March 15, 2023 - Bannon's War Room
48:54
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
|
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 try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country this country will be saved Here's your host Stephen K back | ||
|
unidentified
|
The Senate will hear Marcus Tullius Cicero Oh ♪♪♪ On this eve of his most glorious triumph, I move that Gaius Julius Caesar be made Imperator and granted absolute power over Rome for a period of ten years. | |
| As some of you know, Caesar and I have had our disagreements. | ||
| Peace. | ||
| and a more powerful. | ||
| However that may be, he has shown himself to be as wise and merciful in victory as he was invincible in battle. | ||
| Let this be an end to division and civil strife. | ||
| I willingly pledge my loyalty to him, and I urge you all to do the same. | ||
| I heartily commend the motion proposed by Marcus Tullius Cicero. | ||
| The motion is carried unanimously. | ||
| Thank you. | ||
| Thank you. | ||
| Thanks for watching! | ||
| Many of you here today fought against me. | ||
| Many of you wished me dead. | ||
| Many of you perhaps still do. | ||
| But I hold no grudges and seek no revenge. | ||
| I demand only this, that you join with me in building a new Rome, a Rome that offers justice, peace, and land to all its citizens, not just the privileged few. | ||
| Support me in this task, and old divisions will be forgotten. | ||
| Oppose me And Rome will not forgive you a second time. | ||
| Senators! | ||
| The war is over. | ||
| Applause. | ||
| Chanting. | ||
| Applause. | ||
| Chanting. | ||
| Applause. | ||
| When Caesar says do this, it is performed. | ||
| Set on! And leave no ceremony out! | ||
| Caesar! Eh? | ||
| Who called? Let every noise be still! | ||
| Peace yet again! | ||
| Who is it in the press that calls on me? | ||
| I hear a tongue shriller than all the music, cry Caesar! | ||
| Speak! Caesar is turned to hear! | ||
| Beware of the Ides of March! | ||
| What man is that? A soothsayer bids you beware the Ides of March. | ||
| Set him before me. | ||
| Let me see his face. | ||
| Fellow, come from the throng. | ||
| Look upon Caesar. | ||
| Bye. | ||
| What says thou to me now? | ||
| Speak once again. Beware the Ides of March. | ||
| He is a dreamer. | ||
| Let us leave him. | ||
| Pass! | ||
| Pass! | ||
| O Caesar! | ||
| With our liftable limbs, great Caesar! | ||
| Caesar. | ||
| Doth my foot is bootless, Neil. | ||
| Splatons for me! | ||
| Oh, no! | ||
| Rowdy Bones | ||
| The Greatest Showman of All Time! | ||
| Part 2 Coming Soon! | ||
| Brute! | ||
| Then fall, Caesar. | ||
| I'll be back. | ||
| I'm coming. | ||
| I'm coming. | ||
| Thanks for watching! | ||
| you Liberty! Freedom! | ||
| tyranny's dead! | ||
| Run him! | ||
| Oh pardon me, thou bleeding piece of earth, that I am meek and gentle with these butchers. | ||
| Thanks for watching! | ||
| Thou art the ruins of the noblest man that ever lived in the tide of time. | ||
| Woe to the hand that shed this costly blood. | ||
| Over thy wounds now do I prophesy. | ||
| Which, like dumb mouths, do open their ruby lips to beg the voice and utterance of my tongue. | ||
| A curse shall light upon the limbs of men. | ||
| All the parts of Italy. Blood and destruction shall be so in use and dreadful objects so familiar that mothers shall but smile when they behold their infants quartered with the hands of war. | ||
| All pitied, choked with custom of fell deed. | ||
| And Caesar's spirit, ranging for revenge with Arte by his side, come hot from hell, shall in these confines with a monarch's voice cry, Help us! | ||
| And let slip the dogs of war. | ||
| That this foul deed shall smell above the earth, with carrion men groaning for burial. | ||
| Friends, Romans, countrymen, lend me your ears. | ||
| I come to bury Caesar not to praise him. | ||
| The evil that men do lives after them. | ||
| The good is often turred with their bones. | ||
| So let it be with Caesar. | ||
| The noble Brutus hath told you Caesar was ambitious. | ||
| If it were so, it was a grievous fault, and grievously hath Caesar answered it. | ||
| Here, under leave of Brutus and the rest, for Brutus is an honorable man, so are they all, all honorable men, come I to speak in Caesar's funeral. | ||
| He was my friend, faithful and just to me. | ||
| But Brutus says he was ambitious, and Brutus is an honorable man. | ||
| He hath brought many captives home to Rome, whose ransoms did the general coffers fill. | ||
| Did this in Caesar seem ambitious? | ||
| When that the poor have cried, Caesar hath wept. | ||
| Ambition should be made of sterner stuff, yet Brutus says he was ambitious, and Brutus is an honorable man. | ||
| You all did see that on the Lupercow, I thrice presented him a kingly crown, which he did thrice refuse. | ||
| Was this ambition? | ||
| Yet Brutus says he was ambitious, and sure, he is an honorable man. | ||
| I speak not to disprove what Brutus spoke, but here I am to speak what I do know. | ||
