I warned you about this guy, and now those warnings are materializing. In this episode, I address those warnings and the latest big news drop about the economy.
News Picks:
Five problems with Biden's inflation plan.
Why progressives love “experts.”
Soros takeover: Outrage as Miami’s anti-communism Radio Mambi could be controlled by Obama, Clinton staffers.
Fed conducts historic interest rate hike in desperate bid to control inflation.
Churches, Pro-Life Groups Have Been Attacked 41 Times in Past 6 Weeks.
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Get ready to hear the truth about America on a show that's not immune to the facts with your host, Dan Bongino.
So I've warned you about this guy.
It's not a knock-on impersonally, but I warned you about this guy.
Well, what guy?
Get to the point.
Matthew McConaughey, the actor.
Seems like a very nice guy.
Seems like the kind of guy a lot of people would like to have a brewski with.
But...
Unfortunately, I wish I was wrong.
My warnings have come true.
I've got that big show for you today.
A lot ahead, stick with me.
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Welcome to the Dan Bongino Show.
I got that.
I'm going to get to that right away at the beginning of the show.
Also, there is a growing terrorist threat in the United States right now.
They're not hiding it.
Merrick Garland, of course, is doing nothing because that's what Merrick Garland does.
The most disgraced attorney general in the history of the United States.
And huge news yesterday about your wallet and what's coming for the economy.
And I'm going to show you the numbers right here.
Something I told you before.
Again, you're not wasting your time here.
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All right, Joe, let's go!
Here we go!
You guys believe it's Thursday, by the way?
It's like, gosh, this show, I mean, it seems like you and I, I don't have to get all nostalgic, Joe, but doesn't it feel like it was just like a year or two ago?
We were in my basement in Severna Park, like, taping the first few versions of this show with the moving blankets on the wall.
I mean, gosh, it's just Monday and now... And that was a long time ago, too, but it does seem that way.
Yeah, man, that was a long time ago.
Tempest-Fugit, man.
So, just a quick thank you.
I'm okay.
As you can probably see, if you're watching on Rumble, I have these steri-strips all over me, including in my neck.
I had a bunch of lipomas.
They are fatty tumors.
They are not cancerous at all.
So, I appreciate you.
I know when you watch on Rumble, you're the most caring audience out there.
You'll send me a lot of emails.
Saying, Dan, what happened?
Are you okay?
I love you for it.
So don't worry.
I am a-okay.
There was just some non-cancerous tumors and my good friend, one of the best surgeons I know, my friend Steve, two and a half hours yesterday, um, cutting, uh, fatty tumors out.
I had a lot of them and some of them were really getting painful.
So that is why I have all these steri strips all over me, all over my chest and my back, but he did an amazing job.
So thank you, Steve.
I'm okay.
You all are awesome.
You're more than okay, and I appreciate your concern, so I'll nix that right away, so you don't have to worry about me.
But thank you for your, I know I get a lot of emails, because you all are fantastic.
Okay, getting right to the content of the show.
I warned you about this guy.
Now let me preface this.
Warning about Matthew McConaughey and actors.
People in Washington, D.C.
are some of the most cynical, character-free individuals you'll ever meet.
You know, running for office, I lost, ran three times, didn't work out.
That's a fact.
Losing at the time was really hard, but I'm glad I did it, and I'm glad I stuck to my principles, and I'm glad I didn't fit in in Washington, D.C.
It just wasn't my bag of donuts.
You have to be a bit of a fake and a phony.
Believe me when I tell you this.
Please take this to the bank and cash this check.
Because we live in the real world, not some utopia, right?
We live in kind of a semi-dystopia that we just have to deal with, right?
Controlling evil.
I learned something running for Congress, that even the people you believe in the most, all leave a little piece of their soul in Washington, DC.
Trust me on this.
Joe, you've been around a lot of politicians, what, 20 plus years in talk radio?
God only knows how many Maryland politicians in and out of the radio.
The guys even you trust the most, Everyone leaves a little bit of their soul in there.
Yeah, they do.
They do.
It just sucks the life out of you.
It does.
And they will do anything to advance an agenda.
Now, one of the things they do is they recruit people with cultural capital, celebrities, to move the ball.
