April 10, 2025 - Bannon's War Room
48:04
Participants
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| Speaker | Time | Text |
|---|---|---|
| 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 try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
|
unidentified
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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. Bannon. | ||
| All right, Dave Bratton, War Room, continuing on with the great Stephen K. Bannon. | ||
| Back when they put Stephen K. Bannon in prison for absolutely no good reason. | ||
| Never forget that. | ||
| What they tried to do to Trump, Bannon, Navarro, what they did do to them, 16, 20, still ongoing. | ||
| That's the fight we're in. | ||
| It's not over. | ||
| Bannon just told us for the last hour, China is not going to give us the keys, as he always says. | ||
| And in the midst of this, it's just shocking that the U.S. mainstream media, press corps, etc., is coming to the defense of I don't know who. | ||
| The Chinese Marxist, communist, globalists. | ||
| It's just stunning as I read the headlines screaming in here. | ||
| Why is Trump doing tariffs? | ||
| Is there some self-interest I'm missing? | ||
| He's tariffing the rest of the world to get American manufacturing back. | ||
| To increase productivity, to make sure the American worker gets some pay for once in 40 years. | ||
| All the stats are on his side. | ||
| You don't hear from any economists. | ||
| You don't hear from any of the think tanks who are on, as Natalie showed us in the last segment, who are all on the China payroll, right? | ||
| The DC think tanks, one after the other, go check and see where they're all funded from. | ||
| And then all of a sudden you see why the mainstream economists won't touch any of it. | ||
| Because their universities are all funded by these major foundations. | ||
| All political views are my own. | ||
| So back when Steve was in prison, I got to host the show, and one of my favorite guests always was Josh Hammer. | ||
| With Newsweek. | ||
| And so I wanted him on to give us some context on this mainstream media framing. | ||
| Who's really in charge, Josh? | ||
| Is it the billionaire class? | ||
| Is it the media class? | ||
| Is it the establishment class? | ||
| Is it the Democrat Marxist wing of the Democrat Party where the liberals are AWOL? | ||
| Who's running the show? | ||
| Josh Hammer. | ||
| Thanks for being with us, brother. | ||
| Dave, my pleasure. | ||
| Great to see you as always. | ||
| Look, I think it's a combination of all the above. | ||
| I mean, I think it's basically all the actors that you just named. | ||
| I think often about what Andrew Breitbart, the late great Andrew Breitbart, what he referred to as the Democrat media complex. | ||
| That was his phrasing. | ||
| I mean, they are the ones who call the shots, Dave. | ||
| They are the ones who call the shots in all of the corridors of power in America, and they've been doing so for a very, very long time. | ||
| There are so many the ones who call the shots when it comes. | ||
| You know, it's... | ||
| It's funny that they don't even pretend to take America's side, right? | ||
| I mean, they don't even for a second pretend to actually take the interests of the American people here. | ||
| So after these tariffs went into place there, it was very clear that this was going to be the lay of the land for the foreseeable future. | ||
| By the way, no one can say they didn't see this coming. | ||
| Donald Trump has been consistent on the issue of tariffs literally for longer than I have been alive. | ||
| I was born in 1989, the year that the Berlin Wall fell. | ||
| Donald Trump has been a – I call him a class traitor, a class traitor par excellence frankly because he is the one among ultra-millionaires, billionaires who was outspoken against the rise of China, against laissez-faire fundamentalism, neoliberalism on the global | ||
| stage, outsourcing our manufacturing. | ||
| He was always, always, Always opposed to that. | ||
| Going back to his earliest days in the media. | ||
| Oprah Winfrey show. | ||
| The New York tabloids. | ||
| 1980s. You name it. | ||
| This has been his issue there. | ||
| So you knew that this was going to stay there. | ||
| And the media had an opportunity once they saw this. | ||
| Okay, this guy who's been singing the same tune on this for four and a half, five decades. | ||
| He's finally now back in power. | ||
| He's doing it there. | ||
| You had a choice, media, to say that you're going to side with the American people once we're in a trade war. | ||
| You hope that we win the trade war there. | ||
| I mean it kind of reminds me frankly of the same people who were rooting against America back in the early 2000s in a very different kind of war, in a foreign policy conflict against al-Qaeda, Saddam Hussein, places like that there. | ||
| And the media just consistently chooses to side against the American people. | ||
| It's not even siding against Donald Trump. | ||
| I get it. | ||
| You guys don't like Donald Trump. | ||
| You're allowed to have that opinion. | ||
| But it's a totally different thing to side against the American people. | ||
| They've basically been rooting for the stock market to collapse. | ||
| I think of people in the New York Times. | ||
| If they're happy that the market recovered 9.5% today, frankly, I missed it. | ||
| Because, again, they don't have the American people's interests at heart. | ||
| They are so reliant, so reliant upon the Chinese Communist Party, Wall Street, the Fortune 500 when it comes to exports, when it comes to consumers, when it comes to business there. | ||
| The incentives simply are not aligned. | ||
| Donald Trump is the guy who is uniquely positioned as someone of his heft, of his net worth. | ||
