March 23, 2023 - Bannon's War Room
48:48
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
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Pray for our enemies, because we're going medieval on these people. | |
| I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you 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 lie? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room. Here's your host, Stephen K. Mann. | |
| Okay, welcome. It's Wednesday, 22... | ||
| 22 March in the year of early 2023. | ||
| We've got a lot to get to in capital markets, the economy, how it's going to impact you, your community, your family, your nation, and the world. | ||
| But first, of course, instead of getting to the important stuff about the country and the direction of the country, we always have to pause about how the administrative state is trying to tear apart The one individual who gave us four years of peace and prosperity. | ||
| We see we wouldn't have any of this other crap afterwards we have to deal with. | ||
| I got Cortez and Dr. Navarro. | ||
| We have to deal with any of this because none of this happened on Trump's watch, right? | ||
| But of course, For the great job he did for those four years, naturally they have to persecute him. | ||
| Of course. Naturally. | ||
| Because under no circumstances can he lay him back in the White House. | ||
| Well, hey, note to DAs in New York and Jack Smith, you weird-looking dude, you know, over at whatever you're doing at the J6 with the judges making up law in the middle of the night. | ||
| All of it. Suck on this. | ||
| Trump's going to win the primary. | ||
| It's not even a primary. The thing's over. | ||
| Game, set, match already. And he's going to win back the White House. | ||
| Okay? Just take out your number two pencil and write that down right now. | ||
| Because he's uniting the country that wants order and stability and prosperity and not this mayhem we have coming out of Moscow, Beijing, Tehran, and of course, Washington, D.C., the oligarchs on Wall Street, and of course, the continual money printing machine of the Federal Reserve. | ||
| Mike Davis, first off, I'm not a conspiracy theory guy, but there are no coincidences. | ||
| Is the fact that they canceled the grand jury today and it looks like tomorrow, put them on call, have anything to do with the judges in the middle of the night in the appeals court saying, oh, now they're leaking ABC News that Donald Trump... | ||
| committed a crime down Mar-a-Lago. | ||
| Have they told the DA, hey, with this made-up law you're making up there, back off, because we've got another made-up law we're going to get to Trump first. | ||
| And since there's a federal charge, it'll cover a little heft to it. | ||
| Am I overthinking this, Mike Davis? | ||
| Well, I'll tell you, it certainly does not look good, what's happening here. | ||
| Trump is being attacked, legally attacked, by Democrats and three coordinated fronts. | ||
| We have the Manhattan DA Alvin Bragg, who is bringing bogus charges and looking to indict him on bogus charges, trumped up bogus charges in New York. | ||
| That's backfiring badly on Democrats. | ||
| The second front is Special Counsel Jack Smith, Garland's Special Counsel, who is trying to go after Trump for having his presidential records at Mar-a-Lago in the office of former president, which he's allowed to do under the Presidential Records Act. | ||
| And the third front is down in Fulton County on President Trump's Doing what he's allowed to do under the First Amendment, which is to pressure and strong-arm politicians. | ||
| That is protected by the First Amendment. | ||
| What's going on in the Jack Smith case is very unusual. | ||
| You have these four Democrat-appointed federal judges in D.C. who are doing some very strange stuff. | ||
| Outgoing Chief Judge Beryl Howell, who is supervising Jack Smith case, she was also the judge who supervised the Russian collusion investigation, the hoax, had this highly unusual order where she ordered Trump's lawyer to hand over his attorney notes to President Trump And on her last day on the job on Friday as Chief Judge, | ||
| she handed over these notes to Jack Smith without giving President Trump the opportunity to appeal to the D.C. Circuit. | ||
| It is really, really, really unusual what she did here. | ||
| It raises some great suspicions about what's going on here. | ||
| So then these three Democrat-appointed judges on the D.C. Circuit set this extraordinary, maybe unprecedented, I mean, it's insane. | ||
| We had a midnight and 6 a.m. | ||
| filing deadline today and the D.C. Circuit rushed to rule against President Trump today. | ||
| I think they were trying to whitewash Outgoing Chief Judge Barrowhouse clear legal air by handing over these legal notes. | ||
| But there was no need for them to rush. | ||
| And you have to ask, why are they rushing? | ||
| Why are they doing this? | ||
| This highly unprecedented, unusual procedural posture, this highly rushed appellate process the same week that the Manhattan DA is looking to indict President Trump. | ||
| This all looks and smells very badly. | ||
| It's no doubt it's coordinated, right? | ||
| These things don't happen randomly. | ||
| They're all lathered up. | ||
| I mean, they're foaming white around the mouth. | ||
| They're foaming. It's insane. | ||
| That's all they talk about. | ||
| They never talk about Moscow and Beijing. | ||
| Never talk about the economy. | ||
| Never talk about the biggest bank failures in American history, number two and number three. | ||
| Never talk about... | ||
| The economy imploding. | ||
| Never talk about any of it. All you get is brag, brag, Letitia James, brag, Letitia James, and then all of a sudden, whoa, full stop, not having today, not having tomorrow, and you have this overnight You know, they're doing all this. I don't even know what they're doing jujitsu in the federal court here. | ||
| It's got to be coordinated. The federal court guy saying, hey, you got to hold up. | ||
| We got we're going to charge him first with a real, you know, a real made up charge versus a state or a borough made up charge in New York. | ||
