Knowledge Fight Interactive Search Tool

All Episodes

Previous Next

March 14, 2023 - Bannon's War Room

48:53

Episode 2583: They Plan To Leave All The Debt On The Shoulders Of The Deplorable

Participants

Main voices

peter navarro

06:10

steve bannon

26:44

Appearances

brianna keilar

01:32

david sacks

01:21

phillip patrick

02:17

Clips

chuck todd

00:05

crom carmichael

00:32

jake tapper

00:10

Large

Audio Only |

Scroll

Show episode speakers

Speaker	Time	Text
steve bannon ▲ ● ▼		This is the primal scream of a dying regime.
unidentified		Pray for our enemies, because we're going medieval on these people.
steve bannon ▲ ● ▼		The reason 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 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 lie?
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		War Room, here's your host, Stephen K. Back.
		Thanks for joining us.
		The Journal reporting that none of the largest U.S. banks bid on SVB over the weekend, but at least one other offer was rejected.
		The Journal adding, quote, by declaring the firm systemic, regulators have more flexibility to offer would-be buyers' deal sweetener, such as loss-sharing agreements, according to former regulators.
		Last night's statement moved beyond half measures, or is it still not enough?
david sacks ▲ ● ▼		Well, I think last night's statement was quite good.
		I was actually very concerned yesterday morning after Yellen went on the Sunday shows, and she sort of said some of the right sentiments, but it was very vague and unclear, and it didn't inspire confidence.
		And then last night, when they said that they were going to protect depositors at SVB and they're going to create this new facility for all these regional banks that might have basically unrealized losses on bonds, I think that was a very strong step.
		I think that you can say that maybe it took them a day or two too long.
		I think Friday would have been better.
		The sooner you nip a banking crisis in the bud, the cheaper and easier it's going to be.
		But I think they did get to a good answer last night.
		And I think now the question is, is it enough?
		And it was still, I think, pretty disturbing this morning that you saw about half a dozen of these regional banks get clobbered.
		Including fantastic companies like Schwab just get clobbered and they halt the trading of them.
		So that tells me that maybe it's not enough.
		And I'm sure you saw Bill Ackman had a proposal this morning where he just said, listen, we've got to just come right out and say that all of these deposits and all these regional banks are protected.
		We can basically figure out the regulations and the FDIC later.
		But we need to basically go ahead and let depositors know their money is safe.
		I tend to agree with that.
brianna keilar ▲ ● ▼		Many companies affected by SVB's collapse.
		Ali Javid is with us. He's the co-founder and the CEO of the entertainment payroll company, RapBook.
		Sir, thank you so much for being with us.
		President Biden is saying that these funds are going to be available to SVP depositors today, which is obviously fantastic news for folks like you.
		But I wonder, have you gotten access to your money yet?
unidentified		This morning, we checked our bank account.
		All the funds were there.
		More importantly to us, everyone paid through RAPBook.
		The 100,000 people in production, their funds are there, and they can cash their payroll checks today at the banks.
brianna keilar ▲ ● ▼		And so they're able to do that, which is obviously a difference from yesterday, a huge difference.
brianna keilar ▲ ● ▼		We've heard from a 2024 GOP candidate, Vivek Ramaswamy, who says on CNN that depositors, people like you, companies like yours, that they should not get relief.
unidentified		Here's what he said. I would not bail out either SVP or even the depositors.
steve bannon ▲ ● ▼		We should let the market work here.
unidentified		Let Silicon Valley Bank fail if needed.
brianna keilar ▲ ● ▼		What do you say to that?
unidentified		We expect our money to be safe in banks.
		Workers expect to be paid.
		RAPA processes payroll for 100,000 people, and when a bank fails, that means a worker isn't getting paid to pay their mortgage, their childcare, their groceries.
		It's absolutely the responsibility of a bank and the federal government to make sure that our deposits are safe.
brianna keilar ▲ ● ▼		What would have happened without yesterday's intervention?
unidentified		Thousands of people today wouldn't be able to cash their payroll checks on time.
		Grabbook worked through the entire weekend to make sure remediation plans were in place.
		The Fed stepping in, though, was a significant thing to make sure that workers can be paid.
brianna keilar ▲ ● ▼		Who do you blame for how this went down?
unidentified		That's a tough question.
		What I will say is I think it's the responsibility of a bank to be prudent with our deposits.
		I think it's the responsibility of the government to make sure that banks are safe.
		As an American, I put my money with a bank.
		I don't think about whether it's safe.
		It should just be safe.
		I think there's still some work to be done for people to feel safe, but our government did the right thing today.
brianna keilar ▲ ● ▼		What do you think about the leadership of the bank?
		CEOs, investors, obviously, who you heard the president say they're going to be ones who took risks and will not be compensated.
		What do you think about people who made the decisions that put the books of this bank in a place where this could happen to companies like yours?
unidentified		I leave that to the government to go through.
		I don't know Silicon Valley Bank records.
		What I will say is that there's a whole community of people across companies affected by Silicon Valley Bank who all got together and tried to act in the best interest of everyone who's getting paid.
		This was a huge rallying moment of support.
		I leave it to the government to decide and evaluate what happened.
brianna keilar ▲ ● ▼		I know that you are becoming much more familiar, certainly, with some of these processes than perhaps you were before.
