April 3, 2025 - Bannon's War Room
48:49
Participants
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| Speaker | Time | Text |
|---|---|---|
|
unidentified
|
On the tariffs, enough already! | |
| Let's just disrupt everything! | ||
| The President wants to do it! | ||
| He wants to hammer Canada, he wants to hobble Mexico, he's all over Europe in Mercedes-Benz VW Lambo, hey Toyota, look out! | ||
| Same with Nissan, China, forget it, Jake! | ||
| Tough luck, Nissan! | ||
| And Kia, see ya! | ||
| Yep, welcome to Liberation Day, where America does to all of our trading partners like we did to the Red Coast in days of Europe. | ||
| It's time to make a pay. | ||
| Teach them a lesson. | ||
| Don't tread on me. | ||
| Just begun to fight. | ||
| Whether you think it's good policy or bad policy, it sure seems like Wall Street's gotten tired, worried about it, and just says, bring it on. | ||
| Although today, in some sort of weird reprieve, the Dow gained 235 points, has to be advanced 0.67%, and the Nasdaq actually climbed 0.87%. | ||
| You know what? | ||
| That's kind of like a joke. | ||
| See, because that was before all the announcements after hours, and the trades after hours are painting a different picture. | ||
| A horrendous picture. | ||
| The one we had dangled in front of us since election day, the one that's finally here and it's every bit as horrible for stocks as many of us thought it could be. | ||
| I want to highlight something. | ||
| Donald Trump has argued over and over that we need to impose these tariffs because other countries have been ripping us off for years, taking advantage of the American people. | ||
| The White House says the 10% tariffs are going to apply everywhere. | ||
| Well, Wired and Axios pointed out something really important. | ||
| Those taxes include the Heard and McDonald Islands. | ||
| You can see right here on this massive list the administration put out on social media. | ||
| But here's what you might not realize. | ||
| Those islands? | ||
| They're in Antarctica. | ||
| They don't produce any exports. | ||
| Do you know why? | ||
| Because there are not any human beings that even live there. | ||
| There is no possible way that they could be taking advantage of us on trade. | ||
| What we do not know is if the penguins who live there will retaliate. | ||
| That's exactly right. | ||
| I do think in prior periods, I mean, the late Jack Welch, whom we worked for at GE, would have said something irrespective of any considerations for the price of the stock or any other issues that might have been outstanding. | ||
| We think he would have. | ||
| I think he would have. | ||
| But we had a functioning democracy then. | ||
| Yeah, we did. | ||
| Absolutely. But I also think in this, as we've seen with the law firms, I mean, the retribution is swift and severe. | ||
| And that, you know, I to an extent understand their reticence, but to come out and really ignore what the economic implications of a full-scale trade war are? | ||
| And what that will do to the domestic and global economy, which is in their own business interest as well, is perplexing at best. | ||
| Global community is reacting to President Trump's sweeping new tariffs. | ||
| A spokesperson for the government of France says, we are ready for this war. | ||
| British Prime Minister Keir Starmer is warning, nobody wins in a trade war. | ||
| Poland's leader also issued a warning, if a bit vague, saying partnership means Really and truly reciprocal tariffs. | ||
| Australia's Prime Minister says his country will not join a race to the bottom. | ||
| And China's Commerce Ministry is pushing back, calling the tariffs a form of, quote, unilateral bullying, adding that protectionism is not a solution. | ||
|
unidentified
|
The complaint about the Harris and the Biden administration was the intrusion... | |
| They don't have an allegiance to the U.S. That's the heart of the problem in Trump's mind. | ||
| Multinational corporations know no borders, the money goes everywhere, and the free trade globalism has been in reverse, really, since COVID. | ||
| The problem is that the direction of that reversal was wrong. | ||
| And maybe if Trump had a second term instead of Biden, instead of Vietnam and some of the alternate places that were extracted from China during COVID, Maybe it would have come to the U.S. Maybe that would have helped Andrew's question of how long it's going to take for onshoring to occur. | ||
| I'll tell you what, the structural issues of rejiggering trade are not going to be easy. | ||
| But in the end, once again, it comes to, you know, I was doing Santelli exchanges on the end of globalism 10 years ago. | ||
| The handwriting has been on the wall. | ||
| Ultimately, if you live in the U.S. or you live in Europe or you live in China, Ultimately, what goes on at home is very important. | ||
| And after World War II, when the United States was way up here economically, and everybody else was in melting ruins, we created this structure. | ||
| And the structure has outlived its usefulness in many ways. | ||
| And, to try to tweak this... | ||
|
unidentified
|
Because we're the richest country in the world. | |
| No economy shuts down for maintenance is not going to be... | ||
| Wait, wait, what'd you say? | ||
|
unidentified
|
Because we're the richest country in the world. | |
| We came out of the pandemic faster. | ||
| We had better growth. | ||
| We are the most dynamic economy in the world. | ||
| That was financed by foreigners. | ||
|
unidentified
|
Some of that money. | |
| They enabled us just like the Fed enabled us with those capital accounts. | ||
| I'm saying there is a dark side to the trade deficits. | ||
| In a different way, I think, than Trump looks at it, I look... | ||
|
unidentified
|
I'm confused because if people make a decision To buy something from abroad. | |
| Isn't that part of the freedom and independence people have? | ||
| They don't make that decision. | ||
| They make the decision to buy what's cheap. | ||
| And that's the problem. | ||
|
unidentified
|
