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Aug. 19, 2024 - Bannon's War Room
48:49
Episode 3841: Lies Of The Harris Economy
Participants
Main voices
p
peter navarro
43:24
Appearances
k
kamala harris
02:12
Clips
j
jake tapper
00:08
s
steve bannon
00:18
| Copy link to current segment

Speaker Time Text
kamala harris
And I will work to pass the first ever federal ban on price gauging on food.
steve bannon
This is the primal scream of a dying regime.
unidentified
Pray for our enemies.
Because we're going medieval on these people.
steve bannon
You're not going to free shot all these networks lying about the people.
unidentified
The people have had a belly full of it.
peter navarro
I know you don't like hearing that.
I know you've tried to do everything in the world to stop that, but you're not going to stop it.
It's going to happen.
jake tapper
And where do people like that go to share the big line?
unidentified
MAGA Media.
jake tapper
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?
steve bannon
If that answer is to save my country, this country will be saved.
unidentified
War Room. Here's your host, Stephen K. Bannon.
peter navarro
Peter K. Navarro in for Stephen K. Bannon.
You are in the Bannon War Room.
And you broke it.
Kamala, you buy it.
That's the theme of the day.
In this election season, voters can blame either big government or big corporations for a pernicious inflation now in a dead heat with border chaos as the issue most likely to decide the 2024 presidential election.
If you're the second-ranked official in big government seeking to ascend to the presidency, you better make damn sure voters blame big corporations, not you.
Such is the political dynamic behind the second major strategic mistake of the nascent Kamala Harris for President campaign.
The first mistake was Harris choosing a vice presidential running mate in Tim Walz, as far left as she is.
Now, in Kamala's second strategic blunder, Harris has led with price controls as the solution to the inflationary ferno Harris herself has had a not-so-invisible hand in creating.
Look, economically, we all know this.
Price controls don't work.
Voters know it.
Kamala's supermarket of the future, eggs and meat, may well have a posted price well below the market rate.
There just won't be enough eggs and meat to buy at the controlled prices.
Instead, consumers will face shortages, queuing, and black marketeering.
Politically, politically, Harris's price controls proposal is just an incredibly stupid gaffe.
One that simultaneously raises the specter of first world Soviet Union communism, left coast California liberalism, and third world Venezuelan socialism.
How's that for a hat trick?
Kamala thus violates the cardinal rule of Nixonian politics.
To wit, instead of running towards the Nixonian center faster than her running mate ran away from Iraq, Comrade Kamala is simply reinforcing a Fidel Castro stereotype Donald Trump is chomping at the bit to tag her with.
Yet, it gets worse for Kamala.
Both Harris's dead-on-arrival price controls and her gaffe-laden speech delivery have highlighted one of Harris's greatest vulnerabilities, her utter lack of any basic understanding of economics.
Memo to James Carville.
And by the way, James, happy to have you here on The War Room.
Memo to you, sir.
Kamala Harris is running against an opponent who not only has been the consummate businessman,
renowned for earning billions while turning entrepreneurship
into a fine televised art.
As president, Donald Trump also delivered four years of near zero inflation, rising real wages,
and stable growth.
By the way, did anybody notice this?
I want Denver now to play my little clip here three times that we missed in the cold open.
See if you can get that for me, Denver.
Let's see.
Let's just wait here for a second.
See how the cracked Denver team is.
unidentified
Hmm.
kamala harris
And I will work to pass the first ever federal ban on price gauging on food.
unidentified
Ha, ha, ha. I mean, huh?
peter navarro
That's hilarious, even if you don't have a PhD in economics, okay?
Did anybody besides me and Leland Vitters on NewsNation notice there that Harris mistakenly confused price gouging, a well-known term of economist art, With Price gauging whatever the hell that means.
Look, with that gaffe, Harris thus made clear she will embarrassingly misread a teleprompter any time she delivers a speech about a topic she knows nothing about, which is to say every topic voters are most worried about.
Do me a favor, Denver, can you play that just One more, three times.
It's priceless.
It's just, I just want to see that again.
kamala harris
And I will work to pass the first ever federal ban on price gauging on food.
peter navarro
I mean, that should have went.
