Feb. 12, 2025 - Bannon's War Room
48:53
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 have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
|
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
|
War Room. | |
| Here's your host, Stephen K. Band. | ||
| Wednesday, 12 February, Year of Our Lord 2025. No cold open this morning. | ||
| We had lots to go through, but... | ||
| We have, there's a subcommittee, Doge subcommittee under Marjorie Taylor Greene that's going to begin in a moment. | ||
| Also, their votes today at 11 o'clock. | ||
| I'm looking to my Evercrack in-studio production team. | ||
| I think Tulsi is at 11. You can get a chance for a last call. | ||
| 202-224-3121. | ||
| Today's game day for Tulsi Gabbard. | ||
| Also, we're going to break cloture today on Bobby Kennedy. | ||
| Bobby Kennedy, cloture voted one. | ||
| They'll probably vote around midnight tonight, maybe later. | ||
| Let's go to the Doge committee. | ||
| We're going to dip in here before we come back to the show. | ||
| This is not a Republican problem. | ||
| This is an American problem. | ||
| To make it clear for everyone, not only are we $36 trillion in debt, But the compounding interest on our debt is also growing out of control. | ||
| Even if we decided to defund the entire federal government, we cannot escape our debt and the compounding interest owed on our debt, which grows bigger and bigger every year. | ||
| In 2025, interest payments are projected to be $952 billion, which is more than our entire military budget. | ||
| In 2026, it will be $1 trillion. | ||
| And by 2035, $1.8 trillion. | ||
| Over the next decade, total interest payments are projected to be $13.8 trillion. | ||
| These interest payments don't serve a single American. | ||
| They don't build a bridge, a road, provide disaster relief, or fund a single part of the behemoth that is the federal government. | ||
| These interest payments pay our masters who own our debt, and the American people are in debt slavery to everyone who owns our debt. | ||
| Our crippling national debt and massively growing interest on our debt will destroy us. | ||
| Not destroy one political party or the other. | ||
| It will destroy all of us together. | ||
| It drives inflation, making life unaffordable for Americans struggling to financially survive. | ||
| It is crippling small businesses struggling to be successful. | ||
| Our massively growing debt and interest are the chains and shackles harnessed to every American and their children and every generation to come. | ||
| But first, let us be brutally honest about how this massive debt came to be in the first place. | ||
| It came from Congress and from elected presidential administrations. | ||
| And I believe enslaving our nation in debt is one of the biggest betrayals against the American people by its own elected government. | ||
| The American people's anger over this betrayal is what gave birth to the concept of DOGE, the Department of Government Efficiency. | ||
| In fact, Doge became a major part of President Trump's campaign and led to his overwhelming victory in November. | ||
| Every day, Americans go to work. | ||
| They run businesses. | ||
| They have to earn their paycheck. | ||
| No one guarantees it. | ||
| And if they don't do a good job, they get fired. | ||
| They also have to pay their bills, credit card debts, balance their checkbooks, and scrap and save every penny they can in order to plan for that rainy day and hopefully retirement one day. | ||
| Private businesses only survive on hard-earned income by serving their customers so well that their customers pay them for the services and products they consume. | ||
| Its employees lose their jobs and paychecks, and the owners lose their business and everything they risked along with it. | ||
| Many go bankrupt in this process and lose everything. | ||
| No one bails them out. | ||
| They only survive by excellent customer service and smart financial management. | ||
| This is the real world that most Americans live, work, and survive in every day. | ||
| This is the pursuit of happiness. | ||
| And this is how you pursue the American dream. | ||
| However, the federal government, government employees, and unelected bureaucrats do not live by the same rules as the great American people and private businesses. | ||
| The federal government's income is the American people's hard-earned tax dollars, their literal blood, sweat, and tears. | ||
| And taxes are collected by law at gunpoint. | ||
| Don't pay your taxes and you go to jail. | ||
| The federal government does not have to provide excellent customer service to earn its income. | ||
| It takes your money, whether you like it or not. | ||
| And federal employees receive their paycheck no matter what. | ||
| Whether veterans receive their benefits or not. | ||
| Whether your mail shows up or not. | ||
| And whether your tax dollars are used to help Americans in need or sent to foreign countries, for foreign people, for foreign causes. | ||
| No matter how bad the federal government fails the American people, it still takes your money. | ||
| It still pays its own federal employees. | ||
| And it never, ever goes out of business. | ||
| There are no consequences for bad customer service. | ||
| total failure, and for enslaving the American people against their will in the ever-growing and future all-consuming national debt. | ||
| Congress has a dismal approval rating that ranges between 12 and 20 percent. | ||
| I don't blame the American people one bit for their sentiment and disgust. | ||
| The American people will be watching this committee and how we tackle one of the biggest problems of our time. | ||
| While we are a committee Made up of the opposite far-reaching corners of Congress, we were each elected to serve and represent the American people and how their hard-earned tax dollars are spent. | ||
| We as Republicans and Democrats can still hold tightly to our beliefs, but we are going to have to let go of funding them in order to save our sinking ship. | ||
| This is not a time for political theater and partisan attacks. | ||
| The American people are watching. | ||
