May 21, 2025 - Bannon's War Room
48:42
Participants
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| Speaker | Time | Text |
|---|---|---|
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unidentified
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Someone just said that the presidency in the White House was run like a board of directors, meaning Joe was a director, but who the hell was the CEO? | |
| Who was the guy calling the final shot? | ||
| It certainly wasn't Joe Biden, because his brain was mush and continues to be so. | ||
| Steve, your show, always good talking to you. | ||
| Good to have you back, my friend. | ||
| We always have the best A block when we TL for you. | ||
| Eric, thank you so much. | ||
| Great handover, sir. | ||
| Appreciate you. | ||
| The great Eric Bowling. | ||
| And if you haven't seen that Megyn Kelly clip, maybe we can play it later on Jake Tapper. | ||
| In fact, we have Jake as part of Trash Talking MAGA and MAGA Media, and now he's confessed. | ||
| Maybe we redo the open. | ||
| I don't think so. | ||
| I like Jake in there. | ||
| Okay, here's what we're going to do. | ||
| A lot going on. | ||
| My understanding, and this is why I was so late and kind of quick with the Florida Gators getting their acknowledgement as the national champions in men's college basketball. | ||
| President Trump stepped in, said some great words, had a great event, great ceremony. | ||
| Went back in. | ||
| My understanding from Jake Sherman and everybody is that The House Freedom Corps, the deal's up there. | ||
| They may be in the Roosevelt, the cabin room, maybe the Oval. | ||
| They're dipping in and out. | ||
| President Trump went back. | ||
| As soon as President Trump invites anybody in, we're there. | ||
| Let's go and play the cold opener. | ||
| Today we're delighted to welcome the 2025 NCAA basketball champions, the University of Florida Gators. | ||
| Hello, Tim. | ||
| Congratulations also to a really great young head coach, Todd Golden, on the entire job he did, the season, the inspiration that he gave these players. | ||
| He's unbelievable as a coach. | ||
| I heard a lot of great things about him. | ||
| Who would I like to be his agent? | ||
| Don't go anywhere, coach. | ||
| Stay, coach. | ||
| You can't leave. | ||
| The Dow is down nearly 2%, down 800 points almost. | ||
| Senior business correspondent for NBC News, Christine Romans, has very kindly rushed over to the set for us. | ||
| So, Christine, explain why we're watching. | ||
|
unidentified
|
There's a couple of different things happening here, but there was a Treasury bond auction earlier today that was a little disappointing, and that sounds very wonky, but it's really important because you've got this tax and spending discussion underway. | |
| You've got a Moody's downgrade that just happened because of concerns about debt and deficits. | ||
| And then you have demand for American treasuries was a little disappointing. | ||
| So you have people selling treasuries. | ||
| That means the yields are going up. | ||
| I know. | ||
| I know. | ||
| Basically, it means we're on the wrong footing in terms of our fiscal direction, and the markets are paying attention to that. | ||
| I paid attention when Ron Insana was trying to school me on economics the other day when we were at the New York Stock Exchange after Donald Trump's Liberation Day and the stock market just completely tanked for about a week. | ||
| He said it's bad news when the Russell 2000 is down because that's usually pretty stable. | ||
| It's small businesses. | ||
| Last I checked, this was a couple hours ago. | ||
| It was down almost 2%. | ||
|
unidentified
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Yeah, you were with me. | |
| So is it still down? | ||
| Is it still a problem? | ||
|
unidentified
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Yeah, we watched that one. | |
| It doesn't have to do with what Kevin O 'Leary was saying, which is that this budget deal has in it a provision, and he got into the weeds, but one that would make it harder for small businesses to operate. | ||
|
unidentified
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Look, this budget deal Is full of a lot of stuff, and it's going to change a lot. | |
| So there's that. | ||
| It's going to touch everybody. | ||
|
unidentified
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It will touch everybody. | |
| There's that. | ||
| But when you look at what's happening in the bond market, the bond market is sending us a signal that all of this is unsustainable, that America's financial house is not in order. | ||
| There's a couple other things happening, too. | ||
| UnitedHealthcare is in the Dow. | ||
| That's only 30 stocks, and that had a downgrade today, and it's got all kinds of headwinds and negative headlines for UnitedHealthcare. | ||
| Target had a disappointing outlook there for Target. | ||
| It says it's going to do everything it can without raising prices because of tariffs, but that might not be the case. | ||
| There's a lot of different things happening, but I'm very, very focused here on the bond market again and what that is telling us. | ||
| 30-year interest rates back above 5%. | ||
| That hasn't happened since the fall of 2023. | ||
| So it's telling you there's a moment here in America's fiscal path. | ||
| A high-stakes meeting kicking off over President Trump's mega-budget bill. | ||
| Eamon Javers is there with the details. | ||
| Eamon. | ||
| Hey there, Mike. | ||
| We're not going to see this meeting on camera, but President Trump is expected to be meeting shortly with the House Freedom Caucus. | ||
| That's the most conservative group of House members in the Republican conference, and they are the most conservative fiscally as well. | ||
| They're not happy with President Trump's big tax bill that's moving on Capitol Hill. | ||
| They say they want deeper spending cuts. | ||
| Take a look at some of the items that they say they'd like to see before this bill is passed. | ||
| They want those deeper spending cuts. | ||
| They want a faster phase-out of green energy tax. | ||
| And they want faster implementation of work requirements for Medicaid. | ||
| The president, for his part, has been pushing them to pass the bill anyway over their objections. | ||