brianna keilar ▲ ● ▼		Do you worry that if you move your money to another bank, you'll be facing similar problems?
unidentified		I think the actions today reassure us that deposits are safe with banks.
		At the same time, we should all take measures that are appropriate.
		As a business, we use multiple banks as redundancy.
		Things happen, and when those things happen, it's our responsibility as a payroll processor to make sure people get paid, which is why we're able to move forward today with paying people.
		Even had Silicon Valley Bank not been around today to support.
		I want to start very quickly with banking crisis.
		Maria Theresa, you were just saying you were surprised you haven't seen Powell or Yellen out more forcefully already.
		Jay Powell, the Federal Reserve Chair.
		If you actually look at which bank this is, this is the Silicon Valley bank.
		This is a startup bank. This is also oftentimes the Democratic ATM bank of all those investors.
		And so the fact that you don't have these individuals, the investors that invest.
		So the fact that you don't have someone actually talking from the administration and being so forceful, I do think that we're going to see our Republicans saying, oh, you shouldn't bail this one out.
		It's going to be, I think, very much on a long political line.
steve bannon ▲ ● ▼		No, I think you got to say Republicans got to say you got to stop this.
		It's a Democratic. She said the quiet part out loud.
		It's a Democratic ATM. This is a total, complete scam.
		I want to put the alpha male, David Sachs, the carnivore, the venture capitalist, and then put the beta male down the guy running.
		OK, the David Sachs of the world and all the VCs, they got plenty of cash.
		Their processor has got a problem.
		Then you advance the cash to get a credit line.
		Remember, this whole thing, all of it is a total and complete scam.
		And right there, these assurances that Biden gives a day of protecting all deposits, all uninsured deposits, is that trillions of dollars?
		This bank, there's $150 billion minimum of uninsured deposits.
		The whole FDIC is only, I don't know, $100 billion, $125 billion.
		And they said, well, it's not going to take any government.
		That's a lie. But if they go back and enforce These fees they have in the banks for more FDI insurance, you're paying that.
		Just make sure you understand.
		Take your number two pencil out and write it down.
		I am paying to bail out the Democratic ATM and David Sachs and all the other big-shot oligarchs in Silicon Valley.
		This wasn't a bank that had 185 to 1, I think, leverage.
		It's like a hedge fund.
		And they use the cool kids table.
		They got all the special deals.
		They got all the mortgages, the whole venture lending.
		Here's what happens. A venture capitalist puts in money to the company, but he needs other money.
		And the reason is he doesn't want to take, you know, he wants to get a higher return on capital.
		How you do that? You leverage. When a leveraged buyout, we got bricks and mortars.
		It's easy here. You can't do it.
		What they do, they sign a bogus venture lending with Silicon Valley Bank.
		No personal guarantees on it, right?
		They do it. And that drives the returns up.
		But all of these things, it's not a real loan.
		It's actually venture capital.
		They just call it a loan because the bank gives it to them.
		And it's because management doesn't want dilution and the venture capital group wants high return on capital.
		And here's what happens when everything gets upside down that you haven't participated in.
		You've socialized the downside.
		You, the schmendricks, and the schmucks And the guys who breathe through your mouths, you, the audience, write this down with your number two pencil.
		I am paying for this.
		The Republican Party, I don't care about the Democrats.
		Of course, they're in hiding. They know this scam is so awful.
		Even Yellen doesn't want to come out and sell it.
		She says it's not bad. She doesn't want to come out and sell it.
		Powell doesn't want to touch it.
		They send Biden out. They daughtered him out for three minutes on some script.
		They don't want to touch it because they know we can rip their face off.
		Where are the Republicans?
		Where are all the Republican leadership say over our dead body, we'll let this go down?
		Where are they? This is what you get paid for in times of crisis to step up.
		It's a total and complete scam.
		There's plenty of cash to make these payments today.
		Not your cash. The cash should come from the venture capital companies that should put lines of credit to, hey, make payroll.
		I'm going to give you a line of credit, make payroll.
		Oh, management doesn't want to do that because it'll dilute them.
		The VCs don't want to do it because they're going to lower their returns.
		They don't want to do it.
		Of course they don't want to do it.
		Not one company would go out of existence.
		Not one employer would be laid off.
		That is all a total and complete lie.
		It's just about who pays for it.
		And right now, they got the Jamokes are gonna pay for it.
		Because you're not represented by anybody going to play Smash Mouth with these people.
		These people are disgusting.
		They caused the run on the bank.
		They got nervous and got their money out first.
		And then they went, hey, maybe you should take your money out of the bank.
	Maybe you should take your money to cover their tracks.
	They got theirs out first.
	Okay? As always.
	This stinks to high heaven.
	And somebody's got to defend the people on this.
	Because the people, once again, are paying.
	This actually is worse than 2008.
	This is more egregious than 2008.
	Because now you've got the Cool Kids Club, and they've been getting these mortgages, under-market mortgages, and leverage to buy stocks, margin to be able to buy stocks.
	The customers have been making a fortune.
	The portal depositors.
	Oh, these poor deposits, David Sacks sends me a tweet, puts a tweet out, Steve, oh, you gonna call the depositors?
	Yes, the depositors are the elite, trust me.
	They got special inside deals, every one of them, okay?