I warned you when Matthew McConaughey went to the White House and was speaking out about gun control measures, that although he was unquestionably authentic in his concern for the citizens of Uvalde and the tragedy and the massacre they lived through, he's from Uvalde, Matthew McConaughey, I said, that's fine.
We can all grieve together.
Matthew McConaughey included, and I respect him for doing that, but he brought up a bunch of policy prescriptions, including red flag laws and other things, which are my opinion, plainly unconstitutional and unquestionably unethical and immoral because they will be used and weaponized by government.
And I had said, be very cautious because these people in DC use these celebrities with cultural capital to get to you.
They're not doing it because they like Matthew McConaughey, his movies or his acting.
They're doing it to manipulate you.
It's a quick story, but I wanted to start with it today.
Political playbook in the morning.
It's my go-to for what the lefties are up to.
Here it is.
Matthew McConaughey, as a quote, is turning to K Street.
Kaitlin Oprisco reports, following a spate of recent mass shootings, including the massacre last month in Uvalde that killed 19 schoolchildren and two teachers, the award-winning actor has retained the team of lobbyists.
At DC firm Avisa Partners to represent him in the nation's capital.
Respect the man.
Talented actor.
Seems like a likable enough guy.
And I mean that.
I'm not trying to like take the edge off anything.
I do mean it.
I don't say things I don't mean.
But again, if you're going to hire a team of lobbyists to advance a bunch of policy prescriptions, I believe are unquestionably unconstitutional and dangerous to the civil liberties and self-protection rights of American, then we're going to fight back.
And I only bring it up because I got a lot of emails, even from supporters of mine, who I, again, I appreciate your feedback, who made the point, oh, Dan, I think you're being too hard on this guy.
Hire a team of lobbyists.
Kind of says to me I was being too soft.
All right, moving on.
Enough on that.
I warned you.
You're not wasting your time here.
Folks, you're going to see more of this.
The recruiting of celebrities and people with cultural capital.
In other words, people who have Umph.
They have cachet with the public.
Politicians don't.
People hate politicians.
People hate politicians in their own party most of the time, right?
Nobody takes them seriously.
There's a reason they use people like McConaughey, and they love when celebrities speak out about an issue they're grossly uninformed about.
You're going to see more of this on the abortion issue, too.
Celebrities will pile on.
My daughter went to a concert not that long ago.
I'm not going to say who, and in the middle of the concert, my wife was with her.
It was something about, like, abortion, being pro-abortion.
I said to my wife, never again, never again, that's it.
That entertainer is off the list.
End of story.
Period.
And we're going to see more of this.
The left understands that once they recruit celebrities, they can move the ball on their pro-abortion agenda.
Now, I want you to understand this part too.
What the celebrities will ignore is that the left is turning into right before your eyes.
Not only a violent mob, and I'm talking about the far left, not all Democrats.
I want to be careful with that.
Precision does matter here.
The far left is evolving right before your eyes into a violent mob that is now openly, openly condoning and calling for violence.
We saw it with BLM and Antifa during the George Floyd riots.
But, you know, before that, Democrats would kindly kind of walk away, but they're not walking away anymore.
These pro-abortion, anti-life activists are now turning into terrorists right before our eyes and our government is doing squat to stop it because the left has always loved fear.
Fear breeds, fear is a tactic.
Listen to me.
Fear is a tactic.
Fear creates chaos.
Chaos creates disorder.
Disorder creates a cry for order and a cry for order creates dependency on the government.
There is a reason the left loves fear and chaos.
Daily Signal, article, I think this first appeared in the Washington stand, but you'll see it in my newsletter today, Bongino.com slash newsletter.
Churches and pro-life organizations attacked 41 times in the past six weeks.
They found 41 separate incidents of violent attacks against churches, pro-life organizations, and pro-life property across the country just since May 2nd.
Since the leak of this Supreme Court dobs here, you know, the Roe thing coming up.
The Roe hearing.
41, folks.
Now, of course, Joe, if this was, if the tides were turned and the dipsy-do-flipperoo had happened, and these were pro-life advocates attacking abortion mills across the country, this would, you'd have Merrick Garland on the National News talking about an insurrection, perp-walking people out there, setting up public executions tomorrow morning.
