April 4, 2025 - Bannon's War Room
51:53
Participants
| 
| Speaker | Time | Text |
|---|---|---|
|
unidentified
|
Harris in 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... | ||
| 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. | ||
| And much of that money we spent was in debt. | ||
| The debt 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 at it like it does. | ||
| It does underscore and underpin a type of financial behavior that in the long term hurts us. | ||
|
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 gonna make it so it's not artificially cheap anymore. | ||
| Every day, Kmart low prices had a dark side for the American economy. | ||
| 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? | ||
| 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, 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! | ||
| 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 gonna 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 That there was a time when I've never talked about economic freedom. | |
| I totally Okay. | ||
| Thanks guys Santelli's brilliant because he's worked in the Chicago pits and he understands basic economics and human behavior. | ||
| The other two guys, kind of a clown show. | ||
| But we've avoided the trade deficit and avoided talking about the trade deficit. | ||
| The elites don't want to talk about it. | ||
| In the first term, when we talk about this, they go, oh, money's fungible. | ||
| That's a big thing. | ||
| Money's fungible. | ||
| What does that even mean? | ||
| The trade deficit is not fungible. | ||
| The reason they never talk about it, they don't want to talk about it because that exposes the con and the scam. | ||
| And President Trump's up on True Social. | ||
| What's the thing he's got with telling China that you overplayed it because China came back and punched back at 34%? | ||
| You know all this issue with Trump being too soft on China, and I got would get all this grief behind the scenes Oh, Ben and you you anti CCP you and the new federal state of China and you and the Committee on the present danger China, and you've got this you got that and Rogan in the book called you guys the super hawks You didn't even believe in the Chinese Communist Party and Trump's rubbing up on China and saying how much he loves China President Trump respects President Xi says that he respects the Chinese people as we do We don't respect the Chinese Communist | ||
| Party, right? | ||
| We're not fans of Xi, but President Trump, he runs his own deal. | ||
| But, you talk about the biggest situation of decoupling, he signed an executive order about it, he's talked about the three island chains, and sent Pete Hegseth over there to reinforce what our strategy is going to be, and when Xi's at his weakest moment, | ||
| When they're trying to shovel as much coal into the furnace as possible to keep the whole the whole three-card money That is the Chinese economy from collapsing on them Trump and their complete export driven country and Those exports have to come to the United States High value added. | ||
| What does he do? | ||
| He puts a 34% tariff on it. | ||
| Ba-boom They're in shock They're in shock. | ||
| That's economic warfare 101 And they came back and it was blistering talk in a 34% and they let the world know, hey, we'll see and maybe we'll match and maybe we'll raise it. | ||
| That's fine. | ||
| We ought to add on top of that with President Trump, the executive order, let's enforce it. | ||
| As we've been saying on the Committee on Present Danger for years, let's cut off the capital. | ||
| You cut off the capital and you cut off the access to technology. | ||
| You walk into Sequoia capital with a bunch of search warrants Right and maybe a couple three indictments from a grand jury To stop shipping our technology over to their military you do that And maybe you put Neil Shen you put him in handcuffs you do that China and he keeps a 34% tariff Chinese Communist Party not gonna be around all that long They need American capital they need American technology to survive And | ||
| they need a free dumping ground of their product in the United States of America. | ||
| Now, Walmart, you're so powerful. | ||
| You're so big and powerful and the Waltons are so, you know, it made so much money. | ||
| Sam Walton would know what to do. | ||
| He wouldn't pass that on to the American working men and women that he had basically understood his entire life. | ||
| You know, running those little retail stores, little shops down in Arkansas. | ||
| You would use your strength to hammer the Chinese and say, hey, you gotta figure it out. | ||
| Maybe, in fact, some stuff ought to be made here. | ||
| Maybe stuff's gonna come back. | ||
| Same with Amazon. | ||
| Look at these countries. | ||
| These countries are part of it. | ||
| And look, the American consumer did it. | ||
| That's your full right. | ||
| But people are waking up to what the game is. | ||
| By bringing in the Chinese product, you've gutted Main Street. | ||
| By bringing the Chinese product, you've gutted the basic foundational elements of us as an industrial power. | ||
| And the last thing I'd say, oh, well, there's, you know, two trillion dollars and four... | ||
| No, no, no, that's all assembly work. | ||
| We're talking about high value-added manufacturing jobs. | ||
| Do we have Howard Lutnick and the robots? | ||
| I don't have that yet on Jesse Waters? | ||
| Okay, Jesse Waters, Howard Lutnick, robots, industrial. | ||
| Just let's pull it. | ||
| We'll get it eventually. | ||
| I promise we're gonna get it. | ||
| And this is what Howard Lettnick said last night. | ||
| And Howard, I actually think, has been doing a pretty good job on the terrorists. | ||
| He backed a little bit on the message. | ||
| Besant has been doing great. | ||
| And of course, all they're doing in process, they're going back, Scott Besant never said anything about terrorists his entire life. | ||
| Howard Lettnick never said anything about it his entire life. | ||
| Nobody said anything about this their entire lives. | ||
| Well, first off, that doesn't matter. | ||
| They're part of Trump's administration. | ||
| This is Trump's idea. | ||
| And they're 100% on board. | ||
| I think Besson does a great job. | ||
| Obviously, Peter Navarro does a great job. | ||
| I think Howard Lutnick at Commerce is doing a pretty good job. | ||