| And the White House released a statement earlier today saying that any failure to pass the president's bill would be the ultimate betrayal of President Trump. | ||
| That's pretty tough stuff for these members who, of course, are all conservative Republicans and most of them in conservative Republican districts who all depend on the president's voters as well for their own political support. | ||
| A high-stakes meeting here, Mike. | ||
| We'll let you know how it goes. | ||
| All right. | ||
| Appreciate it, Amy. | ||
| We'll be back to you soon. | ||
| 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 at all these networks lying about the people. | ||
| The people have had a belly full of them. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big line? | ||
|
unidentified
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MAGA Media. | |
| I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
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Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
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War Room. | |
| Here's your host, Stephen K. Band. | ||
| Okay, Wednesday, 21 May, Year of Our Lord, 2025. | ||
| Reuters. | ||
| Tepid demand for U.S. Treasury auction shows investor jitters about tax bill and deficit. | ||
| U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday with investors worried about the country's increasing debt burden as Congress wrangles with a tax and spending bill that is expected to worsen the fiscal outlook. | ||
| The poorly received auction, which saw stocks and the dollar sell-off while U.S. Treasury yields rose, shows intensified investor worries about the country's ballooning debt that could spur bond market vigilantes who want more physical restraint from Washington. | ||
| I told folks a bond market's going to get a vote here, and we don't want the bond market dictating the terms of what the United States does. | ||
| The reason you get into these situations is... | ||
| Because your debt gets out of control and they don't see any kind of path. | ||
| And remember the path. | ||
| This was the path of the Treasury Secretary and the President. | ||
| Six and a half percent of deficit to GDP, which we are now, which is not sustainable. | ||
| This is why the French Assembly got turfed out. | ||
| And Le Pen and company really took the majority there. | ||
| Because in trying to cut it, they put the burden, they went full globalists and put the burden on working class people and people said, no, it's not going to happen like that. | ||
| Six and a half down to something that's sustainable to three and a half. | ||
| That's not a balanced budget. | ||
| That's at least having deficits you can finance. | ||
| Remember, we have to sell these securities. | ||
| What you don't sell, you have to buy yourself and you don't want to get in that situation. | ||
| Ray Dalio. | ||
| Obviously, no friend to anybody said, hey, you have a couple of failed treasury auctions next time, and rates balloon today. | ||
| Ten years, 4.61. | ||
| You don't think, people say, well, deficits don't matter, Steve. | ||
| It doesn't matter. | ||
| Hey, check your credit card. | ||
| Check your home loan. | ||
| Check your, if you've got a loan that's contingent upon interest rates going up, if it resets. | ||
| The 10-year Treasury runs your life. | ||
| Everything. | ||
| Credit card, student loan, auto loan, all of it. | ||
| 4.6% now. | ||
| They had a softness, sold 16 billion of 20 years today. | ||
| Remember we talked about Scott Bassett and the Treasury trying to start to go long to get some stability here because Yellen, like a banana republic, has just done it short because they were afraid of the appetite given their business model? | ||
| The 20 years over 5, the 30 years over 5, the 30 year mortgage is over 7, or it's 7. We are going to lose the ability to make our own decisions. | ||
| This is why President Trump, this is another extraordinary event happening right now in the White House. | ||
| The President's negotiating with caucuses in the House to get a deal. | ||
| They've been up there, I think, all afternoon. | ||
| Started at 3. President Trump stepped out of these negotiations or these discussions and stepped into the University of Florida basketball champions to do the event, and that was packed. | ||
| Think about that. | ||
| The East Room packed with Florida man. | ||
| Wow. | ||
| Not since Andrew Jackson was president has so many distinguished individuals from the South been in one room. | ||
| Formerly when Jackson was Tennessee Volunteers. | ||
| And he stepped back in. | ||
| We're waiting for somebody to step out. | ||
| That's Trump in deal mode. | ||
| He's not even whipping anymore. | ||
| He's not even doing Tom Emmer's job. | ||
| He's like doing the speaker. | ||
| It looks like he's making a deal or going through and hearing. | ||
| What the feedback. | ||
| Andy Harris said today it would take 10 days, a week to 10 days to get there. | ||
| That people would get there. | ||
| That's one thing I think folks ought to understand. | ||
| At least in the House, it looks like they're going to get to a deal. | ||
| There is enough coherence, cohesion. | ||
| But they want to get the spending down. | ||
| And like I said, the bond market's starting to... | ||
| The bond market's starting to... | ||
| You know, starting to respond. | ||
| And they want to see some action. | ||
| And they're going to have to get action or they're going to continue to get these high prices. | ||
| And that's going to flow through everything. | ||
| You think you've got personal inflation now? | ||
| Wait till it rolls through your credit card. | ||
| Wait till it rolls through your home loan. | ||
| Wait till it rolls through your auto loan. | ||
| Your equity loan, if you've got one. | ||
| It's all going to happen. | ||
| And so we're waiting on that. | ||
| I know there are some solutions. | ||
| I don't want to mention again the defense budget. | ||
| I don't want to mention again, hey, maybe you get other revenue streams. | ||
| I think that's all going to have to come later. | ||
| Or defense, I don't see anybody touching that. | ||
| That's fine, but just understand that that is a huge center of cost. | ||
| We didn't sick doge on it, so it's a centerpiece of waste, fraud, and abuse. | ||
| Nothing. | ||
| It looks like they're going to approve that, but hey, because the politics of it are so strong, and sadly, and I say this as a veteran, it's the one industrial policy that we have. | ||
