Feb. 24, 2023 - Bannon's War Room
48:45
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
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Pray for our enemies, because we're going medieval on these people. | |
| I got a free shot at 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'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? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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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
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Here's your host, Stephen K. Bannon. | |
| And there is no doubt, these are crimes against humanity. | ||
| The United States has formally determined that Russia has committed crimes against humanity. | ||
|
unidentified
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Thank you. | |
| And I say to all those who have perpetrated these crimes, and to their superiors who are complicit in these crimes, you will be held To account. | ||
| In the face of these indisputable facts, to all of us here in Munich, let us renew our commitment to accountability. | ||
| Let us renew our commitment to the rule of law. | ||
| Exactly one year since Russia launched its unprovoked war on Ukraine. | ||
| On Twitter this morning, Ukrainian President Volodymyr Zelensky recognized the day, writing, quote, On February 24th, millions of us made a choice. | ||
| Not a white flag. | ||
| But the blue and yellow one. | ||
| Not fleeing, but facing, resisting, and fighting. | ||
| It was a year of pain, sorrow, faith, and unity. | ||
| And this year, we remained invincible. | ||
| We know that 2023 will be the year of our victory. | ||
| Here in the United States, the Biden administration is marking the day by announcing a new aid package for Ukraine. | ||
| It's second of the week. | ||
| Among other things, it includes several new unmanned aerial systems, new high-mobility artillery rocket systems and more ammunition. | ||
| The White House is also imposing new economic sanctions today against more than 200 groups and individuals in Russia and other parts of the world that are supporting Moscow's war efforts. | ||
| Janet Yellen yesterday, the Treasury Secretary, used her opportunity to speak behind closed doors. | ||
| Let the Russians have it. | ||
| Let everybody have it. | ||
| And said anybody that was supporting the Russians was supporting the atrocities in Ukraine. | ||
| It was extraordinarily strong and striking coming from a secretary of Treasury. | ||
| A Treasury secretary. Really, really strong. | ||
| How do we move toward an endgame? | ||
| How do we move toward a negotiated peace? | ||
|
unidentified
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That's up for the Ukrainians to decide that. | |
| So what is acceptable to Ukraine, that's territory intact. | ||
| Whatever that answer is going to be. | ||
| Is it militarily possible for us to get Russians, for the Ukrainians to get every Russian troop out of their country and Crimea? | ||
|
unidentified
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I don't think it's militarily possible for the Russians to achieve their initial strategic objectives, political objectives, by military means. | |
| I don't think that's possible anymore. On the flip side, the Ukrainians, I think for this year, it would be very, very difficult, not impossible, but very, very difficult for the Ukrainians to achieve their political objectives. | ||
| And their stated political objective is for every single Russian to leave every single inch of Ukrainian territory. | ||
| I think that's a very high bar. | ||
| I think from a military standpoint only, that would be extraordinarily difficult to achieve militarily this year. | ||
| What is achievable? | ||
| I think is significant liberation of Ukrainian territory and maybe if we're lucky, touch wood, the diplomats will enter the fray here and they'll get to a negotiating table at some point. | ||
| I think at the end of the day, President Biden, President Zelensky, every European leader said the same thing, which is this war will end at a negotiating table and that's probably right. | ||
| Thank you so much for being with us. | ||
| Let me ask you, first of all, what has been the impact of the last year on the EU and European unity? | ||
|
unidentified
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Well, I think we've seen that Putin has done three massive strategic mistakes. | |
| He's done many mistakes, but these were exceptional. | ||
| First of all, he has completely miscalculated the bravery and the courage of the Ukrainian people. | ||
| But he has also completely miscalculated the unity and the determination and the resolve of the European Union. | ||
| And the third point was that he tried to blackmail us with energy. | ||
| We were over dependent on Russian fossil fuels before the war started. | ||
| And he tried to blackmail us with energy. | ||
| He completely miscalculated that we would stand together, diversify away from the Russian fossil fuels and invest massively in renewables so that today we are independent of Russian fossil fuels. | ||
| So this year brought along an increased unity, determination and resolve of the European Union. | ||
| I've heard some skepticism among European leaders privately of the ability of Ukraine to ever become an EU member because of concerns of ongoing corruption in parts of the economy and in the society. | ||
| What do you say to those skeptics, even within your own membership, about the need, the importance of Ukraine eventually becoming a member of the EU? It is amazing. | ||
|
unidentified
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It's heartwarming to see the deep wish and the longing of Ukraine to become a member of the European Union. | |
| And I'm personally deeply impressed by the willingness to undergo deep reforms, for example, to fight corruption in Ukraine in order to progress in this path towards Europe. | ||