| Now, he a little bit got out of harness last night and said, hey, we're gonna, you know, bring back, you know, all the robots and have robot jobs. | ||
| There is gonna be some, look, a lot of this is gonna be advanced manufacturing. | ||
| It shouldn't be lost on you on the 500 billion that Apple's talking about. | ||
| I think there's 20,000 jobs. | ||
| That would normally not equate to The 500 billion dollar investment now, I don't know if that's all the way through at the plants, but Apple right now I think 90% of the iPhones are made in China 80% of the iPads or some number these the percentages are extremely high and they've already said that they're gonna relocate manufacturing here To the United States and President Trump came out today again and reiterated on his first. | ||
| I think the first true social he put out today He said what he said. | ||
| Hey I am locked in on this policy. | ||
| For these investors over there saying, I'm locked in on these policies. | ||
| And that's why these big corporations, it's one thing for these private equity funds or the Saudi sovereign wealth fund or these guys, which I'm not a fan of these guys putting money in the United States, but they're looking for investment opportunities. | ||
| It shows you that they're hungry to put money here, but that's different than these corporations. | ||
| When these top corporations in the world put big dollars in back of plant and equipment, They need stability. | ||
| And yes, you need to also build the ecosystem. | ||
| This is Jesse Waters and Howard Ludnick last night. | ||
| Let's go and play it. | ||
| We're not going to have all factories come back. | ||
|
unidentified
|
Like, clothing manufacturing, that's tough to bring back. | |
| But what kind of manufacturing are you talking about returning here? | ||
| You can't just give that away. | ||
| See, what's going to happen is robotics are going to replace the cheap labor that we've seen all across the world. | ||
| I mean, think of what our factories did. | ||
| They went to the cheapest labor in the whole world, slave labor, cheap labor, the worst environmental conditions, polluting the heck out of it, and then we bring back those cheap products here and we feel good about ourselves because we don't see the pain. | ||
| Okay. Okay. | ||
| Yeah, I think over at Commerce, Coms Department, let's get a little sharp in that, let's sharpen that argument. | ||
| I'm not sure I buy Jesse's first assertion. | ||
| I think you can, and you can do it without robotics, I think you can smartly bring it back, and entrepreneurs in this country are going to bring it back. | ||
| This is why we were at Jesse the other day. | ||
| The other part going on here is President Trump's got an entire Justice Department looking at breaking up the big monopolies. | ||
| The argument these people, the big, the The corporatists and the oligarchs trying to make, oh, with China so ahead of us on so many things, we have to have national champions, like the French used to. | ||
| You have to have essentially monopolistic power. | ||
| No. We're an entrepreneur country. | ||
| This is what, entrepreneurs built this country. | ||
| It's in the spirit of us. | ||
| To get your side hustle to become your main hustle. | ||
| That's what we need to do here. | ||
| We need We need thousands of little companies starting up. | ||
| We need access to capital of those little companies. | ||
| We need to break up these big companies. | ||
| And let this, and let this, and let it roll. | ||
| Let it bloom. | ||
| And it's going to happen. | ||
| Is this protectionist? | ||
| You call it what you want. | ||
| It's a reordering of the world's economic order, and you should note the people that are, who's raised in hell the most? | ||
| The Financial Times of London. | ||
| The Wall Street Journal, The New York Times, The Washington Post, you know, CNBC, Bloomberg TV. | ||
| Are those your buddies? | ||
| Have those organs of information, have they ever been on your side? | ||
| Are they the ones, you know, what's unifying them? | ||
| They're the ones that took Trump most seriously when he first came on the scene in 14 or 15, didn't they? | ||
| They're the ones that really took time to think through what President Trump was talking about and really got away from the personal attacks. | ||
| They really, the last 10 years, those organizations I just named, they have gotten their hands dirty and saying exactly what has Trump been saying and his vision for American, American workers. | ||
| And why is it at the rallies that these people, the working class people come out? | ||
| They're the ones that wrote all the articles that didn't mock and ridicule President Trump's followers. | ||
| They didn't mock and ridicule you. | ||
| They dismissed you. | ||
| They stole an election from you, and they thought you would go away. | ||
| Well, guess what? | ||
|
unidentified
|
You didn't go away. | |
| And April 2nd, when we eventually get around to a national holiday in remembrance of President Trump, it won't be his birthday. | ||
| It'll be April 2nd, Liberation Day, in which he told the whole world, hey, this is the way it's going to be. | ||
| Have you heard? | ||
| Are they up for the class shot? | ||
| Are they up for the kindergarten, third grade shot up on Capitol? | ||
| I haven't seen that. | ||
| Before they left in Johnson, did Polly Pockets get them up there and get a class shot? | ||
| With, you know, we support reciprocal terrorists. | ||
| Reciprocity, you know, little things in front of a little cardboard. | ||
|
unidentified
|
Reciprocity. I miss that. | |
| Short break. | ||
| Going to Harrisburg next week. | ||
|
unidentified
|
Here's your host, Stephen K. Vann. | |
| Here's your host, Stephen K. Vann. | ||
| Make sure you understand Birch Gold. | ||
| You have to understand the movements in gold. | ||
| Price of gold is only relevant for the day that you notice that you need the pattern recognition. | ||
| Birchgold.com slash Bannon or slash, yeah, slash Bannon on this one. | ||
| Talk to Philip Patrick and the team. | ||
| Understand the forces. | ||
| Geopolitical, geoeconomic, geostrategic. | ||
| Got enough geos in there? | ||
| Understand it. | ||
| It'll make your financial life better your personal life better your political life. | ||