| You all did love him once. | ||
| Not without cause. | ||
| What cause withholds you then to mourn for him? | ||
| O judgment, thou art fled to brutish beasts, and men have lost their reason. | ||
| Bear with me. | ||
| My heart is in the coffin there with Caesar. | ||
| And I must pause till it come back to me. | ||
| It is Wednesday, 15 March, year of our Lord, 2023. | ||
| Obviously, those events took place 44 years before the birth of Jesus Christ, but they still resonate down throughout history today. | ||
| The fall of the Roman Republic. | ||
| We're going to come back. We've got a lot to go through the days. | ||
| The world's financial system starts to melt down. | ||
| Remember, the founding generation admired the Roman Republic. | ||
| That's what they predicated and built the American system on. | ||
| Cortez, Laura Loomer, Stephen K. Bannon, EJ, and Tony, all next in The War Room. | ||
|
unidentified
|
Your host, Stephen K. Bannon. | |
| The reason, as long-term viewers of the show know, even at Breitbart Radio, I always do the Ides of March, and because this is the founders modeled our system not after Greece or Russia, but after the Greek Empire, We're not a democracy. They didn't model it after Greece. | ||
| They took elements of Greece and obviously had a great respect for the culture of Greece, and particularly for balance, as the Romans had a great respect for Greek culture. | ||
| But it was the Roman Republic that we are Based upon, founded on, the structure of it. | ||
| Particularly this aspect of the Roman Senate. | ||
| Let this be the end of division and civil strife. | ||
| Didn't end up like that. | ||
| It only exacerbated civil strife. | ||
| And we are in a very, very similar situation today of the fall of the American Republic. | ||
| And we've got to protect this and pass it on to future generations because it hangs in the balance. | ||
| And that's exactly where we do the show. | ||
| To show you how relevant it is in 2017, a very controversial production. | ||
| of William Shakespeare's Julius Caesar took place with Donald J. Trump as Caesar. | ||
| Let's have a package. We have Laura Lomer, Laura Lomer and Jack Posobo. | ||
| Posobo could join us in the second hour. | ||
| Laura's here with us. Let's go ahead and play the package and I'll bring Laura Lomer in. | ||
|
unidentified
|
It's an actor dressed to look just like President Donald Trump as he's assassinated on stage. | |
| Look as his character is stabbed to death. | ||
| And there's no mistaking the Trump connection. | ||
| Check out the unbuttoned overcoat and red tie that hangs over his waist. | ||
| It's a staging of Shakespeare's Julius Caesar that is outraging many. | ||
| The controversial production is taking place here in New York City's Central Park. | ||
| The staging is being seen as a direct jab at Trump and the controversial political climate in this country. | ||
| There are other similarities to Trump. | ||
| Caesar's wife, Calpurnia, bears a resemblance to First Lady Melania. | ||
| This is how the assassination scene has usually been done. | ||
| Julius Caesar repeatedly stabbed by the members of the Roman Senate. | ||
| In the new version, you see a bloodied Caesar, his white dress shirt soaked in blood. | ||
| There was mixed reaction about this new twist. | ||
| I didn't like that they made this person who looks like Trump get assassinated. | ||
| It's not a good message. | ||
| I don't think it's disrespectful for the president to be murdered on stage. | ||
| It's not really the president's theater. | ||
| Everybody knows it's theater. | ||
| This all comes on the heels of that outrageous image of Kathy Griffin holding the severed head made to look like Trump. | ||
| She cried during a news conference where she was both defiant and apologetic. | ||
| That apology absolutely stands. | ||
| I feel horrible. | ||
| As the cast took its bow, the audience applauded with a standing ovation. | ||
| No word from the White House on the controversial production. | ||
| That is death! | ||
| Liberty. Freedom. | ||
| Stop the normalization of political violence against the right. | ||
| This is unacceptable. You did not... | ||
| Get off! Stay! | ||
|
unidentified
|
Ladies and gentlemen, we're going to pause. | |
| We're going to pause, security. | ||
| Security, please. | ||
| No! | ||
| Yes! | ||
| You are all garbles! | ||
|
unidentified
|
You are all Nazis like Joseph Goebbels! | |
| This is Goebbels! | ||
| You are all Goebbels! | ||
| You are inciting terrorists! | ||
| The blood of these police is on your hands! | ||
| The blood of these police is on your hands! | ||
| Goebbels would be proud! | ||
| Nazis! You are Nazis! | ||
| Please, Kerbals would be proud! | ||
| Kerbals would be proud! | ||
| The controversial Central Park production of Julius Caesar with Donald J. Trump and Melania Trump as the central roles of the movie. | ||
| Very controversial. You saw there Laura Loomer, Jack Posovic. | ||