Bingo.
White Christian, that's coming up too.
Guy brought up the white Christian.
It's all a distraction.
Now do you see the distraction?
Why they have to focus on the white Christian nationalist threat that seemingly popped out of nowhere to distract you from the left's open terrorism.
This is the, how is this not the definition of terrorism?
The use of violence and terror to advance a political agenda.
It is tautologically terrorism right here.
Fear is a tactic they use on the left.
The shock troops on the front line have always been a goal.
Always been a goal of the left.
They need the BLM, Antifa, Janes... You know, let's go a little bit out of order.
Put that tweet up from Carolyn Downey.
They need the shock troops on the front line, the left.
They embrace the violence.
The violence creates fear.
Fear creates chaos.
Chaos creates dependency.
Government fills in the dependency vacuum.
Look at his tweet.
Carolyn Downey.
She says, here's the full statement from Jane's Revenge.
This is a terror group, an open terror group, announcing publicly that, quote, it's open season on pro-life pregnancy centers.
Jane's Revenge notes that, quote, their future measures, quote, may not come in the form of something so easily cleaned up as fire and graffiti, end quote.
The terrorist group threatens.
Here's the statement.
I'll put it up on the screen and rumble.
I'm not going to read the whole thing, but you can see it right there.
Carolyn Downey includes it in her tweet, if you'd like to check it out.
These are terrorist threats.
These are open terrorist threads published out there on social media for anyone to see.
And what is this hapless goon Merrick Garland doing?
Nothing.
Merrick Garland is an accessory to terrorism right now if he does nothing about this.
Merrick Garland is a disgrace to humankind, a disgrace to this country, a disgrace to anyone who knows him.
This man is an embarrassment.
An embarrassment.
41 attacks, some potentially coordinated, based on evidence right in front of your face, you dunce in the Attorney General's office, and you're sitting there with your thumb up, you're doing absolutely nothing.
Fear is a tactic for them.
In order to create fear, you need chaos.
They love the shock troops, man.
They love them.
Here, about fear.
A little bit disconnected from this, but not.
There was a guest on MSNBC last night who put an accent on this fear point I've been making.
How fear porn is the currency of the left.
COVID's gonna kill you.
Obamacare's gonna kill you.
Delta's gonna kill you.
Those pro-lifers are gonna kill you.
White Christian nationalists are gonna kill you.
Republicans are gonna kill you.
Trump's gonna kill you.
Conservatives are gonna kill you.
Fear, fear.
They need fear.
That is their coin of the realm.
Here, watch this MSNBC guest who just says it, right?
We gotta scare the hell out of those voters.
Check this out.
You know what, African Americans, particularly African American men who are showing the lowest motivation to turn out in this midterm, you think things are tough for you right now?
Where do you think you're going to stand in a country, in America, where there's no democracy, where they have absolutely no interest at all in respecting your rights?
We've got to get Let these people understand that they've got skin in this game, and we got scared the hell out of them, because quite frankly, Nicole, they should be afraid that we're going to lose our democracy.
Got to scare the hell out of them.
You ever notice everything's going to be the loss of democracy?
Democracy's always down, which is really weird.
This is a group, the Democrats, the radical far left.
I don't want to say the Democrats, the radical far left that's embraced terrorism, embraced violence.
Embrace street chaos.
Embrace street criminality.
Embrace the stealing of people's money through confiscatory tax rates, the confiscation of property, windfall profits tax, attacks on the oil and gas industry, regulations, all concentrated government power talking about threats to democracy.
It's freaking hilarious.
They love to flip the script, the left.
The left does the dipsy-do.
Right, Joe?
You've been calling it the dipsy-do since we started.
You know the old dipsy-do flip-a-rooski?
That's what the left does.
Whatever the left accuses you of doing, threats to democracy from the right, I assure you they are doing themselves.
It's the flip-a-roo theory.
Guy brought it up before.
He didn't even know where I was going with this.
The left loves to flip the script.
Be warned folks, keep your head on a swivel around these people.
The flip the script theory is why the left is in love with the new white Christian nationalist theory.
This is what this is.
