April 27, 2023 - Bannon's War Room
48:49
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
|
unidentified
|
Pray for our enemies, because we're going medieval on these people. | |
| I got a free shot at all these networks lying about the people. | ||
| The people had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room, here's your host, Stephen K. Bamm. | |
| Thanks for watching. | ||
| Among other things, the increase would come with federal spending cuts, clawing back unspent COVID-19 funds, tougher work requirements for food stamp recipients. | ||
| But Senate Majority Leader Chuck Schumer called the bill dead on arrival, and President Biden said he would veto it. | ||
| If it reached his desk. | ||
| Join us now, House Speaker Kevin McCarthy. | ||
| You said you were going to be able to pass this. | ||
| I think it's been all downhill since those 15 votes. | ||
| I mean, what doesn't kill you makes you stronger. | ||
| Is that it, Mr. | ||
| Speaker? I think grit and perseverance matters in life, and I think it only made us stronger as we went through that. | ||
| You know, every single week they underestimate what this new Congress can do, from a parent's bill of rights, from what you just watched, that we actually had a plan and lifted the debt ceiling, but we've made our economy stronger at the same time. | ||
| What has the Senate done? They've named March Maine Maple Syrup Month. | ||
| They congratulated UConn for winning a basketball game. | ||
| They had no plan. They've done nothing. | ||
| They're putting our economy in jeopardy. | ||
| The president not to negotiate is not what the American public wants. | ||
| It's not how our government is designed. | ||
| It's not what we've done every time before, whether it be a Republican or Democrat. | ||
| We believe in a responsible, sensible plan that puts us on a path, raises our debt ceiling, and actually makes our economy stronger. | ||
|
unidentified
|
The criticism has been that you had no plan and we can't see what he's saying. | |
| You know, give us a plan. He can't. | ||
| He can't give us a plan. Now that you've got a plan, it's been called a ransom note by Hakeem Jeffries, Representative Jeffries, who says that That you're saying effectively, pass our extreme MAGA Republican bill or else America is going to default. | ||
| I'm just wondering whether anything has changed. | ||
| Have you heard anything, any softening? | ||
| I know the press secretary, White House press secretary said, no way. | ||
| We must immediately pass a clean bill. | ||
| There's going to be no negotiations. | ||
| Is there anything going on behind the scenes, Speaker? | ||
| Have you heard from anyone from the President or below that maybe they're softening that stance? | ||
| You know, I met with the president on February 1st in the Oval Office. | ||
| We sat down, we talked about how we could move forward. | ||
| It's Thursday, 27 April, in the year of alert, 23. | ||
| If the great team here in Palm Beach can just hang on one second. | ||
| If we can now play Joe Kernan, that's the introductory for CNBC today. | ||
| And by the way, Speaker McCarthy, and look, Speaker McCarthy's not a dead-ender because he's got a different mandate. | ||
| He's got to be wrangling herding cats. | ||
| We're the dead-enders, but I want to play Joe Kernan. | ||
| Let's skip that. I want to come back to that maybe later, so put a pin in it. | ||
| We've got Peter Navarro here. We've got Russ Vogt. | ||
| We've got Cortez. We've got Brett. | ||
| Nothing but hitters today. Let me have Joe Kernan going after McCarthy. | ||
|
unidentified
|
What was getting back just to the death thing, what was a little bit disconcerting is, I don't know whether it's gaslighting or what I call it, but I'm hearing that you now in this bill, I heard Senator Van Hollen say you're trying to cut and defund law enforcement. | |
| And you're also cutting all of the border security funds. | ||
| So I just don't even know how you respond when we're that far apart on both sides. | ||
| And both sides are so willing to demagogue and, you know, ultra-maga. | ||
| That's all. Wacko. These are wacko ideas if someone should actually have to actually try to get a job to receive some things at home. | ||
| So I don't know how you ever come together, Speaker, and I don't know how you... | ||
| You know, at CNBC, because we're talking about the full faith and credit of the U.S. government here. | ||
| The thing that you should look at is anytime someone says about the bill, just simply ask one question. | ||
| Put a pin in that. I got a guess. | ||
| He's going to be wrestling me for the mic. | ||
| Who did this? Where's Rob? | ||
| Where's Rob? I remember the historical day after Donald Trump Won the election in 2016. | ||
| I went on that guy's show, Joe Kernan, who I love dearly and had the audacity to say that the Dow was going to 25,000. | ||
| They all questioned me there. | ||
| I was the guy right. You took me up here. | ||
| But this is crap. I actually told that story last night. | ||
| Certain people had me to a dinner engagement. | ||
| And I had that. More about this later. | ||
| There's going to be some announcements we got. | ||
| So I'm at a dinner engagement. | ||
| Yeah. And I literally tell that story. | ||
| I said, we went at 2.30 in the morning. | ||
| We go to the Hilton at 3.30. | ||
| I get back. I take a shower. | ||
| I've got to get up. The president-elect is in the tower taking calls from all over the world. | ||
| I get there, and I'm getting ready to go. | ||
| On my apartment in New York, and I hear, I've got CNBC on, and Asia's crashed, Europe's crashed, Trump is a madman, he's got these madmen around him, the economy's going to crash, and all of a sudden I hear the voice, and the guy goes, no, no, no, no, you're missing it, he's got an economic plan he's going to do, it's going to be Dow 25,000. | ||
| And I go, what? I walk in. | ||
| It's Peter Navarro making. | ||
| Now, you did stop the bleeding. | ||
| The punchline turned around right there. | ||
| We went from red to green, man. | ||
| Of course, I called Jason Miller and said, get that guy up. | ||
| Hold it. Joe, before I get to Russell, Joe Kernan. | ||
| Joe should know better. No, no, stop, stop, stop. | ||
