Nov. 3, 2023 - Bannon's War Room
47:53
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| This is what you're fighting for. | ||
| I mean, every day you're out there. | ||
| What they're doing is blowing people off. | ||
| If you continue to look the other way and shut up, then the oppressors, the authoritarians, get total control and total power. | ||
| Because this is just like in Arizona. | ||
| This is just like in Georgia. | ||
| It's another element that backs them into a corner and shows their lies and misrepresentations. | ||
| This is why this audience is going to have to get engaged. | ||
| As we've told you, this is the fight. | ||
|
unidentified
|
All this nonsense, all this spin, they can't handle the truth. | |
| War Room Battleground. | ||
|
unidentified
|
Here's your host, Stephen K. Bannon. | |
| It's Thursday, 2 November, Year of Our Lord 2023. | ||
| I want to thank you for joining the early evening or early afternoon and evening edition of the War Room. | ||
| EJ and Tony from Heritage are going to join us here momentarily. | ||
| We're going to go through the treasury departments. | ||
| Uh, what the treasury auctions are going to come over the next five months as we warned everyone this show months ago, it's going to be $1.6 trillion or north. | ||
| And my call is still interest expense over $1 trillion in this upcoming fiscal year. | ||
| We're going to walk through the math to show you why the Biden regime has made an incredibly, uh, big bet. | ||
| They're going to finance this short-term because they understand financing long-term. | ||
| If they finance it long-term right now, they're going to get jammed. | ||
| We're going to get into all of that in a few minutes. | ||
| I want to go to Oklahoma, too. | ||
| Congressman Josh Briekeen. | ||
| Congressman, walk me through all this. | ||
| It's confusing to the audience. | ||
| We've got all these potential funding bills up there. | ||
| You guys just won a huge battle to kind of get better control of spending. | ||
| We can't do anything until we secure the southern border, really seal the southern border now, stop the invasion and stop the spending. | ||
| Walk us through your thoughts on where we stand with Ukraine, with Israel, with the Israel IRS package, with the bifurcation of Ukraine and Israel, the southern border, all of it. | ||
| Walk our audience through it. | ||
|
unidentified
|
Yeah, I'd be happy to. | |
| First of all, thanks for having me on. | ||
| You're giving me brownie points with my in-laws, my mother-in-law especially. | ||
| They watch your program continuously, so shout out to Del and Lila. | ||
| Every husband needs help with their in-laws, and you just helped me, so thanks, man. | ||
| Amen, brother. | ||
| Amen. | ||
|
unidentified
|
Look, first let me say this. | |
| I am excited. | ||
| I think your viewership is excited. | ||
| The American people are excited about Mike Johnson, and in his In his core, he is a conservative. | ||
| And I want to start there. | ||
| I'm a part of the Freedom Caucus. | ||
| So to have someone that you know is not a politician that's heeled to the money interest, heeled to, you know, persuasion of how's this going to affect fundraising, but they're doing it because they actually believe in what they're doing. | ||
| I think the American people need to rally behind this speaker and pray for him. | ||
| He is a man who is grounded, who has a deep rudder of faith, and he leads his life that way. | ||
| And there's fruit to back up what I just said, not just words. | ||
| In terms of, you know, so I start there to say, I'm excited with him talking about Israel and saying, we've got to pay for it. | ||
| We're going to, we're going to overspend by 1.7 trillion this year. | ||
| I caught your prologue there. | ||
| And that is what, um, this last year, the numbers came in at 1.7 trillion. | ||
| Steve, most people don't realize that Congress only, you do, Most people don't realize that Congress only allocates the dollars on annual basis for the discretionary part of the budget. | ||
| And that's $1.7 trillion. | ||
| The rest of it's entitlement spending. | ||
| Medicare, Social Security, Medicaid, food stamps. | ||
| We can adjust eligibility. | ||
| But our discretionary spend that is the real 12 appropriation bill fight is $1.7 trillion. | ||
| That is our deficit this year. | ||
| That means 100%, half of its defense, 100% of all we spend to defend this country, 100% of every person who's watching that you think of, of the government, you know, spend on education and grants that, you know, come to, you know, states and localities. | ||
| It's all borrowed money. | ||
| So I'm excited to have a speaker who's saying not just Israel, but in his core believes that we've got to start paying right on down the row for every element. | ||
| We're losing this country financially. | ||
| You guys have fought through on this appropriations, I mean one of the purposes of this was a process and procedure. | ||
| You can't get to limited government and you can't get to fiscal responsibility until you get into the appropriations process and that's what they hate because they want it all to be jammed up in an omnibus 9,000 pages where the lobbyists are sticking in one prepositional phrase and get paid. | ||
| Walk me through, how do you guys, all this, because this thing we're fighting right now is a supplemental. | ||
| It's a $100 billion supplemental, broken into various pieces, on a $880 billion defense bill that doesn't include intelligence. | ||
| If you add everything up on intelligence and national security, it's a trillion dollars. | ||
| So just walk me through. | ||
| We know your constituents are practical, honest, hardworking people that know this can't go on, but tell me what your philosophy is about how you help combat it. | ||
|
unidentified
|
Well, look, in terms of, um, we've got to start speaking the truth to one another. | |
| Every bit of the discretionary spending, every dollar that we appropriated, every time that you hear Congress is voting on an appropriations bill, when it adds up to that sum total, every bit of it's 100% of those dollars are borrowed money from our kids and our grandkids. | ||
| That means that we are giving our kids a lessened future, a lower standard of living. | ||
| And so, you know, it's so shocking. | ||
| To put an amendment on the floor to cut spending up here. | ||
| And, you know, you get 80 votes out of 220 Republicans or 100 votes out of 220 Republicans. | ||
| It shows you how many people are actually really serious about solving this math problem that we have. | ||
| And look, they're a reflection of their constituency. | ||
| And so the American people have to understand we are headed towards bankruptcy in fast order. | ||