| You'll have more intelligence and going about things For 25 years is not me the guy the other day on on Bloomberg 25 years colds outperformed the S&P 500 Does that tell you something about how we have to rejuvenate this economy? | ||
| I think that may be linked to the 25 trillion dollar trade deficit and the debt just saying crowding out of capital By federal debt and spending and trade deficits. | ||
| I think those two reasons S&P 500 ain't outperformed gold. | ||
| Just throwing it out there for discussion. | ||
| Go to birchgold.com. | ||
| Also, Field of Greens, my super organic, my organic superfood every day. | ||
| I do it with Warpath coffee. | ||
| But I do my organic superfood first. | ||
| I feel great and I get an energy boost. | ||
| Go to FieldOfGreens.com, put in Bannon, you get a big discount. | ||
| Do it today. | ||
| Get on site and check it all out. | ||
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| Jack Posobiec. | ||
| Brother, why are you not in the studio today? | ||
| There's so much going on nationally. | ||
| Loomers taking out National Security Council guys. | ||
| The NSA quits last night. | ||
| The Cyber Command quits last night. | ||
| Deputies quitting last night, or not quitting, I guess getting fired. | ||
| Everything going on in the intel community. | ||
| What are you in Harrisburg for, sir? | ||
| See, I'm here manning the ramparts in Harrisburg, Pennsylvania, because this is where the real action is taking place for the defense of the Republic. | ||
| This is where we won in 2024, was going through Harrisburg. | ||
| This was the road for the Republic. | ||
| These are the areas, Harrisburg and then west of here. | ||
| This is exactly the spot where the people who are going to benefit from Trump's great deal and these new tariffs and the geostrategic reconfiguration of the global economy. | ||
| So that's why I'm here at the Pennsylvania Leadership Conference. | ||
| This is a gathering of the deplorables all across Pennsylvania. | ||
| You've got national groups. | ||
| You've got local groups from Tea Party types to Christians, small government. | ||
| We've got the Commonwealth Foundation. | ||
| We've got everybody here, Steve. | ||
| And we've even got a couple of posse members that are here. | ||
| This is action-oriented because we're building out the infrastructure for 2026. | ||
| Yeah, it's the purpose today To make sure that the 2024 massive victory in Pennsylvania is not a one-off event, that in a midterm, we make sure that what happened the other day in Wisconsin does not happen in Pennsylvania, because if that happens in Pennsylvania on the first week of January 2027, Donald Trump, there'll be a move to impeach Donald Trump by Hakeem Jeffries, correct? | ||
| Correct. So we're not going to let that happen here in Pennsylvania. | ||
| I couldn't let that happen here in Pennsylvania. | ||
| We got Kev here. | ||
| Kev Pozo's here. | ||
| So the Pozo bros are back in Pennsylvania. | ||
| We're here to make sure that Pennsylvania, Sandstrong going through the midterms, Josh Shapiro, little Josh, you know, he's right across the river here over at the governor's mansion. | ||
| So we're going to make sure that he knows that we're around too. | ||
| And he's, let's just say that he's a topic of discussion here on the table. | ||
| Hold it. | ||
| Hang on. | ||
| I thought Shapiro. | ||
| Put out a statewide decree that both of the Poso brothers can't be in the Commonwealth of Pennsylvania at the same time. | ||
| Hey, enforce it, Joshy. | ||
| We're right here. | ||
| Come on. | ||
| Come on. | ||
| Poso, so you're going to speak later today? | ||
| What time do you speak? | ||
| We want to stream this. | ||
| So I'll be I'll be doing my show live from here at 2 p.m. | ||
| And then we 2 to 3 and then we speak right at 4 I'm gonna be on a panel with Cliff Maloney as well as dr. Steve Turley another PA guy We're all talking all Pennsylvania and how new media is infused with the grassroots networks to build just the same way the war room posse did in 2024 and just like these war room posse members here did in 2024 and are even doing now in local elections this year So this is great. | ||
| Everybody's coming together. | ||
| The Human Events Daily is live. | ||
| Then we're going to stream your four o'clock panel and then hopefully follow up at five o'clock. | ||
| I've got to ask you a question on geo strategy, sir, before I let you go. | ||
| The head of the Communist Party, the general secretary of the Communist Party in Vietnam, because that's still who runs the deal, although the biggest capitalist in the world, He's already reached out to President Trump, Jack, and said, and they're near the top of the list. | ||
| I think Cambodia is the top, and I think Vietnam, because so much stuff transferred from China during the pandemic to Cambodia, Vietnam, and Southeast Asia, as you know very well. | ||
| He essentially contacted President Trump and said, okay, we surrender. | ||
| We want to go to zero. | ||
| We want to do as fast as possible. | ||
| How do we do that, Mr. President? | ||
| And he sent him a congratulatory. | ||
| He said, hey, this is the first guy I'm going to meet with. | ||
| Because he reached out to Quick as I said, I see what we're doing. | ||
| I didn't fully understand it. | ||
| We're going to zero. | ||
| How big a deal is that in putting it back up in the grill of all these people saying it's the end of the world? | ||
| Well, Steve, this is exactly the point of the art of the deal. | ||
| So the art of the great deal is this. | ||
| We're making a deal for the American people. | ||
| We're putting our American workers first. | ||
| We're putting the people of Pennsylvania first, like we're doing here in Harrisburg, Pennsylvania today. | ||
| So Vietnam and Cambodia and Thailand, this is all a message, by the way, because what are they directly south of and they have no love lost for? | ||
| The Chinese. | ||
| The Chinese Communist Party, which is just to their north, the Chinese that ruled the Jack, about these judges removing people, | ||
| have we taken our eye off the ball of this critical situation in South Korea where a conservative was just taken out by the Chinese Communist Party in essentially a coup d'etat? | ||
| Last night, and now they're going to have another election in 60 days, but the conservative, and like I said, this guy, not Ronald Reagan, but he was duly elected. | ||
