April 2, 2025 - Bannon's War Room
48:51
Participants
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| Speaker | Time | Text |
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unidentified
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NBC News projects Democrat Susan Crawford has won a seat on the Wisconsin State Supreme Court. | |
| That means liberals will maintain a majority on the court despite the tens of millions of dollars Elon Musk spent on behalf of the Republican candidate. | ||
| And Republicans did hold on to two House seats in Florida, adding to their slim margins in the chamber. | ||
| In Florida's first congressional district, NBC projects a win for GOP candidate Jimmy Patronus over Democrat candidate Gabe Alamont. | ||
| And in the state's 6th district, NBC projects Republican Randy Fine will defeat Democrat Josh Weil. | ||
| But it is worth noting that Donald Trump himself carried these same districts by 30 points. | ||
| Do you know how long ago? | ||
| Just 6. Months ago. | ||
| Think about that. | ||
| Here's the latest this morning. | ||
| Uncertainty around President Trump's tariffs threatening to undercut U.S. exceptionalism. | ||
| The former Obama economic advisor, Jason Furman, writing in the New York Times, where economic relations go, political relations will follow. | ||
| This week's tariffs are another step towards hurting the U.S. economy. | ||
| Rarely see economic policy just turn on a dime and the economy turn on a dime. | ||
| But that's what we've seen. | ||
| In a very, very short period, a big deterioration in confidence, a big increase in uncertainty and a big change in the outlook for the economy. | ||
| Feeling that maybe this actually is all leading up to widening the division between the U.S. and China, which is a bipartisan type of outcome. | ||
| Some people, including Peter Shearer of Academy Securities, are saying right now it's kind of doing the opposite. | ||
| You're seeing China actually get closer to a number of former trade alliances. | ||
| How do you see some of the geopolitical rearrangement that's already happening versus what could or would or should happen? | ||
| Look, the United States is a big important country that gives us leverage in the world. | ||
| But we are not infinitely big and not infinitely important. | ||
| We really need allies if we want to succeed. | ||
| The majority of countries in the world, their main trading partner is China, not the United States. | ||
| If you made them choose, I'll bet they would choose China over the United States. | ||
| The only way we can deal with China is to work together with the rest of the world. | ||
| And that just doesn't work if you're putting tariffs on the rest of the world and driving them closer to China. | ||
| Makes no sense as a geopolitical strategy. | ||
| Republicans in Wisconsin have already succeeded in making Wisconsin one of the states where you have to show a valid photo ID to vote. | ||
| Republicans are worried that if they lose control of the Wisconsin Supreme Court tonight, that voter ID law could go away. | ||
| So this year Republicans also decided to put a measure on the ballot to enshrine that voter ID law into the state constitution. | ||
| So to make it, basically so as to make it harder for the state Supreme Court to take it away. | ||
| Stop telling me. | ||
| NBC News projects that the voter ID requirement has passed. | ||
| Again, this is only with about 21% of the vote in in Wisconsin, but NBC is projecting that the voter ID requirement, again, this isn't a new voter ID requirement in Wisconsin, but it is enshrining it. | ||
| Rather than just being in state law, it would be in the state constitution, which would make it harder to rescind. | ||
| This is the primal scream of a dying regime. | ||
| Pray for our enemies, because we're going medieval on these people. | ||
| You're not going to get a free shot on 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've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
|
unidentified
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MAGA Media. | |
| I wish, in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved! | ||
|
unidentified
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War Room. | |
| Here's your host, Stephen K. Bamm. | ||
| Yes, sir? | ||
| It's Wednesday, 2 April, Year of Our Lord 2025. | ||
| It is Liberation Day in Washington DC, the imperial capital, throughout the world today at 4 p.m. approximately. | ||
| The President will go to the Rose Garden and have a massive executive order which he will sign that would geo-economically and geo-strategically reset the economy of the United States and actually the structure of world trade. | ||
| So, quite a historic day coming off last night. | ||
| I think kind of a mini historic night. | ||
| We've got, I want to start with Denver Cook, head of the St. John's GOP. | ||
| Denver, you put your shoulder to the wheel, the War Room Posse, the great Matt Boyle at Breitbart, and a lot of that came, and we want to personally thank you for kind of putting up the flair Well, | ||
|
unidentified
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first of all, I want to thank you personally for staying up till midnight texting with me that night with Matt and Matt's efforts. | |
| And both of you driving this to national attention and getting the posse out there across this country to realize how important this race was. | ||
| How we got there, we can talk about it over the holidays, special elections is not the best time to do these things. | ||
| And the Dems realize this is their chance to take out our president and their one fight to do it. | ||
| They dumped $12 million in this race, the fourth that the Democrat candidate, that was the fourth most in Florida history spent on a congressional race. | ||
| 12th in the nation ever. | ||
| So they put massive amount of funding in, and we were down here in an all-volunteer force with these six county chairs and our volunteers working against that kind of spending with their paid people. | ||
| And it was really, you know, y'all leaning in and stepping up that led to national attention focusing on this race. | ||
| So I can't thank you, Bossie, thank you, and thank Matt. | ||
| You know, that's just... | ||