| No, no, no, no. | ||
| This is the reason Tucker Carlson's out of Fox. | ||
| Exactly right. Joe Kernan was a great guy. | ||
| He's a conservative at heart. | ||
| If you talk to him behind the scenes, fantastic. | ||
| For him to call these logical cuts MAGA extremism, this is what you're seeing now. | ||
| CNBC, this is the corporate legacy media. | ||
| Every day is going to be hammering this audience. | ||
| You're the problem. And by the way, Joe, if you're corporate masters... | ||
| And CNBC had allowed folks like me and Bannon and Cortez and Bratt on the air a year ago. | ||
| We would have told you why this debt limit step was necessary. | ||
| We've got backup, by the way. | ||
| In the B block, we're going to talk about today's GDP number and what Bloomberg's saying about it. | ||
| It's what War Room said two years ago. | ||
| Hang on. Point up. Russ Vogt. | ||
| Where in the hell are we right now? | ||
| Is this a messaging? Because, Russ, no offense, we love you, and we love you 10 training cuts and 17 training cuts, and we got 4.5 training cuts, and maybe it's kind of messaging. | ||
| I don't think this ever got to the heart of the matter, but it got passed, and it got sent up. | ||
| Just tell us where we are, and particularly tell the creditors committee, what do we got to look forward to going forward? | ||
|
unidentified
|
The brinksmanship begins today. | |
| So this is the moment now that the House has passed, they have the ability to go forward and make sure that this thing does not pass until the cuts are enacted. | ||
| And so that is a thing that has a massive opportunity as a result of getting 218 yesterday. | ||
| Yesterday, in some respects, was a messaging vote. | ||
| No doubt about that. | ||
| But it was necessary to be able to change the conversation to say that they had a plan, and it is $5 trillion in spending cuts. | ||
| That's the reality of it. | ||
| And it's everything you need to go after the woke and weaponized bureaucracy. | ||
| And we want to have the debate. | ||
| I would encourage House Republicans. | ||
| They need to change their messaging and start going after. | ||
| We're defunding CRT. We're defunding gain-of-function research at NIH over and over. | ||
| Don't let them frame this conversation over the next several months. | ||
| But let's talk about that. You see right there Joe Kernan. | ||
| I mean, Joe Kernan's the most conservative voice really in corporate business television, right? | ||
| And right there with McCarthy, he does the whole first thing at first and uses the terms MAGA extremism. | ||
| And then he comes back with the logical plan, says you're cutting border, you know, all the stuff they're making up. | ||
| You're really the problem with crime in the country. | ||
| You're the problem with veterans living on the street. | ||
| You're the problem with the invasion of the southern border because you're trying to have some logic here. | ||
| Where do we go from here? | ||
| This audience wants to know, hey, we played nice and you got to $218 and you got to $4 trillion. | ||
| We want the $17 trillion. | ||
| We want the one penny increase to the debt ceiling, use Russ votes, prioritization of payments, and get back to $10 to $17 trillion of real cuts and get to a real balanced budget and do the cuts down here. | ||
| Where does that come into the brinkmanship? | ||
| Because if this gets rejected by the Senate, which is going to get rejected in about 30 minutes, Where do we go from here actually for negotiation and really having the harder core elements say, nah, you know, we're not buying any of this, sir? | ||
|
unidentified
|
So I think the Senate in some respects is irrelevant. | |
| Now, what do I mean by that? | ||
| The Senate is going to go and allow whatever Joe Biden agrees to will get through the Senate. | ||
| And so I would spend no time worrying about the Senate. | ||
| This is about the House and Joe Biden, and the brinksmanship begins today. | ||
| And so if you are going to take—they need to take a very hard line, and they say, we're not moving a debt limit. | ||
| And allow it to be signed into law until our cuts are being made. | ||
| And they've got to hold strong on it. | ||
| And I think that's where the creditors committee of this program comes in. | ||
| And so yesterday, that's what this was about, was showing that they have the plan. | ||
| And it really is the art of the possible, Steve, in terms of my budget was bouncing in 10 years. | ||
| And we had $10 trillion in savings. | ||
| You and I can do it over a long weekend in one year, but it gets a lot harder what you need to do in some of the entitlements that we don't want to touch. | ||
| And so that's why I think it's really strategic to go after $5 trillion in the easiest. | ||
| Most of that is woke and weaponized bureaucracy, IRS. Focus that fight. | ||
| And they have to go on offense and they have to seize the high ground. | ||
| They cannot let them frame it. | ||
| So they're going to want to just talk about, well, hey, hide the ball. | ||
| We don't want to talk about cuts. | ||
| Just Joe Biden hasn't negotiated. | ||
| They will lose that fight over the next several months. | ||
| They have to go in and say, you know what? | ||
| We are specifically defunding the EPA from keeping Joe Robertson and putting him in jail for 18 months. | ||
| We are defunding CRT. The entirety of the Department of Education is critical race theory now. | ||
| We're defunding that. If they don't talk like that over the next several weeks, they're going to put themselves in a situation that will be hard to sustain the position that you and I believe that they should take, which is no debt limit without the cuts. | ||
| Russ, in some way, I think you're burying the lead. | ||
| I mean, it's one thing to talk about the craziness of CRT, the gain-of-function labs, but the overarching issue is the stagflation, the inflation that's going to drag our economy down over time. | ||
| I think we need to lead with that because there's two kinds of inflation. | ||
| There's the cost push from the loss of strategic energy dominance, but there's also the demand pull, which is all driven by congressional and Biden expenditure programs. | ||
