March 17, 2023 - Bannon's War Room
48:54
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| I want to briefly speak about what's happening to Silicon Valley Bank. | ||
| I want to briefly speak about what's happening to Silicon Valley Bank and Signature Bank. | ||
| Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe. | ||
| I instructed my team to act quickly to protect these interests. | ||
| They've done that. Do you feel forgotten? | ||
|
unidentified
|
We absolutely feel forgotten. | |
| It feels like they know, but they just don't care. | ||
| I've called every number I could possibly find. | ||
| I've been begging, but they're telling us it's all in our heads. | ||
| It's not real. It's very shocking and insulting and dehumanizing. | ||
| That's what swift action in my administration over the past few years is all about. | ||
|
unidentified
|
It tells you he doesn't care about us. | |
| They're asking, is the president coming to Ohio? | ||
| Let's put this in perspective. | ||
| Whatever happens here, we've got to understand this is the responsibility of the railroad company who's made. | ||
|
unidentified
|
Did you plan to travel there and have you talked with the mayor? | |
| I can't recall that. | ||
| I don't think I've talked to the mayor. | ||
| I've talked to everyone else there multiple times. | ||
| I've talked to both the senators, both governors. | ||
| I've talked to everyone there is to talk to. | ||
|
unidentified
|
It makes you wonder, Miranda, who else has accounts there? | |
| Oh, just wait for it. | ||
| We also... Ooh, ah! | ||
| Bingo! Ding, ding, ding! | ||
| Barack Obama. And Hillary Clinton. | ||
| When we learned of the problems of the banks, I instructed my team to act quickly to protect these interests. | ||
| All these Democratic donors had money in there, Oprah Winfrey being one of them. | ||
|
unidentified
|
We also find out that none other than Chuck Schumer is being affected by it also. | |
| Do you think that the president, President Biden, should visit and speak with families there? | ||
| A visit at that level can sometimes have a lot of disruptive effects, so it would need to be thought of carefully. | ||
| But I'm certainly glad that I went. | ||
| Treasury Secretary Yellen and the team of banking regulators have taken action, immediate action. | ||
| Will the deposits in every community bank in Oklahoma, will they get the same treatment that SVB just got or Signature Bank just got? | ||
|
unidentified
|
Um, look, I mean, 20 years from now when women can't have children, when people are dying from kidney disease, lung cancer, liver cancer, what they've done here is an absolute shame. | |
| This economic system sucks. | ||
| 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. | ||
| 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. | ||
| 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. Start with some of the banking issues we're dealing with on it. | ||
| Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? | ||
| Are they fully recovered? | ||
| Every bank, every community bank in Oklahoma, regardless of the size of the deposit, will they get the same treatment that SVBP just got or Signature Bank just got? | ||
| A bank only gets that treatment if a majority of the FDIC board A supermajority of the Fed Board and I, in consultation with the President, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences. | ||
| So what is your plan to keep large depositors from moving their funds out of community banks into the big banks? | ||
| We have seen the mergers of banks over the past decade I'm concerned you're about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, we're not going to make you whole, but if you go to one of our preferred banks, we will make you whole at that point. | ||
| Look, I mean, that's certainly not something that we're encouraging. | ||
| That is happening right now. | ||
| That is happening because depositors are concerned about the bank failures that have happened and whether or not other banks could also fail. | ||
| No, it's happening because you're fully insured no matter what the amount is. | ||
| If you're in a big bank, you're not fully insured if you're in a community bank. | ||
| Well, you're not fully insured. | ||
| You were at signature, and it just barely met that threshold. | ||
| You were at signature. Well, we felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks, and that something, given that our judgment is that the banking system overall is safe and sound, depositors should have confidence in the system. | ||
| And we took these actions... | ||
| So there's a special assessment that's been done on community banks in my state and all banks across the country. | ||
| Was there any discussion that that special assessment would only apply to the larger banks, or was it always assumed the special assessment would cover every bank, including rural banks in my state? | ||
| I'm not certain what the rules are around that for the FDIC to determine. | ||
| It has been reported publicly that SVB had a large number of Chinese investors that are there, including some that were companies directly connected to the Chinese Communist Party. | ||
| Will those individuals, companies, entities and investors, that our Chinese investors be made whole based on assessments in my banks in Oklahoma. | ||
| So what I'm asking is, will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole from Silicon Valley Bank? | ||
| Uninsured investors will be made whole in that bank, and I suppose that could include foreign depositors. | ||
| But I don't believe there's any legal basis to discriminate among uninsured. | ||
| I get it, but I'm just saying my community banks are going to pay this additional fee. | ||
| It is always fascinating to me as well, the conversation that taxpayers are being made whole in this, that taxpayers are not going to have any kind of consequence on this. | ||
| I'm sure my bankers are going to be very excited to know they no longer pay taxes. | ||
| CBC Squawk Box, Andrew Ross Sorkin. | ||
| Andrew, we see the government stepping into rescue banks. | ||
| We see other banks stepping in to rescue banks. | ||
| And yet I'm still getting breaking news on my phone that Credit Suisse numbers are going down, that Wall Street's still shaky. | ||
| What's beneath this? | ||
| Because you can't help but think. | ||
| There's some connection with markets globally, at least across the West, that connects a boutique bank in Silicon Valley with a Swiss bank that's been around for over 150 years. | ||
| That's actually a very good question. | ||