| My opinion is, that was the turning point on Monday night, Tuesday, when we got into this. | ||
| And, you know, I hope that people across the country realize we, who support Donald Trump, need to be on the lookout every day, step up and show up. | ||
| Just celebrating November's victory isn't enough. | ||
| This is just the beginning, as many people have said. | ||
| We can't let our guard down and we need to fight. | ||
| Hard every, every single election. | ||
| Denver, we want to thank the Warren Post and everybody associated with our show and the great Matt Boll over at Breitbart. | ||
| I want to thank the volunteers. | ||
| Folks, this was people going to the ramparts. | ||
| The Democrats put a ton of money in here. | ||
| And they had a candidate they thought was very marketable. | ||
| And this thing went national on MSNBC, New York Times, all of it. | ||
| This was literally a grassroots campaign. | ||
| Full court save and with virtually almost no money, which was the incredible thing. | ||
| I don't think the The National RNC the NRCC everybody kind of you know just wasn't on top of this They just weren't this this was a near-death experience Randy fine is gonna be the The the the congressman and we need it. | ||
| I mean this thing on reconciliation I can't tell you how close this is right now think about it folks the house is shut down until next week and Because it was brouhaha yesterday. | ||
| Denver, what lesson do you want to tell the nation of all the Trump followers throughout the nation and particularly I want to give another hat tip to all the volunteers down in Florida 6. You guys went to the ramparts and worked your asses off over the last couple of days to ensure this. | ||
| Actually from last week to get as much early vote as possible and then have a massive game day vote. | ||
| What's the lessons you take away sir that you want to share to the whole country? | ||
|
unidentified
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My biggest lesson is this, especially on these special elections, is you can't just count on the people there to do it. | |
| We had, just out of one county out there, 40,000 calls come into the district last week. | ||
| So, over 220,000 calls were made in the last week and a half of this race. | ||
| Largely, the last, you know, five to six days, the vast majority of those, they got the turnout. | ||
| And drove this victory. | ||
| And it was Republicans who wanted it. | ||
| It wasn't the independents who showed up for Randy. | ||
| It wasn't the Democrats. | ||
| It was the Republicans who showed up and gave this victory. | ||
| And it's the hard work of our volunteers on the ground who made thousands of phone calls and were out doing flag waving and out at the polling locations and out knocking on doors. | ||
| You know, I give a shout out to Marion. | ||
| The chair for Marion County had arm surgery, and her vice chair down there has a broken collarbone, and they were both out Saturday at events getting people to the polls. | ||
| So, I mean, this is full court press on the ground, and I would tell everyone, get involved. | ||
| Contact, you know, not just locally but your neighbors as well, and find out what's going on, stay informed, and get out there and do the work. | ||
| We lost Pennsylvania, as you know, and that's special because people, not enough people paid attention and went out and worked. | ||
| that we're going to be doing. | ||
| We need to be out there working and the door knocking and the phone calling and the volunteering is the biggest impact in these races. | ||
| But if it doesn't happen, we will be losing and we can't afford to lose. | ||
| So, paid volunteers aren't the same as the real volunteer. | ||
| So, Warren Posse, one of the key lessons here, and for everybody listening throughout the nation, Because, you know, we got to work on the precinct strategy, and we're the foundational element for President Trump's return. | ||
| We've remade the Republican Party. | ||
| There's one thing people have to keep in mind. | ||
| I think Scott Jennings over at CNN has said this repeatedly, as we've said it here on the show, and through our actions and the conference calls we have, but it's a reality. | ||
| In remaking this party to be more of a working-class, middle-class party, We have brought in that surge capacity we have are low propensity voters. | ||
| And many of those are low information. | ||
| It doesn't mean they're dumb. | ||
| It doesn't mean to that degree. | ||
| They're just not that engaged in politics. | ||
| Therefore, it's a massive grassroots effort that we have to turn this vote out. | ||
| And it's tough. | ||
| It's tough. | ||
| And you have to do it. | ||
| We have low propensity voters. | ||
| Historically, some of these folks have only voted when Donald Trump's on the ticket. | ||
| Okay, but look I know I'm the biggest advocate of 2028 but for the Congressional's and like these specials and what's gonna happen this fall President Trump is not names not gonna be on the ballot. | ||
| It is about him. | ||
| It is about MAGA It is about the direction of the country today's Liberation Day His whole geo economic resetting but the work you can't do TV ads and get these people to the polls It just doesn't work. | ||
| We have to put our shoulder to the wheel and now in Florida six it showed That by doing that, we can win. | ||
| And we're going to talk about Wisconsin here in a second, but Florida 6 shows with an enormous amount of money that the media hasn't presented. | ||
| Denver, one more time, just tell me, the amount of money spent by the Democrats, where is that in the history of Florida congressional races and national congressional races, sir? | ||
|
unidentified
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So that was fourth in the history of Florida by a congressional candidate and twelfth in the nation. | |
| I mean, they were not messing around. | ||
| Twelve million dollars, the fourth. | ||
| Most ever spent in Florida's history, and the 12th in our country. | ||
| And if you think about the number of congressional campaigns that have existed, it's baffling. | ||
| But this is how, you know, what we're up against. | ||
| The Democrat Party has not surrendered. | ||
| And we can't treat it as if they have. | ||