I mean, that should have went. That should have went viral.
I mean, that should have been all over.
But here's one for the left wing propagandist handbook.
I couldn't believe this.
Both Microsoft's Bing search engine and Google scrubbed that.
They scrubbed Harris's price gauging gaffe completely from the Internet.
Imagine that!
I saw this, I was watching Leland Vitters on his show, right?
I was watching Leland Vitters on his show, right?
And it's like, not an endorsement, by the way, just, you know, you can study kind of
And so I'm watching this price gauging.
And so later, like when I wanted to write the column about it and talk to you about it like this, I'm getting on on the Internet and going to my Bing, going to Google, going to my AI search.
It's like nothing.
They were trying.
I type in price gauging and Kamala Harris and they said oh we can't answer that.
I mean are these bots trained to like just Push away any kind of inquiry that it could embarrass the Harris campaign?
Or are these real people in Silicon Valley doing this?
Okay, here's back to, sorry for that digression, but I'm still, I'm still kind of in awe of how little Kamala Harris knows about what is the most important thing to people in this country right now.
Put that together.
And when you watch her do that, before she says price gauging, there's like this, this big like, um, kind of thing going on there, which means she is, she's like drowning.
And whoever, if it was Carville, whoever decided that the first thing she should do is his speech on economics.
And then let her do that?
Oh, my, my, my, thank you.
Tim Walz is the gift that keeps on giving.
I mean, with a guy who right out of the gate is nicknamed Tampon Tim, I mean, come on, come on.
All right, back to the main thread.
Imagine this now, by leading with her glass economics jaw.
Kamala Harris has opened the door to the obvious critique that Kamala herself is most to blame for much of the current inflation.
Follow me here.
Much of the current inflation is of the demand-pull type.
Get a little wonky on ya.
Demand-pull type, in which too much money is chasing too few goods In the US economy.
I'm having flashbacks to the classroom now when I was teaching this.
Kamala wasn't in the class, but there were a lot of others.
As for where this too much money chasing too few goods has come from, Look no further than the two major budget-busting and inflation-generating pieces of Bidenomics legislation that Kamala Harris herself, as President of the Senate, cast the tie-breaking votes for.
unidentified
Hmm.
peter navarro
I'm talking about the 2021 $1.9 trillion American Rescue Plan Act, $1.9 trillion, that's with a T. And the 2022 $740 billion, that's almost a trillion, Inflation Reduction Act.
And by the way, whenever I say Inflation Reduction Act, I get like, I get like this because it's so, I mean, it's so Orwellian to call what they did the Inflation Reduction Act when it should have been called the Inflation on Steroids Act.
And yeah, I'm making the point that Kamala was the tie-breaking vote.
Okay, little things that you learn in the war room, things that I learned when I kind of do stuff like this.
Did you know this?
Do a Jeopardy question on this.
Vice President Kamala Harris has cast more tie-breaking votes in the Senate of any vice president in history.
What does this mean?
As the sign in the pottery store says, you break it, you bought it.
Kamala, you broke it and you're buying it.
In Kamala's America, Here's what's broken.
Eggs.
Yeggs.
Oh, those lovely yeggs.
They now cost over 50% more than when Trump left office.
Gas is up 40%.
Housing is up 30%.
Rents are up 25%.
Housing is up 30%, rents are up 25%, and bread is up because of Let Them Eat Cake Kamala
by 15%.
As I noted on the stage of the Republican National Convention, in Trump's America,
you didn't have to choose between food on the table, medicine in the cabinet, or a roof
your head.
As a final note on Kamala's economic speech, she made a very big deal of making housing more affordable.
I'll come back to this in the next segment.
Yet here again, Harris illustrates her own total lack of understanding of the inexorable connection between today's lack of affordable housing and Kamala's own inflation-inducing actions that have in turn spiked mortgage rates.
You get it?
Yeah?
Kamala, tie-breaking vote.
Inflation, oh yeah, by the way, up go the interest rates.
Oh, by the way, harder to buy a house.
Oh, by the way, commercial landlords.
Right?