| And indeed, if it wouldn't have been for Ukraine's willingness really to reform, they wouldn't be at today a candidate's country to the accession to the European Union. | ||
| It is impressive to see how fast they deliver and the accession process It's a merits-based process. | ||
| So it's not a rigid one, but the better you perform, the better you reform, the sooner there is access to the European Union. | ||
| So it depends on the progress in Ukraine itself. | ||
| And Ukraine, as I see it today, is absolutely willing to fight corruption, to put in the rule of law, to abide to all the necessary and to follow all the necessary reforms. | ||
| So it's up to them to deliver. | ||
| The economic assistance is making Ukraine's resistance possible by supporting the home front, funding critical public services, and helping keep the government running. | ||
| In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine. | ||
| Putin himself thought he would achieve a victory at minimal cost, in the words of CIA Director Bill Burns. | ||
| Putin's war has been a strategic failure for the Kremlin. | ||
| Ukraine still stands. | ||
| The Biden administration announcing the U.S. is going to send Ukraine another $2 billion security package amid renewed warnings now that Russia could be planning a new military offensive timed around the one-year anniversary of Vladimir Putin's invasion. | ||
| Kayla Tausch is in Washington this morning, and she joins us with the latest good morning. | ||
|
unidentified
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Good morning, Andrew. President Biden is going to be talking to his G7 allies and President Zelensky this morning. | |
| His visit to Ukraine and Poland this week meant to shore up waning support for a war that as of today is entering its second year. | ||
| But in the last year, the United States has already provided $32 billion in military aid, $13 billion in economic assistance to keep the bills paid, and nearly $2 billion in... | ||
| Okay, I can't take any more. | ||
| First of the numbers are all lies and misrepresentations. | ||
| So they're in full. I got Cortez. | ||
| We're going to try to get John Fredericks, too, from this amazing meeting yesterday at the Pennsylvania Senate. | ||
| By the way, it is Friday, 24, February, in the year of our Lord, 2023. | ||
| I think, Cortez, in years future, that the Biden administration will make this a national holiday in the United States, the Blue and Gold Day. | ||
| The paper of record right here, the New York Times, they got a fanboy piece. | ||
| It's the buddy movie here. | ||
| They got the buddy movie right here of Zelensky and Biden. | ||
| They're holding hands right there. | ||
| They're loving up on each other. | ||
| That's his new buddy. | ||
| You see where no money for East Palestine, no real trips to East Palestine. | ||
| You had Alfred E. Buttigieg go out there yesterday. | ||
| Kind of embarrassing, like a nine-year-old that didn't want to go do something. | ||
| He's there looking like a goofball. | ||
| No money. You have the Senate hearing in Pennsylvania where the people are saying we can't even get guys to take our phone calls. | ||
| But $10 billion today from Yellen. | ||
| $10 billion in economics. That's to pay for the nurses, the doctors, all the oligarchs. | ||
| That's to pay for all the guys that run one of the most corrupt countries in the world. | ||
| That's to pay their money. You don't see any of that coming to your district to pay all that. | ||
| Another $2 billion in military aid, right? | ||
| Another $2 billion in military aid. | ||
| So that's $12 billion they've committed today. | ||
| And by the way, everything they say $29 billion, it's a lie. | ||
| It's $200 billion, okay? | ||
| The Daily Mail's got a great piece. | ||
| We'll get it up later. It shows you where it all went. | ||
| It's $200 billion either been sent and spent or skimmed or committed to go. | ||
| Okay, so this, and you look at all the other NATO allies, you know, we're over $100 billion in military aid alone, military equipment, material, as they call it. | ||
| The other, you know, Germany's $2.5 billion. | ||
| I'm not kidding, $2.5 billion. | ||
| The rest of NATO is just a joke. | ||
| They're not sending anything. This is underwritten by the American taxpayer. | ||
| NATO's throwing in some stuff on the side. | ||
| Cortez, I don't even know where to start, but let's start at the fact that The Chinese yesterday put in the CCP who's underwriting and backstopping the Russians. | ||
| They put in a peace plan, a 12-point peace plan that is just in your face, right? | ||
| And, of course, the United States and the Allies rejected immediately because it doesn't talk about going back to the original sovereignty. | ||
| They rejected immediately. Zelensky, our buddy, the buddy movie Zelensky, he says, hey, I want to meet with China. | ||
| You know, they got some interesting things here. | ||
| I want to meet with China. First thing he says, I want to meet with China. | ||
| This will be like Iraq, which yesterday just announced that they're going to sell all the oil they're going to sell to China is going to be converted into yuan, right, not to dollars. | ||
| So they're getting rid of the dollars, the prime reserve currency. | ||
| Our buddies in Iraq who we spent seven trillion dollars, remember, liberating them so they had the blue thumb and they were voting in the elections, bringing democracy to the Iraqis, right? | ||
| That turned out well. Where do you want to start on this one, Cortez? | ||
| We got so much to feast on here. | ||
| You tell me where to start. | ||
| That unfortunate feast. | ||
| Well, let's start with the contrast because you have correctly described and detailed the tale of two cities here, right? | ||
| In East Palestine, Ohio versus Kiev. | ||
| And where the priorities of the American ruling class are, the Washington war machine, permanent Washington, Biden, along with a lot of Republicans. | ||
| Their priorities are 5,000 miles away on escalating a regional struggle that really should be irrelevant to the United States instead of focusing here. | ||