| I mean, I think part of that is that just too much risk has been taken by a number of these banks, the regional banks, including Silicon Valley Bank, as you just described, and Credit Suisse is one of them. | ||
| But I do think, look, I'm not somebody who blames the Federal Reserve for what's happened at these banks. | ||
| I know there's a lot of finger pointing as if it's their fault. | ||
| They have telegraphed. | ||
| Jay Powell has been telegraphing to the American public, to the world, what he had planned to do for a very long time. | ||
| It is the job of CEOs and executives at these banks to say, you know what, it's likely going to be raining. | ||
| And we got to buy some umbrellas. | ||
| And this was a group of people who decided for some reason that it was going to be blue skies, sunny outside all the time. | ||
| That's what I think happened here. | ||
| Now, there were bank supervisors that clearly didn't do their job from the regulatory side. | ||
| Obviously, some of the regulations themselves loosened up, which allowed some of these regional banks to take on more risk. | ||
| I mean, when you look at it, there is something like $600-plus billion of unrealized gains in some of our regional banks across the United States. | ||
| That should not be. Historically, there have been unrealized losses before, but they would live somewhere around $100 billion, and that was manageable. | ||
| But when you get to these type of numbers, confidence evaporates, and people start to move their money, and that's what we have seen. | ||
| Now, I think what you're seeing with the government stepping in and saying deposits implicitly Not explicitly, but implicitly are guaranteed. | ||
| And so everybody's supposed to feel a lot better about that. | ||
| Having said that, look at the stock this morning. | ||
| First Republic Bank just got $30 billion of deposits from, you know, half a dozen more than that, actually, banks, including J.P. Morgan and others, putting their deposits there to try to support it. | ||
| And yet the stock's down another 20, 25 percent. | ||
| You're looking at PacWest, another regional bank out on the West Coast. | ||
| That stock's off another 11 percent. | ||
| There is a question of whether we're gonna have to see some more shotgun marriages, a la 2008. | ||
| I hate to sort of relate the two, but... | ||
|
unidentified
|
Restaurant owner and chef David Neyfeld say they're able to breathe a sigh of relief. | |
| I don't think anybody ever wants to hear... | ||
| about any bank having trouble. | ||
| In addition to business accounts at the bank, Neyfeld says he has his personal savings account and a mortgage at First Republic, too. | ||
| He did not pull his money from the bank, hoping First Republic could figure it out. | ||
| If you want the business to be around, you need to be a patron of the business. | ||
| Former Federal Deposit Insurance Corporation Chair Sheila Baer says Americans should remember that FDIC insurance covers up to $250,000 per depositor at most banks. | ||
| Her message, don't worry. | ||
| If depositors rush into a bank and want all their money out at once, they will force an otherwise healthy bank to close. | ||
| We called it a roller coaster. | ||
| Not the fun kind, Brian. | ||
| I mean, so put this week in perspective for us. | ||
| It starts with the government bailing out, one might say, some depositors. | ||
| Now we've got these big banks coming in, some doing things that they'd never do again, bailing out smaller banks. | ||
| I mean, what do you even make of this? | ||
| Yeah, and it's really interesting that the person I spoke to at the very end there, the former chair of the Federal Deposit Insurance Corporation, which stepped in over the weekend, said that if we saw the government step in on the weekend and then we saw the banks and the industry step in just yesterday, then maybe the next step would have to be Congress. | ||
| So if there were to be more issues in the banking system that were to spread to other institutions, it's possible it could require an even larger response down in Capitol Hill. | ||
| But it just bears repeating. | ||
| This is a self-fulfilling prophecy. | ||
| I mean, if you start freaking out and pulling out your money out of the bank in many ways, that is what starts the crisis. | ||
| Yeah, yeah. It's all really about fear. | ||
| And a lot of this is psychological. | ||
| As Sheila Baird was saying, these are healthy institutions. | ||
| But it just seems to be that a lot of people rushing for the door, if enough people pull enough money too fast, that's what could happen. | ||
| What if you are kind of looking at your 401k and you're looking at the stock market? | ||
| Maybe you have a few stocks invested and you are getting a little uncomfortable. | ||
| Is there something that you can do that's reasonable? | ||
| Yeah, Hoda, certainly the temptation is there to look at the portfolio. | ||
| And it's a little bit scary right now. | ||
| But what experts I've spoken to have said, don't change your long-term strategy. | ||
| Make sure that you're not overexposed to one stock or a specific type of stocks. | ||
| But broadly speaking, if you set up a strategy prior to this weekend's events, don't change that. | ||
| So, Peter Baker, let's talk about the government intervention. | ||
| And you've been writing about how they're very careful to not call it a bailout. | ||
| But the Biden administration is in a tricky spot right here with the politics of this as a reelection campaign looms. | ||
| People you're talking to, what's their approach going to be? | ||
|
unidentified
|
Yeah, obviously, bailout is a seven-letter word, but in Washington, it's a four-letter word, right? | |
| And of course, you're right, Andrew Ross Sorkin wrote the best book about the last crisis. | ||
| We're still living with that today. | ||
| President Biden, of course, was vice president coming in in 2009, inheriting the bailouts that President George W. Bush had first proposed, and they saw the price of that. | ||
| It changed our politics. Arguably, the bailouts back then, even though the money mostly, if not completely, came back to the government, Even if it saved the world economy, as a lot of people argue, left such a bad taste in the public's mouth that it gave rise to this current populism we're seeing. | ||
| It gave rise to the Tea Party movement. | ||
| It gave rise to the Occupy Wall Street movement. | ||
| On the left, Bernie Sanders and Donald Trump were suddenly not just fringe characters on the wings of their parties, but major forces contending for the presidency. | ||
| One of them actually got there. And so you can see why there's no desire here in Washington, at least on the part of the administration, to call what they're doing a bail. | ||