	And you guys should be putting up the credit lines, not the people in East Palestine, not the people in Yuma, not the people in El Paso, Texas, not the working class of this country, not Hispanic Americans and Black Americans and working class Americans making 35 and 40,000 bucks a year.
	With working two or three jobs and the wife working a couple of shifts?
	Never seeing the kids?
	No. They ain't living the good life.
	They're not going to the vineyards out there in Napa.
	They're not living the good life.
	Their life sucks. You know where their life sucks?
	Because this economic system sucks.
	Because they're at the bottom all the time, getting the hell beat out of them.
	What you have is a form of socialism for the wealthy and for the connected and the rich, and you have a brutal Darwinian capitalism for everybody else.
	A devil-catch-the-hindmost capitalism.
	That's what this system is, and that's why this system cannot continue as it is.
	This is the collapse of the neoliberal, neocon order before your eyes, because you don't have to comply.
	Remember, it's only with your consent That this can continue to go on.
	Because you are the full faith.
	I hope you realize now that you are the full faith and credit.
	That's not a bunch of words.
	That's not something the SEC enforces.
	That is you, the American people, the working class and middle class in this country.
	You are the full faith and credit of the entire system.
	Because they always come begging you.
	You notice they're not interested in your opinion any other time.
	But when they've got a problem, They come to mom and dad.
	They come, oh my gosh, let's go to the stable ones.
	Let's go to the ones that, let's go to Burke's little platoons.
	Let's go to the same people that sons and daughters die on every foreign battlefield.
	Let's go to those. How many of those Twinkies in this bank?
	Are there people that work there?
	Are the tech clients?
	Are the oligarchs? How many of those kids go die on foreign battlefields?
	You're always the one that keeps the system up, and it's only with your consent the system can continue on.
	Do you give your consent?
	Do you comply with this?
	Would you not like to have somebody represent your interest here and say, hey, how about this?
	Screw you. This got in trouble.
	You guys knew it was a party.
	The thing's been insolvent for six months.
	And Biden, your entire system, your inflation, your Federal Reserve printing money, the $6.8 trillion budget you just gave us, the destruction of this country, and the invasion of the southern border, all of it, and shoveling money over Ukraine, where your Secretary of the Treasury last week's there laying roses on the on front of the wall when she should be regulating banks.
unidentified		Back in a moment. Here's your host, Stephen K. Van.
steve bannon ▲ ● ▼		Okay, so folks did today.
		Think about this. This is how evolved we are in the 21st century.
		I got Navarra and I got Phillip Patrick.
		Phillip, I'm going to bring you in first for a quick hit, and you're going to hang around.
		We'll bring you back for more detailed analysis.
		But this is how evolved we are in the 21st century.
		I got chat GPT. I got AI. I got algorithms making decisions.
		People went out in the backyard today.
		They dug up the committee. They say, Where do we put the tomato cans with the Federal Reserve with the dollars in it, right?
		Rip open the mattress.
		Give me the dollars. I'm going to do what people have done for 5,000 years or 10,000 years.
		I'm going to get me some gold.
		Tell me about, is this the busiest day in your professional existence, brother Philip Patrick?
phillip patrick ▲ ● ▼		It is 2 p.m.
		Pacific Standard Time. I have never had a workday like it, and I think people are waking up.
		Listen, I'm in Los Angeles at 9 o'clock at night.
		I drove past First Republic Bank.
		People are lining up for their deposits this morning.
		People sitting in that line for 12 hours.
		It's a reflection of where things are heading.
		We've talked about the US being Argentina-esque with GDP of, you know, debt to GDP of 129%.
		Now we've got a run on the banks.
		It's getting bad, Steve, and people are waking up.
steve bannon ▲ ● ▼		That's the good news. There used to be the managed decline of our country.
		The bottom's coming out now.
		Every aspect of it. The bottom is coming out.
		Okay? And remember, in the audience, you did nothing to bring this on.
		You've worked your tail off and for 23, or we'll find out tomorrow, for 22 months and probably 23 starting tomorrow, your real wages have declined.
		The harder you work, the poorer you get.
		Okay? You did nothing.
		You did nothing to bring this on.
		You were totally, completely innocent.
		The only question now is you're going to comply with the system, okay?
		Are you going to give your consent to this?
		Because if you give your consent and you comply with this, then you become part of the problem.
		And right now we're going to lay it out. Gold is on fire.
		I've been talking about China and India and Japan and countries like that buying more gold than ever, right?
		Now today people went and did what people have done for 10,000 years.
		You know why? Because they can't trust what they're being told.
		And you know why they can't trust it?
		Because I watch this TV all day on every network, the business networks, and it's all lies and misrepresentations.
		Dr. Peter Navarro, am I too far off on that?
		Am I too harsh on our betters?
		Am I too harsh on the financiers, the bankers, and the tech oligarchs, sir?
peter navarro ▲ ● ▼		Well, these folks need to get off our lawn in all seriousness.
		Steve, that was, I think, your best rant.
		The Oscars were last night.
		Maybe next year that one will do it.
		But you're spot on.
		What my value add today is to give the posse some perspective on how the stock and bond markets, the dollar market, assimilated this information.
		If you look through the other end of the telescope, the macro end, what is happening now has frozen.
		Federal Reserve policy, it's reversed Federal Reserve policy.
		If you thought that the Federal Reserve was going to be the agent that could somehow control Biden's inflationary monster, they look like the Vichy France with the third right coming at them.