| And new news out today, just before the show, Steve, we got terrible inflation data. | ||
| New inflation data on the PCE, which is the preferred inflation gauge of the Fed, it rose measurably well above Wall Street expectations. | ||
| Because of that, interest rates are also rising this morning. | ||
| 10-year Treasury yield, which is the benchmark yield upon which all interest rates globally are based, 10-year Treasury yield is almost back up at 4%, 3.96 % today. | ||
| So Americans are languishing economically. | ||
| are struggling simply to survive and afford the necessities of life. | ||
| Forget about the luxuries for middle and lower income banks right now. | ||
| All right, they're reaching for credit cards for the necessities. | ||
| And at that same time, We are massively financing and escalating a war 5,000 miles away to defend the eastern border of Ukraine, while our very own border here in the United States is absolutely out of control and teeming with trespassers who are breaking and entering into our country. | ||
| So that is the tale of two cities right now, and that is the perverse priorities of Washington. | ||
| And I'm glad you played. I know it's probably hard for a lot of the audience to watch some of the things that you play there in the opening, a speech by Kamala Harris, the corporate media, you know, unfortunately just engaging constantly in narrative and platitudes and bromides, you know, all of which are basically empty sloganeering. | ||
| But the takeaway, I think, for the American people has to be We are not the priority of permanent Washington. | ||
| That is simply the reality right now. | ||
| Also, to put this in context, and you're right, we're spending now upwards of $200 billion. | ||
| But if we were to even just accept sort of the Washington mark of we spent a little over $100 billion, I think for folks out there, when you hear billions and trillions, your eyes might glaze over. | ||
| What does that mean? What is $100 billion? | ||
| Let's put that in context. That is the entire budget of the state of Florida. | ||
| Steve, hang on for one second. | ||
| I want to get to all that and compare and contrast. | ||
| By the way, Steve, we're actually going to expand it. | ||
| We're going to go to Yuma in the 11 o'clock hour. | ||
| So we've got a tale of three cities. | ||
| Yuma, Arizona, East Palestine, Ohio, and Kiev. | ||
| You're going to compare and contrast. | ||
| Let's see where the American people come down on all this next in The War Room. | ||
|
unidentified
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We rejoice when there's no more. | |
| Let's take down the CCP. I just have a quick question. | ||
| The American public doesn't seem to be very confident in your ability to do your job. | ||
| Will you be resigning anytime soon? | ||
|
unidentified
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I'm not here for politics. I'm here to make sure the community can get what they need. | |
| Will you apologize for the response? | ||
| No apology? | ||
|
unidentified
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Why did it take you an entire two and a half weeks to actually get here to respond to East Palestine? | |
| Will you apologize to the residents of this city? | ||
| You know, he waited until President Donald Trump came here to actually make an appearance. | ||
| This is a very important question that people across America would like to know. | ||
| I'm happy to have a conversation with you. | ||
| I do not want to be on camera. | ||
| Well, if you're the press secretary of the Secretary of the Department of Transportation, don't you think you should be able to ask questions from the American public? | ||
| He has not been here until Donald Trump came. | ||
| As one witness said, he had reached out to everybody. | ||
|
unidentified
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No one got back to them except Doug Mastriano. | |
| No one. I am asking that they trust the government. | ||
| President of the United States of America, Mr. Joe Biden. | ||
| No Pete Buttigieg, no Joe Biden. | ||
| They just feel like they've been abandoned. | ||
|
unidentified
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The water that has been tested and the air that has been tested is coming back with no adverse health impact levels. | |
| Everybody's concerned. | ||
| Number one, they keep referring to us as the low class or they act like we're stupid here in East Palestine. | ||
| Mainstream media. Oh, absolutely. | ||
| Because we haven't had a heavy rain or a heavy snow to push those chemicals into the wells. | ||
| We'll test those wells in about six months or a year, and then we'll see what they have to say. | ||
| Migraine headaches, sickness, rashes, welts, shortness of breathing, their kids sick, can't go to school, pets dying. | ||
| The fear is like nothing I've ever seen. | ||
| I mean, I'm telling you guys, this is a mini Chernobyl. | ||
| This is a cover-up. | ||
| Get this. Two and a half times more vinyl chloride than exists in the entire United States. | ||
| These people have been lied to. | ||
| The cover-up here is a cover-up now. | ||
| And we got this feckless weasel communist president going to the Ukraine, giving away a half a billion dollars of our money so they have money in their pocket. | ||
| And these people are afraid to eat. | ||
|
unidentified
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No, no, no. We're going to get to... | |
| Look, here's the good news. | ||
| The process has started, and already they're focused on what's important. | ||
| What's important is who authorized a controlled release, and then who authorized, quote-unquote, a controlled burn. | ||
| These are the forgotten people of America, Steve, and it's really despicable. | ||
| Well, they ain't forgotten no more. | ||
|
unidentified
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The War Room's got your back 100%. | |
