March 23, 2023 - Bannon's War Room
48:52
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 of 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. Bannon. | |
| Let me talk to you about commercial real estate, because that is what you know better than probably just about anybody else. | ||
| You said last year that you were looking at great opportunities when it came to commercial real estate. | ||
| This year, I think just this month, you said... | ||
| Yeah, there's some great opportunities, and unfortunately we can't do anything about it because you've got to worry about liquidity issues yourself. | ||
| So what do you kind of take away from what's happening in commercial real estate? | ||
| As you mentioned, people are handing back buildings to the banks and saying, forget it, we're going to walk away from this. | ||
| You're probably naming one or two of that. | ||
| Particularly the office asset class, which has its own idiosyncrasies. | ||
| It's not true everywhere. Newer buildings are staying leased, and they have good tenancy, and those are actually recovering, I can say, and they're holding their rents, but the rest of the B and C office in every market are very challenged, and nobody knows. | ||
| In this interest rate environment, what to pay for a building because you can't borrow against it because the banks are all told we're not supposed to have office loans. | ||
| So you have to go to an alternative lender, and most of those alternative lenders don't have liquidity right now. | ||
| So I don't see, unless he lowers rates, how we're not going to have a serious crisis in the office space area. | ||
| And then you have the other asset classes. | ||
| Fannie and Freddie do lend to multifamily properties, so there is liquidity there. | ||
| There is a lender. It's very expensive. | ||
| Powell didn't raise rates in 2021 when rents were galloping 22 % because of that delay in his data. | ||
| And then when he finally caught up, the data caught up, rents had already trended down. | ||
| And so I don't know why when you have used car prices and you have watches and you have airline fares and you have food and eggs, I don't know why one-third of the CPI has to be on this. | ||
| I actually read it. I actually went back and looked at how do they calculate this rent-equivalent index? | ||
| And it's a survey of households. | ||
| If you called me and said, what is your house rent for? | ||
| How on earth would I know? | ||
| I mean, what kind of Byzantine program did they develop in 1981 that they modified three or four times? | ||
| Anyway. I just wanted to get a, because I agree with a lot of what you're saying, but, I mean, we have a problem, Houston. | ||
| We have the Fed that stayed at zero for so long, and Kevin Morris was on the other day, saying they buy all these bonds, which enabled the government to spend as much money. | ||
| They were like partners, partners in the spending. | ||
| So they did that. Now, so they made this mess, basically, or at least contributed to it. | ||
| Now they're going to make sure that they try to kill the economy to really fix part of the problem and mess that they made. | ||
| He says that there should be like a regime. | ||
| This is no way to run an economy. | ||
| And Kevin Walsh says there should be a regime change. | ||
| How would you, what would you do about it? | ||
| How do you solve a problem like Maria? | ||
| Not Maria, but like the Fed. | ||
| I mean, the The consequences of having, everyone's taking their money out of anything productive and buying his treasuries. | ||
| I mean, now you can't put your money in a bank anyway, so you've got to go buy some CDs and treasuries. | ||
| So that's just going to slow down the economy. | ||
| I mean, common sense tells you exactly what's going to happen. | ||
| You have to get out of these mathematical models. | ||
| There are 400 PhDs in the Fed, 400. | ||
| I think we have a regime change of PhDs, and that's your first problem. | ||
| I mean, honestly, I mean, you can't take the regional banking system and replace deposits at one with money borrowed at five and expect these banks to have any profitability or to be able to lend to people at reasonable rates. | ||
| What's the solution, Barry, if it's not breaking insurance for the deposits? | ||
| They should limit the amount that the banks can pay for CDs, for deposits, because otherwise, one guy's at 8, one guy's at 6, one guy's at 12, and one guy's playing with venture capital. | ||
| And they should probably go back to some modified. | ||
| Okay. Steve Cortez, by the way, it's Wednesday, second hour. | ||
| It's Thursday. Let's get the right date, Steve. | ||
| It's Thursday, 23 March, early 2023. | ||
| We've got Colonel Grant Newsham is going to join us in a second. | ||
| He's got the new book out, When China Attacks. | ||
| Probably one of the member over at the Committee on the Present Danger. | ||
| We had him on from Taiwan the other day. | ||
| Probably one of the smartest guys about where we actually stand with the murderous CCP. Today, I just want to make sure I give an update. | ||
| We have live hearings on the CCP's front company that sucked all the data out of your kids. | ||
| 150 million Americans use this. | ||
| And it is a weapon, TikTok. | ||
| It's been proven to be a weapon. | ||
| The reason between the 10-seat majority you have and another 15 or 20 seats, Matt Gaetz will tell you, was 100 % TikTok. | ||
| Okay? Very dangerous weapon, and it's got to be shut down. | ||
| This thing about selling it to Microsoft, not good enough. | ||
| We've got that going on. | ||
| You've got this amazing The story of what happened in Moscow between Beijing and Moscow that nobody's really doing the depth of coverage of because it's going to change your life. | ||
| Then we got the economy, the meltdown of our financial system. | ||
| Steve Cortez, that was Barry Sternlich, one of the, I think the most, not a Trump fan, let's just say that, not a Trump fan. | ||
| He's a real estate oligarch. | ||
| He's probably the biggest mover and shaker in commercial real estate. | ||
| When a guy like that says, you have, you know, I know guys who are handing back buildings to the bank right now. | ||