		They're running in the opposite direction here today.
		You saw an epic drop in bond yields, meaning anybody holding bonds, their prices went up.
		They made out light bandage.
		You know, the rich get richer and the deplorables pay for it.
		The dollar had a historic drop, wiped out all the gains for the year because when people bet on when you see lower interest rates coming, that means the dollar's It's going to go down, and the stock market was flat because they don't think the Fed is going to raise interest rates.
steve bannon ▲ ● ▼		Hold it. Hang on.
		Two things happened. Hang on.
		Hang on. Two things happened today.
		The Fed's going to let inflation just burn and burn this audience alive.
		They back up. But don't bury the lead.
		But hang on. Don't bury the lead.
		They gave an implicit, I don't know how many deposits are in banks, $5 trillion.
		They gave an implicit guarantee.
		And you heard the payroll guy.
		That's why I had that schmuck on at the end.
		They gave a guarantee.
		Remember, only a small portion of the deposits were guaranteed.
		There's $150 billion, which is 1.5 times the size of the entire FDIC insurance policy.
		It's just at one bank.
		And they gave a guarantee for everybody's money.
peter navarro ▲ ● ▼		Go ahead, sir. There was no risk manager at that bank.
		And, you know, in the old days when you learn economics, it's like the reserve ratios, right?
		The bank's supposed to hold at least 20 % of deposits and then they lend out the rest.
		And that's kind of prudent.
		But you're telling me, I think if your rant was correct, they had like leverage of 189 to 1, which is just crazy.
		So they're just like, They're just playing with house money banking that the government will come to the rescue.
steve bannon ▲ ● ▼		It wasn't a bank. It wasn't a bank.
		It was a hedge fund.
		It was a casino. It was a casino.
		And by the way, I don't want to pick on the management.
		They're all crooks and incompetent.
		But this is... Why is Janet Yellen in Ukraine laying roses at the wall with the big crocodile tear and saying we gotta pay the pensions and the healthcare of the Ukrainians for hundreds of billions of dollars when this bank was insolvent and they knew it was insolvent in the fourth quarter last year?
		Anybody that sold a security, traded a stock, bought a bond ought to sue these people today, and a prosecutor ought to impanel a grand jury immediately to find out what caused the run, and when did the head of the FDIC and the Federal Reserve and the governors of the Federal Reserve, when did you know this bank was insolvent?
		When did you know it?
		The people are tired of getting crushed.
peter navarro ▲ ● ▼		Go ahead, sir. Yelling on the way home needs to stop at all the banks in Europe, which are about to fail because of Joe Biden's inflation.
		Remember, everybody here has to remember how this whole thing started.
		Biden reverses Trump's policy, energy, the supply chains, right?
		And then he spends like a drunken sailor.
		That's The spark that created the prairie fire of inflation.
		So this begins with Biden.
		And then if you just ripple it through, it's good to remember how this happened.
		It's like as interest rates were going up, this casino, this hedge fund is buying treasuries.
		And losing money because as they buy them, the prices would fall, and then they had these unrealized losses.
unidentified		And then Peter Thiel says, get the hell out of there!
steve bannon ▲ ● ▼		Hang on, hang on.
		Let me tell you where the financial system is today.
		And I don't know if I can have my staff just...
		It's circling around the toilet.
unidentified		Hang on. Total deposits...
steve bannon ▲ ● ▼		At all U.S. banks.
		It's got to be, I know, multi-trillions.
		So now you've guaranteed all the uninsured.
		This is why you're paying for it.
		Remember, this insurance policy, the FDIC, takes it from fees from the banks.
		The banks just pass that to you.
		Everybody in this audience, write down with your number two principal, I am paying for this bailout.
		Okay, by your bank fees, you know, your bank fees, the lower interest rates, all of it.
		The banks pass it through to you.
		You're paying for this.
		Don't let them lie to you.
		You're paying for this. And the venture capitalists should give them lines of credit, not the U.S. government.
		How much? There's 19...
		Steve, remember... Not... Hold it. Stop.
		Stop. Hang on. Hang on.
		Hang on, Professor. Hang on.
		Hang on. The NBA's speaking.
		Just sit there for a second. Hold my beer.
		The... Hold it.
		$19 trillion.
		We've given guarantee. You heard the little guy with the beard, the beta male.
		The government, you know, I'm so glad they guaranteed all the deposits.
		$19 trillion of deposits.
		And we're sitting on, Peter, at these banks, $600 billion of unrealized losses because they bought this stuff at nothing because there were no interest rates at the time because on the night of 3 November 2020...
		When Fox News helped steal the election for illegitimate Joe Biden, the 10-year Treasury was at 0.86 and is at 4%.
		That's what caused this thing.
		It's back to Biden and the collaborationist Republicans.
		They are guilty of doing this.
		The regulators were asleep and I think purposely looked the other way because this thing was such a mess.
		That's why the California had to step in and not the Fed on Friday.
		This is outrageous. This bank's been unsolvable.
		I think the ratio, a bank should have, what, three or five times leverage max, an investment bank eight times, has 185 to one leverage.
		It's not a hint for any of you.
		It is a casino. Go ahead.
peter navarro ▲ ● ▼		On your cold open, your beta mail, when he said, yeah, it was great, I went in this morning and all the money was there for the payroll.
		Where the hell did that come from?
		Right? Right? It's like that bank, that hedge fund, that casino, it came from us!
unidentified		Okay? It's like the government, Janet Yellen, Jerome Powell, and Joe Biden co-signed the check last night of money we don't have to begin with.
peter navarro ▲ ● ▼		And in it went, so it's like, that was the best part of the cold open.
peter navarro ▲ ● ▼		It's like, yeah, the money suddenly appeared.