| The legislative branch can't sit on the sidelines. | ||
| In this subcommittee, we will fight the war on waste, shoulder to shoulder, with President Trump, Elon Musk, and the Doge team. | ||
| This week, we turn our attention to improper payments by the federal government, including in Medicaid and Medicare. | ||
| I'm looking forward to what we find out and how to solve this crisis. | ||
| I now yield to the ranking member, Ms. Stansbury, for her opening statement. | ||
| Let me take it. | ||
| She's got a number of activists or people that follow this. | ||
| In D.C. you have these groups that are kind of good government groups that do a terrific job of following government corruption, lack of accountability, etc. | ||
| She's got a number of heads of those organizations. | ||
| And if we see something that's fascinating, which I'm sure most of it would be very interesting, but if we see fascinating, have a higher bar to get in life in the war room. | ||
| We will dip in there. | ||
| Marjorie Taylor Greene. | ||
| They are... | ||
| So this committee is, and I think part of this is payment system, it gets to, do I have the Moskovitz thing? | ||
| And then I'll bring Natalie in the next block. | ||
| Can we play Jared Moskovitz? | ||
| Let me know when we got that. | ||
| There's an issue. | ||
| I want to go back to what the point is, is that we have on 14 March at midnight, we technically run out of ability to pay anything else. | ||
| We run out of money. | ||
| Not that we don't... | ||
| We're already at the debt ceiling limit, so we can't borrow anymore. | ||
| What we're doing right now is Scott Besant is kind of juggling the books over there, making sure the cash comes in and pays down everything in a current basis interest so we're not in arrears on anything. | ||
| In fact, I didn't give you the Moskowitz thing. | ||
| We'll just get it off if you get it. | ||
| Let's bring in Natalie Winters. | ||
| Natalie, why don't you tee up? | ||
| So there's a multi-pronged attack. | ||
| On President Trump. | ||
| MTG right there is giving some backup, particularly in the House, of exactly what Doge is finding. | ||
| And I'm going to play Moskowitz's thing in a little while. | ||
| He went down to, well, yesterday and kind of repeated War Room, which is, hey, we got a 14 March. | ||
| The House refuses to address it because they're running around these reconciliation bills, which reconciliation bills are fine. | ||
| We're very supportive of the concept and particularly supportive of the two-bill process, which I think is what we're going to end up doing. | ||
| Which they should have started doing at the beginning. | ||
| But the compulsory is you have to fund the government. | ||
| And that funding runs out at midnight on 14 March. | ||
| And don't think the Democrats are too dumb to understand that. | ||
| They are laying a trap to essentially force the shutdown of the government, of President Trump's government. | ||
| Let's play, I want to play Moskovitz from yesterday, and then I'll comment. | ||
| Natalie's going to join us because the other attack is in the federal courts. | ||
| The other attacks in the state courts. | ||
| They're trying to slow down days of thunder, and now you've got many people coming in and kind of piling to the back to make sure they have President Trump's back. | ||
| Let's go ahead and play. | ||
| This is a Democrat from Florida. | ||
| Let's go ahead and play it. | ||
|
unidentified
|
Thank you, Mr. Speaker. | |
| Mr. Speaker, I rise today because I am deeply concerned that we are headed towards a government shutdown, which is on March 14th. | ||
| And it's not about whether Democrats or Republicans would win politically, because we know the American people will lose. | ||
| But let me tell you why I'm deeply concerned that we are headed to a government shutdown on March 14th. | ||
| I'm worried because the Speaker has not brought the 12 individual spending bills, the way we should fund the government. | ||
| In fact, the promise that was made by my Republican colleagues on how we would fund the government. | ||
| Republicans have made the argument that the last election was about the status quo disappearing. | ||
| It can't exist. | ||
| People are fed up. | ||
| They created Doge. | ||
| Right, Doge, which is going through the federal government and finding fraud, waste, and abuse, so they say, so they claim. | ||
| But if that's true, Mr. Speaker, if Elon Musk and Doge has found all this fraud and waste and abuse, hundreds of billions of dollars, as they claim, well then, Mr. Speaker, we can't fund the government by CR anymore. | ||
| Because the CR would refund all of that waste, fraud, and abuse that Doge has found. | ||
| Which means the only way to fund the government is to fund it by individual spending bills. | ||
| But we're running out of time, Mr. Speaker. | ||
| We have a month before the government shuts down. | ||
| We've got to get back to the process of individual spending bills. | ||
| If we don't, if we don't, then the Speaker will be the one who will have closed the government for the American people. | ||
| And so I'm concerned. | ||
| I'm here to work with the Speaker on the 12 individual spending bills. | ||
| Democrats are at the table to do that. | ||
| But we have to be honest. | ||
| We can't tell the American people we're for reducing fraud, waste, and abuse. | ||
| We're for government efficiency. | ||
| Look at all these things we have found. | ||
| And then say, but we're going to refund them all with a clean CR. And so, Mr. Speaker, I rise to say I'm here. | ||
| I'm willing to stay weekends. | ||
| I'm willing to work for the next month so that we can fund the government appropriately by the 12 individual spending bills, a promise that my Republican colleagues made. | ||
| But the Speaker's got to start getting that train moving. | ||
| Otherwise, he will close the government. | ||
| Have you heard that before? | ||
| These people are not dumb people. | ||
| That's the logic of it. | ||
| And this is why I've said now for months, since DOGE first came up, you've got to merge in the DOGE process into the appropriations process. | ||