And renters, landlords, their interest rate costs go up, so rents go up.
Do you see the larger you broke it, you bought it problem for Kamala to win?
Harris must promise voters she will fix every problem.
That she herself has helped create.
And it's not just runaway inflation that Kamala has created.
Kamala owns the border crisis.
She went M.I.A.
after Biden designated her border czar and will decriminalize illegal immigration.
Kamala, likewise, owns the energy crisis.
She's the defracking queen of Pennsylvania.
The crime crisis.
She's defunding the police.
Princess of San Francisco and she owns Gaza, Ukraine, and the Taiwan Straits with the least policy experience of any major presidential candidate in modern history.
Given Kamala Harris's you broke it, you bought it problem?
Boy, the odds are at least 50-50 she's kicking Biden to the curb to get the nomination.
I'll be right back.
unidentified
We will continue with price gauging and Kamala Harris's strange world of the My four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character.
I have a dream today!
kamala harris
My administration will provide first-time homebuyers with $25,000 to help with the down payment on a new home.
peter navarro
Hey, Peter Kay Navarro in for Steve and Kay Bannon.
You are in Steve Bannon's War Room.
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I wonder if Pod Save America, the lefty outfit, for example, is selling commemorative Kamala Harris Weimar Republic
wheelbarrows.
Anybody know my reference to that?
So inflation got so bad after World War I in Germany that people had to use wheelbarrows to cart around the Deutschmarks that were like, you had to have a wheelbarrow full of Deutschmarks to buy a loaf of bread.
Not quite that bad in Kamala Harris's America, but what's interesting What's interesting is how Kamala Harris is now trying to walk away from everything that she's helped create.
This whole notion of she broke it, she bought it.
I think we really have to drive home Uh, in the in the campaign to flush her out.
And if you think about, you know, I gave you the short version of it in the monologue in the previous section.
But if you think about you broke it, you bought it, Kamala.
Let's just run through it.
You start with inflation, right?
So.
She's the the president of the Senate as vice president.
And because we didn't do our job, particularly in Georgia, because Karl Rove screwed that up, we wound up with two senators, two like Marxist senators in Georgia, and a tie in the Senate, a 50-50 tie.
So Kamala winds up being like, The vice president with the most tie-breaking votes in history.
Think about that.
So she can't walk away from the Biden regime just based on that alone.
And so she casts a tie-breaking vote for these two pieces of legislation, which, I mean, it's like close to $3 trillion.
And you throw That into an economy and you got, as I talked about, too much money chasing too few goods and you get all this inflation and then you get like the specter of her giving her first major policy address on the economy, screwing it up by saying price gauging instead of price gouging, revealing her total ignorance on that.
And then during the speech, trying to distance herself from Joe Biden, like, OK, we're doing something different now.
But the problem is, it's price control.
I mean, it's like.
I don't know.
Are they seeing?
Anybody, if you've got a Democrat strategist who wants to come on the show, or Chris Cuomo, I think, let's get Chris on here.
I'm going to send him a text and say, hey, Chris, you want to get on here.
Tell me why.
Explain to me why she would lead with price controls.
Is there something in that very small universe of swing voters and independent voters Who are righteously pissed off about inflation, but who also think that price controls are a good idea.
Was it a focus group?
My point is, she broke that one.
And now she's bought it.
Now, border crisis, Kamala Harris broke the border.
She's got to buy it.
Why did I say she broke the border?
Well, there's two things going on there.
One is that everybody besides John Carl at ABC knows that she was designated the de facto border czar in 2021 by the commander in chief and basically said to hell with that, not doing it.
But also we got these beautiful clips of her saying she wants to decriminalize, decriminalize Illegal immigration.
I mean, if you turn into a misdemeanor, slap on the wrist, whatever, you've essentially opened the border forever.
I mean, what are you going to do with the Customs and Border Protection agents?
What are they going to do?
Give them, I don't know, what, a parking ticket?
Is that it?
I mean, she's bought the crime issue.
How'd she do that?
She's the defunding the police queen.
I mean, let's remember when the riots broke out in Minnesota, she's talking the defunding the police trash at the same time that she's raising money for the BLM and Antifa protesters.