| Why not lead with that and say, hey, this stagflation is going to drag us down like it did in the 70s. | ||
| And by the way, look at all the things we're cutting. | ||
| We're not cutting anything that's vital to the American people. | ||
|
unidentified
|
I have no issue with that whatsoever, but the extent of saying inflation is the problem is the extent of saying inflation is the problem, and this is our bill to do it. | |
| At some point, you actually have to have members of Congress pass big cuts, and they have to defend those. | ||
| And if you don't give them the moral high ground to say the Department of Housing and Urban Development It's funding the breakup of single-family homes and neighborhoods. | ||
| If you don't give yourself the moral high ground, they cannot get to that point where they're going to be able to vote for it. | ||
| He's talking about a practical issue. | ||
| Yeah, I get it, but there's got to be a rhyme to the reason. | ||
| I mean, the reason why we're cutting is not cuts per se. | ||
| It's because of the broader economic context. | ||
| I'm just saying, I mean... | ||
| You're better—you're more experienced on the Hill in this political infighting, but I'm looking at a razor-thin margin. | ||
| I'm looking for whether a center can hold, and I'm hearing these financial analysts like Joe Kernan say that it's like ultra-maga wackos when, in fact, he's also reporting today—we'll get into it— The GDP is down. | ||
| The GDP missed and inflation missed. | ||
| It's like crazy. On the messaging to his thing, is that— One thing I think we have to do is make sure they can't blame us for the economy crashing. | ||
| The economy is crashing because of their efforts. | ||
| The other thing which I think, and I think Russ Vogt needs credit for this, if you notice in the entire assault by Joe Kernan and CBC and other people this morning, The two magic words that never came out are Medicare and Social Security. | ||
| You took that off-the-table vote, and that was so important. | ||
| That is one of the biggest things we've got. | ||
| Now they're talking about, oh, the Republican Party in MAGA is the anti-law and order. | ||
| You're defunding the police. | ||
| You're defunding Board of Security. | ||
| But to have out Medicare and Social Security, Russ, I think is a huge victory, sir. | ||
|
unidentified
|
No, I appreciate that. | |
| That was mission number one after the Speaker's fight. | ||
| But one of the things I would just say in response to Peter, and I miss Peter greatly, is that I'm trying to indelibly link the two issues, fiscal house, inflation, one of the central issues of our time, and the fact that I think the woke and weaponized regime is also a central issue of our time, and to link those at every opportunity. | ||
| You cut the one, you save the rest. | ||
| Russ, how do people get to you? | ||
| americarenewing.com and they get me at all the channels at at RussVote. | ||
| By the way, brother, your think tank is your action tank. | ||
| You are the tip of this sphere, brother. | ||
| Unbelievable. We got where we are because of RussVote. | ||
| Amazing what Russ is doing. | ||
| Okay, short break. We're going to talk about the economy and tie it all in together next in the war room. | ||
|
unidentified
|
Claims, $230,000. | |
| It's less than expected. | ||
| Less than the $245,000 in the rearview mirror. | ||
| $230,000 is the lightest since the last week in March, but it has been elevated since the benchmark revisions of several weeks ago. | ||
| Continuing claims, $1,858,000. | ||
|
unidentified
|
A smidge less than expected. | |
| A smidge less than the rearview mirror, which is $1,865,000. | ||
| Rick Santelli will give it to you straight. | ||
| He's not going to waver. He's the man. | ||
| He is the originator of the Tea Party. | ||
| The best. No, Rick, when you were talking about Joe Kernan, I was thinking... | ||
|
unidentified
|
CNBC, he's the anchor of CNBC. He's the best. | |
| He's one of the best guys from the Chicago pit. | ||
| Can we put the Bloomberg headline up? | ||
| Yeah, it's like U.S. economic growth slows, right? | ||
| That's the stag in the stagflation, while inflation accelerates, right? | ||
| This is like something we've been talking about for a year. | ||
| The data is reflecting that, and what that should tell us... | ||
| Read the first couple of lines. | ||
| Is that until we address these structural issues. | ||
| We had Russ Vodon in the last segment. | ||
| It's like this is kind of what you lead with. | ||
| Hey, it's like inflation is continuing to grow as the feds choke on the economy. | ||
| If you look inside the data, the housing market is a big problem here. | ||
| For some reason, consumers had a binge. | ||
| But we'll have Cortez on later and he'll tell us that that can't last based on like the evictions and the repos. | ||
| And the credit constrictions. | ||
| Yeah, and the credit constrictions. | ||
| So, I mean, this economic news keeps... | ||
| Just read a couple of the first couple of lines of Bloomberg. | ||
| U.S. economic growth slowed in the first quarter by more than expected as tepid business investment and a pullback in inventories tepid to pick up consumer spending. | ||
| And by the way, all the deal-making that usually goes on as part of corporate activity and investment, they're not giving money away anymore. | ||
| And that's like a boa constrictor. | ||
| It doesn't happen. It's no more free money. Tomorrow or the next day, it happens over the next 3 to 6 to 12 months and longer because these are longer things. | ||
| So gross domestic product at 1.1, right? | ||
| I mean, that's like Obama-Biden. | ||
| When we talk about lost decade, you get that one to one-half percent growth is nothing. | ||
| That's a lost decade. | ||
| Don't forget, Steve, when you have the slower the growth you get, what do you get? | ||
| Less tax revenues. | ||
| So even as you're spending more, You're pulling in less tax revenues, and that's how that whole debt blooms. | ||
| I mean, I can tell you this. | ||
| When they're talking on the Hill, nobody's assuming this lower growth rate when they're doing their rosy predictions about what the debt's going to be. | ||
| For our audience. Go back to the last segment and explain what you want the messaging to be. | ||