| Did we not fight for individual appropriations bills? | ||
| Because this is where you're actually going to address not just the ways of fraud and abuse, but even deeper programmatically why we're doing this. | ||
| This is why in the middle of the night, MTG, Lauren Boebert, Eli Crane, Matt Gaetz, Andy Biggs, familiar names, heard those names before? | ||
| Went through particularly on USAID. There's nothing that's come up in USAID except maybe the internet news connections or some others that people haven't argued about for years. | ||
| It was establishing Republicans at the committee level. | ||
| At the committee level. | ||
| You couldn't even get it out. | ||
| The budget's now just come out. | ||
| Take a bow, we're in posse. | ||
| I think it's had a little bit to do with the bayonets being out. | ||
| Like, stop the nonsense. | ||
| Just put your cards on the table. | ||
| Let's have the discussion now. | ||
| Debt ceiling increase of $4 trillion is what the House Freedom Caucus recommended a week or so ago. | ||
| Two weeks ago, I told you. | ||
| That would be, we gotta face some hard truths, folks. | ||
| That means $2 trillion this year. | ||
| That means $2 trillion next year. | ||
| That gets you to four. | ||
| So, And they've also announced four and a half trillion of cuts or five trillion of cuts or something. | ||
| I guarantee you, I haven't looked at the details, guarantee you a dollar to a donut, as my beloved late mother would say, that it's all in the out years. | ||
| And it's not now. | ||
| It's not Doge. | ||
| Okay, so we're going to explain it to you so the Warren Posse, the force multipliers, the cadres, fully understand it. | ||
| Because in the land of the blind, the one-eyed man is king. | ||
| As we've said for months, it's all coming together because we're forcing their hand. | ||
| They've got a budget they put out. | ||
| Let me say this. | ||
| It's all performative. | ||
| You don't get to $36 trillion, and you don't know where the money was spent. | ||
| I'm not talking on an operating basis. | ||
| That's different. | ||
| That's what Doge is going on. | ||
| I'm talking on the balance sheet. | ||
| I keep saying, show me, I see where, I know the sources of proceeds, that's taxes and borrowing money, creating fiat money. | ||
| And I see we got 36 as the face amount on the national debt. | ||
| That does not include the contingent liabilities against the dollar. | ||
| That's a whole other discussion. | ||
| And that gets over, the net present value, that's over $100 trillion. | ||
| So hold it, put down your morning coffee, I mean, have another cup of coffee. | ||
| I'm not going to get into that today. | ||
| Let's just deal with the easier of the financial mess that we're in. | ||
| But some point in time, you have to have the political will to just say, we can only afford this going forward at these spending levels if we increase three ways to do it. | ||
| You increase the denominator, you increase growth, right? | ||
| And President Trump in 19, I think, got up to 3%, 3.5% growth. | ||
| Right now, CBO projects 1.8% growth. | ||
| I think in these budget numbers, if memory serves me correctly, what the Republicans are going to present today is 2.5% growth. | ||
| I don't see it get to 2.5%. | ||
| I know Scott Besson's plan with his supply-side cut is to get to 3%. | ||
| I love all that. | ||
| And this is not arguing about angels on the head of a pin. | ||
| This is kind of the predicate that sets all the math that comes forward. | ||
| These are the basic core assumptions that one has to be kind of correct about, or at least directionally correct. | ||
| Now, Elon yesterday, and I'll break that down later in the show, he was talking about 5%. | ||
| And Dries and these guys are saying if you just take off the regulatory apparatus, in other words, if you let the oligarchs be oligarchs, they're going to get to 5%. | ||
| Now, there won't be anybody working for them because it'll all be artificial intelligence. | ||
| But I digress. | ||
| I don't think they're going to get to 5%, and I think it's a fantasy to talk about that, particularly in the situation we're in, because it can lead you to a lot of false conclusions. | ||
| And you have to be realistic about what you can cut. | ||
| And I'm all for cutting it down to the bone. | ||
| But as I've said, I think Glenn Greenwald backed me up last night on Jesse Waters. | ||
| Until you cross the Potomac and get into it with the defense apparatus over there, you're not going to have any will to cut anything else. | ||
| And let's be blunt. | ||
| At two years, at $4 trillion of debt increase, and I'm not saying I oppose that. | ||
| I think you have to face reality. | ||
| This is an unpleasant reality the creditors committee, which is you, have to face, is that it takes a while to turn the aircraft carrier around. | ||
| But $4 trillion two years is basically $2 trillion a year. | ||
| And that is, let's get back to it. | ||
| We're almost halfway through the fiscal year. | ||
| We will be, I think, by 14 March. | ||
| We're on a runway. | ||
| I think we're $850 billion already in deficit right now, which, by the way, up until at least January was a record pace. | ||
| That will lead to $2 trillion. | ||
| CBO says that. | ||
| CBO says $1.9 trillion. | ||
| The numbers they put out the other day on the 10-year forecast was $2 trillion. | ||
| They've come in with this deal on the budget, accepted the House Freedom Caucus of $2 trillion. | ||
| So, hey, guess what? | ||
| There's no cuts. | ||
| There's no cuts. | ||
| If the cuts are on the margin. | ||
| Now, they're presenting this budget and they say, Steve, you're too hard on us because by statute we have to provide 10 years. | ||
| I go, guys, I understand that. | ||
| And you walk into companies that are turnarounds. | ||
| They got all kind of legal stuff they got to do. | ||
| But that's fine. | ||
| That's form. | ||
| That's performative. | ||
| That's not reality. | ||
| Reality is cash in, cash out. | ||
| Because where you cash in, cash out, gap, and that would be Mr. Deficit. | ||
| It has to be financed somehow. | ||
| And right now it's financed essentially by printing money. | ||