| And the people that are elected up here are a reflection of that ideology. | ||
| We have got to get... If we don't start buying vegetables, we're not going to have a country left. | ||
| So for all of your viewership... | ||
| And, you know, one of the things for the 20 of us that, you know, fought at the head of the year over the speakers race that, you know, lasted 15 rounds and we've got to have guardrails. | ||
| We've got to have things in place. | ||
| We've got to have appropriation bills that you can put amendments, go directly to the floor and see how people are voting. | ||
| That's what we've, that started this process. | ||
| And I would challenge everybody to start looking at votes, start looking at scorecards of reputable conservative organizations and figure out who is talking a good game. | ||
| Everybody's a campaigner. | ||
| Who's actually following suit on their vote? | ||
| And the American people have to build pressure on members of Congress to start cutting spending. | ||
| If you want to turn around the $1,200 more you're spending every month, statistical average, in the last two years, you're spending $1,200 more a month to buy the exact same goods and services as you were at the head of when Joe Biden took office. | ||
| That's $15,000 over the course of a year. | ||
| It's because we've lost 20% of our dollar value almost in several years. | ||
| Inflation caused by devaluation of our currency caused because Congress is not really serious about cutting spending up here on the whole. | ||
| And you've got to start holding these people accountable. | ||
| Everybody thinks their congressman's the good one, right? | ||
| And that's the problem. | ||
| Everybody thinks that their congressman's the good guy. | ||
| You need to check what we all say, me included. | ||
| Do you think inside the conference that that's, Birchett's going to follow you here, and he's been a deficit hawk, do you think that in the conference, because if we don't change the mentality of the conference, do you think in the conference it's starting to change? | ||
| And you saw that, you know, at the debt ceiling you had 70 votes, the CRA you had 90 votes, we just had for the, you know, you had the majority of the majority, but no Ukraine money coming forward. | ||
| Do you think the conference is starting to change? | ||
|
unidentified
|
I think so. | |
| I think that, you know, The miraculous ascension of Speaker Johnson, I mean that. | ||
| I want people to hear this. | ||
| As a Bible-believing Christian, and that's what we have as a speaker, what you saw was somebody that moved from seventh place in leadership to number one. | ||
| He went from having like 40, 30, less than 40 votes, and then got the speakership in one day. | ||
| It was miraculous. | ||
| And it's because Mike is someone on bended knee who's really, he understands core principles. | ||
| He understands the 18 enumerated powers. | ||
| He understands limited government. | ||
| He understands what George Washington said that, you know, of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. | ||
| In vain would the man claim the tribute of patriotism would labor subvert those great pillars of human happiness. | ||
| There was a time where the majority of members of Congress understood the only way you're going to maintain limited government is self-governance. | ||
| And the only way you get self-governance Is religion immorality? | ||
| We've got a chance to turn this country around, but we've got to get rid of the cultural rot. | ||
| And so for every pastor who watches your show, for every person who's a watchman on the wall in their community, man, you know, being quiet on social media may help you and your public image management right now. | ||
| But in this fight of good and evil, by you remaining to stay quiet, it may help you in your lifetime, but it's going to be a detriment to our kids and our grandkids. | ||
| So Mike Johnson is a flag bearer. | ||
| That we as a country need to rally around, and we need to help this inertia. | ||
| I believe that there is a Great Awakening, and I think Mike's a reflection of that. | ||
| When he did the Sean Hannity interview the first night, Sean was asking him some questions about your belief. | ||
| Because you're right, he's seventh in leadership, but essentially a backbencher. | ||
| People didn't know a lot about him. | ||
| And he says, look, you're asking my question, but if you want to know my worldview, just read the Bible. | ||
| The mainstream media and the left, they melt. | ||
| Full meltdown. | ||
| Full, complete vapor lock. | ||
| What he would have said, which the revolutionary generation would have said, of course it's the biblical worldview. | ||
| Of course, what other worldview is there? | ||
| You're seeing the attack on him. | ||
| He's the thing they fear most, which is he's a Christian nationalist. | ||
| Now you've had violent extremists. | ||
| You've had insurrectionists. | ||
| You look up the chart. | ||
| The top, the most demonic, To the secular humanists, the neo-Marxists that you see on college campus going after Jewish kids every day. | ||
| The pinnacle is the Christian Nationalists. | ||
| How are you members of Congress in the conference going to help have the back of Mike Johnson? | ||
| Because they're coming for Mike Johnson. | ||
| Hey, they're already into all the radio interviews he gave. | ||
| We're going through it right now. | ||
| And what he said, and here's the thing, they've been getting on him for he doesn't have any money because he sacrificed his entire life as a lawyer instead of being a big Wall Street lawyer, one of these hot shots. | ||
| And as a lobbyist, he dedicated his life to taking on and defending religious liberty in a lot of these church groups. | ||
| How's the conference going to come together to protect Mike Johnson? | ||
|
unidentified
|
Look, you use the position that you've been given, and you're going to find out in real short order those who really, it's innate to them if they really believe in a biblical worldview. | |
| And they really believe that that is a rock upon which our Republic, you know, finds strong foundation, its pillars. | ||
| You better start learning the history of our founding. | ||
| I love David Barton Wall Builders ministry because it is pointing so many people back to what we're missing. | ||
| And the reason why we've been so blessed as a country financially is because of that underpinning. | ||
| And the reason that we see such a demise in the last 40, you know, most people don't see how quickly this has happened to us. | ||
| We had a $1 trillion gross national debt in 1980. | ||