steve bannon ▲ ● ▼		Hold it, hold it, hold it.
		Hang on, hang on, hang on.
		This is what David Saxton liked in the cold open.
		Yellen went on there, Yellen, this is the Financial Times of London.
		This ain't Gateway Pundit.
		Yellen dismisses bailouts as U.S. racist contagion.
		They gave a bailout through a different, just a different part of nomenclature.
		And Dave is actually, I like that a lot more when it came in.
		They have guaranteed $19 trillion of deposits.
		$19 trillion in all of these casinos that are around the country that we know the bank regulators are not on top of.
		This bank's been insolvent for months.
		For months. And the reason was a cool kids table.
		You heard what the woman said on Chuck Todd.
		It's the Democratic Party ATM. Why would you bail these guys out?
		These guys de-platform you.
		They de-bank you. They hate your guts.
		Why are you doing it?
unidentified		Why are you doing it? Where is the leadership of the Republican Party?
steve bannon ▲ ● ▼		Step up here and say, over our dead body, over our dead body, we give you guys a nickel.
steve bannon ▲ ● ▼		Peter Navarro. Yeah, yeah.
peter navarro ▲ ● ▼		Well, look, scale this up, Steve.
		It's over $100 billion in losses at the small bank, okay?
		But there's going to be plenty more of that going.
		You scale that up, it's trillions of dollars.
		And remember, this is not happening in a stable economy.
		It's happening in an economy Where inflation is flying out of control, we are effectively devaluing the dollar.
		We saw it in the market today.
unidentified		We're substantially devaluing the dollar, and that's more inflation.
steve bannon ▲ ● ▼		That's what we say.
steve bannon ▲ ● ▼		Hey, honey, where do we have those tomatoes?
unidentified		Because of that bailout, who pays more deplorables?
steve bannon ▲ ● ▼		Where do we have that tomato can in the back?
		We've got to get over to Philip Patrick.
		We've got to get us some bars of gold.
		Short break, Philip Patrick Navarro next.
unidentified		News your host, Stephen K. Bannon.
unidentified		I want to start very quickly with banking crisis.
chuck todd ▲ ● ▼		Maria Theresa, you were just saying you were surprised you haven't seen Powell or Yellen out more forcefully already.
unidentified		Jay Powell, the Federal Reserve Chair.
		If you actually look at which bank this is, this is the Silicon Valley Bank.
		This is a startup bank. This is also oftentimes the Democratic ATM bank of all those investors.
		And so the fact that you don't have these individuals, the investors that invest in the people.
		So the fact that you don't have someone actually talking from the administration and being so forceful, I do think that we're going to see our Republicans saying, oh, you shouldn't bail this one out.
		And it's going to be, I think, very much on political.
steve bannon ▲ ● ▼		Okay, thank you very much.
		She said they won't invite her back for a while.
		She said that's the most truth you've seen on MSNBC, and that's the streaming service or NBC News in a while.
		I want to bring in, we're going to get into all of this.
		By the way, the reason I haven't seen Pound this stuff is Navarro knows this is not, this deal's actually not sellable because you ask two questions to them and they would actually melt because it is a total bailout.
		By the working class and middle class in this nation.
		And this is worse than 2008.
		Okay? For everything revolved around it, this is worse.
		As bad as 2008 was, this is worse.
		And they had to even get the stock market to be even, what Navarro said.
		They gave an implicit guarantee on $19 trillion of deposits.
		$19 trillion.
		And right now, because of the inverted yield curve, what we talked about here with Navarro and Cortez have hammered for over a year, You've got these massive losses.
		The bond market has finally come to take their vengeance.
		They have unrealized losses.
		I don't know. $600 billion.
		Why do you think J.P. Morgan, they just talked about the very opening thing we had in the quote, but they have a new auction, a new buyer's going to come in.
		Why didn't none of the big guys, you know, Citicorp, J.P. Morgan, why didn't nobody buy this over the weekend?
		Because it's a mess, and it's going to take you a lot of due diligence to figure out exactly what went on here and what you're actually buying.
		Philip Patrick, you were a banker before, but I think 16 or 17 years you've been in precious metals.
		I just want everybody to understand, this is the busiest day you've had in your professional career in precious metals, sir?
phillip patrick ▲ ● ▼		This is by far the busiest day we've had as a company.
		I've had as an individual.
		It is absolutely crazy.
		Like I said, people are waking up and they are realizing there are very few options out there.
		Precious metals becoming more and more important as everyday passes.
		And something I want to point out, whether you're buying precious metals in cash or through an IRA. The key?
		You own them, right? Even when they sit in a vault in an IRA, they're directly allocated to the customer.
		They're held off balance sheet.
		Depositories have no power to lend, pledge, or encumber.
		This is the ability not only to be in an asset that's conducive for climates like this, but also to have control over that asset, to have real ownership.
		And that, for me, particularly in climates like this, when we realize how fragile the banking system can be, It's very, very important.
steve bannon ▲ ● ▼		The reason we do this show is to provide to a working class and middle class audience the sophistication you would get in a boardroom if you were having presentations or, quite frankly, in the Roseret Room in the Oval.
		And this is why we bring the same people that are associated with this and break things down.
		And this is why we're ahead of the curve so many times.
		And that's what we're proud of. We're not here to give you financial advice, okay?
		We're here with our sponsors.
		What I want is people that will immerse you in information.
		And I've been saying for a long time, You must have a range of alternatives that you individually immerse yourself and make sure you understand things.