| Now, they would say it's not a bail. It's not what happened in 2008. | ||
| By guaranteeing these depositors at SVB, they're not, they say, of course, bailing out the investors and the risk takers and the managers, the people who got us into trouble in the first place. | ||
| They're simply taking care of the innocents who had their money at this bank. | ||
| You know, it doesn't mean that you're not going to hear Republicans use the B word again and again right now, and that's something that the Biden people are very sensitive about. | ||
| It's St. Paddy's Day, Friday, 17 March, Year of the Lord, 2023. | ||
| All you're getting is lies, misrepresentations, and spin. | ||
| We're here to break it all down for you. | ||
| Everything you heard there is just hair on fire and not getting to the heart of the problem. | ||
| And the problem is so deep, so systemic, so bad, okay? | ||
| And it deals, goes right back to Biden, the spending, the inflation, the Biden bond collapses, or U.S. government securities. | ||
| Why are they talking about risk? | ||
| That's All Lies Spin, right? | ||
| These are healthy institutions. | ||
| Close your browser. | ||
| Andrew Ross Sorkin's wrong. | ||
| It's not $600 billion in gains. | ||
| It's $600 billion in losses. | ||
| And by the way, the real losses are over $2 trillion. | ||
| There's a shot below the waterline in the American and global financial system. | ||
| And guess what? They're taking on water. | ||
| The only people that can bail enough and save them are MAGA, the wage earners. | ||
| The wage earners versus the oligarchs next in The War Room. | ||
|
unidentified
|
We rejoice when there's no more. | |
| Let's take down the CCP. Here's your host, Stephen K. Band. | ||
| Okay, welcome back. We have to have an adult conversation about this because all of the... | ||
| Remember, when they even said, oh, it's going to Congress. | ||
| It's all on your shoulders. | ||
| This is all bailouts, okay? | ||
| All bailouts. When you get back to how it's going to be through the bank fees or through actual reasoning, everything, it's all you. | ||
| They're going to spin it every way they want to spin it. | ||
| They're going to lie about it. They're going to call it this, call it that. | ||
| It gets back to you. You're going to be paying more for this. | ||
| And the individual banks, as bad as they're managed, and the regulators for the $6.8 trillion in budget you're spending hasn't seen the insolvency here. | ||
| And here's the problem. | ||
| As we've talked about, because of the structure of our financial system predicated around the zero interest rates that Obama and Biden brought in to solve the problem in 2008, which didn't solve it. | ||
| We said it didn't solve it. | ||
| It led to the rise of Donald Trump. | ||
| But it didn't solve the basic core problem of these zombie institutions. | ||
| Steve Cortez, and I want people to understand right now, this is far worse than 2008. | ||
| It's going to be far worse than 2008. | ||
| Steve, let's talk about... | ||
| By the way, how did you like... | ||
| I did a 14-minute cold open because we had to get all the voices in there of the lies and the spins, and they look like deer in the headlight. | ||
| Give me your assessment of that cold open, and then I want you to talk about... | ||
| The massive problem that's the ticking time bomb we have right here where all these banks are going to the Fed right now. | ||
| And remember, everything I say, I want everybody in the audience to understand something. | ||
| You're paying for this. | ||
| You are paying for this. | ||
| The wage earners in this country, wage earners. | ||
| I don't care if you're middle class and you're making $150,000 a year. | ||
| You're just punching a clock, right? | ||
| Wage earners are paying for this. | ||
| Steve Cortez. Steve, that opening montage, it was necessary to watch, but let's face it, it was tough to watch. | ||
| You know, I woke up in a great mood. | ||
| It's St. Patrick's Day. Happy St. | ||
| Pat's to you, one of my favorite Irishmen. | ||
| I also want to say Happy St. Patrick's Day to my wonderfully Irish mother, who is a huge, dedicated fan of The War Room. | ||
| But anyway, it was in a very good mood and really not so much anymore after watching that A Block. | ||
| But it's necessary for all of us to see it, because we have to see the reality. | ||
| And we have to see just how stark the lies are that they continue to look into the camera and to get to a microphone and tell the American people and pretend that this isn't a bailout. | ||
| Of course it is a bailout, and the consequences are going to be severe and systemic and long-lasting. | ||
| And of all those consequences, I think perhaps the worst Is the idea that the Fed has now been neutralized, Steve, that this out-of-control inflation that the Fed was trying, not very successfully, to fight, the Fed is now officially neutralized because it believes if it continues to fight inflation, that it's going to send the banking system into an absolute collapse. | ||
| Let me show you what I mean by this. | ||
| With a chart and with numbers. | ||
| If we go to chart number one, please. | ||
| This is the Fed discount window. | ||
| This is effectively the bank for the banks. | ||
| Okay, so this is where the banks go to borrow money from the Fed. | ||
| That chart goes back 20 years all the way to 2003. | ||
| You can see that there was a lot of buying, a surge of buying back in 2008, 2009. | ||
| Why? The banks needed liquidity and they needed it badly. | ||
| The only place they could get it, they couldn't get it from other banks, they had to go to effectively our bank, to the Federal Reserve. | ||
| You can see then another spike on that chart during the lockdowns, but not that significant actually. | ||
| Banks were in relatively good shape during the lockdowns of 2020. | ||
| What we now have on the far right side of that screen is we are at worse levels Than 2008 and 2009. | ||
| So to your point, Steve, the banks are scrambling for cash now in a way that they weren't in 2008 and 2009, as bad as things were then. | ||
| And here's the thing, Steve, to get back to what I was talking about with the Fed, this means that between this lending and between the obligations that the Fed just assumed, that the federal government, FDIC, just assumed for these collapsed banks, in total, we have seen just in a number of days, Steve, The Fed balance sheet expand by $300 billion in an era in which the Fed has claimed that it is going to reduce the balance sheet to try to fight inflation. | ||
| So again, the consequences, it's hard to exaggerate just how harmful the overall consequences are. | ||