The left fully understands.
That their shock troops are a component of their fear creating chaos, chaos creating dependency campaign.
They know they need violence to create that fear, right?
The only way to distract you because people have an inherently kind of recoil and horror at the idea of street violence for political purposes, obviously.
The only way to distract you from that is to claim that the other side is doing it and these people are protecting you.
I'm going to address the two ways you're doing it now.
First is obviously you see the montage, he's kind enough to put on screen even though I don't see it, about white Christian nationalism.
Strange how this is the biggest threat to the Constitutional Republic now, according to the left, Joe, and yet it just creeped up.
It's just so weird.
It came out of nowhere.
We live in a country of 330 million people and boom, on a dime, hundreds of millions of white Christian nationalists just popped onto the screen and we all missed it.
Who knew, man?
Who knew Armacost?
Who knew?
It also explains theory number two.
White Christian nationalist number one, Dipsy-Doo Flipperoo.
Dipsy-Doo number two is their January 6th was an inside job hypothesis.
That these evil Republicans on the Hill, they are so dangerous that they coordinated an inside job for the January 6th insurrection.
The Republicans did it.
Lawmakers actually were involved in the planning of the takedown of the Capitol.
It was an inside job.
Now, we heard this repeatedly.
Hat-tip Grabian, Tom Elliott over there, the great Tom Elliott.
Here is a supercut.
I had to cut this show.
This went on for like two plus minutes.
Here's about a minute plus of Democrats claiming these people are so dangerous, the white Christian nationalists, the Republicans, the Trump supporters, even congressional members on the Hill.
They wanted to take the government down.
It was an inside job.
They did it.
Here, here's a whole minute of it.
I've read that you don't believe this was a spontaneous riot that just sort of ran amok.
You think that, what, they had inside help?
I do believe there was some inside assistance.
Yes.
Somebody on the inside of those buildings were complicit in this.
There is no doubt in my mind.
That there were people inside the Capitol, inside law enforcement, perhaps even other members of the other side that may have been involved in this.
There was a sense that something was wrong.
And obviously with the violence, but there was a sense that something was wrong from the inside.
And so I do think we owe it to the American people to understand, you know, whether members of our own houses were working with these protesters.
I also intend to see that those members of Congress who embedded him, Those members of Congress who had groups coming through the Capitol that I saw on January 5th.
A reconnaissance for the next day.
Those members of Congress that incited this violent crowd.
So members of Congress, they were involved.
They were escorting around the insurrectionists to plan this takedown of the Capitol.
By the way, that's just a minute.
That goes on and on and on.
We heard it from the media.
The media, I mean the hackery there is just ridiculous.
These are some of the dumbest people on planet Earth.
They will do no research whatsoever.
So we were sure this happened, right?
So, one of the people smeared by this was a guy I know very well, a congressman by the name of Barry Loudermilk.
He's a good man.
He's a very good man.
He's a deeply religious guy.
I know him very well.
He's been a good friend to me for a long time, and I can personally vouch for the man's character.
So it was kind of weird when Democrats insisted that the inside job, that one of the primary guys involved in the inside job for the insurrection that was being planned was Barry Loudermilk.
Now, if you know Barry Loudermilk, again, one of the most decent guys in Congress, comically you'd laugh if this wasn't such a serious story.
Barry Loudermilk trying to take down the Republic?
Really?
It's like saying Jerry Seinfeld is trying to take down the Republic.
You know, like a guy like everybody just like, that's Barry Loudermilk.
So the Wall Street Journal dug into this a little bit.
Again, the Democrats and the media parroted this talking point.
They allowed the big lie out there that there was some inside job.
You would think there'd be some evidence.
So an investigation was conducted into Congressman Loudermilk, who happens to be a Republican, of course.
Of course, because he's under attack.
White Christian nationalist or something like that.
An investigation happened about Mr. Loudermilk's tour.
And here's what happened.
Wall Street Journal.
They noted this.
On Monday, Mr. Loudermilk was cleared by the Capitol Police.
Wait a minute.
Is that the wrong?
Let me read that again.
On Monday, Mr. Loudermilk was cleared by the Capitol Police in a letter to House Administration Ranking Member Rodney Davis.