| Am I am I overthinking this, brother? | ||
| I have to be careful what I say as an attorney, but I will say that the appearance here looks very, very bad. | ||
| Very bad for these four Democrat-appointed judges, federal judges in D.C. The D.C. District Court, outgoing Chief Judge Beryl Howe, and the three Democrat judges, on the D.C. Circuit. | ||
| This is not normal what they're doing here. | ||
| This is highly, highly unusual. | ||
| I think unprecedented. | ||
| I can't think of a case that's been handled like this and the timing of this is so bad. | ||
| So at least the appearance here looks very, very bad for these federal judges. | ||
| And I'm hoping that the Chief Justice, John Roberts, who supervises the D.C. Circuit, may take a look at this because this is a very bad look for the federal judiciary. | ||
| It looks very political. | ||
| It looks coordinated. | ||
| I can't say that it is. | ||
| It certainly looks coordinated. | ||
| The timing is just the most bizarre coincidence that we've ever seen in American history. | ||
| Okay, last thing. Is what happened this morning, does Trump have the option of taking that to the Supreme Court for a ruling or at least to whatever the justice that oversees this district? | ||
| Is that a possibility? | ||
| The circuit justice for the D.C. Circuit is the Chief Justice. | ||
| You could get a ruling from the Chief Justice on this. | ||
| Usually when you're doing an emergency appeal to the Supreme Court on the emergency docket, whoever the circuit justice is for that circuit refers it to the full court. | ||
| I wouldn't bet that the Supreme Court is going to step in here because it's been reluctant to step in on these Trump cases before. | ||
| I think what the Biden Justice Department and these Democrat DAs, these George Soros-funded DAs around the country are doing is very, very, very damaging to our country. | ||
| These are politicized and weaponized cases. | ||
| I don't think they care. | ||
| They want to rule the ashes. | ||
| They'll rule the ashes. They don't care if the country burns down. | ||
| They just don't care. You can tell they don't care anymore. | ||
| The old game book, the old playbook's thrown out. | ||
| Their new playbook. If they've got to rule over the ashes, they'll rule over the ashes. | ||
| Let me ask you, what can be done in Congress? | ||
| What can be done in the House? I noticed you've eased up on Jim Jordan a little bit over the last couple of days, him and Comer. | ||
| Can the Judiciary Committee step in immediately and get Jack Smith and Garland and let's keelhaul them publicly? | ||
| Can we do that? I've always been a fan of Comer. | ||
| I gave credit where credit's due to Jim Jordan for a couple good moves that he's made. | ||
| I do praise him. | ||
| He's having the Judiciary Committee, along with other committees, send a letter and demanding some testimony here from the Manhattan DA. The special counsel is certainly subject to congressional oversight, as is Attorney General Merrick Garland. | ||
| And if there is Obvious evidence that an investigation has been politicized or weaponized, Congress has an oversight responsibility. | ||
| You have to be careful that you're not overstepping and look like you're interfering with an ongoing investigation. | ||
| But this is highly unusual. | ||
| We've talked about this since June. | ||
| President Trump had the legal right under the Presidential Records Act to have His presidential records, classified or not, in the Office of Former President in Mar-a-Lago. | ||
| They were guarded by the Secret Service. | ||
| President Trump and his staff had security clearances. | ||
| They had SCIFs or secure compartment information facilities. | ||
| These Office of Former Presidents are federally funded. | ||
| He had the right to have these. | ||
| And so the question I've had since day one, there was an Office of Legal Counsel opinion, a binding opinion on the Justice Department. | ||
| That says that, General, you can't obstruct investigations into non-crimes. | ||
| If it's not a crime for President Trump to have these records in Mar-a-Lago, it clearly isn't because he's allowed to have them under the Presidential Records Act, how is it legally possible under this OLC memo during the Mueller probe to obstruct any investigation into this non-crime? | ||
| It was a bogus investigation by Merrick Garland to get Trump Notice the treatment between Trump where they sent in the FBI home raid, the unprecedented home raid to go get documents and force lawyers to sign affidavits and just chaos and pandemonium versus the Biden Justice Department Attorney General Merrick Garland covering up For then-Vice President Joe Biden illegally stealing President Obama's classified records, | ||
| having them in several different locations, clearly illegal, clearly a violation of the Espionage Act, clearly unguarded. | ||
| There's evidence that those classified records could have been used for Hunter Biden's work. | ||
| In China and Ukraine, and the Biden Justice Department covers this up while they try to put Trump and his lawyers in an obstruction of justice trap. | ||
| This stinks to high hell, and I hope that congressional Republicans keep pushing very hard on this politicized and weaponized Justice Department, the double standard here, because Trump had the absolute- Before I let you go, though, they've subpoenaed Bragg, and he told them to go put it where the sun doesn't shine. | ||
| Garland can't do that. | ||
| Why can't we get Garland and Jack? | ||
| Is Jack Smith immune from coming before people and getting keelhauled publicly? | ||
| Is he immune to that because he's a special counsel? | ||
| I'm not a lawyer, and I don't try to play one. | ||
| Can we get Jack Smith over in front of the committee? | ||
| And if that's the case, why is that not happening? | ||
| Every person who works in the executive branch could be hauled before Congress. | ||
| That is their oversight responsibility. | ||
| Attorney General Merrick Garland can certainly get hauled before Congress and so could Jack Smith. | ||
| Congress has a constitutional duty of oversight here and you can issue a subpoena. | ||