| Because you won't see this even on the business channels. | ||
| This is why the working class and middle class on this show are smarter. | ||
| In 2008, you remember that week when it all melted down with the Bush and Pelosi and all of it, that Goldman Sachs was going to go bankrupt. | ||
| The great Goldman Sachs, the top investment bank on Wall Street, was going to go bankrupt over the weekend. | ||
| But Paulson, who used to work there, signed a one-line letter to the control that said, Goldman Sachs is hereby a bank-holding company. | ||
| Made them a bank-holding company. | ||
| They could go to the Fed window. | ||
| On Monday and draw down, I think 5 billion of cash at that time, right? | ||
| That chart we're showing you is how these banks, forget the $30 billion of deposits. | ||
| That was all put the shotguns through the heads and that was temporary and the markets all through it today. | ||
| Okay? We are nationalizing the banking system. | ||
| We are nationalizing the banking system to save the oligarchs, and you're paying for it. | ||
| Let me repeat this. The Swiss did it the other day. | ||
| We're doing it right now. | ||
| I want everybody to understand, and the clowns on Capitol Hill and the gutless Republicans, they've got to step up. | ||
| If we're going to nationalize the banking system, fine, but let's have a debate about it. | ||
| Don't do it behind closed doors, and don't sit there and spin and sit there and go, it's not a bail. | ||
| Bail, that's a seven-letter word, but it's a four-letter word in Washington, and this is not a bail. | ||
| Screw the Biden administration. | ||
| They've put us here with the collaborationist Republicans. | ||
| It's all about the spending. | ||
| Spending that led to the burning dumpster fire of inflation that destroyed the... | ||
| It's Biden spending, Biden inflation, the Biden bonds, which are the government securities that crashed two... | ||
| Andrew R. Sorkin, it's $2 trillion unrealized losses to the Biden banks. | ||
| This Biden is Herbert Hoover. | ||
| He's sending us into a Great Depression. | ||
| We are nationalizing the banking system before your eyes. | ||
| Go back to that chart. Explain what these banks are doing right now on taxpayer money, sir. | ||
| And we're nationalizing the banking system, Steve, without participating in any of the upside, okay? | ||
| If it were a true nationalization and we have to bear the risks, then we should also enjoy the upside. | ||
| We don't have that now. It's totally asymmetric. | ||
| All of the risks for the deplorables, none of the upside. | ||
| The upside only, the guarantees and profits. | ||
| Only for the oligarchs. | ||
| So if we can show chart one again there, please. | ||
| This is the Fed discount window. | ||
| This is effectively the bankers to the bankers. | ||
| This is where our banks go to get money. | ||
| You see that massive spike in 2008 and 2009. | ||
| We are now in a worse place, meaning there is a more intense, bigger scramble for cash from these banks who are borrowing money from us, effectively, from the Federal Reserve balance sheet. | ||
| It is far worse than it was in the lockdowns of 2020, and it is even worse And by the way, Steve, you mentioned, let's go to chart number two. | ||
| You mentioned First Republic, which is getting this $30 billion of deposits from the larger banks that's effectively orchestrated by Yellen in Washington, D.C. Well, guess what? | ||
| The investors are saying, I'm going to sell the stock first. | ||
| And I'll ask questions later. | ||
| Because First Republic, despite that massive infusion of deposits, it is right now, as we speak, down 20 % on the day. | ||
| And that chart right there is the stock of FRC, First Republic Bank, going back a year. | ||
| As you can see to the lows of this week, it has lost 90 % of its value. | ||
| So the stockholders out there right now, okay, people who are actually taking risk and putting money to work in markets, the stockholders are saying, I want out. | ||
| And we'll ask questions later. | ||
| That's effectively what's going on. | ||
| Now, there is a little bit of truth telling out there, believe it or not. | ||
| Hang on, hang on, hang on. | ||
| Before I go to that, I want you to go back. | ||
| You can't even look at stock markets. | ||
| For the last two years we've been talking about, and you've been the tip of the spear, you've watched the bond market. | ||
| This is the revenge of the bond market's collapse and the bond market just trashing people, and particularly government securities. | ||
| As interest rates go up, these bonds are worthless. | ||
| Let me repeat it. When you're at zero, when Trump had the election stolen from him at 3 November 2020, when the 10-year Treasury is 0.86, And it gets up to over four under Biden because of his spending. | ||
| Those government securities become essentially almost worthless. | ||
| I don't know, 20 % of their value, Steve. | ||
| That's what blew the bottom out of these banks. | ||
| It's not Silicon Valley Bank being woke. | ||
| Yes, it was terribly managed. | ||
| It was a hedge fund. It was a country club. | ||
| They're terrible people. They hate you. | ||
| They de-platform you. | ||
| And it woke us, helped because they were all incompetent. | ||
| Woke, but the bottom line, it was Biden, Biden, Biden, Biden, Biden, don't ever forget that. | ||
| It ain't woke. It's incompetence and malfeasance. | ||
| Steve Cortez. No, correct. | ||
| That is exactly the crux of it. | ||
| Last year, 2022, was the worst year for Treasury bonds in the history of the United States. | ||
| So an asset class that is supposed to provide insurance in times of turbulence, an asset class that is normally stayed and boring, became anything but, became incredibly toxic, remains incredibly toxic because of Joe Biden's systemic inflation. | ||
| And again, I can't reinforce this point enough, that inflation, which the Fed has now neutered in terms of trying to counter. | ||
| Can't do it. Your life's about, your food's Yeah, it's huge on you guys. | ||
| Hang on for one second. Let me get John Ferguson for a couple of minutes. | ||
| Fredericks, you've been there before. You were homeless after 2008. | ||
| How do you feel this morning, buddy? You feel good? | ||
| It's Redux. It's all over again, Steve. | ||
| They're doing it again. Look, nobody can take a backseat to me on this stuff or my wife, Ann, because we lived it, homeless, two years, no money, had to park cars to put a chicken on the table to feed a five-year-old. | ||
| This thing, they're doing it again, but only worse. | ||
| What you saw in that exchange with Janet Yellen and Lankford of Oklahoma is what I've been saying for a week, and he absolutely nailed it. | ||
