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April 11, 2025 - Bannon's War Room

48:43

Episode 4405: Elites Are Underwriting The Failure Of The Future

Participants

Main voices

dave brat

05:44

steve bannon

28:45

Appearances

peter navarro

01:07

rachel maddow

01:21

rick santelli

03:28

Clips

jake tapper

00:08

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Show episode speakers

Speaker	Time	Text
unidentified		And I am Stephanie Ruhl, and I don't care if you need one, but I am definitely taking a deep breath right now.
		I suspect you need one, too.
		It is day 81 of the second Trump administration, and we've got a lot of money, power, politics to talk about.
		Look for historical parallel, and it's really, really hard.
		The closest thing you can come to would be wartime, perhaps.
		Perhaps, you know, getting into a war we didn't need to get into.
		We could say Vietnam.
		We could say Iraq.
		But outside of that, outside of a national security wartime kind of thing, I can't think of a president who has done more to undercut his own presidency so early, so dramatically, and affect so many other lives, right?
		A lot of presidents make mistakes in their early days, although not usually in their second term.
		They nominate somebody who gets in trouble.
		There may be a scandal, something they forgot to tell us or they didn't want to tell us.
		But I can't think of anybody who has done more to sort of sow Worldwide uncertainty, you know, drain out literally trillions of dollars worth of market cap.
		For all these companies, essentially retirement savings for many Americans, not to mention the uncertainty in Washington where tens of thousands of people have suddenly been told they're out of a job and services are no longer going to be provided that they had come to depend on and foreign aid to places that are suffering from disease and hunger.
		So much has happened in just 11 weeks.
		There is no parallel, I think, in American history.
		Here's what I want to say.
		It has been over a week.
		Since this trade disaster began.
		And I have spent that week speaking to investors here and abroad.
		And what I feel most tonight is scared.
		Scared that what we are facing is a crisis of confidence.
		Confidence in us, the United States of America.
		And what I have not heard from any of the people that I speak to is exactly what might restore that confidence.
		In the United States, at least not right now.
		Yes, the markets rallied yesterday, but that is only because we avoided the 50 plus percent tariffs across the globe.
		But the reality has set in today because we still have the rest of these tariffs and the markets continue to sink, both the bond and stock market, in part because the basis by which we're negotiating trade is not rooted in
		truth. And for those who believe countries are scrambling to make a deal because they were so panicked about the enormous tariffs and now they're much lower, my question is, what is that deal?
		What do you think the likes of Vietnam can do to erase our trade deficit?
		You know what the answer is?
		They can't.
		And if you want to, I'm sure all of our manufacturing, if you want to do that, what Peter Navarro talked about, what Howard Letton had talked about, you want to do that?
		It'll take trillions of dollars and 20 years.
		And for our allies in the West, those developed countries, they are certainly not rushing to partner back up with us.
		Not with a U.S. president who goes on national TV laughing, saying they're all kissing my ass.
		It is safe to say that the perch we and our American exceptionalism sat on even a few months ago has certainly been lowered.
		We've got an agriculture secretary who tells us, build a chicken coop in your backyard because eggs are expensive.
		We have a defense secretary sharing military secrets in a group chat.
		We are potentially lawlessly firing thousands of federal workers and defunding science while we buy crypto.
		We have lost an enormous amount of credibility and trust.
		But what scares me is that every investor I speak to Even some who support this president has given me the same message.
		If the bond market continues to drop and drop and drop, you know where it goes?
		It bankrupts the country.
		Something Donald Trump knows a lot about.
peter navarro ▲ ● ▼		Let me just say, 90 deals in 90 days, biggest, broadest tax cut in American history.
		Should be driving the tape.
		That's what's going to be a bullish market.
		And if you're not long, you're going to get left behind.
		Now, China.
		Let's talk a little bit about China.
		The president has said several times now that he would love to hear from China to talk about where we're at.
		And here's where we're at, Maria.
		From our perspective, China's killed over a million Americans with deadly fentanyl and related drugs.
		And it simply China has destroyed over 60,000
		American factories and stolen So what's going to be the response?
rachel maddow ▲ ● ▼		If we've still got the antibodies to defend ourselves as a democracy, if our civil society is still working, if our legal profession is still on the job, what we ought to see here in response to this...
		In response to what will be not just these two guys being targeted, it'll be a dozen, it'll be a hundred, it'll be a thousand of these if Trump likes how this one goes and he hasn't stopped from doing it.
		What we ought to see here, if our democracy is still kicking, what we ought to see here is a battalion of the highest-end lawyers in the country flooding in to provide Chris Krebs and Miles Taylor with free legal representation.
		And with the kind of no-holds-barred, super-aggressive legal fight that Judge Ludig is describing today.
		Are we going to see it?
		As the biggest, poshest, most powerful law firms in the country, even tonight, continue to suck up to Trump and promise to do him favors in exchange for him no longer criticizing them or threatening them?
		Do we still have the juice as a country?