That's the problem. | |
| We're going to make it so it's not artificially cheap anymore. | ||
| Every day, Kmart low prices had a dark side for the American economy. | ||
|
unidentified
|
No, but here's my question, Rick. | |
| What about all of the folks in China and India and other places who've been buying Nikes? | ||
|
unidentified
|
Uh, who've been buying Starbucks, who've been going to McDonald's. | |
| Okay, why does Nike sell a pair of gym shoes for 200 bucks, and they have to make it in China, where they pay people peanuts? | ||
| It doesn't make sense from the get-go! | ||
|
unidentified
|
Wait, now you care about Chinese workers, Rick? | |
| Build them over here! | ||
| Okay? Now you care about the Chinese workers. | ||
| We have unions, we have people that make more money, we have benefits, we cost more to make stuff. | ||
| But there's a reason for that. | ||
|
unidentified
|
Because people bring their... | |
| they buy something cheap and they have money to buy other things. | ||
| That's how it works, Rick, over time. | ||
| You want us to go back to the horse and buggy? | ||
| That's why Trump's reversing it! | ||
| Because we have 37 trillion dollars worth of how it works! | ||
|
unidentified
|
Because China is an adversary. | |
| It is not a partner for the United States. | ||
| Europe would make a very different argument. | ||
| And Europe might be wondering this morning why they're being thrown into the same bucket as the Chinese. | ||
| What explanation can you give them? | ||
| Europe does not treat our products fairly. | ||
| They do not treat our companies fairly. | ||
| They treat themselves incredibly well to the detriment of the United States of America. | ||
| Right? It is time for them to treat us fairly, and that is the point. | ||
| This is not, it's not free and fair trade. | ||
| Their tariffs are higher. | ||
| Their non-tariff trade barriers are incredible. | ||
| Like, I'd ask you, why don't they take our beef? | ||
| Why don't they take our agricultural products? | ||
| Why? Because they don't want them, because they want to make the money themselves. | ||
| Why is it okay for every other country to feel this way, and it's not okay for America? | ||
| I tell you why. | ||
| Because we were the world's piggy bank, and Donald Trump has said our 36 trillion dollar deficit, our 1.2 trillion dollar trade deficit, 1.2 trillion dollars, we buy other people's things more than we sell them ours, | ||
| has got to be This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
|
unidentified
|
Because we're going medieval on these people. | |
| I got 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
|
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. | ||
| you you you It's Thursday, 3 April, in the year of the Lord 2025, the morning after the Berberia morning after. | ||
| Folks, besides all the people running around, lighting their hair on fire, it's been pretty orderly. | ||
| It's a market reaction, but it's certainly not the market crash that was forecasted. | ||
| It's an orderly sell-off of people changing their portfolio. | ||
| Around companies that have taken advantage of the United States of America and countries that have Taken advantage of the United States of America President Trump don't take it from me Take it from President Trump. | ||
| Just put up on true social if Denver would be so kind to put this up and It's in all caps. | ||
| So, you know, this is President Trump double down and meaning it The operation is over The patient lived and is healing. | ||
| The prognosis is that the patient will be far stronger, bigger, better, and more resilient than ever before. | ||
| Make America Great Again. | ||
| Yesterday, one of the most important days in American history, the liberation. | ||
| You saw right there the intense fight back and forth. | ||
| You also see that, was it Lieberman or Leisman? | ||
| The big liberal over at CNBC is a complete... | ||
| This is the pablum put out. | ||
| The anti-American pablum. | ||
| The anti-American worker pablum. | ||
| See what they got to retreat to when he's trying to argue? | ||
| Oh, don't you want to treat goods? | ||
| You're taking people's freedom away. | ||
| No, it's... | ||
| They're all lies and misrepresentation. | ||
| Running dogs of Wall Street that have stolen from this country and stolen from its people for decade after decade. | ||
| The corporatist and the sociopathic overlords Have ripped off this country and as Trump says he didn't blame the foreigners if you if you're gonna have people here running your institutions That allow you to rip off the nation rip it off Competing nation is not there to be your buddies your friends Folks the reason I say was Dave is now 2% 3% Oh my gosh people are same as right. | ||
| We just went to economic war with China You understand those tariffs with China, where Xi right now is with that economy being so fragile? | ||
| Because once again, they've papered over problems. | ||
| And the great Rick Santelli, remember Rick Santelli? | ||
| Rick Santelli started the Tea Party movement when he had that amazing rant, I think in March of 2009, when they first started the bailouts. | ||
| Obama first started the bailouts. | ||
| The Tea Party, the folks, you know, the Michael Patrick Leahy's and the Jenny Beth Martin's and others that were just kind of around the country, Jim Halstead on St. Louis, they pulled together rallies off of his rant. | ||
| Rallies on April 15th of 2009 on Tax Day. | ||
| Because Tea Party said, for tax enough already. | ||
| Right there Santelli's beating him back said hey, this has been 30 40 50 years you have to look at two deficits and They're inextricably linked as much as my brothers on Wall Street. | ||
| Don't want to admit this these are inextricably linked You have 37 trillion dollars face amount of debt folks the contingent liabilities That you have remember your full faith and credit of the United States of America backing up that greenback that dollar The contingent liabilities are over a hundred trillion dollars That thing's so overwhelming. | ||