| We're all over this, John Frederick. | ||
| The tale of three cities. | ||
| That would be East Palestine, Ohio, Yuma, Arizona, and Kiev, Ukraine. | ||
| And maybe we'll throw in a fourth, the nation's capital of the American empire. | ||
| Let's go to John Fredericks. | ||
| Sir, the American Chernobyl. | ||
| A day after, you've had it now a day to think about this. | ||
| The incredible testimony yesterday of the forgotten man and woman with Senator Mastriano's hearing and basically the cover-up, sir. | ||
| Well, listen, Steve, still here in Monaco, Pennsylvania, trying to really absorb going through our notes all last night about what happened. | ||
| And what you've got here is classic wag the dog. | ||
| I mean, you go to that hearing yesterday, and it was incredible. | ||
| After you got through the witnesses, and then you went to Pima, this guy was a complete joke. | ||
| Randy Podfield, and he could see the cover-up. | ||
| I mean, he talked for 20 minutes. | ||
| It was a complete bureaucratic word salad. | ||
| I mean, it was like going out for Chinese food. | ||
| You get into your car and you're starving. | ||
| I mean, he gave no information. | ||
| And all these people were asking for his give us information about our life. | ||
| How much chemical was released? | ||
| What are the chemicals that got released? | ||
| One person said, I went to the doctor who said, well, what are the chemicals so I can treat them? | ||
| No one knows. This is called a cover-up when you don't give anything. | ||
| They wanted a precise timeline. | ||
| They didn't get that. They wanted the documentation of how this decision was made. | ||
| They didn't get that. Six hours of a hearing. | ||
| And we had the bureaucrats come in, and no one gave any information. | ||
| When you look at a classic cover-up, this is what you get. | ||
| Stonewalling, blackout, no information, hodgepodge, word salad, the whole thing. | ||
| These feckless bureaucrats. | ||
| Look, this decision was made as a state senator, The ranking member, Senator Muth, this decision was made on the behalf of Norfolk Southern's bottom line. | ||
| There's no other way out of this because those tracks were laid immediately. | ||
| It was within 10 minutes when those tracks got relayed that trains were rolling again. | ||
| And nobody can get to the bottom of, what was this burn? | ||
| And first of all, it was not a controlled burn. | ||
| This thing was totally out of control. | ||
| Troll. I mean, we had an Amtrak driver that retired that was one of the witnesses who said, wait a minute. | ||
| These tracks, I've been doing this for 30 years. | ||
| They're very sophisticated. | ||
| When you get the burn, you get all the lighting goes off as a train operator. | ||
| You know, that was just ignored. | ||
| But now what they want to do is they want to focus on, like you said earlier, they want to focus on the derailment. | ||
| Well, the derailment... Whatever happened with the derailment human error or what, the scandal here, the cover-up, is what happened to this toxic waste that spilled over. | ||
| Why was this decision made to burn it? | ||
| Who was involved? | ||
| And they didn't even tell anybody. | ||
| This is the other thing. And people are saying, people are coming out of town saying, well, is it... | ||
| 20 miles? Is it 30 miles? | ||
| Is it 50 miles? | ||
| Now we've got residents in West Virginia who are saying, well, am I affected? | ||
| In Morgantown, where my son is going to a season starting next season to go to college. | ||
| You know, now they're saying they're People are texting him. | ||
| Hey, are we gonna be okay? | ||
| There's no information. | ||
| The whole thing is bottled up. | ||
| Now you got the wine today. | ||
| Goes on Fox& Friends. | ||
| It's a complete fake network. | ||
| Conservative Inc. Toe on the line. | ||
| Goes on Fox& Friends. Hey, everything is fine. | ||
| Water's fine. We tested it. | ||
| The air's fine. Okay, Mike, why don't you go there? | ||
| Why don't you take your grandkids there for like a week? | ||
| Drink the water. Bathe. | ||
| Shower. Stay there. | ||
| And then tell us everything is fine. | ||
| They're not going to go because they're afraid. | ||
| They're lying to us, Steve. | ||
| This is a miniature noble. | ||
| It is the biggest scandal we've ever seen. | ||
| And it's a cover up and you're witnessing it in living color every day. | ||
| Talk to us about DeWine. | ||
| Fox did this because you've got to remember Fox is now the virulently anti-Trump. | ||
| They didn't cover Trump at all. | ||
| We've had so many people in the economy say, hey, did Trump go? | ||
| Fox did not cover a second of Trump being there, but they brought DeWine on today after the Pennsylvania hearing, which they didn't cover. | ||
| After Trump's visit, which they didn't cover, to run the playbook of the Republican establishment with Mike DeWine. | ||
| Walk us through what DeWine said again, everything's fine. | ||
| Just like he said the day he showed up, remember, the day of the burner, he shows up and says, yeah, it's all great, nothing here, send the kids back to school. | ||
| Yeah, he said, hey, we tested the water. | ||
| Everything is fine. There's nothing to see here. | ||
| Move along. Well, you weren't at the hearing, okay? | ||
| You didn't see the people that came up as witnesses. | ||
| Two of them got on my radio show, and one of them said, I mean, she turned to me and said, John, look at me. | ||
| Take a look at me. | ||
| Do I look okay? | ||
| She's full head to foot. | ||
| She's got a full ration welts. | ||
| She said, do I look okay? | ||
| No, you don't look okay. | ||
| You look like you need to be in the hospital. | ||
| I mean, this is what these people are suffering. | ||
| And then you got this feckless weasel DeWine saying everything is fine. | ||
| And you got Fox News now part of the cover-up. | ||
| You know, East Palestine. | ||
| Steve, is the inflection point for the working people again. | ||
| The forgotten people. | ||