| The next big shoe to drop, and you and I have been talking about all this massive, you know, you got the discount window and people should understand that's the Federal Reserve just shoveling cash out. | ||
| into the insolvent or illiquid banking system, your money, that you're obligated to, the audience. | ||
| But there's also all kinds of things going on with the FH, all these other things, hundreds of billions of dollars being shoved in, because the next big shoe to drop, brother, is commercial real estate. | ||
| Am I too out on a limb on that one, Dr. | ||
| Cortez? No, I certainly think you're correct, and I think more importantly, Barry Sternlich seemed to think you're correct. | ||
| Somebody who has enormous exposure, enormous experience in that field of commercial real estate. | ||
| And you're exactly right. He's not MAGA at all. | ||
| He was very publicly anti-Trump in 2020. | ||
| He called him a racist and a bigot and all of that. | ||
| But when it comes to business, he understands it intrinsically. | ||
| And he was speaking a lot of truth and a lot of common sense there on several different levels. | ||
| You know, first of all, on the ineffectiveness on the Fed, of the idea that they have hundreds of PhDs and yet they can't figure out what any community banker in America is able to figure out, what any just astute observer of the economy in general can figure out. | ||
| But also, and this is more important, I think, from a policy angle, he pointed out that in 2021, this is key, as prices were rising dramatically because of the created inflation explosion of Joe Biden, because he went to war against domestic American energy and the exorbitant borrowing and spending. | ||
| All during 2021, as it was patently obvious to anybody who was willing to be honest that inflation was exploding in this country. | ||
| The Fed, instead of fighting inflation then, the Fed backed up the ridiculous lie, the propaganda from the Biden administration that inflation was, quote, transitory. | ||
| Jerome Powell himself used that phrase on several occasions. | ||
| It was a grand lie with grave consequences for the American people. | ||
| And the Fed, which is now trapped, had an opportunity then to try to do the right thing. | ||
| The fiscal side was doing the exact wrong thing, was pouring capital all over an economy that didn't need capital, that didn't want capital. | ||
| So the fiscal side, meaning the White House and the Congress, Republicans included, they were doing exactly the wrong thing. | ||
| That was a time for the Fed to show leadership. | ||
| Instead, the Fed showed that it is institutionally an incredibly political animal in Washington, D.C. And Jerome Powell, most of all, as a personality, he is chiefly a partisan political operator. | ||
| And people want to think otherwise, but that's just the reality. | ||
| So he backed Biden. | ||
| He backed that fiscal profligacy, that exorbitant borrowing and spending. | ||
| He backed the lie. That it was transitory. | ||
| The Fed didn't fight inflation then, which made its job in 2022 all the harder. | ||
| And now, I would argue, not harder, impossible. | ||
| Because Sternlicht is right there. | ||
| Look, the reality is, with a banking crisis that we're now deeply into, okay, and I fear we're in the early innings of a banking crisis, and that's what the markets are telling us, with massive upheaval yesterday. | ||
| Markets are fairly calm today, but they were anything but calm today. | ||
| Yesterday. So I think we're in the early innings of a banking crisis, a banking crisis that will throw us into deep recession. | ||
| In normal times, the Fed should actually reverse course and start lowering rates. | ||
| And Barry there is speaking very much like a real estate guy, right? | ||
| They always want lower rates. | ||
| That's always their answer. | ||
| Here's the problem. The Fed lowers rates right now when we have double-digit inflation for the staples of life, for food and electricity, for regular Americans who are already suffering, who have already taken their credit cards to the limit with the biggest credit card increases, according to the most recent Fed data in the history of the United States, at the highest rates. | ||
| Ever in the history of the United States, those people are going to be put in the street. | ||
| So lowering rates means that the people who cut Barry's lawn and clean his house, who already can't afford the necessity of his life, are going to be in an even more precarious situation. | ||
| These are the consequences of what Biden and McConnell and Tom Cotton have done to the United States. | ||
| Because yes, lots of Republicans are complicit in this, particularly when it comes to that omnibus fiasco. | ||
| I know you've got some charts and some things you want to go through, but Kevin Warsh, that name will push that name more. | ||
| When Jay Powell was selected, pushed by Mnuchin, Kevin Warsh and John Taylor, they were the cover beds. | ||
| And when a guy like Kevin Warsh, who is known for discernment and probity, when he says... | ||
| That we need regime change at Treasury and the Fed. | ||
| What does that tell you? What does that tell you? | ||
| And you saw yesterday, this is incompetence that almost goes to the level of malfeasance, Steve Cortez. | ||
| No, listen, if the consequences weren't so severe, Steve, it actually would have been almost comical yesterday because on a split screen at the exact same time in Washington, D.C., You had Jay Powell, the chairman of the Fed, talking fairly dovishly, dovishly meaning that he's not going to be that hawkish about fighting inflation, clearly trying to calm financial markets, trying to calm bank depositors, and generally taking a soft approach. | ||
| Literally at that very same moment, the financial markets were reacting somewhat positively to that. | ||
| At that exact same moment, you had Janet Yellen contradict her own statements and certainly contradict her boss, Joe Biden, Say, oh, no, no, we're not thinking of more deposit insurance out there. | ||
| And the market absolutely tanked. | ||
| We showed that chart yesterday on the show. | ||
| From the minute she said that until the close, the Dow lost 700 points. | ||
| Now, we're in a terrible situation, a predicament right now, a corner, where markets, unfortunately, are that dependent on the Fed backing or the federal government backing guarantee. | ||