| They are fighting. | ||
| The folks after Wisconsin, yeah, they're engaged. | ||
| They're engaged. | ||
| We don't hold that against them. | ||
| This is what a democracy is about. | ||
| This was us back in 21. Denver, what's your social media? | ||
| Denver, quick, so people can find out more and start to, you know, get you to engage in other places. | ||
|
unidentified
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Well, I'll just say real quick, the fastest way is to reach out to our, on our website, stjohns.gop, which is S-T-J-O-H-N-S dot G-O-P. | |
| That's our website, and you can contact us in the contact page. | ||
| Quick way to get ahold of us. | ||
| Reach out there. | ||
| You'll get right to Denver Fight on brother great job to all the volunteers to everybody that came out in Florida six and did the hard work for everybody made phone calls all those really hundreds of thousands of phone calls and contacts for everybody knocked on doors This victory is yours, | ||
| and it's a powerful message sent to Washington DC I know that some very serious and high-level people This thing holds together by a thread, folks. Right? | ||
| I don't come on here and say, hey, the inauguration's over because I don't like to party or, you know, we're not upbeat. | ||
| It's reality check. | ||
| The country hangs in the balance. | ||
| We're gonna take a short break. | ||
| I've got Jim Rickards is with us this morning. | ||
| Mike Benz is gonna be with us later. | ||
| Natalie's gonna jump in. | ||
| We've got Chip Roy. | ||
| But next, we're gonna go and deconstruct Wisconsin. | ||
| Folks, hopefully last night was a wake-up call. | ||
| And it gets back to one simple basic thing. | ||
| This populist movement rests on your shoulders. | ||
| President Trump has the burden of the world on him as you'll see today in the Rose Garden. | ||
| You have to deliver these victories. | ||
| If you don't, it's not going to happen. | ||
| Short commercial break. | ||
| We're going to go to Wisconsin next to the chairman of the GOP in the war room. | ||
|
unidentified
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I got American power. | |
| I got American faith in America's heart. | ||
| Here's your host, Stephen K. Band. | ||
| Um... | ||
| The reason people do specials about the show in the audience, the reason they write all these articles, all these features, is because of you. | ||
| They understand that you are the tip of the spear of the MAGA movement. | ||
| There's a price to pay for that. | ||
| We have to be ever vigilant. | ||
| This is why what happened in Florida 6 is so incredible. | ||
| Because you guys came to the ramparts it look in on April 19th. | ||
| We're gonna have Lexington and Concord That DNA that that that fighting spirit that ability to mobilize quickly When you know dangers there are when you're alerted to danger When we stop at the happy talk and give you the facts and facts where we were in very bad shape in Florida six and folks we cannot afford to lose a congressional seat right now and President Trump's agenda hangs by a thread and that I don't even talk about the games being played there and I'll hopefully get to that later | ||
| if not tomorrow In Wisconsin Brian Schimming had a plan and led us to victory with President Trump a magnificent victory six months ago one that kind of put us over the top and last night we won Something that's so important for elections going forward and so dear to people in this audience's heart and people have worked all over the country and it's a super high priority for President Trump. | ||
| That's voter ID. | ||
| And it won big league. | ||
| Yet we lost the Supreme Court seat. | ||
| And with that Supreme Court seat, in addition to all the issues in Wisconsin of life and of being able to defend yourself, Everything else We're going to lose two congressional seats. | ||
| That's just a fact These radical Democrats it was over a hundred million dollars spent they didn't put this kind of money in not to take those two seats and those two seats put us right on the cliff the edge of Them trying to impeach President Trump and it raises the stakes in 2026 even higher and I told you this was going to happen That these people are not done We won a massive battle in November. | ||
| Incredible battle. | ||
| A come-from-behind, out-of-nowhere battle. | ||
| But it's one battle in a continuing war against people that still control the apparatus. | ||
| Look at President Trump. | ||
| We're in court. | ||
| I don't know. | ||
| A hundred lawsuits. | ||
| We're going to Supreme Court on certain things. | ||
| Today's going to announce Liberation Day. | ||
| And do you think over at Capitol Hill, Or in the halls of power of Wall Street or the corporatists. | ||
| They're gonna be there high-fiving him. | ||
| No, they're not. | ||
| It's another massive, another massive, massive battle. | ||
| Brian Schimming, Chairman of the GOP. | ||
| How do we win? | ||
| Help me out here. | ||
| Riddle me this, brother. | ||
| How did we win? | ||
| Since essentially in a huge margin, the voter ID, which was so controversial, and then lose And kind of got blown out, I guess, by 10 points or 9 points. | ||
| I don't know where it came out. | ||
| We were down as much, I think, 15 or 16 last night. | ||
| Some of the Trump counties came in. | ||
| And for everybody who's up there volunteering, you guys did an amazing job, and the turnout was incredible. | ||
| But I don't know if the end was around 10 points or something. | ||
| How did we lose one so badly and win another one? | ||
| That also you saw Rachel Maddow's face, you saw her her face understanding it's going to be harder for them to steal elections with voter ID and kind of Wisconsin's leading the charge here. | ||
| How did that happen? | ||
| Yeah, so the importance of voter ID as a referenda legislature has actually put that referenda on and that's always had really wide support. | ||
| You know, the only two counties that voted against voter ID that I saw in my quick read this morning We have 72 counties, the two counties voted against it, Dane and Milwaukee County, the two Democrat liberal bases in Wisconsin, of course, had to vote against it. | ||
| So that was in some ways, the lesson is that was a 70 percenter issue, right? | ||