| Same people that we talked about in 2015 and 2016 that you first brought out said it was the forgotten people that got trampled in 2008 like me that got kicked to the curb. | ||
| Nobody cared about them. | ||
| This is the same thing. | ||
| It's happening again. | ||
| No one cares. | ||
| And this hearing yesterday was incredible with these people coming forward begging for help. | ||
| I went on a I went on a talk show yesterday before War Room, Miranda and Dr. | ||
| Gina with RAV, who was asking me, well, John, give our audience the number to call. | ||
| Like, what number do they call? | ||
| And I'm like, there is no number because nobody answers the phone because no one cares. | ||
| So the problem is there's no number to call. | ||
| That's what the problem is, Stephen. | ||
| We haven't even got to the tip of the iceberg. | ||
| This cover-up, we don't know how deep it goes, who made that decision. | ||
| Why they did this? | ||
| And now you got Joy Bear yesterday. | ||
| Steve, get this. I mean, we're done. | ||
| This country is, I thought it was hanging by a thread. | ||
| We're in a free fall. You got Joy Bear yesterday on The View saying, this is incredible. | ||
| Well, you know what? The people of Ohio and East Palestine, they got what they deserved. | ||
| They voted for Trump twice. | ||
| They got what they deserved. | ||
| Basically, she said they deserve to die for voting for Trump. | ||
| This is a national talk show on a major network. | ||
| If somebody on our side did that, they would have gotten fired within 15 minutes. | ||
| She's still out there. | ||
| And they're laughing about it. | ||
| Well, they voted for Trump. | ||
| Trump, they deserve to die. | ||
| Their pets deserve to die. | ||
| They deserve to get cancer. | ||
| Unbelievable. Let them eat Fosgine. | ||
| John, how do people get to you to file your coverage? | ||
| Because you're all over this now. At JF Radio Show, one thing, at JF Radio Show, and you can download our free app there. | ||
| Follow me on Getter Live as well, 6 to 10 a.m. | ||
| We're going to be spending the day in Pittsburgh today. | ||
| We're buying some stations there, so I'm doing my due diligence. | ||
| But even the residents of Pittsburgh, no one knows how far this goes out. | ||
| No one knows how far it goes downstream, Steve. | ||
| No one knows anything. There's been a blackout of information. | ||
| That's called the cover-up. | ||
| Follow me at GF Radio Show. | ||
| Steve, thank you for the coverage. | ||
| Steve, at the end of the day, okay, you've been with me a long time. | ||
| You're the only person that understands this. | ||
| The plight of working people, this is a class war again. | ||
| And once again, you're the only guy in America standing behind us. | ||
| Thank you. Thank you for the kind words. | ||
| John Frederick's short commercial break. | ||
| We're going to talk about inflation. | ||
| We have E.G. Antony and this Steve Cortez, the world's expert in capital markets, all next in the War Room. | ||
|
unidentified
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War Room. Here's your host, Stephen K. Bamm. | |
| Okay, welcome back. The Tale of Three Cities, East Palestine, Ohio, Yuma, Arizona, and Kiev, Ukraine. | ||
| Cortez, give me a minute on the forgotten man here, and particularly you've got Fox now running interference for the Mike DeWine, the corporatist Republican Party, sir. | ||
| Yeah, these are the perverse priorities of the ruling class and of permanent Washington on full display. | ||
| You know, a very important point here that was just made is that folks like DeWine, these political leaders, EPA Regan, Transportation Buttigieg, they should all be living and working right now in East Palestine. | ||
| And if they tell us that the water is safe, they should be drinking it from the tap on camera. | ||
| Same with Norfolk Southern CEO Shaw. | ||
| He should not be hundreds of miles away in his mansion in Georgia. | ||
| All of these people need to take responsibility, need to be on the scene, where they can participate in what is going on and whatever is necessary for a valid cleanup of that community. | ||
| What we see instead is a total dereliction of duty and abdication of leadership. | ||
| And I think in no small part, Steve, it's because this happens to be a town full of people the ruling class doesn't care very much about. | ||
| It happens to be a town Of Trump voters, of deplorables, of working-class white folks who get no respect from the powers that be. | ||
| That is the reality right now. | ||
| And thankfully, you are shining a light on it and making sure that the American people are informed about what's going on there and that we do care deeply about what is happening in East Ohio. | ||
| By the way, the Hill newspaper, right, which is not Breitbart, not Gateway, Revolver, Citizens Repress, or War Room, Lead story, if Denver can please, I think I got to you guys, just do the headline in the picture. | ||
| The lead story in the Hill newspaper right now, Biden faces political threat with East Palestine train derailment. | ||
| It's one of the many reasons, I think, we're getting this later, Steve, about why Biden is delaying his announcement. | ||
| But people in the country are waking up to this, about what the problem in this country is. | ||
| I want to bring in, we pride ourselves... | ||
| In being months ahead at least and hopefully sometimes years ahead of what's important we played that when the huge stories came out last week about China and Russia control you know gonna have such an impact on the food supply and why your foods going up and all that we played from March 7th of last year Steve Cortez literally telling you exactly why this was gonna happen right with the phosphate and the potash In Russia and the fertilizer and all that. | ||
| I want to bring in E.J. and Tony. | ||
| E.J., we had you on. | ||
| You work with Steve Moore's committee to unleash prosperity, also over at Heritage. | ||
| You came on the show, I think it was three weeks ago, and you talked about the inflation number. | ||