| So we should never be in this situation where she could force that kind of a tumultuous sell-off with that comment. | ||
| But that comment showed us, unfortunately, yeah, there it is, and that's a one-minute chart of the Dow yesterday. | ||
| From the moment Janet spoke, 700 points lower in basically a flash. | ||
| But the point there, Steve, and even to your point, It's almost comical how contradictory they are, how foolish they look. | ||
| And it's one thing to get the policy wrong. | ||
| That's bad enough. But it's another thing to get the policy wrong and, on top of it, get the messaging wrong. | ||
| Because confidence matters. | ||
| Because confidence can be self-reinforcing on the upside and doubt can be self-reinforcing on the downside. | ||
| And one thing we spoke about yesterday, In the 08-09 crisis, the Bush administration, I believe, got tons wrong, almost everything wrong, as a matter of fact. | ||
| But one thing I will at least give them credit for, particularly Hank Paulson, is he did a pretty good job of at least messaging to the public that he knew what he was doing, that he was in charge, that there was somebody at the helm with experience, and he did, in fact, have tremendous experience. | ||
| We don't have that at all right now. | ||
| We have Janet Yellen, who spent all of 2021 lying through her teeth, telling the American people that the inflation was transitory. | ||
| And we have Jerome Powell, who is a Washingtonian lifer, a lawyer by trade. | ||
| We have fools right now at the helm of the ship, not to mention, of course, sleepy Joe Biden, but fools at the helm of the ship at a time of tumultuous seas like we haven't seen in this country since 2008 and 2009. | ||
| So it's a very scary period, unfortunately. | ||
| Now, what do we do about it? | ||
| The debt ceiling limits. That is our opportunity. | ||
| That's the leverage. That's the pressure point that we have earned. | ||
| We earned it through the November elections where we earned a seat at the table and a chance to stop, to at least apply a tourniquet, a fiscal tourniquet to stop the bleeding, the inflationary madness, and make sure that Washington, D.C. knows that we, the American people, are going to overrule these fools right now who are trying to steer this ship into an absolute crash. | ||
| Make sure you go to... | ||
| Steve's going to stick with us. | ||
| We're going to have Grant Newsham also join us in the next segment. | ||
| Make sure you go right now to get... | ||
| Go to birchgold.com slash Bannon. | ||
| You've got to get the third in the series. | ||
| You'll want to read it all. It's totally free. | ||
| The debt trap. We absolutely nailed down and drilled down on the debt ceiling. | ||
| The debt ceiling fight is everything right now. | ||
| You need to understand this. | ||
| You need to immerse yourself in it. | ||
| Even if mathematics and... | ||
| And economics are not your thing. | ||
| It's got to be your thing if you want to be fully weaponized as an American citizen to fight back. | ||
| Because this is going to be the battle for the ages coming up in all this. | ||
| About stopping this out-of-control spending. | ||
| short break, Grant Newsham and Steve Grotesque on the other side. | ||
|
unidentified
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Here's your host, Stephen K. Babb. | |
| Did anyone aside from your lawyers assist you in preparation for today's hearing? | ||
| I prepared for this hearing with my team here in D.C. Did anyone at ByteDance directly provide input, help, or instruction for your testimony today? | ||
| Congressman, this is a very high-profile hearing. | ||
| My phone is full of well wishes. | ||
| But I prepared for this hearing with my team here in D.C. Are you willing to share who helped prepare you for this hearing with the committee? | ||
| I can follow up with you, if you like. | ||
| Can you guarantee that no one at ByteDance had a role in preparing you for today's hearing? | ||
| Like I said, Congressman, this is a high-profile hearing. | ||
| A lot of people around the world were sending me wishes and unsolicited advice, but I prepared for this hearing my team here in D.C. Are the attorneys representing TikTok also representing ByteDance? | ||
| Yes, I believe so. | ||
| What percentage of TikTok revenue does ByteDance retain? | ||
| Just give me a ballpark estimate if you don't precisely know. | ||
| Congressman, like I said, as a private company, we are not prepared to disclose our financials in public today. | ||
| He's just in your face, okay? | ||
| Let's get into Colonel Grant Newsome. | ||
| The CCP is not going to back down. | ||
| They're in Congress right now in a hearing, sworn testimony. | ||
| And this guy is not just glib. | ||
| It's just the arrogance is pretty shocking. | ||
| Colonel Newsham, you've kind of made this your life's work, your book, When China Attacks. | ||
| I want to tie the unrestricted warfare part. | ||
| As you know, we're huge fans of unrestricted warfare. | ||
| The unrestricted warfare part that you're actually seeing now in the halls of Congress on sworn testimony where the arrogance just comes through every second of the day because it is a full CCP company. | ||
| To what happened in Moscow and your theory of the case that China is prime to come after us not just with the unrestricted warfare they've been doing to prep the battlefield but could go kinetic in a couple of years. | ||
| And it's going to be a shock to the American people when unlike Vietnam, unlike Korea, unlike Iraq and Afghanistan, we're kind of said, OK, we've been here long enough and we want out. | ||
| We could actually have a major, massive kinetic war defeat at the hands of the Chinese Communist Party. | ||
|
unidentified
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Colonel Grant Newsham. Yes, well, glad to be here. | |
| You know, I think what you saw earlier, One in that clip you just showed just shows just how ridiculous we are. | ||
| The Indians did away with bite dance in an afternoon after they'd had a fight with the Chinese up on the border. | ||
| And look at us. We're just trying to figure out what to do about it. | ||
| It shows just how they have managed to handcuff us, keep us from doing what we need to do. | ||