| But on the taxes, I think that's going to come back up. | ||
| If it's not in this House bill, which it looks like it's not, I think it's going to come back up in the Senate. | ||
| Remember, when it goes to the Senate, I think Rand Paul is pretty adamant. | ||
| About he's saying, hey, I see this thing. | ||
| You're raising the debt ceiling. | ||
| I'm not there. | ||
| I think Rand Paul's giving you every signal, like Tom Massey, that he's a no. | ||
| Ron Johnson's talking about $10 trillion, $8 trillion of cuts, not a couple of trillion. | ||
| He's talking about $8 trillion to really go down and get an arc to a balanced budget. | ||
| The 6.5%, at least on these numbers now, as presented, and like I said, they have not included... | ||
| Monies from tariffs, at least that I've seen. | ||
| They haven't put in a growth rate or plugged in a growth rate that I think there's a consensus on. | ||
| But the arc doesn't bend. | ||
| Zero hedge, now it's their premium zero hedge, so it's behind their paywall. | ||
| But their number one story all morning is about how the deficits go up pretty extensively in the first couple of years. | ||
| Once again, Russ vote in the team. | ||
| Thought it was more important to get mandatory changes to kind of bend this arc, but that's all in the out years. | ||
| And pretty, Russ is correct, pretty historic changes. | ||
| But you've got to go through four or five years of hell to get there. | ||
| At least it looks like hell now when you look at the math. | ||
| Anyway, bottom line, they're at the White House with President Trump. | ||
| I've got a feeling a deal is either going to get made or there's going to be a path, just like on tariffs. | ||
| There's going to be a process. | ||
| No more of this middle of the night and running around. | ||
| Trump will get him on a process. | ||
| What do you need? | ||
| What information do you need? | ||
| What can we give you? | ||
| Maybe you don't understand this part of it. | ||
| I think we can say that he's taken over the lead in negotiations. | ||
| They're not up at the White House. | ||
| Look, historically, for the president to go up and whip votes yesterday to go to the conference, historic. | ||
| For him having down, look, they've had Pelosi and people like that down, but in this time of the bill, when you have a caucus come down, not just leadership of both parties, you have the caucus come down. | ||
| Very extraordinary. | ||
| A lot going on over at the White House right now. | ||
| We're going to take a short commercial break. | ||
| Take your phone out. | ||
| If you want to talk about a hedge, that would be gold. | ||
| Bannon, B-A-N-N-O-N at 9-8-9-8-9-8. | ||
| Take your phone out. | ||
| Birch Gold. | ||
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| Investing, the ultimate guide to investing gold and precious metals in the age of Trump. | ||
|
unidentified
|
Here's your host, Stephen K. Band. | |
| Okay, we have some updates. | ||
| Looks like the congressional leaders and members of the Freedom College have just left the White House. | ||
| Right? | ||
| Per folks there are seeing them. | ||
| News, this is from Katya. | ||
| Goba, a very good reporter over at Semaphore, she follows this beat. | ||
| News from the White House meeting, she's quoting now. | ||
| This is from Caroline Levitt. | ||
| The meeting was productive and moved the ball in the right direction. | ||
| The president reiterated how critical it is for the country to pass the one big, beautiful bill as quickly as possible. | ||
| That means no deal yet. | ||
| That's pretty amazing. | ||
| The meeting was productive and moved the ball in the right direction. | ||
| Now from Jake Sherman, news from Speaker Johnson, manager's amendment. | ||
| Remember, you have to, the manager's amendment, you've got a bill. | ||
| The manager's amendment shows you what changes they're going to be so you can have a rules vote and then keep rolling. | ||
| And this is quite extraordinary. | ||
| Normally in the normal course of business, this would have come out last evening, 9 or 10 o 'clock, and then they would have had the rules at 1. You still don't have it. | ||
| You don't know what changes are made. | ||
| The reason you don't know what changes are made, you don't have a deal. | ||
| You may have a deal on SALT, but you don't have a deal on the Medicaid cuts and maybe some other cuts. | ||
| So, manager's amendment out soon. | ||
| Again, no definition of what that is. | ||
| And then they'll decide whether to vote tonight or tomorrow morning. | ||
| Wow. | ||
| So maybe they're going to try to jam a vote tonight? | ||
| You never know. | ||
| Maybe they're going to Capitol Hill. | ||
| Maybe they came to some sort of agreement in terms, you know, rough terms and then go up to Capitol Hill to paper it. | ||
| We'll have to see. | ||
| This gets back to the fiscal, both the fiscal and the monetary side of this. | ||
| What it's going to be, you know, what are these deficits and then how they're going to be financed. | ||
| And you're seeing right now the market. | ||
| We're kind of puking all over them. | ||
| Number one, I think we can get over this if there's just better definitions of things and people went around and started to actually say, no, here are the numbers, here's where we're getting from tariffs, here's where we're getting from Doge. | ||
| Elon Musk is up on Capitol Hill, but it was not for, it's just been informed it was not for anything with Doge because he's not up there with the big entourage. | ||
| He's actually there in his capacity as CEO. | ||
| Of his new AI company. | ||
| Remember, they spun off the AI aspects. | ||
| I think a Tesla merged into his other AI entity. | ||
| And he's one of the big four. | ||
| He's one of the four horsemen in artificial intelligence. | ||
| You heard Max Tegmark today talk about that before he went over to Catholic University for that panel. | ||
| Elon is up there, my understanding, meeting with the heads of the Commerce Committee and certain committees that are... | ||
| Involved in artificial intelligence to get them up to speed on what's going on, not in a doge capacity. | ||
| So that's where we are. | ||
| This one's hanging in the balance. | ||
| It is a self-imposed Memorial Day because they do go on a break, believe it or not, over Memorial Day. | ||