| Laura, why did you go and break up a theater production in Central Park done on one of the greatest classics in the canon of the Judeo-Christian West, ma'am? | ||
| Well, thanks for having me on, Steve. | ||
| And, you know, this was shortly after President Trump was inaugurated. | ||
| The date of this was June 17th, 2017. | ||
| And it was normalization of political violence against the right. | ||
| It was pretty obvious through the production of Caesar and his wife as well that it was meant to look exactly like President Donald Trump. | ||
| His wife had a Middle Eastern—or Eastern European accents as well. | ||
| And so when you have people cheering and clapping and these very overt, violent tones and incitements of violence against President Donald Trump, it normalizes. | ||
| It normalizes the incitement of violence against the President of the United States. | ||
| It normalizes what I called assassination porn when Sean Hannity actually had me on his show and interviewed me about this after I was arrested by the NYPD. for breaking up this assassination porn, as I called it. | ||
| People have to remember that this production was lionized. | ||
| I mean, it's no doubt that's Trump and they do an actual I've seen many stage plays of stage versions of Julius Caesar. | ||
| This went out of its way to show the bloodiness and the brutality of the assassination. | ||
| The left-wing and progressive crowd in New York City and the critics loved the fact that it was an orgy of blood, loved the fact that Trump was up there being assassinated like Caesar was. | ||
| Many times productions try to downplay that a bit. | ||
| This emphasized the brutality of the assassination. | ||
| Why did the NYPD arrest you? | ||
| You were just there to voice your discontent of this assassination porn. | ||
| Why did they arrest you? Well, it seems like we only have freedom of speech and the right to protest for the left in this country. | ||
| And so I was arrested for what they called disorderly conduct and trespassing, even though I paid for a ticket. | ||
| You see, tickets were sold out. | ||
| And so I woke up at four o'clock in the morning and waited in the dark in Central Park from 5 a.m. | ||
| until the show started, because the only way that you could get a ticket was if you paid for a ticket from a ticket scalper. | ||
| And I didn't realize when I got the ticket until I was seated that I had a front row seat ticket. | ||
| And so I paid the scalper $500 cash for this ticket. | ||
| And I just realized at that moment that it was a once in a lifetime opportunity to storm the stage. | ||
| During the assassination scene and ruin the entire production. | ||
| And then shortly after that, it inspired a string of other protesters to do the same. | ||
| And the rest of the productions were completely ruined. | ||
| And then you had sponsors pull out because at the time I was a New York resident. | ||
| I was living in Westchester. | ||
| You know, I had just finished working with Project Veritas and I didn't like the fact that my taxpayer dollars were going towards funding the New York Public Theater. | ||
| And our taxpayer dollars were being used to promote assassination porn. | ||
| And it's a threat. I want to remind people that it's a crime in this country to incite violence or even joke about assassinating the president of the United States. | ||
| You can go to jail for doing that. | ||
| It's not theater. Before Laura Loomer stepped up with Posobiec, remember, this was something they were cheering about every night. | ||
| They loved it. They couldn't have loved it more. | ||
| They were so happy. And this is how President Trump, this was in the summer of 17, I think it was in June, this really kicked off his administration. | ||
| Laura, you're indefatigable, as we say. | ||
| How do people follow you? | ||
| You're making spots all the time. | ||
| You're obviously, I would say, a Trump supporter. | ||
| How do people follow you on social media? | ||
| How do they go to their website and figure out how they support your work? | ||
| Yeah, thank you so much. | ||
| So my website is lumered.com. | ||
| People can follow me on Getter and Twitter, Gab and Truth Social at Laura Loomer. | ||
| And absolutely, I am 100 % a diehard Trump supporter. | ||
| Always have been, always will be. | ||
| So I appreciate you having me on, Steve. | ||
| Laura, always a pleasure. | ||
| Thank you very much for joining us, and thank you very much for standing up for President Trump and really the country when you did back in 2017 this summer. | ||
| Thank you. It's my pleasure. | ||
| Thank you. Cortez, we often start in the muck of money and power, but here you see culture. | ||
| The reason the play of Shakespeare resonates down, what, four or five hundred years, and the event itself is, what, 2000, we're at 67th The anniversary of it today, it resonates. | ||
| It's about people trying to govern themselves. | ||
| It's about a republic and what happened there. | ||