| He's been taken out by the CCP. | ||
| Do you think we're enough on top, Defense Department, State Department, National Security Council's on top of this deal? | ||
| Well, I mean, this is a situation in South Korea, just like everywhere in the Pacific Rim and in East Asia, the Indo-Pacific, where we need to stand strong with our allies and understand that the Chinese influence operations, the CCP operations, are already deeply enmeshed in the politics of South Korea. | ||
| They're enmeshed in the politics of Japan. | ||
| They're enmeshed in the politics of Australia. | ||
| This is all across the Pacific, because they understand that if they can control the Pacific, control that first island chain, which of course you talk about all the time, I think so. | ||
| them ability to push out to the second island chain, Guam, then eventually the third, which is Hawaii. | ||
| So we need to make sure that our allies are standing strong and understanding that you need this populist, nationalist, pro-America front around the world. | ||
| And again, by the way, what we're not talking about is this military conquest style of the Bush administration, of the Romney types, of the McConnell types. | ||
| No, what we're talking about is working with our allies, have them shoulder the burden, but also keeping our eye on the ball as the CCP pushes out. | ||
|
unidentified
|
Oh, that's good work. | |
| Last night, what the individual, the general that controls both NSA and Cyber Command, which I have been a strong advocate, they should be broken up. | ||
| You should have a combatant commander in NSA, but him and his deputy, who are holdovers, were let go. | ||
| Give me some insight on that. | ||
| You're an intel guy. | ||
| That's a huge deal. | ||
| What's going to happen there? | ||
| Are they going to break up Cyber Command from NSA? | ||
| Well, I don't have any direct insight on that myself, but I certainly agree with you. | ||
| Cyber Command should be its own combatant command. | ||
| We need offensive cyber operations, okay? | ||
| NSA, that's your backbone. | ||
| We understand the properties of NSA. | ||
| Everybody in the whole world knows what the NSA does, but you need a combatant command the same way we just talked about the Indo-PACOM command, Indo-Pacific Command. | ||
| You have AFRICOM, you have CENTCOM, etc. | ||
| You need a cyber command that goes across the branches of the military, across the IC, that can pull entities up wherever they may be. | ||
| Perhaps there are Space Force entities that can help out with cyber command. | ||
| A lot of those space operations are cyber based, these anti-satellite ops and things like this, the communications operations. | ||
| So you really need to think of cyber from a whole of government perspective and keeping it ensconced within NSA actually hinders the ability to do that. | ||
| Now, as far as the home, you know, these holdovers from the Biden administration, look, they have to go. | ||
| And I had had some reporting back in November about the deputy at the NSA and about how she was already working to undermine President Trump's national security team. | ||
| Look, we remember the problem of the holdovers from 2017. | ||
| This is where Russiagate started. | ||
| This is where the first impeachment started in 2019. | ||
| It all began with holdovers. | ||
| And that's why my message has always been it has to clean house across the IC and across the board in order to get the Trump's agenda across. | ||
|
unidentified
|
Yes. | |
| Yeah, and these are serious. | ||
| I mean, NSA is the backbone. | ||
| I tell you what, Jack, we're gonna let you, we're gonna get, can you, we're gonna take a break. | ||
| Can we get hooked up, or can you pass over? | ||
| You want to do the interview with the Warren posse members running for, running for school boards, because we want to get them up in the next segment. | ||
| Let's get them up. | ||
| Yeah, they can hang. | ||
| You guys can hang for the next segment, right? | ||
| Oh, these are posse members, Steve. | ||
| They live for this stuff. | ||
| Okay, we're gonna take, we're gonna take a short commercial break. | ||
| Jack, we'll be back to you in a second. | ||
| Like I said today, what's the price? | ||
| What is the price of gold? | ||
| How are we doing? | ||
| The Dow? | ||
| By the way, the Dow kind of backed off a bit. | ||
| It dropped further, backed off. | ||
| Vietnam's already surrendered. | ||
| The President of Vietnam, the head of the General Secretary of the Communist Party, came back to President Trump. | ||
| President Trump just reported out on True Social. | ||
| You don't see? | ||
| That's not leading the CNBC. | ||
| That's not leading the Financial Times of London. | ||
| They're not talking about that. | ||
| And Vietnam's one of the ones that's the biggest problem. | ||
| Now, you say, talk about, hey, you don't have the— By the way, we're going to get, I think, a live feed from the Federal Reserve here in a moment. | ||
| They're going to make some remarks. | ||
| So we're going to take a short commercial break. | ||
| Get to Birch Gold. | ||
| Take your phone out. | ||
| Bannon, B-A-N-N-O-N, at 989898. | ||
| The Ultimate Guide to Investing in Gold and Precious Metals in the Era of Trump. | ||
| This thing is very accessible what I mean by that it takes complicated ideas and makes them easy to understand that's especially a birch gold and the war room to make sure you understand the fully the forces that drive The value of gold which is a store of value in a hedge against times of financial turbulence back in a moment It's also possible that the effects could be more persistent Avoiding that outcome would depend on keeping longer-term inflation expectations | ||
| well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices. | ||
| Our obligation is to keep longer-term inflation expectations well anchored, and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. | ||
| We'll continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. | ||
| We're well positioned to wait for greater clarity before considering any adjustments to our policy stance. | ||
| It is too soon to say what will be the appropriate path for monetary policy. | ||
| We understand the benefits of a solid economy where workers can find jobs and inflation is low and predictable. | ||