| You talked to us about what was going to happen at the end of January, and you nailed it. | ||
| Walk us through the release on this inflation number today and the impact on the American people. | ||
| Well, inflation, Steve, is not dead yet, not by any stretch, regardless of what the Fed may tell you or what the politicians in Washington may tell you. | ||
| In fact, prices rose so fast in the month of January in the Fed's preferred inflation metric. | ||
| If you extrapolate that out to a whole year, price increases are running three times hotter than their target of 2%. | ||
| Again, by no means is inflation over. | ||
| In fact, it's accelerating. | ||
| What part of the inflation concerns you the most? | ||
| When you see this number today, the top-line number, as you go through the math, because you're the statistical guy, what concerns you the most about this number today? | ||
| I would say the fact that it is so widespread. | ||
| For the longest time, we were told, oh, this month's inflation number was because of supply chain issues or this month's inflation number was because of a spike in gasoline or this or that or the other. | ||
| But what we're seeing is just increases across the board. | ||
| We are seeing, even if you take out the outliers of the prices that rose the fastest and the prices that rose the least or perhaps even went down, you strip out those outliers. | ||
| What you're left with is still very fast price increases. | ||
| So again, inflation, I can't emphasize enough, inflation is not dead yet. | ||
| What's the impact on the American people here? | ||
| It is a transfer of wealth from the American people to the government. | ||
| That's what inflation is. | ||
| If you want to name that in a single word, we call that a tax. | ||
| Talk to me about what the committee right now, I know we've got this massive budget deficit they're still wrangling about, which is just going to have to throw gasoline on it. | ||
| What is your recommendation right now, what Yellen, the Fed, and the Biden regime should be doing? | ||
| Well, the number one thing is stop the spending because as the Federal Reserve needs to print money to cover those deficits in order to prevent those Treasury rates from getting too high, that's what gives us inflation. | ||
| You were just mentioning earlier about the 10-year Treasury. | ||
| That rate is ticking up as investors see inflation running hotter and hotter. | ||
| And so if Congress actually cuts the spending, They will stop working at cross-purposes to the Fed, and that, frankly, is the only way we can even hope to achieve a soft landing here. | ||
| Outside of that happening, there is no way to make that soft landing possible. | ||
| Again, because Congress and the Fed are working at cross-purposes, and the more they spend, the more they borrow, the more the Fed has to print, and the higher rates have to go to try to rein in this monster that, frankly, they let loose in the first place. | ||
| E.J., how do people get to your social media and how do they get to your site? | ||
| They can find me at heritage.org and also they can find me on Twitter at Real E.J.Antoni. | ||
| E.J., thank you so much. | ||
| Honored to have you on here, brother. Great called shot. | ||
| Steve, thank you for having me. | ||
| Thanks, brother. Cortez, this is why you and I talked when Jamie Dimon made that comment the other day. | ||
| That the Fed doesn't quite have their hands around this. | ||
| E.J.'s right. | ||
| It's not just cross-purposes. | ||
| It's like they don't care. | ||
| They're not really interested. | ||
| The inflation thing is only because the wealthy don't pay. | ||
| The inflation doesn't mean anything to the wealthy. | ||
| In fact, some of the asset classes they have increase. | ||
| They're not going to stop the spending. | ||
| They're not going to come close to stopping the spending. | ||
| It's all performative right now. | ||
| Right? And they had the Fed. | ||
| But all that just transferred to the little guy. | ||
| And you're the first one to call it. | ||
| I know you've got some other... | ||
| Tell us about what life is. | ||
| I want to talk about cars because everything's interest rate sensitive. | ||
| And people in this audience, understand this, baby. | ||
| It's going to get so much worse. | ||
| It's going to get so much worse. | ||
| The bond market is throwing up on the business model of the United States of America. | ||
| And you have these clowns up here, Janet Yellen coming up in your face with $10 billion more to the Ukraine to pay for things that your local community can't pay for, that are star for. | ||
| Right? That's what they're paying for. | ||
| And another $2 billion in arms. | ||
|
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Steve Cortez. Steve, we are borrowing money. | |
| We don't have this money. We are borrowing money at increasingly high interest rates to pay pensions in Ukraine. | ||
| I mean, think about just that fact alone. | ||
| It's appalling, particularly at a time like this, a tremendous economic anxiety. | ||
| And let's get to that. I want to talk about the on-the-ground reality for Americans right now. | ||
| And you're right, Steve. We often say on this show that the bond market actually matters far more to most people's lives than the stock market. | ||
| The stock market might be more fun, more sizzle, sort of more sexy to watch. | ||
| And I understand that totally. By the way, stocks getting killed today. | ||
| The Dow is down almost 500 points. | ||
| The retail sector, which of course is extremely sensitive to inflation, the retail sector is down 2.5 % right now. | ||
| Why? Because 10-year Treasury yield is picking up. | ||
| But the point is the bond market matters so much more to most people's lives. | ||
| Most people don't own enough stocks for the stock market to be that consequential. | ||
| But everyone, everyone has vulnerability to rising interest rates. | ||