| You can drag them in and you can force them to testify. | ||
| Now they could say that they're not going to talk about the steps that they're taking in an ongoing investigation, but they can We'll certainly talk about prior steps. | ||
| Can you get them to talk about, we've got to bounce here, but can you ask them about what's this going on with the D.C.? I mean, it just seems bizarre. | ||
| You're having these things at midnight. | ||
| You've got to have your papers ready at 6 in the morning. | ||
| No one's ever seen this that's ever gone to appeals court or ever appealed anything. | ||
| It just seems so out of the ordinary. | ||
| And of course, they're rewriting all kind of laws because of Trump. | ||
| So anyway, Mike, more importantly, how do people, now that you're a media darling, How do they get to your website? | ||
| We want it up there so your fans can see all your media hits. | ||
| So what's your social media? You're still coming in hot on Getter and Twitter. | ||
| But where do people go to find out everything about you every second of the day? | ||
| Because now you're doing like 30 hits a day. | ||
| Some people have called me other things besides media darling. | ||
| There's a different word besides darling. | ||
| But it's article3project.org, article number three. | ||
| Project.org, at Article 3 Project, at Article 3 Project, on Getter Twitter Truth, and my personal is MRDDMIA, my initials in Des Moines, Iowa, MRDDMIA. Thank you, Steve. | ||
| Thank you, brother. Great job. | ||
| You see, now, I'm angry with myself. | ||
| I told myself I wasn't going to take a whole... | ||
| Davis is that good. | ||
| You see, this is the problem. | ||
| We have massive issues to deal with, And we take an entire segment, opening block of the show, to deal with this crap. | ||
| This is what they're doing. It's all diversionary. | ||
| And it's all to stop. | ||
| Okay, for everybody, just understand something. | ||
| If you think the primary is tough and the general election is going to be tough, and they are, although I think the primary is not going to be as tough as it used to be, general election, think about every day of governing. | ||
| Think about every day. This is going to be every day. | ||
| Every day is going to be Stalingrad. | ||
| Short break. Dr. | ||
| Peter Navarro, Steve Cortez next in the War Room. | ||
| ...date that we anticipate that ongoing rate increases will be appropriate to quell inflation. | ||
| Instead, we now anticipate that some additional policy affirming may be appropriate. | ||
| We will closely monitor incoming data and carefully assess the actual and expected effects of tighter credit conditions on economic activity, the labor market, and inflation. | ||
| And our policy decisions will reflect that assessment. | ||
|
unidentified
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The budget will advance our efforts to modernize the State Department, including by expanding our training flow, updating our technology, carrying out diversity, equity, inclusion, and accessibility initiatives, including to make our overseas missions more accessible. | |
| I'm grateful for the progress we've already made together, including Congress's support in updating the Secure Embassy Construction and Counterterrorism Act and Accountability Review Board to give us some of the flexibility that we need to open new missions and better manage the risks that we face. | ||
| Michael McKee from Bloomberg Radio and Television. | ||
| You've been very consistent in saying that the Fed would be raising interest rates and then holding them there for quite some time. | ||
| Following today's decision, the markets have now priced in one more increase in May, and then every meeting the rest of this year they're pricing in rate cuts. | ||
| Are they getting this totally wrong from the Fed, or is there something different about the way you're looking at it, given that you're now thinking that What moves might be appropriate as opposed to ongoing? | ||
| So we published an SEP today, as you will have seen, and it shows that basically participants expect relatively slow growth, a gradual rebalancing of supply and demand in the labor market, with inflation moving down gradually. | ||
| In that most likely case, if that happens, participants don't see rate cuts this year. | ||
| They just don't. I would just say, as always, the path of the economy is uncertain, and policy is going to reflect what actually happens rather than what we write down in the SEP. But that's not our baseline expectation. | ||
|
unidentified
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Thank you very much for having me here today. | |
| All right. Thank you, Mr. Secretary. | ||
| The committee will be in order. | ||
| I want to keep building a proxy war with Russia that could lead us to World War III or a nuclear holocaust. | ||
| You're supposed to be a diplomat. | ||
| Start negotiating. You know, if you don't like the Chinese proposal, where is your peace proposal? | ||
| The American people want you to negotiate. | ||
| Be a diplomat. Do your job. | ||
| Let me say what I think happened, and then I'll come to the questions around supervision. | ||
| So, at a basic level, Silicon Valley Bank management failed badly. | ||
| They grew the bank very quickly. | ||
| They exposed the bank to significant liquidity risk and interest rate risk. | ||
| Didn't hedge that risk. | ||
| We now know that supervisors saw these risks and intervened. | ||
| We know that the public saw all this. | ||
| We know that SVB experienced an unprecedentedly rapid and massive bank run. | ||
| So this is a very large group of connected depositors, concentrated group of connected depositors, and a very, very fast run, faster than the historical record would suggest. | ||
| As for us, so for our part, we're doing a review of supervision and regulation. | ||
| My only interest is that we identify what went wrong here. | ||
| How did this happen is the question. | ||
| What went wrong? Try to find that. | ||
| We will find that. And then make an assessment of what are the right policies to put in place so that it doesn't happen again, and then implement those policies. | ||