		Are we still kicking?
		Legal profession, you still there?
		Are all the pretty words America's most prominent lawyers are famous for about the rule of law, no fear or favor, are all those just pretty words?
		Are we going to see them show up?
		Because time's up.
		It is now.
		Everything you were supposedly preparing for, it's here.
steve bannon ▲ ● ▼		This is the primal scream of a dying regime.
		Pray for our enemies.
		Because we're going medieval on these people.
		I got a free shot on all these networks lying about the people.
		The people have had a belly full of it.
		I know you don't like hearing that.
		I know you've tried to do everything in the world to stop that, but you're not going to stop it.
		It's going to happen.
jake tapper ▲ ● ▼		And where do people like that go to share the big line?
unidentified		Mega media.
jake tapper ▲ ● ▼		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?
steve bannon ▲ ● ▼		If that answer is to save my country, this country will be saved.
unidentified		War Room.
unidentified		Here's your host, Stephen K. Vance.
steve bannon ▲ ● ▼		It's Friday, 11 April, Year of Alert 2025.
		Of course, a total meltdown you heard by Peter Baker in the New York Times as President Trump reorganizes the global world order.
		Around an America first, an American citizens first.
		And this is what you're seeing, that President Trump is doing it both geoeconomically and geostrategically.
		And they don't like it.
		They don't like it at all.
		He's also engaged the country in something we need to engage with.
		The Chinese Communist Party has been at war with the United States economically.
		Cyber war, economic war, political warfare, psychological warfare.
		It's called unrestricted warfare.
		It's their doctrine.
		They're proud of it.
		Why? Because after the Gulf War, in the early 90s, they came to the conclusion they can't fight foreign devils mano a mano with modern technology because foreign devils are too far ahead of them.
		We would be the foreign devils, by the way.
		The foreign devils in the West were too far ahead of them on military technology, so they would do everything else.
		Unrestricted warfare to bring down the West, and they've been at it.
		For 20, 25 years, but particularly since May of 2019.
		Take your number two pencil out and write down May of 2019.
		That is the most important geopolitical month in the 21st century until President Trump came to office.
		And what you've seen in the first, what is it, 80 days or so?
		It's something that's absolutely extraordinary.
		And Peter Baker is doing his job.
		Peter Baker is the lead White House correspondent for the New York Times, the paper of record of the globalists.
		And of course, they're not happy.
		They're not happy at all because President Trump is reorganizing this around putting the country's interests first, not the globalist institutions and the globalist elite's interests first.
		And he's putting American citizens first.
		Not the globalists first.
		And they don't like it because nobody's ever done that.
		Even President Reagan.
		The greatest President Reagan was.
		He had a different set of issues at the time.
		President Trump came back after having the election stolen from him in 2020 and began a journey.
		A journey that you've been on.
		You are his hoplites.
		Right? You are the trench warfare advocates and trench warfare activists.
		They're at the tip of the spear in the MAGA movement.
		You know, people come to me all day long behind the scenes.
		Hey, we need the War Room Posse.
		Focus on this.
		We got this confirmation.
		We need this.
		Why? You get people's attention.
		You think we got five Supreme Court wins in a row until last night?
		Without putting pressure on people, you'd be incorrect.
		You absolutely did.
		And the one last night is inserting, you know, the courts inserting themselves between President Trump being commander in chief and doing his duties as commander in chief.
		And so you see where the judiciary is coming out on some of this.
		And it's going to be a fight.
		Every one of these verticals is going to be a fight.
		Every part of the institution they're pushing back on is going to be a fight.
		But lo and behold, we had a print this morning on the producer price index.
		Dave Brad's going to join me in a moment.
		And it was an incredibly low print.
		So inflation is being tamed by people.
		Now, there are issues.
		I don't say they're not issues.
		Reorganizing the world trading system around America first and bringing 5 million manufacturing jobs back, which they all say can't be done, you don't want to build, you don't want to make t-shirts in North Carolina.
		Manufacturing is coming back to the United States.
		This is the central economic issue and foundational element of President Trump's American economy.
		We're just not going to be service industries because you can't.
		Here's why you can't.
		The model we have is not sustainable.
		The reason, I believe, a big reason for the bond market for people being questioning is this reconciliation we passed yesterday with very few details about it other than the fact that we're not going to really cut spending.
		The $1.5 trillion that the House, they wouldn't even include it in language, and the Senate's kind of tap dancing around, people are tap dancing around, is over 10 years.
	It shows you we're not serious about cutting spending.
	And cutting spending, as we said, from...
	I'm going to pick a random date.
	February of 2021, when we, this show, nailed it more than any other business show, any other show on politics, that said at the time the Biden stimulus program was going to cause massive inflation and stagflation.
	And it did both.
	And the only reason the model continues to work, their model continues to work with massive Keynesian infusion of stimulus, with $2 trillion a year in deficits.
	It's not sustainable.
	Their model is not sustainable.
	President Trump's model is sustainable.