| We're going to overspend by $1.7 trillion this year, almost twice what it took us 200 years of debt accumulation to get to in 1980. | ||
| The cultural rot has been on steroids And the fiscal problems are just a downstream repercussion of that. | ||
| And so if we'll get our moral house in order, our fiscal house will get in order. | ||
| I absolutely am one of those that believes that in God we trust, and if we'll get the right things right, if we'll stop calling evil good and good evil, then this nation has a chance to cheat history. | ||
| If we don't, then we become like every other nation in history That, uh, you know, is, is rotted itself into oblivion. | ||
| Congressman, how can people find out more about you, where they go to social media, where they go to your site to find out more about your thinking? | ||
|
unidentified
|
Yeah. | |
| Um, you can go to Burkeen, B-R-E-E-C-H, uh, burkeen.house.gov. | ||
| You can look us up on, uh, uh, Congressman Josh Burkeen on social media or, or, uh, uh, Twitter, uh, XNOW. | ||
| And, uh, honored to have the opportunity to be with you. | ||
| Well, your in-laws have great taste in compelling television, so we know they're part of the posse. | ||
| So they're men in the ramparts, and I know they're big fans of yours and our audiences, too. | ||
| We really appreciate you being in the fight, and I know that you're going to become a major voice going forward, sir. | ||
| So thank you. | ||
| Very honored to have you here in the War Room. | ||
|
unidentified
|
Thank you. | |
| Honored, sir. | ||
| God bless you. | ||
| Thank you. | ||
| Birchett. | ||
| Congressman Birchett of Tennessee. | ||
| See, Birchett, here's what I think we've got going. | ||
| I think you're having a great awakening. | ||
| I think this Mike Johnson thing was providential. | ||
| And we're unmasking people. | ||
| You're unmasking, I mean, the haters on Mike Johnson, it is unbelievable. | ||
| This is a God-fearing, good Christian man, solid guy, right, that's dedicated his life to fighting for underdogs. | ||
| And man, oh man, are they, they're upset. | ||
| MSNBC, CNN, they got investigative teams going around, they got everything. | ||
| They're gonna try to tear, his wife and himself, they're gonna try to tear him apart. | ||
| It's like a pack of wolves. | ||
| Congressman Burchett, your thoughts? | ||
| I agree. | ||
| I posted this morning when I woke up, I'm going to do this every day. | ||
| I said something about him. | ||
| I said, oh no, we elected a speaker, Speaker Johnson, who loves Jesus, his wife, his kids, and the Constitution. | ||
| We are doomed. | ||
| I just crossed over 123,000 views on that. | ||
| The vast majority are amen. | ||
| I mean everything. | ||
| Oh, he's not rich. | ||
| What are we going to do? | ||
| What the hell, Steve? | ||
| Mr. Bannon? | ||
| No, but hang on. | ||
| Hang on. | ||
| But hang on. | ||
|
unidentified
|
Ho, ho. | |
| Hang on. | ||
| Read that. | ||
| Read that tweet again, because I will make a comment. | ||
| Just take it to the top and just read it slowly. | ||
| Read that tweet. | ||
| OK. | ||
| Oh, no. | ||
| We elected a speaker at Speaker Johnson who loves Jesus, his wife, his kids and the Constitution. | ||
| We are doomed. | ||
| But the punchline is, there's a big part of the country, and particularly the elites in the intelligentsia, and the cultural elites that run this country, that when they read that, they believe the country is doomed because of that. | ||
| Your response, sir? | ||
| Yeah, well, they're lost. | ||
| They are completely lost. | ||
| That's who's running, unfortunately, I think is running our major learning institutions, both public and private in this country, and those are the people that we've Entrusted with the future of our children and, uh, and, and the, frankly, the national media. | ||
| And that's why most of them are going out of business. | ||
| It's moving to more of a format like yours, where the truth is put out there and you bring in cool guests like my buddy, Joshua King before me. | ||
| Um, and I, I think that's, that's very telling. | ||
| I think the market is bearing that right now. | ||
| And you've seen papers like my newspaper in Knoxville. | ||
| It's, it's basically just a rag. | ||
| Only time I see is when I'm, you know, if somebody's got one down in their dog pen or something. | ||
| Um, and so it's just, it's, it's pretty obvious to me what's going on in our country and, and they're trying to influence, influence people and they, and they try to run us, you know, people that, you know, I, I don't have any bumper stickers on my cars or anything about my religious beliefs, but they, you know, everywhere you turn, we're the weak ones. | ||
| We're the ones causing the problems in this world. | ||
| And, uh, I can always hear my daddy saying, buddy, he said, there weren't no atheists in those foxholes in the Pacific. | ||
| I can guarantee you that. | ||
| So, um, uh, you know, I, uh, we, we elected, uh, you're right. | ||
| It was providential. | ||
| Um, that's a big word for me coming from East Tennessee, but it's, uh, uh, Mike Johnson is a godsend. | ||
| He's a, I said, I said earlier on something about him being a goober. | ||
| And all his buddies from law school were calling him up saying, Hey, this guy called you a goober. | ||
| But I said, you know, that's a good thing. | ||
| He's not a, um, he's not a real flashy guy. | ||
| He's a, he's a family man. | ||
| And you're not going to worry about him getting caught in some, somebody's going to pull something up or what he's doing right now or going to be doing because he's, he's one of those guys that holds himself accountable and surrounds him with people, self and people that hold him accountable. | ||
| And we've got a real leader in this one. | ||
| And I stated... | ||
| Go ahead, I'm sorry. | ||
| But how do we... | ||
| His election, unanimously, coming out of nowhere, within 24 or 48 hours, but the whole process, how do we use that to start to change the mentality of the conference? | ||
| Rakeen just mentioned it. | ||
| You've mentioned it every time you're on here. | ||
| I think the people, quite frankly, are awakened. | ||
| I know in our audience. | ||
| I mean, we're going to have E.J. | ||
| and Tony on here in a minute. | ||
| We're going to go through a very sophisticated laying out of the Treasury auction, which used to be pretty performer. | ||
| Our audience is all over. | ||
| These are types of things that would be on the back pages of the Financial Times of London or the Or the traders on Goldman Sachs' desk or in the pits of Chicago would be reading. | ||
| You have working-class truck drivers, housewives, middle-class people that understand. | ||