| I can't listen anymore. | ||
| I can't listen anymore. Just have you guys watch the war, and we'll explain it all to you. | ||
| Dr. Navarro, is he giving up? | ||
| Did he tell us right there he's not going to go after inflation anymore? | ||
| Is there no more rating criticism? | ||
| This was the worst gobbledygook I think I've ever seen out of these clowns. | ||
| Please explain to me. | ||
| Sure. Well, that was the problem. | ||
| He said on the one hand, out of one side of his mouth, that there's going to be only one more rate cut for the year. | ||
| But then he followed that up immediately with, but the data will determine what we do. | ||
| So here's the joke about this. | ||
| It's a tragic comedy. | ||
| And I'll take you back to the Oval Office, Steve, when Powell first started just enraging Donald Trump. | ||
| The problem Powell had is every time he got up and the Fed delivered a decision, The markets would tank when Powell got up to explain what they did. | ||
| And the way it went was, if there was good news, like there always was with the Trump administration, he'd make it seem less good. | ||
| And now when there's bad news that might be getting better, he blows more uncertainty into the market. | ||
| So what he said today was, He's just going to do whatever the data tells him. | ||
| And so there's great uncertainty. | ||
| The market just, I mean, it was like a freight train straight down off the rails. | ||
| He contradicted Janet Yellen because unlike Yellen, who said that the bank crisis wouldn't spill over into the financial markets, he said it would. | ||
| And right off the bat, he acknowledged, Steve, what the war room has been saying for over a year now. | ||
| That disinflation is not transitory and is likely to stick around for a long time. | ||
| So all in all, this was a typical Jay Powell performance. | ||
| It's important to understand, Posse, that this man has no economic credentials. | ||
| There's no way in hell this guy should have ever been appointed to that position, much less reappointed by Biden. | ||
| Slow down. Last time I looked, I'm just going to throw it out there, we had Kevin Warsh and John Taylor on the shortlist and President Donald J. Trump selected J. Powell, correct? | ||
| So how'd that happen? Yes. | ||
| Well, help me out with that. How'd that happen was Steve Mnuchin, Treasury Secretary, good old Steve, right? | ||
| The smartest dumb guy I ever met this side of Larry Summers. | ||
| Basically, he thought that Powell, if he put him in there because the guy didn't have any qualifications, he'd be Steve's bitch. | ||
| I mean, let me just say it like as blunt as possible. | ||
| That Powell would have to rely on Steve's grand wisdom. | ||
| And as soon as Powell was in there, boy, he turned on Trump and the White House in a New York minute. | ||
| And the big mistake, Steve, and this is really interesting given the crisis we're in economically, the biggest mistake Powell made during Trump's reign was he wouldn't let the economy grow to its full potential. | ||
| We could have easily had 4 % GDP growth a year during Powell's reign, but He went with the traditional view that you can't do that, okay, based on the Keynesian kind of perspective on this. | ||
| And so what he did, a la Alan Greenspan back when he was around, is he prematurely started tightening credit. | ||
| And that choked off the economy. | ||
| And so he makes every single mistake in the book. | ||
| Now, last thing on this, Steve, is that last week with his full bailout and complicity with Biden and Yellen, he engaged in the biggest burst of quantitative easing and loosening credit. | ||
| I described it in my Stubstag as a neutron inflationary bomb on the economy. | ||
| So he did that. Yep. And at the same time, he raised interest rates again today. | ||
| So, clearly, policy is working at cross-purposes. | ||
| He's an idiot, and I'd rather have the Fed ruled by Cortez Bannon and Philip Birch than Jay Powell. | ||
| Can we get to Substack? | ||
| How do people get your coordinates? | ||
| How do people get to all this now? | ||
| I'm all over this, like white on rice, as they say. | ||
| It's peternavaro.substack.com. | ||
| Peternavaro.substack.com. | ||
| What I'm trying to do, Steve, you're the long form. | ||
| You're the heavyweight bout that goes the full distance every time. | ||
| What I'm trying to do with each episode of the Substack and podcast... | ||
| There's these little jabs, these eight-minute jabs that come out as a transcript, as an op-ed. | ||
| They're perfect. And it's nice morsels for the posse, and I think synergistically what we do together is good. | ||
| Yeah. People love them. | ||
| We continue to push them. | ||
| Okay, brother. Thank you, man. They're great. | ||
| Make sure you go, by the way, get additional information. | ||
| Birchgold.com slash Bannon. | ||
| You get the new debt trap episode of the End of the Dollar Empire. | ||
| Plus, you can talk to our consultant. | ||
| Go there now. If Japan, China, and India are buying with two hands, you guys at least ought to talk to somebody. | ||
| Let's go to Birchgold.com slash Bannon. | ||
| You can make contact. Get all the free info kits, everything. | ||
| Steve Cortez, I want you to come in and give me your assessment. | ||
| But the burning question I got, maybe you make a mistake on the guy first time. | ||
| How did Biden and all these brilliant guys in the White House and on the Democratic side, how did they re-up J-PAL, sir? | ||
| I don't understand how he got picked in the first place, but how did he get re-upped? | ||
| Right. Look, the only thing that Powell is skilled at in life professionally is acting as in maneuvering in the Washington sewer. | ||
| I will give him that credit and that credit only. | ||
| He has no credentials. | ||
| As Peter Navarro correctly cited, he has no credentials in economics. | ||
| He doesn't understand the bond market or interest rates or the economy. | ||
| He is a lawyer. He's a Washington lifer. | ||
| And I think he showed that today, by the way, if you actually watched his press conference. | ||