Uh, who are getting arrested, maybe.
I don't know if they even did any of that.
He's raising money for the people who are burning down the city, even as Tim Walz, her running mate—I mean, you can't make this stuff up.
It's like Tim Walz, her running mate, is the governor of Minnesota.
He's holding back the National Guard.
Minnesota's burning.
Kamala Harris is saying defund the police at the same time that she's raising money for a legal defense for the people who are burning down the city.
unidentified
I mean, isn't that enough?
Isn't that enough alone?
peter navarro
You broke that.
You broke Minneapolis, Kamala, and you bought that crisis.
People know.
That Donald Trump's tougher on crime, and all I have to do is look at San Francisco to get that point.
What else have you bought because you broke it?
Well, certainly part of that inflation is the higher gasoline, home heating, energy costs, right?
As we talked about last Friday, when you are the de-fracking princess of Pennsylvania, folks in Pennsylvania, I hope you're watching this right now.
Think about this.
Major part of your economy in Pennsylvania.
Fracking used to have a bad name, but now they do it a lot cleaner, safer, whatever.
And by the way, it yields oil and natural gas, which you need for your car.
You don't want to pay I don't know, what, 25, 30, 40% more?
To get from A to B just to help the Saudis and the Russians who are selling it to you now because Pennsylvanians aren't fracking and getting paid?
So she bought the energy crisis as well.
Kamala.
You broke it, you bought it.
So I guess it gets down to Whether she has really good advisors who are seeing something in that narrow sliver of voters who are going to be swung one way or the other at the end.
I mean, are these folks, I think, I think I think this is probably what I think she think these people are so dumb and out of touch.
So kind of wrapped up in tick tock stuff on the on their phones or whatever it is or sports gambling or whatever, you know, kind of like it's the Hillary Clinton.
I think she's looking down the nose at Americans thinking they're stupid.
That somehow she thinks she can get away with breaking stuff and not having to pay that price come election day.
Breaking the economy, breaking the border, crime in our cities, higher prices at the pump.
She's going to try to run away from that at this thing they call the DNC convention.
You watch.
As I said earlier, she's going to try to run away from Joe Biden faster than her running mate Tim Walz ran away From Iraq.
Shame on you, Tim.
Tampons him.
Shame on you, Kamala.
Comrade Kamala.
I'll be right back.
We're gonna have a great guest.
You stay right here.
Peter Navarro in Steve Bannon's War Room.
kamala harris
And what that means...
It's a symbol of the pride that comes with hard work.
It's financial security.
It represents what you will be able to do for your children.
And sadly, right now, it is out of reach for far too many American families.
There's a serious housing shortage.
In many places it's too difficult to build and it's driving prices up.
peter navarro
Yeah, pride of hard work.
Kamala's solution is to have the government give you a bunch of money so you'll point to the house and say that's not the pride of hard work the government gave that to me just like they give everything else to me because They control our government, not us.
We are the cash cows out there in middle class taxpayer land these days.
We're going to come back to that.
A couple of things.
Most important thing, at the top of the hour, you gotta stick around for one of my favorite folks on the planet, Kevin Hassett.
Economist Kevin Hassett.
I met him for the first time during the 2016 campaign when I was working for then-candidate Trump.
I got to know him.
He was not working for the campaign, but he was promoting what would have been a beautiful border adjustment tax that eventually went nowhere, but I immediately liked the guy and found him to be, I think, one of the most perceptive analysts out there.
So what we're going to do at the top of the hour Kevin Hassett is going to come on and we're going to go soup to nuts on where we are on the economy and what's going to happen between now and election day and beyond in terms of both economic indicators, what the Fed's going to do.
Possible policies, maybe October surprises, and all that stuff.
So stick around.
In the meantime, I'm going to get back to this clip you just saw on housing affordability.
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All right.
Denver, hit me with the short version of Kamala on home affordability.
kamala harris
My administration will provide first-time home buyers with $25,000 to help with the down payment on a new home.
My administration will provide first-time home buyers with $25,000 to help with the
down payment on a new home.
peter navarro
Okay.
All right.