| I don't even get into it with you. | ||
| Listen, let's take the face amount of the 37 trillion, which is exploded Right has exploded things has been 16 trillion dollars of debt and the top 1% keep aggregating their wealth I think in the last six months four point four trillion dollars Has accumulated to the top 1% greater than the entire bottom 50 the United States. | ||
| You can't that's a system. | ||
| That's not sustainable The trade deficit I think that 1.2 trillion this record trade deficit every month leading up to this the trade deficit. | ||
| I think the aggregate Spencer Morris said last that we're talking Morrison and talk like that. | ||
| I think it's 25 trillion dollars may be higher than that That is the amount of resources. | ||
| We have paid other countries to bring Consumer products into here But that means your money's going out overseas is not staying in the country and Wall Street has money's fungible services just good No, you're all wrong. | ||
| You're just wrong You have 37 trillion dollars face amount of debt to run two trillion dollar deficits every year We have a 1.2 trillion dollar trade deficit. | ||
| We have 25 trillion dollars aggregate think trade deficit We've hollowed out the country in yesterday an individual A guy from Queens that made his money in real estate and then became a media star, the blue-collar billionaire, stepped out in the Rose Garden upon, as Lincoln would say, thrusted upon the world stage and said, guess what? | ||
| There is a new sheriff in town and we're going to restructure this entire thing. | ||
| You're no longer going to rip off American workers and the American working class, the American middle class. | ||
| Trump promised to put you in the room. | ||
| Remember, in Washington, D.C., not in the room, not in the deal. | ||
| Well, yesterday, more than even the creditors' committee, he put you at the head of the operators' committee, the operations committee. | ||
| As President Trump said this morning, operation went fine, patient's doing okay. | ||
| Short break. | ||
| If we didn't have trade surpluses, and we didn't have a Fed that left rates at zero, maybe the pain of overspending would have hit home much sooner. | ||
| Rick, if you don't have the, but if you don't have the trade deficit, then you won't, and everything gets manufactured here, you're not going to collect the revenue that you want, I think, from those tariffs. | ||
| I think Trump would be happy with that. | ||
|
unidentified
|
I think the people who used to talk about economic freedom are suddenly talking about something a little different. | |
| That there was a time when people were like... | ||
| I've never talked about economic freedom. | ||
| I've never been a fan of globalism. | ||
|
unidentified
|
Never. But you're a fan of the government telling us where and how we can buy and how much we ought to pay for it, and what kind of industries businesses ought to do, and where Apple ought to source it. | |
| That's what you're in favor of, Richard. | ||
| I can't take Leisman. | ||
| This is the running dogs for the globalists. | ||
| All of a sudden they're so interested in freedom. | ||
| For the first guy that said no if the terror if they bring the factories here we manufacture here. | ||
| No, you're not gonna get tariffs Hello, but you're gonna get taxes This is not that hard guys you work it is supposedly the biggest most sophisticated business channel the world you ought to learn something Leastman is just a big-mouth liberal. | ||
| It's all there all the time a Trump hater doesn't known anything total airhead And the great Rick Santelli. | ||
| Think about what Rick Santelli has put up every day over there. | ||
| Santelli telling the truth, just like he talked to Power and started the Tea Party revolution. | ||
| Santelli's a major, major player in this. | ||
| Because every day he's telling it exactly like it is. | ||
| And the globalists, hey, look! | ||
| It's a declaration of economic war against the CCP yesterday with those tariffs. | ||
| That will break China. | ||
| They can't have that. | ||
| You're going to see every nation on earth running to the Oval Office. | ||
| Zuckerberg yesterday, on suits that President Trump started in first term to break the oligarchs, and the Democrats didn't have the back of Lena Kahn or any of the antitrust people they put in as window dressing. | ||
| These people were hammers. | ||
| Remember, the progressive regime of Biden, really, and Obama didn't have their back. | ||
| President Trump is two weeks away from the trial. | ||
| As Mike Davis said last night, Zuckerberg's in the Oval Office begging for mercy, reporting, I think, a Politico saying the staff over there is getting tired of it, the intense pressure being put by Facebook and by people all over town to ease up. | ||
| That's the exact same thing you're going to see here. | ||
| Every day for President Trump, now for the next couple years, is going to be a negotiation. | ||
| Matt Boyle, I think, said it best. | ||
| You know, I'm a maximalist when it comes to reciprocity, the reciprocal tariffs, because I think Trump thought the idea up. | ||
| I thought it was brilliant. | ||
| Nobody thought it up beforehand. | ||
| He conceived this years ago. | ||
| He wanted to do it in the first term. | ||
| But yesterday was far better. | ||
| It's not a maximalist approach. | ||
| It's kind of the wisdom of Solomon. | ||
| He didn't quite split the baby, he went more to the reciprocity side than to the tiered 20%, but it's a beautiful thing. | ||
| The market reaction, no matter what MSNBC is saying, is orderly, because like, when they say the stock market's up, the stock market's up, it's the mag seven, it's seven tech stocks that have been kind of hyped. | ||
| And I've had no antitrust. | ||
| These oligarchs have no antitrust, been hyped on AI. | ||
| Then looking for the public to start paying for the data centers. | ||
| You know, another bailout of the wealthy, of the oligarchs. | ||
| And they've taken advantage of this trade situation. | ||