| He uses the lingo of central banking, okay? | ||
| But the reality is he talked continually out of both sides of his mouth and tried to give himself every conceivable angle and option as far as policy from here. | ||
| It really reminded me, Steve, of Harry Truman reportedly said, I want a one-armed And the reason he said that was he was so tired of economists saying on the one hand and on the other hand. | ||
| OK, so Harry Truman would not have been very happy with Jay Powell today. | ||
| And let's remember, there aren't any good options for the Fed right now. | ||
| However, the Fed and Jay Powell created this very predicament that they now find themselves in. | ||
| They created this inflationary He was finding religion, finally, at long last. | ||
| It was so blatantly obvious that even he couldn't miss the inflationary madness that was created. | ||
| He was starting to fight it, albeit tepidly, and now he's trapped because he knows what he needs to do to fight the inflation he helped to create, but at the same time, doing so, through that fighting, he may very well tip the very, very vulnerable banking system into an absolute all-out collapse, even worse, of course, than we've already experienced. | ||
| Okay, we're going to come back. We've got a chalk talk from you. | ||
| We've got some analysis, some charts. | ||
| Mark Mitchell's going to be here. | ||
| He's got some polling on this whole bank crisis. | ||
| Steve, real quickly, since the cruelest tax is the regressive tax of inflation, by just going 25 bips today, basis points, did he basically say, hey, MAGA, deplorables, you're on your own? | ||
| I believe he did. Yes, I really do think. | ||
| He said, look, in the end, we're going to protect capital rather than protect the prosperity of regular Americans. | ||
| Yes, I do believe that. | ||
| Okay, we're going to take a short break. | ||
| We're going to drill down. That's the central thesis of today. | ||
| Here's the beauty of it, baby. | ||
| You're underwriting the entire deal. | ||
| As Powell continues to print money and jam it either through the discount window into the banks to make sure they got liquidity, these 186 walking wounded, or opening up the swaps line to the other central banks, you're the full faith in credit. | ||
| You're the underwriter. Of course, he just said, hey, you're going to have to help yourself when it comes to inflation. | ||
| Short commercial break. Cortez, Mark Mitchell... | ||
|
unidentified
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Here's your host, Stephen K. Band. | |
| Okay, Mark Mitchell's joining us. | ||
| We're going to wedge him in here because he's got a very important poll they put out today about what American citizens think about the banking system. | ||
| We'll bring him in now. Mark, walk us through your poll, and then I'm going to bring Cortez to give us some observations and analysis. | ||
| Walk us through these numbers. We have a banking system that everybody uses. | ||
| The confidence should be really high. | ||
| We have depositor insurance that now seemingly applies to everybody. | ||
| Nobody should be worried about losing their money. | ||
| Unfortunately, Americans really are. | ||
| How confident are you in the stability of the US banking industry? | ||
| Only 23 % are very confident. | ||
| Now, 58 % are at least somewhat confident and 36 % are not confident. | ||
| That doesn't seem good. | ||
| But here's the thing. Just as we talked about with the Silicon Valley bank numbers, we've been polling about banking crises and bailouts all the way back to 2008. | ||
| If you go back, your readers can go and look at the historical numbers. | ||
| If you look at the Republican and Democrat numbers, the numbers now for them, sorry, for Republicans and independents, are almost exactly the same as they were through 2009, 2010. | ||
| But Democrats' confidence in the banking industry has skyrocketed to now 73 % and they're dragging all these numbers up. | ||
| When thinking about the money you have in the bank, how worried are you it will be lost due to a bank failure? | ||
| 44 % of American adults are at least somewhat worried. | ||
| 11 % are very worried. | ||
| Those numbers are identical to the spring of 2009, only six months after the Lehman collapse. | ||
| And then finally we asked, over the next few years, how likely is the US will enter a 1930s-like depression? | ||
| 49 % of American adults say it's at least somewhat likely. | ||
| 19 % say very likely. | ||
| Only 13 % say not at all likely. | ||
| That's another one we've asked quite a few times and these numbers are bad. | ||
| Now, we don't talk about this often, but one of the things that Rasmussen Reports also does is poll very heavily on economic confidence. | ||
| Every month we put out reports on our website. | ||
| We have an index where we've been tracking economic confidence all the way going back to April 2014. | ||
| Last July, something crazy happened. | ||
| We didn't get a lot of news about it. | ||
| But our index for economic confidence dropped the lowest it's ever been, even below the absolute height of the COVID pandemic. | ||
| Now, over the last year, as inflation's eased off, those numbers have ticked back up a little bit. | ||
| But economic confidence is always the highest in the spring when people are getting those tax refunds. | ||
| And so now with the S&P, one or two bad days from being lower than it was on Joe Biden's first day in office, with people spending through those tax refunds coming up in April, May, June, and with this banking crisis, I'm worried we're going to see another spike lower in economic confidence in this country. | ||
| Give me real quickly the one in the depression again, the 49 % about the 1930s. | ||
| Just read those numbers again for Cortez. | ||
| 49 % of American adults think it's at least somewhat likely over the next five years we're going to enter a 1930s-style depression. | ||
| 19 % say very likely. | ||
| Mark Mitchell, where do people get to you? | ||
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| Steve Cortez, give me your assessment first of the polling. | ||
| You were around in 2008. | ||