| The real plot here is to get rid of small community banks, because if they get rid of those, then they can get rid of the bane of the Democrats' existence, which is small business owners. | ||
| The purpose of small regional banks is to loan money to entrepreneurs starting businesses. | ||
| Do you think that Ann and I would own 15 radio stations if the first one we had to go to Wachovia, Bank of America, Wells Fargo, they'd have laughed at us and kicked us out. | ||
| We built a company with a small credit union in Newport News called Bayport Credit Union. | ||
| This is what little banks do. | ||
| You build a relationship. | ||
| They take the time to understand your business. | ||
| They try to figure out what you're doing. | ||
| They give you some seed money. | ||
| You can build a company and hire people. | ||
| Now you're a small business owner. | ||
| What they're doing, they've nationalized the banking system. | ||
| They've guaranteed only the big depositors. | ||
| She said, can you guarantee that the small banks depositors are going to be taking care of? | ||
| Her answer, no. | ||
| So you're going to get the drain of deposits from the small banks going to the big banks, which then puts the small banks out of business, which then chokes off small businesses. | ||
| That's their plot. | ||
| John, we'll try to get you back at five. | ||
| We've got to punch. Cortez is with it. | ||
| Remember, they're bailing out CCP companies with your money, baby. | ||
| All next in the war room. | ||
|
unidentified
|
Here's your host, Stephen K. Bannon. | |
| I want to make sure everybody in this audience understands, because we said you're the head of the creditors committee a year ago, and we're not kidding. | ||
| I'm not saying that facetiously. | ||
| You're the only rational actor in this. | ||
| You've got to hold the line or the country's going to be over. | ||
| You're going to implode this financial system, okay? | ||
| You're going to implode this financial system. | ||
| And what they're doing in this patchwork thing and the lies and misrepresentations are only going to make it worse. | ||
| They're just scrambling around trying to put fingers in the dike patches and they're doing things behind the scenes and not being straightforward with the American people. | ||
| Cortez, walk me through how bad it is, brother. | ||
| Yeah, you bet. And just giving a market update here to show you again, what is capital actually doing? | ||
| Forget about pontificating from pundits on TV. Let's look at what Cash on the Barrel has decided to do, and it's running for cover right now. | ||
| First Republic Bank, which I mentioned, opened up down 20 percent, now down 22 percent. | ||
| Charles Schwab, which really isn't even a bank but has bank-like aspects to it, down 5 percent on the day right now. | ||
| Fifth Third Bank down 5.5 % right now on the day. | ||
| Steve, that would be a bad month. | ||
| That would be a bad year in normal times. | ||
| It's anything but normal. Now, there is at least a modicum of truth-telling from Wall Street. | ||
| It's rare to find, but when we find it, I think it's worth citing. | ||
| So Bank of America. Their chief economist actually put out a statement, which makes a lot of sense, and unfortunately should fill everyone with dread about what is to come in this country because of these policy failures. | ||
| If we can pull up chart number three, please. | ||
| Slide three. This is from B of A's Michael Hartnett, who is their very regarded strategist. | ||
| And here's what he says. Bank emergency borrowing. | ||
| Equals tighter lending standards. | ||
| Equals small business credit crunch. | ||
| Exactly what John Fredericks was just talking about. | ||
| Equals higher unemployment. | ||
| Tipping point for the US dollar. | ||
| End of Silicon Valley hegemony. | ||
| Start of entrenched high inflation. | ||
| And budget deficits. | ||
| The start of entrenched high inflation and budget deficits. | ||
| That is what we are facing right now because of this hurricane, this crisis that Joe Biden has inflicted upon America. | ||
| Hold it. I want you to take it from the top. | ||
| I want you to read it again. | ||
| This is what we were saying. And this ain't going to get solved in a day. | ||
| Okay? Everybody, all they're doing is talking about the second phone call of Trump in Georgia. | ||
| Screw you! You've destroyed the frickin' country. | ||
| You've destroyed the frickin' country. | ||
| He had four years of peace and prosperity. | ||
| I don't care if you think he's a barbarian. | ||
| Maybe it's time you needed a barbarian to stand up to the bad guys. | ||
| It's the 20th anniversary of shock and awe. | ||
| You see what these globalist, neoliberal, neocons have done to the nation and never been held accountable? | ||
| Read again. Ladies and gentlemen, when you hear what Cortez is saying from the chief strategist of the Bank of America who's trying to lay out the truth, that has lost decades for everybody under 40. | ||
| This is where we've come to. | ||
| And that $6.8 trillion budget he put in your face last week, That's the ticking time bomb that caused all this. | ||
| Read it again, Cortez. Yeah, no, that's exactly right. | ||
| Why? Because neither he nor any of the most powerful people in permanent Washington care that the American people have now suffered two straight years, 24 consecutive months of crashing real wages, working harder to get poorer. | ||
| And unfortunately, given this crisis, probably only the beginning. | ||
| Here's that quote again from Michael Hartnett, who is chief strategist at Bank of America. | ||
| Bank emergency borrowing equals tighter lending standards. | ||
| Equals small business credit crunch. | ||
| Equals higher unemployment. | ||
| Tipping point for US dollar. | ||
| End of Silicon Valley hegemony. | ||
| Start of entrenched high inflation. | ||
| And budget deficits, entrenched high inflation. | ||
| So Steve, the crash in real wages is already an absolute crisis. | ||
| Because of this new crisis, because of this new creative failure, it's going to get even worse. | ||
| And you can't have the budget deficits because you can't finance them. | ||
| I want to say the first thing he said, the emergency lending, that's the window we showed you. | ||
| That's the $300 billion drawdown. | ||
| That's the end of quantitative easing. | ||
| That's the banks are going to, essentially you, the Federal Reserve, are going to you, you, the audience. | ||
| to get money to give themselves liquidity. | ||
| Continue on, Brother Cortez. | ||
| No, correct. And listen, here's the story. | ||
| You get all of the risks and you don't share in the upside. | ||