| But from Johnson, this is logical. | ||
| You have to have forcing functions to get these people to move. | ||
| One is that you're going to hold them over a holiday weekend. | ||
| And so you force him. | ||
| If he lets that go and he gets in the next week, who knows when he can get this thing done? | ||
| He's using his leverage to try to get something. | ||
| And that's why it's always been this Memorial Day. | ||
| Speaking of Memorial Day, I want to talk about always, as you know, we always make a big deal about Memorial Day around here. | ||
| And always thanks to Robin Parker-Sig and the entire team of Real America's Voice. | ||
| Always very helpful in putting together the shows. | ||
| Also Patrick K. O'Donnell. | ||
| This year we're going to do it. | ||
| It's going to be slightly different, and here's why. | ||
| We're going to be live, obviously, both Saturday and Monday. | ||
| And the president is going to—so the commencement, the graduation at the United States Military Academy at West Point is going to take place Saturday morning. | ||
| The president is there to preside over that occasion and actually give the remarks. | ||
| So I think it starts at 10 in the morning. | ||
| Captain Bannon, who's now a member of the Board of Visitors, will be there. | ||
| We're going to try to get her for maybe a pregame interview. | ||
| General Mike Flynn. | ||
| And right now we schedule General Flynn for Friday morning. | ||
| General Flynn will also be there. | ||
| I think the Board of Visitors, the new Board of Visitors that President Trump has put in, which has an extraordinary, just an extraordinary group of people to really help turn around the academy. | ||
| President Trump, very dear to his heart, he's going to go up and give the commencement address at West Point. | ||
| That will be Saturday morning. | ||
| Patrick K. O'Donnell will be my wingman. | ||
| We're going to do as much of our traditional Memorial Day programming as we can, given the fact that we're also going to be covering live the president at West Point. | ||
| I want to thank Real America's Voice. | ||
| They're covering this wall to wall. | ||
| Then on Monday... | ||
| We're going to be, also, we'll be live, and we're going to have, hopefully, Patrick K. O'Donnell back with me. | ||
| The president is going to go to Arlington National Cemetery, where he commemorates Memorial Day for the honored dead of the United States military, and he goes and makes remarks at Arlington National Cemetery. | ||
| We're going to cover all that live, so you're going to get it the entire weekend. | ||
| Memorial Day commemorations for the honored dead of the United States military, and also the The commencement address and the activities around graduation at West Point. | ||
| And it's an extraordinary, extraordinary event. | ||
| So we're really looking forward to covering that. | ||
| Also, so much going on. | ||
| President had South African President. | ||
| They got a little bit into it. | ||
| And like I said, the two of the guys that were there to help put it together, Ernie Els, the golfer, Retief Goosen. | ||
| The president's close to both and Gary. | ||
| Gary Player didn't make it. | ||
| The president's close to that. | ||
| The president, as you know, is an avid golfer and a real follower of pro-golf. | ||
| President Trump is actually trying to put together, if you follow golf, you have the PGA Tour and you have the Live Tour, the first time golf's really been split in two. | ||
| The Saudis are backer of that. | ||
| The president is actually involved in trying to put those two tours together, which everyone that follows golf... | ||
| Wants to happen. | ||
| If you saw the PGA Championship this weekend, you saw the John Rahm and Bryson DeChambeau, and you saw what we miss all the time in having those great golfers that are on the Live Tour only get a couple of times a year during the major championships to play with and against the Scotty Schefflers and the great stars of the PGA Tour. | ||
| President Trump is working. | ||
| He's announcing he's working on trying to put that together, to put that behind us. | ||
| But he's got many, many friends in golf very close to Gary Player. | ||
| Gary Player, one of my heroes growing up, just an amazing guy from South Africa that flew the world, really the first international global golfer and became the ambassador for international golf, very close to President Trump. | ||
| And, of course, President Trump, I think, plays with Ernie Els and Ratif Goosen all the time. | ||
| Two of the best pros that come out in the last, I guess, 30 or 40 years. | ||
| They were actually in the Oval today, so there was a little dust up, but I think they tried to sort it out. | ||
| Also had Johan Rupert, one of the richest men in the world and owner of many of the top brands, aspirational brands in the world was also there. | ||
| And so you had that, you had the Florida Gators, and then you've had President Trump negotiating. | ||
| So President Trump's in the middle of the deal, although Caroline Lovett just told you there's no deal yet, progress was made. | ||
| And because I think there's a pretty deep, deep fissure here, and I think it's going to get worse in the Senate. | ||
| I just don't think the Senate people have been as vocal about it, but we know there's a bunch of no's in the Senate right now, given this question of the deficits, given the fact that this does make cuts. | ||
| It kind of makes historic cuts in room and guard, particularly to mandatory spending. | ||
| This is one of the things that's been at the top. | ||
| That Russ Vogt has tried to accomplish, that Russ Vogt's been working on. | ||
| In doing that, there's maybe not as many cuts in the first couple of years. | ||
| And that's why, if you read the Zero Hedge article, if you read some of these other articles, you're not going from that 6.5% of budget deficit to GDP down to 3.5%. | ||
| There's not an arc right now. | ||
| Looks like it may be even flat, maybe even go up. | ||
| Now, one of the reasons I think that is, is that the models they're using... | ||
| I could be wrong, but I don't think I'm wrong. | ||
| Do not incorporate all economic reality. | ||
| Number one, I don't think they fully account for tariffs and the external revenue service and the cash that's coming. | ||
| One thing we do know, it's not going to be a trillion dollars of doge cuts and waste from abuse. | ||