| They're getting down to it and saying, hey, I understand what the Fed's doing. | ||
| I understand what the balance sheet's doing here. | ||
| I understand what this deficit is. | ||
| The people are awakening. | ||
| How do we use that and Johnson's being raised up Right? | ||
| Providentially to change the conference and actually become the solidified unified body we need because if we can solidify the Republican House conference, we will change the world. | ||
| There's no doubt about it. | ||
| The founders put all the power in the House of Representatives outside the executive branch and they never looked at the executive branch of being an imperial power, which has come through the administrative state, which we're going to take apart. | ||
| They looked at the House as having the power. | ||
| So how do we do that, Congressman Burchett? | ||
| Well, thank you. | ||
| It's probably the most important thing I'll ever say on your show. | ||
| But I'd ask your listeners to pray and ask God what their role should be in this. | ||
| And their role, what I see it is, is call your elected officials. | ||
| Because elected officials, like everybody else, we want our pizzas in 30 minutes or less. | ||
| And that's about our dadgum attention span, to be honest with you. | ||
| Right now, every person who gets on the mic in conference, and I was with Matt Gaetz, we were sitting in the back and I said, I said, where, where was all this, you know, four or five weeks ago when the eight of us were getting, getting our heads kicked in. | ||
| And, but it's, it starts off with we're in a fiscal downturn. | ||
| We have got to get control of this and everybody is talking about it. | ||
| Everybody, you know, people like Josh McKinney was on the floor. | ||
| He's always talking about it, but you're seeing the moderates, the people that are in Biden districts that Biden won talking about, we've got to get control. | ||
| So we've got our 30 minutes. | ||
| America needs to wake up, start calling your congressman and telling them, hey, stop with the fiscal insanity. | ||
| Stop with the spending. | ||
| Let's get control. | ||
| Let's keep going down this road of individual spending bills because it's very uncomfortable, but it forces us to ask the questions of what's in this bill? | ||
| What are we funding? | ||
| Where is it coming from? | ||
| And that's why this latest bill It has an offset and it's driving them crazy. | ||
| You're going to take money from the IRS, this crazy idea of hiring 100,000 more or whatever new IRS agents to prey upon innocent Americans that don't need it. | ||
| And he's going to take the money from that and use that in the Israel defense instead of just taking it just out of air, just printing it. | ||
| And they're pitching a fit about it. | ||
| They're pitching a complete and total fit because there's accountability and it takes away from their bureaucratic base that keeps a lot of these idiots up here in office. | ||
| And so it's a stroke of genius. | ||
| And man, I'm glad we got him in there. | ||
| No, it's a stroke of genius to do that. | ||
| They've got to raise attention on the supplementals, but the government runs out of cash again on, what, the 17th. | ||
| We're a week or so away from that. | ||
| You guys continue to pass your appropriations bill. | ||
| They didn't think Johnson would get what the government operation has done. | ||
| He got it done with Democrat votes in a bipartisan manner. | ||
| The Senate, the House of Lords, refuses even to get down and dirty any of this. | ||
| Why don't you guys, instead of talking about a CR and going to January, why don't you just call their bluff, pass the rest of the appropriations bills and say, hey, McConnell, Schumer, you guys haven't done your job over a year. | ||
| Just call their bluff. | ||
| If it's got to shut down, it's got to shut down. | ||
| What would the folks in East Tennessee tell you about that? | ||
| They'll tell me that if we got to shut it down for three days, that's a lot better. | ||
| You know, these single moms out here, these guys out here digging ditches for a living that don't have time for all this nonsense, working 12, 14 hours a day, trying to keep shoes on their kids, trying to treat Food in the refrigerator, because inflation's gone through the roof. | ||
| They can't afford gas in their gas tank. | ||
| They're saying those exact same things. | ||
| They're saying, cut the spending, get this economy back under control, and get us back on the fiscal path. | ||
| Because if we don't, they're also saying, you know, if we collapse this economy, it's going to be a hell of a lot worse than three days of a shutdown. | ||
| I can assure you. | ||
| Because those lines You'll see people in line for bread when the dollar is depreciated in value to the point of just not being worth the paper it's printed on. | ||
|
unidentified
|
E.J. | |
| Antonio is going to join us, and one of the things I keep telling folks is that this $1.6 of financing, it's actually a $2 trillion deficit. | ||
| They're lying about that. | ||
| We know they're lying. | ||
| But even at $1.7, The budget you're talking about is another $1.7 trillion. | ||
| It's in perpetuity. | ||
| It's $1.7 trillion, it's $1.7 trillion, it's $2 trillion, particularly as an economy, that adds to the debt. | ||
| We're never going to pay off, right now in our trajectory, we never pay off one penny of the principal. | ||
| It's just you're barely keeping up. | ||
| And I've said, and E.J. | ||
| and I, I have said, because I've done the math and back an envelope, I strongly believe that we will pass $1 trillion in interest payments in this current coming fiscal year. | ||
| It's going to be damn close. | ||
| I was right on the $2 trillion deficit when they lied about it. | ||
| I think they're going to pay $1 trillion. | ||
| Here's the point. | ||
| We're now in the system of large numbers. | ||
| This thing has a life of its own. | ||
| Do people in the conference understand that this should be like emergency measures? | ||
| We can't conduct business as we've conducted it before. | ||
| You guys are the voice in the wilderness. | ||
| And they try to destroy you folks. | ||
| And now you're saying a lot of them come to the mic behind and they've got old time religion. | ||
| Do they understand the tough actions that have to come because this is a crisis? | ||
| I think they do. | ||
| But again, they'll move on to the next shiny object if the American public doesn't start lighting up the phones and letting them know and say, in fact, we are in fact watching this. | ||
| And that's the trouble in the past. | ||
| You believe too much about what we send to you in our memos and our videos and things. | ||