		And right now, the reason you have people doing what they've done for five or 10,000 years is because they don't believe the people in charge.
		They know they're being lied to.
		They may not know all the technical reasons, but something doesn't feel right.
		And they can look at this disaster in this catastrophe.
		In Silicon Valley.
		And then look at what happened last night in El Paso, Texas was storming the port of entry on the invasion of our nation.
		And they can get this thing like, why are these people always in Ukraine?
		And why are we shipping billions of dollars?
		And why are we paying their pensions?
		And why are we paying their healthcare?
		I don't have a pension. I don't have healthcare.
		Why are they doing that? And then you see something like this, you say, hey, look, I'm going to vote like this.
		I'm going to go make Philip Patrick and the guy at Birch Gold the busiest they've ever been in their entire life.
		And it's just by divine providence that we drop the third part of our totally free thing for Birch Gold, which was the debt trap, because we talked about the politics of money.
		We talked about the end of the prime reserve currency.
		Now we're going to talk to you because, remember, This is all because of Biden's policy.
		1,000 % is because of Biden's policy.
		The inflation, the collaboration with Republicans.
		And he puts in your face last week $6.8 trillion with a pay raise of 5.2 % to federal workers.
		It increases all over.
		They don't take one program down.
		$6.8 trillion. This is what caused it.
		This is what Navarro said early on.
		When the Recovery Act was passed, we don't need this.
		Aggregate demand is back.
		This is going to cause a firestorm of inflation.
		And here they're doing it again.
		Philip Patrick, I just want people to make sure they can go and ask your guys and immerse themselves in free information kits and information.
phillip patrick ▲ ● ▼		Where do they go? It's very simple.
		Birchgold.com slash Bannon.
		Again, Birchgold.com slash Bannon.
		Information, as you said, is key.
		You know, Navarro, everyone's been talking about this stuff for a year or more on this show.
		Just immerse yourself in the information.
		If you do, you'll know the steps to take.
		You can reach me personally at Philip Patrick on Getter.
steve bannon ▲ ● ▼		By the way, we told you when the Indian government and the Chinese and these guys are buying more gold, every Japanese are buying much gold to get their hands on, I think that's a pretty good market indicator.
steve bannon ▲ ● ▼		Last thing, Peter, Philip, Patrick, is there any doubt in your mind that this is a bailout by the common man and woman in this country of the elites in Silicon Valley, this disaster that's going on, sir?
phillip patrick ▲ ● ▼		Absolutely no doubt in my mind at all.
		And you could see it with SVB, right?
		You know, who pulled their money out?
		It was the venture capitalists.
		They got their money out before anybody else.
		The time individual depositors were there, that's when everything got squeezed.
		So absolutely, and we're the ones that will pay the price.
		That's why it's time to take some control back and make the right decisions.
		Timing's key now, I think.
steve bannon ▲ ● ▼		$42 billion.
		$42 billion pulled out of that bank in 24 hours.
		That's how the insiders work.
		$42 billion. Philip is crazy.
		Thank you. By the way, you mentioned it too.
		The people in the lines around the block at Republic, which they stabilized because Biden gave a guarantee, an implicit guarantee, to $19 trillion of deposits today.
		This gave a guarantee of $19 trillion in deposits.
		Philip Patrick, honored to have you on here.
		Thanks. Look forward to hopefully back tomorrow and getting into more details.
phillip patrick ▲ ● ▼		Thanks, Steve. My honor. Thank you.
steve bannon ▲ ● ▼		Peter, you've been around.
		We don't have the same balance sheet.
		We don't have the same economy.
		After Trump left, we've gotten weaker every year now on manufacturing with Biden.
		This is scarier than 2008, is it not, sir?
peter navarro ▲ ● ▼		This could really be the turning point of your book title there, The End of the Dollar Empire.
		This would be right on the charts there.
		Think about this, Steve. You say it's worse than 2008.
		Today... I've got a little bit of money in Bank of America.
		I've got a little bit of enough in Charles Schwab.
		Bank of America happens to be, I think, the bank that has the biggest unrealized loss on its balance sheet.
		It's a huge bank, but it's lost a ton of money the same way Silicon Valley Bank has.
		Do I have to worry about them?
		Charles Schwab, by bad timing, had one of the worst days in its history today in the stock market because Some of the squeezes that are now on it.
		So the point is, you know, if you and I, if the board was out there, have to worry about big institutions where our money is, it's not surprising that phones are ringing off the hook at Philip Patrick's joint.
		You know, it's just like this is the problem.
		I remember, let me just say one last thing.
steve bannon ▲ ● ▼		Hang on. Yeah, go ahead.
peter navarro ▲ ● ▼		When I was outside the administration before Trump, it used to drive me crazy with Obama and Biden, Larry Summers.
		They just didn't seem to understand basic economics.
		Everything was a bailout or aggregate spending.
		I'm seeing the same lack of financial market literacy.
		Buckley used to say, I'd rather be governed by the first hundred people I'd rather put you in charge and Philip Patrick in charge and Cortez in charge of our monetary policy and our banking policy.
steve bannon ▲ ● ▼		I think they understand it.
		I think they understand it fine because they have payouts and basic minimum income for the underclass, which they want to keep as underclass.
		They'll vote for them. What are you talking about?
		Their system's working fine for them.
		Did you not notice they just bailed themselves out?
		Hey, these people are plenty smart.
		Don't think they're dumb. They're very smart.
		They've gamed the system. The system's gamed.
peter navarro ▲ ● ▼		Powell and Yellen are useful idiots.