| Guess what? | ||
| That's over. | ||
| Trump threw down hard yesterday. | ||
| The Europeans are in shock. | ||
| That's when we started with Kramer. | ||
| The cold open started with Kramer because of the end of March. | ||
| Yes, I kept telling people. | ||
| They don't believe Trump. | ||
| There was really no market activity. | ||
| The Dow finished up 200 points when it closed at 4 o'clock. | ||
| And then Trump magnificently walked out there. | ||
| Folks, if you're a Trump supporter, if you've been with President Trump, and even those are just now coming aboard, We love you too, right? | ||
| We love converts. | ||
| Yesterday was so magnificent, and the stagecraft was so perfect. | ||
| His speech was so incredible. | ||
| He had full command, like you want an executive to have. | ||
| Full command of the issue, how it was going to be presented, to make it accessible to the American people, He didn't have a he held it And I often say this I was I was concerned that there wasn't enough rollout part of that They had not finally decided but was not enough rollout beforehand, | ||
| but Understanding the president Trump knows mass communications a hundred times better than I do and he has a McLuhan s-figure I kind of got it a few minutes into a speech and He held no leaks, no going out on CNBC and giving a heads up. | ||
| They gave a media, they gave a media at three o'clock, a tee up to the media, but nothing could leak, close hold, so the media could start thinking it through and people were like gasping. | ||
| And Trump goes out there because he wanted the world to know and to see in his own voice, in his own cadence, in his own thought processes, What is what he intended to do Because he's reordering the world's economic system a system that has been in place Since the end of World War two the post-war international rules-based order Set | ||
| up with American institutions and paid for by American blood The victory in World War two and us being the arsenal of democracy The huge casualties as we talk about and I believe that this is really We're going to bring because Russia was exempted and we're doing this rush first amount with Russia We've gone to war with the CCP really to free Lao Beijing. | ||
| I Think what you're seeing folks and what's going to play with the next couple years. | ||
| We're actually ending World War two in World War two Although we had the unconditional surrender Of the governments and the military of the fascists in Italy, and the imperial Japanese in Tokyo, and of course the Nazis in Berlin. | ||
| It had kind of immediately got off track. | ||
| And that's where we had the Cold War immediately with our, what had been our biggest ally during the war, the Bolsheviks under Stalin. | ||
| And that Cold War went all the way to 1989 at Tiananmen Square in the fall of the Berlin Wall. | ||
| And then when the people in those two countries that had enough of it, and President Reagan, obviously the victory, you know, pushing the evil empire, when they collapsed and cratered, we kicked into, the elites in America had already set up a globalist system. | ||
| This is why in 74, we talked about Spencer Morrison yesterday, the first time we had a trade deficit, going off the gold standard, the Arab oil embargo. | ||
| All of it happened in the early 70s, that whole decade. | ||
| The globalists took over. | ||
| And so instead of taking out the Chinese Communist Party, we emboldened them. | ||
| To the detriment of Lao Bajing, this was the Bush, this was Scowcroft, this is the neoliberal neocons in the Bush, who are no different than the Democrats, really. | ||
| Then when the Berlin Wall fell, really the West, led by Western Europe, tried to just go and steal everything of the Russian people. | ||
| He said, come to our offices in Beverly Hills. | ||
| Oh, you can buy the greatest studio in the world for five cents on the dollar. | ||
| I said, no, no meeting. | ||
| You're out of here. | ||
| And they go, why? | ||
| I go, because one day the Russian people are going to sit there and go, hey, who are these foreigners that stole our assets? | ||
| And that's what happened. | ||
| A couple of years later, the KGB took over. | ||
| The KGB runs it today. | ||
| And the Chinese Communist Party is stronger than ever. | ||
| What President Trump is really doing Is saying that post-war international rules-based order eventually got to gut, it set up a globalist system that was predicated upon the working men and women in the United States. | ||
| For them to supply the cannon fodder of their sons and daughters to be spread out all over hell's half acre in these forever wars, but also to pay the price economically and to make sure all the high value added jobs that had been here during our rise to power Would be shipped overseas to work essentially at slave labor throughout the rest of the world. | ||
| Well, you suffered here and had to work a couple of jobs or got a job in a McDonald's or I don't know. | ||
| Was it 18 million? | ||
| Men are out of the workforce because of no high-value manufacturing jobs. | ||
| That's what he's trying to bring back. | ||
| That's the whole package. | ||
| That's what this is about. | ||
| Jack Posobiec last night told me it's called it should be called the great deal. | ||
| The great deal. | ||
| He's made a compact with the American people that I will put America first and I will put American citizens first He says something very powerful yesterday whether Republicans or Democrats These individuals thought they were president of the world You're not president of the world. | ||
| You're president of the United States of America and You're the leader of the American people So with all the complexity and everything you're trying to throw at you and Steve the Steve Leesman's of the world and all this BS They're trying to throw out This is quite simple. | ||
| We're not going to get ripped off by a bunch of elites in these countries that we underwrite, that we are upside down on commerce, upside down on trade, because they hinder our trade with non-trade bearers and tariffs, at the same time that you're paying and underwriting their defense. | ||