	Why do you think the Chinese Communist Party is up in arms and trying to defeat it?
	If it was so detrimental to the United States, it was so beneficial to the Republicans.
	They've gotten a free ride.
	We underwrite all of their security.
	It's the reason your defense bill's a trillion dollars.
	We're being played for suckers.
	You're underwriting the security and you don't have a pension.
	You don't have a 401k.
	You've got a little bit of a tip money for Social Security that you put money in to get a thousand bucks a month back and you get some Medicare.
	You don't have any early retirement.
	Five million manufacturing jobs have gone.
	Nine million Americans are working at least two jobs today.
	60% of Americans can't put their hands on $1,000 in cash in case of an emergency.
	The elites have made paupers of the American people.
	And President Trump is saying, we've had enough of this.
	The American people have stood on their feet in every crisis in the world to do more, to free more people in the world and create more wealth for everyone in the world.
	And guess what?
	The time's now to take care of the American people.
	The folks that have created this system, that have benefited from this system, that have exploited and taken your wealth that you created, of course they don't like it.
	Of course they're going to sit there every day and say how awful it is, how terrible Trump is, and how awful this MAGA movement is.
	We don't care what they have to say.
	Peter Navarro is correct.
	90 deals in 90 days and engaged now in the main event.
	As Captain Fennell says, keep the main thing the main thing.
	That is a confrontation, economically, politically, on cyber, hopefully not militarily, but if it has to come to that, so be it with the Chinese Communist Party.
rick santelli ▲ ● ▼		Producer price index, the more wholesale side of the inflation equation, and they're big numbers, down four-tenths on headline, down four-tenths.
		That would be equal to where we were in October of 23, and if we find a lower number, you're going all the way back to April of 2020 in the COVID-affected era, and that was down 1.2%.
		Now let's strip out food and energy, down one-tenth of a percent.
		That equals where we were in February.
		It equals where we were in July to find a lower number.
		You're in April of 2020 at minus three-tenths.
		If we look at X food, energy, and trade, it is up one-tenth, also much less than we were expecting.
		Up one-tenth equals where we were in November of last year to find a bigger, smaller, negative number.
		You're minus eight-tenths in April of 2020.
		Now let's look at year-over-year final demand, 2.7.
		Well below our expectations of 3.3.
		Well below 3.2 in the rearview mirror.
		To find a lower number, you're in September of last year.
		September of last year.
		So we see that this metric had been moving up.
		Now it's moving back down.
		If we look at X food and energy from a year-over-year perspective, 3.3, less than 3.4 in the rearview mirror, less than 3.6 expected.
		that equals September of last year to find a lower number.
		You're in August of last year at 2.8, and drumroll please, the last metric of this PPI data series year over year, X food, X energy,
		3.4 equals where we were in January to find a higher number.
		You're indecent last year at 3.5.
		Late revisions coming in on headline.
		last month's zero on the final demand headline now moves to a positive 110 and it's now minus four tenths that means the net change is a half a percent lower and on the x food and energy month over month minus 110 becomes positive 110 so the net
		change is down two tenths because the current number is down 110 maybe the biggest thing that should jump out at anybody is that last
		It's at 383.
		A 10-year closed at 4% last week.
		It's at 442, up 42 basis points.
		Think about the ramification where it's 60 on the two-cent spread.
		Now, everybody's hair is on fire for all the uncertainty.
		I understand it.
		Hearing all the guests say this is the biggest move they've ever seen in treasuries and whatever.
		Well, that's because we had thin markets and very thin hours where we had extremes.
		Then the market comes into our own time zone.
		You populate that with much more trading.
		Here's the only thing that I look at.
		I like to keep it simple, folks, and let's keep the emotions down.
		The high yield close for the year in twos, okay, that was at 438 on the 13th of January.
		So that, we can see, has a flight-to-quality, flight-to-safety feature built in.
		Maybe a Fed component built in.
		Now, let's go up the curve.
		On the 14th of January, a 10-year closed at 479.
		A 30-year closed at 498.
		So if the world is so bad and treasuries are expressing everything's on fire, why can't we get a higher yield close on the year versus where we were in January?
		Those are numbers we should pay attention to.
steve bannon ▲ ● ▼		Of course, Rick Santelli, once again, the great Rick Santelli, counters 90% of the hair on fire that you see.
		Although the bond market gets a vote here, gets a big vote, and they're going to get a huge vote on us running these massive deficits.
		Dave Brat, economist, the economist Dave Brat, not the moral philosopher Dave Brat, pretty impressive numbers coming out of what President Trump's doing in his team, sir.
		You wouldn't know that.
		By watching the business, all they're saying is that expectation, you know, people's inflation expectations.
		I had the University of Michigan survey.
		They're just, they're banging anything to trash Trump.
		They will pick any number possible to trash Trump, except the big meaningful numbers.
		What do you got for us?
		How do you interpret this, sir?
dave brat ▲ ● ▼		Yeah, well, the first thing is I just love Santelli.
		You can just tell the guy is a truth detector, right?
		The way he talks, he just spits it out.
		You can't lie that fast.
		The mainstream media is very clever in their language, right?
		They're very good at lying.
		They're sophisticated.