| We also understand that elevated levels of unemployment or inflation can be damaging and painful for communities, families, and businesses. | ||
| That is why we at the Fed will continue to do everything we can to achieve our maximum employment and price stability goals. | ||
| Thank you, and I look forward to your questions. | ||
|
unidentified
|
importantly, thank you for being here. | |
| This feels like quite a moment to be speaking with you, and I want to thank you for your time. | ||
| I'm sorry. | ||
| He's got it. | ||
| I want to thank you for being here, and thank you for taking the time to speak with this group of business journalists. | ||
| I'd also like to give a special thanks to Heather Wong with the Washington Post, who helped make this event possible. | ||
| So for starters, sir, how's your week been? | ||
| Just fine, thank you. | ||
|
unidentified
|
Care to elaborate? | |
| So far, so good. | ||
|
unidentified
|
Chair Powell, yes, thank you so much for being here and taking our questions. | |
| We're talking about the economy as being a very strong economy. | ||
| You characterized inflation as coming down, employment as being very strong still. | ||
| However, President Trump, earlier this week when asked about the market volatility we've been seeing, said the volatility was, quote, to be expected. | ||
| This is a patient that was very sick. | ||
| We inherited a terrible economy. | ||
| A lot of voters did and do agree with that assessment, or at least in part. | ||
| I'm wondering how you would respond to that assessment and the disconnect between the story of the data and the way a lot of people are feeling about the economy. | ||
| Sure, so let me just be clear at the start. | ||
| I make it a practice not to respond to any elected officials' comments, so I don't want to be seen to be doing that. | ||
| It's just not appropriate for me. | ||
| The situation, I think, is this, and people, when they're surveyed, they are unhappy about the economy. | ||
| That seems to largely reflect the increase in the price level that happened when inflation was high, 2021, 22, and 23, largely. | ||
| Inflation is now back down to much more normal levels. | ||
| Unemployment is low. | ||
| The economy has been growing. | ||
| But people are still experiencing that high price level. | ||
| In other words, prices don't go down. | ||
| They know they're paying much more for the basic necessities of life. | ||
| And they're right that they are. | ||
| And they're not happy about it. | ||
| And they're right not to be happy about it. | ||
| So I think that accounts for the negative sentiment. | ||
| We, of course, we're looking at inflation, which is the change in prices. | ||
| And we're seeing that that has come down quite a bit. | ||
| And that unemployment is actually low. | ||
| It's sort of very close to measures of maximum employment. | ||
| And the economy's growing. | ||
| So all those statistics are good. | ||
| But the price increases of the past few years are weighing on people's budgets. | ||
|
unidentified
|
I'm from Milwaukee, and I've been talking to business leaders, executives, and consumers in our community and our region for the last few weeks, mostly before this week's news. | |
| Chairman, they're troubled and they're nervous. | ||
| One business owner told me if there's a hint of a recession, we're cooked, and he asked me to share that with you. | ||
| What's your response? | ||
| I guess I would say, let's start with the fact that the incoming data right through this morning's employment report, which admittedly is from roughly a month ago, the week of March 12, they took the data in, still shows a solid economy. | ||
| Unemployment's still low. | ||
| I understand the uncertainty that's weighing on people. | ||
| You ask about a recession. | ||
| We don't actually We don't make a probability forecast of how likely it is for there to be a recession, but many outside forecasters do. | ||
| And many of them have raised the likelihood, albeit from very low levels. | ||
| It's not something that anybody now is forecasting, or some people are starting to. | ||
| And so I can't, there's not much more I can say about that. | ||
| I realize that the uncertainty is high. | ||
| You know, what we've learned is that the tariffs are higher than anticipated, higher than almost all forecasters predicted. | ||
| We still don't know where that comes to rest, though, and we're just going to have to see that through. | ||
|
unidentified
|
At a congressional hearing last year, one of the U.S. representatives said that you were pretty boring, and you thanked him, and said that you considered that a very high compliment. | |
| And, in fact, I feel like it's one of the roles of the Federal Reserve, especially since the housing crisis, to be kind of a ballast, especially in the face of the volatility of the markets and the dramatics that you can experience with the economy. | ||
| Very steady, no surprises, very reliable. | ||
| In a moment like this, which also has a lot of drama and unpredictability, but it is not necessarily from an economic perspective, Crisis it's it's by design. | ||
| It's political How do you see your role in this moment? | ||
| So I think all of the values that you touched on are in fact the values that that we try to live by you know we're we're driven by you know analysis and careful thought and discussion and debate and The merits of things we're we try to stay as far as we can from the political process We don't look at political cycles or things like that so and I think people expect that from us and They expect us to tell the truth, and that's what we're going to do. | ||
| But at the same time, we're not part of, we don't want to be part of the broader political discussion about the wisdom of policies that are not assigned to us. | ||
| We're not responsible for trade policy, immigration policy, fiscal policy. | ||
| So we don't comment on those decisions are made by others. | ||
| And what we do is we use our tools to try to achieve the goals that Congress assigned us, which is maximum employment and price stability. | ||
| So I like to think that over time we're a source of calm, rational analysis and also of stability. | ||
| That's really what the business that we're in is providing, financial and macroeconomic stability to the public. | ||
| That's really our purpose. | ||
|
unidentified
|