| It's over. | ||
| And of course they're going to be upset about it. | ||
| Of course they're going to be pulling their hair out about it. | ||
| Of course they're going to be cursing Trump. | ||
| And cursing Trump's reactionary followers. | ||
| Of course they're going to do that. | ||
| I wouldn't expect them to do anything else. | ||
| But they've been at it. | ||
| We're not paying for your defense anymore. | ||
| And we're not going to let you steal from us. | ||
| Of what you've been doing. | ||
| And you're going to have all kinds of complicated... | ||
| Basically that's what it is. | ||
| And Trump yesterday walked out. | ||
| In that magnificent backdrop of the Oval Office. | ||
| Festooned with the American flag just amazingly beautiful great stagecraft there guys in the Oval Office and overcast and I think slightly chilly day Liberation Day one of the most important days in American history. | ||
| It'll be the national holiday Reminding and remembering people about President Trump long after he's gone decades from now won't be his birthday. | ||
| I'll be April 2nd When he stepped on the world stage and told the globalists your game is up. | ||
| It's over. | ||
| I hereby decree That we're gonna have a different deal a great deal a Great deal for the American people and guess what? | ||
| It'll work out for you too after some period of adjustment Incredible absolutely Breathtakingly incredible short break Here's your host, Stephen K. Bamm. | ||
| Markets down 1,400 points, I think it's 3%, but it's orderly. | ||
| I know it's not a meltdown because gold's down a little bit. | ||
| Gold's at 31.30. | ||
| A guy said today about gold, and of course, you know, I didn't get my Financial Times today delivered. | ||
| We got everything else. | ||
| We got the, you know, Trump rolls out vast arsenal Vast arsenal on global on global tariffs from the New York Times you get that's a beautiful shot too, by the way over President Trump's shoulder Into the crowd that was there and you see the cabinet in the first row Really magnificent about how they set that up. | ||
| You see this is this is one a poso loves and Now that meme is President Trump like Moses. | ||
| Those are the reciprocal tariffs, right? | ||
| by country Why is my president holding his charts? | ||
| He loves his charts. | ||
| Those are like the tablets that Moses brought down. | ||
| Trump slaps broad tariffs on imports. | ||
| Then they got editorials hating on it. | ||
| Gold's down a little bit. | ||
| That means you show it's not a meltdown. | ||
| It's not a meltdown. | ||
| What did President Trump say? | ||
| The patient came through the operation? | ||
| There's a long way to go on this, folks. | ||
| Long way to go. | ||
| But gold's down. | ||
| Otherwise, if they had all been a flight into gold and The market is down 10%. | ||
| And look, all that could happen, day by day. | ||
| But I think they're realizing that Trump Trump means what he says. | ||
| When he says he's going to close the border, he's going to close the border. | ||
| When he says he's going to deport people, he's going to deport people. | ||
| When he says he's going to take on these judges about judicial supremacy, he's going to do it. | ||
| When he's going to break the law firms, he's going to do it. | ||
| When he's Going to take on these universities. | ||
| He's going to do it I can go on and on and on and on when Donald John Trump says he's going to do something He's not just spouting off. | ||
| They treat it like he's spouting off Since he came on the scene, let's say in 14 or 15. So what we're 10 years into this a decade into this They still don't understand anything about him. | ||
| They don't give him the common decency or courtesy of Of actually trying to understand what he says, what it means, and how it all fits together, because it all fits together quite brilliantly. | ||
| And the European elites just thought they could outlast him. | ||
| They thought, hey, the Americans, you know, all the guys in MSNBC, they're there, the Atlanta council, they're all being our side. | ||
| The party of Davids just got to wait this out. | ||
| Now they're in bad shape. | ||
| They're not going to be under, not having the defense paid for by you and your kids. | ||
| And they're not going to let them rip them off on trade. | ||
| Sorry, not sorry. | ||
| European elites are in for a very bad run. | ||
| I don't know. | ||
| You think a couple of those governments could be overthrown by the populist right in elections? | ||
| Let me think. | ||
| Thinking, thinking, thinking. | ||
| Yeah, I think so. | ||
| Because they've been exposed for exactly what they were. | ||
| Remember, all those governments are just kind of follow-ons from the aristocracy. | ||
| That really didn't get taken out in World War I. And I'm about as big an anti-monarchist as you can get. | ||
| I think aristocracies throughout history have proven time and time again just to be for their own self-interest. | ||
| And not for the interest of the people, not for the interest of their nations, and certainly not in the interest of God, although they covered that up and had a lot of You know, a lot of symbolism associated with that, but not real meaning, not real impact, not real actions. | ||
| So that's what you're saying. | ||
| That's what Europe is. | ||
| It's just a monarchist reactionary to the sovereign will of the people. | ||
| And Trump finally said, like Rick Santelli, we're not a piggy bank anymore. | ||
| This is why we have this massive debt. | ||
| This is why we have this massive trade deficit. | ||
| And they're inextricably linked, and Trump's saying enough. | ||
| Now we're gonna be getting some very gnarly political things about the one big beautiful bill and all that Particularly if there's not real cuts in spending and particularly if there's not I don't know If you can't gap it, I don't know why we're cutting taxes or extending tax cuts for the wealthy. | ||