| That is not going to happen. | ||
| It's going to be something, but it's not going to be that number. | ||
| And it's not going to be a trillion dollars of tariffs. | ||
| Of what was first proposed. | ||
| That's not going to happen. | ||
| But it's going to be something. | ||
| It could be $100 billion. | ||
| It could be a couple hundred billion dollars. | ||
| In this regard, every billion dollars helps. | ||
| Remember, the rescission package that they won't put forward, that Russia is hesitant to put forward because it's not sure that it has Republican support, is only $9 billion. | ||
| $2 billion for NPR and PBS, and another $7 billion, I think, for various other things that Doge found to try to codify. | ||
| And there's not enough support right now for that, my understanding is. | ||
| That's why it's not coming forward. | ||
| Everybody's focused on the reconciliation, but the Senate passed the no tax on tips yesterday outside the reconciliation package 100 to nothing. | ||
| You don't think economic populism is, if people are getting on board for it, when all of them, how many times they only vote for post offices names at 100 to nothing. | ||
| Everybody wants to climb on to show working class people, hey, I'm with you. | ||
| In the Democratic Party, particularly if you look at the last 48 hours, they're internally, you know, self-flagellation about there's no message, they don't know what they're doing. | ||
| And it all comes back to one thing. | ||
| This is this Robert Reich piece in The Guardian about a week ago. | ||
| There's no economic populism. | ||
| There's no real math about what their plan is, not just on taxes, but how they grow the economy for working class people and the middle class. | ||
| There's nothing. | ||
| You got, as I say, Ro Khanna, but he's kind of a voice in the wilderness. | ||
| And he ain't doing primetime MSNBC as their ratings collapse because all it is is that they define themselves in their hatred of Trump. | ||
| Well, Trump doesn't define himself in the Democratic Party. | ||
| He defines himself by what's good for America. | ||
| What's good for America. | ||
| And then he explains it. | ||
| And I think that's what you're going to see in the big, beautiful bill. | ||
| I think you'll see a lot of definition. | ||
| On all of this in the next 24 to 48 hours. | ||
| Historic, another historic day, another historic week. | ||
| President Trump making it happen. | ||
| I'm kind of surprised he's not having guys into the Oval to have, you know, take a few questions or disintermediate the media. | ||
| Short commercial break. | ||
|
unidentified
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back in the warm in just a moment. | |
| Tomorrow we're going to have Alex Jones is going to join us in the 11 o 'clock hour. | ||
| A lot to go through with Alex Jones. | ||
| Just reconfirm with him. | ||
| So, latest reporting. | ||
| Keeping you up to date. | ||
| Looks like they're going to try to vote tonight. | ||
| They're going to jam this one through. | ||
| Dare you not to. | ||
| So, I understand they're still trying to make a deal, particularly on Medicaid and some of these other issues related. | ||
| And when this process first started here, I shouldn't say process. | ||
| The latter part of this process. | ||
| There's been a lot of progress made, and this audience should take a bow. | ||
| And obviously your representatives. | ||
| But, I mean, there were some egregious things, like the work requirements didn't start to 2029. | ||
| They still had all the Green New Deal stuff. | ||
| Went for a number of years. | ||
| If you're going to make some cuts, all the cuts are going to have a little pain to them. | ||
| If you don't make cuts now, some later are going to have real pain to them. | ||
| Because you're going to run out of money. | ||
| Just remember, it is virtually 0% chance that any of the face amount of this debt will ever be paid off. | ||
| You're going to scramble to pay the interest. | ||
| And the interest is extraordinary. | ||
| Interest is going to get up to, what, $1.5 trillion? | ||
| That's going to crowd out opportunities for other capital. | ||
| That's going to stop. | ||
| Remember, that interest payment doesn't go for ships or planes or tanks or agricultural programs or health programs or any of the other programmatically what is in there. | ||
| It doesn't. | ||
| It goes to pay the debt on the bonds. | ||
| And this is getting more expensive. | ||
| You're starting to get, you know, the lead story in Reuters is that we had a little bit of bond vigilantes today and selling kind of a softness. | ||
| A weak treasury auction. | ||
| A couple weeks ago, this is what happened. | ||
| Remember the market had the little hickey two or three weeks ago? | ||
| And Scott Bessing kind of had to step in there. | ||
| There was a little... | ||
| And then I think they had a 10-year treasury auction later that morning, early afternoon, and it went okay. | ||
| You saw yesterday with Japan in the out years, I think, selling 20s and 30s. | ||
| Had it noticed a real lack of demand? | ||
| Because these bondholders, the bondholders are not into a lot of risk. | ||
| That's where they're buying government securities. | ||
| And particularly buying U.S. government securities. | ||
| They want those to be risk-free. | ||
| They assume that they're not getting huge interest payments. | ||
| They're not getting junk bond level or any kind of warrants or equity or anything like that because the risk profile is very different. | ||
| And you're the full faith and credit of the United States government. | ||
| So this is what we've warned about, and this is, let's go back two years. | ||
| When two years and the Liz Trust situation, where she put forward her plan, her new government budget, although they didn't include a lot of math to back it up, it was more kind of conceptual, or words, there wasn't a tremendous amount of math, and they said, hey, we don't have a requirement to put it out for so long, and I'm saying... | ||
| You should put, you should overwhelm people with numbers so they understand this. | ||
| She was turfed out, what, in 30 days, 60 days? | ||
| And she blamed it on, and she's a good person, I like her a lot, but she blamed it on the deep state of the Bank of England. | ||