| It passed. | ||
| About a little short of two to one. | ||
| That's, you know, as we often call it, 70% of issues where the average guy, not the folks who buy the TV ads, not all the whatever, but the average Joe Lunchbucket and Susie Bearframe out on the street, they go, I get that. | ||
| I understand why we should do that, and I'm going to vote for it. | ||
| What I think they got less in the Supreme Court race, and this is what The tragedy is there is that the liberal candidate there, Susan Crawford, argued against voter ID as a private attorney representing, I think, the legal and voters or someone. | ||
| So you sit and you look at that and go, how does that happen? | ||
| But frankly, this ought to be a lesson for conservatives, especially in court races. | ||
| And you and I have talked about this. | ||
| I've argued for years that the movement needed to pay more attention to court races because they're as important as gubernatorial and sometimes presidential races. | ||
| So I think the definition of the candidates in this race and perhaps on our end playing defense, unfortunately having to play defense a little bit too much early on, we have to learn in this state and in this country to take it to the other side. | ||
| And I think the old playbook Of saying, oh, we're the law enforcement. | ||
| We're the, you know, we're the big law enforcement candidate. | ||
| They're the liberal anti-law enforcement candidates. | ||
| I think that playbook is worn out. | ||
| And we have to take it to them on cultural issues and things that matter to our voters. | ||
| Because we actually had 200,000 more voters come out for Brad Schimel on our side last night than Dan Kelly got two years ago. | ||
| But the Dems, as someone said to me last night, Our base was pissed off in November. | ||
| Their base was pissed off now. | ||
| And it drove them out, no doubt. | ||
| What about these low-propensity voters? | ||
| We now have to figure out how to put a permanent apparatus, folks, at the state party level, and from the precincts up, we need to get an apparatus to make sure that we get access. | ||
| These people They want to vote for us. | ||
| They want to vote for MAGA, but they're low-propensity voters. | ||
| And we've changed the party in a great way to do that, but now we have to systemize how we go out and do that. | ||
| What would you say about that issue, Brian? | ||
| Yeah, I agree, absolutely, because there are a lot of low-propensity voters out there who, overall, they're with the President, and they probably, in a box, are largely with us. | ||
| But they didn't turn out last time. | ||
| I mean, the president endorsed Brad Schimel and, you know, other clear indications that the president supported Brad Schimel. | ||
| And so, I mean, a lot of it is an off-year election where we have a dramatic drop-off. | ||
| But we can't just accept that as a fate accompli. | ||
| It certainly often happens in Wisconsin where we don't do well in April elections. | ||
| But you can't just ignore that. | ||
| You've got to go, OK, how do we deal with that? | ||
| And we've got I mean, everyone says in fact, I was saying this morning, everyone says, well, we've you know, we'll have a liberal court for three years. | ||
| Steve, we have two court elections of incumbent conservatives between now and then we have to pull an outside straight between now and then. | ||
| So I don't oftentimes the early analysis is not the accurate one, but. | ||
| But we have to ask some hard questions, number one, about how we run these spring races. | ||
| I'm almost to the point of saying I'd rather have, in our state, in Wisconsin, it's a nonpartisan court. | ||
| I almost wonder if we shouldn't be asking the question, should we do what they did in North Carolina and make people run as Republicans or Democrats so it's more clear what they're really about? | ||
| We can't count on $50 million campaigns to do it. | ||
| Brian, where do people, to keep up with you, where do people go? | ||
| Follow me on X or Truth Social at Brian Schimming. | ||
| I encourage you to do so. | ||
| I'll be talking a lot about this election. | ||
| And frankly, and I said to someone else, Steve, earlier today, I said, look, we have to do the analysis. | ||
| We have spent time. | ||
| We have to ask hard questions and do all of that. | ||
| But we got elections coming next year, so you will not see me sitting on my hands at any time for a year and a half. | ||
| We got races to win, fights to fight, a movement to move along, and that means we keep moving. | ||
| So anyone who's dispirited this morning, believe me, I get it, but this is a long-running battle. | ||
| It's not something that ends at any one election. | ||
| We have to remember that. | ||
| We got to save the state, And save the country. | ||
| The wind is out there. | ||
| We have to go get it. | ||
| Go get it. | ||
| Thank you, brother. | ||
| Great job. | ||
| Thanks, Dave. | ||
| Great job. | ||
| Yeah, the grassroots and the volunteers in Wisconsin. | ||
| Hat tip to you, Scott Presser, the whole team up there. | ||
| You guys did a magnificent job against, let me say this, big headwinds. | ||
| Jim Rickards joins us. | ||
| Gold is what, $30,000? | ||
| 651 was it? | ||
| 3651? Oh, excuse me. | ||
| 3163. Okay, everybody get your... | ||
| Don't have a heart attack there. | ||
| 3163, but it's moving. | ||
| Rickards, it's Liberation Day, plus the day after, quite frankly, a massive defeat in the... | ||
| This thing in the Supreme Court in Wisconsin is going to resonate down through the next couple of years. | ||
| Put it in perspective for us. | ||
| Particularly Liberation Day. | ||
| Reciprocity, I hope, sir. | ||
| Well, of course, Liberation Day is about tariffs, which is one of, I'm calling the term maganomics, to embrace all the economic policies coming out of the White House through various channels. | ||
| And there are three big ones. | ||
| There's Scott Besson at Treasury. | ||
| He has the three arrows, basically, keeping deficits below 3% of GDP, real growth over 3% of GDP, and 3 million new barrels of oil. | ||
| That's very well thought out. | ||
| It's gonna have very positive effects. | ||
| So that's, and also monetizing the asset side of the balance sheet. | ||