| I don't get that. | ||
| I just don't see the math Also, you know Elon Musk Elon Musk, again, the other day, I think yesterday, again, reiterated $1 trillion in cuts coming out of Doge. | ||
| Brother, if you do that, we will say there's a national holiday should be named after you. | ||
| But so far, I'm not seeing it. | ||
| You have some programmatic things like USAID, but that's people worked on forever. | ||
| That's not waste, fraud, and abuse. | ||
| That is programmatically, should have been shut down. | ||
| Elon Crane, these people tried to shut it down a couple years ago, but Establishment Republicans, the controlled opposition of the Republican Party kept it in there. | ||
| That's what Trump's, in a bold stroke, is throwing away yesterday. | ||
| How many Republicans, how many Republicans came to the Ramparts yesterday and said how magnificent this was? | ||
| In the Senate, in the Senate, the Libertarian Rand Paul, who I really love, I love Rand Paul, but him, but McConnell, Wood Collins, The senator from Alaska, the Democratic senator from Alaska, that's sitting in a Republican seat. | ||
| They voted, and so they have a resolution in the Senate that the emergency measure is over and you can't do the tariffs with Canada. | ||
| That's how much support you've got from, and there's another 30 Republicans who would love to vote for that, but they understand they're afraid of you. | ||
| They're afraid of the Trump voter. | ||
| They don't support us. | ||
| They don't. | ||
| You have not purged that. | ||
| That's another issue. | ||
| For another day. | ||
| Trump is essentially one man alone. | ||
| He's got supporters. | ||
| You see, Lutnick's trying to get up to speed. | ||
| In some moments, he's got some real brilliance in what he says. | ||
| And there's other moments that are suboptimal. | ||
| You've got Scott Besson. | ||
| Scott Besson's doing his duties. | ||
| He's trying to keep the capital markets from imploding, right? | ||
| Scott's got his task and purpose. | ||
| Navarro's out breathing fire, as he should. | ||
| And President Trump came down harder on reciprocity than I thought he would. | ||
| He landed to the reciprocity side, and he did make it was a magnificent explanation in putting the charts up. | ||
| And now they're saying the numbers are all wrong, the numbers are all wrong. | ||
| Well, hey, you calculate your numbers, we'll calculate ours. | ||
| You have your formula, we have ours. | ||
| And God bless you. | ||
| But you can see by the reaction, I tell you what, you didn't get a real reaction. | ||
| The reaction you got in China, This happened the day before so you had the stock market yesterday that what didn't react that badly, right? | ||
| I said well, you know, you got the Chinese Navy That's now showing new aircraft carriers and they got you know, these these exercises off Taiwan. | ||
| I think that's their equivalent of the market Kind of being down before you announced that they knew what was coming the CCP I think was more ahead of this than Was was ahead of this much more than the stock market They understood something was coming. | ||
| I'm not sure they realized it was economic warfare, flat out. | ||
| Which I'm digging, because I don't know, at the current tariff structure he's got, and the breaking of non-tariff barriers, let me be blunt, the Chinese, and Thayer will be up at 11 with Dave Brett, the Chinese Communist Party can't exist. | ||
| It will implode. | ||
| Can't. They understand. | ||
| You haven't seen them whining as much as everybody else. | ||
| I think they're behind the scenes. | ||
| He's on it plotting on hey, do we make a move in Taiwan or not? | ||
| We got to take it now because this guy's a madman He's much worse, you know people used to say Nixon's a madman this guy really is because he'll take action Gold I've never said this on the show, but I've said I'm Bloomberg today. | ||
| I don't have to repeat. | ||
| I'll get the club Go to go take Bannon your phone be a in annoyant nine eight nine eight nine eight you get the brochure The ultimate guy for investing in gold in the era of Trump from Birchgold. | ||
| He gets to talk to Birchgold. | ||
| Clearly, they're converging forces in the restructuring of the global economy that will have implications of gold as a hedge and a store of value. | ||
| But when the top analyst was on Bloomberg, they had him in for an entire hour to go through the whole trade thing. | ||
| Really brilliant guy. | ||
| Didn't agree with everything he said, but had a really smart way of looking at credit markets and equity markets and the bond market. | ||
| And he said, hey look, gold's an interesting asset. | ||
| He said, he says, we track gold very closely. | ||
| It's outperformed the S&P 500 over the last 25 years. | ||
|
unidentified
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Hello? Full stop. | |
| His words, I'll get the clip tomorrow. | ||
| Gold has outperformed the S&P 500, which is actually a better indicator of American industry. | ||
| It does include the banks. | ||
| The S&P 400 is the best, but the 500 is the American economy, better than the Dow Jones. | ||
| Over the last 25 years now more than ever you need to understand not the price of gold you need to understand the forces driving Gold as a hedge in the store value because folks it's gonna be turbulent Never promised you a rose garden on this promise you we would deliver it from the Rose Garden How's that for how's that for a? | ||
| Land dead land that um But go check out gold and most importantly get to know Philip Patrick and team and why they recommend physical gold now more than ever just do that also records More than ever if you like this stuff if you're attracted this one to learn more and particularly if you haven't had the chance or the opportunity to get College education or postgraduate education a lot of people just had to go to work My parents were high school grads one of their things was make sure all five of their kids went to college and | ||