| You remember the spring of 2009. | ||
| Give me your assessment, sir, of that. | ||
| Well, you know, it reflects that Rasmussen polling reflects the common sense intuition and smarts of the American people, because even if they're not deeply involved in capital markets, they understand that the situation now is dangerous and is very similar in many ways to 08 and 09. | ||
| I think in some ways, perhaps, Even more perilous. | ||
| And let me show you some capital markets reflections of that that will validate that poll and show you that the trepidation and anxiety that's out there in the country, it is in fact evidence-based according to capital markets. | ||
| If we look at chart number two, this is bond volatility. | ||
| And without getting too deeply in the weeds here, this is essentially the change in yield on the two-year note. | ||
| And what you want that to be basically is thin, okay, when you look at that line. | ||
| When it starts getting wide, it means things are getting wild, okay? | ||
| So that chart goes back 20 years, and the last time things got wide and wild in the bond market was 2008-2009. | ||
| This current banking panic is just as volatile as 08 and 09, according to bond markets. | ||
| Now, let's look at it. If we can go to chart number three, please. | ||
| Let's look at a reflection of what happened just today, okay? | ||
| This is PACWest. | ||
| PACW is the ticker. | ||
| It is a West Coast regional bank. | ||
| It's a lot like Silicon Valley Bank. | ||
| It's not quite as concentrated in the tech industry, but it has a lot of venture capital businesses, a lot of venture capital partners and customers. | ||
| It was down 17 % today, Steve, 17%. | ||
| That chart goes back one year and shows you that at last week's lows, it had lost 90%. | ||
| of its value. | ||
| This company reportedly, we don't know if it's true, but reportedly went out and tried to raise capital, tried to get an equity injection into the bank, and was rebuffed. | ||
| Those are the rumors, at least today. | ||
| And it got destroyed. | ||
| And the market fears, Steve, that we have SVB 2.0. | ||
| Yeah, two. You got the Silicon Valley Bank Southern Division about to pop up on you. | ||
| And these are massive banks, right? | ||
| On this bank, it's pretty open because they tried to raise equity. | ||
| Not doing that, they announced with great fanfare they got a $1.4 billion loan. | ||
| From Apollo's distress lender, what, Atlas Special Partners or something? | ||
| This is the bottom feeders of the bottom feeders. | ||
| They're essentially leg breakers with cash, right? | ||
| So this is like going to the mob. | ||
| This is like going to the mob. That's how desperate this bank is, right? | ||
| And it's pretty open that they couldn't raise equity, so they went to loan sharks. | ||
| No, that's correct. And borrowed some money to keep on the iron lung. | ||
| Is that where we are? This is another one. | ||
| How many administrations since Herbert Hoover? | ||
| Have had three big banks blow up in the span of 10 days, Steve Cortez? | ||
| Right. Well, that would be zero. | ||
| And no, you're exactly right. So going to get in a line of credit, right, to sustain them perhaps for a few days is, you're exactly correct. | ||
| It's sort of this sophisticated legal way of going to the equivalent of sort of Wall Street equivalent of going to Rocky Balboa before he made it in boxing, okay, when he was still a leg breaker and collecting for loan sharks. | ||
| That's exactly right. But look, the reality too, and I really think this is important. | ||
| To me, the biggest news event of the day was actually not Powell. | ||
| It ended up being Janet Yellen because the two of them were effectively on stage at the exact same time making pronouncements. | ||
| And by the way, anybody out there who isn't yet worried should be worried from watching what happened today and watching the market reaction because Janet Yellen and her boss, Joe Biden, made it pretty clear the other day, even if he wasn't totally explicit, made it clear that we're going to back Her previous comments certainly at least suggested that we're going to back all bank deposits the way we did for the oligarchs in Silicon Valley Bank. | ||
| Well, she then comes out today, and this is the quote, not considering broad increase in deposit insurance. | ||
| Not considering. Now, let's look at the market reaction to that comment. | ||
| So this is chart four, please, if we can pull that up. | ||
| This is the Dow Jones Industrial Average, what most people watch for the stock market. | ||
| This is only a one-day chart, Steve. | ||
| This is a one-minute tick chart, basically, of just today for the Dow Jones Industrial Average. | ||
| It was basically hanging in, rallying small, as Powell tried to mostly speak dovishly, mostly sort of reassure markets. | ||
| As I said, Powell's really talking out of both sides of his mouth, not saying a whole lot. | ||
| Then Yellen comes out and says, oh, no, we're not considering A broad increase in deposit insurance. | ||
| Bam! The dollar loses 700 points in a matter of minutes after that statement, as I show there on the charts. | ||
| Steve, as I often say, price is truth. | ||
| And the truth is right now, the only thing holding up financial markets, the only thing, is the deplorables, is the faith and credit of the taxpayers of the United States supposedly backing all of this. | ||
| And the second that Yellen says, well, maybe that's not such a good idea, bam, markets get absolutely killed. | ||
| These are the consequences. | ||
| But I want to make sure the artists understand something. | ||
| They've been leaking this for two, three days that they're going to give a blanket to the 19 trade. | ||
| Now, we've been hammering them on this show, but for her to just show up When all the Wall Street guys think and says, oh, no, we're not thinking about that. | ||
| I mean, that's the type of thing that it's like hitting you with a bazooka, right? | ||
| It shows you how incompetent. | ||
| It's malfeasance and incompetence. | ||
| It's a unique... | ||
| As bad as Bush... | ||