		That's all they are. They're figureheads.
		For the Democratic ATMs.
		What a great phrase.
		I mean, I think you're right.
		That was probably the most truthful thing that ever was said to Chuck Todd anywhere, anytime.
steve bannon ▲ ● ▼		They won't invite her back.
peter navarro ▲ ● ▼		She was too honest.
steve bannon ▲ ● ▼		How do you get to your content?
peter navarro ▲ ● ▼		Look, peternavaro.substack.com.
		I'm going to do a big, big piece tomorrow on this whole chessboard, peternavaro.substack.com.
		And I already did something on SVB. So, Admiral, you're on this.
		And as far as I'm concerned, you're one of the few people standing up for the middle class and the deplorables in this country.
		And good for you.
		And I hope I stayed out of your way mostly today.
steve bannon ▲ ● ▼		No, you didn't. Okay, next time.
		Remember, you're like the Ronald Reagan role.
		You're the second lead.
		You're supposed to tee me up and then not get in the way.
		No, all you got to do is tee me up.
unidentified		I'm your caddy, baby. Just give me the club.
unidentified		Give me the club. I'm the guy who says when you get on the hole, don't put it in the water, jerk.
steve bannon ▲ ● ▼		I'll take dead aim.
		Thank you, brother.
		Appreciate it. Look for your podcast tomorrow to go through it all.
		Peter knows how to break it all down.
		There's a lot of good news.
		There is good news going around, and I want to make sure we get to some.
		We haven't had enough time to focus on Wisconsin, some of these big races coming up, but really some great stuff is happening around the country for the Precinct Strategy.
		Go to PrecinctStrategy.com.
		You get there, get all the information.
		Dan Schultz, Steve Stern, the whole team is putting up That's on fire right now.
		Stephanie and Andrea, Stephanie, you come from Fulton County.
		You're the new chairman. It was a modest sweep.
		How did that happen down in Georgia where I hear the establishment runs things, ma'am?
unidentified		Well, I think that the last election, the last, well, first, thank you for having me on.
		Two years ago at the convention, there was a lot of chaos and the election was turned over.
		So this time there was a strong focus on Ensuring that the county convention went well and that the election went well.
		So I think that had a lot to do with it.
		It was a long day. Started at 9 a.m.
		and we left at 7 p.m.
		But it turned out that every seat, all 12 positions were brand new individuals, hardworking, you know, just your basic Americans who are getting out there trying to do what's right and what's just in our county.
steve bannon ▲ ● ▼		Hold it. All 12 positions?
steve bannon ▲ ● ▼		All 12 seats went to grassroots people that were just new to this process?
unidentified		There were two that were elected last time.
		Well, one was elected, one was appointed halfway through, I think, because somebody had quit.
		But they were limited on what they were allowed to do, and I believe they both were grassroots, so in essence, yes.
steve bannon ▲ ● ▼		And I tell you what, we're going to take a short break.
		I want to come back and get more into this because around the country, I mean, we could stock every show for four hours a day on the success stories of the grassroots, of the success stories of the precinct strategy, which is what we wanted to have happen.
		There are stories every day of grassroots people, of MAGA, the deplorables, taking charge at the local level, where is where the fulcrum point of power Remember, if you want to take your country back, you got to start at the local level.
		And if we really want to take our country back, you cannot consent and you cannot comply with what they're trying to do now.
		Because now they're stealing from you.
		Short break. Back in a moment.
unidentified		Has arrived. The new social media taking on big tech, protecting free speech, And canceling cancel culture.
		Join the marketplace of ideas.
		The platform for independent thought has arrived.
		Superior technology.
		No more selling your personal data.
		No more censorship.
		No more cancel culture.
		Enough. Getter has arrived.
		It's time to say what you want, the way you want.
		Download now.
steve bannon ▲ ● ▼		Okay, welcome back.
		Make sure you're good on Getter. We're going to be up all night putting stuff up and also live streams, all of it.
		So make sure you go. It's totally free.
		Download it. I'm an idiot.
		You're not. So if I can use it and I don't need help or assistance most of the time, you'll be able to use it 24-7.
		Also, MyPillow.com, promo code WORM. The slipper sale, they've got inventory.
		He's moving it. I think it's 25%.
		Just check it out.
		The slipper is both the winter slippers but also the springtime and summer.
		All on sale. Go check it out.
		MyPillow.com, promo code WORM. Also, it's got the MyPillow 2.0.
		I got like five hours of sleep over the weekend, but I'm fresh as a daisy and on fire.
		You know why? Because I sleep with the products of MyPillow.com.
		Sleep the sleep of the just.
		Do it today. Make sure also Birchgold.com slash Bannon.
		You get the totally free The Debt Trap.
		It's the third in the series of installments we're doing about money and understanding money and understanding the politics of money.
		And I told you this was going to be central to To turning this country around, as you can see today, it's going to be central in turning this country around and also making sure that you are prosperous and free, a prosperous and free people.
		Remember, Donald Trump, for all his shortcomings, and he's not perfect, he's the first to admit that, gave us four years of peace and prosperity.
		I just want people to remember that as we go through the firestorm that we are going through now.
		One of the places that's changing is Fulton County, Georgia.
		Stephanie, I've got to tell you, I think Fulton County is probably...
		Right up there with Maricopa and maybe Wayne County up in Michigan as being the three most controversial.
		I'll make though in Philadelphia. But really, I think Fulton and Maricopa are the two that pop to mind.
		What does this mean when you have 12 grassroots people and what you guys did over the weekend and you're now the chairman?