| Russ is saying, hey, we're getting all the woke and weaponized out of the budget. | ||
| I want to make sure everybody takes away from the first hour or what we're talking about today because everything we're talking about. | ||
| That drives you crazy about the woke federal government and what they're doing to destroy the American Republic on your tax money gets down to this fight. | ||
| Because this is where we can gut it. | ||
| Here's the problem. When you're in the bubble, when you're in the swamp and you're fighting hand-to-hand combat like Russ is... | ||
| Everything he's talking about in terms of messaging is red meat, but only to the base, to the Republican base, right? | ||
| It's like Democrats or independents are hearing, well, CRT, well, gain of function. | ||
| It's like that's not going to move them as much as saying... | ||
| Why do we have to do this to begin with? | ||
| It's basically because spending's out of control. | ||
| It's the demand-pull inflation that's driving this whole stagflation machine and forcing the Federal Reserve to keep raising rates. | ||
| And until we deal with the profligacy of the Biden regime in terms of spending, we're not going to be able to have a prosperous economy. | ||
| I mean, these are our themes, Steve. | ||
| This is the non-wacko total mega. | ||
| It's like inflation is the cruelest tax. | ||
| We can see our real wages going down, particularly for black, brown, and blue-collar Americans and middle-class families as we speak. | ||
| This is the message I would carry. | ||
| And by the way, the cuts we need to make, all of this stuff, nothing's vital here. | ||
| Tell me when you get the, if our production team here, let me know when you get the Joe Kernan second part ready to roll. | ||
| I want to play that again because I want to say Joe Kernan, I just want to reemphasize, he's probably the most conservative outside of Santelli of all the guys in these business shows. | ||
| And a pro-Trump guy. I love Joe, but that, that was pure Tucker Carlson fallout worried about the corporate paymasters. | ||
| It tells you where, are we ready? | ||
| We're ready? Okay, it shouldn't be that hard. | ||
| It should just be the B to the cold open. | ||
| Are we in Denver? | ||
| Am I back in Denver? | ||
| I'm just kidding. Such a snarky. | ||
| We love Denver. Such a snarky. | ||
| Where's Denver when I need it? | ||
| The reason I want to play this is that it shows you... | ||
| How they're going to position the cuts you want to make in Woken Weapon Eyes, the Joe Kernans of the world and guys are going to come out and say, hey, this is all wacko stuff. | ||
| This is all marginalia. | ||
| You're trying to get CRT out. | ||
| You're trying to get – they're trying to set down NIH. And you're saying you've got to focus back on how the railhead of this, that the overspending is what led to the 1%. | ||
| Exactly. The country can't continue – To prosper at 1.1 % or 1.5 % economic growth. | ||
| It doesn't work. And by the way, it's going to get worse, right? | ||
| We're going to keep not meeting. | ||
| Go ahead. Let's play Kiernan. | ||
| For the audience, I keep telling you, particularly when you talk to your friends, they're all going to say you're the problem. | ||
| The reason we have this problem, the reason the economy is going to crash, and the reason all these bad things are happening is not the radical illegitimate regime of Biden in the $6.8 trillion. | ||
| Remember, he gave us a $6.8 trillion budget for this year. | ||
| Complete madness. That's not going to be the issue. | ||
| What's going to be the issue of everything affecting the economy from yesterday going forward is 100 % this audience. | ||
| And hey, we didn't even get one-tenth of what we wanted. | ||
| Let's hear Joe Kerner. Let's see how they're going to message it. | ||
|
unidentified
|
What was getting back just to the death thing, what was a little bit disconcerting is, I don't know whether it's gaslighting or what I call it, but I'm hearing that you now in this bill, I heard Senator Van Hollen say you're trying to cut and defund law enforcement. | |
| And you're also cutting all of the border security funds. | ||
| So I just don't even know how you respond when we're that far apart on both sides. | ||
| And both sides are so willing to demagogue and, you know, ultra-maga. | ||
| That's all. Wacko. These are wacko ideas if someone should actually have to actually try to get a job to receive some things at home. | ||
| So I don't know how you ever come together, Speaker, and I don't know how you... | ||
| It scares me at CNBC because we're talking about the full faith and credit of the US government here. | ||
| The thing that you should look at is anytime someone says about the bill, just simply ask one question. | ||
| Show me where it's written in the bill. | ||
| Show me where in the bill that it says we cut anything. | ||
| In the process, we simply go back to the spending levels we were at four months ago. | ||
| Four months ago, did a number of new border people be hired or cops get hired in that process? | ||
| The only people who've defunded the police have been the Democrats, openly and willingly. | ||
| And we've watched what happened in crime in our community. | ||
| If you watch and compare what has passed in the House... | ||
| First off, Joe is just saying, this is what people are going to say. | ||
| But remember, for the audience... | ||
| But Joe's saying it for them. He's taking their spin and putting it out there as if it were true. | ||
| That's not right, Steve. | ||
| I mean, Joe knows better than that. | ||
| I love it. He knows better than that. | ||
| But here's the key point. | ||
| Let's get to the signal, not the noise. | ||
| Here's the signal. What Joe's talking about in the full faith and credit, this is what was put forward. | ||
| And McCarthy said the quiet part out loud. | ||
| He says there's no real cuts because there's not. | ||
| They just went back to the 2022. | ||
| It was amazing. And what we did is we've cut the rate of growth. | ||
| This is my point. Okay, creditors committee. | ||
| This audience stands between the nation and a financial abyss. | ||
| Remember, the thing we passed yesterday is not what you wanted. | ||