| What were the elites in Central Park, what were the New York elites trying to do at the beginning of Trump's term in placing Trump as Julius Caesar in that incredibly bloody assassination scene? | ||
| Yeah. Well, Steve, unfortunately, trying to normalize political violence, which is something the left has specialized in for many decades, but particularly in recent years, where the violence of the left to try to inflict its will, its political will on people, rather than try to persuade people, right, which is what should be done in the American Republic, what was done in the Roman Republic before it descended into an empire and a brutal dictatorship. | ||
| Instead of persuasion, it's intimidation and threats. | ||
| And we get that constantly from the left. | ||
| And we get this constant barrage, this narrative of normalizing political violence from the left. | ||
| It's never acceptable. Wasn't okay on the stage in Central Park. | ||
| Wasn't okay during the riots of 2020 throughout America that were normalized and accepted, condoned by corporate media. | ||
| And it's certainly not okay today. | ||
| So, yes, we take many lessons from the Roman Republic. | ||
| We should emulate the best traits of the Republic and also be wary of the slide into oligarchy because just as it happened to Rome, I believe in many ways it is happening right now in the United States. | ||
| Now, I still think we can save our republic. | ||
| I do think it's salvageable, but I also want to give people a sense of urgency because, believe me, that window is closing because we are more and more devolving into oligarchy. | ||
| That window is closing, the clock is ticking, and the hour is late. | ||
| So have a sense of urgency about saving our republic. | ||
| You're gonna have a sense of urgency as we come back. | ||
| We're gonna have kind of a special report to break this down, what's happening throughout the globe, as we've told you. | ||
| Remember, it's all on your shoulders. | ||
| Right now, in the next couple of days, they're gonna be looking for even more. | ||
| The reality is that you're guaranteeing even more. | ||
| You're guaranteeing much more than you're being told. | ||
| You're guaranteeing much, much more than you're being told. | ||
| And that guarantee is going to pass from you to your children to your grandchildren. | ||
| The entire system's on fire, and the elites are taking care of themselves. | ||
| And let the devil catch the hindmost. | ||
| Oh, by the way, in their view, you're the hindmost. | ||
| Okay, we're going to take a short commercial break. | ||
| We're going to be back. | ||
|
unidentified
|
Global capital markets money and power all of it next in the war room Here's your host Stephen K band | |
| You we love this country We're not about to let this country go. | ||
| If we don't have election integrity, we can't solve the problem at the border. | ||
| We can't solve the problem with our children's education. | ||
| We can't restore law and order if we don't have election integrity. | ||
| Because I really feel, every state I go to, people tell me, Carrie, don't stop fighting. | ||
| We saw what happened in Arizona. | ||
| We saw what happened in 2020. | ||
| How long can this go on? | ||
| We ran a perfect campaign. | ||
| We had a perfect movement, and we continue to have that perfect movement. | ||
| Not a darn thing changed other than they stole the election. | ||
| The movement is still here. All Americans want a secure border. | ||
| All Americans want to end the fentanyl crisis. | ||
| All Americans want safety on the streets. | ||
| These are real basics, and we're about to bring those to the people. | ||
| You know, anything they don't want us to talk about is what we should be talking about right now. | ||
| I'm a big believer that the majority of Americans are conservatives. | ||
| The majority of Americans want common sense solutions to the crazy problems we're dealing with today. | ||
| Problems that we don't need to have. | ||
| I'm just standing up here representing the people, giving the government back to the people. | ||
|
unidentified
|
Carrie! Carrie! Carrie! | |
| Okay, that's a new video from Carrie Lake. | ||
| I want to make sure everybody gets that and push that out today. | ||
| Remember, Carrie is absolutely fighting hard, so hard. | ||
| Her case is going to be determined whether in front of the Supreme Court here of the state of Arizona, not the U.S. Supreme Court. | ||
| I think on the 21st, so in a couple of days, she's putting that out. | ||
| She's fighting incredibly hard. | ||
| Let's make sure we support her and push out that video. | ||
| Let's play. So I want everybody to take it and make sure it's pushed out everywhere. | ||
| This is your task today, your task and purpose, to get out there and support Carrie Lake as she continues to fight for governor as hard as possible. | ||
| Let's go to...I want to play the cold open. | ||
| Capital markets are already melting down. | ||
| Let's go ahead and play the cold open right now. | ||