		I read CNN on the PPI, and the market's anticipating some stuff, but they can't anticipate other stuff due to Trump.
		But bottom line, yeah, the PPI has gone down, right?
		3.2 to 2.7.
		And that's a bellwether for retail prices and the CPI, the Consumer Price Index, inflation.
		So the PPI is on the producer side, but it's good news.
		And in there, you saw food prices are going down, oil prices are going down, energy prices are going down.
		All great news.
		And yet, when you look at the mainstream media, all you see, I was on a show this morning, and they put up these huge, massive price increases.
		Those are expected, likely written by the lords of easy money, Wall Street crew, in order to drive a narrative.
		Those are not actual real data that are coming out on prices.
		There's no evidence of prices going up due to Trump's trade war, nothing yet.
		It's like my favorite guy, Bob Gordon, on technology and AI.
		He says, don't you see technology everywhere, Bob?
		And he says, along with another Nobel guy, yeah, I see technology everywhere, just not in the data.
steve bannon ▲ ● ▼		Hang on.
		Hang on.
		I want to say one thing.
		I don't want to give the name of the show, but you're on Conservative Talk Radio.
		Conservative Talk Radio is sitting there.
		Their hair's on fire.
		They're running around actually pitching the running dogs of Wall Street's pitch against President Trump's America First economic policies to bring jobs back here.
		And my only point is, yo.
		You were the folks that kind of stood around and cheered while all this happened.
		Hey, this thing, it didn't get gutted in the dark of night.
		It got gutted in broad daylight with everybody sitting there and, quite frankly, the Republican Party cheering.
		This is why on Capitol Hill, you've got these people behind the scenes all hate Trump and all hate Trump's economic policies.
		That's why they're sitting there every day.
		You've got to see the palace intrigue stories.
		Peter Navarro's out and Scott Besson.
		Hey, nobody knows Navarro and Besson better than me, right?
		They're two good friends.
		They're colleagues.
		Scott's been on the show for a couple of years.
		Really got his start in talking to media.
		Right? Because he was a guy, he was a totally private guy, got to start talking on media here on the war room, which is what we try to do, get people reps and get comfortable and ask them questions and they got to answer on the spot.
		Peter Navarro, you know, was a guy we brought in, Jared found, but I had known from his writings, Jared found, you know, back almost a decade ago.
		Peter Navarro is very, very involved in making these deals and Peter Navarro, I tell people, Peter Navarro is a reflection of President Trump's natural instincts.
		Of how to bring jobs back here and bring manufacturing jobs.
		And Trump's not backing off that.
		Anybody thinks he's backing off it.
		And Wall Street convinces themselves.
		That's why they flood the zone, Dave, as you know.
		And you're on the show today.
		And these are good guys.
		but they just spout the nonsense that comes out of Wall Street and comes out of the Globus.
		Remember, the Wall Street crowd wants no borders.
		They want no control of labor.
		You saw it the other day when Elon
		Yeah, what we want is really a zero trade pact with Europe, a trade pact with Europe with zero tariffs, and what we want is you guys have absolutely free...
		You know, ability to come into the United States and take jobs.
		No, that's exactly not what we want.
		That's kind of the opposite of what we want.
		And President Trump's going to enforce this.
		President Trump is focused on bringing manufacturing jobs back.
		And you can tell by the data you see today because they're hammering all these shows.
		Inflation is out of control.
		I go, what are you talking about?
		PPI and the wholesale prices are coming down and the retail prices are coming down.
		And you're right.
		You look at these shows and every chart's going through.
		What are they looking at?
		Who do they have?
		Dave Brat, your thoughts?
dave brat ▲ ● ▼		Yeah, well, the cold open lately, they've just been outstanding.
		The shows over the past couple weeks have just been outstanding.
		But one of the talking heads is screaming about a crisis in confidence.
		And a crisis in confidence with respect to the truth.
		Yes, from the mainstream media and these Wall Street folks.
		I speak in general.
		When I'm pinging billionaires, I'm talking about the Magnificent Seven.
		There's billionaires in the manufacturing sector who are great patriots.
		So it's kind of like, you know, China and the CCP.
		But these guys, this truth issue is serious.
		And the Wall Street Journal and these folks, they're losing their credibility by the second.
		Then Rachel Maddow comes in with a violin crying again.
		And, oh, you big law firms, don't you care about any of these beautiful words called rule of law and all these beautiful things you learn in law school?
		Rachel, you've got to be kidding.
		Coming from the left, once you get rid of God, the truth is right there with it.
		There goes the truth, and there go all your beautiful words.
		So if you want to reconstruct the beautiful words, Rachel, let's get back at it.
		I think it was Dostoevsky or something like that.
		He said, once God is gone, everything is permissible.
		Right? And so I'd recommend that to Rachel, and then maybe Kierkegaard, build your faith in fear and trembling.
		That might help out the left a little as well.
steve bannon ▲ ● ▼		I knew I was going to have you on here to be the economist today, and you were going to go more fully.
		You're going to talk Kierkegaard.
		I knew you got Dave Braddown.
		Hang on.
		No, what she's talking about, and we'll play that clip.
		I want to tee the audience up.
		What she's talking about is, Mike Davis is going to come on.
		There's an amazing piece in Politico.
		Yes, I did say that.