| So that's the best in three arrows. | ||
| Peter Navarro, the trade manufacturing czar, is the big brain behind tariffs. | ||
| Obviously, that's what Liberation Day is about. | ||
| Liberation, we're gonna be liberated from unfair trade practices, huge trading surpluses by our trading partners who cheat, particularly China, but also Europe, Mexico, and some others. | ||
| Vietnam, by the way. | ||
| Vietnam doesn't get a lot of mention. | ||
| They have one of the biggest trade surpluses with the United States of any of these countries, but there's a long list of them. | ||
| The third leg... | ||
| Jim, hang on one second. | ||
| I want to give the third and we get back and take a short commercial break. | ||
| Jim Rickards, Strategic Intelligence. | ||
| Go to RickardsWarRoom.com. | ||
| Get access to Strategic Intelligence. | ||
| If you like capital markets, national security, geopolitics, all of it's right there in that letter. | ||
| It's amazing. | ||
| We read it and we love it. | ||
| Also gives you a book money GTG PT. | ||
| It's artificial intelligence currency capital markets. | ||
| It'll scare Scare you because it's a reality check short commercial break chip Roy Jim Rickards on the other side. | ||
| Here's your host Stephen K band Jim Rickards joins us Field of greens by the way, I get my Warpath Coffee here in the morning. | ||
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| Jim Rickards, what's the third element? | ||
| We got we got Besson's and I'm gonna have if we get Chip Roy up I think we have to get him by phone To get to that six and a half to three and a half percent. | ||
| I'll tell you what Jim if you can hang one second, we do have Chip Roy I went oh, that's guy Chip Roy joins us So brother Roy, what's your assessment of last night? | ||
| We pulled it out in Florida six By the skin of our teeth at the last second we won a huge Well, it was good to see Fein went down to Florida where I was going to get two new members up here in the House. | ||
| That's good news. | ||
| And in the end, you know, I think it was about a 12 to 15 point margin, you know, low name ID. | ||
| So I feel good about that. | ||
| Then we'll get going once those two get up here. | ||
| I hope they'll join in and get in the fight immediately. | ||
| But Wisconsin, double-edged sword, voter ID, that tells you where the American people are on voter ID. | ||
| You know that, I know that, anybody on this show knows that. | ||
| We need to move. | ||
| It's why we're trying to move the SAVE Act here in Washington. | ||
| It's been a part of the rule. | ||
| We got to get it off the House floor and jam it through and get the Senate to act on it. | ||
| Look, on the Supreme Court, I haven't studied as well as some politically to know exactly what happened. | ||
| That's not my state. | ||
| I know there's a lot of work in there at the last minute, but I feel like if I had to just make my opinion on it, it's that it was late. | ||
| We needed to be on that a long time ago. | ||
| And I will say the Freedom Caucus, for example, we were running ads, I think, six weeks, eight weeks ago, because it was so critically and obviously important that we win that damn race. | ||
| We were trying to lean into it, and it seemed like there was crickets, at least in the national conversation. | ||
| And we didn't really nationalize that until the last week. | ||
| And I think You know, we should have been in there earlier. | ||
| That's my quick assessment. | ||
| What do you, how do you think this, what does this portend for 2026? | ||
| Well, obviously we've got an issue now in terms of redistricting and what you just pointed out in terms of the number of seats. | ||
| And we're going to have to, I mean, and that's going to mean a lot. | ||
| I mean, you know, that's that any, every seat we lose, that makes it even harder for us to make sure we keep the majority. | ||
| What it also means is we need to go frigging deliver on the agenda. | ||
| It's ridiculous that we're not meeting this week now. | ||
| And there are reasons why I won't get into, but your listeners and viewers know that. | ||
| But we need to be getting the job done. | ||
| We've got the Senate over there moving their reconciliation budget this week. | ||
| I don't know what that's gonna look like yet. | ||
| We need to be aggressive. | ||
| We need to reduce spending. | ||
| We need to do it significantly so we can fight the inflation tax killing hardworking American families. | ||
| We need a tax package that is delivering on the President's agenda, but is also Responding to the fact that you need hard-working American families to be able to get by, and the tax package ought to reflect that. | ||
| So we need to get something good passed before Easter. | ||
| I think the American people are getting restless. | ||
| They want to see us deliver. | ||
| We've done a lot of good things with a razor-thin majority, but you know, enough. | ||
| It's time to deliver, and I think that's where the people are. | ||
| When you say, I mean, we have to drill in people's heads now that as long as you have this massive Keynesian stimulus, That you're not going to get inflation down because, you know, it's best thing right now. | ||
| It's what 37 going to 38 training in debt. | ||
| You got to refinance a third of it. | ||
| So you're talking about selling government security, you know, 10 12 million trillion dollars, excuse me of government securities at higher interest rates. | ||
| It's it works itself through the system. | ||
| The people are people really bought into the fact that we have to cut spending and look the Doge thing. | ||
| I'm a huge supporter of Doge. | ||
| I would like to see some actual numbers, and I'd like to see some people, if there's been this massive fraud, I'd love to see Cash Patel have it. | ||
| But that aside, is there any stomach for the programmatic cuts that at some point are going to have to cut? | ||
| If Scott Besson's plan, as Richard just laid out, is a 6.5% deficit to GDP down to 3.5% over a number of years, I mean, how do you do that unless programmatically You get in there and start cutting programs, sir. | ||
| You can't. | ||
| I mean, that's the straight answer. | ||
| I mean, I visited with Scott last week. | ||