| We're bringing in E.J. and Steve Cortez. | ||
|
unidentified
|
Watching the market sell off this morning. | |
| Jitters in the European banking sector dragging down European markets. | ||
| And it looks to be rippling here into the U.S. futures this morning. | ||
| Take a look at declines across the board in the European banks. | ||
| The Credit Suisse booking a 21 percent loss right now. | ||
| The downplied move is open of down 530 points at this hour. | ||
| Allianz and Gramercy advisor and president of Queens College, Mohamed El-Erian joins us now. | ||
| Mohamed, great to have you with us. | ||
| Thank you for having me. What is the concern here that we are witnessing the beginning of a full-blown banking crisis where there are impacts of what's going on in Europe on the U.S. and vice versa? | ||
| I think we're recognizing three distinct things. | ||
| One is a set of bank management issues and lapses in supervision. | ||
| So the three U.S. banks last week, Credit Suisse, which has had problems for a while, that's very specific. | ||
| Then stepping back, We're recognizing that both the private sector and the public sector haven't adjusted enough to what has been a mishandled change in monetary policy regimes. | ||
| And you heard the former senator speak to that. | ||
| And then there's a third element, which is the flip-flopping of the Fed most recently added Interest rate volatility to a situation that already had economic and financial fluidity. | ||
| So these three things have come together, and the equity market is realizing what the bond market has realized for the last few days is that it is not just one or two institutions. | ||
| What we saw in one or two institutions is exposing something much bigger that we have to reprice to, including that banking is changing because of what's happening right now. | ||
| Okay, let's go to Steve Cortez. | ||
| Steve, there's a lot of balance sheets that are going to have their bottom blown out on this, correct? | ||
| Talk about what the basic problem is and why this is caused by Biden inflation, the overspending, and the Federal Reserves, what they did, because this is not about woke. | ||
| Woke is very important, and a lot of these institutions, particularly the Silicon Valley Bank, totally woke, inappropriate controls. | ||
| Management team, the head of board of directors, Newsome, all this. | ||
| But that's not the central heart. | ||
| The central heart of this is much deeper. | ||
| Exactly correct. And there are a lot of problems that were particular to Silicon Valley Bank. | ||
| But there are also systemic problems that are not at all particular to that bank, that are, in fact, system-wide within banking. | ||
| And that's why banks are getting rinsed in terms of their stocks. | ||
| Right now, as we speak today, right now, The Dow Jones is down over 500 points. | ||
| Credit Suisse, the Swiss bank, is the newest victim of the sellers. | ||
| It's all the way down to $2. | ||
| To put that in context, by the way, that stock was worth over $70. | ||
| It does trade here in the United States. | ||
| It was worth over $70 pre-financial crisis. | ||
| It is now trading at $2. | ||
| That's because Biden's inflation is not just a California problem or an American problem. | ||
| It's something that in fact has been exported to the entire world. | ||
| So the crux of the problem here, okay, what's really going on with banking, is that Biden's inflation is so out of control that bonds that were previously considered to be safe and boring, Treasury bonds, have been absolutely tanked. | ||
| Last year, 2022, was the worst year for T-bonds in the history of the United States. | ||
| The long end of the bond market lost 18 % in a year. | ||
| That is totally unprecedented. | ||
| It's almost twice as bad as the second worst year ever. | ||
| And making portfolios even more toxic, Steve, it's not just that bonds were crushed. | ||
| Bonds were crushed alongside stocks, which is not supposed to happen. | ||
| Bonds typically are the insurance policy. | ||
| They are regarded as the boring part, the stable part of your portfolio. | ||
| And if stocks get wrecked, which they did last year, normally your bonds perform well and give you some measure of safe harbor. | ||
| The exact opposite happened because of stagflation, because we have massive inflation without growth under Joe Biden. | ||
| So portfolios were wrecked, including the portfolio of SVB and Signature Bank. | ||
| And now financial markets are understandably extremely nervous about what is the next portfolio to be wrecked. | ||
| It seems that for today, it's CS. But the reality here, Steve, is that the inflation that was unleashed by Joe Biden, and how did he unleash that inflation? | ||
| He attacked domestic American energy. | ||
| The golden goose. | ||
| He attacked American domestic energy production. | ||
| Secondly, the exorbitant level of borrowing and spending, an absolute orgy of fiscal profligacy from Joe Biden that was enabled by Republicans on Capitol Hill. | ||