| Again, because he is his class traitor par excellence, he's uniquely positioned to take his sledgehammer to the status quo. | ||
| That, of course, is exactly what he's doing. | ||
| Yeah, in the first hour, I mentioned old St. Augustine, you know, the absence of the good. | ||
| Communism rejects God. | ||
| They reject metaphysics. | ||
| They reject philosophy. | ||
| They reject the existence of ideas. | ||
| They reject the idea of a good in the first place. | ||
| And we're in a crazy place when it comes to morality, because I really do. | ||
| Trump was raised in Queens, kind of like the outsider motif, maybe a little bit. | ||
| And then he had some background, a Presbyterian mother, I think, and Norman Vincent Peale, and a basically positive outlook. | ||
| But then he's rough and tumble construction, and he ain't going to wear religion or anything on his sleeve, etc. | ||
| And he certainly doesn't want to be perceived as being weak or pious or a moralizer. | ||
| But on the other hand, if you look in Protestant theology, we've got these guys that do sphere sovereignty. | ||
| God operates in different spheres in different ways, right? | ||
| We're not doing pastoral counseling right here, right, with China. | ||
| This is real politique, and Trump seems to be a master craftsman in this sphere. | ||
| And it seems to me, as I said earlier, he doesn't have any self-interest I can detect in sticking up for the American people. | ||
| He really is all in because I think he really does care. | ||
| And when he's in the middle of those crowds, you can just see him beaming. | ||
| He loves to be with people. | ||
| And I think he's really sick of the elites. | ||
| I think he does. | ||
| I don't want to say hate or whatever. | ||
| He does not love the elites. | ||
| And so what kind of moral frame would you view it in or do other people view it in to help the audience out there? | ||
| Because I do think it is very helpful going forward to frame this morally. | ||
| The left did that to us forever, right? | ||
| We hate the poor. | ||
| We hate the elderly. | ||
| Social Security, we hate everybody. | ||
| They're taking care of them. | ||
| Now I think the shoe's on the other foot, and we got strong moral foundation to work from. | ||
|
unidentified
|
Well... | |
| So there's a lot to unpack there, obviously. | ||
| First of all, I totally agree with you, Dave, that I think that the fact that Trump grew up in Queens, he has this outer borough mentality, people in New York City would say. | ||
| You literally still see that today, and this is a noble instinct, this instinct to kind of go against the grain to someone who can actually arrive at some heterodox conclusions relative to what all of the group think, the right-thinking people, so to speak, believe there. | ||
| When it comes to moral framing, Dave, you're the economist here, but I studied economics in college. | ||
| I worked in economic consulting. | ||
| I studied law and economics in law school. | ||
| I mean, economics is all about trade-offs. | ||
| I mean, one of the first things you learn in your Econ 101 class your freshman year of college is that resource scarcity is a real thing and that every decision that you make is going to have something that's going to come out on the other side. | ||
| So, for instance, if you go all in for consumption, you're necessarily going to diminish production vice versa there. | ||
| And Donald Trump's instincts on the issue of trade, namely that the so-called Washington Consensus, which came in after the fall of the Berlin Wall back in the 1990s, his notion that we are going to Maximize consumer surplus. | ||
| We're going to minimize prices at any cost necessary. | ||
| This has been a disaster. | ||
| And I'm not saying that I don't value having lower prices as a consumer. | ||
| I am merely pointing out that this has come at a serious, serious cost. | ||
| Anyone who's ever driven through the American heartland will be able to intuit this just instinctively there. | ||
| I mean, I've driven through places like Toledo, Ohio. | ||
| I've stayed hotels in Steubenville, Ohio. | ||
| You see, you literally see it, the actual cost here. | ||
| And we've seen this now in tangible form in recent years as well. | ||
| The baby formula shortage a few years ago, pharmaceuticals, PPE, personal protective equipment. | ||
| Heck, Dave, the fact that we are even having an open discussion in this country right now about whether or not America would go militarily defend Taiwan against a people liberation army incursion from Xi Jinping, we're only really having that conversation because Taiwan's semiconductor manufacturing company | ||
| is the most important maker of the computer chips from our iPhones to our F-35s in the world. | ||
| If America had not actually | ||
| We wouldn't even be having this geopolitical conversation. | ||
| So, you know, I hear some of these absolutists, people like the infamous George H.W. Bush White House economic advisor, this guy named Michael Boskin. | ||
| He famously asked the following question. | ||
| He said, potato chips, computer chips, what's the difference? | ||
| Well, I'll tell you exactly what the difference is. | ||
| The difference is that we're not going to go to war or risk war against China for potato chips, but we're actually having that conversation in real time when it comes to computer chips there. | ||
| So, you know, this minimized price at all costs The cost mentality has come at a severe, severe expense when it comes to things like production, the fact that a country to be good has to actually make some stuff. | ||
| We can debate what stuff we should make, but surely we should actually make some of it and be self-reliant on at least some things there. | ||