| You need to start asking the dadgum questions. | ||
| That's why when I come off the floor a lot of times, just on Mundane Votes, I explain about what's going on and what it affects you down the line. | ||
| And people really respond to that in a positive manner because they're not getting that from the mainstream media. | ||
| The mainstream media is telling us, look at all the things they've taken from you. | ||
| That's what they'll try to tell you. | ||
| And hell, life, liberty, and the pursuit of happiness, that's all you're guaranteed. | ||
| And just the pursuit of happiness. | ||
| You're not guaranteed happiness. | ||
| So I think we need to get back to the basics, and you're exactly right. | ||
| But if people don't light up the phone lines of their elected officials, we're going to miss this moment, Mr. Bannon. | ||
| And then we'll be right back to the big spending Republicans that we've become, unfortunately. | ||
| Congressman, how do people get to all your social media? | ||
| Because you come in hot a little bit on Twitter. | ||
| But I also want to know where to go to your site so people find out more about you. | ||
| Now that you've become a big media star, every time I caught on CNN or MSNBC, I said, there's Burchett. | ||
| Man, look at that guy. | ||
| I'm a very big star of CNN. | ||
| I don't know. | ||
| Yeah, I told him I'm conservative. | ||
| I'm just not bitter about it. | ||
| So somehow they, uh, that Tim Burchett, that that's, that's where I light it up, Mr. Bannon. | ||
| And I can't thank you enough. | ||
| Every time I get the Bannon bump and I'm, I won't, I'm not going to talk about fundraising or anything, cause that'd be inappropriate in this building. | ||
| But it, but, uh, I can always tell when I've, I've been on your show and I tell you what, man, you're speaking the working man's language out there, folks all over Tennessee. | ||
| They watch you, and they love this show. | ||
| They love you, and the reason they love you is just because you put the truth out there. | ||
| And goddammit, they're hungry for it, because we sure as hell aren't getting it out of the major media. | ||
| Sorry for my language. | ||
| I've got to put another dollar in the swear jar. | ||
| The title of my country music album will be, I-O-U's in a Swear Jar, because I'm up to that point now. | ||
| So, thank you for having me. | ||
| It's always a pleasure. | ||
| Congressman Burchard, thank you so much for spending time with us. | ||
| Appreciate it. | ||
| Gosh, it's my pleasure. | ||
| Thank you. | ||
| You got it right there from Oklahoma and Tennessee. | ||
| We need you at the ramparts. | ||
| And you're awakened now. | ||
| You understand this in a more sophisticated way than the folks on... Forget Capitol Hill. | ||
| I'm talking about Wall Street. | ||
| That it can't continue. | ||
| And somebody's got to make some tough calls. | ||
| And you're essentially the adults in the room. | ||
| Always remember that. | ||
| With all the stuff you see on TV and just watch it. | ||
| Now you can watch it with some discernment and say, hey, that's nonsense. | ||
| That's spin. | ||
| That's not true. | ||
| They're avoiding the main issue. | ||
| This is what they never wanted to have happen. | ||
| An enlightened, awakened, empowered, working class and middle class. | ||
| Never wanted it to happen, but it's happening. | ||
| Short commercial break. | ||
| EJ's on the other side. | ||
| First of all, they lie and they say we're going to pay for the Israeli aid bill by cutting But it'll balance each other out. | ||
| Tell me, in fact, what does it do? | ||
|
unidentified
|
Well, Joe, you kind of stole my thunder, and I think you could probably come over here and do this as well as I could at this point, because I've heard you talk about this. | |
| But let's just go back and explain how the tax system works or doesn't work, and then we'll get to the impact on the budget. | ||
| So the IRS collects $2.8 trillion a year, roughly, in taxes. | ||
| But besides that, they also collect $68 billion from what they call enforcement, we would think of as audits. | ||
| But they've calculated in a study they've done that there's another $428 billion out there. | ||
| of taxes that don't get paid. | ||
| You can call it tax avoidance, you can call it tax evasion, whatever you want. | ||
| People who don't report all their income. | ||
| But guess who it is who doesn't report all their income, in particularly large amounts? | ||
| It's the wealthy. | ||
| So if you look over here, this is by income, lowest income, highest income folks. | ||
| And what percent of their income they don't report? | ||
| But down here in the bottom 50%, there's pretty much a high level of tax compliance. | ||
| When you get over here to the top 5% and the top 1%, it's a different picture. | ||
| You're talking about people who are not reporting over 20% of their income to the IRS by various means of how they fill out their tax returns. | ||
| And these are folks who make over $600,000 a year here. | ||
| So there's a lot of money out there for the IRS to collect. | ||
| And to the 1% also very high, you've got billionaires not paying money, you've got some of the richest Americans not paying, avoiding taxes, and this is exactly who the Republicans are trying to protect, right Steve? | ||
|
unidentified
|
It's what they're trying to protect, yes. | |
| They're not paying taxes, and what the IRS is trying to do is essentially allow them to continue to not pay their taxes. | ||
| So, Steve, let me just, going over to the next chart, because what's so fascinating is that there are a lot of times you put money into agencies and people complain you don't see a return, but as your next chart's going to point out, Investments in IRS enforcement. | ||
| Welcome back for the second thing. | ||
| I want to make sure you understand this is about the Israel financing, the cutting of the IRS, the offsetting $14 billion. | ||
| They are all over. | ||
| Oh, this is just a Republican ploy. | ||
| No. | ||
| Hey, MAGA wants massive tax increases for billionaires. | ||
| Massive. | ||
| Because they're all progressive lefties. | ||
| Hey, they've got us in this mess. | ||
| They should pay for it. | ||
| We're all for it. | ||
| And by the way, get the IRS agents. | ||
| Get them in there. | ||
| But we're offsetting the money to Israel. | ||
| And we're going to offset in the IRS. | ||
| You're just going to have to suck on that. | ||
|
unidentified
|
Right? | |
| And don't give me this investment is going to be 10 times on the dollar. | ||
| This is all Morning Mika nonsense. | ||
| They put out some bad news the other day about this rollout of EJ. | ||
| You've had a chance to walk through how we're going to finance this mess. | ||