| That is the reality of the oligarch system that we have created in America. | ||
| Now, again, I don't want to be too negative because I do think it's saveable, okay? | ||
| I think it's saveable. We won the House. | ||
| I believe we're going to win the Senate. | ||
| We're going to have an America first president. | ||
| And I think that we can save our republic. | ||
| But there has to be an incredible sense of urgency out there because, believe me, the hour is very late. | ||
| And that window is closing. | ||
| Brother, brother, brother, brother, hang on, hang on, hang on. | ||
| Steve, Steve, I got the frickin' house hasn't said a word about this. | ||
| Because you talk to them and they say, we're getting advice. | ||
| If we say anything, it could be. | ||
| You gotta step up and be a truth teller. | ||
| You've got to look people in the eye and say, hey, let me boil it down to something very simple. | ||
| And I don't care if you're making $200,000, $250,000 a year. | ||
| You're still working for the man. | ||
| You're nothing but a working stiff at a higher pay level. | ||
| This is wage earners versus the oligarchs. | ||
| The guys that run the system are bailing themselves out as we speak, second by second by second. | ||
| We've socialized all the risks. | ||
| You wage earning stiffs. | ||
| Are paying for this? And like Cortez says, is anybody giving you a warrant package? | ||
| Is anybody giving you some outside-the-money options? | ||
| Are you getting any of the upside? | ||
| No, you are not. | ||
| All the David Sachs and all these guys pontificating about Silicon Valley Bank and this and that, instead of cutting credit lines to their venture capital companies, to their companies, their founders' companies, Did they come back and say thank you? | ||
| Did they say, hey, here's a warrant package, here's some options? | ||
| When this thing turns around, no. | ||
| Just like in 2008, it's screw you. | ||
| You're going to pay for it, and you're going to pay for it not just now, you're going to pay for it for decades and decades and decades of horrible economic growth and no wage increases. | ||
| Okay, when the guy sits there on the Savannah, what should you do today to cut your browser off? | ||
| How about deficit financially? | ||
| Don't look. Look away. | ||
| Right. Because if you look at it, you're going to sit there and go, and you're going to have a burning anger, and you should have a burning anger. | ||
| This is what I said at CPAC. This is the collapse of the neoliberal neocon order. | ||
| 20th anniversary of shock and awe, right? | ||
| How did that work out? After the guy general yesterday said, hey, you know, we got to go back to Afghanistan. | ||
| You know, we only had 20 years to take care of the Taliban. | ||
| You know, the guys living in caves didn't work. | ||
| They're going to come back. Need to go back to Afghanistan. | ||
| The neoliberal neocon order is all going to they want your sons and daughters, but they want to back in Afghanistan. | ||
| They want them in Ukraine. | ||
| They want them everywhere. At the same time, you're paying for this. | ||
| Cortez, hang on one second. I know we've got a lot more economics to go through. | ||
| I want to get John Solomon in here for a second. | ||
| To make your day even better, I'm going to give people a reason to get drunk on St. | ||
| Paddy's Day, okay? You don't have to pretend you're Irish. | ||
| You can absorb the angst of the Irish, right? | ||
| Solomon, give me your breaking news to make sure that everybody knows they're not being lied to every second of every day. | ||
| Give me your update on the Wuhan lab, sir. | ||
| Absolutely. We're going to get these declassified documents in a few weeks. | ||
| Either Joe Biden will sign the law, or he'll veto it, and Congress will quickly override him. | ||
| What these declassified documents are going to show are what we already have in some unclassified and declassified documents. | ||
| Since 2005, the United States government has known that China has been operating an illicit bioweapons offensive program. | ||
| It identified in 2005 in a State Department document we made public today. | ||
| The Academy of Military Medical Sciences was the center of this bioweapons program, and it had a fifth institute that did a lot of work specific on this, so we knew the place it was going on. | ||
| Between that warning in 2005 and in 2015, the MMS, the Chinese body, began working with the Wuhan Institute of virology significantly. | ||
| In fact, there are studies published on Dr. | ||
| Fauci's site that show that the Academy of Military Medical Sciences in Wuhan were doing multiple studies together, one on anthrax, another one, a book. | ||
| This book said in 2015, the US Intelligence Committee knew about it, the medical committee in America knew about it, that the Chinese considered coronaviruses to be the leading edge of a new era of genetic warfare. | ||
| Just absorb that for a second. | ||
| Five years before the pandemic, they're talking about coronaviruses being the genetically engineered weapon of future warfare. | ||
| Despite all those warnings, despite all the Intelligence Committee's warnings, both the NIH under Dr. | ||
| Fauci and the USAID, the State Department's funding arm, gave $1.7 million at least to the Wuhan Institute of Virology, and now Congress has been told there may have been a separate flow of money to the Academy of Military Medical Sciences in China, the very epicenter that our Intelligence Committee said was at the heart of the bioweapons program People all across America are going to be scratching their heads. | ||
| How, in God's name, could we fund entities we knew were tied to the bioweapons and medical research of the Chinese People's Liberation Army? | ||
| Don't bury the lead, Brother Solomon. | ||
| Your investigative reporting is so good. | ||
| Offensive bioweapons research. | ||
| Offensive. And total controversy of the bioweapons treaty they've signed of everything. | ||
| They had an active, offensive bioweapons program. | ||
| Intelligence knew about it. | ||
| We knew about it. | ||
| Everybody knew about it. | ||
| They knew about it, and we kept not just looking the other way. | ||
| Funding it with your tax dollars. | ||
| Is that basically the story? | ||
| No doubt about it, Solomon. | ||
| The Bush administration accused them in 2005 and this alliance of violating the treaties they had signed. | ||
| They've been out of order on those treaties for 17 years and yet there was no problem from our State Department, no problem from our NIH sending money to these entities that were directly involved or directly affiliated with this research. | ||