| Fundamentally, the thing that Donald Trump really gets, because he came in there in 2016, the same year as Brexit in the UK, the rise of people like Bolsonaro in Brazil and so forth. | ||
| Donald Trump fundamentally gets that the era of the post-Berlin wall kind of globalization, the era of globalization is over, and the era of nationalism is re-ascended. | ||
| He gets that in his core. | ||
| That's what he's placing a huge wager on, and at least as of today, on the markets, the markets are starting to vindicate that as well. | ||
| Yeah, maybe frame a little bit. | ||
| You know, I did my PhD in economics, and supposedly we just described the way the world is. | ||
| There's no ought, right? | ||
| There's no ethical, this is good or this is bad, right? | ||
| We're just supposed to say the inflation rate is three, and we're not supposed to say that's good or that's bad. | ||
| Of course, every economist does that. | ||
| And so this moral framing I'm after also has to do with what is not covered, right? | ||
| If you look at the media and you brought up, you know, I was born in Detroit, so they hollowed out with the autos, and now I'm in Lynchburg, and we used to have shoes and textiles and furniture, and a lot of that's gone. | ||
| And so... | ||
| It's interesting, even when I get, and maybe comment on this too, I was in Congress, and now when I get calls from local media, they're not really coordinated, but they follow the headlines from the majors, | ||
| and then state level, regional level media, and the national media. | ||
| They all lead with, well, our prices are going to go up and the stock market's jittery. | ||
| But there's no mention of Detroit. | ||
| Or the loss of 5 million manufacturing jobs, or the fact that productivity's been down for 70 years in a row. | ||
| It's at 2%. | ||
| And CBO expects us to grow at 2% for the next 30 years. | ||
| And so does Federal Reserve. | ||
| They're at 1.7 now. | ||
| No mention. | ||
| No mention of 15 million border invasion. | ||
| No mention of endless wars. | ||
| Dear Economist class, what's the cost of a million dead in Russia and Ukraine? | ||
| A million young dead boys laying there on the ground. | ||
| Right? And they abstract from that. | ||
| They don't want to get near it because they know if you engage that set of issues, their conclusions are not going to be pretty to the funding class, to the billionaire class. | ||
| And so, just back to you again on that. | ||
| Did these guys all arrange talking points, or is it just laziness, or is it corruption, or is it funding? | ||
| What leads this unified messaging on the left? | ||
| I think it's a lazy, stultified intellectual homogeneity. | ||
| I mean, this is the ruling class. | ||
| I mean, this is what the late, great political scientist Angela Cotevilla famously referred to in that 2010 essay as the ruling class. | ||
| These people, they all came up through the same gatekeeping institutions from K through 12. They all went to the same fancy private schools, the same universities. | ||
| They all attended the same seminars. | ||
| They got taught the same talking points. | ||
| And surprise, when they finally come into positions of professional power and professional authority, they all end up spouting the same platitudes and end up saying the exact same things there. | ||
| So, you know, I'm not sure that it's – I'm not sure it's literally coordinated. | ||
| I mean, it wouldn't shock me if they have certain sub-stack chats or whatever there. | ||
| I mean, who am I to say that that doesn't exist? | ||
| But I think it's more just a result of these same people going through the same institutions time and time again and ultimately arriving at the same conclusion. | ||
| Again, these people, they work in the corridors of power, whether it's the media, whether it's the Fortune 500 people there that are heavily reliant on China for consumers and exports and so forth there. | ||
| We wouldn't have the modern American financial system. | ||
| We wouldn't have the modern American economy were it not for one of my very favorite founders, Alexander Hamilton. | ||
| Alexander Hamilton is really kind of the godfather, so to speak, of the modern American economy, the first secretary of treasury. | ||
| Alexander Hamilton wrote a very, very famous and lengthy pamphlet that he presented to Congress back in 1791 called his Report on Manufacturers, where he comes out swinging quite hard. | ||
| For an industrial policy, because he knew that America has to be self-sufficient to actually manufacture and to make some goods. | ||
| This ends up becoming the dominant political economy in America throughout the entire 19th century. | ||
| Henry Clay of Kentucky, Abraham Lincoln, by the way, I mean, speaking of the moral case, no one more moral in American history than Abraham Lincoln, right? | ||
| Abraham Lincoln famously said one time, He said, my politics are short and sweet like the old woman's dance. | ||
| I'm in favor of an internal improvement system, a national bank, and a protective tariff. | ||
| He was a big tariff guy. | ||
| He was a big proponent of manufacturing, actually building stuff. | ||
| That helped lead the Union to victory over the Confederacy. | ||
| Frankly, it was also the same industrial powerhouse from that same mentality that ultimately helped America prevail in both World Wars. | ||
| So, you know, an industrial policy focusing on building stuff, whether it is semiconductor Whether it was ships, munitions, and just textiles and goods back then, this traditionally has served America very, very well. | ||
| And again, we've gone so far away from this in recent decades there. | ||
| Donald Trump is simply trying to rebalance the playing field. | ||
| A lot of people are saying that this is kind of outdated nostalgia. | ||
| I don't think it is necessarily nostalgia. | ||