| You know, Paulson and Bernanke, these guys were, and they were awful, as bad as Obama's guys, Geithner and these guys at the beginning. | ||
| We've never seen anything. | ||
| You do agree in your professional career from the pits of Chicago to the White House and everywhere else in between. | ||
| Have you ever seen a collection like Powell and Yellen? | ||
| No. Listen, never seen this level of incompetence on the economy as well as incompetence on messaging, right? | ||
| And as somebody who has worked deeply in both of those fields, you're exactly right. | ||
| The Bush team certainly got the policy wrong at almost every turn. | ||
| However, I will give them credit. | ||
| That during the great financial crisis of 08 and 09, they're pretty good on the messaging. | ||
| They were pretty good on at least pretending that they were in charge, that they were competent. | ||
| Hank Paulson was good at that, okay? | ||
| And by the way, that matters, okay? | ||
| Because that's not just a matter of optics. | ||
| It matters because confidence can become self-reinforcing, you know, as well as doubt the opposite, right? | ||
| Can become a vicious cycle downward. | ||
| So you have to get both the substance right and the optics and the messaging to be a great leader. | ||
| In this case, they're absolutely flailing on both, okay? | ||
| So they did back the oligarchs of Silicon Valley Bank. | ||
| Total failure on the substance policy side. | ||
| And hardworking American taxpayers, the cops and coaches out there, people who don't have money for luxuries, they have backstocked the oligarchs. | ||
| So they failed. | ||
| Powell and Yellen and Biden, they failed on the policy front. | ||
| But now they're also massively failing on the messaging front by not being consistent at all, by not apparently remembering what they are saying day to day, and not recognizing that in the midst of a crisis, and this is a deep economic crisis that we're suddenly in, in the midst of a crisis, every word matters. | ||
| And it is much better to say nothing if you're not prepared to say something that is intelligent and consistent and coherent. | ||
| We get exactly the opposite from Janet Yellen. | ||
| All right, that is simply the reality. And Steve, it's astounding to me that she has not been fired. | ||
| I mean, it's unbelievable to me that she is the inheritor of the chair, the Secretary of Treasury chair of Alexander Hamilton. | ||
| And some other incredibly great men, by the way, in American history. | ||
| And that Janet Yellen, this fool, this incompetent, this person right now is at the helm of the United States economy at a fulcrum moment like this of peril for the American economy. | ||
|
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That should scare the hell out of everyone out there. | |
| Is everybody happy that she was over in Ukraine a couple of weeks ago laying down the roses and talking about she was writing $5 billion checks? | ||
| How does that feel right now? Does that feel good for you? | ||
| I hope every Democrat progressive under 35, you're loving that? | ||
| Are you rubbing up on that? I hope you love that. | ||
| I hope you embrace that because you deserve it. | ||
| You voted for it. You got it. Real quickly before we go to break. | ||
| I don't know. Do you know anybody, any level of confidence or gravitas right now that would want to step in and be Secretary of Treasury knowing that Powell was at the Fed and he had Joe Biden wandering around the White House? | ||
| I mean, why would you do that? And number two, the confirmation hearing would be a bloodbath. | ||
| To get anybody confirmed right now would be this is why she remember she was supposed to leave Steve she's supposed to leave after the midterms right they can't she she's kind of stuck with it now and we're stuck with it and her performance today I'm sure they're going to go back and coach her but it's it's absolutely incredible real quickly give me 30 seconds I tell you what I want to wait we're gonna come back you got stress but I also want to go back to you said this at the beginning of this a couple of years ago This is all created crisis. | ||
| They had what was handed to them, the baton that was handed to them, they may not liked everything they saw, but it was good and it was running fine. | ||
| Even coming out of the COVID, the CCP bioweapon, it was good enough. | ||
| It was okay. And what they have done in the created crisis, well, I tell you, look at the guys in Moscow, Beijing and Moscow. | ||
| They're telling you everything you need to know of what they think of the Biden regime. | ||
| Short break, Cortez next. | ||
|
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| Patriots, I probably don't have to tell you that financial markets have been incredibly volatile in recent weeks as bond markets revolt against Biden's inflation. | ||
| Some of the worst carnage can be found in the small-cap stock sector, the small and medium-sized companies that normally drive the American economy. | ||
| But there has been small-cap pain ever since Joe Biden took office. | ||
| Why? Because his policy failures, all of them, favor the interest of big business, of global multinationals, over small business and Main Street. | ||
| Let me be specific. The created inflation, the open border, and the needless escalation of the war in Ukraine. | ||
| All of those policy failures, they either directly benefit big business or big business can manage the risks in ways that small business simply cannot. | ||
| As a consequence, you get this massive stock market outperformance of the big guys. | ||
| Let me show you. Since Biden took office, the S&P 500 up 4%. | ||
| Now, that's a terrible return for over two years' time, but nonetheless, it's at least positive. | ||
| Russell Small Cap Index? | ||
| Down 18 % since Biden took office. | ||
| This differential right here, this concentration of economic and political power, it's a hallmark of what Biden and the Democrats are doing to this country, and we are going to fix it with our movement of patriotic populism. | ||
| Okay, Steve Cortez, I want to get breaking news. | ||
| We're going to try to get Boris in the 6 o'clock hour. | ||