| Hang on, Solomon. Cortez, your assessment of the reparations the Chinese Communist Party owe the American people, what's your opening bid on that, sir? | ||
| Well, the $1 trillion in treasuries that they own, that is an absolute down payment. | ||
| It's by no means sufficient. | ||
| They owe us far more than that in epidemiological war reparations for what they did to the United States, knowingly did. | ||
| Remember that, knowingly did. | ||
| Lied to the world, got the fake medical stamp of approval from the World Health Organization. | ||
| And effectively seeded this virus all over the world using the citizens of Wuhan, who didn't know what they were doing, but sending them to New York and San Francisco and Milan to make sure that the entire world would get infected while they seal off Wuhan from the rest of internal China. | ||
| So the down payment, Steve, should be the $1 trillion in treasuries that we owe. | ||
| Well, then we need to do it in a methodical, legal way. | ||
| But we can do that. And the total number, Peter Navarro says, should be about $20 trillion. | ||
| I think that's probably in the neighborhood of what would be just. | ||
| But let's start with the down payment. | ||
| One trillion, and then they got the Chinese railroad bonds. | ||
| Pay all those off. Take their bonds first, zero amount. | ||
| Take the Chinese railroad bonds, and then Navarro says $20 trillion. | ||
| Solomon, I just want to make sure everybody understands this. | ||
| Wuhan was the medical center for the Chinese Communist Party in the PLA since the late 40s, or even before that, even during World War II. It was always their medical center. | ||
| It's so obvious and logical why this was. | ||
| And anybody who knows anything about the CCP in China and the history of the PLA, Knows exactly what went on here. | ||
| They know they've lied forever from 72, and Nixon had them joined into the biological weapons tree. | ||
| They've always cheated, and here's it. | ||
| It is nothing about defensive. | ||
| It's nothing about directed evolution on this gain of function. | ||
| Oh, to find out things in case they come into chickens in a farm and all our farm properties go away. | ||
| It's a biological weapons program. | ||
| It's not defensive. It's an offensive biological weapons program, and now John Solomon has proved that beyond a shadow of a doubt. | ||
| Solomon, how did it get to you, the show on RAV, all your writings, and this blockbuster story, sir? | ||
| Well, we're lucky to follow you every night at 6 o'clock on Real America's Voice, Justin News, No Noise, Amanda Head and I, JustinNews.com, the website, and Jay Solomon reports on all social media platforms. | ||
| That's my coordinates. One of the questions, Steve, that everyone has to ask themselves, where has our U.S. intelligence community been not sounding the alarm the last seven years when they saw all this money going? | ||
| That's going to be the question we'll be asking ourselves in a couple of weeks when the declassified documents are finally released. | ||
| Solomon, you know, most of the time people go in and have a Guinness or have a green beer or something like that. | ||
| I think after Cortez, me and you, I think it's got to go straight to whiskey. | ||
| Straight to Irish whiskey. | ||
| The ultimate medicine. Thank you very much. | ||
| Ultimate Medicine, thank you very much. | ||
| Okay, we're gonna take a short break. | ||
| Cortez is gonna be on the other side. | ||
| We got Natalie Winters, at least some good news from Comer's committee. | ||
| They're tracking down exactly where the money went to the Biden family. | ||
|
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So maybe you understand why people look the other way on a lot of this stuff. | |
| Okay, we've got a lot more capital markets, a lot more economics. | ||
| We got Natalie Winters on the Biden crime family. | ||
| Julie Kelly, of course. | ||
| They're not spending time going after that because they're rounding up another thousand. | ||
| I'm not kidding you. They're rounding up another thousand of the J6 tourists. | ||
| Another thousand tourists being rounded up by the FBI and the DOJ because that's a priority. | ||
| Julie Kelly here. Blockbuster polling out of Arizona. | ||
| We are packed till noon. | ||
| Strap in. Arrived. | ||
|
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The new social media taking on big tech. | |
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| It's time to say what you want, the way you want. | ||
| Download now. | ||
| Okay, we're up on Getter, and we're going to be up on Getter all weekend. | ||
| We've got so much going on, so much news. | ||
| We can't even, I mean, signal stuff, not chasing rabbits. | ||
| We can't even get to. | ||
| Tomorrow, make sure you're here for the Saturday. | ||
| We're doing specials again on Saturday. | ||
| I'm going to be breaking news all the time, but we're going to talk about the Third World War. | ||
| She's going to Russia on Monday. | ||
| We're going to do the convergence of the economic crisis. | ||
| You're going to fully understand this, the economic crisis, and you're going to understand where we stand in this Third World War on the day, the 20th anniversary of shock and awe. | ||
| I want to make sure everybody goes to...I couldn't be more timely. | ||
| I'm proud of that CPAC speech and that it's aging quite well. | ||
| Thank you. Also, our series we've done, The Birch Gold. | ||
| We talked about this over a year ago. | ||
| I think we put the first one out in the spring of last year. | ||
| The politics of money. I said at the time, we're going to return to the 19th century. | ||
| We're going to return to when money was actually a major part. | ||
| Currency was a major part of the discussion with people like Andrew Jackson and President Lincoln and William James Brink, all of it. | ||
| It's one of the reasons they started the Federal Reserve, trust me, to shut that down. | ||
| The third episode, go to birchgold.com slash Bannon. | ||
| It's totally free. You can get all three episodes. | ||
| And this last one is called The Debt Trap. | ||
| And tomorrow, in fact, I'm going to finally get time to do it. | ||
| I've got to play this interview with Matt Boyle and McCarthy. | ||
| So go to birchgold.com slash Bannon to get The Debt Trap. | ||
| The third in the series, you can get all the first features. | ||
| It's totally free. Totally free. | ||
| Go check it out. In fact, Cortez... | ||
| And you preach it. Look, you and I were on the other side of the McCarthy thing. | ||
| But, and you'll see in the Boyle interview tomorrow with McCarthy in the debt ceiling. | ||