| I mean, I think he's doing a good job and, you know, we had a really good, thoughtful conversation on what we need to do. | ||
| We need to have spending reductions and discretionary spending and all the programs you're talking about. | ||
| Just to give you an example, and your viewers know this, a year and a half ago, Eli Crane, your friend and mine, and often a participant on your show, Eli offered an amendment Based on all the work we had done when we were going through all the amendments after the McCarthy stuff, when we were offering appropriations bills, we said, look, this USAID funding is ridiculous. | ||
| And so Eli offered an amendment to cut 50% of it. | ||
| But 102 Republicans voted for it, but 114 Republicans voted against it. | ||
| That's what we're up against. | ||
| We're up against Republicans who always find an excuse for why they have to vote for more spending and for a program that continues to rack up debt. | ||
| Ronald Reagan said famously, and I think you will agree with this. | ||
| In an interview with Johnny Carson in the 70s, I was speaking out at the Reagan branch two weeks ago to some kids, high school kids. | ||
| And I was back looking at a bunch of his clips, and Reagan said to Carson, every program that a member of Congress brings forward, they ought to have to have a tax increase along with that program to pay for it. | ||
| Now, neither you nor I support tax increases, and Ronald Reagan sure as hell didn't support tax increases, but his point was right. | ||
| We've got people up here who want to go out there and say, I cut your taxes. | ||
| I've done all this wonderful stuff for all of you, generally speaking, donors. | ||
| And so, look at me, I'm a good Republican. | ||
| But what they don't do is cut the inflation tax, which is being driven by the radical amount of spending, as you pointed out, not just COVID spending, the entirety of the morass that is the federal government. | ||
| And if we don't reduce that spending, we are not going to make America affordable again, which means you can't make America great again. | ||
| I do think, Scott gets this, I think the president gets this, but we need to get it with more fervor in Congress and, frankly, at the other end of Pennsylvania Avenue to get this done. | ||
| Look, you said earlier you have to have a tax structure that rewards the working class and middle class. | ||
| You know, no tax on tips, on overtime, on bonuses, on Social Security. | ||
| And the reality is I don't support tax cuts unless you don't have another alternative. | ||
| And I'm a very big proponent, and I think the leader of, if the math is the math, is the math what it is right now, there's no chance that you can, in reinstating or extending President Trump's tax cuts, you can extend it for the upper bracket. | ||
| Just can't. | ||
| I understand everybody over the House, everybody over the Senate, but I will tell you behind closed doors, because I talk to a lot of people, They understand what the dilemma is. | ||
| They don't want to say it out front. | ||
| So somebody's got to step up and we're doing it here at The Worm. | ||
| Chip, a lot of times, Chip Roy gets a lot of grief. | ||
| Because Chip often brings, you know, unwelcome truths, right? | ||
| Like, here's the math. | ||
| What are we going to do about it? | ||
| And the country's hurtling towards a financial crisis. | ||
| You know, Ray Dalio's hinting we're going to have a failed Treasury auction. | ||
| We have a failed Treasury auction. | ||
| That's a sovereign debt crisis, folks. | ||
| And we have a sovereign debt crisis with $37 or $38 trillion of debt with $2 trillion deficits every year. | ||
| Trust me, it's not your kids and grandkids worry about. | ||
| It's your life is going to change dramatically. | ||
| Chip Roy, your thoughts? | ||
| Yeah, Steve, I couldn't agree more. | ||
| Let me actually just go ahead and say here, I think it needs to be said, that I will be very clear that if it takes not getting the top tax bracket snapping back from 30, you know, to prevent it from snapping from 37 back to 39.6, right, which is what will happen when the tax cuts expire this December, I would give that up. | ||
| If that's what is necessary to do what we need to do to reform Medicaid and reconciliation properly, to get it done the right way, to get spending cuts in the discretionary spending that we need to do to get spending down in order to preserve this great republic, which we're going to lose. | ||
| As you point out, Scott Besson's gonna have to go get another $1.7 trillion in bond issuance over the next nine months. | ||
| We've got a significant amount of refinancing of our debt happening right now at higher rates. | ||
| If we just raise If rates are up just another point, it's like another trillion dollars basically in interest over the next decade. | ||
| We are destroying our kids and our grandkids inheritance if we don't get it right. | ||
| So to be clear, yes, I want taxes to be low and broad for everybody. | ||
| I want economic growth from all of that. | ||
| But don't come talk to me about your precious tax cuts for your upper end donors when you're now ratcheting up debt, which is a massive tax on the average hardworking family. | ||
| And I do understand That small businesses get caught up in that rate, so do you. | ||
| So we need to be smart about the 199 pass-throughs, so true small businesses aren't getting hurt. | ||
| But I don't want to just bullcrap where multi-billionaire hedge fund guys want their tax cuts, and I'm sitting here while this government is spending money ratcheting up inflation, hitting the hard-working American. | ||
| So Jake Sherman, suck on that, brother. | ||
| Real quickly, I know the SAVE Act, You've been at the forefront. | ||
| By the way, I think we just made news here on a Wednesday morning. | ||
| Chip, the SAVE Act, what does this audience need to do to assist you, sir? | ||
| Well, just keep making your voice heard that you believe that we should ensure that only American citizens vote in American election. | ||
| That's all the SAVE Act is about. | ||
| The radical progressive left is trying to turn this into something that it is not. | ||
| They're trying to say that it prevents God-fearing, awesome Some American women out there who get married and who take their husband's name. | ||