| But a lot of us kind of went along and said, hey, let's get it out there. | ||
| It's an opening bid. Now we can get serious because it's going to be rejected. | ||
| So you can't even meet them halfway because McCarthy said it. | ||
| These are not cuts. | ||
| All this went back is went back to the 2022 budget. | ||
| Matt Gaetz was a hard no on this. | ||
| And Andy Biggs. | ||
| And Andy Biggs was a hard no. | ||
| And by the way, Joe, if you're watching, happy to sit on your set anytime and have this debate about what this is all about. | ||
| But CNBC, Fox Business, the corporate media, they don't want to hear all of this. | ||
| Here's my question. Here's my question. Who has a bigger permanent hold on Peter Navarro being on set? | ||
| Is it CNBC or is it Fox? | ||
| No, seriously. It's a very important question. | ||
| I don't want to say anything. | ||
| I can answer that. It's CNBC. They started the cancellation. | ||
| They had a little lead time. | ||
| But why? I mean, you look at this, Steve. | ||
| You look at how the corporate media feeds on it, and it's like all Pfizer dollars. | ||
| It's all this woke corporate dollars. | ||
| You can't get the truth from them. | ||
| But I'm surprised. I mean, Rick Santelli... | ||
| Joe Kernan, Bob Pisani, those guys, the old hands who have put up with the woke crap for years and talked their truth, that was a betrayal of trust here. | ||
| He did two things there. | ||
| He's just calling names. | ||
| But he's also adopting the spin, Steve, of what the Democrats want you to hear and stating it to McCarthy. | ||
| If I was McCarthy, I mean, look, McCarthy's saying, well, it's not really cuts, Joe. | ||
| McCarthy needs to fire back. | ||
| I know, but McCarthy would be the first to admit this is also not his wheelhouse, right? | ||
| This is not his wheelhouse. | ||
| You need some hammers up there. | ||
| And that's why I think you saw the bigs and the gates vote knowing this, and they're coming forward. | ||
| McCarthy should send out gates on this. | ||
| For the creditors committee. | ||
| This is only the beginning of the process. | ||
| Even in their bill, if they were to accept the Republicans' bill yesterday, we would be back here giving the drop in tax revenues because it's a three and a half. | ||
| You know what the creditors say. | ||
| That doesn't matter anymore, right? | ||
| Exactly. Well, we're in a different... | ||
| No, but my point is we would be back here in the fall having the same debate. | ||
| This is going to be an ongoing... | ||
| Process through 2024. | ||
| My strong belief is that the economy could be the central thing that could blow up not just Biden, but the entire mentality of this regime. | ||
| Because the question gets to be, if you give them a tree and a half today, they're going to be back here in October. | ||
| What are we going to do then? | ||
| You're in the exact same place. | ||
| short commercial break we got Brat Cortez, Navarro, Natalie all next in the War Room. | ||
|
unidentified
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We're your host Stephen K. Bamm. | |
| Okay thanks, welcome back. | ||
| You know, normally, one of the hits on me from the audience, right, is that, hey, Steve, you get the great guests, and then you're cutting them off. | ||
| You're talking over them. Let them talk. | ||
| And all I'm trying to do is speed them along. | ||
| Let's get to the point, right? Don't be wandering on me. | ||
| This is not a typical show, but I fully embrace what the audience says. | ||
| And I told you this was going to happen because Navarre's perfected being a co-host here by Greg and Mike. | ||
| This comes from the war room, engine room, and audience member. | ||
| Tell Navarre we love him, but stop interrupting you. | ||
| Jeez. You were... | ||
| And I'm just reading. | ||
| I'm just reading. You were... | ||
| Steve, you were wrapping up the... | ||
| Oh, you made my day! You were wrapping up the... | ||
|
unidentified
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I'm wrapping this train! | |
| You were wrapping up the signal, and he Bigfooted you. | ||
| Thank you. Honored. | ||
| Thank you very much. No, no, no. | ||
| Thank you. Thank you. | ||
| Thank my agent for texting in here this morning. | ||
| We got Dave Brat. | ||
| Dave, you've got some charts for us, too. | ||
| And look, folks, we're focused on the economy. | ||
| And here's the reason. Everything else we will talk about, all the pressures on the parental rights movement, everything that's woke and weaponized about the federal government. | ||
| What Russ Vogt and the team of the guys on Capitol Hill, they've made a strategic decision that, hey, the way to go about this is to show what's inside the budget and what has to come out. | ||
| We have a slightly different take that, hey, the spending itself is the problem. | ||
| And we've got to get to the heart of the problem because this has just continued to kick the can down the road. | ||
| But I respect their judgment, and everybody understands it's going to be—first of all, it would be impossible right now to get their deal approved. | ||
| Everybody would agree with that, much less our deal. | ||
| But we need to continue to hammer, because our point is, even if you agreed with the Republican bill, we're going to be back here in October, November this year when you're up against the debt ceiling. | ||
| Two-stage sequence. | ||
| It's like, decide that you have to cut. | ||
| To solve the inflation problem, then argue over what you cut. | ||
| Yeah, perfect. I love that. | ||
| Dave Bratt, you've got some charts for us. | ||
| You want to walk us through some analysis, sir? | ||
| Yeah, yes, sir. | ||
| The Russ Vogt added some moral language to the conversation that I thought was very important. | ||
| And then I'm basically going to back up Navarro here, and I know he's going to interrupt me with a joke right here. | ||
| So, Navarro? Hold it. | ||
| Hang on. I don't have a joke. | ||
| I have an observation. This is a historic moment. | ||
| This is a historic moment. | ||
| No, on the 27th of April, on the year of our Lord, 2023, a dean at a major business school is actually going to back up Peter Navarro on something he said. | ||
| That in and of itself. | ||