| The church of MAGA, MAGA is always open for converts. | ||
| And I just want to give a couple of guys their due. | ||
| Carl Icahn, I'm going to give you three oligarchs. | ||
| Carl Icahn, Larry Fink, and there's no one we demonize more than Larry Fink. | ||
| Larry Fink, Carl Icahn, and even Ken Griffin. | ||
| Carl Icahn and Larry Fink have been saying the last couple of days, hey, this system may be coming to an end, and what's happening in Washington may be exacerbating the problem. | ||
| But Ken Griffin... | ||
| The guy in back of DeSantis, his thing in the FT, this brother's becoming kind of a fire-breathing populist. | ||
| Are we going to flip Ken Griffin, Steve Cortez? | ||
| You know, I believe we are, because his comments lately, he sounds a lot more like Bannon or Cortez than a traditional oligarch. | ||
| Ken Griffin has spent a fortune supporting establishment Republican candidates, most of whom have failed, quite frankly. | ||
| And he now, though, gets it, I believe, in this present moment. | ||
| Let me give you some of his He says, the U.S. is supposed to be a capitalist economy, and that's breaking down before our eyes. | ||
| This is Ken Griffin. He says, there's been a loss of financial discipline with the government bailing out depositors in full. | ||
| So I think Ken Griffin gets how systemic, how dangerous this moment is, and he is sounding more and more like a populist. | ||
| You know, Steve, I've never doubted, you pointed out, that the origin, really, of populism in this century in the United States goes back to the 08, 09 One of the only benefits of this additional crisis is it's going to act as an accelerant. | ||
| The political future of the United States is 100 % populous. | ||
| I've never doubted that since 2008, but it's even more true today. | ||
| It's just going to be, is it the populism of the left, or is it the populism of the right? | ||
| Obviously, we are arguing for the populism of the right, and I think we have the most compelling case to make on every issue. | ||
| Everything. And here's why right-wing populism is going to win. | ||
| The left's got two big problems. | ||
| Number one, they don't deal with the immigration issue, which you have to do. | ||
| As Steve Cortez says, there has to be a top priority. | ||
| This is about American citizens. | ||
| Whatever your race, whatever your color, whatever your religion, it's about American citizens. | ||
| They won't do that. That's how you get this 16 million illegal aliens in on the Biden thing. | ||
| Right now, we talked about they lost in court and they're not even going to challenge it. | ||
| Number two, all of their solutions from Bernie Sanders and all these halfwits is all more government intervention. | ||
| Do you like how that government intervention is doing so far? | ||
| Because you're paying for it. | ||
| You're paying for it. The system has to be. | ||
| We have to get back. Right now, as I said in that opening thing, we have socialism for the very wealthy and the oligarchs. | ||
| We protect totally the downside. | ||
| You underwrite it. They keep all the ups. | ||
| They keep all the upside. And everybody else has this Darwinian form of capitalism where you just get blown out. | ||
| Your savings get taken. Your 401k becomes zero. | ||
| You're a sucker. You don't have a pension. | ||
| They're signing checks in Ukraine to pay people's pensions and health care. | ||
| You got no health care. You got no pension plan. | ||
| You got nothing. Before long, you're not going to have a job. | ||
| Now you've got a job that you lose. | ||
| You lose money every month. | ||
| You're in a system. You work your ass off. | ||
| People out there know they're working two and three. | ||
| You work and work and work and work. | ||
| And you fall farther and farther and farther behind. | ||
| No, you can't. This whole thing is suffering. | ||
| You can't work any harder, right? | ||
| You can't work any harder, this audience. | ||
| And you fall farther behind every month. | ||
| That system cannot continue. | ||
| Is that correct, Brother Cortez? | ||
| No, 100%. You know, and let me say this. | ||
| For folks who are running for office, there are some elections, of course, this year in 2023, very important one coming up in Wisconsin, and then all the elections nationally in 2024. | ||
| To me, the best right-wing populist combination that solves a lot of problems for the United States is, number one, Not one penny more to Ukraine. | ||
| Zero. Number two, not one more immigrant into the United States. | ||
| Time, that also should go to zero. | ||
| And I'm not talking illegals. | ||
| I mean even legal immigration. | ||
| Go to zero, a moratorium, a timeout. | ||
| You pledged those two things. | ||
| You're going to win your election and you just might save the country. | ||
| Hold it. I'm going to give you... | ||
| I'm going to give you a third one. | ||
| And I got into it with Lou Dobger. | ||
| I said we'll play that. He and I got into the debate. | ||
| Not one more penny in the debt ceiling. | ||
| I got three zeros here. | ||
| Okay? Yeah. You got three zeros. | ||
| Give me the three zeros again. | ||
| Not one more penny in the debt ceiling. | ||
| Give me the three zeros again of how we win everywhere. | ||
| What are they, Cortez? Yes. | ||
| Zero dollars, zero cents additional to Ukraine. | ||
| That is done. We are not escalating. | ||
| We are not financing that struggle anymore. | ||
| Zero new immigrants. | ||
| It's time for a timeout. | ||
| It is time for a moratorium. | ||
| Until we assimilate what we already have here in the United States and prioritize American citizens. | ||
| And then you're exactly right. I like your third zero very much. | ||
| Not one more dollar added to the debt limit. | ||
| Any candidate who makes those three pledges will win the race and then, more importantly, can save this country with those kinds of policies. | ||
| That is right-wing populism. | ||
| It's the agenda to save this country. | ||
| We'll serve it up as hard as you want every day, and you give me a counterargument to any of those three right now. | ||
| Give me a counterargument. | ||
| The neoliberal neocon system globally is crashing around you. | ||
| You have to stand the breach and say no. | ||
| Cortez, hang on. We're taking a 90-second break. | ||
| Steve's going to stick around. He's got a brain analysis from 2020. | ||
| That's going to tee up Natalie Winters on why this is happening with the Biden crime family. | ||
| And Julie Kelly's going to tell you, if you're not connected like the Bidens, what happens to you when the FBI and DOJ come hunting you down? |
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