| Well, I'm not saying that certain members, maybe the Bank of England, weren't involved in talking to bondholders or whatever, but it was the bond market that kind of turfed her out. | ||
| One of the reasons that they were very concerned is that To get the returns in the pension fund, some of these pension fund managers, to get the returns to meet their actuarial tables because people are living longer. | ||
| There's a couple of three of these people who got some pretty, maybe crazy voodoo-like stuff in their portfolios that, you know, people don't think they have. | ||
| And they didn't want a lot of exposure on that. | ||
| They couldn't mess around, at least on the government bond side. | ||
| She was gone. | ||
| And at the time... | ||
| And, you know, I love Larry Kudlow and Steve Moore. | ||
| Those guys are sitting there on TV nonstop. | ||
| This is Reagan time. | ||
| This is a growth thing. | ||
| And I said, you can't have massive tax cuts where you don't have concomitant cuts in spending. | ||
| I said at the time we played the tapes, I said, if you do that, it's not going to fly. | ||
| They're going to say no. | ||
| You just can't have cuts now and stop the revenue now in hope. | ||
| Right? | ||
| And hope that it kicks in for growth, which it should, but you're making a bet when you're not doing cuts that kind of bring down the cost of it. | ||
| And she wouldn't. | ||
| She didn't touch anything at the cost. | ||
| They didn't have the political will and the Tories who eventually got turfed out. | ||
| Remember, was it Richie Sunak followed her and he was not as bad, but couldn't get to the core of it? | ||
| They didn't want to touch and they wouldn't do any cuts. | ||
| They also didn't want to stop the flood of immigrants. | ||
| This is why Nadia Farah's reform party is now leading the polls of everybody. | ||
| And the Tories are quickly fading into oblivion. | ||
| That lesson should not be lost on Republicans, on standard stock Republicans, RINOs. | ||
| If you're going to have tax cuts, you have to have spending cuts. | ||
| They're not going to buy, particularly on the supply side. | ||
| Yes, it should work. | ||
| President Trump's first term, it definitely worked. | ||
| It should work. | ||
| But you're asking somebody to take a risk. | ||
| It's just like you finance with equity capital in a company, right? | ||
| You said, hey, two, three years out, look at this. | ||
| We're going to double, triple revenue, operating income, cash flow, EBITDA. | ||
| It's all great. | ||
| Yeah, I got that. | ||
| But that's two or three years, and a lot of things have to go right in your model. | ||
| Bang, bang, bang. | ||
| Your management team has to perform. | ||
| The market has to be there. | ||
| There's all types of variables. | ||
| And guess what? | ||
| This is why it's not a bank loan. | ||
| This is why it's equity capital. | ||
| We're going to own a big part of the company. | ||
| And if it doesn't work, you know, we'll take in charge of the board and turf you out. | ||
| That is what capitalism is. | ||
| And why certain people were saying, Liz, trust plan is a Reagan growth plan. | ||
| I said, yeah, Reagan was 40 or 50 years ago. | ||
| It's a different deal. | ||
| It's a different world. | ||
| It's a different environment. | ||
| Some of the principles are the same, but it's a different environment. | ||
| President Reagan, we had a relatively pristine balance sheet. | ||
| I mean, President Reagan took on a massive problem. | ||
| A lot of you folks were around then, coming out of the oil embargo and the Jimmy Carter situation and the massive inflation and coming off the, don't forget, Nixon coming off the gold standard, just saying. | ||
| A lot of the bad charts, the bad numbers all kind of come from there. | ||
| And I'm not a gold bug. | ||
| I'm just saying, when you look at the math, and President Reagan stepped in with Volcker, and man, the political will they had and the courage they had to wring it out and to set up the foundation to take on the evil empire, that was courage. | ||
| You go back and remember, every night in the nightly news, the unemployment up, I mean, just brutal. | ||
| And Reagan just hung in there and hung in there and hung in there. | ||
| And I think in August of 83, I think was the lowest. | ||
| I think his approval range like at 35%, 33, 35%. | ||
| And then when it hit and it pivoted, boom, a moonshot. | ||
| And in 84, he won by the biggest landslide in American history. | ||
| But that was political courage. | ||
| But he had also a pristine balance sheet. | ||
| We were still a manufacturing, essentially hegemon. | ||
| We were starting to lose it, but we were still a manufacturing superpower. | ||
| We had a workforce, a blue-collar workforce, that was much more highly educated than today and had a skill set and a work ethic. | ||
| So we had some real cards you could play, and they leaned on it. | ||
| We ain't got that today. | ||
| You know what we got? | ||
| We got $36 trillion of debt, and as soon as the debt ceiling increase, it's going to pop to $37 trillion. | ||
| Why? | ||
| Scott Besson's been doing an amazing job over there with emergency measures. | ||
| Doing everything he can, but the moment that's lifted, they're going to sell the bonds and you're going to be a $37 trillion or over $37 trillion. | ||
| And this model shows, this model, the government's model, the Trump administration's model shows $4 trillion just to get us through the midterm elections, of which my math shows that we don't even get there. | ||
| I could be wrong, but I don't think so. | ||
| So we're in a jam. | ||
| And President Trump, this is his, I keep saying, the 10th anniversary of him coming down the escalator is a couple weeks from now, June 15th. | ||
| I think it's Father's Day. | ||
| The day after the big military parade. | ||
| Flag Day and his birthday. | ||
| So June 15th is the 10 years. | ||
| All of that, everything we've gone through, all of it is a preamble to now. | ||
| The permanent part of his legacy, the permanent part, not the heroics of coming back and everything to do and all we've been through and all he's been through. | ||
| All this movement's been through. | ||
| And the country is a preamble to, I say, the next couple hundred days. | ||
| The sorting out of the Connecticut part of the Third World War, the challenge, the constitutional crisis of the judicial revolt against his being commander-in-chief and essentially sealing the border, stopping the invasion and sending the 13 million invaders out of here. | ||