How can businesses and individuals and the Fed make plans for the future when so much is being dictated by the actions of a single person? | |
| And do you see yourself as the consoler-in-chief on economic matters? | ||
| No, I think, take a step back. | ||
| What's happening is, as I mentioned, the new administration is making, you know, significant policy changes in trade, immigration, fiscal policy, and regulation. | ||
| And this is, this is the, you're still just a couple of months into the administration, and that process will take place, and at a certain point, the new policies will be on the table, they will be Having the effects they're going to have on the economy, and uncertainty will decline. | ||
| Right now, there's a lot of uncertainty about where all that's going to sort out, the forms it will take, and what the economic effects will be. | ||
| If you fast forward a year from now, the uncertainty should be much lower. | ||
| The actual effects of the policies should then be pretty manifest and clear. | ||
| So I think I understand why it just is highly uncertain, both what the policies will turn out to be, exactly what they'll turn out to be, and also what their effects will be in the near term. | ||
| We just have to go through that process. | ||
| And, you know, it is just kind of a manifestation of our election cycle and a new administration coming in with new policies. | ||
|
unidentified
|
I mean, given all of the change happening and the fact that we are in a period where things have not settled in yet and that the Federal Reserve and you as chair are very projection, data-driven, policy-driven, I mean, can you tweak your plans and projections? | |
| Do you just kind of, do you have to reset them? | ||
| So, you know, we, what we've had since, um, in the last few months is, uh, from the staff has been a placeholder. | ||
| Rather, they wouldn't call it a forecast because it's so uncertain. | ||
| They call it a placeholder. | ||
| And that's kind of how we've been thinking about it. | ||
| So it's, it's a good time to take a step back and let things clarify. | ||
| That's why, uh, It's just too soon to say what the appropriate monetary policy response will be to these new policies. | ||
| It is just too soon to say. | ||
| We can't say with any confidence today. | ||
| So that's what we're doing. | ||
| We've taken a step back, and we're watching to see what the policies turn out to be and the ways in which they will affect the economy. | ||
| And then we'll be able to act. | ||
| Fortunately, our policy stance is in a good place for us to do that. | ||
| We're probably moderately restrictive, let's say, so it's not really tight policy, which is appropriate since inflation is a bit above target. | ||
| So we think we're well positioned to address whatever may come. | ||
| And in the meantime, I'd say we're waiting for greater clarity before we consider adjustments. | ||
|
unidentified
|
Business owners in Wisconsin have told me that they can't make their plans. | |
| They want to expand. | ||
| They want to build a new facility. | ||
| They want to hire or do whatever the future calls for. | ||
| They say, we're trying to look around the corner. | ||
| We're not even sure where the corner is, and we're not even sure what's around the corner. | ||
| Sounds like they're in the same position as you are, Wilbur. | ||
| No, we hear the same thing. | ||
| Of course, we have an incredible network of contacts with businesses and also universities, non-profits, all different sectors, through the reserve banks and also through the Board of Governors. | ||
| And that's what we hear. | ||
| But again, it's a process. | ||
| We're going through it, and we're You know, I think we will know, when we know, what the policies are exactly and what their implications will be for the economy. | ||
| That will all become clear, and I think that'll be a time when people can make decisions. | ||
| In the meantime, though, I get it. | ||
| We're hearing that a lot from people, and we are kind of in the same place, which is waiting for clarity about what our policy path should be. | ||
| We'll have to see. | ||
| Okay, as you can tell, the reporter from the Milwaukee papers continue to try to... | ||
| I mean, he's down. | ||
| He's got the dumps. | ||
| He's got the blues. | ||
| I thought Powell did pretty well. | ||
| Look, I'm an into Fed guy, and I'm not a fan of Powell's, but I thought, you know, it was a tough day to come out there. | ||
| I thought he was pretty even-handed. | ||
| I said, hey, President Trump put the policy in. | ||
| I have to see. | ||
| One thing the market's looking for is the power to walk in and say, I'm gonna give you more easy money, grab another big old cut today. | ||
| That didn't happen, so the market dropped a couple hundred points. | ||
| Who cares? | ||
| Markets rise and markets fall. | ||
| It's the trend that you want to see. | ||
| And the trend here, you got to stop, which I never want to talk about, is the $25 trillion. | ||
| Stephanie Ruhle, get on your show tonight. | ||
| Some working-class people and some union people and ask them about the 25 trillion dollar deficit where that trade deficit where they come from that came from shipping all the high Value-added manufacturing jobs over to China and then we had to buy the finished products based upon Borrowed money some of which the Chinese Communist Party helped us finance Let's go back to Jack, but so but Jack up in Harris once again tell the audience what Harrisburg is about Why are you guys there for a two-day conference? | ||
| on a beautiful spring weekend and introduce our guest. | ||
| Well, Steve, we're here to send a message to little Josh Shapiro that we're here, that Pennsylvania is actually a red state, that Pennsylvania is Trump country, and we're building out the infrastructure to make sure that Pennsylvania stays that way because Pennsylvanians understand the importance of rebuilding and actually revitalizing our towns and our West and our industrial capacity that have been totally sold overseas by people We've | ||
| got some great grassroots activists here today, members of the posse. | ||
| Tell folks where you're from and what you're up to doing. | ||
|
unidentified
|
Sandra Gonzalez, Short County, Pennsylvania. | |
| Steve, I'm running for school board, and I want to thank you for firing us up. | ||