		It's an amazing piece in Politico, and it's about Trump and the institutions, and how the institutions are, you know, President Trump is confronting these American institutions built by Americans over many, many decades that have turned on the American people and really represent globalist interests.
		And from the law firms to the universities, I've got a whole other punch list we've got to expand there, like the banks.
		And President Trump's taking them on, and they're cratering, and Rachel Maddow Like her or not like her, she is ahead of the curve.
		She sees where this is going, and she puts out basically a cry for help.
		As yesterday, President Trump, the day before, had that executive order he signed on Krebs and the voting machines, and Tulsi Gabbard came at the same time and says, hey, over DNI, I think we've got some evidence there's messing with voting machines.
		That'll shake them all up.
		And I say that as a guy that people know, I'm not a machine guy here.
		I'm a mail-in ballot and how they stole it.
		However, Those machines, there's something up.
		I've always been suspicious.
		It looks like that whole narrative is about to change.
		And Rachel Maddow is pleading on her show to have the cavalry come and save them from Trump.
		Okay, we've got more economics.
		One of the reasons the bond market, I think, is kind of dicey right now.
		And gold's at $3,200.
		Yes, you heard that.
		In fact, $3,250.
		The reason is we'll explain it in a moment with Dave Brett from Liberty University.
unidentified		Music playing.
unidentified		Here's your host, Stephen K. Mann.
steve bannon ▲ ● ▼		Biden would have killed for these numbers.
		Biden would have killed for these numbers.
		And it shows you President Trump's economic plan is starting to unfold.
		His economic plan is going to cause turbulence.
		This is why we told you we're going to go through turbulence.
		And we've been talking for years about the end of the dollar empire.
		And, you know, we conceived this with the guys at Birch.
		Gold's at $32.50.
		Let me repeat that.
		Gold's at $32.50.
		Number one, people are looking for a hedge.
		Central banks are looking for a hedge.
		It's time now for you to get as knowledgeable as the central banks.
		And you can do it.
		Why? Because if you're up the learning curve, you're a much more powerful actor.
		On this stage of global politics and supporting President Trump.
		You're just not repeating memes all the time.
		You actually say, hey, I can think this through.
		I see exactly what's going on.
		Listen, we're going to have a good old throwdown on this reconciliation bill.
		I can tell you that's coming.
		Who tells me it's coming?
		I think part of this bond market revolt is due to that.
		And the bond market is going to get a vote on this.
		Why is the bond market going to get a vote on this?
		Dave Brat can tell you.
		Because we have to finance, refinance, I don't know, $10 trillion of government securities every year.
		Scott Besson's got to do this.
		The reason everybody got all worked up the other day is because the bond market kind of froze in the morning.
		And Scott had to make sure they had a treasury auction at 10 years and went fine.
		It was oversubscribed.
		But Ray Dalio has told you, as much as I'm not a fan of Ray Dalio's about China, he told you, you have a failed treasury auction in the future that could trigger...
		Some bad things.
		And here's the reason.
		We got $37 trillion in debt, and it's adding all the time, and that reconciliation bill, I think, is only going to add to it.
		We're going to get to that here in a moment, the real crisis, I think, which is inextricably linked to this war with the Chinese Communist Party.
		But, President Trump, the reason they're hating on him, the reason Jamie Dimon and all these guys go on TV and hating on him, the New York Post has got a gas burner, has got the scoop, Dave Brat.
		President Trump is what I've been a big advocate of.
		Let's get to the banks now.
		Let's get to the hedge funds.
		You've got the law firms.
		You've got the universities.
		Although we haven't gone to the state IVs, which I still say you have to do.
		But it's time now to get to the banks.
		And what is President Trump?
		The New York Post, Gasparino's got a big scoop.
		President Trump's going to do what to the banks?
		And they're not liking it at all.
		These money-centered banks are living like fat cats.
		They bought the investment banks.
		They're skimming everything off the top.
		What they don't want to do, Dave, is actually lend money to American entrepreneurs and small business.
		They hate that, right?
		Because that's MAGA.
		Tell me what President Trump's going to do, sir.
dave brat ▲ ● ▼		Yeah, well, what Trump's going to do is in stark contrast to Biden, who basically left these big banks, right?
		It all goes back to Glass-Steagall and some legislation in the 90s, which let these giant banks who have, you know, massive balance sheets, allowed them to do what the small banks can't do.
		And then they got profitable with all the hedge funds and all that.
		Now, Trump is saying, hey, no, you got this in reverse.
		You guys got the big balance sheets and the small banks, you may not like.
		I think Charlie roughly said, if you just want to go be a hedge fund,
		then just go be Goldman Sachs.
		But in essence, Trump is just one step after the other.
		And the mainstream media and all the cronies in the press cannot get this story straight because they don't want to see it.
		Trump is helping the small guy in every single story we're doing.
		That's what he's doing, systematically.
steve bannon ▲ ● ▼		No, this is what they hate.
		You know, one of the folks in the interim room that's always on top of things said, hey, you can tell in the open.
		That they're going down swinging, that the globalists are going down swinging, and they're cornered like a rabbit animal.
		Now it's just personally attack on Trump, personally attack on Trump.
		It's only going to get worse.
		Everything he's reorienting is to put America first.
		And it's not America only.