| And the centerpiece, which is redoing the entire commercial relationships of the world as it relates to the United States and America first economic policy and putting citizens first for the first time ever. | ||
| And the economic model that's based upon and how you finance it. | ||
| All of that. | ||
| Because that's what the big beautiful bill is when you get down to the basics. | ||
| This will all be done. | ||
| One way or the other, by, I don't know, let's pick by the time the Supreme Court returns in October, the first week of October. | ||
| Because you're going to have to have some resolution there. | ||
| The kinetic part of the Third World War, you will either have some sort of laying down the guns in Ukraine, in the Middle East, and some sort of workout with Persia, or you're going to be a world of fire. | ||
| And this bill... | ||
| I think worst case jointly with the Senate. | ||
| And then remember, if the Senate passes their thing, then you've got to have a conference, come up with a joint bill. | ||
| You know, the debt ceiling has got to be dealt with in August. | ||
| So you vote in August, September, something like that. | ||
| By the time that all gets hammered out. | ||
| So those three, what I call the converging crises of modern America. | ||
| And lo and behold. | ||
| Why do we have these crises? | ||
| Why do we have 13 million invaders into the country? | ||
| Why did we lose our sovereignty? | ||
| Who invited them in? | ||
| How did these wars start? | ||
| They certainly weren't on President Trump's watch. | ||
| They all happened in Biden. | ||
| Oh, I got it. | ||
| How did all this spending get out of control? | ||
| The consolidation of wealth on Biden and the financing Biden did short term like a banana republic. | ||
| All of it, folks. | ||
| The railhead. | ||
| The deep part is 2008 financial collapse. | ||
| Didn't handle that right. | ||
| Still got the scars of that. | ||
| But the railhead of the current convergence of crises start with the illegitimate stolen election of 2020. | ||
| Have you ever heard me say that before? | ||
| Have I ever mentioned that? | ||
| This is why you need a special prosecutor. | ||
| It can never happen again. | ||
| And we've got to get to the bottom of how it happened and the implication and who's responsible and who's going to go to frickin' prison for it. | ||
| We've got to get that done. | ||
| With everything else we have to do, we have to get that done. | ||
| And I realize it's a big inbox. | ||
| But we've got big shoulders. | ||
| It's the United States of America. | ||
| We do big things. | ||
| Look what President Trump's doing. | ||
| He's changing everything to focus on the country first. | ||
| And the American citizens first. | ||
| He's not doing small stuff. | ||
| Heck, and everything else is doing. | ||
| World peace and everything. | ||
| Heck, he's got the Freedom Caucus up there and they're negotiating this afternoon while he's going in and out to award the national champions. | ||
| He's got the South Africans. | ||
| He's got, you know, he's dealing with their problems. | ||
| And he's got friends who are South Africans saying, hey, here's how you can help. | ||
| He's congratulating people. | ||
| And by the way, behind the scenes, they're doing a hundred other things. | ||
| And he's now negotiating this. | ||
| And so tonight, as we go to the D-block here, and the next hour is going to be extraordinary, something I've wanted to do for so long. | ||
| You guys are going to be blown away. | ||
| I've really, we've put together a, uh, uh, Ian, uh, what is it? | ||
| Yakilov from, um, Yakilov from Epoch Times, one of my favorite, the great show and great investigative reporter. | ||
| With Liz Yure and Ben Harnwell to really go through and break down some horrific situations in the world that will shock you. | ||
| Okay, short commercial break. | ||
| Back in the war room in just a moment. | ||
|
unidentified
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We rejoice when there's no more. | |
| Let's take down the CCP. | ||
| Here's your host, Stephen K. Mann. | ||
| Okay, let's make sure that everybody, Grace, I want everybody to read the tepid demand for U.S. Treasury auction shows investor jitters about tax bill deficit. | ||
| Everybody just read it and make sure that you're up to speed because tonight and tomorrow we're going to try to cover as much of this life as possible. | ||
| Also, the 14th is the 250th anniversary of the military. | ||
| It's President Trump's birthday. | ||
| It's Flag Day. | ||
| It's the day before, obviously, Father's Day, but the 10th anniversary of coming down the golden escalator. | ||
| Tickets are now available for the military parade. | ||
| This will be extraordinary. | ||
| I don't think we've had anything like this since, I don't know, the Grand Army Review at the end of the Civil War. | ||
| I think this is bigger than anything we did at World War II here. | ||
| But you're going to want to be part of it. | ||
| It's going to be historic. | ||
| And of course, we'll cover it wall-to-wall here in the War Room, Real America's Voice. | ||
| That's the 14th of June. | ||
| We just put it out. | ||
|
unidentified
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If Grace and everybody can push that out, it'd be great. | |
| Also, on July 6th, Rio, the Rio Reset. | ||
| Didn't I tell you there's going to be some turbulence? | ||
| 10-year, 20-year, 30-year soft auction. | ||
| Time now to get smart. | ||
| It ain't the price of gold. | ||
| It's how it gets there. | ||
| The process. | ||
| Learn the process. | ||
| That's what we're here to teach you. | ||
| Not to give you a fish, to teach you how to fish. | ||
| Go to, and the Birch Gold guys have been great in putting this together. | ||
| End of the Dollar Empire, seventh free installment now. | ||
| You can also get the ultimate guide. | ||
| The Birch Gold and Worm, what we try to do is to basically flood the zone with information so that you can work it through in your own mind and get your own mental map because that's what you need. | ||
| You can't have somebody tell you this and, hey, you're one of those people who say, oh, if they mention math, my palms start to sweat. | ||
| You'll get through it. | ||
| We're big boys and girls. | ||