| I think he's just trying to balance the pendulum from an economy that has gone way, way, way too far away from production and way, way, way too much closer to minimizing prices. | ||
| I think back a little bit, Dave. | ||
| I'm a big country music guy. | ||
| The late, great Toby Keith, one of my favorite armchair philosophers himself, he had this line in his 2011 song, Made in America, where he speaks about being willing to pay a little bit more for the shirt in the store that on the back of the tag it says, Made in the USA. | ||
| That's a lyric in a song, but fundamentally, as a basic point there, it actually rings true as well. | ||
| Yeah, excellent, Josh. | ||
| You brought us right to the transition. | ||
| I'm going to go to Rich Stern next to hit that manufacturing point and go over a few data points. | ||
| But I just want to thank Josh for being with us and helping out when I was helping to host the show. | ||
| He is one of the brightest, smartest, quickest, wittiest fellows we have on the program. | ||
| So thanks so much, Josh, for being with us. | ||
| God bless you. | ||
| Thank you. | ||
| All right, I'm going to Rich Stern. | ||
| Rich, let me put up a few slides. | ||
| You just heard Josh going off on manufacturing. | ||
| That's what we're going to get to. | ||
| Denver, if you want to put up a few slides, just so people can get Adam at home. | ||
| Josh, I'm just putting up a few questions here for you. | ||
| Who have you heard that's willing to defend the status quo, the current trade regime we have? | ||
| I haven't heard of anyone. | ||
| And then, Who can explain to us why American productivity is so weak right now and why China is doing all the manufacturing, five trillion, when we're doing two and a half? | ||
| And then I'm just going to skip by that. | ||
| I've gone over these points over and over. | ||
| But the slides, the next slide, Denver, I'm just going to go over real quick. | ||
| There's Trump's tariffs. | ||
| They basically reflect the size of the trade deficits against us, right against us. | ||
| And that's not a bad proxy. | ||
| They're being mocked. | ||
| But all in, the next slide, Denver, we got coming up. | ||
| It's a combination of these next two slides. | ||
| This is the total trade deficit in goods, $1.2 trillion to the far right. | ||
| The deficit just keeps getting bigger and bigger and bigger over time. | ||
| Next slide, Denver. | ||
| This is the biggie. | ||
| This is the Trump chart, Navarro. | ||
| The Secretary Besant today, the dark blue lines are the tariffs, but the light blue are the non-tariff barriers. | ||
| And you can see for most of the countries, these are the rich G20. | ||
| The non-tariff barriers are bigger than the tariff barriers. | ||
| And this doesn't include some of the other things, currency manipulation and other things they've thrown in the pot for negotiations, especially with China coming up. | ||
| And then the last slide is just a slide I put up. | ||
| Over and over and over. | ||
| This goes 1950 on the far left, and you can just see the productivity of our country is roughly the same thing as the wage rate all the way through the dark green line and the light green line for the last 70 years. | ||
| That's going down, down, down, down to now 2% productivity. | ||
| And this is the leading guy in the world, Bob Gordon out of Northwestern. | ||
| And that matches exactly, that 2% number matches our expected real economic growth. | ||
| Nothing was going to change. | ||
| The Congress certainly wasn't going to change it through policy. | ||
| And so we're status quo until President Trump comes along. | ||
| And right there, Rich Stern, I teed you up. | ||
| Give us what you got. | ||
| Thanks for being with us, Rich. | ||
| No, thank you for having me on, as always, and going through all of it. | ||
| Look, I think to your first point on there, absolutely nobody defends the current regime. | ||
| You know, what happens here is when you talk to people who were against the terrorists in the get-go, that you'd say to them, but look, there's all of these trade barriers, forced labor, current manipulation, everything you just went through, and they'd say, yeah, yeah, yeah, nothing's perfect, but, well, no. | ||
| The answer is, why don't we go back and try to get rid of these problems? | ||
| And that is exactly what President Trump has done here. | ||
| He's taken an assertive stand to hold a mirror up to these countries and say, you claim to be for free trade, and yet you maintain these barriers and all of these other practices. | ||
| And as you pointed out, China is the worst trade abuser in human history and has done so at the expense not just of their own people, which they have, but at the expense of hundreds of millions of people around the globe in the West and, of course, right here in the United | ||
| States. So what Trump has done here is taking a real stand to force him to the negotiating table to really get to a level playing field, one where American workers can compete and outcompete fairly. | ||
| And then as you brought up there, look, part of that is the story of declining productivity and declining incomes, hallowed out small towns and industrial facilities. | ||
| Trump's broader agenda, Doge, deregulation, tax cuts, spending cuts, are an attempt at dismantling the deep state here in this imperial city of D.C. that has also been an oppressive burden on American workers and families and communities. | ||
| And so I think what you see here is a total agenda from Trump, both on the foreign side of it and on the domestic side of it, that is trying to loose these burdens, that is trying to remove all of these government forces, both abroad and at home, who have impacted American workers and strangled and siphoned off their production. | ||