| And when I could not find a good candidate to run for school board, I stepped up. | ||
| Because if we don't do it, Steve, who's going to? | ||
| And I just want to say, you know. | ||
| I want to thank the president for just hammering it every day, every day. | ||
| I was just telling Jack, it's like the Democrats and the liberals are punch drunk. | ||
| And like before they even know the blow that they just took, he's throwing another blow. | ||
| And we love it. | ||
| And we love that you guys are on it. | ||
| We love to see Brian Glenn. | ||
| We love to see Natalie over there. | ||
| We love seeing Jack over there on Media Row. | ||
| And you guys are bringing it home. | ||
| And every day we get up and we turn on our AV and we are so filled with hope and with fight. | ||
| And we are in it to win it. | ||
| Wow, now you're sure you want to go after that No, no, no Hang Sam I want to ask you a question When you look through the candidates What are the issues that you finally said I've had enough I'm a war and posse member I'm manning the firewalls I'm making my calls, I'm sending my text messages I'm helping candidates What was it that you said Hey, I've got to get in and do this Make the switch To get up and do it yourself. | ||
|
unidentified
|
So I was trying to convince one of the other mothers in one of the other regions to run, and I, like the Lord put in my spirit, David never planned on fighting Goliath. | |
| He showed up to bring provisions to his brothers and check on them. | ||
| He fought Goliath because no one else would. | ||
| And I was unable to convince her to run, but as I was saying this to her, it's like the Lord dropped in my spirit, what about you? | ||
| And you know, when God calls you, He calls you up to the front lines. | ||
| You go. | ||
| Because if God be for us, who can be against us? | ||
| We are voting this week to have sex-based distinction in sports. | ||
| Heidi Thomas, policy of chair at the West Shore School District, is fighting to kick the boys out of the girls' sports. | ||
| And we need the posse to show up at the West Shore School District board meeting Thursday night at our administration building at 6.30 and help us pull this across the finish line. | ||
| If we don't get people to show up in that room, the liberals show up 50 at a time, and there's four of us conservatives in the room. | ||
| Where is the posse? | ||
| Where are the Americans that will stand up and fight for our kids? | ||
| So that's what I decided to do, to fight to help Heidi Thomas pull across the finish line to get rid of the gender-neutral bathrooms and the sex distinction in sports at the West Shore School District. | ||
| And Josh Shapiro is pushing that stop all across the state, Steve, all across the state. | ||
|
unidentified
|
Amazing. Can we get social media? | |
| We want to follow this. | ||
| We want to do a run-up to the school board meeting next week. | ||
| Where do we go? | ||
|
unidentified
|
I sure am. | |
| Sandra Gonzalez for school board. | ||
| Amen. On Facebook. | ||
| That's my Facebook. | ||
| Steve, if we have a quick second, we've got another member of the PHAs right here. | ||
| Thank you. | ||
| Yep, sure. | ||
|
unidentified
|
Hi, I'm Therese Holland, and I'm the executive director for Citizens Alliance in Pennsylvania, and we're the home of PHAs. | |
| As you know, we knocked 510,000 doors for President Trump in the election, and right now we're focusing on judge of elections in Pennsylvania. | ||
| A lot of these positions go unfilled, and we need folks to step up because that's the first line of defense in a safe environment. | ||
| And this is part of the precinct project? | ||
|
unidentified
|
It is. | |
| So what we would like to do is please talk to us. | ||
| Our website is teamcap.org. | ||
| Reach out and let's have a discussion. | ||
| Let's see if you have somebody stepping up in your precinct to be a judge of election. | ||
| Steve, it's from the precincts up, it's from the streets up, it's building up that infrastructure. | ||
| I said on the show the other day, this is the way Soros operates. | ||
| You need to be Soros maxing, you need to learn the way they operate, and what does he do? | ||
| He builds. | ||
| And that's what this is all about, Steve. | ||
| We're building the networks, little networks, little networks. | ||
| Jack, ask, one of the judges, the election judges, when is the election or is it a rolling election? | ||
| When is the election? | ||
|
unidentified
|
May 20th is our primary. | |
| And if somebody has not already signed up and gotten their paperwork in, what we're doing is we're talking to folks about running write-in campaigns. | ||
| Because nobody steps up in these precincts. | ||
| All they need is 10 signatures to get on the ballot. | ||
| If there are more than one write-in, it's whoever has the most signatures. | ||
| More signatures, but most of the time 10 signatures will get them on the ballot in November to get them to be a Joe. | ||
| This is going to build for us going out into 26 and 28 and making sure that we have a good infrastructure going forward. | ||
| It's all about that 26-28. | ||
| Where do people go, once again, where do people go to find out more information about this? | ||
| Right, so you go to the Pennsylvania Leadership Conference on the website. | ||
| I'm of course going to be here doing my full show 2 p.m. | ||
| And then we'll have the panel up at 4. And Jack, hopefully get you back up at 5. Jack Pasobag. | ||
| Kevin Pasobag breaching a mandate by Governor Josh Shapiro. | ||
| The two Pasobag brothers are not supposed to be in the Commonwealth at the same time. | ||
| But hey, what are we saying? | ||
| It's a grassroots conference. | ||
| They're going to be there. | ||
| Don't know what Shapiro's going to do about it. | ||
| Jack, thank you so much, brother. | ||
| So Charlie Kirk follows us at noon. | ||
| Poso's live from Harrisburg. | ||
| Make sure everybody watches that. | ||
| Then we got Gruber. | ||
| You got the great Eric Bolling. | ||
| Then we're back at 5. We're also going to stream on our side channel, the 4 o'clock panel that Jack Posobiec is going to be on. | ||
| So we'll be on that. | ||
| We have a Trevor Comstock. | ||
| I'm feeling healthy today, brother, because my sacred human health. | ||
| Tell me what I should be taking, sir. | ||
| Yes, thank you once again, Steve. | ||
