonna have 213 votes.
		They only need 218.
		That means they only need to bail.
		The Democrats only need to peel away five Republicans.
		Running around with their hair on fire saying, oh, if we don't increase the debt ceiling, the world is going to end.
		Everybody will starve. We're going to have to see.
		The rubber's going to hit the road if McCarthy can hold his Republican conference together and not cave like they always do.
steve bannon ▲ ● ▼		John. John, hang on for one second.
		We'll get back to this RNC debate.
		John Fredericks in Politico.
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steve bannon ▲ ● ▼		Would you be open to having Harmeet and Mike Lindell to do it like a debate and to defend your record of accomplishments?
unidentified		I'm always happy to talk to the 168.
		I'm always happy to talk to the 168.
		So I'm talking to them every day.
		And Steve, this is- But would you be open to do it in a more public forum?
		I'm interested in doing things in front of the 168.
		That's what I'm interested in doing.
		Why have you refused to debate your opponent?
		You have refused to take part in the lone debate with Carrie Lake.
		It could come off as you're scared to step on that stage.
		And we've been taught since we were little kids, you've got to stand up to a bully.
		You understand how that might come across?
		How do you make a case? We want to send you to fight for us, but you won't even step on stage with it.
		To get it clear, would you be open to do it in a more public forum?
		I'm interested in doing things in front of the 168.
		That's what I'm interested in doing.
steve bannon ▲ ● ▼		Okay, welcome back. Politico has a huge story about the coming RNC vote, I think, on the 27th of January out in the Waldorf Astoria, I think the renamed St.
		Regis Hotel out in Dana Point, California, one of the most expensive places on the West Coast.
		John Fredericks, you're all over this Politico piece in Real America's Voice.
		Real America's Voice and the John Fredericks Radio Network You guys have proposed what and you've been turned down by whom?
john fredericks ▲ ● ▼		Well, look, we propose a debate that's going to be carried on national TV with Real America's Voice and through the John Fredericks Media Network and all our radio stations and apps and Get Her Live and everything else so that all of these three candidates can explain their positions and what their vision is going into the future.
		To our base, to our grassroots, to the very people that elected the 168.
		You know, when Ronald Romney McDaniel gets on here and keeps talking about the 168, it drives me bat crap crazy because, hey, that's us. Hey, we're the people that went to the mass meeting on a Saturday.
		We're the people that then went to the county meeting two Saturdays after and sat there with a cold cup of coffee in a donut hole for six hours.
		Then we went to a state convention to elect these people.
		We had to drive the wheels off our car.
		We had to fly there. We had to spend money, stay in a hotel, spend eight hours, twiddle your thumbs in the bleachers.
		We've done this. Now you won't Debate?
		You won't talk to us?
		You're only going to talk to the 168?
		Like it's the Politburo?
		Are you kidding me? So look, we said we want the messages to go to our people that are funding you.
		Oh, wait a minute. You want $25 a month?
		You want $50 a month?
		You want us to knock on doors, make phone calls, get apps just when you need us?
		And then when it comes to electing the chairman, You're out.
		So we proposed this debate.
		We found 75 minutes of downtime in Dana Point at the convention.
		There's nothing on the schedule.
		And we went to the three candidates and said, hey, we'd like to have a debate.
		And the moderator... Is going to be Rich Anderson, who is the chairman of the Republican Party of Virginia, 30-year Air Force veteran, former member Republican of the House of Delegates in Virginia.
		He's truly uncommitted, not made a decision when I talked to him.
		He said, I'd be happy to moderate the debate because I'm...
		I'm truly undecided.
		So it has nothing to do with who I support or Mike Lindell or who backs Lindell.
		He's the moderator.
		Lindell accepted immediately.
		He accepted right on my TV show outside the Beltway the other day at 7 a.m.
		He said, you tell me when, I'll be there.
		Harmeet accepted.
		Rana McDaniel says, no, I'm busy.
		So let me get this straight.
		You can't find 75 minutes in a four day meeting to talk to the very people that you depend on for your entire apparatus.
		Let them eat cake, pound sand, go to hell.
		That's your message. We're going to go forward with this debate with or without Ramna.
		We're going to have an empty chair.
		I'm going to find a cutout and put her picture there.
		Because this is a finger, this is a thumb in the eye.
		Steve, we have a populist movement.
		We are sick and tired of being taken for granted.
		All we're asking Rana to do is participate for 75 minutes on live national TV and radio.
		And our apps, so all of us listening to you now can see the three candidates, see what their vision is going forward.
		We understand that the election is from the 168, but the 168 represents us.
		They didn't get there without our sweat and hard work and our time on three successive Saturdays, if you know how this thing works.
		So why not give us an insight, a view, into what is happening?
		It's a simple request that's turned down flat, and they're telling me they don't have an hour and 15 minutes to talk to the very people who they depend on for their own survival.
		They certainly can take our money and go to the most plush resort in the country, all the way on the other side of the U.S. in Orange County, the former St.
		Regis, Waldorf Astoria.
		And guess what? If you're not an RSC member, you don't get $350 a night.
		You got to pay rack rate $1,000.
		So you can't even go there, right?
		So they have it at a resort.
		Optics are terrible.
		We're in a recession and people have to go and cover it.
		I've talked to media people.
		Their companies can't send them to cover it.
		Why? Because they can't spend $1,000 a night.
		This whole thing is absurd.
		Rana should be accountable to the very people, Steve, that she depends on in order to keep her job and to keep the Republican Party afloat.
steve bannon ▲ ● ▼		By the way, just the 168, you have 50 GOP chairs of every state, like Kelly Ward out in Arizona.
		So you have 50 of those. Each state has a committee man and a committee woman, right?
		That gets you to 150. Then you have six, I guess, territories or others.
		Virgin Islands, Guam gets you also three, which, by the way, the Virgin Islands and Guam are the same as California.
		I don't know how that works for that.
		And that gets you to 168.
		The chairman of the GOP and the two committee men are kind of elected...
		In this process anyway, by precinct men and all that, I don't know why she wouldn't want to broaden it out and actually discuss it directly with the grassroots.
		I don't understand the intellectual, I don't understand the conceptual hang-up, John.
		I tell you, Fredericks, I know you've got to bounce because it's the Godzilla of your sportsbook, but can you hang on? I've got a 90-second break.
		I just want to hold you over for one second.
		Keep you away from the sportsbook just for a moment.
		No problem, Steve. Thank you. Okay? Okay.
		John Fredericks is going to...
		We've also got Mike Howe at Heritage.
		The oversight.
		And Heritage Oversight is something you've got to find out more about because they're on fire right now in this oversight fight.
		Short commercial break. Back in a moment.
unidentified		It's all started.
		Everything's begun.
		And you are over.
		Cause we're taking down the CCP. Spread the word all through Hong Kong.

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