|
unidentified
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That's it. I was waiting for that one. | |
| There it is, yeah. There we go. | ||
| I'm just a straight man. | ||
|
unidentified
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All right, yeah. Here we go. | |
| Here's a few charts. I'm going to go over quick, and I'm going to get to the moral language at the end of this thing, why it all matters. | ||
| The first chart, Denver, is just the GDP forecast from the Atlanta Fed now, which is surprisingly accurate. | ||
| They nailed it. 1%. | ||
| All the big banks missed it. | ||
| JPMorgan, Citigroup, Society General, HSBC all had 2%. | ||
| So we got GDP at 1 % following our day after day coverage on productivity growth also at 1%. | ||
| So this is no surprise. | ||
| Robert Gordon, Northwestern University, productivity, United States of America down 40 years in a row. | ||
| The real economy is a carcass. | ||
| We're waiting for the stimulus to work its way through. | ||
| When it ends, we're going to be in for a shocker. | ||
| Next graph. This one is just showing investment at the far right, down, down, down, and minuscule this last quarter, down a hair. | ||
| But macroeconomics, that's the main driver of economic growth, right? | ||
| So in the print we had yesterday, the consumer's still driving things. | ||
| I'm going to get to that in a minute. | ||
| But without investment, technological growth, you don't have productivity. | ||
| And so you can only fake it for so long. | ||
| This is just more evidence. | ||
| The economy's a carcass. | ||
| Next chart. Here's just a decomposition of yesterday's news. | ||
| You see on the far right, the consumer is that big blue chunk in the upward direction, and then inventories is down below it. | ||
| So anything above it's causing added growth to it. | ||
| Everything below 0 % is causing subtraction from growth. | ||
| So you basically have 4-3, 4 going up, 3 % going down. | ||
| And on net, you got 1%. | ||
| And so the key story here is this consumption. | ||
| We have some problems. | ||
| Navarro's been A-plus on all this. | ||
| He's going to come in and explain the record personal private debt, the record credit card debt going up. | ||
| Some of this is a phenomenon from the COVID shutdown, right? | ||
| People are coming out and say, hey, I want to live life a little bit. | ||
| But at the expense of some savings back up and preparing for hard times, which are about almost sure to come, right? | ||
| The prognosis on recession outcomes is about 100 % now from the blue chips. | ||
| Last graph, as Peter Navarro was just saying, this is a double whammy. | ||
| The 1 % GDP growth is hugely problematic. | ||
| That's the basic measure of human welfare in our economy. | ||
| On top of that, here's the inflation print. | ||
| These also came up unexpectedly high. | ||
| HotPCE and CorePCE Came in at 4.9 % above the 4.4 % last quarter and higher than the expected. | ||
| So core, way up. | ||
| That's the one the Fed looks at. | ||
| Boy, I would not want to be the Fed guys right now. | ||
| And then lastly, I just kind of want to weigh in on the moral language. | ||
| Russ Vogt weighed in today on the budget numbers. | ||
| Hang on, hang on, hang on, stop, stop, stop, stop, stop, stop, before we get to the moral. | ||
| Which is very important. I want to stay to the practical. | ||
| Let's go back up to the first. | ||
| Let's go to the first chart. | ||
| And by the way, the last chart is a killer with the core inflation. | ||
| But let's go back up to the first chart, Palm Beach, if you can go up to where the first one on the GEP, the Atlanta Fed getting it right. | ||
| I'll tell you which chart worries me the most. | ||
| Okay, fine. I just want to make sure people understand this. | ||
| At 1.5 % growth, that is an economy that is not robust. | ||
| That is an economy that is not vital or urgent. | ||
| That is not for young people. | ||
| They're not creating opportunities. | ||
| This is what you look at when you look at the lost decades of the Japanese. | ||
| 3.5 % to 4 % is what you strove. | ||
| To do in the Trump administration, Donald Trump would have hit his beloved four to four and a half percent if it hadn't been for Jay Powell, raising rates too fast for no reason at all. | ||
| What Powell didn't understand was that you can grow Faster without causing inflation if it's driven by structural things like strategic energy dominance rather than Keynesian demand spending. | ||
| See, the thing that should be worrisome, and I want to tie the charts together, is the falling productivity. | ||
| Yes, it's huge. When you have falling productivity, that means basically you're going to have lower wages For people, and you're going to have increased inflation. | ||
| Whenever you see lower productivity, think increased inflation. | ||
| Also with Trump, let's go back to the first couple years, is that he got, I think in 19 or in 18, he was getting over 3 % growth. | ||
| And what nobody gives him credit for was Janet Yellen. | ||
| Before Powell came on the scene, Janet Yellen, we had quantitative tightening. | ||
| I want to make sure everybody understands that. | ||
| From the collapse in 2008, which we're still recovering from because we didn't make structural changes that need to be made. | ||
| And quite frankly, everything they're talking about on the bank regulations of President Trump is all lied. | ||
| This is stuff we didn't take care of. | ||
| We still got the banking crisis because we didn't take care of it in 2008. | ||
| But coming out in 2008, what Obama did... | ||
| And the people around Obama, because Obama's the first to admit he didn't totally understand it. | ||
| They inflated the balance sheet of the Federal Reserve. | ||
| It's never been done in history. Liquidity, to force it through the system, through the venture capital. | ||
| They invented it. You look at the textbooks before 2008. | ||
| That was a Ben Bernanke special. | ||
| Let me explain what it is. | ||
| Prior to then, when the Fed operated on the economy, it only changed short-term interest rates, the Fed funds rate. | ||
| And when we hit 2008, things were so bad that that didn't work anymore. | ||