| That's the reality. Let's talk about some of that vulnerability. | ||
| If we can please pull up chart number three. | ||
| This is on car loan delinquency. | ||
| And this is an article from Yahoo Finance talking about, and they call this data bone chilling. | ||
| That was the phrase that is used by Yahoo Finance, bone chilling data about rising auto loan delinquencies. | ||
| People simply cannot make their car payments. | ||
| Almost 2 % are severely delinquent, which is a significant rise over November. | ||
| And this is the most important part here that I highlighted. | ||
| It's the worst delinquency rate since 2009. | ||
| And Steve, we keep hitting these kinds of markers, okay? | ||
| Unfortunately, on so many metrics, we're saying this is the worst ever, or it's the worst since the 08, 09 great financial crisis. | ||
| Well, in terms of Of auto delinquencies, auto loan delinquencies, it's the worst since 2009. | ||
| And Steve, even more troubling, that's also in the article, as far as subprime loans, so loans to riskier borrowers, delinquency rates are at an all-time high. | ||
| Not just the worst since 2009, the worst ever. | ||
| in the history of keeping these rates. | ||
| So, these are the tangible, real-world consequences. | ||
| That repo men all over the country are getting incredibly busy, and they're going to be getting busier because the consumer is tapped out a trillion dollars in credit card debt, At an average rate of now over 20 % on that credit card debt, the average loan being carried, credit card loan being carried, is $7,500. | ||
| The consumer cannot afford that, can't finance that, can't pay that minimum, and make the car payment. | ||
| That is what the numbers are telling us here, the harsh reality of what Biden's inflation is doing to destroy the prosperity of Americans, who have now endured 22 straight months of declining real wages, crashing real wages, meaning what you get paid adjusted for the goods and services you need to live your life. | ||
| Americans are working harder to get poorer every single day, and yet, where's Janet Yellen focusing? | ||
| Where's Biden focusing? Where are Republicans focusing? | ||
| Okay, people like Tom Cotton, who we used to be able to depend on, who voted for that omnibus monstrosity, they are focused on borrowing mountains of money to continue to spend like drunken sailors and sending a good portion of it over to Ukraine to escalate a war that has no U.S. national interest at stake. | ||
| When Biden left from the Buddy movie, when he left the Buddy movie, the six or seven Republicans followed up McCall. | ||
| And their thing is however long it takes and however much it takes. | ||
| It's an open checkbook with no audits, no nothing. | ||
| Just keep throwing until the last Ukrainians dead. | ||
| We'll keep supplying money and weapons with no thought of the United States of America. | ||
| I want to go back before we talk about the credit card of the United States, which we're going to make your direct analogy here. | ||
| I want to go back to subprime land because there's many people and why it's an indicator of economic health. | ||
| Folks in this audience ought to understand you're about to be part of subprime land because your credit is about to get destroyed. | ||
| Why is subprime? That is an amazing statistic. | ||
| It's the highest default rate ever in subprimes because we've been through some bumpy times before, have we not, Brother Cortez? | ||
| We certainly have, right? | ||
| I mean, going back decades. | ||
| I mean, when you look at 9-11, at the dot-com bubble, at the great housing crisis of 08 and 09, we've been through some very, very tough times. | ||
| But the subprime auto market has never been worse than it is right now, never a higher rate of delinquency than right now. | ||
| And again, for overall car loans, not just subprime, for overall car loans, it is the worst right now since the worst delinquency rate since 08. | ||
| These are undeniable facts, Steve. | ||
| This isn't an opinion. This isn't Steve Cortez skewing something. | ||
| Yahoo Finance is not exactly a right-wing organization, right? | ||
| But they're at least willing to tell the truth and lay the facts out there on this auto delinquencies. | ||
| And it's hardly isolated also, Steve, because we can put this in the context of so many other metrics, all of them deteriorating, right? | ||
| We focused a lot this week on the trillion dollars in credit card debt, very necessarily so. | ||
| Same kind of situation there, by the way. | ||
| There's also a subprime sector of credit card debt, and not surprisingly, that is far more distressed than the overall state of credit card debt right now. | ||
| But subprime suddenly becomes a much larger group, you're exactly right, in a time of economic decline, because a lot of people who aren't subprime now are about to become subprime or may not consider themselves that way right this minute, but they're sliding toward it. | ||
| That's what declining real wages do to a country. | ||
| This country is getting poorer every single month because of policy mistakes, because of policy decisions. | ||
| These are created crises. | ||
| Now, the great news is we have the House, and if the House GOP holds the line, we can start to fix this mess, but they have to do it on the deadline. | ||
| We're going to talk about that. | ||
| We're going to talk about the debt limit and we're going to talk about the government's credit card or the line of credit from the government. | ||
| How this is about to explode. | ||
| With an exploding defense budget and exploding interest payments. | ||
|
unidentified
|
Short break, Cortez next. | |
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| Steve Cortez. Their credit cards and their credit cards. | ||
| Basically, the United States of America is becoming a subprime borrower, right? | ||
| I mean this is a rolling bankruptcy. | ||
| The only way – and this is this new – and I want to make sure people – it's a misdirection play, but even Brad had it yesterday. | ||