| But in terms of how this China-Russia meeting plays into all of this the other day, Now that the Chinese have been setting us up for 30 years and weakened us, confused us, etc., while building up their military into a force that in certain circumstances could beat us, the so-called kinetic part of it is coming, quite possibly. | ||
| And I think where it would likely come is around Taiwan. | ||
| There's different scenarios of how it all plays out. | ||
| But what you saw with Xi Jinping meeting Putin the other day, It was effectively the Chinese saying to the Russians, look, we're with you and we don't care what the West thinks. | ||
| We don't care what the Americans think. | ||
| They provided just thoroughgoing political cover for the Russians and everything they've done. | ||
| But here's where it gets good. | ||
| Now, if China makes a move on Taiwan and say their guy doesn't win the presidential election in 2024 in Taiwan, so that someone who wants nothing to do with the PRC wins, at that point, I think a fight becomes very likely. | ||
| I think the gloves come off for Xi Jinping. | ||
| He'd rather get it all without fighting, get his guy in place, but that may not happen. | ||
| So if it doesn't happen, then I think a fight is coming. | ||
| If he does make a move on Taiwan, What you're going to see, I'll bet, is the Russians making a move somewhere else. | ||
| It could be towards the Baltic states. | ||
| And you're also going to see these other wonderful countries like North Korea making a move, doing something to distract us. | ||
| You will probably have Iran do something. | ||
| The Cubans can also do things as well. | ||
| All that does is distract us from the main thing. | ||
| I don't think the US military is able to fight a two-front war, much less a three or four front war. | ||
| It doesn't have to be an all-out war on those fronts, but something that distracts us, diverts resources away from Taiwan, and also creates a sense in Washington Well, look, things have just gotten so tough that we've got to let Taiwan go. | ||
| We can't really respond to it. | ||
| And there's a psychological conditioning and effect that all of this has. | ||
| So this Russia-China alliance, while there is some real historical animosity between the two, for now they are strategically aligned in both their hatred of the United States, which is the only thing standing in their way, and their desire to destroy it. | ||
| We've seen the so-called non-kinetic part of the fight going on for 30 years. | ||
| We've refused to recognize it, but you really see it in that clip you just showed of just how ridiculous we are. | ||
| Note that TikTok has all the high-priced American lawyers that it needs. | ||
| Now you'll have Americans who need lawyers and simply can't get them because they're required to defend something which is not popular with parts of the ruling class. | ||
| But when the kinetic war comes, expect movement on a lot of other fronts. | ||
| No, and also the fifth column you're going to have here. | ||
| They're paid lobbyists, they're paid law firms, they're paid communications. | ||
| You've had your countrymen for money team up with the other side, with the bad guys. | ||
| Just quickly, Colonel Newsham, the economic impact, let's leave the moral, liberty, democracy, let's put that off the side. | ||
| The real politique, economic warfare, economic impact of the loss of Taiwan to the American high-tech economy. | ||
| How big a deal would that be, sir? | ||
|
unidentified
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Well, it would be a blow, but I'm not so sure we can't recover from it. | |
| Certainly losing particularly the high-tech imports to semiconductors, high-end semiconductors in particular. | ||
| That would be a real shock to the system. | ||
| Think of what you saw last year when there was a semiconductor shortage and then multiply it by about 100 at least. | ||
| Yes, that would be a blow. | ||
| But I would tend to look at it as a necessary thing. | ||
| If we don't get off of this dependence on the People's Republic of China for the things we need in our economy, for all their manufacturing and this cheap stuff that you buy all over the place and some not-so-cheap stuff, if we can't wean ourselves, if we can't get off it in cold turkey if necessary, It'll just get worse and worse for us. | ||
| But the economic effects of a fight over Taiwan, you'd feel those from one end of the world, the globe to the other, not just because of semiconductors. | ||
| It would be the thoroughgoing disruption A good chunk of the international trading system, but one does recall that maybe 30 years ago we had a pretty good economy, a pretty good country that wasn't dependent on manufacturing things in China. | ||
| So I think we can overcome it, but it would be a disruption of the like I think most people have not seen. | ||
| I would expect the world to break up into two blocks, trading blocks in particular. | ||
| with one, the free countries, and one, these other very unfree countries. | ||
| But the idea that we've gotten used to of wars being small, little contained things, this won't be the case if something happens over Taiwan. | ||
| If we cut off the Chinese county's party from all access, 100 % access to Western capital, both loans, bonds, and equity capital, if we cut them off from the SWIFT system, If we cut them off from all technology transfers and really crack down on stealing technology, how long do you think the Chinese Communist Party could last? | ||
|
unidentified
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All things being equal, maybe six months. | |
| That's just sort of what they have stored up and sort of glide along on momentum, but not very long. | ||
| That influx of convertible currency And capital into China is what has fueled China's economic buildup and its military buildup, which are interlinked. | ||
| And that's It's just astonishing that we have done this. | ||
| The Chinese currency, as we talked about before, is not freely convertible, which means you can't really use it overseas to buy anything. | ||
| So it has to be a dollar in, a dollar out. | ||
| So all these things China buys from overseas, all the expenditures it makes, the Belt and Road Initiative, buying Ivy League professors, they all require payments in dollars. | ||