| New York Post is reporting. | ||
| Jury's out. Chaos at court is Trump's grand jury hearing canceled. | ||
| Brag now concerned about indictment and assistant district attorneys are, quote, shaking their heads, unquote. | ||
| Complete chaos up in New York. | ||
| Chaos in the capital markets. | ||
| The country's chaos on the southern border. | ||
| We got our worst enemies in human history uniting in Eurasia. | ||
| I want to go back. | ||
| I know you're going to jump into this, Steve, but these are all created crises. | ||
| There's nothing in the financial law of physics that said this had to happen, sir, correct? | ||
| Correct. Absolutely. It's not bad luck. | ||
| It's not the business cycle. | ||
| It's not happenstance, okay? | ||
| Because you're exactly correct. The handoff economically from Donald Trump to Joe Biden was an economy that was aggressively reopening without inflation. | ||
| It was the Trump boom 2.0 that was unfolding into the beginning of Joe Biden's term. | ||
| And he completely squandered that inheritance. | ||
| How? Through three specific created crises. | ||
| And I mentioned them there, but I can give a little more detail here. | ||
| Ukraine, the border, and then this created crisis of inflation. | ||
| And how do all of them benefit big business to the detriment of small business? | ||
| Well, if you look at Ukraine, for example, the defense contractors love what's going on, okay? | ||
| So there's a lot of big business interests that are very pro-war, that are very pro-escalation. | ||
| It certainly doesn't help any Main Street business here. | ||
| In the United States, quite the opposite. | ||
| If we look at the border, almost all of big businesses unanimously in favor of open borders. | ||
| Why? Because they want cheap labor, because it helps their margins, even though it devastates the earning power of regular Americans, and again, harms small business. | ||
| And if we look at inflation overall, I'm not saying inflation helps a lot of big businesses, but they can manage it and mitigate the risks In ways that small business cannot, and some big businesses do absolutely benefit from inflation, largely because they are the creator of resources. | ||
| You know, the resource markets are dominated by massive conglomerates, and in general, small business, they are the consumers of those resources, whether it's energy or agriculture, you know, whatever it is. | ||
| Wood, generally the creators, the producers of them are big business, the consumers of them are small business. | ||
| So inflation disproportionately harms And again, I want to show that in the financial markets because it's not just the opinion of Steve Cortez, it's how capital has been allocated ever since Joe Biden became president. | ||
| Now, the markets got smacked today, of course, as we mentioned, largely because of the incompetence of his secretary of state, who's contradicted herself several times within a matter of just days. | ||
| But as markets got smacked today, down about 2%, depending on which index you look at, the S&P during his tenure is now barely positive. | ||
| And the Russell 2000, though, and by the way, that's bad, but at least you haven't lost market if you've been investing in the big boys during his time. | ||
| You haven't made any money, but you haven't lost money if you've been investing in small cap, which is way more reflective of where Main Street is, now down, as of today's close, down 20%, which of course is the typical historic definition of a bear market. | ||
| So it is a bear market for small business because of Biden. | ||
| It is a bear market for Main Street because of Joe Biden. | ||
| And Steve, this crisis we're in, the reason it's relevant to today's news Is that with this crisis we're in currently, if we continue down this path of regular taxpayers bailing out the oligarchs of Silicon Valley? | ||
| Because I think that's coming again. | ||
| I think it's coming in the form of PacWest. | ||
| I hope I'm wrong. But so far, by the way, the stock market has done a very good job When one of these banks comes under attack from sellers, when you see a lot of selling in SVB, then in Signature Bank and First Republic, so far, the market has been very efficient and very correct in sort of seeking out who's next. | ||
| It sure looks like the next one is PacWest. | ||
| But my point is, this current situation, this current created crisis, is going to only exacerbate What I was talking about there in that chalk talk, this winner-take-all phenomenon in American life, where a very small group of credentialed crony elites reap almost all the benefits and the rest of the masses are thrown to the side. | ||
| And the ruling class of the United States simply doesn't care that there are 24 straight months of declining real wages in this country and that Americans are working harder every day to get poorer. | ||
| That's the reality in this country. | ||
| Steve, how do people get to your sub-stack now, all your content? | ||
| Yeah, please have a look at my videos, my sub-stack, everything. | ||
| You can find me on the Twitter. | ||
| I'm at Cortez, Steve Cortez with an S. Steve Cortez, Brother Cortez, thank you very much. | ||
| Honored to have you on here. Great job. | ||
| You bet. Thank you, sir. As Cortez says, they've chosen capital to protect, not the people, not citizens. | ||
| Not the wage earners because they've made a decision today that they're not going to try to really aggressively fight inflation, and they can't. | ||
| They've jammed themselves in the corner because they'll take down the banking system even more than your broad shoulders can support it. | ||
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| Go check out The Square. | ||
| Do it after the show. | ||
| Go check it out. Also, birchgold.com slash bandit. | ||
| We need to get you totally up to speed on the terminology. | ||
| So go check it out. I got these three great installments with the Birch Gold team called The End of the Dollar Empire. | ||
| We thought of this a couple of years ago. | ||
| Pretty prescient, right? Read The Debt Trap. | ||
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