Chief Thomas Manger said Capitol Police had reviewed the footage of Loudermilk, and there is, quote, no evidence that Representative Loudermilk entered the U.S.
Capitol with a group on January 5th.
My show!
We're here.
The media said, oh, me, super guy, guy from the Congress, inside job, insurrection.
Strange, right?
The Capitol Police, who, I mean, obviously have skin in the game, who wouldn't just casually throw this stuff aside.
They were there that day, January 6th.
So they did a full-blown investigation and found, quote, no evidence.
But they told us, guys, in the supercut, that it was an inside job.
They told us that.
Yes, they did.
Strange, right?
Here, on January 12, 2021, Democratic Rep.
Mikey Sherrill from New Jersey alleged on Facebook that she'd seen, Joe, she saw it.
Quote, members of Congress who had groups coming through the Capitol, that I saw on January 5th for reconnaissance, recon mission show for the next day.
Recon missions.
Recon missions.
Then asked on MSNBC about reports of GOP tours to insurrectionists.
New York rep Sean Maloney responded, I can confirm that.
I don't have first-hand knowledge of it, but I spoke to a member who saw it personally and he described it with some alarm.
Mr. Maloney added that the enemy is within.
Folks, the story's totally made up.
It's a conspiracy theory.
It is totally made up.
The media parrots it, and it's reconnaissance tours, doing recon tours like the old G.I.
Joe characters, the recon guys sitting around.
Take a picture for the insurrectionists.
Of course, leave it to Adam Kinzinger.
A man, again, with absolutely no dignity left.
A coward and a chump.
And a disgrace to both parties.
Adam Kinzinger, a guy with no human dignity at all.
Who only bailed out of running because he would have been humiliated.
And Adam Kinzinger loves nothing more than a look at images of Adam Kinzinger.
Adam Kinzinger, after the story about the inside job is totally discredited, after he sends out this tweet, please take a look.
These are not normal tour routes.
The Capitol was closed to tours.
Here he goes, parroting the same Barry Loudermilk nonsense.
Adam Kinzinger.
Look at this guy.
If there was ever a piece of evidence that this guy is a clown and a goofball, this is it.
But he supports the current thing in his profile, of course.
Left loves to flip the script, folks.
They, in fact, are the insurrectionists supporting violent terrorism on their far-left wing.
And Adam Kinzinger is a leftist, make no mistake.
This is not a serious person.
They love to flip the script, blame it on other people.
And then when they're discredited, they just run with it.
All right, let me get to my next sponsor, and then when I get to this next story.
Folks, listen, we're in a little bit of trouble with the economy.
Again, I said yesterday, I think it's going to lead to a better tomorrow.
Not trying to write poetry for you.
We're going to go through a little bit of short-term pain, but I'm convinced the bottom is near.
So that's the good news, but got to kind of describe what happened yesterday with the Fed because it's a big deal.
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Okay, folks, again, I'm not wasting your time here on the show.
I had said to you that the Federal Reserve, which has this federal funds rate that they were going to hike to combat inflation, that the federal funds rate and interest rates matter because in a middle class, largely middle class society like we have here in America, people live, I don't want to say live paycheck to paycheck in a bad way.
A lot of people don't have, you know, two, three years of income sitting in their bank account.
They just don't.
It's not a common practice.
So we live our lives either paycheck to paycheck or month to month.
So when we buy things that are big ticket items in the United States, cars and homes, we tend to buy them on monthly payment plans, either mortgages or auto loans.
The problem with that is the monthly payments on monthly payment plans go up dramatically when interest rates go up.
That's why this story from the Washington Examiner yesterday about what happened at the Fed is such a big deal.
The Fed conducts a historic interest rate hike in a desperate bid to control inflation, Zach Halashek.
They raised it by 75 basis points, three quarters of a point, 0.75.
Sorry, as liberals listening, we got to be slow here, right?
That's a huge hike.
Unfortunately, they need a lot more.
They're not even close to where they need to be to crush inflation.
The interest rate, the federal funds rate right now, Which is hovering in the two range needs to be up in like the five or six range at a minimum and it's not.
There's going to be more of this.
They say are only going up.