| We've provided it. | ||
| So you stop that and China would be very hard pressed, very fast. | ||
| To pay for everything that it needs. | ||
| And if its economy comes to a halt, you're going to have, China always talks about 1.4 billion Chinese people who are offended by something somebody has said. | ||
| You're going to have 1.4 billion people who are very offended with the Chinese Communist Party. | ||
| All that money we've given them has effectively funded papered over Some very serious fissures in that system. | ||
| It's like a country, a company that really, it's a failure. | ||
| Every year, it gets an allotment of billions of dollars to keep operating, and that's pretty much what has happened with the Chinese Communist Party. | ||
| It's an inefficient system, and it would have a lot of trouble if we didn't prop it up. | ||
| Colonel Newsham, how did they get to the book? | ||
| How did they get to your social media? | ||
|
unidentified
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Well, the book is available in the usual places, Barnes& Noble, Amazon. | |
| My social media, it's www.grantnewsham.com. | ||
| That'll get you to all my writings. | ||
| And I have a Twitter handle, which is at NewshamGrant. | ||
| So the book comes out in a couple of days, and it's a splendid book, I tell you. | ||
| No, no, it's fantastic. It's a, it's a, it's a dose of cold water. | ||
| We're going to spend a lot more time going through it. | ||
| Colonel Newsham, thank you very much. | ||
| Honored to have you on here. Sure. | ||
| Sure. Cortez is going to join us and Rebecca Koffler. | ||
| Cortez is going to join us on the other side. | ||
| He's going to talk to you about, think about it for a second with Colonel Newsham. | ||
| Colonel Newsham doesn't have his hair on fire. | ||
| It's pretty matter of fact. Outside-date Chinese Communist Party, the mortal threat to the Chinese people and the American people who exist with 100 % cut off of capital and technology, six months. | ||
| I say 100 days, but he's an expert. | ||
| Six months. On the outside, six months. | ||
| Our greatest threat. | ||
| Same time we have an invasion on the southern border with 12 to 14 million illegal aliens here or coming here in the Biden regime. | ||
| Think about that for a second. Think about a great power that allows that to happen to themselves. | ||
| Short break. Back in a moment. | ||
|
unidentified
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Here's your host, Stephen K. Babb. | |
| I'd like to change directions real quick. | ||
| Do you receive personal employment, salary, compensation or benefits from ByteDance? | ||
| Yes, I do. What is your salary from ByteDance? | ||
| Congressman, if you don't mind, I would prefer to keep my compensation private. | ||
| Okay. Do you personally have any company shares or stock in ByteDance or Doyen? | ||
| Congressman, if you don't mind, I would like to keep my personal assets private. | ||
| Is TikTok the company your only source of employment compensation? | ||
| Where's your other source of income outside of TikTok? | ||
| It's my only source of compensation. | ||
| Do you have any financial debts or obligations to ByteDance, Douyin, or any other ByteDance-affiliated entity? | ||
| Personally? No, I do not. | ||
| Does your management team receive separate salary compensation or benefits from ByteDance? | ||
| We receive salaries from the entities that we are employed in, but we do share in the employee stock option plan that is available from the ByteDance top company. | ||
| So your primary salary comes from TikTok, but you have other compensation that comes directly from ByteDance? | ||
| You can characterize it as that, yes. | ||
| Does your management team have company shares or stock in ByteDance or Doyin? | ||
| Yes, some of our employees are compensated in shares in ByteDance. | ||
| Okay, you see right there, Cortez, once again, just up in your grill, right? | ||
| He takes a salary from TikTok, but he's getting his options and warrant package, which is 90 % of his net worth from ByteDance. | ||
| Cortez, we just had Grant Newsham say six months on the outside if we cut him off from the capital from our pension funds, essentially, insurance companies, and if we cut off the technology, Of which this audience is also underwritten with the venture capital and private equity and hedge fund money that is in the pension funds. | ||
| We're not a serious country. | ||
| We could do this in a second instead of going through this. | ||
| And this is ridiculous. Modi said, hey, how about this? | ||
| All Chinese apps, boom, all CCP owner-operated apps done in one afternoon, what, two years ago. | ||
| Talk to me about the other aspect of this on our sovereignty. | ||
| We've ceded our sovereignty to a negotiation with the Chinese Communist Party because of a fifth column here in the United States on Wall Street, Silicon Valley, in the law firms and lobbyists here in our nation's capital. | ||
| What we've done is completely gotten rid of our sovereignty on the issue of immigration. | ||
| Is that not true, Brother Cortez? | ||
| Yes, 100%. First, on the China issue, the Colonel is exactly correct. | ||
| Without American capital markets and without American investment, The Chinese Communist Party simply could not sustain itself. | ||
| And here's the sad reality. | ||
| A lot of folks out there in the audience, they don't realize it, but their money is being invested aggressively in China and has been for a couple of decades. | ||
| How is that happening? Via your 401k and also via a massive amount of public investment. | ||
| Even from the red states, because firms like BlackRock have been pouring capital into China for years and years. | ||
| Number one, it's been a really bad investment. | ||
| They would have been far better off just from a return perspective investing that entire time in the United States. | ||
| But number two, more importantly than returns, of course, is how dangerous it is for the national security of the United States. | ||
| So yes, thankfully for now, we still have the upper hand. | ||
| However, we won't always have the upper hand when it comes to China. | ||