| Those two massive policy failures. | ||
| resulted in absolutely out-of-control inflation. | ||
| And Steve, as we have been warning about on this show for the last year, those bond losses matter far more than what's going on in the equity market. | ||
| That's concerning, to be sure, the volatility in the equity market. | ||
| But the bond losses are what really, really matter to Main Street. | ||
| They're what tanked SVB, Signature Bank, and we don't know how many other banks to come. | ||
| Let's bring in E.J. Antony, though, from Heritage. | ||
| He also works with Steve Moore's group. | ||
| You're the numbers guy. You're head of analytics. | ||
| It's just not these banks. | ||
| It's the Federal Reserve sitting on... | ||
| We've talked about this before. McAddis did this analysis. | ||
| The Federal Reserve is sitting on over... | ||
| Over $1 trillion in losses, E.J., and you're now reporting, you're coming to us and saying that the FDIC, the insurance policy itself, of which the deplorables and MAGA is guaranteeing underwriting, you're saying that also potentially has massive losses in it, | ||
| sir? Steve, that's exactly right, because the very things that you guys were just talking about, how these treasury bonds have lost so much value and that that was such an integral part in bringing down SVB, guess where the FDIC's money is kept? | ||
| In those same bonds, medium and long-term treasuries. | ||
| So treasury notes, treasury bonds. | ||
| So now the FDIC is going to have to liquidate some of those holdings in order to pay off these uninsured depositors. | ||
| And as it liquidates those holdings that just means it's going to be selling them at a loss. | ||
| So not only is the FDIC going to have to increase fees enough to cover all of those depositors, it's also going to have to increase its fees enough to cover all of its losses. | ||
| So talk to me about this, because before the Treasury would actually be kicking in, I don't know, $50 to $100 billion, excuse me, the Fed in profits, $50 billion a year, $100. | ||
| How is the American, is this going to be added to the bill, the $6.8 trillion, the $1 trillion loss? | ||
| And how do we know, since the deplorables, the Biden administration has made MAGA, or the American citizens, basically the guarantors, of the FDIC. When are we going to find out why can't the FDIC just tell us what's the losses right now? | ||
| I think what's concerning people, nobody knows what reality is. | ||
| Nobody knows what's really out there, and every day you get a different number. | ||
| Daily Mail's got a story up from last night that it's not $600 billion, and I'll get to Cortez on this in a second, it's not $600 billion of unrealized losses on the balance sheet of banks, it's actually $2 trillion or more. | ||
| So how can we actually get our arms around What is the financial condition actually of the banking system and what's the financial condition of the people supposed to oversee it? | ||
| The Federal Reserve itself and the FDIC when we don't know if they're hiding or are sitting on maybe losses they don't even know or haven't calculated yet. | ||
| Well, I mean, Steve, this is part of the nightmare of fractional reserve banking, where banks keep deposits except they don't actually keep them, right? | ||
| They lend out most of the money that you give them. | ||
| That is the only reason why bank runs are even possible in the first place. | ||
| But in terms of actually trying to calculate the unrealized losses here, that's incredibly difficult to do precisely because they are unrealized. | ||
| We don't actually know until we go to sell these different assets how much they are worth. | ||
| And by the way, that's one of the reasons why it's so preposterous when the Biden administration, for example, in their budget tries to propose things like taxes on unrealized capital gains. | ||
| You have no idea how much those assets are actually worth until you go to sell them. | ||
| The government wants to literally just assign values to these things to try to get more tax money out of people. | ||
| I mean, the whole thing from beginning to end is just a complete nightmare. | ||
| Why is it the banking committee? | ||
| Senator Vance was on yesterday. | ||
| He had had a meeting with the FDIC. They couldn't even tell him yesterday, I guess he had the meeting on Monday, what even the guarantee was. | ||
| How do we find out? I mean, you're the top analytics guy over at Heritage. | ||
| How do we actually find out, or how do the Republicans in the House, like today, find out even what the regulators? | ||
| Because the FDIC insurance is everything. | ||
| We have just right now with Signet Bank And with SVB, almost a quarter trillion dollars a guarantee of guaranteed deposits. | ||
| And as the Wall Street Journal reported on Monday, we've essentially guaranteed 19 trillion dollars of deposits. | ||
| The people are supposed to oversee that. | ||