They are not coming down anytime soon.
Why does this matter for you?
Why should you care?
Well, because when the interest rate the federal funds rate goes up.
It affects everything from what they do, from what the Fed pays on bank reserves to what they pay on reverse repos.
All of this stuff affects interest rates throughout the entire economy because banks have accounts at the Fed.
Long and short of it is when they hike rates, everyone else hikes rates too.
And what does that mean for you?
It means a lot of what you're paying monthly, home loans, credit cards and auto loans, are going to go up and they're getting ready to go up a lot.
Axios, pretty far left side, but once in a while again, blind squirrel gets enough.
Had a good piece about Mike Allen does pretty decent work.
So that's Axios.
He says one big thing.
How the rate hike hits you.
What have we been talking about, Joe, for months?
Monthly payments.
This is what matters.
He nails it right here.
Here's why this matters to you.
Your monthly payments.
Number one, home loans.
The average rate for a conventional 30 year fixed rate mortgage now top 6%.
Last year, what was it?
3.1%.
You know what that means?
That means your mortgage monthly payment, if you're on an ARM adjustable rate, which adjusts, I believe, every six months and not a year like it used to be, is about to go up and go up a lot.
This is kind of a big deal.
Second, credit card debt.
You make monthly payments, right?
Mike Allen notes the average credit card debt hit 16.7% up from 16% last year.
Credit card rates are tied closely to Fed's moves.
Thank you!
And are expected to keep rising.
Squeezing consumers who carry a balance.
Pay, start, do what you can right now, if you have the money spared.
Pay some extra home loan, get that principal down, get that credit card debt paid down.
Listen, I'm not Dave Ramsey, it's not a financial show, it's just common sense.
I like Dave, you can do, those shows focus on this all the time.
This is the time now to get rid of some of that debt.
All monthly payments.
What's the last one?
Mike Allen Axios Auto Loans.
Want to buy a car?
Well, rising interest rates and increasing prices have already pushed the average monthly car payment to an all-time high of $656 for new vehicles and $546 for used cars per admin.
Ouch.
vehicles, and 546 for used cars per Edmund.
Ouch.
Yeah, yeah.
I mean, we've only been saying this for eight years now.
People live on the monthly payment.
Nobody, well, I shouldn't say nobody because ever since I entered the entertainment business, some people have some cheese.
Nobody I grew up with or in my family, I should say, buys a car in cash or buys a home in cash.
Interest rates go up.
You get hammered.
Now what's the problem?
Again, I do think this is going to get better.
Remember, the hassles of the seventies with stagflation brought us the Reagan era.
And ladies and gentlemen, 1983 or so through 1990 were some of the best economic years we've had in the history of the United States.
Reagan-Bush era.
I think we're headed there again, but there's going to be some short-term pain.
Why?
Because the Biden administration is doing absolutely nothing to fix this problem.
And candidly, folks, is making it a lot worse.
The only thing that's going to course correct this buffoon in the White House.
Is an electoral just destruction in 2022 by these guys.
They all need to go.
Grover Norquist is a good piece.
It'll be in my newsletter today.
Again, bongino.com slash newsletter.
Read it.
I'm not going to go through all five, but he has five problems with Biden's inflation plan, Joe.
But yeah, plan to make it worse.
Here's the most important one.
Biden's planning a tax hike.
He wants to hike our corporate tax from where it is now, 21% to 28%.
That's a rate higher than communist China and the average rate in Europe.
Grover notes, these tax increases will not be paid by large corporations but will be passed along to working families in the form of higher prices.
Bingo!
He even cites a 2020 study by the NBER.
Found that 31% of the corporate tax falls on consumers.
You know where most of the rest falls?
On the employees in the company.
So just to be clear, Joe Biden's plan here to combat higher prices is to take more money out of your wallet through higher taxes?
That's such a good plan!
And the second part of his plan, Joe, is to take money out of workers' pockets so they're less productive, so they produce less supply, which will decrease the supply with an increased money supply, which will make the inflation problem even worse?
Sounds like a genius plan to me, while he wants to spend more money we don't have, which will make the Federal Reserve print more money to give to the government to buy stuff that we can't afford.