		It's America first.
		And American citizens first.
		People miss sometimes the second part of that.
		It's to put American citizens first.
		The little guy.
		The forgotten man and woman.
		That would be you.
		That the whole burden rests on your shoulders.
		You're the one that pays for everything.
		You're the one that does everything.
		You're the one that volunteers for everything.
		It's your sons and daughters or yourself back in your early days that volunteered as a patriot to defend this nation, defend the republic all over hell's half acre.
		Right? And you guys, it's for decades and decades and decades.
		It just reached a point.
		It can't continue.
		It can't continue.
		Something's got to stop.
		That's why Trump ran for president.
		Trump ran for president.
		I'm bringing jobs back.
		These trade deals, everybody's ripping us off.
		And you've had a mass migration now.
		This is about yesterday on the show, and I did some work last night before I gave a talk last night to a group.
		I did some work on this thing about getting an investigation going of how did they organize 10 million people to invade our border, and now it's going to cost us $170 billion to get it off.
		I want to go back to this reconciliation bill.
		And the bond market's going to have a vote on this.
		We're pretty good at predicting the future.
		It ain't that hard.
		Just look down the critical path and you see what's got to happen.
		Write this down with your number two pencil.
		Bond market gets a vote.
		The bond market's going to get a vote when everything's exposed because it's all got to be exposed when we get into this reconciliation.
		And we've got to stop the fantasy thinking.
		This is not fantasy football.
		This is reality.
		And there's some fantasy going on.
		I want to start with, and Brett, I'll toss it to you for this article that's quite frankly amazing because it just lays it out.
		When they talk about $1.5 trillion in cuts, you're trading here, ba-bing, ba-bang, ba-bung.
		That's over a 10-year period.
		I keep saying it because there is a regulation that when they roll these things out, they've got to talk in 10 years.
		Part of that is to give them cover.
		So they don't have to make tough calls today and they can just kick the can down the road.
		And they sit there and when McCarthy did it, people would call me and go, how could you possibly oppose this?
		There's so many conservative wins in here.
		I go, give me a win.
		Name one.
		They go, with this program, this program.
		I go, it doesn't kick in for years.
		What kicks in is he uncapped, he took the lid off the debt ceiling and kicked it two years down the road.
		You gave him an additional year that Biden didn't even want to take it out of the national election.
		You kicked it down.
		And what did Biden do?
		Ran up, I don't know, six, seven, eight trillion dollars.
		This is what happened.
		And now that's all money spent.
		It didn't go into capital equipment or plant.
		It went into operating expense.
	And now you're left stuck paying for the bill.
	And it gets harder and harder.
	Inflation is now embedded because Scott Besson's got to go out and raise $10 trillion a year of government securities.
	Dave Brat, talk to me about the phoniness of these budget cuts.
dave brat ▲ ● ▼		Well, the phoniness is embedded in one story.
		These group of rhino senators who are trying to keep Biden's green stuff.
		But let's just get to the headline for the big numbers in that article.
		And so it's from, I think it's from kind of a center-left group, maybe even a Center for Budget Control, but they're right on the numbers.
		1.5 or 1.8 trillion in cuts over 10 years.
		And that's if you believe that, right?
		Thune was having a hard time saying that in public over 10 years.
		That's $100 billion a year, whatever, right?
		Versus $86 trillion in spending over 10 years.
		So 1.8 trillion cuts, 86 trillion spending.
		1.8 is about 2.3% of that 86 trillion.
		So we're talking nothing.
		And I don't
		Right. The best indicator every single year is whatever we're doing next.
		Whatever we're spending this year.
		So we do another Biden Pelosi budget.
		That's what you're going to get for the next 10 years.
steve bannon ▲ ● ▼		This is the point.
		Over the 10 years, repeat that.
		It's $86 trillion in spending.
		Is that correct, Dave Brett?
		$86 trillion.
		That's going to essentially be transferred from your pocket in taxes, right?
		Your pocket in taxes for them to spend, plus $2 trillion a year if they have a gap.
		They'll just sell it.
		They'll sell the bonds to foreigners.
		And what they can't sell, we'll just sell to ourselves and just essentially print money.
		And that deficit builds up, builds up, builds up.
		And this is why when they come back and ask for the death ceiling relief in the Senate bill, it's, lo and behold, $5 trillion.
		And I think that's over two years.
		I still haven't gotten an answer on that.
		I think it's $2 trillion.
		It's $5 trillion that gets us through past the midterms.
		Then you've broken $40 trillion.
		This thing's not going to stop until we make it stop.
		Because the political class is too gutless.
		And they sit there.
		They walk in front of the camera.
		Mike Johnson walks in front of the camera.
		We've had such serious and significant meetings.
		Remember they went to Doral about two months ago.
		They came out of Doral.
		The conference came out of Doral.
		Their think tank.
		They spent three days at Doral and they came up with $30 billion in cuts.
		$30 billion in cuts.
		It's a joke.
dave brat ▲ ● ▼		And this is without any wars, right?
		We have World War II debt levels now, percent of GDP with no wars going on right now.
		I mean, we wasted a ton of Ukraine.
		But now there's serious stuff on the map going forward, right?
		So the budget doesn't include any COVID emergencies, no crises.
		So the numbers are going to be way bigger than the $86 trillion in spending.