| And I want people to understand, this $1.7 trillion, which is actually two, but the $1.7 trillion is going to be in perpetuity. | ||
| Until we face facts that you heard Burkeen and Burchett talk about, until we face hard facts, it's going to continue on and every year we're going to have this discussion. | ||
| The Biden regime is making a big bet here, a massive bet, and I want people to understand, E.J. | ||
| and Tony, from you, what this bet is and how it's going to impact their personal life. | ||
| Well, Steve, essentially what the Treasury is doing here as they go on this massive $1.6 trillion, you heard that right, $1.6 trillion borrowing spree over the next six months is they are hoping that interest rates are going to be coming down. | ||
| The reason we know that is because they are essentially shifting debt issuances away from long terms to short terms. | ||
| So, in other words, instead of issuing 30-year bonds, for example, they're issuing more two-year notes. | ||
| So they are, again, hoping that they can refinance this debt in a couple of years at lower interest rates. | ||
| But if that doesn't happen, if the rates don't come down, then the interest costs on the debt are not going to come down. | ||
| In fact, they're going to continue And frankly, there's very little indication that we are going to see significant reductions in interest rates absent a serious rise in inflation. | ||
| We simply just can't see rates go lower right now when there is such an incredible demand for loanable funds. | ||
| Because the Treasury, as we've discussed before, Steve, they're just simply sucking all of the air out of the room right now by borrowing literally trillions of dollars a year. | ||
| But if you go down range, let's say you sell two-year notes, in two years, another year from now, we've got to sell another 1.6 trillion, because that's what's going to be minimum. | ||
| I think it's going to be two, but 1.6 trillion, you've got to sell another, and say half of that is in short and two-year notes. | ||
| That's 800 billion, almost a trillion dollars of another two year. | ||
| And then for the second year, you've got to go out and you're going to sell another trillion dollars. | ||
| The law of large numbers starts to overwhelm you. | ||
| It's so big, it's spinning out of control. | ||
| They can't find, where are they going to find buyers for this? | ||
| Where's the appetite out there in the world for these bonds and these notes? | ||
| Well, Steve, that's exactly... I'm so glad you brought this up. | ||
| This is exactly why I am genuinely getting scared for our country and for the American people and why I have to echo what your previous guests were saying about the incredible urgent need to get in contact with your representatives and tell them to slash the budget anywhere and everywhere. | ||
| There are no sacred cows anymore, okay? | ||
| It is imperative that we get this thing under control pronto. | ||
| I can't emphasize enough how fast this is spinning out of control. | ||
| Who is buying our debt? | ||
| Foreign countries aren't buying it anymore. | ||
| Most countries around the globe are selling our debt, whether that's Japan or China. | ||
| Russia's already sold all of it off. | ||
| Who is buying the debt domestically? | ||
| The Federal Reserve isn't anymore. | ||
| They are selling off their debt holdings as well. | ||
| That leaves it to the American people. | ||
| And every dollar that we continue to lend to the government is a dollar that can't be lent to businesses and to consumers, which means you are essentially transferring money out of the hands of private enterprise, which will grow the economy, and putting it in the hands of government, which will shrink the economy. | ||
| And this is also the scam. | ||
| you Because of this show, there's no longer, they're just not sheeps that are going to be sheared. | ||
| The old pitch that, oh, I'm going to put you in government bonds because that's a risk-free investment, you're getting lower interest or whatever because it's risk-free, and the old 60-40 split, I got the Wall Street Journal writing from it, your investment strategy is broken. | ||
| The Wall Street Journal finally caught up, and this is about three weeks ago, finally caught up to The War Room. | ||
| The sub-headline, Correlation of Returns with S&P and Long-Term Treasury Bonds, Prices of Stocks and Bonds Move in Opposite Directions. | ||
| The sub-headline is, the old 60-40 is completely broken, that asset allocation of 60% stocks, 40% bonds. | ||
| stocks, 40% bonds. The reason is if rates go up your bond principal goes down. | ||
| It's not trading at face amount. | ||
| That's why a lot of people I know have called their portfolio manager and said, hey, if we had to market to market today, that bond portfolio, where is it? | ||
| Oh, it's 50 cents on the dollar. | ||
| The American public's becoming weakened. | ||
| They kind of got caught into a sucker's play. | ||
| My point is, this paper is only movable. | ||
| if people are searching for yield and need yield, right? | ||
| And that's why they're going to have to jack rates up. That's why the Fed itself used to be everybody, oh pal, held on pal, oh pal. | ||
| But now you're actually getting a critical mass of this 33 trillion that's being financed at higher interest rates that's just going to lock in. | ||
| It's going to be very tough to change interest rates and bring them down, other than the bottom falling out of our economy, which it looks like is one of the things they're planning on, EJ and Tony. | ||
| Absolutely, Steve. | ||
| You know, we continue to see economic indicators moving in the wrong direction. | ||
| And every time Treasury keeps stepping its foot, keeps putting its foot on the gas here and sending us in the wrong direction faster and faster, all of those indicators, it's no coincidence, continue to point more and more again in the wrong direction. | ||
| And I just don't see how we get out of this without a recession in the first half of 2024. | ||
| Do you believe that Wall Street now, do they believe that the political class in this country | ||
| realizes the urgency because this is a crisis now it's no more oh we got to think about the future generations it's this generation right now of what's happening in the lived experience of this audience with credit card interest exploding uh defaults exploding um you know people live in paycheck to paycheck and having to gap that with a with a credit card that they really can't afford uh do you think wall street the the the titans of of wall street and the capital markets believe that the political class | ||
| Really guess what this crisis is and what action has to be taken? | ||