| And so finally, we've got an America first president, but not just America first, American workers and families and communities first. | ||
| Yeah, very good, Richard. | ||
| I forgot to give you a proper introduction. | ||
| Economic policy at the Great Heritage Foundation under the great Kevin Roberts, who I always forget to plug, a great leader, a great political philosopher of the Judeo-Christian West and all that goes along with it. | ||
| That's why you've got consistent ideas at the Heritage Foundation across the board, no matter what you're talking about. | ||
| And so go look them up. | ||
| And then that brings me, Rich, to the... | ||
| I hope I don't slaughter this thing, but... | ||
| All of the, I just covered with Josh, the media framing on the left, right? | ||
| I don't know who they're working for. | ||
| Trump doesn't seem to have any self-interest in propping up the welfare of the American worker. | ||
| I can't detect how he's getting better off. | ||
| It seems semi-sacrificial to reveal his love for this country, for real. | ||
| But why don't you give the folks, if you want to go run over how the left is, who's in on framing this leftist narrative that's against helping the working class. | ||
| Thank you for the plug and certainly for Dr. Roberts as well. | ||
| Look, what I would say to that is that you're right. | ||
| Look, the left is framing this. | ||
| In every negative way they can think to do and ways that make no sense, but it's the left, so what do you expect, right? | ||
| But I think into the segment you had before I was on, I think it's exactly right, right? | ||
| The left is not really attacking Trump. | ||
| They're not really attacking even us sitting here. | ||
| What they're attacking is something greater. | ||
| They're attacking Western values themselves. | ||
| They understand that the Judeo-Christian framework we're talking about, the notion that all of us have dignity, that we have God-given rights that need to be respected, all of the ethics about how we put our communities together, what is American civil society? | ||
| They hate all of these things. | ||
| And so when they are attacking any of us or Trump or any of our positions, that's really what they're trying to do at the end of the day is attack that philosophical religious foundation of the West. | ||
| And not only all of the prosperity that has brought humanity, but all of the goodness, all of the morality, all of the strong communities. | ||
| They don't like any of those because they have a warped version of humanity that puts them at the center of it, that gives them control over everybody's lives. | ||
| Where each of us finds a value in providing service to those around us, the left, frankly, finds a value in controlling everybody's lives. | ||
| It's sad, but that's the reality of it. | ||
| And so I think that's the important thing to remember when you look at the way that they frame apps. | ||
| And then, thanks again, I said, for the plug, you know, we've got the Daily Signal, of course, here at Heritage, but you can always go and look at my bio page, that of all the people on my team at Heritage that work on e-com policy. | ||
| Really, this nexus you've talked about, but not just, you know, what is the mechanics of economics, Yeah, Rich, 30 seconds. | ||
| Give me a one soundbite. | ||
| Where does that leftist egoism come from? | ||
| Or is it just natural? | ||
| Is it just man's natural egoism and concern for themself, and that's it? | ||
| Yeah, I think you're right. | ||
| I think it's man's natural egoism. | ||
| But you know, the way I would say it is, as conservatives, we believe the goal is to suppress that. | ||
| It's to believe in a service theory of value. | ||
| We should be humble about how much control we have and serve our community. | ||
| And they believe in the opposite. | ||
| They believe in their own ego. | ||
| They believe in the labor theory of value. | ||
| The things have a value because they declare it to have a value. | ||
| They reject authority. | ||
| Yeah, it's incredible. | ||
| Heritage Foundation, John Roberts, and thanks for being with us today, Rich. | ||
| You always do a super job. | ||
| The Heritage Foundation, everything. | ||
| All the disciplines in the liberal arts should explain the same reality. | ||
| All the departments at the Heritage Foundation explain the same reality. | ||
| Whether you're looking at politics or philosophy or morality or economics, the Heritage Foundation is just super at uniting it all in one package that makes sense. | ||
| right back after the break with some polling data on the tariffs. | ||
|
unidentified
|
Here's your host, Stephen K. Mann. | |
| All right, we're in the war room on a shocking news day in our country. | ||
| Markets up. | ||
| Markets going up. | ||
| President Trump timing things, getting maximum outcomes, working on behalf of the American people. | ||
| Stunning day. | ||
| We're making progress. | ||
| It's going to be a fight. | ||
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| All right, Doug, back to the War Room with Mark Mitchell at Rasmussen Polling. | ||
| Mark's not afraid to throw in the ethical content with the data, and he's very clear on what he's doing when he's doing it. | ||
| But I think, Mark, the whole audience is dying to hear. | ||
| I haven't heard recently. | ||
| I hope I haven't missed you on the War Room, etc. | ||
| But I'm dying to hear, where do we stand with respect to these tariffs? | ||
| And then, you know, a central question everyone was asking before the market went up is, will the American people be able to bear this? | ||
| Will they stand by the president, even if they do understand the good that's going to come out of this? | ||
| But we've become addicted to consumption, and we are a consumer society, and there's going to be some trade-offs in a little bit. | ||