		This is just status quo, built-in government running as usual, funding Biden green bailout bill.
		And if that thing ends up in there, they're going to crush the Republican spirit, this new spirit that thinks we're making progress.
		Chip Roy and all these guys are doing great work over there.
		He's totally opposed.
		They've got a group of 20 guys against this thing.
		So I hope they put up a fight.
steve bannon ▲ ● ▼		Well, they had 25 votes.
		I guess, of course, President Trump's tax plan is in this too, and Besant and President Trump are correct.
		This is probably our last shot to get a supply-side tax cut where we incentivize production.
		But even President Trump, now it's all over.
		It's been reported in a dozen different places.
		And guess what?
		Tom Emmer and these guys are not happy about it.
		The people that are controlled by the big donors.
		He's saying, hey, the extension for the tax cuts for our audience, the working class and middle class and entrepreneurs should go forward.
		But for the upper bracket or a new bracket they create if people make a million dollars or more, I think we're going to have a snapback.
		I think we're going to go from the 37 back to the 39 or if it's millionaires, maybe at 40. There's all kind of talk of what would happen.
		But it would be the first time that the wealthy got taxed, which the Democrats didn't do.
		Don't listen to Bernie Sanders and AOC and all this happy talk.
		They had control in 21. They had control of the House.
		They had Schumer.
		They had Pelosi.
		They had Biden.
		And they were damn quick to pass spending bills massively.
		Incredible. Fused trillions of dollars into the system that we didn't need to kick in aggregate demand that had come back.
		And we just said, hey, as you know, Dave Brett, you're the best at this.
		It's just all you're doing is flooding the zone with monetary policy.
		And you're going to, you know, more dollars, you're going to cause inflation.
		In that time, they talked about, oh, they're billionaire tax, they're going to do this, and they're going to do this, and they're going to tax the wealthy.
		The Democratic Party did nothing.
		Why? They're owned lock, stock, and barrel by the billionaires.
		And this group of goofballs called the credential class, they have a bunch of degrees that they can't make a living off of, and so they've got to borrow the money, and the working class in this country has got to pay for it.
		So this system has to stop.
		President Trump's tax cuts are very, very, very important.
		They are and they will get growth up.
		There's no doubt about that.
		Besson's got a model to get growth up, but the growth's not going to be great enough to close that gap.
		So somewhere, somebody's going to have to be an adult and say, hey, I actually think we have to cut real spending.
		We can't be running around Doge.
		You saw yesterday Elon in the board meeting.
		I don't want to say that Steve Bannon said this day was going to happen.
		But all of a sudden, it's not a trillion dollars, and it's not this year.
		It's $150 billion, and it's, guess what?
		It's next year.
		Do you see the look on the cabinet people who go, what?
		Hang on, where's my trillion buck?
		Where's my trillion dollars?
		The question I have for the guys over at OMB, well, hang on.
		If it's $150 billion of fraud, and he gave some examples, that fraud has to be now.
		Where's the cuts this year, guys?
		This is why they had 25 or 30 brave patriots prepared to stop this.
		And just because you got to get the movement, the process going, they said, okay, we'll, for right now, you know, hold in reserve and kick the process off.
		A lot more.
		We're going to break all this down.
		Mike Davis is also going to join us.
		Stick around.
unidentified		Here's your host, Stephen K. Bann.
steve bannon ▲ ● ▼		He's trying to change the world order.
		To make sure that the American citizen comes first on everything to deal with the United States of America and that America comes first.
		There's massive resistance to this.
		Of course there's massive resistance.
		We've allowed a globalist system to develop over the last 40 or 50 years in which they've accreted all the value to themselves.
		We could walk you through the math, but you don't need to.
		Just look around.
		You can tell that.
		That the middle class in this country, even people with good paying jobs, you get laid off.
		In a tight job market, 90 days, you're not doing good.
		You're not sleeping at night.
		You're worrying.
		That's what President Trump's trying to break that system and bring back the high value added manufacturing jobs here and to recreate what we have to work.
		People say, that's just nostalgia.
		It's not going to happen.
		Says who?
		Is there some second law of thermodynamics?
		Is there some natural property in the universe that caused this?
		No, it did not.
		No, it did not.
		Just like the situation on the southern border, as Benzman worked through last night.
		This thing was all architected by human beings.
		I can see how the system evolved and what they did to maximize you guys defending them, you guys underwriting with your taxes and your retirements to pay for it all, and that you and your children provide the defense for it.
		Guess what?
		That's stopping.
		That's ending, and they hate it.
		They love the free ride.
		Of course they love the free ride.
		Brad's going to stick with me for the next hour, and we're going to bring in Mike Davis, the viceroy, because Poligo's got this story about the institutions, and I think it's fantastic.
		Mike Davis has got an amazing analysis.
		He's in the story.
		But it's about Boris and Miller and the people over these years from 21 who thought through, hey, how you have to go after the institutions.
		And we've talked here about this all the time.
		And I think it ought to actually go to phase two to expand to the state, the public ivies, into the banks, into the hedge funds, into the investment banks.
		Like they said in Godfather, hey, let's get them while we're strong.