| Steve, I think a small percentage of the older generation do because they can they can recall, for example, the late 70s, the early 80s in their working careers. | ||
| But one of the problems among the younger people on Wall Street right now is the fact that their entire working lives, they have seen essentially zero interest rates. | ||
| And so they have gotten used to that reality and they have forgotten that there was a time before that And that 5% rates are essentially a historical norm. | ||
| And so they're not entirely sure how to adapt to this yet. | ||
| And because of that, it hasn't really dawned on them just how much of a crisis this is, and the fact that we are moving very rapidly towards a credit event. | ||
|
unidentified
|
Ooh, he went there. | |
| He used the term. | ||
| When you say credit event, brother, I want everybody to write that down in the notebook that follows along at home. | ||
| Number two, pencil out, write it down. | ||
| Credit event. | ||
| When you say credit event, which when you say that on Wall Street to financiers, it shakes them to the core of their being. | ||
| When you say what seems like a harmless term like credit event, what do you mean, sir? | ||
| Well, Steve, we have to understand just how incredibly linked the financial world is. | ||
| And so when you observe something like commercial real estate, which is in a tremendous amount of trouble right now, and you have a lot of owners of commercial real estate who are going to have difficulty refinancing their debt because not only have interest rates gone up so much, but their occupancy rates are just so, so low. | ||
| And so they have less revenue and it's going to cost them more To service the debt they have on their buildings. | ||
| That's a recipe for disaster. | ||
| But then combine that with the fact that who actually owns a disproportionate amount of commercial real estate debt? | ||
| It's not the big banks. | ||
| It's the regional banks, which are already in trouble because they got on the wrong side of the interest rate trade. | ||
| So they have a very large portion, relatively speaking, of their balance sheets devoted to commercial real estate, balance sheets which are already for some of them, mark to market underwater. You start combining all these things and you realize that the whole financial system is on incredibly shaky ground. And although some of the big banks may seem safe, their health largely depends on the health of the broader banking system. And so this is where you get into the problem of a single domino being able to knock down a whole lot more. | ||
| If you, in thinking through, because you've done the best in thinking downrange on this, what would you advise people to look at to see how serious they are on the CR, on the supplemental, on the budget, you know, the preparation that had been done. | ||
| Because up there on Capitol Hill, the Republicans, people like that, are acting like they're living in another reality. | ||
| What would you tell people in this audience, if you're smart, this is what you should be looking for? | ||
| In terms of what political outcomes are we expecting? | ||
| Is that what you mean, Steve? | ||
| Yeah, yeah. | ||
| What should you see? | ||
| If this is going to get sorted, what would you think would be smart to see on Capitol Hill? | ||
| To know that they're serious versus just optics and happy talk. | ||
| Oh, not merely a reduction in the increase in spending, not merely holding spending at the same levels they were in September, the end of the last fiscal year, but a cut from that level because we have to come to grips with the fact that where spending was at the end of last year and therefore where it is right now is not sustainable. | ||
| We have to get the spending down. | ||
| It's not good enough anymore to slow the rate of increase, because even if we just hold spending levels steady, we are going to continue to spend more than we have, and we are going to continue to get further and further down that financial doom loop. | ||
| There is only one way out of this, and that's to reduce spending. | ||
| E.J. | ||
| and Tony, where do they go for your social media? | ||
| You're putting stuff up on Twitter all the time. | ||
| Where do they go for all of it? | ||
| Best place to find me is going to be on Twitter, or X, whatever we call it now, and the handle there is AtRealEJAntoni. | ||
| EJ, thank you so much. | ||
| Appreciate it. | ||
| Thank you for having me. | ||
| We're going to spend a lot of time with these bills up. | ||
| Remember, they're bifurcating Ukraine from Israel, which the Senate doesn't. | ||
| Look, the Senate wants to pass the $106 billion. | ||
| On top of On top of the $880 billion going to be approved, the trillion dollars basically for defense and national security. | ||
| They're not living in the real world. | ||
| You're living in the real world. | ||
| Once again, I want to reemphasize that you are the center of discernment. | ||
| You're the center of gravity of reality here to save this country. | ||
| And the two things rapidly approaching us is a financial crisis of epic proportions and an invasion of the southern border. | ||
| And the solutions for that are not easy. | ||
| They're not simple. | ||
| In many cases, they're not pleasant. | ||
| Because these are crises that have been driven by the elites for many, many decades, and now we're here. | ||
| And you've got to be the one to stand in the breach and say, we're not going to do this anymore. | ||
| And we're going to take active solutions, not just slowing down the rate of increase, not just staying steady, not just even cuts, but even going back to like pre-COVID numbers and starting to cut from there. | ||
| We have to have massive cuts. | ||
| This is a speech I just gave in Pinehurst. | ||
| Two things that are happening, we have to have massive cuts in discretionary spending, one, to get close to balancing the budget, but two, to then be able to convince the American people we're serious about this, that then you can get into the entitlements. | ||
| But you have to show that you're going to take on the discretionary spending first. | ||
| And remember, all those people are getting the spending, it's theirs by birthright. | ||
| It's theirs. | ||
| It's absolutely 100% theirs, that you're taking it away from them. | ||
| That fight's going to be enormous. | ||
| Look what's happening to these college campuses right now. | ||
| You don't think this is why we had Yoram Hazani on this morning? | ||
| The connective tissue is that they think you're the colonizer. | ||
| They think you're the oppressor. | ||
| And that is their money. | ||
| They don't believe you actually have a country. | ||