| As you know yesterday from our discussion, the more money comes in the system, we're flooded now with dollars, the more money comes in, the greater inflation is. | ||
| And this is why the price of eggs are not going to go down. | ||
| It's not a supply chain issue anymore. | ||
| It's really part of it, and a significant part, is the financing of the debt. | ||
| Which roughly one-third has to be refinanced every year. | ||
| Marjorie Taylor Greene in her Open talked about the interest payments being almost as high as the Pentagon's $900 billion. | ||
| Well, actually, that's the net number. | ||
| That's taking out the interest we have for owning our own bonds because you can't sell them. | ||
| So guess what? | ||
| We just make them up. | ||
| I'm not kidding you. | ||
| This is how it's done. | ||
| When we run out of Japanese insurance companies, when we run out of the Chinese Communist Party, when you run out of the guys in the Gulf Emirates, when everybody's tapped out, when everybody's tapped out, they just create them and you own them. | ||
| And they do all kind of, you know, oh, but this is public debt, public held, they got all the things in the net debt. | ||
| I like looking at the gross number, which I think is $1.3 or $1.4 trillion in interest. | ||
| Like I said, I haven't taken these numbers to the fifth decimal place, but directionally this is all close. | ||
| And look, everything I've said, it's all coming, like I told you, months ago. | ||
| Not that I'm happy about that. | ||
| I think we've kind of forced this topic of coming out. | ||
| Now, let me give you some more reality check. | ||
| When they talk about, because the spending is now, the debt increase is now, now, now, now, because that's reality. | ||
| That's cash going out the door. | ||
| It's cash going out the door. | ||
| And you have two ways of cash going out the door. | ||
| What Doge is doing, they call it audit, what they're initially doing is going in and finding inefficiencies, inappropriate, misappropriations. | ||
| They're talking about illegal payments. | ||
| I don't know. | ||
| I would assume the systems are better than that. | ||
| Maybe they're not. | ||
| We'll see. | ||
| But Moskowitz just calls the bluff. | ||
| Okay, we can't finance it if it's illegal or if it's inappropriate or if it's misdirected. | ||
| That's got to come out. | ||
| This is what I've been saying forever. | ||
| We can't do that. | ||
| Now, the harder of that, and that's going to be some, that's going to be a number. | ||
| Hopefully, it's a significant number so we can stop it. | ||
| We ought to be able to stop that immediately. | ||
| The harder is programmatically. | ||
| Remember, it's not finding ways for an abuse and getting rid of some bureaucrats. | ||
| Of course, that's got to be done. | ||
| And President Trump yesterday signed an executive order in there, and that was a rift. | ||
| That's a major reduction in force. | ||
| I think he's up to 50% of the federal workforce. | ||
| And that's going to be tangled up in courts, but at least it's a shot across the bow. | ||
| And Natalie's going to be here in a second to talk about, that's not easy, because these judges are, this is the J6 all over again. | ||
| Now it's against President Trump and his programs. | ||
| But let's get back. | ||
| You have the tax deal, and they want, I think, $4.5 trillion in the tax. | ||
| I haven't seen. | ||
| I've just got to make sure that no tax on Social Security is there, because yesterday, voila, out of nowhere, the Penn Wharton, all of a sudden they put an analysis out there that I'm sure wasn't paid by the Koch brothers, hint, hint, because it said, gosh! | ||
| We can't really cut taxes on Social Security for the middle class because it may help the wealthy too much. | ||
| And then when you look at the study, is this going to be a bad thing or hurt the Social Security? | ||
| You look down, they never had, oh, you would back and fill. | ||
| If you get to everybody and you had a gap, maybe you increase taxes on the wealthy. | ||
| Yeah. | ||
| Yep. | ||
| They missed that point. | ||
| That's kind of buried down there. | ||
| Trying to sell you on the fact that Taking out the tax on Social Security is a bad thing. | ||
| No, it is a good thing. | ||
| It is a very good thing. | ||
| One, folks that have worked all their lives and are now in the golden years and finally get a little time off to themselves to kind of, you know, do what they want to do and pursue their purposes, having to be in the grind every day, even if you loved your job. | ||
| Not only do you get your Social Security, which is not supposed to totally be out yet, but you don't have to pay taxes on it, which has always been, I thought, egregious. | ||
| So you got this tax. | ||
| We haven't gotten into that because I don't think it's been released during the show. | ||
| However, to performatively pay for that, they have to have cuts. | ||
| And I've gone through this so many times. | ||
| People call me up in McCarthy and for years, oh, we got so many conservative wins. | ||
| We have so many conservative wins. | ||
| We have so many conservative wins. | ||
| You feeling any wins? | ||
| You see Elon up there every day? | ||
| He's talking about stuff that's been in the system that people have been trying to dig out for years and have been buried by the Republican establishment at the subcommittee level. | ||
| Not even coming up to the floor, at the subcommittee level. | ||
| USAID is a perfect example. | ||
| Mike Benz, Darren Beattie, Raheem Kassam, Jack Posobiec, I go on and on and on. | ||
| Eli Crane, Marjorie Taylor Greene, Matt Gaetz, Andy Biggs, Paul Gosar. | ||
| On and on and on. | ||
| And it all gets voted and it gets in there. | ||
| Because I guarantee you all this four and a half train, we got all these, man, massive cuts, really there's like one and a half train, two train. | ||
| It's not this year, it's not next year. | ||
| It's in the out years and therefore it's irrelevant. | ||
| One thing we're going to make the local class wake up to is that we're in a crisis, and there's no easy choices. | ||