| And if we don't act now in smart ways in terms of confrontation via things like economics, eventually we're going to end up in a hot kinetic fight with the Chinese and we can avoid that. | ||
| But you're exactly right, Steve. | ||
| It's the same principles, unfortunately, and from a lot of the same people. | ||
| who want to invest in China, who have been effectively merged with the Chinese Communist Party. | ||
| I'm talking about Americans, American power brokers. | ||
| Those same people constantly agitate for open borders here in the United States and have been very supportive of what Joe Biden has done in creating a de facto open border in the United States. | ||
| Millions of illegals have poured through that. | ||
| They have been incentivized and, in fact, invited to come to the United States and compete against Americans in the labor market illegally and unjustly at a time where Americans are suffering, particularly middle and lower income Americans. | ||
| The savings rate in the United States, Steve, It is languishing right now near historic lows. | ||
| It just recently hit the second lowest level ever. | ||
| So I wrote a new article about this because now that the primary race for the Republican 2024 nomination seems to really be heating up in recent days, I believe that just as it was in 2016, in 2024, immigration needs to be a front-and-center, top-of-mind race. | ||
| It needs to be a primary, if not the primary issue for Republican voters and for all of the nominees, President Trump and whoever else officially decides to get into this race. | ||
| Why? Because, you know, as I mentioned, the economic anxiety right now, but number two, because of the open border and because of what's happening with legal immigration. | ||
| So it's not just the illegality, which of course we should never tolerate, not one iota of it, but it's also lawful immigration. | ||
| So if we can show chart number one, please. | ||
| And this chart and others are in my new article. | ||
| This chart is from Axios, and this is legal immigration to the United States. | ||
| That chart goes back to 2010. | ||
| So into 2016, under Obama, not surprisingly, legal immigration was steadily growing. | ||
| For the last five years until 2022, though, immigration, each year legal immigration, lawful immigration to the United States, was falling. | ||
| So President Trump was successfully curtailing lawful immigration to the United States. | ||
| It is now exploding higher. | ||
| Again, reaching over a million legal immigrants to this country, the majority of that via work visas. | ||
| And again, work visas for foreigners, Steve, to come into the United States to compete against Americans who are already trying to grapple with crashing real wages. | ||
| So I think it's incumbent Upon both President Trump and on any other challengers to him, to tell us concretely what is their immigration plan going forward. | ||
| And I lay this out in the piece. | ||
| For example, President Trump did a wonderful job in curtailing legal immigration. | ||
| But you know where he failed, and I give the numbers in here, is on deportations. | ||
| Believe it or not, Barack Obama was far more effective at deportations than President Trump is. | ||
| I think President Trump has to explain that to the American people. | ||
| Why did he so disappoint on deportations? | ||
| And deportations have now effectively collapsed under Biden. | ||
| What is the plan of Ron DeSantis, of Nikki Haley, of any candidate who gets in the race? | ||
| What is their plan to make sure that we are deporting at at least the level of Barack Obama? | ||
| My gosh, that should be the baseline. | ||
| We should be doing far better than that. | ||
| Explain, why was the wall not built? | ||
| Why was it not built with the Republican Congress? | ||
| How are we going to get it built from here? | ||
| And then I would like, Steve, a candidate to step up. | ||
| What I'm looking for, and I think a lot of the deplorables are, is a candidate to step up and say, Legal, lawful immigration needs to go to zero. | ||
| We need a moratorium. | ||
| We need a timeout. | ||
| We need to protect our sovereignty. | ||
| We need to protect our culture. | ||
| And we need to restore the prosperity of America. | ||
| We need to assimilate the immigrants we already have in this country, number one. | ||
| Number two, we need to figure out the right filters and processes to restart LEGAL IMMIGRATION WHENEVER WE THINK IT IS ADVISABLE FOR THE AMERICAN PEOPLE. AND TO THAT POINT, STEVE, I WANT TO HOPE I MAKE THIS CLEAR AND I HOPE I WANT TO PERSUADE PEOPLE ABOUT THIS. IMMIGRATION IS NOT SOME GOOD IN AND OF ITSELF, | ||
| OKAY? IT IS NOT SOME GOAL IN AND OF ITSELF. IMMIGRATION EXISTS TO SERVE THE INTEREST OF EXISTING AMERICAN CITIZENS. Whether those American citizens were native-born or legally naturalized themselves, immigration exists to serve us. | ||
| The left, I think, has largely promoted a narrative where it has to exist, number one. | ||
| It's just a given. And number two, it's some sort of intrinsic ideal. | ||
| Neither of those is correct. | ||
| America over the years has vacillated between periods of very open immigration and very restrictive migration rules. | ||
| And I firmly believe that this is a time For a restrictive approach, because it makes the most sense for our country right now. | ||
| So I hope this issue becomes paramount once again, as it was in 2016, now in 2024. | ||
| And these candidates have a lot to answer. | ||
| We have to put... This show has to make it such because now you're going to have, CIS says by the end of the Biden regime, you're going to have 12 to 14 million illegal aliens here through their gaming of the asylum system. | ||
| Plus you have a collapsing economy with the layoffs. | ||
| The big layoffs are starting. | ||
| See, Amazon's got rid of 27,000 people in the last 60 days. | ||
| This is why you've got to protect American citizens. | ||
| You've got to protect those jobs for American citizens. | ||
| Can we play the giant yelling? | ||
| Do we have that clip ready to go? | ||
| Yeah, go ahead, Steve. No, I was just going to tell you to that point, by the way. | ||
| So we just got an announcement, unfortunately, about an hour ago. | ||
| Accenture laying off 19,000 workers, the tech and IT giant. | ||
| 19,000 workers being laid off from Accenture, to your point. | ||