| Suddenly the radical left cares about women who get married and take their husband's name. | ||
| And they say that, well, they won't be able to vote. | ||
| That is simply fake news. | ||
| It's not true. | ||
| We've got a good bill. | ||
| It says that if you get in and you change your name, there's a life event. | ||
| You can still use your new passport, your new real ID, or the states can create a solution for you to go vote. | ||
| What matters is you get out there and you tell your Members in Congress, you believe strongly that only citizens should vote. | ||
| The SAVE Act is the best way to do that. | ||
| It protects the voting rights of all Americans, but it stops non-citizens, illegal aliens, from voting in our elections. | ||
| So let your representative know that you care about getting that done as soon as possible. | ||
| Chip Roy, Congressman, where do people go to track you both on social media and at your website? | ||
| Sure, it's ChipRoyTX. | ||
| That's my Twitter handle, or RepChipRoy on my official site. | ||
| Go to Roy.House.gov to be able to sign up for anything from my official office. | ||
| And keep at it. | ||
| We've got to put our foot on the gas right now. | ||
| We're nine weeks in. | ||
| The president's doing a lot of great things. | ||
| I agree with you. | ||
| Doge is doing great things, but we need to see them come to fruition. | ||
| Congress needs to act. | ||
| It's a thin majority. | ||
| It is hard, but we're working around the clock to try to deliver. | ||
| We've done some good things, but we've got to get it done. | ||
| So stay involved, keep pushing on it, and we'll keep working as hard as we can. | ||
| Congressman Roy, thank you for coming on today. | ||
| Thank you for being blunt. | ||
| Thanks to you. | ||
| God bless. | ||
| Chip Roy, a fighter. | ||
| Jim, I've got about a minute. | ||
| Ray Dalio warns us about a potential failed Treasury auction. | ||
| If we don't make some pretty dramatic changes. | ||
| Your thoughts on that, sir? | ||
| You're never going to have a failed Treasury auction. | ||
| You might, I'm not sure what Ray means by that, you might mean that you've got to pay higher interest rates than you expected, like a bad auction. | ||
| But one phone call to Jamie Dimon would take care of that. | ||
| The primary deal is exists to underwrite the U.S. government debt. | ||
| They're going to do it. | ||
| You're not going to have a failed auction. | ||
| That's a little bit hyperbolic. | ||
| And I want to rise to the defense of Scott Besson. | ||
| By the way, Chip Roy is brilliant. | ||
| I'm a big fan. | ||
| I spent some time with him down in Texas with Ted Cruz back in the Rick Perry days. | ||
| I think he's great. | ||
| He's missing a key thing. | ||
| When he says that Besson's plan won't work because we're not going to cut spending, yeah, we're whacking some certain agencies, but in the aggregate, we're not going to cut spending. | ||
| Spending is going to go up. | ||
| It's just going to go up. | ||
| And so he's suggesting that Besson's plan will fail. | ||
| But what he's missing is everything Besson's talking about is a ratio. | ||
| Besson's not talking about absolute numbers. | ||
| He's talking about ratios. | ||
| And when you have a ratio, you have a denominator. | ||
| And what he's missing is the denominator, which is growth. | ||
| If you can get the growth, you can hit Besson's targets. | ||
| Hang on. | ||
| Hang on. | ||
| Okay, we're going to have a little debate between Jim Rickards and Stephen K. Bannon. | ||
| Jim Rickards is absolutely correct. | ||
| You get that 6.5% down to 3.5%, it's predicated upon growth. | ||
| We're going to talk about the supply-side tax cut and what it means for growth. | ||
| Is it real or is it ephemeral? | ||
| Short commercial break. | ||
| Rickards on the other side. | ||
|
unidentified
|
We will fight till they're all gone. | |
| Here's your host, Stephen K. Band. | ||
| The IRS is going to be coming looking for their dough, particularly if you've got a letter. | ||
| Don't put it in the drawer. | ||
| That means the fees, the interest rates, the penalties, it all just metastasizes. | ||
| 800-958-1000. | ||
| Tax Network USA. | ||
| Promo code Band to get a free consultation or TNUSA.com. | ||
| Free consultation. | ||
| Tax Day arriveth. | ||
| What is it next week? | ||
| I guess a couple weeks from now because the 14th. | ||
| Yeah for a couple Tuesdays from now Get on today talk to those folks Don't deal with the IRS by yourself. | ||
| You need someone that can assist you So do it So Jim Rickards Scott six and a half to three and a half. | ||
| You absolutely correct us. | ||
| What's the denominator? | ||
| Do you believe either through tax cuts, deregulation, the animal spirits, using tariffs to bring manufacturing jobs back? | ||
| What is it that's going to take to drive actual real growth, not growth through inflation, but real growth in the American economy, sir? | ||
| Well, exactly the things you mentioned. | ||
| And by the way, we have a test case for this, a real world example. | ||
| The first two years of the Reagan administration, 81, 82, we had the worst recession since the Great Depression. | ||
| At that time, we've had worse ones since, but that was a very bad depression. | ||
| We came out of it from 1983 to 1986, the US economy grew 16% real. | ||
| That's not with inflation, there was inflation, some inflation, but 16% real growth. | ||
| That's the kind of growth you can have with tax cuts and with the Reagan policies. | ||
| Now, come forward to Trump, he's proposing many of the same things. | ||
| And by the way, Trump, I'm sorry, Reagan, he was terrorist also. | ||
| Lighthizer was the deputy US trade representative at the time. | ||
| He's not in the cabinet today, but his protege is and he's directing a lot of these ideas. | ||
| In the 80s, Lighthizer took on the Japanese auto industry. | ||
| Today he's gonna, his policies rather, and Navarro's, Peter Navarro's policies. | ||
| We're gonna take on the Chinese auto industry and also Canada and Mexico. | ||
| So with tariffs, investment in the US, high growth, sorry, high real wages again, High real wages, better jobs. | ||
| You can get that kind of growth. | ||