| There's no magic wand, you can power this. | ||
| I've said this for years, and the farther you go down, the fewer alternatives and choices you're even going to have. | ||
| But now, when people say, well, Steve, deficits don't matter, debt don't matter, yeah, it matters. | ||
| Because now it's embedded into, that's one of the reasons inflation is up. | ||
| And oh, by the way, even as I'm speaking, the Fed just, and expect it. | ||
| Popping inflation. | ||
| Popping inflation. | ||
| What have I warned about? | ||
| The bond market's going to get a vote here. | ||
| They're going to get a vote. | ||
| And the bond market has turfed out more governments than howitzers. | ||
| Look at the carnage in the global political. | ||
| Three British governments now. | ||
| Truss, Sunak, and now Sarkir. | ||
| You've got France. | ||
| Turfed out Macron's control of the Assembly. | ||
| Canada. | ||
| On and on and on. | ||
| Biden, I would argue. | ||
| We have to get serious about this. | ||
| It's not serious right now. | ||
| It's still performative. | ||
| 14 March, and the Democrats are not dumb people. | ||
| We had them on their back heel, and now they're plotting and planning. | ||
| In federal courts, in state courts. | ||
| And the political power they don't have, they're going to sit there and try to leverage on the 14th of March. | ||
| They're all in for shutting down Trump's government in its first 100 days. | ||
| So we'll weave our way through the thicket. | ||
| In the fog of war, it's important to see through the gun smoke clearly. | ||
| Short commercial break. | ||
| back in a moment. | ||
|
unidentified
|
Here's your host, Stephen K. Band. | |
| Welcome back. | ||
| Particularly Rumble Chat, don't worry about the hair. | ||
| You gotta do this like once every year or so to kind of get it set to go back. | ||
| It was too out of control. | ||
| As much as I love it long and we're gonna get it long again, you gotta reposition. | ||
| You gotta reset. | ||
| We had a reset. | ||
| So don't fret. | ||
| The Maine is coming back. | ||
| We're just doing it in a way that maybe is not so crazy. | ||
| I'm trying to go through these numbers as we're doing it. | ||
| I want to bring in Natalie. | ||
| So folks, let's step back for a second. | ||
| On the battlefield of Days of Thunder and pushing through President Trump's agenda, as I said, you've got the... | ||
| Let's go back to... | ||
| You've got the kinetic part of the Third World War. | ||
| And so Besant's over there. | ||
| JD's over there. | ||
| Hegseth's over there. | ||
| Our own Jack Posobiec is over there. | ||
| President Trump's given him instruction, gave Besant a big attaboy to go over there and get involved in it. | ||
| Now, he's supposedly, I guess, negotiating some of the minerals. | ||
| As you know, we're like cut, run, just shake their hands, say it was great knowing you, good luck, hope it works out, and then depart. | ||
| No security force, no commitment of putting up any money for a security force, and certainly no reconstruction money. | ||
| That may not be happening as we like, but hey, it's all part of it. | ||
| So the first thing is President Trump wants the guns down and the killing to stop. | ||
| He said that over and over again. | ||
| Number two, you got in the Middle East, you got, you know, President Trump's kind of given the ultimatum, high noon, hostages, all hostages, or, you know, they're going to go back to work on the Muslim Brotherhood, Hamas. | ||
| I will tell you, General Sisi canceled his trip. | ||
| To see President Trump last week, they had the King of Jordan yesterday. | ||
| That was not a great meeting. | ||
| We teed it up on the 6 o'clock show. | ||
| Excuse me, on the 5 o'clock show. | ||
| That was not a great meeting. | ||
| You could tell. | ||
| I think President Trump gave them some hard truths. | ||
| I'm not so sure they were digging that. | ||
| So the whole Middle East, remember, these are not going to be easy. | ||
| If President Trump had not had the election stolen from him, from the usurper, we wouldn't be in this situation. | ||
| But hey, we are. | ||
| We're not whining about it. | ||
| We're just giving a reality check. | ||
| Both of those are hard. | ||
| Then the second, on the southern border, it's pretty obvious, Homan needs some cash. | ||
| Just does. | ||
| Because the infrastructure was allowed to deteriorate under Biden. | ||
| Also, Homan, Liz, you're probably this afternoon, so it joins the Catholic Church. | ||
| The progressive part of the Catholic Church, i.e. | ||
| the Pope and his gang, are now fully thrown down on this thing to basically go against MAGA, the President of the United States, the United States of America, Tom Homan. | ||
| So that's coming at us. | ||
| And Homan's grinding, still doing the ice raids, but at some point in time, to get to the mass part of the mass deportations, you've got to have some infrastructure, you've got to be ready to roll. | ||
| And so that's hung up. | ||
| They're pushing, they're doing the ICE raids as best they can. | ||
| Then in the middle, the existential is what we're just talking about, and we'll get back to that. | ||
| But then you've got the three ways. | ||
| You've got the confirmations, you have the executive orders and executive actions for the Days of Thunder, you've got the confirmations, right? | ||
| And then you have the legislation part, which is the reconciliation. | ||
| So we're covering that kind of matrix. | ||
| In this, and yesterday I held up the New York Times outside the courthouse. | ||
| To say they're coming at the... | ||
| And the federal courts are all over. | ||
| There's suits all over the place. | ||
| And they're selecting these judges, these district federal judges, to give blanket relief or blanket stand-downs for the whole nation. | ||
| And as Natalie Winters has found, these are the most radical judges and really activists. | ||
| And this big question about a constitutional crisis, do you actually... | ||
| When they tell you, you've stopped spending, you've got to keep putting the money in the system, you just say, no, we're not going to do that. | ||
| Let's go to the appellate court, or what are you going to do about it? | ||