| they succeeded in that But I think my sister, my older sister, the first kid in the expanded clan that graduated from college. | ||
| So if you hadn't had those opportunities, or even if you did and you kind of partied through it, Rickards Strategic Intelligence, a great newsletter, will keep you up to speed and I think reinforce a lot of what you hear in the War Room in a little more depth because you can take topics and go in depth. | ||
| Rickardswarroom.com, Strategic Intelligence, and he throws in a free book on money and AI that is We'll get your attention. | ||
| Okay? We'll get your attention. | ||
| And last but not least, home title lock. | ||
| Now we need you at the ramparts. | ||
| A lot of work. | ||
| People are talking about what happened in Wisconsin, what happened in Florida, understanding that it's about low propensity voters and the Warren Posse who pulled out a massive win. | ||
| Breitbart, Matt Boyle, and Warren Posse have gotten all the kudos for pulling out the victory. | ||
| It looks like it was going to be a defeat in Florida 6. So we don't need you worried about your title. | ||
| Remember, right now, particularly where the economy is, 80% or 90% of your net worth is tied up in home sweet home. | ||
| And the only thing you've got to prove that, even if you're living there, is the title to your home. | ||
| Don't let anybody get to it. | ||
| The $1,000,000 Triple Act of Protection, 24-hour coverage. | ||
| In the middle of the night, they will alert you if anybody's messing with your title. | ||
| And if all else fails, they have a $1,000,000 restoration My name's Steve. | ||
| Well, let me invite you, therefore, to get your pockets of Popcorn ready, as I read through the meltdown here across the European capitals. | ||
| Let's start off with warring favourite Ursula von der Leyen, President of the European Commission. | ||
| Unelected President of the European Politburo. | ||
| She said that these tariffs were a major blow to the world economy. | ||
| America's great friend China, the Commerce Ministry, said that there are no winners in trade wars, there's no way out of capitalism. | ||
| And then there's lots of other hypocritical platitudes which follow. | ||
| Keir Starmer, now I happen to think that the Brits have been unfairly treated on this, but Keir Starmer says that nobody wins in a trade war. | ||
| We have a fair and balanced trade relationship with the US. | ||
| Nonetheless, I will only strike a deal if there's a national interest. | ||
| Well, I say that I think the UK has been Unfairly treated, Steve, is simply the reason that America had a trade surplus with the US. | ||
| America had a trade surplus with the UK, not a trade deficit. | ||
| And the whole mathematical and arithmetical calculation behind these reciprocal tariffs was based on the trade deficit that the US holds with other countries. | ||
| You sold more to the UK than you bought. | ||
| Yeah. Ben, hang on a second. | ||
| That's because the UK didn't make anything. | ||
| They banned it. | ||
| Just hang on a second. | ||
| We'll take a short commercial break. | ||
| Ben Harnwell's with me. | ||
| Dave Brat's going to join. | ||
| Dr. Thayer, we're going to go around the world on the morning after Liberation Day. | ||
| Short commercial break. | ||
| back in a moment. | ||
|
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*Music* | |
| Here's your host, Stephen K. Bamm. | ||
| A historic day, it's the morning after, and the world ain't melting down. | ||
| The rhetoric's a lot higher than the market moves. | ||
| The market is gonna move, no doubt about that. | ||
| But you're seeing a reorientation, a restructuring of the world's economy so the American people are not... | ||
| It doesn't rest all on your shoulders, and you're not getting the benefits. | ||
| You're not getting the benefits. | ||
| You have to scramble for everything you've got? | ||
| You're worried non-stop, if you're in your 20s and 30s, you're worried non-stop about what happens when I hit my 60s? | ||
| Can I ever retire? | ||
| Can I be like my parents or my grandparents? | ||
| I guess not so much for your parents, because your parents aren't retiring either. | ||
| That's all gonna be done away with. | ||
| How do you... | ||
| How does a system that creates so much wealth in the world rest upon the shoulders of the working class and middle class in this country, and they're not in on the deal? | ||
| If you're in the middle class, you get a taste. | ||
| You get your beak wet. | ||
| You get your beak wet. | ||
| But ask yourself. | ||
| You get restructured out of that job and the corporations don't care at all. | ||
| You get restructured out of that job. | ||
| Tell me where you are in 100 days. | ||
| How you feeling? | ||
| How you looking? | ||
| You're nervous. | ||
| This anxiety hangs over everybody. | ||
| It shouldn't happen. | ||
| Why do we have that anxiety in the United States of America? | ||
| If the whole system rests on your shoulder, why are you anxious? | ||
| Shouldn't you say, yeah, rest on my shoulders, but I'm feeling good because I know, you know, we create the value here, we're the foundational element, so we get a piece of the action? | ||
| No, that's not what happens. | ||
| You get the exact opposite. | ||
| That's what Trump's doing. | ||
| It's very basic. | ||
| You're now going to get a piece of the action. | ||
| And you're not a freeloader. | ||
| You're not asking this for free. | ||
| What are we asking for? | ||
| Bring manufacturing jobs back so people can work. | ||
| Long hours and productive jobs that they love and they're happy with. | ||
| They feel they're fulfilled and they know they've got a future for themselves and their families. | ||
| Not a big ask, is it? | ||
| For a country that's created more wealth than anywhere in the world, that's freed more people, that has more dead and more foreign battlefields, that bailed the freaking Europeans out time and time and time again. | ||
| When they get in their messes, we got to go back. | ||
| Countries that kicked us all out. | ||