| And this is going to accelerate, okay? | ||
| Unfortunately, that's just a sad situation. | ||
| This bank crisis is only going to deepen and exacerbate the layoffs. | ||
| And you mentioned CIS, too. | ||
| If I can just show this chart, because I think this is important. | ||
| CIS, this is chart number two. | ||
| Center for Integration Studies. | ||
| This is a chart going way back, over 100 years, to the early 1900s. | ||
| And it's both numerically and percentage. | ||
| Pay attention there, please, to the top line. | ||
| That is the percentage of Americans who are foreign-born. | ||
| We are right now at roughly 14.7%. | ||
| Right at the all-time high at that same level, 14.7 % over a century ago. | ||
| I'm not saying this is necessarily a bad thing, but I'm saying we have to ascertain as a country, is this good for us? | ||
| Most people believe it was good for us in the Ellis Island days because, number one, there was an insatiable demand for unskilled physical labor. | ||
| Number two, there was no safety net, zero. | ||
| For these immigrants who came over, which, by the way, is why so many of them didn't stay. | ||
| If you didn't make it, it was sink or swim. | ||
| Many of them went back to the old country. | ||
| But we had great needs for them. | ||
| We had no safety net. | ||
| We had the exact opposite today. | ||
| We have American workers who see their wages crashing, and we have incredibly And to the right there, by the way, in the red, that is the projections from the Census Bureau of where we are heading at current trends in terms of migration and the foreign-born population. | ||
| So it is not xenophobic. | ||
| It is not unreasonable. | ||
| It's not in any way bigoted for us to say as a country, does this make sense for us? | ||
| Is this working for us? | ||
| And just because it worked for us during the Industrial Revolution doesn't mean it works today. | ||
| And I would argue strongly it is not working for the best interests of American citizens. | ||
| You can say that. It's suppressing wages. | ||
| Let's play the yelling clip. | ||
| One comment for you. Let's go yelling. | ||
| Could you just answer my question, Madam Secretary? | ||
| What percentage of our debt of our GDP is too much? | ||
| Well, this budget has debt held by the public, moving up to around 109 % of GDP. And that's not too much, in your opinion? | ||
| Historically, it's a high level, but on the other hand, interest rates, real interest rates, have moved down substantially in recent decades, and so higher levels of debt to GDP are sustainable with lower real interest rates, | ||
| and on balance, as I said, the interest burden of the debt is at a level that is Quite reasonable in historic terms. | ||
|
unidentified
|
Madam Secretary, you're a Keynesian. | |
| Well, I don't quite know what you mean by that, but I've certainly studied... | ||
| Okay, Cortez. I don't even know if it... | ||
| By the way, the new scam is just to talk about public-held debt. | ||
| That's the monetization debt. | ||
| They don't want to talk about all the other debt we owe. | ||
| Steve Cortez, give me a 60-second summary of that. | ||
| Well, think about this. | ||
| So she is the tip of the spear when it comes to the American economy, the greatest economy that the world has ever seen, built by the grit and hustle and smarts of the American people. | ||
| She is now the tip of the spear. | ||
| At the same time, On the national security side of things, and they're of course interrelated, Mark Milley, white rage Mark Milley, is the tip of the spear of the greatest military ever built in the history of mankind. | ||
| Okay, he is supposed to be our chief warrior. | ||
| She is our chief economic manager. | ||
| And when you consider that on both fronts, I think it's incredibly frightening. | ||
| And to the specifics there, by the way, for her to pretend That above 100 % debt-to-GDP ratio is somehow sustainable. | ||
| It's just laughable for anybody who's willing to actually do even just a little bit of homework and look at economic history. | ||
| Yes. Ridiculous. | ||
| That's where the debt ceiling is everything. | ||
| Steve Cortez, quickly, what's your coordinates? | ||
| How did it get to the Substack? Yes, and please read my new article, at CortezSteve on the Twitter, stevecortez.substack.com to read about immigration, the number one issue. | ||
| Thank you, brother. Thank you. | ||
| Birchgold.com. | ||
| Learn about the debt. | ||
| The debt trap is the third installment. | ||
| Birchgold.com slash Bannon. | ||
| Go there now, plus all the free information kits. | ||
| Rebecca Koffler, Mike Lindell, next in the War Room. | ||
|
unidentified
|
War Room. | |
| Here's your host, Stephen K. Bannon. | ||
| Okay, we're going to be up on Getter all afternoon. | ||
| Make sure you go to Getter, both the worm site, my site. | ||
| We're going to be doing live streams, all of it, so make sure you get there. | ||
| Great commentary. I'll be putting up articles, too. | ||
| Rebecca Koffler is going to join us back in the 6 o'clock show. | ||
| We're going to have also General Tata from President Trump's administration is also going to join us. | ||
| We'll be talking about the CCP, the geopolitics, all this, the impact on the American economy, the world economy, and your life. | ||
| Rebecca, you've got a great piece up there. | ||
| Give me a couple of minutes now to tease us for six o'clock about the Xi-Putin meeting, ma'am. | ||
| Sure. Well, Joe Biden has created, Steve, a multi-headed geopolitical monster. | ||
| Russia and China are joining forces. | ||
| But not only that, they are leading what effectively is an anti-U.S. bloc that includes also Iran, North Korea, Syria. | ||
| Remember how she and Putin strategized before Putin's invasion of Ukraine? | ||
| Well, they just got back together for a three-day state-level meeting where they strategized what it is that they do not next. | ||
| And here's what they will do. | ||
| They basically want to replace the United States as the dominant economic and military power by 2049, with China becoming the center of gravity. | ||
| They're creating an alternative architecture to the Western They're trying to replace the U.S. dollar with petro-nuan. | ||