Sounds like a plan for more inflation to me, and I'd be right.
Not wasting your time here.
I told you about inflation.
I've been telling you for eight years.
I told you this coming summer, I think things are going to get worse based on publicly available data, folks.
I saw some guy in a, I, I, I follow a lot of blogs because I really enjoy, I like what people, you know, what people are saying about the show, good and bad.
But I saw a guy on a blog site saying, you know, say in August, it's going to get ugly.
Everybody's a kid.
He's always saying that he is.
It's... The data's out there for you.
You just want to ignore it?
Layoffs plan.
The PPI up.
This is all publicly available, folks.
The producer price index through the roof.
CPI at 8.6.
Even their CPE, their lower level.
What is that?
Is that six something?
Even when you exclude food and gas?
Tax increases potentially on the table.
More regulations.
This doesn't take a genius.
I'm trying to do you a favor.
We can ignore it and we can pretend, oh yeah, everything's going to be great, folks.
Do nothing.
I'd rather sit here and propose solutions.
Pay off your debt.
Get prepared.
Pick up some food.
Can't hurt you.
The best day of your life is when you throw it out later on.
And there's not a downside ever to paying off debt.
Well, unless there's an opportunity to cost someone else.
But that's for another economics course.
We'll get to that another time.
All right.
Let me get to this, my next sponsor.
Then I want to show you how they're going to make this situation where, you know, Mr. Wonderful from Shark Tank.
I love this guy.
He just hammers Biden in this CNBC hit where he's like, you know, gas prices and inflation.
He could fix this right now.
He just doesn't want to.
And 2022 is going to be a referendum on this.
Let me get to this first.
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Okay.
The Biden administration is not only not helping the inflation situation, I am telling you with absolute certainty, certainty on this show.
Remember this moment right here.
That if Biden's tax hikes and spending plans go through, I don't think they will, but if they do, the inflation problem we see now will not only get worse, but dramatically worse.
They don't care about me.
Nobody listens to me in the Biden administration.
I get it.
I'm not pretending that they're going to pay any attention because this is part of the plan.
Biden wants the situation worse because he knows what's wrong.
And he knows he can fix it, but he's beholden to the far left wing of his party who kisses his ass and treats him like a useful idiot.
I talked about that yesterday.
Here's Mr. Wonderful from Shark Tank, who I'm starting to really like this guy a lot.
He can be a little curmudgeon-y sometimes, but he always loves royalties, too, if you ever watch the show, which are a good way to make money, by the way.
But here he is saying, Biden could fix the gas price thing right now.
He's doing none of it, and he's going to pay in 2022.
Check this out.
Here's how you fix that problem.
It was a policy mistake by Biden when he came in.
You reverse the mistake.
All you have to do is jawbone.
The oil market's a futures market.
Just announced you're going to license three new refineries on the East Coast.
Also announced we're going to re-examine the XL pipeline.
We're going to give back the leases in ANWR.
We're going to give more carbon direction to understand what the costs are.
All of those policy mistakes could be reversed by just getting up and jawboning it.
You could take oil down below a hundred bucks if you got more accommodative towards the future production.
Now, Biden may not do that.
That's on him, and he'll pay dearly for that in the midterms.
I was going to say, I have a bridge.
Oh, gosh, I love this guy.
Another thing, not wasting your time, folks.
What have we been talking about?
The futures market.
I listen, I don't want to beat this thing to death because it sounds like, but I can't emphasize enough how important it is that the fuel market specifically, it is very dependent on derivatives, values of things derived from other contracts, right?
The futures market is so key here.
A lot of companies out there, specifically airlines and trucking companies, because the price of fuel is such a heavy portion of their business, what they do is they hedge.
They buy contracts based on the future price of fuel.
Long and short of it, ladies and gentlemen, if Kevin O'Leary is right there, Mr. Wonderful, He said if the Biden administration would drill in Anmar, open up leases in the Gulf and Alaska, approve Keystone, and approve new refineries, permit, he says, three new refineries in the Northeast right now, the future's price of gasoline and oil would drop dramatically.
Which would drop the current price of airline tickets, of trucking, of everything, because they're hedged in a future price too, which would go down because there's more Royal.