| Think about that they kicked every one of your parents out virtually grandparents great-grandparents You hear them pining for the old country not so much Because in the old country they got screwed So they rather come here you ever been across the American West and think about my god What must have been their life to do this? | ||
| Think about it And they're going to sit there, and their great-grandchildren are going to be taken advantage of by the same elites running Europe, and they want to be bailed out again, and today they're whining, screw you! | ||
| Don't want to hear you whining. | ||
| We're not bailing you out anymore militarily, and we're not going to bail you out economically. | ||
| Oh, by the way, let me add as a side note, Zelensky's making a big deal, and Harnwell's going to talk to you in the next hour if Brad gets him in, about the Trump advisers now realize they're being sucked into a morass. | ||
| Because they're dealing with the Ukraine. | ||
| Screw the Ukrainian leadership. | ||
| I don't care what they have to say or what they want. | ||
| Either sign the economic deal or don't. | ||
| We don't want it signed. | ||
| We'd love to walk away. | ||
| But sign it today as is or walk away. | ||
| Just like in Europe. | ||
| Don't sit there and tell me we're great allies. | ||
| You're not great allies. | ||
| We've bailed you out every time of messes that you got in because you're elite leadership. | ||
| Because of what you got into. | ||
| And now we gotta face the Chinese Communist Party, which you're gonna rub up. | ||
| The other day, people saying, well, on the university professors, these guys getting laid off, we'll just get, we'll just get research money for the, from the Chinese Communist Party. | ||
| Try it, I dare you. | ||
| I'm hearing this from these researchers, oh, they're gonna cuss off the Ivy League schools of the state, land grant, Ivies, Bannon's big talk, we'll get it from the Chinese. | ||
| Yeah, you will, we'll throw you in frickin' prison. | ||
| You gonna trade with the enemy? | ||
| Big talk? | ||
| Shows you how much they love this country, right? | ||
| Let's just do it all and let's have a great unmasking. | ||
| Let's see who's with us and who's against us. | ||
| That's what this is about. | ||
| Anybody supporting Trump's on our side of the football, including you had all the union folks there yesterday that backed Trump, UAW and others. | ||
| Let's have a great unmasking right now, just like the pandemic was kind of a preamble. | ||
| The great reset and build back better? | ||
| Hey, we're building back better here. | ||
| We got a plan. | ||
| We're building back better. | ||
| Don't like it? | ||
| Leave. Here's how much empathy I have with you. | ||
| None. The credential class. | ||
| And here the MSNBC whining and, oh, the consumer prices are going to go up and stocks are falling. | ||
| When the hell did you ever care about capitalism and stocks? | ||
| The billionaires that own you do, but you're just puppets. | ||
| And your phony cosplay populism? | ||
| AOC and Bernie Sanders. | ||
| Bernie Sanders, hapless old man. | ||
| New order of Bernie Bros, you guys going to the big things? | ||
| You're losers! | ||
| You're backing a loser. | ||
| Who didn't take on the Clintons the two times he had them and ain't gonna take them on again. | ||
| And trust me, he's thinking about running. | ||
| He sees those crowds, he's all juiced up. | ||
| He's sitting there going, I'm 83, I'll be 86 when I run. | ||
| How can I do that? | ||
| But he loves it, he loves it. | ||
| It's because it's all about him. | ||
| It's all about him. | ||
| It's all about him. | ||
| That's what nothing happened. | ||
| Listen to the speech. | ||
| There's no populism in there. | ||
| Some hapless old man wandering around. | ||
| AOC, she doesn't know what she's doing. | ||
| That's all cosplay. | ||
| What Trump gave you is the real deal. | ||
| Guess what? | ||
| We're going to bring manufacturing jobs back here. | ||
| And Trump says it's very simple. | ||
| Make it here, you don't have to pay them. | ||
| Stop whining. | ||
| You've got a thing making the United States of America. | ||
| What's so bad about that? | ||
| Pretty good country, pretty good workers, pretty good folks. | ||
| Pretty good system. | ||
| You got a leaseman and the other guy on there. | ||
| Well, hold it. | ||
| If it all comes here, how are you going to have your tariff money? | ||
| It's called taxes, you moron! | ||
| You moron! | ||
| This is why I don't take CNBC seriously. | ||
| I take certain people there seriously, like Rick Santelli. | ||
| I can't take it, seriously. | ||
| It's the MSNBC of finance and business. | ||
| President Trump stepped out onto the world stage yesterday, just like Lincoln said, when you're thrust out onto the world stage. | ||
| You know what he said? | ||
| He threw down hard. | ||
| He said, the day of ripping off the United States of America, the day of you taking advantage and destroying American workers is over. | ||
| Why do you think the union guys were standing up and applauding? | ||
| And don't you find that ironic that MSNBC in the New York Times all these progressives and they're so worried about the people They're sitting there the running dogs for the Wall Street crowd barking Snipping at President Trump's heels and the workers in the Rose Garden were they ever invited the Rose Garden in Biden's regime or in Bahamas? | ||
| I don't remember seeing a lot of hardhats around there coming up to the microphone throwing down. | ||
| I miss that The right stuff takes us out. | ||
|
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Brat, Harnwell, Thayer. | |
| That's a cast of characters. | ||
| The great Dave Bratman. | ||
| Short commercial break. | ||
| I didn't even play my gold. | ||
| I'm gonna hold that. | ||
| I got the- I pulled the gold thing from this morning. | ||
| I never played this. | ||
| Played tonight. | ||
| This afternoon, the afternoon show. | ||
| Short commercial break. | ||
| I think a minute? | ||
| 90 seconds? |
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