| And Joe Biden, by his nonsensical policies, is just simply enabling that. | ||
| In addition to that, Steve, we're in the riskiest period in modern history. | ||
| Why? It's because we're potentially facing a two-front war, one with Russia over Ukraine that Joe Biden is hell-bent on throwing weaponry to. | ||
| And the other one is with China over Taiwan. | ||
| And if we push Ukraine, if we push too much weaponry into Ukraine, and if we support Zelenskyy in trying to retake Crimea, this is a red line for Putin that will trigger the nuclear war. | ||
|
unidentified
|
And so we are at this point unable to wage to ground war. | |
| I want to hold that to six. | ||
| We're going to get into details. How do people, what's the social media, how do they get to your book, how do they get to everything before six o'clock? | ||
| I'm on Twitter, getterandtruthrebecca0132. | ||
| And she's got a great piece up on Fox right now, I think it is. | ||
| We're going to push it out. We'll see you at six o'clock. | ||
| We're going to go into depth. The most dangerous time in American history is right now, even as we speak. | ||
| Rebecca Koffer, thank you so much. | ||
| See you back here at six. Mike Lindell, it's a treacherous time in world history. | ||
| We have an illegitimate regime at the head. | ||
| That's why this is all happening. | ||
| Why is Arizona a big deal about turning this thing around, sir? | ||
| It's the biggest deal, Steve. | ||
| Yesterday, with them ruling that they can look at the C's signatures, there's over 100,000 signatures that we think are bad. | ||
| And Carrie Lake, they say she lost by 17,000. | ||
| But it's a big deal because the judges actually, this is a win. | ||
| They said, hey, you got to look at this. | ||
| Instead of kicking the can on standing or sanctions and all these things. | ||
| This is huge, everybody. | ||
| And I've been telling everybody, the judges will bring this country back. | ||
| We've got to keep praying for them. | ||
| Pray that they actually be judges. | ||
| And they look at this and go, whoa, gee, it says here you can't do this. | ||
| It's against the law. But here's what we do. | ||
| It's very easy. It's very simple. | ||
| We've got to go back to following the laws. | ||
| This is a huge thing. | ||
| Absolutely huge. | ||
| They fought this, and this is the one they came after to Carrie Lake criminally. | ||
| They're so freaked out about the signature verification. | ||
| The 17,000 votes is what separates it. | ||
| What scale are we talking about, about questionable votes here, about the unverified signatures, sir? | ||
| Yeah, it's over 100,000. | ||
| It's like 105,000. | ||
| I just checked on that before I came on. | ||
| Now, how long, how it takes, or what's the process from here? | ||
| I don't know that, but I do know this. | ||
| Those judges could have just said, you know what? | ||
| We're going to kick the can. | ||
| We're not going to look at this. | ||
| Instead, they did and said, hey, there's something wrong here that was done wrong. | ||
| And this is a system failure, Steve. | ||
| This is a massive system failure. | ||
| And we've got to... | ||
| We've got to give credit where credit's due. | ||
| This is huge that those judges made a decision. | ||
| We're not going to kick the can. | ||
| We're going to push this back, and you're going to look at these signatures, and we're going to find out. | ||
| The truth's going to come out, everybody. | ||
| The truth has to come out. | ||
| This isn't just about Carrie Lake being governor anymore. | ||
| This is about our laws and our Constitution and judges looking at things and saying, here, you broke a law? | ||
| Here, over here, here's what we do. | ||
| I was so happy when I heard this last night. | ||
| It's all over social media. | ||
| You know, Steve, you wonder what would happen if places like Fox actually started reporting these winds now that are going to come rolling in every day. | ||
| We just had another county go to Machine Free in Florida yesterday. | ||
| We've got so many great things going on around the country, and it needs to be reported. | ||
| By the way, I don't think they have much interest in Carrie Lake or reporting this. | ||
| Talk to me about the launch of MyPillow 2.0. | ||
| Last night, we were up so late on the show and other things are breaking and other things we're working on. | ||
| I got a couple hours of sleep, but I could do the show with all my natural energy because of the great products of MyPillow, particularly the new Pellow. | ||
| Tell us about it. Well, I want to announce here that I just found out this morning over the last two weeks with everybody's help here on War Room and with the MyPillow 2.0, we hired over a hundred new employees the last two weeks. | ||
| So they're all back to work making this the most incredible product pillow of all time. | ||
| We improved on it. It's the MyPillow 2.0. | ||
| It's now got temperature regulating thread. | ||
| On the fabric, the exclusive fabric we have combined with the patented fill. | ||
| It's a buy one, get one free using the promo code WARWROOM. But Steve, I'm going to go the extra mile. | ||
| My employees and I want to thank all your audience. | ||
| We're going to change it up a little bit. | ||
| We're going to add the percale sheets, everybody. | ||
| We're clearing them out. | ||
| We're never bringing them back. | ||
| And we're going to clear them out like we did the all season slippers. | ||
| $39 for king sets, $35 for queen sets, $25 for twin. | ||
| You can't, this is a, you know, it's exclusive right here that I'm announcing anyway, right here on the wall. | ||
| Wow. Mike, thank you so much. | ||
| Honored to have you on here. | ||
| I know the Arizona thing is huge. | ||
| Huge. If it was not for Mike Lindell having Carrie Lake's back, remember, it was Mike Lindell that had her back when everybody else abandoned her. | ||
| This fight is absolutely central, not just for 2024, but for the here and now in Arizona. | ||
| Mike Lindell, honored to have you on here. | ||
| Speaking of Arizona, Charlie Kirk, the fire-breathing populist nationalist from Turning Point, USA, follows us right here on Real America's Voice. | ||
| Stick around. You don't want to miss anything of Charlie. |
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