So, we talked earlier about how price controls don't work.
That's an easy one.
To teach in economics, it's pretty straightforward.
When you constrain prices in supply and demand markets, which is what markets are, you wind up with shortages.
And with shortages, you wind up with queues.
And then of course, You get the second-order effect of black marketeering to avoid the price control.
So what happens is that the rich people are able to pay not just the market price but a premium on that because the black marketeers charge that and then the poor folks have to queue.
You get it?
That's like price controls.
It's poor people queue, rich people go to the black market and pay premium prices.
That's Kamala Harris's America.
That's Venezuela.
It used to be the Soviet Union and in Kamala's supermarket.
Yeah, eggs and meat will be a lot cheaper.
You just won't be able to buy them.
Okay, so What about this home affordability thing?
Hmm.
Well, certainly.
Anybody who qualifies as a first time homebuyer, you can imagine how this one's going to be gamed.
OK, so my my husband.
Already bought a house at some point, but the wife didn't.
Okay, just take it as a given that we're open the door to massive cheating.
But aside from that, the question is what will this do in the market?
And this is a little bit more difficult.
It's the lack of supply, number one.
It ends badly just like price control.
So think about it this way, because it depends on the market.
Right now, what's the biggest problem in the housing market?
It's the lack of supply, number one.
And number two, a lot of that lack of supply is because mortgage rates are so high, people
who own a home and are holding cheap mortgages who might otherwise sell and move up, bigger
family or down, empty nesters, hang on to their houses and you don't get that kind of
robust turnover in.
In the existing home sales market.
And so what you have is a supply-constrained market.
So if you increase demand in a supply-constrained market where the supply curve kind of turns vertical instead of doing this.
Okay, I'm getting a little wonky again.
What happens is that when you inject a bunch of new demand in the market with first-time homebuyers with 25 grand extra in their pockets, courtesy of the government, which means you, Bubba, you, you're going to pay for what she's doing, another redistribution of income kind of thing.
All that's likely to happen is that housing prices are going to go up and more people will be pushed out of the market in exchange for some of these new ones coming in who pay higher prices at taxpayer expense.
It's a shell game in which There's a few people better off, but mostly everybody else gets screwed.
Okay?
Kamala.
Kamala.
Kamala!
Do you understand any of that?
I'm not even sure your economic advisors understand any of that.
I mean, you can argue that Kamala Harris doesn't need to understand any economics to be an effective president.
Because she can rely on her economic advisors.
But who are these advisors likely to be?
They're likely to be the same damn advisors who got us into this mess to begin with.
Do you see the problem?
Do you see the problem here?
here. Hmm. So. I wonder if The Washington Post will write an editorial about that as
well.
Kind of funny where they slammed her for pushing price controls.
I'm not sure that the people at the editorial page of the Washington Post are smart enough.
To understand how the housing affordability aspect would backfire as well economically.
Hmm.
That is one to ponder.
I think though one of the problems at the Washington Post now at the editorial is like they used to have like 20 people on the editorial board doing like really interesting leftist things.
Now they're down to about three because the paper is failing and Bezos won't kind of pay the bill anymore.
But.
The fact that it was the Washington Post and Gretchen Whitmer, the Democrat governor of Michigan, attacking Kamala together.
There's some strange bedfellows.
And now, of course, the war room.
Play me that Martin Luther King clip real quick.
unidentified
I have a dream that my four little children We'll one day live in a nation where they will not be judged by the color of their skin, but by the content of their character.
I have a dream today!
peter navarro
See, this caught my eye today.
I love that.
I love that clip because I was listening to, again, the opposition.
This was USA Today, a little podcast in the morning.
And the headline story was black women running the Democrat National Convention, black women running the national Democrat National Convention.
I'm saying to myself.
Would you see a headline?
White women running the Republican National Convention or.
Brown women.
I mean, why is it that the Democrats can do that kind of rhetoric and think that it's good politics when it violates the central tenet of what the great Martin Luther King was trying to do in our society.
Content of character, not color of skin.
I mean, what is just, I don't know.
I don't know.
I'll probably get attacked for Being a racist for even noticing that.
But America's noticing that.