| The Fed has over a trillion dollars of unrealized losses on their balance sheet. | ||
| The FDIC clearly does because you say they hold these in government securities. | ||
| What is your recommendation? | ||
| How do we actually get our hands around The American government's aspect of this, of what we actually, how deep a hole is it for our government? | ||
| First, everything needs to be made public. | ||
| All of these details. | ||
| The FDIC, the Federal Reserve, everyone needs to come out with public accounting reports that detail what their positions are and the mark-to-market of literally everything on their balance sheet. | ||
| In terms of what should we be doing, we should be allowing these institutions to fail. | ||
| You know, people don't realize, I understand that deposit insurance only covers the first $250,000, but a lot of people don't realize is that you can still get private insurance to cover additional deposits beyond that $250,000. | ||
| Yes. The people at SVB chose not to do that. | ||
| That is on them. | ||
| This is the equivalent of me choosing not to buy flood insurance for my house and then I have a flood that destroys the building and I want the taxpayer to cover it. | ||
| Absolutely not! We are continuing to to keep gains privatized, but we are socializing the losses. | ||
| The moral hazard that is being created here cannot be overstated. | ||
| In other words, we are encouraging people to take increasingly risky financial positions, including ones that they know are eventually doomed to fail, but will give short-term profits. | ||
| Okay, E.J., if you can just hang on for one second. | ||
| Bring Steve Cortez in. | ||
| We'll take a short commercial break. | ||
| We've got some other economic analysis you're going to want to see. | ||
| Short commercial break. Back in a moment. | ||
|
unidentified
|
We will break till they're all gone. | |
| We rejoice when there's no more. | ||
| Let's take down the CCP. There 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. | ||
| Okay, we're putting up stuff on Getter all night long, all day long. | ||
| We're doing the live streams, all of it. | ||
| Make sure you can download it for free. | ||
| It's simple. I can use it. | ||
| You can use it. Make sure you download it today. | ||
| Steve Cortez, what EJ's just telling you, you got the Federal Reserve. | ||
| The people supposed to regulate this are sitting on massive losses. | ||
| What's your observation of that? | ||
| No, here's the problem, Steve. | ||
| Again, it is systemic. | ||
| It's not just a matter of mismanagement from SVB, and there was certainly some of that, right? | ||
| And as you correctly note, don't turn woke into the enemy here, okay? | ||
| Corporate cultural Marxism is garbage, and it is a significant problem for our society. | ||
| However, that is not Why the banking system is in trouble. | ||
| It's not because these management teams were too woke. | ||
| It's because of Biden's inflation. | ||
| So please don't be distracted. | ||
| Don't fall for diversions. | ||
| Don't major in the minors. | ||
| What matters here is Biden's inflation. | ||
| Biden's inflation is inflicting misery upon the United States economy, in fact, upon the global economy. | ||
| And the banks are bearing the brunt of it. | ||
| That is the reality right now. | ||
| So focus there. | ||
| This is a system-wide problem because of Biden's inflation. | ||
| It's why, by the way, Steve, as we've been saying for months and weeks, really since we won the election for the House of Representatives last November, that the GOP House must hold the line on debt limit negotiations, debt ceiling negotiations. | ||
| It is more imperative than ever, given this current crisis that we're in in America. | ||
| E.J., how do we have a situation where the regulators are saying there's $600 billion of unrealized losses and these professors have done this analysis that's up on Daily Mail that says there's over $2 trillion? | ||
| I mean, how are the American people supposed to trust anything? | ||
| These are not marginal differences. | ||
| These are massive differences. | ||
| How are people supposed to get their own heads around about where we really stand? | ||
| Well, Steve, I mean, I think the regulators have proven time and time again, and so have the people who are supposed to be doing oversight, that they really have no idea what they're doing and that they are constantly asleep at the switch. | ||
| Every time we have one of these crises, we see yet again that there was a failure on the part of government to do precisely what they allegedly are supposed to be doing. | ||
| And one other thing to tack on to Steve's point about this all being because of Biden's inflation. | ||
| You know, the clip you played earlier from CNBC where the host was saying that we are in the beginning of a banking crisis. | ||
| We are not in the beginning of a banking crisis. | ||
| We are in the middle, possibly the late stages. | ||