| So they had to figure out a way to also lower long-term interest rates. | ||
| Yes. Interest rates because the market wasn't buying it. | ||
| So what they did was essentially engage in the quantitative easing. | ||
| Force liquidity into the system, just basically push cash through the system. | ||
| And my problem is that led to a concentration of wealth. | ||
| Bought a bunch of bonds, put them on the balance sheet. | ||
| And force it through the private equity funds and the hedge funds and everything like that. | ||
| Dick Fisher, people argued in the debate of the governors of the Federal Reserve, they argued, they said, hey, going to zero interest rates, negative interest rates, and quantitative easing is going to cause a great concentration of wealth in this nation. | ||
| And the middle class and working class are going to pay for it because, as you guys remember, you're not going to have any interest payment on your savings account or on your money market fund. | ||
| That's what happened. That went from Bush when the crisis hit in September of 2008 during the presidential election. | ||
| Remember, McCain and Palin were up by one point by Gallup the day that Lehman Brothers collapsed. | ||
| The balance sheet of the Federal Reserve was $880 billion. | ||
| When Donald Trump on 20 January of 2017 takes the oath of office, the balance sheet of the Federal Reserve is $4.5 trillion. | ||
| That essentially $3.5 trillion was forced into the system. | ||
| That led to the concentration of wealth. | ||
| The heroism of Navarro and others, you know, and I was there for the first year, but the others are stuck around. | ||
| And quite frankly, Janet Yellen, who I didn't have a big problem with as Federal Reserve chief, she took a year and a half into the Trump program when he got the tax cuts done. | ||
| By the way, tax cuts, I didn't totally agree with, but generated the big windfall in revenues. | ||
| We got the thing with Trump's tax cuts, targeted tax cuts. | ||
| Janet Yellen and the Fed took almost a trillion dollars off the off the balance sheet of the Federal Reserve. | ||
| It got down to three points. | ||
| I think in the fall of 18, it got to $3.6 trillion. | ||
| My point is Trump has got an economy with your changes in manufacturing. | ||
| Things are doing tariffs to Chinese. | ||
| Things are starting to roll. Structural changes with Trump's tax cuts, other deregulation aspects, kind of Trump economics. | ||
| They took a trillion dollars of liquidity out of the system. | ||
| Even as we were growing... | ||
| Even as you're growing... My point is that headwind in and of itself is another, I don't know, half a point a point. | ||
| And he never gets credit for that. | ||
| He did now. Look at what they've done today. | ||
| It's not just the $31 or $32 trillion on the face amount on the Treasury. | ||
| You got another $9.5 trillion over the Federal Reserve. | ||
| And what Brett will tell you, yeah, and the guys at Mercatus, you're not just having... | ||
| You've got a trillion dollars of losses in the bonds themselves, just like you got on the bank's balance sheets that have not been realized. | ||
| A lot of the bonds that got bought were by the Chinese Communist Party to manipulate the currency to keep the yuan uncovered. | ||
| They're undervalued so that they can spike the trade deficit and steal more jobs and factories from the American people, which, I mean, the only good news about that is it set the stage for Donald Trump's victory in 2016. | ||
| But we keep making the same mistakes here, and it's like... | ||
| The same mistakes is you don't want to face... | ||
| They don't want to face reality. | ||
| That gets back to the beginning of the show on CNBC when they sit there and they're going to... | ||
| This audience, they're going to unload on you. | ||
| You are a MAGA extremist. | ||
| You're putting old folks out in the street. | ||
| You're cutting meals on wheels. | ||
| You're throwing veterans into homelessness. | ||
| Every bad thing in this country is going to be your fault. | ||
| And the reason is you're sitting there going, we can't continue this madness. | ||
| And this started in the 2022 cycle. | ||
| You know, the red wedding speech of Biden when he went MAGA extremists on it. | ||
| And they seem to think it's working and they're just feeding it back to us. | ||
| And our job, Steve, our job is to craft the arguments in a way where we give them the truth. | ||
| Not this spin. Well, this is part of what Tucker. | ||
| Tucker went guns-free last night on this video and was saying, although he doesn't get a lot into the economics, he was talking about the messaging and the people in control and how they want, how they're going to put forward one party, this one-party system. | ||
| Brad, hang on. I want to get into the moral part of this next. | ||
|
unidentified
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Peter Navarro is with us. Cortez is going to join us, Natalie, in a little while. | |
| Short commercial break. Back in a moment. | ||
|
unidentified
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We rejoice when there's no more. | |
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| Ron DeSantis tried to cut seniors' benefits. | ||
| In Congress, DeSantis voted three times to cut Social Security, even to privatize Medicare. | ||
| Worse, DeSantis wanted to raise the retirement age to 70. | ||
| Ron DeSantis would make us work longer to get less. | ||
| President Trump promised... | ||
| We will protect Medicare and Social Security. | ||
| President Trump delivers, and he always will. | ||
| Make America Great Again, Inc. | ||
| is responsible for the content of this advertising. | ||
| Okay, NBC News is reporting that Ron DeSantis' advisers and the donors are telling people that Ron DeSantis is going to kick off an exploratory committee in mid-May. | ||
| And so it looks like game on. I got my own thoughts about that. | ||
| I think Governor DeSantis would be much smarter to focus on Florida and to wait. | ||
| But it looks like, and I've said this from the beginning, the consultants are going to make so much money off of DeSantis' run, $25 or $30 million. | ||
| My advice in the last book there, Taking Back Trump's America, was like, hey, just do the VP thing, and then you'd have 12 years of a White House experience. | ||