| We'll see what kind of tariff regime we end up with. | ||
| But as Steve said, it's not over. | ||
| So give us your best guidance on where the American people stand right now. | ||
| Well, your guests have been spot on, especially Josh. | ||
| What it boils down to is the era of Trump is literally about the establishment doing everything possible to maintain control over the power structures that they have. | ||
| Listen, I think if you went back and charted the last 10 years, billionaires are probably the maddest now than they've ever been in forever, probably calling Trump and all the Republican senators behind the scenes, melting their phones down, begging for exemptions and special treatments. | ||
| But I'll tell you, this is what people voted for. | ||
| Now, we can come at this from a couple of different directions. | ||
| I will say this is the first thing that really kind of has drawn a little bit of blood from a Trump approval perspective. | ||
| But not a lot, and I think it's in the rearview mirror potentially. | ||
| But as of today, he's down to 47% approval, 52% disapproved, so underwater five. | ||
| That's still not bad considering how politically volatile everything's been for the last decade or so. | ||
| But already the overnight numbers look like they've stabilized and are coming back up. | ||
| And he did lose some support from Republican voters. | ||
| They had an approval in the 80s with a 65 percent strong approve. | ||
| Strong approves down to 53 percent and – | ||
| Right direction, set records at 48%. | ||
| We came on War Room and said that. | ||
| It's down to 42% right now, which sounds low, but it basically averaged about 30 for all of Biden's term. | ||
| And this puts it at higher than 96% of all readings that we've had in the last 19 years. | ||
| So things are still pretty good. | ||
| And I think these numbers will rebound. | ||
| I think Trump's going to hang around the 50% because I think that his supporters,...are going to be very sticky. | ||
| But obviously, there's a psychological operation going on right now. | ||
| This Black Monday thing was absolutely ridiculous. | ||
| Jim Cramer came out and made that call on Wednesday. | ||
| But what was wild is that every single one of these legacy media outlets, owned by billionaires, like with a dog in this hunt, they have a dog in this hunt, they waited till Sunday... | ||
| ...to drop what was essentially a coordinated attempt, I think, to tank the markets on Monday. | ||
| You can actually look at Google search volume for the word Black Monday, and it spiked massively on Sunday because everybody's like, oh, wait, what's going on? | ||
| All these articles? | ||
| And then you can watch the search volume drop off as the bell opens on the stock exchange. | ||
| It's absolutely ridiculous. | ||
| But we have tariff polling, too. | ||
| The tariff pulling itself is a little bit... | ||
| Before you go there, Mark, let me ask you one question on that right track thing. | ||
| Is there any breakdown in right track for me, right, people naturally worried retirement plans, et cetera, versus right track for the country? | ||
| Is there a way of teasing out, like, you know, I can see where people get a little anxious for their own welfare, their kids, if they get a little jittery and they don't understand what Trump's trying to pull off. | ||
| And so they might say, but I still, or are there any numbers that differentiate right track for the country versus right track for them? | ||
| Right track is like a knee-jerk temperature of what you're feeling right now. | ||
| That's what it basically comes off as. | ||
| It spikes and then abates. | ||
| And it's abating from a spike, but what the political context is, is that going back decades, the economy has always been number one issue for voters when you ask them why they vote, right? | ||
| And the number of people who say the economy is important has not changed. | ||
| It's always like 80-90% say it's at least somewhat important. | ||
| But I went back and looked, and what has changed is the question, are you better off than you were four years ago? | ||
| And back in 2007, the first time we have crosstabs for that, People said yes by about mid-50s to mid-30s, like 20% positive. | ||
| That question got down to the low 30s. | ||
| So a stunning plunge just in about 20 years of people. | ||
| And so people say the economy is the number one issue. | ||
| But it's like, no, the Biden administration that literally broke people. | ||
| That was the issue. | ||
| And they're voting against the government, not necessarily even against Kamala Harris. | ||
| And Trump has a mandate. | ||
| I don't think it's going to go away. | ||
| And what his mandate is, as we've talked about before, every single one of his policy items is more popular than Trump. | ||
| And so no matter what Trump's approval does, people are still going to want | ||
| Yeah. Yeah. | ||
| Yeah....are what is interesting because you can get whatever result you want when you ask somebody questions about tariffs. | ||
| It really just comes down to what word you pick. | ||
| I tried to do it in the fairest way. | ||
| Should tariffs on foreign goods be increased or decreased? | ||
| And I got essentially the same amount of people say increased as decreased. | ||
| But here's the kind of stuff that we do that other people don't. | ||
| Do you agree or disagree with this statement? | ||
| If we do not protect our nation's manufacturers, we lose a fundamental part of who we are as people. | ||
| Making things, building things, and working with our hands is America's heritage. | ||
| J.D. Vance quote. | ||
| And it's like 73% of people agree with that statement. | ||
| And people say that the government doesn't do enough to protect manufacturing jobs. | ||