| The beginning was when the Federal Reserve kept interest rates at zero for far too long and far too low. | ||
| And the only reason they did that was so that the government could spend trillions of dollars it did not have. | ||
| And that is what caused all of this inflation, as you and Steve were saying earlier. | ||
| That is what lit this fire. | ||
| We are not all of a sudden just in the beginning of a banking crisis now. | ||
| We're in the middle of it. How does these regulatory agencies and Biden just make this audience the guarantor of $19 trillion of deposits? | ||
| Is that constitutional? | ||
| Is it legal? Can they actually do it? | ||
| And why is it not being challenged? | ||
| Well, you know, there's a question of whether the entire Federal Reserve is even constitutional. | ||
| But that issue aside, the Federal Reserve has been given a tremendous amount of leniency when it comes to regulating the banking system and also trying to maintain stability in the financial system as a whole. | ||
| And so they are using that as the excuse, if you will, to be able to do this. | ||
| You know, can this be challenged in court? | ||
| Absolutely. The difficulty there is that by the time this finally works its way, by the time a challenge, that is, finally works its way through the court system, the crisis is likely going to be over anyway. | ||
| And at that point, there's no way to put the toothpaste back in the tube. | ||
| I'm not so sure about that. | ||
| E.J., how do people get to you? | ||
| You're doing fantastic work. | ||
| People need to, particularly if you go to find out from the FDIC how underwater they are, where do people, how do people track you down? | ||
| They can follow me on Twitter at Real E.J.Antoni. | ||
| E.J., thank you very much. | ||
| Fantastic work. Look forward to having you back on. | ||
|
unidentified
|
Thank you for having me. | |
| Cortez, we've got other bad news today. | ||
| You've got some economic analysis that will eventually roll into capital markets, but walk us through the economics. | ||
| Unfortunately, the hits keep rolling, and by hits, I mean shots to the head economically. | ||
| We got terrible retail news out this morning. | ||
| The whole retail sector has been incredibly troubled because of Biden's inflation. | ||
| So let's look at a couple of charts here. | ||
| I first want to show on chart number one, this is small cap stocks. | ||
| And we talk a lot about the Dow. | ||
| It is generally the barometer that most folks watch. | ||
| But the Dow is multinationals. | ||
| It's very, very global. This is the Russell 2000 small cap index. | ||
| The ticker is IWM. And it's a much better read, really, on what is happening on Main Street because these are almost totally domestic names. | ||
| This is a better reflection of the Main Street economy. | ||
| The chart I'm showing there goes back three years. | ||
| So I'm taking you back to the lockdown lows in the spring of 2020. | ||
| And what you can see there is the Trump boom 2.0, okay? | ||
| As the country was reopening, as we were emerging from the lockdowns, the economy was on fire without inflation. | ||
| Biden takes office in January of 2021, and the IWM is at $215. | ||
| It is getting crushed today, down 2 % plus on the day, and it's all the way down to $171. | ||
| So the reality of Main Street right now, as reflected by small cap stocks, is that the American economy is in serious trouble and worsening. | ||
| If we go to chart number two, this is the retailer sector particularly, okay? | ||
| And this is back a year and a half. | ||
| This is XRT, which is the ticker for the most traded exchange-traded fund group of retail stocks in America. | ||
| As you can see, that sector has been almost cut in half In the last year and a half under Joe Biden. | ||
| So retail is in tremendous trouble. | ||
| Why? Because the consumer cannot handle this inflation, the same inflation which is now plaguing the banking sector. | ||
| So it is systemic, it's pernicious, and it is worsening. | ||
| That is the reality right now. | ||
| The sense of urgency, Steve. | ||
| Once again, there's a lot of reasons that we need to be urgent as patriots of this country to reclaim our republic from the oligarchs. | ||
| And one of the reasons for that urgency is the economic storm that we are in, the created crisis that was created by Joe Biden, along with a lot of collaborationist Republicans, permanent Washington fools on Capitol Hill, who enabled and emboldened Biden to pursue this inflationary path, which is impoverishing America and which is putting our entire banking system at risk. | ||
| Okay, short commercial break. | ||
| Steve, if you can hang over with us. | ||
| We've got Natalie Winters, Jack Posobiec, who's going to join us. | ||
| Because I thought the consumer, they've been telling the consumer was holding up everything. | ||
| Short commercial break. 90 seconds. | ||
| Hang in there. Be back in a moment. | ||
|
unidentified
|
We rejoice when there's no more. |
Export Selection