I don't want to live in that world.
Hey, I've lived in California for 25 years.
We never looked at skin color.
It wasn't an issue.
Why do we get it thrown in our face now?
Is this presidential election about the economy?
The border?
Crime?
Energy or race?
I hope it's not about race, but that kind of story, USA Today, you know, come on, dudes.
Dudettes.
Who's ever writing that crap?
All right.
When we come back, the great Kevin Hassett will be in the house.
We're going to all things economy, stock market, and your future.
Be right back.
Here's your host, Stephen K. Bannon.
At the top of the hour, we're going to have the great Kevin Hassett in with us from a colleague of mine from the West Wing.
The real story, not the TV show with Martin Sheen.
Little pay in the bills here about this one.
This one's kind of fun.
It's short, but it's important.
The IRS, by the way, the IRS again under Kamala and Joe Biden.
That tie-breaking vote Kamala made where she added, I don't know what, 80,000 IRS agents Some of whom, by the way, are going to go out to Nevada and make sure all the service workers out there who get tips pay their taxes, right?
This is the you break it, you bought it Kamala.
You can't like...
Approve 80,000 new IRS agents to crack down on waiters and waitresses in Las Vegas and then tell these waiters and waitresses that you're going to take away any taxes on tips so you can pander to get their vote.
See, they're not...
If Maggie Haberman and John Carl and all of these guys did their job, David Muir, Lester O'Donnell, not Rosie, but the other one, all these anchors
and so they actually did their job.
Kamala's poll numbers would be down probably in the 30s, but they don't do their job. That's why
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All right, let's get back to the main thread here.
One of the, Crime in America, Kamala, you bought it because you broke it.
So, obviously, I think it's obvious, here I am.
The Palm Beach Studio in the War Room, so I'm in Florida.
So when I left the show on Friday, it was really interesting.
I stopped at Joseph's Supermarket, which is kind of a little boutique supermarket.
And I walk in there, and the first thing I notice is there's a security guard.
And he's got a Glock on his left hip.
Interesting.
I figure he's a left-hander.
You notice stuff like this when you're out in the world and it's a dangerous place.
So there's this security guard with a Glock on his left hip.
And then I look around.
And I'm thinking to myself, you know, when I walked in here, there weren't any dirt bags in front of the place.
No dirt bags inside the place.
I don't see anybody kind of with a shopping cart who looks like a dirt bag, like piling around and just taking left and right and then walking out of the store because Kamala Harris Has made shoplifting under $1,000 like a misdemeanor, like she wants to decriminalize the border.
And I'm thinking, you know what?
It's it's that's pretty nice living in Trump's America down here in Florida, because before I came down here just a couple of weeks ago, I had been in Washington, D.C., and it's like every time I walk in A store in downtown Washington now, it's like, there's like one or more dirt bags who are stealing either like one thing or whole shopping cart loads full of things.
And there's no, well, I take that back.
Sometimes there's security guards, but they don't have a Glock on their left hip or their right hip.
They don't have any authority to do anything, and the organizational culture straight out of the Kamala Harris playbook, the San Francisco playbook, is that it's fair Marxian game To transfer, redistribute income from the consumers in places like CVS and Walgreens and supermarkets like Publix and Safeway and all of that.
To redistribute money from the consumers who have to pay the costs of all the shoplifting to the dirtbags who may or may not have money but who have realized that they can go in and take Anything they want in Kamala Harris's America, whether it's District of Columbia.
Kamala is adopted home down across the water in the bay from Oakland.
She's adopted San Francisco.
And it's this kind of Rudy's broken window theory writ large.
It's like, These red states, blue states, it's a very, very different existence now.
And the question I have for voters, you swing voters, you independents, you undecided Democrats who know something's really going wrong.
It's like, whose America do you want to live in?
Trump's America or Kamala Harris's America?
Trump's America, you were safe and secure.
Trump's America, you had a secure border.
Trump's America, you didn't have to worry about the rocket man in North Korea launching nuclear missiles at you and so on.
All right.
Navarro for Bannon in the War Room.
We'll be right back.
Top of the hour with Kevin Hassett and the economy.
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