		Now that you have a real grassroots and not establishment folks running the Fulton County GOP, what does this mean overall for how Fulton, what kind of changes can we expect happening in Fulton County?
unidentified		The first goal is to get into every single precinct.
		We have to have a Republican presence and get at the local level and start sharing the message of the Republican Party, which is small limited government, low taxation, family values, public safety, and recognizing that the individuals in those neighborhoods that are not effectively served are the individuals that would run their precincts.
		They'd be their precinct officers because they're going to realize that they can elect individuals that will help them Particularly in Atlanta and the south side of Fulton, they're not being involved.
		Their elected officials and their city officials aren't engaging them.
		The amount of public safety issues, the amount of school issues, and that's what the Republican Party stands for.
		And that's why everyone that ran, we're all parents, we're all working parents, and we want the best for our families and for this nation.
		And that's exactly what we have to do.
		And the first goal is to get into those precincts and have a presence, because historically the Republican Party hasn't had a presence.
steve bannon ▲ ● ▼		By the way, there are other counties too.
		This kind of firestorm at the grassroots has just been incredible.
		Creative Destruction Media, CDM Media, Todd and the team over there just did an incredible job at the details of reporting this out of their Georgia site.
		Do you think that this can catch on throughout the country?
		That grassroots people realize we've got to be empowered, we've got to get down to the precinct level, we've got to start taking over and become precinct men, but we also then have to go and take over the county The county boards and eventually get into the state assemblies and eventually start running for federal office.
		Do people see that as the way to turn this thing around?
unidentified		I think the answer to that question is yes because I had no idea all of this was happening throughout the state of Georgia until after our convention was over.
		And I think everyone who has been in Georgia over the last several years has realized that complacency is not an option and so they're standing up.
		And they're standing up for their rights and they're standing up for their kids and saying, this is not what we're going to do.
		This is not what we're about.
		So I have to believe that that's the case because if Georgia stands as an example for everyone else, then why not?
		Because if we can do it, why can't any other state do it?
steve bannon ▲ ● ▼		I believe that. Stephanie, really honored to have you on here.
		People are going to want to keep up with you in the story.
		How do you get to the Fulton County GOP site?
		How do they follow you on social media?
		How do people keep in contact?
unidentified		Oh, that's a great question.
		That's the FultonCountyGOP.org site.
		Right now, that site is not a great source of information, but in the next 90 days, we're going to have a full resource set so people can go there, whether they're members or not, and get the appropriate information about the party.
		We're also going to have emails connected to it.
		Right now, if they need to get a hold of me, they can email me at stephanie at voteandres.com.
		That's one way to get in touch with me.
		And then they'll be able to follow what's going on off of the website for FultonGOP.org.
steve bannon ▲ ● ▼		Okay, do you have any social media or is your social media your email?
unidentified		I didn't really set up the social media for this.
unidentified		I have a personal page, but I can definitely get that information out.
steve bannon ▲ ● ▼		It's so grassroots.
unidentified		You are so grassroots.
steve bannon ▲ ● ▼		That's okay.
		Don't be sorry. You'll get social media, trust me.
		This is a great leverage tool.
		Stephanie, honored to have you on here.
		Great to have you on here. Good luck.
unidentified		Thank you so much. Thank you, ma'am.
steve bannon ▲ ● ▼		Krom Carmichael. Brother, the posse's got Hearts of Lions.
steve bannon ▲ ● ▼		How do they keep those Hearts of Lions healthy, sir?
crom carmichael ▲ ● ▼		Steve, thanks for having me.
		And boy, what a wonderful, refreshing guest that lady is from Fulton County.
		I'm excited about that.
		And let me talk a little bit about Soul Tea and why it is so important.
		And that is that our heart is like a car engine.
		And I want to talk a little bit about our hearts because heart disease is the number one killer.
		And if we don't protect our hearts, then we're just going to be at greater risk.
		And I've been taking our own product for 18 years, and so I can speak from being a consumer of our own.
steve bannon ▲ ● ▼		Hey, Krom, Krom, why don't you hang over a second?
		We're going to go into the second hour.
		You just hang right there. We'll start the second hour with you.
		We got Boris. I don't know if Boris is in Iowa or not.
		We're trying to do a direct hookup with Iowa.
		The president's going to be there 7.15 Eastern time.
		I think it's going to be streamed.
		We're going to get a little pregame on that.
		I got Joe Allen. I got a lot to go through.
		I've got a thing or two to say about what's happening in the Silicon Valley Bank and who's making out and who's not, whose ox is getting gored, and we're going to get crime over there too.
		Short commercial break. We're going to be back in a few minutes here on War Room in our second hour in the evening.
		We need that hour to make sure we get through everything today.
		By the way, there are like a dozen stories we couldn't even get to.
		I mean, major big things.
		Because what is happening financially in this country is the main thing.
		Remember, keep the main thing the main thing.
		Short commercial break.
		We're going to be back with the second hour of the late afternoon, early evening war room.
unidentified		Back in a moment. We will fight till they're all gone.
unidentified		We rejoice when there's no war.

▲