		Let's hit them while we're strong.
		I think it was Frankie Pantangelo.
		Remember, all lessons in business come from the Godfather.
		Jillian Barbary, done with debt.
		This is one of the issues here.
		I don't know, 5% of credit cards are past due.
		People are having to pay, you know, the 9 million people that have two jobs, people using credit cards to pay for the monthly expenses, and that's where they get ahead of it.
		And the credit card companies are, you know, they're a group without pity.
		This is why you need a group like Done With That.
		Walk me through exactly what the guys at Done With That, if you've got a problem, what do you do?
		I think what people want to know in the audience is, what do I have to do to find out how these guys operate?
		What are they going to do for me before I make any commitments?
		What are they going to do?
		So why don't you walk us through it?
unidentified		You know, it's almost like having your own team of Michael Corleones, if you will.
		Greatest movie ever.
		They're going to go in there for you, and they are going to just stand...
		Defense. They're going to cut those nasty calls, those letters that come.
		Done With Debt is a company that right now, especially you mentioned the middle class, really feeling it.
		People that have had jobs, carrying two jobs just to cover the mortgage.
		Kids are going off to college.
		They are in trouble.
		Sometimes it's disease.
		Sometimes it's, you know, just life hits you.
		And when it does, and it can, and it hits you in the pocketbook, you are stuck.
		And all the bills add up quickly.
		So what Done With Debt will do, they will put you on a course of action that's going to guarantee...
		That your future is going to be bright again.
		They're going to get you on track.
		How do they do that?
		Exactly what you're saying.
		They know all of the deals with the credit card companies, the banking institutions.
		They work with them.
		Some people will wipe out your debt entirely on certain cards or take pennies on the dollar.
		There are so many things that they can do for you to stop that.
		Immediately, overnight, all the nasty calls and letters, and then put you on track.
		You have to call them, though, or go to donewithdebt.com.
		It's the first step, because you always mention, Steve, time is not on your side.
		It's on the credit card company's side, because every time something comes up in the roster, a little more money goes on it for them, not for you, right?
		If you are in this position right now.
steve bannon ▲ ● ▼		Here's the thing.
		The interest continues to accumulate.
		That means the face amount is going to accumulate.
		These guys may be able to.
		I'm not promising.
		You've got to talk to them.
		Maybe not just cap the interest payments.
		Maybe even cut the face amount and work out all kinds of restructurings.
		Here's the thing.
		A lot of people think, well, if I get in that much trouble, I can just go BK and then screw the credit card companies.
		It ain't that easy.
		And that BK sticks with you for a while.
		It sticks with you if you try to get a car loan, you try to sign an apartment.
		It's not just buying a house.
		It sticks with you.
		There are other alternatives.
		My point to this, the reason I love Done With Debt, go to them and see what the alternatives are before you make any decisions.
		They'll walk you through.
		But what you can't do under any situation is just let the letter or the credit card, you put it in the drawer, that cancer is metastasizing.
		It's not going away.
		You have to address it, just like the IRS.
		The anxiety, I realize people will say, well, I don't want to do it.
		I'll pull a Scarlett O'Hara.
		And I'll deal with it tomorrow.
		You can't deal with it tomorrow.
		You've got to deal with it today, Jillian.
unidentified		That's right.
		And the quicker you do, the faster you're going to get back on track.
		And remember, the first call, they'll give you a consultation for free.
		And I have the number for you today, Steve.
		It's 888-324-1054.
		324-1054.
		Because they will talk to you.
		The first call is so incredible because if you do decide to join up with them with that, you're going to feel it overnight.
		It happens automatically that everything stops and your head clears and you have a team.
steve bannon ▲ ● ▼		You get that zen moment.
		Jillian, one more time.
		Website and number.
		I need people to make contact today if you've got a problem with your credit cards.
		Where do they go?
unidentified		Yes, and there's so many out there right now.
		Middle America, you're being hit.
		I was hit.
		I get it.
		It is donewithdebt.com on your computer or your phone or call 888- 322-1054.
		322-1054.
		There's someone on the other end of the phone.
		They are there.
		They're waiting for you.
		They're there to consult you.
		It's a free consultation.
		What have you got to lose?
		Just check them out.
		What have you got to lose other than your debt?
		So, it's incredible.
		Thank you so much for having me again, Steve.
		I know how busy this time is.
		So, I appreciate you.
steve bannon ▲ ● ▼		No. Jillian, thank you.
		Thank you so much.
		Nothing could be more timely than this.
		This and the IRS situation.
		Thank you, man.
		Appreciate you.
		Take the anxiety.
		We need you at the ramparts and we don't need you anxious.
		Right? We need you at the ramparts and we don't need you anxious.
		We need your focus.
		And you've had massive impact.
		Brad's sticking around.
		We've got a lot more economics to go through and politics.
		Good piece in political today.
		Actually, great piece in political by President Trump's assault on the institutions.
		The institutions that are betrayed.
		Betrayed. Working class, the middle class of this country.
		Folks, President Trump's taking them on, head on.
		The Viceroy is going to join us.
		Update on the Supreme Court and update on the assault on the institutions.

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