| 45% to only 17% too much. | ||
| So it all comes down to jobs. | ||
| I have so much polling to support this. | ||
| The economy...is not the stock market, unless you're a money manager, billionaire, somebody who owns mainstream media outlets. | ||
| That's what it comes down to. | ||
| The economists at all of the colleges, the MBA schools across the country, everybody conflates the economy with the stock market, and voters do not. | ||
| Right. Very good. | ||
| Mark Mitchell, thanks for being with us. | ||
| Rasmussen, Mark, give us a 30-minute summation. | ||
| You've been doing this for years. | ||
| Rasmussen has a great reputation doing this for years. | ||
| What's your 30-minute crystal ball looking like for what you'd guesstimate how we come out of this? | ||
| Well, predicting the future about how this plays out. | ||
| It just escalated today. | ||
| Essentially, Trump just declared economic war against China and turned the rest of the world against China. | ||
| So I don't know if China is going to go kinetic. | ||
| I definitely think we're in for a period of great change. | ||
| But there's so much stuff going on, even the statement about Chris Krebs. | ||
| What I can say, though, is that Americans are sticking with Donald Trump right now based on all of the things that he campaigned on. | ||
| Which were, for the very first time, a politician is giving people what they wanted. | ||
| Yep, I agree with you. | ||
| I think that's the bottom line right there. | ||
| I think there's a loyalty that's going in both directions for Trump to the American people. | ||
| I cannot detect any self-interest on his part in what he's doing. | ||
| This is clearly guided to help the American people. | ||
| And help their jobs and wage rates going forward. | ||
| And so, Mark, thanks again for being with us. | ||
| You always do a great job. | ||
| Super. Thanks. | ||
| Thanks again. | ||
| Thank you. | ||
| You bet. | ||
| You bet. | ||
|
unidentified
|
All right. | |
| We're going to Dave Walsh. | ||
| Big energy news yesterday. | ||
| Lee Zeldin, a friend of mine in Congress, a great guy. | ||
| Now our Secretary of Energy, no one better to give us a summary of the coal news, and then I think he's got a few charts for us. | ||
| And so Dave Walsh, executive extraordinaire in the energy sector over the years, war room favorite on energy, he's number one. | ||
| So Dave, thanks for being with us, and the floor is yours. | ||
| Just take it from here and call for the charts you want. | ||
|
unidentified
|
Thank you, Dave. | |
| First on the coal, the coal remains vital to our... | ||
| National energy security, one needs diversity of energy supply for electricity. | ||
| It's gas, it's coal, it's nuclear that provide baseload power. | ||
| The president knows that. | ||
| That's what the EO is about. | ||
| That's what his statement about getting all of government behind the coal industry. | ||
| Coal is essential to national security because it provides in this country continuous duty baseload electricity that runs all the time, as opposed to solar panels from China that provide four-hour, five-hour day electricity. | ||
| Fundamentally important. | ||
| So that's a kudos to him and Zeldin, what he's doing. | ||
| If you want to go to the charts, we can touch on the... | ||
| Not those charts. | ||
| I picked out 9 and 10 in that pack there. | ||
| Forget the charts then. | ||
| Here we go. | ||
| Solar panels the last five years. | ||
| Across the country, the utilities, the states have ordered 91% of our new electrification capacity in the country has been solar. | ||
| And wind and battery storage. | ||
| Only 9% has been base load, continuous duty, nuclear or gas. | ||
| So 91% of what we've installed is, there you go, part-time. | ||
| The yellow is solar, the green is wind. | ||
| The blue is a little bit of gas-fired technology. | ||
| You see the red is storage. | ||
| 91% of what we've spent $400 billion on are solar panels and batteries. | ||
| And basically, 86% of that comes from China. | ||
| So this is important because in the last five years, Again, 91% of what we've spent money on in power generation are two-hour to seven-hour-a-day devices, not 24-hour-a-day devices. | ||
| So reserve margins have shrunk badly. | ||
| And this year, the pie chart is about this year. | ||
| There's nothing that the Trump administration can really do about the rest of the year. | ||
| This is embedded in state projects nationally by utilities. | ||
| another 90% of this year's procurement of power generation equipment will be part-time, part-time intermittent resources. | ||
| So over the course of now six years, we've de-electrified the country. | ||
| This stuff is so intermittent and part-time in its capacity, we've only grown the energy in this type of procurement across six years by 0.4% per year, the actual energy value. | ||
| Say that again and say what that means. | ||
| And then tie that to the budget conversation we're having. | ||
| They count this on the left as manufacturing and capital equipment as well. | ||
| All the money you're talking about. | ||
|
unidentified
|
It's entirely imported. | |
| All of the solar panels, all the inverters, all of the battery storage, utilities are buying in this 90% of the procurement of generation equipment now that's coming largely from China is all imported goods. | ||
| But worse yet, it's destabilizing the country's electricity supply. | ||
| As you see here, we've shut down in the same period 60 gigawatts of equipment, of coal and gas plants, while we've installed this stuff at a horrendous capacity factor. | ||
| It doesn't operate three-fourths of the time. | ||
| Therefore, we've only added to electrification growth by 0.4% across the last four years, while electricity demand has gone up by 3.5% in the last five years. | ||