| And you have to really have just even a rudimentary understanding. | ||
| And that's what we've done. | ||
| Birchgold.com. | ||
| Promo War Room. | ||
| Next week, I'm going to be starting doing more stuff on State. | ||
| Sonny Borelli's around. | ||
| I'm trying to get him in the next couple days. | ||
| Things happen out in Arizona. | ||
| We had Rudy about that grand jury. | ||
| Things happen in Mojave County. | ||
| Sonny's now on the Board of Supervisors out there. | ||
| Next week, Texas. | ||
| More Texas. | ||
| Maybe get to Texas even on Friday. | ||
| Thursday and Friday because they're... | ||
| The State Assembly finishes next Tuesday, and that has been a total and complete disaster, given what people did. | ||
| Patriot Mobile, 972-PATRIOT. | ||
| Go today and do the switch. | ||
| The service is fabulous. | ||
| These are people who support your values. | ||
| You're not giving money to people who hate you, and you're getting top-quality service. | ||
| Go check it out, 972-PATRIOT or PatriotMobile.com. | ||
| Go see. | ||
| Talk to a U.S. citizen. | ||
| That's a rep, and get all the information on their website. | ||
| Make sure you understand it, and then do it. | ||
| Make this shift today, because these people have saved Texas, and we've got to get back down there and help these folks. | ||
| Next hour is going to be explosive. | ||
| That, I can guarantee you. | ||
| Wanted to do this for a long time. | ||
| Going to have people here right in the studio as soon as we get sorted. | ||
| Mike Lindell, you are going on trial. | ||
| Let's be blunt. | ||
| You've bet the company on this to defend your country. | ||
| Tell me about it, and then tell me about what you've got to talk to us about as far as your sales, sir. | ||
| Right. | ||
| Well, everybody, you know, Lawfare was started back in January of 2021. | ||
| It hadn't been done in our country since the late 1700s, and over 75 people and platforms were sued by these companies or their affiliates, the voting machine companies. | ||
| Only one company was sued. | ||
| My pillow. | ||
| Why would my pillow get sued, everybody? | ||
| They went after me, everything, so their CEO would stop talking about securing our elections. | ||
| And it's all come down to this, everybody. | ||
| June 2nd, I'm flying to Colorado. | ||
| Tomorrow, I'm going there. | ||
| This goes before a jury trial. | ||
| My pillow, my employees, my employee-owned company, they've had to suffer for four and a half years, but we made it this far. | ||
| Everybody, every single company, I mean, every single person. | ||
| Our platform up to now has settled with them because their insurance companies say, oh, we're going to settle. | ||
| We're not going to put all this money to fight. | ||
| Or they're afraid to be put out of business like they're trying to do to my pillow. | ||
| And I said, no. | ||
| I said, we've come this far. | ||
| I think my lawyers brought it up to me once. | ||
| You know, we should sell. | ||
| I said, I will never settle. | ||
| We have to save our country. | ||
| I told our president, I said, sir, we cannot let. | ||
| These next four great years be in vain. | ||
| We've worked too hard. | ||
| All of you at the War Room Posse, you guys supporting my pillow, all of us have worked too hard, thousands of people, hundreds of thousands of people, to secure our elections. | ||
| It's all coming down to this, June 2nd. | ||
| Just a short, what, 10 days away or whatever. | ||
| And here's what I need from all of you to support this. | ||
| We, now more than ever, we're bringing the Giza Dream Sheets back up for the $49.98. | ||
| You all respond. | ||
| It's our best special ever. | ||
| I'm doing this because we need to raise money for this coming week. | ||
| I need the best defense, the best ever. | ||
| We have to win this. | ||
| There it is, everybody. | ||
| Any size, any color, just like we had a couple weeks ago, $49.98. | ||
| Get as many as you want. | ||
| Promo code WARROOM. | ||
| This is a WARROOM exclusive. | ||
| You guys have had my pillows back. | ||
| We have yours. | ||
| And if you order today, I've got, you see all these pillows here, the MyPillow 2.0. | ||
| We're going to gift you one for every order. | ||
| You're going to get one absolutely free. | ||
| There it is with any purchase. | ||
| The multi-use MyPillow 2.0, the USA Revival. | ||
| I'll tell you what, these will be collectors. | ||
| After we win this case, you say, I was part of that support. | ||
| Promo code WARROOM. | ||
| Go to MyPillow.com, everybody. | ||
| Scroll down. | ||
| You can also find out all about this case there, too. | ||
| You can check that out. | ||
| Scroll down until you see Steve. | ||
| Click on Steve there, and there will be all the War Room exclusives. | ||
| If you buy $100 or more today, I'm going to match it with $100 in digital gifts. | ||
| We're going all out. | ||
| We need my employees. | ||
| We need your support now, War Room. | ||
| I know you've had our back. | ||
| Get your free MyPillow to remember these dates, and we are going to win with your help. | ||
| Call 800-873-1062. | ||
| My operators are downstairs. | ||
| I'm going to be leaving in a few hours. | ||
| I'm going to go down and take some of your calls. | ||
| I love talking to people. | ||
| You guys have been so supportive. | ||
| Steve, it's been an outpouring of support. | ||
| And that, for me, I feel like re-energized now that the jury trial is finally here. | ||
| By the way, everybody, it's a jury trial. | ||
| It's not the judge who, by the way, this is the case, everybody, where in my deposition I got very upset with the attorney because he said our pillows are lumpy and he attacked my employees. | ||
| Remember that one, Steve? | ||
| The old lumpy pillow guy. | ||
| Do I ever. | ||
| I played until the sprockets came off. | ||
| The most powerful promo code, War Room. | ||
| The most powerful company, MyPillow. | ||
| MyPillow.com, promo code War Room. | ||
| Mike, go with God. | ||
| We'll see you tomorrow morning. | ||
| Stick around. | ||
| You're about to be shocked and infuriated. | ||
| And we've got three of the best people on Earth to present this to you. | ||
| And we've got an action plan. | ||
| Of what needs to be done. | ||
| A lot going on. | ||
| Over in the hill, everywhere. | ||
| Stick around. |
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