| You can't. Steve, let me make the case here. | ||
| One of the most important reasons to put Trump in In 2025 is that he's gone through the learning curve. | ||
| There's a tremendous... | ||
| People need to understand there's a tremendous learning curve to being a president and for the staff around him. | ||
| I mean, it's like if you and I walked in back in 2017 with what we know now... | ||
| It would have been a totally different ability to help the boss do what he needs to do. | ||
| We're at the beginning stage of World War III. This is the Commander-in-Chief. | ||
| He's ready. You know what you got. | ||
| You had four years of peace and prosperity. | ||
| He's doing a great job in Florida. | ||
| But is he up to dealing with the CCP? The trip to Korea is like stupid. | ||
| It's embarrassing. He shouldn't embarrass him. | ||
| He should not listen to all this. | ||
| He doesn't talk to people like the boss did. | ||
| The one thing I loved about the boss and the chief of staffs, never understood. | ||
| Was that you got to let Trump be Trump. | ||
| And what that means is he talks constantly to as many different people as possible and come to conclusions. | ||
| What everybody tells me about DeSantis is he's an introvert who doesn't talk to anybody. | ||
| And that dog won't hunt. | ||
| But besides talk... | ||
| When you're in a meeting with President Trump, he listens. | ||
| He listens more than any major chairman or CEO I've ever dealt with. | ||
| He's a listener. Although he's just like you in the sense that when he knows what somebody's going to say, he will cut them off. | ||
| He doesn't want to waste time. | ||
|
unidentified
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Yeah, exactly. I'm going to cut you off now. | |
| It's like a master chess player going on in a room. | ||
| I mean, those were some of the happiest days of my life, like sitting there watching the ball bounce around the room and having him hold court. | ||
| But the point, I want to get back to it, there's a huge learning curve and there's nobody, there's nobody out there right now who can step into He gave us four years of peace and prosperity. | ||
| I don't care if you hate the sound of Donald Trump's voice. | ||
| He gave us four years of peace and prosperity. | ||
| There's nobody on the scene. | ||
| All of them added up together. | ||
| Couldn't do that. And this country's in a dire situation. | ||
| It's getting worse by day. | ||
| It's not the economy, Steve. It's the national security. | ||
| Communist China, North Korea, and Russia. | ||
| Hang on one second. I want to play this. | ||
| The moral high ground is going to be about three minutes. | ||
| It will take us almost a break. | ||
| By the way, make sure you go to birchgold.com slash Bannon to get everything you need to know about the debt ceiling, everything you need to know about our fight, everything you need to know about why the central banks are buying more gold than they've ever bought before. | ||
| Do it. I'll talk more in a second. | ||
| Let's play this cold open as a cold close. | ||
| We'll take it to the break, and then we'll come back with Cortez and Dave Brett and Peter Navarro. | ||
| One is that within our communities, your community and my community, there's always been this sense of victimhood. | ||
| There's been this inferiority complex. | ||
| And there's been, you talk about a narrative of national restoration that comes out of the reaction to the 1960s. | ||
| But I never understood the victimhood, constant victimhood. | ||
| I'll just speak like evangelicals speak to each other. | ||
| If you believe, then you're in on the greatest thing ever. | ||
| You have the greatest story ever told. | ||
| You've been taught the greatest story, the most extraordinary story ever told. | ||
| Why do you have to wallow in QAnon conspiracy theories? | ||
| What are they compensating for? | ||
| And I say they now because I don't understand people from my own tribe. | ||
| What are they trying to compensate for? | ||
| Why do they have to bathe themselves in lies every day about QAnon conspiracy theories, election conspiracy theories, vax, on and on and on? | ||
|
unidentified
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Why? Yeah, one of the most painful things for me I think in 2020 was seeing certainty about things that were, you know, lies. | |
| And that was, I think, I try to tell the story through my own life of growing up In a world in which we were pretty isolated from reality in a lot of ways. | ||
| We were so far inside our church bubble that I think we became vulnerable to manipulation. | ||
| And we were really in that church bubble for a lot of reasons. | ||
| I unpack a lot of it. | ||
| But we were very busy getting blessed. | ||
| Seeking emotional experiences in church, learning how to love one another in our personal relationship, there was not a lot of focus in the evangelical church I grew up in, or I think in evangelicalism writ large, on how to be a good public citizen. | ||
| It's public character versus private character. | ||
| And so I think there's a lot of fear that you've alluded to in evangelicalism. | ||
| People have been telling evangelicals for decades that Christianity is on the verge of extinction. | ||
| And I think because of that lack of stepping out of that church bubble, that lack of becoming a stakeholder in the public conversation, I think there's been more vulnerability to believe that sort of thing. | ||
| Yeah, and I tell the story about how my parents were both raised in mainline religions and then became saved in the Jesus movement. | ||
| And my father was an activist against abortion. | ||
| And so abortion was fundamental to our political worldview. | ||
| But we also thought of politics as dirty and below us and of the world. | ||
| So again, we didn't really engage much in politics or think about it. | ||
| And that meant that our entire political worldview, to the extent that we had one, was shaped through abortion. | ||
| So there's that lack of investment in developing a more sophisticated, more robust political way of thinking and engaging. |
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