| A lot of the new stats are coming up. | ||
| I'm just talking about, oh, public debt as a percentage of GDP, public debt as a percentage. | ||
| That's just what we create and own. | ||
| That's the magic, right? | ||
| That's the magic of the Fed, right? | ||
| That's not total debt because the CCP still owns over a tree and the Japanese insurance companies, the Japanese banks. | ||
| The problem is it's getting harder and harder to find buyers for our debt because the business model is not sustainable and people understand what they're getting is a devaluation as you have this continual inflation. | ||
| You're doing a rolling devaluation on people. | ||
| Steve Cortez. No, you're exactly right. | ||
| Look, the US is being repriced, essentially, as a much riskier borrower. | ||
| And if you think of it in terms of just personal finance, right, if you've got a high credit score and you go get a mortgage, you get a lower rate, obviously, than somebody who has a low credit score, right? | ||
| They have to pay the bank more for the risk of that loan. | ||
| That is essentially what is happening on a grand scale to the United States. | ||
| If you think of global bond markets as effectively the bank, The bank does not believe any longer in the business model of the United States and is unwilling to lend our country mountains of money at extremely low interest rates. | ||
| By the way, let's put the interest rates in context. | ||
| On Election Day in 2020, 10-year Treasury yield was 0.8%, 0.8, well below 1%. | ||
| Today, as we sit here, it is 3.95%. | ||
| That is what has happened to Treasury yields and climate, by the way. | ||
| I believe headed far higher from here, unfortunately. | ||
| But hold it. Let's stop right there. | ||
| Let's stop right there. The 10-year Treasury controls your financial life. | ||
| That's one lesson we hope we've taught everybody. | ||
| This is why your financial and economic life suck. | ||
| It is because of the Biden regime and the collaborationist Republicans in the Senate that continue to pass all this over-the-top spending that led to the inflation. | ||
|
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0.8 % under Trump. | |
| And I understand Trump sends out some mean tweets and he can say some things that people consider nasty and all that. | ||
| 0.8 % versus almost 4%. | ||
| I mean, that is an incredible climb in a couple of years, isn't that Steve Curtis? | ||
| And this is why the audience, this is why your financial and economic life suck, and if you're under 35 years old, why you don't have a financial and economic life. | ||
| You're nothing but a serf. | ||
| Brother Cortez. That's right. | ||
| And remember, too, the way bond math works, going up a full percent, going from 3 % to 4 % is massively more consequential than an interest rate, say, going from 9 % to 10%. | ||
| In other words, because that 1 % is such a large percentage of the beginning baseline. | ||
| It's a third of what was a 3 % rate, which is now a 4 % rate. | ||
| So it matters massively to our entire economy. | ||
| This is the reason that people can't pay their auto loans right now and that the repo men, are about to get extremely busy, are already getting busy, but gonna get even busier. | ||
| It's gonna be one of the few growth industries out there, sadly, in the country, is car repossessions. | ||
| That's the real-world, tangible reality of the total fiscal and monetary irresponsibility of permanent Washington. | ||
| And I think there is equal blame on both ends, on the fiscal side regarding the Congress and the Biden White House, and certainly on the monetary side regarding the Fed. | ||
| Now, the Fed seems to have suddenly found religion, and that's a good thing, but it doesn't deserve much credit because it created this monster. | ||
| The Fed took its balance sheet—talk about a credit card—it took its balance sheet—we showed it on the show a couple days ago—its balance sheet all the way up to almost nine Now, it has been very slowly reducing it, but it's only gone down to $8.5 billion. | ||
| And just that pretty minuscule decline in the Fed balance sheet has caused convulsions in global capital markets. | ||
| And they really haven't even gotten started in terms of materially drawing down the Fed balance sheet. | ||
| So this credit card mentality and this credit card approach to governing has finally turned around and really bitten America very, very badly. | ||
| And the reality is we don't have the luxury anymore. | ||
| Global capital markets, because of inflation unleashed by Joe Biden, global capital markets are not going to give the United States the luxury any longer of borrowing as much money as we want at 1%. | ||
| Okay, that's just not real world anymore. | ||
| It's 4 % and climbing. | ||
| And climbing, Steve. | ||
| Very soon, probably at current rates, probably by 2025, 2026 at the latest, interest on the debt is going to be the single biggest expenditure of the federal government. | ||
| Bigger than defense. I think we need to cut, of course. | ||
| The point is we're going to spend more on the debt. | ||
| We get nothing back for it, right? | ||
| Nothing. It's literally just a payment. | ||
| You might as well light the money on fire as far as the American people are concerned, right? | ||
| Nothing in return for it. | ||
| It's going to be the single biggest item and soon. | ||
| Steve, just hang with me for a second. | ||
| 90-second break. Cortez is going to give us a little bit of the A block, and here's why. | ||
| It's a tale of three cities. | ||
| It's East Palestine, Ohio. | ||
| It is Yuma, Arizona, and it is Kiev, Ukraine. | ||
| And we're going to talk about Yuma. | ||
| We're going to talk about what happens down the border, this hearing they had, and Steve Cortez's thoughts and reflections and observations. | ||
| On the invasion of the United States and the current crisis in all things immigration, legal and illegal, next in The Word. |
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