| Today I just want to discuss the importance of collagen a little bit. | ||
| And most people don't realize this, but collagen is the most abundant protein in our body. | ||
| It's what keeps your skin firm, your joints flexible, and your hair and nails strong. | ||
| But after the age of 25, collagen production does start to slow down over time, and this leads to common signs of aging, like wrinkles, weaker joints, as well as digestive issues. | ||
| So Collagen plays a huge role in maintaining overall health, yet unfortunately, our modern diets don't provide enough of it. | ||
| So that's why supplementing with a high-quality collagen source can be extremely beneficial. | ||
| If you are looking to support healthy aging, improve skin hydration, as well as maintain strong joints, collagen is a pretty simple and effective way to do that. | ||
| And of course, like anything, it's not a quick fix. | ||
| But with consistent use, many people do notice a huge difference in the way they look and feel, which is pretty awesome. | ||
| And I've been taking it myself for about six years. | ||
| I've always had good results, so I can attest to that. | ||
| But what's great about our collagen is that it's formulated with five different types of collagen and derived from four different sources. | ||
| So you'll get types one through five collagen, which is essentially the full spectrum. | ||
| So we got you covered there. | ||
| And with that, You know, our unique blend will do everything I just mentioned from helping to improve healthy skin, hair, nails, all the way to joint health and gut function. | ||
| And on top of that, we've just been having some great feedback from customers that have been using our product for a while. | ||
| So I'm always happy to hear that and see that at least we're helping to improve people's well-being a little bit. | ||
| And lastly, you know, I wanted to mention too that for us as a business, you know, we do always promise or at least our promise is to make sure that everything's produced right here in the USA. | ||
| We don't outsource anything to China. | ||
| We're big on quality control, so we're always syncing with our manufacturer based in the Midwest to make sure that everything's up to par. | ||
| But I won't go on for too long. | ||
| You can go to our website. | ||
| It's sacredhumanhealth.com. | ||
| There's a ton of information. | ||
| If you click on each product, you can see our exact ingredients. | ||
| You can see what we put into it and kind of what it will do for you in terms of health. | ||
| Oh, also make sure you use code Waroom for 10% off any one-time purchase. | ||
| And if you subscribe, you're locked into that 10% so you don't have to worry about putting the code in. | ||
| Today's product is collagen. | ||
| We've also got the grass-fed beef livers, got the immunity product. | ||
| Go, just go to the website, check it out. | ||
| It's amazing. | ||
| Trevor, one more time, where do people go? | ||
| Yeah, you can go to sacredhumanhealth.com or you can just type in Sacred Human at Google and we'll pop up there as well. | ||
| And then you can follow us on social media too. | ||
| It's just Sacred Human. | ||
| Thank you, brother. | ||
| Appreciate you. | ||
| Thank you. | ||
| Trevor Comstock, the CEO of Sacred Human Health, part of the Maha Moment movement. | ||
| I've got another... | ||
| President Trump just posted another... | ||
| He's on fire this morning. | ||
| Okay, this is President Trump. | ||
| This would be a perfect time for Fed Chairman Jerome Powell to cut interest rates. | ||
| He's always late. | ||
| He could do now change his image and quickly energy prices are down, interest rates are down, inflation down, even eggs are down 69% and jobs are up all within two months. | ||
| A big win for America. | ||
| Cut interest rates, Jerome, and stop playing politics. | ||
| See, President Trump's watching at the same time you are. | ||
| That's why I wanted you guys to watch it. | ||
| Pound's a little stiff, but I guess a fed shirt can be that. | ||
| Okay, Mike Lindell, we're gonna end Friday on a big uptick because you're gonna sell us some great sheets and products from the MAGA backing of MyPillow. | ||
| What do you got for us, sir? | ||
| Well, the War Room promo code is gonna be known as the Wholesale Code. | ||
| We got more cancellations, all of our kitchen accessories, the kitchen towels, because we have more than just We have over 200 and some products. | ||
| These all came in as low as $9.99. | ||
| The bath towel, kitchen towels, we have pot holders, we have oven mitts, you name it. | ||
| We're putting them all to the war room policy with these cancellations as low as $9.99 with promo code war room. | ||
| Wholesale prices on everything. | ||
| Go to the website, mypillow.com. | ||
| Click on Steve. | ||
| It's about four tiles down. | ||
| There you see the $9.99 sale. | ||
| And you got the crosses there that everybody keeps asking. | ||
| We got a whole bunch of new ones came in. | ||
| It's a 30% there. | ||
| And there's the pillow. | ||
| This is an exclusive War Room special. | ||
| $18.98 for the Queen. | ||
| $19.98 for the King. | ||
| With the new Giza ticking, everybody. | ||
| So you guys keep on. | ||
| It's a win-win-win. | ||
| My employees thank you. | ||
| You guys get the best sleep of your life and the best products. | ||
| I run into people all the time, Steve. | ||
| They say, Mike, I've got all your products. | ||
| I'm helping and everything. | ||
| You know what? | ||
| We have over 200 and some, and these new ones came in for the kitchen. | ||
| Check them out. | ||
| It's a War Room exclusive today. | ||
| So 1-800-873-1062. | ||
| My employees love talking to the War Room Posse. | ||
| MyPillow.com promo code warren. | ||
| Mike Lindell, thank you, sir. | ||
| We'll see you this afternoon from the command center of MyPillow. | ||
| Call me, get Mike Lindell, I never know. | ||
| Charlie Kirk, Jack Posobiec, live from Harrisburg. | ||
| Gruber, bowling, back to war room at 5. We're also going to stream Posobiec's panel. | ||
| President Trump is down at Doral, but we're going to have wall-to-wall news at 5 to 7. So much to go through on the eve of our Saturday show. | ||
| My favorite of the week. | ||
| Leave it with the right stuff. | ||
| And Charlie Kirk, who's got it. |
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