| If you had to talk about productivity, so inputs, the amount spent, getting you that little.4 output, what would your commentary be on the wisdom of the executive class over the last four years as far as productivity, | ||
| using our inputs and our scarce resources wisely? | ||
|
unidentified
|
Well, you can have no productivity because the cost of energy, the cost of electrification is fundamental to making everything. | |
| Steel, aluminum, chemicals, petrochemicals, pulp and paper, car manufacturing and assembly, everything you can name is heavily, heavily dependent on inputs of cost-effective electricity. | ||
| And what's happened in this time period, because we've spent so much on this, and because the electrical capacity is so low, Electricity rates have predictably gone up about 35% since 2021 to pay for this binge of buying equipment that doesn't work, | ||
| meaning it works very, very part-time. | ||
| So this has to change. | ||
| The tariffs are a great way to get at this and the attack on China. | ||
| Good. Because this product is 85% sourced from China. | ||
| We've got to stop buying it. | ||
| So setting the barrier up higher. | ||
| We have a Congress that is on record. | ||
| It will not fight the incentives on this. | ||
| We got 35 rhinos stood up last week and took a pledge. | ||
| They will not vote against incentives on solar and wind. | ||
| Good for them. | ||
| Since we're incentivizing this idiotic behavior, let's put tariffs on it and make it very, very difficult for utilities to make these decisions and folks like NextEra to make these decisions to solarize the country, diminish its electrification. | ||
| And continue to raise the cost of electricity here with that which hardly works at a huge, huge cost to the nation. | ||
| The incentives embedded in this, by the way, the $400 billion, are about $150 billion of incentives between investment tax credits and then longer-term production tax credits in the IRA to also help fund this binge with taxpayer money. | ||
| Which is, you know, unfortunately, Congress is on record. | ||
| They're not going to fight it. | ||
| They're not going to fight it. | ||
| So tariffs are the way to go on this topic on China. | ||
| Yeah, good. | ||
| Go over the coal play again for us unsophisticated economists. | ||
| What's the bottom line? | ||
| What percentage of our energy is coal going to bring? | ||
| How long will it take the administration to bring that into play? | ||
|
unidentified
|
Coal power is about 18% of U.S. energy right now. | |
| Electricity-wise, it's about 25% of the base load, continuous-duty electricity. | ||
| I mean, natural gas is the biggest part of that, 42%. | ||
| Coal is 18%. | ||
| Nuclear power, about 20%. | ||
| So of the base load, completely necessary, constant-duty electricity system that must exist for night, that must exist for night and when the wind doesn't blow, which is 18% of the time. | ||
| that whole system that must exist, which is nuclear, gas, and coal, has to be diversified. | ||
| It has to be a diversified portfolio of fuel inputs. | ||
| It can't just be gas. | ||
| It can't be just uranium, nuclear. | ||
| It's got to be all three. | ||
| Yep, very good. | ||
| Are there any other big hammers to drop when it comes to energy? | ||
| Anything you're anticipating? | ||
| All right, Warren, we're going to try to reboot Dave Walsh real quick. | ||
| We're lucky to have him with us. | ||
| We've got a couple minutes left in the show. | ||
| And so the Trump regime fighting across the board in every sector simultaneously, right? | ||
| The left's heads are popping off. | ||
| Again, all of this. | ||
| Ask yourself, what percentage of Americans would like to have continuous energy supply? | ||
| That's what Dave Walsh comes on and talks about every time. | ||
| You just heard him say we've spent billions and billions and billions of dollars, government spending, for product that comes from China. | ||
| And so there's problem number one. | ||
| There's problem number two. | ||
| And then he mentioned the productivity. | ||
| That $4 billion got us, I think he said, a 0.4% increase in electrical output production. | ||
| I think we lost Dave. | ||
| And so I'm going to close out and just give another shout out to our friends in times of instability. | ||
| You all know who to go to. | ||
| Steve Bannon has been key in writing, helping write their documents. | ||
| The rest of the world, this is going to be very interesting. | ||
| It was first 50 countries, now I think Besson today said we're up to 80 countries that are going to be with us. | ||
| And so that's some good news, we hope. | ||
| But China is not done, as Steve said earlier today. | ||
| China is not done swinging. | ||
| And so we'll see what kind of play they can make to take down the United States as the reserve currency of the United States. | ||
| And so to me, I feel the president has been making all the right moves. | ||
| He's just playing in real time and seeing the reaction he gets, and he's trying to maximize. | ||
| Whatever benefits he can get. | ||
| And he's not trying to destroy the machine. | ||
| The Marxist left, that's their goal, is to take down the machine. | ||
| President Trump, every day, is working for you. | ||
| He's working to tear down the globalist, elitist, establishment, ironclad power and control they've taken over your lives for the last 20 years. | ||
| He's restoring your freedom and your chance at a living wage and a good wage rate for you and your family. | ||
| And for that, my hat's off to President Trump. | ||
| He needs our support and our prayers. | ||
| Please shoot the prayers up to heaven tonight. | ||
| God bless you all. |
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