| My big fear, and I think I'm right on this one, the ticking time bomb or the clear and present danger is the state court in New York City. | ||
| Because if Washington, D.C. is the bridge of the ship, With the home offices and the Fed and the Treasury and the White House. | ||
| If it's the bridge, the engine room on transactions is New York City. | ||
| Everything runs through there and it gives them jurisdiction. | ||
| And you have a radical source element in the Manhattan District Attorney who, panel, grand jury, indict anybody. | ||
| And Tish James who's overseeing it. | ||
| Who then brings civil suits or whatever to slow people down. | ||
| So the resistance is building. | ||
| The courts, they're going lawfare again. | ||
| We're engaging it, folks. | ||
| And every day here has got to be, you've got to move the chains. | ||
| We've got to have wins. | ||
| Natalie, you've unearthed some things that are quite disturbing, but reality check. | ||
| What do you got, ma'am? | ||
|
unidentified
|
Sure. | |
| Well, I think just to link it back to everything you're saying, right, all the people right now who are melting down about how USAID being shut down is going to destroy the so-called soft power of the United States, well, I think what they've done to you, what they've done to President Trump, | ||
| what they've done with these radical appointments, not of judges, but of activists, I guess we now know why, Democrats in the Senate were working overtime and into the wee hours of the night to confirm as many judges as possible, because that was essentially The backbone, the sort of central nervous system of their resistance efforts, of course, in concert with the media, with the civil society mass demonstration type groups. | ||
| But I think it's important to not just sort of let the idea of someone being a judge kind of go unnoticed or leave no stone unturned. | ||
| So basically, all of the judges who have tried to block President Trump's Efforts to, I think if you get to the heart of it, deconstruct the administrative state, whether that's the spending freeze, whether that's stopping the grants over at NIH, USAID, Treasury, Labor, you name it. | ||
| All of those judges who are basically rubber stamping the kind of, I would say, activist, wet dreams of the most far-left resistance organizations that you've ever met, they all have extremely concerning histories and track records, not just of donating to Democrats and being involved with Democratic politics. | ||
| But more precisely, making legal decisions that are not rooted in anything constitutional. | ||
| You want to talk about a constitutional crisis? | ||
| Let's talk about the records of these judges. | ||
| But just to get really granular, one of the top judges who's been really creating issues for President Trump is none other. | ||
| Not Mitch McConnell, but John McConnell, the chief judge out in Rhode Island, who is not only just blocking President Trump's federal spending freeze, but he's even going so far as to threaten criminal charges against President Trump and those of his advisors who want to kind of roll out that policy proposal. | ||
| Just to set the stage, we're going to play a kind of smattering of clips showing you just how radical this guy is. | ||
| But this is someone who was a member of the Finance Committee back for Hillary Clinton's Senate campaign, hosted fundraisers for her, was on the board of Planned Parenthood, helped ACLU sue ICE over a dead Chinese, probably Communist Party-linked migrant, worked on countless Democratic campaigns collectively between him and his wife. | ||
| They've donated six figures to Democratic politicians, candidates, campaigns, and the media wants to just make the headline, right? | ||
| Oh, judge slaps down dictator Trump wanting to do a federal spending freeze. | ||
| But I want to play this montage of clips, if we can, just to show you how truly beyond the pale and radical this so-called independent arbiter of facts and this, you know, legal mind that the mainstream media is now in will and wooing over. | ||
| Judge John McConnell, let's roll the clips. | ||
|
unidentified
|
We're not playing the clip. | |
| You got a chance to go. | ||
| Okay, I have the toss-up. | ||
| By the way, I just want to make sure the engine room is sending me something. | ||
| What we call this is... | ||
|
unidentified
|
...government actions. | |
| When you're sentencing someone, when we talk about sentencing, that you have to take a moment and realize that this... | ||
| You know, middle-class, white, male, privileged person needs to understand the human being that comes before us that may be a woman, it may be black, may be transgender, may be poor, may be rich, may be whatever, where courts stand and enforce the rule of law that is against arbitrary and capricious actions by By what could be a tyrant or what not. | ||
| We saw plenty of examples of that recently. | ||
| So too often to really understand this, we fall back on kind of a stereotypical comment that judges should have no opinions and what not. | ||
| And that's just not true. | ||
| We have put together a diversity and inclusion and racial justice committee. | ||
| That has three goals, that in many ways racism is the white people's problem and white people need to figure out how to solve it and need to do the hard work to fixing it. | ||
| We all have racism, obviously, but not the overt kind. | ||
| So I think where he's had the biggest... | ||
| Okay, so Natalie, and by the way, I want to thank you for getting that. | ||
| It worked out. | ||
| The engineers sent me that this is forum shopping, the official term of our forum or venue shopping, and that's what you're seeing here. | ||
| Is that the federal judge? | ||
| That guy sounds like a mid-level Grundoon activist, ma'am. | ||
| No, that is the federal judge. | ||
| It's absolutely absurd. | ||
| The buried lead-to of that whole kind of display of commentary, it was back in 2021. I obtained the whole hour-long event. | ||
| I watched it. | ||
| I cringed through every moment. | ||
| But he was actually speaking to him. | ||
| High school. | ||