| You don't deserve a country. | ||
| You just stole it. | ||
| So you don't have any rights to protect it. | ||
| No sovereignty. | ||
| No territorial integrity, no self-determination of the American people. | ||
| No, this is why, you know, we've got, uh, Oscar Blue Ramirez down in, in, uh, from Darien Gap to Tapachula and North with hundreds of thousands of more invaders coming every month. | ||
| But Todd Bensman says, Hey, it's going to be 500,000 minimum on top of the eight to 10 million that are already here just on Biden's watch. | ||
| That's not the 40 or 50 million Monica Crowley's talking about or Brian Kennedy are talking about. | ||
| So this is the crisis, this is the fight, and we are honored to be at the vanguard of this. | ||
| And when they call us minoritarian vanguardism, yes, it's 100% correct. | ||
| Remember in the revolution, at the best day, only a third of the people were fighting for it. | ||
| A third of the people were kind of Tories, were fighting against it. | ||
| Or not supporting it. | ||
| And then you had a third kind of in the middle, like you haven't anything. | ||
| I'm going to wait and see who wins this thing. | ||
| And then I'll be on their side. | ||
| I'll grab a flag and jump out in front of that parade. | ||
| And you see that happening all the time, like Capitol Hill and media and all of it. | ||
| We're not, we're not, we're not that, we're not that group. | ||
| We're our stone cold fighters, but we need you up to speed on saying a couple of things. | ||
| Number one, the Patriot economy. | ||
| You got to start thinking through about how you participate in the building of that to your own benefit. | ||
| Also things like Birch Gold. | ||
| It's time now, and this is why we've partnered with Birch Gold. | ||
| You've got Phillip Patrick, you just immerse yourself in the information. | ||
| Go there. | ||
| We've put out for the last two years. | ||
| We ain't Johnny come lately to this project. | ||
| We knew as soon as Biden gotten in here with the Chinese Communist Party and what they'd done on the pandemic, that a assault on the dollar as a prime reserve currency was upon us. | ||
| And so we took the last couple of years to kind of walk you through it. | ||
| It's all free. | ||
| Go to birchgold.com slash Bannon. | ||
| Particularly even the four installments, the first one you'll find fascinating, the politics of money, the politics of currency, because that's going to become more and more relevant. | ||
| Every discussion we have going forward, you heard from Burkine and you heard from Burchett. | ||
| Everybody's going on the mic in the conference now, they're all talking about the fiscal crisis, all talking about responsibility. | ||
| That's because the constituents, you out there in the audience, have the pitchforks to the back, that you've got to focus on this. | ||
| And so that's why you got to go to go to birchgold.com and then talk to Philip Patrick and think, look, gold's been a hedge against turbulence for 5,000 years. | ||
| Find out why. | ||
| The first question you got to find out why and then connect it to the turbulent times you have and think about, hey, how do I add this? | ||
| To as an asset class to my portfolio. | ||
| How do I do that? | ||
| What's a smart way to do that? | ||
| And that's what the virtual guys are there to do. | ||
| So we try to lay it out, soup to nuts, what the issues are, what the crisis is. | ||
| And then those guys walk you through how, uh, how you can, um, you can, uh, if not benefit from at least, you know, get an anchor to when we're here. | ||
| Um, also the home title lock guys, the same thing. | ||
| This is what the, the, you know, with the cyber criminals. | ||
| out there in the potential for somebody to come and potentially take out a second mortgage, these hard money lenders. | ||
| And I keep saying this, once it happens, the issues you're going to go through Mainly not paying back, not paying back the loan is going to be very difficult. | ||
| That's why this thing's so crucial. | ||
| And that's why you should go and immerse yourself in content there. | ||
| Okay. | ||
| We got a lot to go through in the next couple of days. | ||
| You got to man the ramparts. | ||
| We put together a app, Bill Blaster, that you can get on Apple or go to Grace and Mo on the, on the live stream. | ||
| I talked to them about it. | ||
| It's to give you more operating leverage. | ||
| You are the drivers in this. | ||
| When you say it's providential, Mike Johnson's providential, yes, but God only works through human agency. | ||
| That was your agency. | ||
| You've done this. | ||
|
unidentified
|
You've done it and you've done it in an incredible way. | |
| And that's why we're going to be hammering these topics. | ||
| Remember the speech I gave was that you're going to, you have to have massive cuts to discretionary spending. | ||
| At the same time, you have to not just seal the border, you have to start the deportation of what will probably be, I don't know, 12, 14, 15 million people. | ||
| Biggest, I don't know, the seventh or eighth state in the union. | ||
| And it didn't happen by chance, it happened by design. | ||
| It happened by design. | ||
| And that's what you're up against. | ||
| But we're winning, and they know we're winning, that's why they're coming after you even harder than they've ever, that's why they're coming after Mike Johnson. | ||
| They're going to tear him apart. | ||
| They're going to tear him apart like they're trying to tear Trump apart. | ||
| Last thing, make sure at Jace Medical, this is another one, box check. | ||
| This team, Dr. Rowland and the team, took Rosemary Gibson's book and turned it into an action And what you ought to do is go to the site right now, JaceMedical.com, just to check and say, Hey, is this right for me? | ||
| I don't want to be caught in an emergency. | ||
| I want to make sure I've got my appropriate medicines. | ||
| How did these guys help me out? | ||
| Because remember the Chinese Communist Party is going to use every bit of leverage they possibly got in this war and unrestricted warfare. | ||
| And now we're sliding into the kinetic part. | ||
| Okay, I'll be up on Getter all evening. | ||
| We got a lot going on. | ||
| Tomorrow I'll be back at 10 o'clock. | ||
| Show is going to be on fire. | ||
| Big Saturday show. | ||
| I think we're doing a special. | ||
| A part of it is going to be a special you're going to love. | ||
| We'll be live doing that. | ||
| And if we can pull it off, we'll announce it tomorrow. | ||
| But we'll see you back here at 10 o'clock tomorrow morning. | ||
| Check me out on Getter. |
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