| We might have a recession this year. | ||
| We might be in one already. | ||
| That's the Biden hangover. | ||
| But coming out of that, you can see very strong growth in 2026, 2027, 2028. | ||
| And that's what achieves Besson's targets. | ||
| That's what makes it real. | ||
| You've got enough battle scars to realize they're not going to cut spending. | ||
| And front page of our favorite Financial Times, investors flock to gold as fears mount on eve of Trump tariff announcement. | ||
| Gold rushed to a haven asset. | ||
| Of course, over here is the Chinese Navy basically doing drills that shows that they can do a naval quarantine around Taiwan as a signal to us. | ||
| Your thoughts about why is gold at an all-time high or heading towards an all-time high, I guess, in real numbers, sir? | ||
| Yeah, there are some fundamental reasons but in the short run markets can deal with good news and they can deal with bad news They cannot deal with uncertainty. | ||
| So some of the uncertainty is going to be lifted, you know four o'clock this afternoon But Trump's gonna further tariff announcements Tomorrow and you know Trump's dharma is it's never over meaning he will, you know negotiate bilaterally The market The markets hate that. | ||
| And so, when you go to gold, gold's not necessarily the best inflation hedge. | ||
| It does do that. | ||
| I call it the everything hedge. | ||
| Uncertainty, geopolitics, Ukraine, Putin, China. | ||
| It's got a long list of things. | ||
| If you don't know what you're doing, or you don't know what's happening next, is a better way to put it, go to gold. | ||
| But the fundamentals are who's buying it. | ||
| It's not retail. | ||
| There's no retail frenzy in the U.S. It's the central banks. | ||
| It's Russia, China, Iran. | ||
| Iran's not transparent, but they're buying it. | ||
| Turkey, Vietnam, Mexico, and others. | ||
| And they're basically... | ||
| This is the BRICS currency. | ||
| There was so much talk two years ago, the BRICS are coming up with a new currency. | ||
| They're not. | ||
| I mean, maybe in 10 years, but they're not coming up with a new currency. | ||
| They already have one. | ||
| It's gold. | ||
| And so, if you don't, you know, when you see the U.S. trying to steal Russian Treasury securities and, you know, Stephen Moran, I haven't met him, but he's the Mar-a-Lago Accord. | ||
| He wants to cram 100-year bonds down our trading partners' throats and say, hey, we're going to redeem all your bills, and here's a 100-year bond, century bond, etc. | ||
| When you see that kind of thing going on, I say, just give me gold. | ||
| I don't want Treasuries anymore. | ||
| And mining outputs flat. | ||
| So you've got fundamentals, but it's really an uncertainty. | ||
| Trade everything hedge right now, but it's going to keep going. | ||
| We're in the early stages of a gold boom. | ||
| Jim, where do people go to get your writings? | ||
| I'm going to actually check in with you tonight, personally, after the show on what you thought of Liberation Day, and hopefully have you back on the next couple days. | ||
| Where do people go to get Strategic Intelligence, the newsletter, and your great book on artificial intelligence and currency? | ||
| That's right, MoneyGBT. | ||
| So we have a landing page for the War Room Posse. | ||
| It's called RickardsWarRoom.com. | ||
| That's RickardsWarRoom.com. | ||
| You go there, we've got actually a new video up, and you'll be able to subscribe to our flagship newsletter, Strategic Intelligence, where we cover all this. | ||
| By the way, the next edition is going to be on Maginomics, kind of going through some of the things we spoke about today. | ||
| Also on Twitter, at Jim, sorry, at Real Jim Rickards. | ||
| At Real Jim Rickards. | ||
| Jim, thank you for joining us on the morning of Liberation Day. | ||
| Look forward to talking to you this afternoon. | ||
|
unidentified
|
Thanks. Historic day. | |
| Rickards looks at all the political class with a jaundice eye. | ||
| You know, his belief is that we're not going to cut spending. | ||
| If we don't cut spending, man, we need a surge of growth like you've never seen before. | ||
| So we'll get into all that tomorrow because we're going to see where the structure... | ||
| There's still a debate over at the White House. | ||
| Is this going to be reciprocity? | ||
| In other words, it's going to be each country's going to have a counter tariff put on them and also non-tariff barriers? | ||
| Or is it going to be some sort of tranching at 20%, maybe down to 10%, maybe tiering country by country? | ||
| I think that's all being worked out. | ||
| They should start rolling this out. | ||
| I think messaging-wise, early afternoon, four o'clock in the Rose Garden, I would hope that they would Definitely wait to the end of markets. | ||
| I'll see a Rose Garden Signing President Trump very big day for President Trump. | ||
| He's worked on this a long time I love Rickard saying President Trump his Dharma is that he's got a he's always gonna always negotiating Every day will be Christmas Day for him after today because they'll be this will be the biggest global negotiation ever Geo economically as he repivots the country biggest since World War two Natalie when is gonna join us? | ||
| The great Mike Benz is going to join us. | ||
| I have to depart here shortly. | ||
| I've got to give a talk today over a tech conference. | ||
| How does that sound? | ||
| Also tomorrow going to be over the Justice Department. | ||
| So a lot going on back here in the Imperial Capitol to lend a hand and make sure that we get a big launch on Liberation Day. | ||
| Everybody that's worked on populist economics, America First, Economic nationalism. | ||
| Today is a huge day. | ||
| Gonna leave you with the right stuff. | ||
| We'll be back in the war. | ||
| Make sure you take out your phone. | ||
| Bannon. B-A-N-N-O-N. | ||
| Text that to 989898. | ||
| Get to Birch Gold. | ||
| What did Rickard just say? | ||
| Explosions coming? | ||
| Find out why. | ||
| Find out the underlying reasons. | ||
| The ultimate guide to investing in gold in the era of Trump. | ||
| From Birch Gold. | ||
| Talk to the Philip Patrick team. | ||
| Do it today. |
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