| Both children and their parents. | ||
| So that was his sort of watered-down version of radicalism. | ||
| But no, that's the chief judge, like I said, in Rhode Island, who runs the court up there. | ||
| And basically, Steve, I mean, they, and when I say they, I mean the Mark Elias's of the world, the Norma Elias's, the people who are sort of the architects of the Democrat current lawfare strategy. | ||
| They've admitted to court shopping, right? | ||
| That was sort of what they were planning, I think. | ||
| Since they saw President Trump win North Carolina and then Pennsylvania, they started realizing we need to get, you know, kind of our work in order. | ||
| But I just think it sort of broadly more conceptually goes back to this idea, right? | ||
| That the NGOs that were bankrolling, they're not actually NGOs. | ||
| They're traitors and they're organizations that are being used to destroy this country. | ||
| Bureaucrats are not bureaucrats. | ||
| They're embeds. | ||
| Schools are not schools, right? | ||
| They're indoctrination grounds. | ||
| And in the same way, I think the brilliance of President Trump is he can sort of unmask and reveal the radicalism and politicization of every aspect of American society. | ||
| Though I guess it's not really politicization. | ||
| It's just the embedding of the deep state and the idea that these courts... | ||
| Whether it's the kind of impeachment witnesses, that they don't have to answer to President Trump. | ||
| And just because they don't like his approach to politics, therefore they are justified to engage in sort of outside the system change, which I think if you get to the core of what Norm Eisen is talking about, the idea of these color revolutions, to its core, is a movement that fundamentally rejects election results. | ||
| And in the same way, all of these judges, right, are essentially... | ||
| doing that because they just don't like the policies of president trump and yeah what he said in those clips are absolutely radical and it's not just supposed to be a gotcha moment but it just shows you that judges like him are using their courts their power and their influence not to reflect anything constitutional but to take out their woefully misguided truly radical ideologies on this country and after the break of We still have time. | ||
| We can get into who's exactly doing the court shopping, the groups that are behind this, because, as you can probably imagine, it all goes back to the lawfare that we've seen over the last four years, too. | ||
| Yeah, hang with us, Natalie. | ||
| I'm going to let you—I won't need you in the next segment, and we'll let you go to the top hour. | ||
| I know you've got to get over to the White House. | ||
| Okay, so Natalie was talking. | ||
| I think Pam Bondi's just announced. | ||
| She's going to have a press conference at 430. I'm sure that's going to be covered by Real America's Voice before us. | ||
| We'll pick the—at 5 o'clock, we will go live to the— To the press conference. | ||
| If there's something not bigger happening in the White House, I wouldn't assume. | ||
| I think they let her have runway. | ||
| Pete Hexeth, folks, you fought for him. | ||
| It's the reason he's Secretary of Defense. | ||
| He just dropped a bomb over in the discussions in the Ukraine. | ||
| I think they're in Munich and they're heading to Brussels. | ||
| Pete Hexeth said, hey, it's unrealistic to think we're going back to pre-war borders in Ukraine. | ||
| Finally. | ||
| An American official that had the stones to sit there and let the Ukrainian people in NATO and Europe, while he's over in Europe, hear the truth. | ||
| This is what President Trump's saying. | ||
| He's trying to get peace first, prosperity second. | ||
| And in getting peace, you've got to talk truth. | ||
| These people have been led down the primrose path to their destruction. | ||
| And finally, you've got people like, tell them the truth. | ||
| Short commercial break. | ||
| We're going to get more into the war against President Trump next. | ||
|
unidentified
|
The Treasury market paired with a decreased willingness of banks to act as intermediaries is a major issue on the horizon. | |
| Treasury Secretary Yellen was before this committee last year. | ||
| I asked her about the resiliency of the Treasury market, specifically about the wisdom of permanently modifying the SLR. She said it's something that the banking regulators should consider. | ||
| Does the Fed plan to finally look at the SLR? Yes, I believe we will. | ||
| For a long time, like others, been somewhat concerned about the levels of liquidity in the Treasury market, the amount of Treasuries has grown much faster than the intermediation capacity has grown. | ||
| And one obvious thing to do is to lower, is to reduce the effective supplemental leverage ratio, the bindingness of it. | ||
| So that's something I do expect we will return to. | ||
| And work on with our new colleagues at the other agencies and get done. | ||
| Because I think my colleagues are aware that over the course of recent times, literally we have eight times as much debt to process, but only half as many major market makers. | ||
| The Federal Reserve is not immune to politics. | ||
| You, like every Fed governor, go through a lengthy confirmation process in the Senate. | ||
| And, of course, you're required to answer to Congress in hearings like this. | ||
| I can trace a major political turning point at the Fed to the passage of Dodd-Frank, which greatly expanded the Fed's regulation and supervision authority. | ||
| Chairman Powell, do you worry that the independence of the Federal Reserve's monetary policy function is in any way hindered by its role as a bank regulator? | ||
| Can you do both? | ||
| Well, we can and we do, and we'll continue to do that. | ||
| The regulatory and supervisory side is more contentious in political circles, but we will continue to carry it out as best we can and to do so in a nonpolitical way as best we can. | ||
|
unidentified
|
And clearly that will be a major discussion topic in the task force. | |
| In my remaining time, could you discuss the Fed's five-year review of monetary policy? | ||
| What are the categories of issues you think that will be helpful to receive feedback on? | ||
| So a good part of it will be looking at the changes we made in 2020, which were made in an environment where we had been stuck at the effective lower bound at zero for seven years, and the highest we got our rate really was, sustainably, was 1.5%, and that was the highest of any advanced economy central bank. | ||
| So the concern was that at the slightest downturn, we'd be back at the zero lower bound and we'd be stuck. | ||
| So we were looking for ways to make up for that. | ||
| So then the question is, we got this inflation out of the pandemic and the events related to it. | ||
| Are we in a different place now? | ||
| And I think the chances are pretty good that maybe the effect of lower bound is still a concern, but it's not the base case anymore. | ||
| So we need to look at that and decide what are the implications of that for our framework. | ||
| Thank you, Chairman, and I look forward to it. | ||
| Several more discussions on these topics. | ||
| And with that, I yield back the balance of my time. | ||
| So he's at the House Finance Committee. | ||
| That's Powell. | ||
| We'll dip a bit in and out of that because it can be directly related to President Trump's plan. | ||
| Don't know if he's taking on board this new spending plan, but as he said right there, until you get control of this debt, until you get control of the refinancing of, I don't know, up to 30 percent of the debt every year, a third of the debt every year, you're in an in-bed inflation. | ||
| Birch Gold. | ||
| Remember, here and with Birch Gold, we're trying to show you process. | ||
| The process of... | ||
| Because we don't say, go buy gold. | ||
| That's not our job. | ||
| Go talk to the guys at Birch Gold. | ||
| What we've done with Birch Gold, and I think it's genius, is to lay out to you the things that drive monetary markets and drive capital markets. | ||
| That's why I go... | ||
| We had the Six Free installment on the end of the dollar empire. | ||
| This has been high enough... | ||
| You know, issue that President Trump came out with a truth, you know, weeks ago saying, hey, BRICS nations, if you even think about ganging up and trying an alternative currency backed by gold, or somehow backed by gold, I will put a 100% tariff on each one of you. | ||
| And when Saudi Arabia and these guys or some of the countries doing it, that gets their attention. | ||
| Birchgold.com, you've got to read the sixth free installment. | ||
| We'll read them all. | ||
| But the sixth reinstallment is Modern Monetary Theory, the idea that broke the world, because we're a huge believer in ideas have consequences. | ||
| Birchgold.com slash Bannon. | ||
| Go check it out today. | ||
| Natalie Winters, the groups that are driving this and driving these to really go forum shopping and to get these radical judges that are at the forefront, they're the vanguard of trying to shut down President Trump's revolution. | ||
| Ma'am. | ||
| Yeah, I guess it's forum shopping to destroy America. | ||
| And when you look at who these people are that are involved, it's always, they say, conspiracy theories. | ||
| I think in the war we say pattern recognition. | ||
| And I think case in point, right, Protect Democracy, this group that was intimately involved with keeping President Trump off the ballot in Colorado, is part of the group. | ||
| That represents Democracy Forward that's been behind virtually every single lawsuit against every action taken by President Trump. | ||
| And you know who chairs the board of Democracy Forward? | ||
| None other than Mark Elias, right? | ||
| So please spare me the idea that Mark Elias is an independent arbiter of elections and electoral politics when he's the one directly responsible for not just being the lifeblood and, you know, the front lines of everyone who represents the deep state here in D.C. But they're launching legal assault after legal assault on President Trump every single day. | ||
| And remember, States United for Democracy, the Democracy Defenders Fund, that's the Norm Eisen group. | ||
| They're the one that basically brought the case against all the people out in Arizona, as FOIA information and materials now show. | ||
| They've also been suing Doge from every single vertical. | ||
| So it's the same exact people who are all bankrolled and funded by the same exact institutions, and they're using the same straplines and messaging that they used to come after President Trump, certainly for the kind of interregnum period from 2020 to 2024. But it's also the same people who were involved from 2016 to 2020. So I think it just sort of shows you that the deep state does exist, | ||
| and right now their weapon of choice is lawfare because they have nothing else. | ||
| But I think it sort of proves that every lawsuit that they're bringing against him is not rooted in constitutional jurisprudence or anything remotely legal. | ||
| It's rooted in pure political grievance and a meltdown over the fact that President Trump is deconstructing the administrative state. | ||
| Okay, Natalie, we're going to let you get over to the White House. | ||
| There'll be a lot happening this afternoon. | ||
| Pam Bondi is going to have a press conference at 4.30, her first as Attorney General of the United States. | ||
| Vote on Tulsi Gabbard's coming up. | ||
| Vote on Bobby Kennedy's coming up. | ||
| A full day. | ||
| You've got a DOGE hearing going on right now, a subcommittee hearing, a testimony of the Chairman of the Federal Reserve, and much, much more. | ||
| Alex DeGrasse is going to join us in the second hour. | ||
| We've got a lot going on. | ||
|
unidentified
|
Natalie, social media so people can follow you. | |
| Natalie G. Winters on all social media platforms. | ||
| Thank you for having me. | ||
| Great job, ma'am. | ||
| See you at the White House this afternoon. | ||
| Natalie Winters, our White House correspondent. | ||
| Short commercial break. | ||
| The Right Stuff is going to take you out. | ||
| We'll be back, I think, in 90 seconds. |
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