Does that make sense or am I just spinning my head?
Because I feel like everybody's saying this and the Biden administration is talking to people like idiots.
You all are fully capable of understanding what I'm saying.
You have to ask yourself, why isn't Joe Biden?
The answer's obvious, folks.
Joe Biden knows exactly what O'Leary's talking about with the futures markets.
How the future production of fuel impacts the current price.
And how, importantly, telling people you won't produce fuel in the future destroys the price.
He knows this, Biden.
Makes the price go up.
Here.
Here's Jennifer Granholm.
CNN is clearly trying to save the Democrat Party.
I have no interest in the truth, by the way.
I'm not hat-tipping CNN.
But CNN knows that this is going to be the death of the Democrat party, gas prices and inflation.
They are trying to save the Obama administration, Biden administration from itself.
Freudian slip, but accurate.
The Biden administration from itself.
And they still won't listen.
Here are things John Berman on CNN with our dreadful energy secretary, this joke of a human being, Jennifer Granholm, one of the dumbest people in government right now.
Jennifer Granholm saying, yeah, yeah, we want oil companies to produce more right now in refineries.
But yeah, we're going to put them out of business in five, ten years.
And John Berman's like, huh?
What?
Here, check this out.
Five years from now, ten years from now, are you telling me you want them drilling for more oil?
You want the refineries putting out more gasoline in five or ten years?
What we're saying is today we need that supply increased.
Of course in five or ten years, actually in the immediate, we are also pressing on the accelerator, if you will, to move toward clean energy so that we don't have to be under the thumb of petro-dictators like Putin or at the whim of the volatility of fossil fuels.
Ultimately, America will be most secure.
When we can rely upon our own clean domestic production of energy.
But that's the problem for these companies.
These companies are saying, you know, you're asking me to do more now, invest more now, when in fact, five or ten years from now, we don't think that demand will be there, and the administration doesn't even necessarily want it to be there.
CNN, again, trying to save the Biden administration from itself in an effort to save the Democrat Party.
This is not a truth mission by CNN.
You're asking oil and gas companies to invest billions of dollars in drilling so that you can shut them down in five years.
Take a freaking business class, Jennifer Granholm!
Folks, that's not the way this works!
They teach you in MBA school 101, forget undergrad 101 and a business degree, how to do a spreadsheet with what's called a net present value.
You put columns with your expenses.
Taxes, pipelines, human resources, regulatory compliance.
Those are your expenses.
You put little columns.
And then you put what your anticipated revenue is going to be.
And then it gives you a number called an NPV, net present value, of that project.
If it's positive, it means you'll make money.
So you do the project.
If it's negative because the Biden administration is telling you in five to ten years they're going to shut you down, therefore you have no profits in the future, then I can guarantee you the net present value is negative.
Any business school student knows this, but Biden and the dunce Jennifer Granholm apparently don't.
By the way, the futures market.
How do you think the futures market for fuels that Kevin O'Leary brought up is responding to, uh, to idiots like Jennifer Granholm saying on CNN, yeah, five to 10 years, basically we're going to nix all the fuel and, uh, and gas reform.
It's going to be even worse.
How do you think they're going to respond?
This is unbelievable.
I can't believe we're dealing with a bunch of children.
They really are.
We're dealing with a bunch of kids.
These are children we're dealing with right here.
It's disgusting.
Now, I'm going to get into what the real problem is here in a second, but I want to play this video first.
Here's Karine Jean-Pierre, who folks, listen, let's just be candid with each other right now.
Psaki was an unrepentant liar and probably the most destructive person to ever sit at that press podium.
She ushered in an apologize for the Biden apocalypse.
But Saki had an ability to at least answer a question, even if the answer was a lie.
She was very devious, but she was a talented liar.
Almost too good.
Let's just be candid.
Karine Jean-Pierre has just no ability whatsoever to do this job.
I mean, you want to talk about a train wreck.
She can't answer a question.
She starts the pressers late so she can leave early.
She can't think on her feet at all.
She's always flipping through this binder, and she says some of the dumbest things I have ever heard, and that's including Saki.
Here's Karine Jean-Pierre yesterday, Biden's press secretary, suggesting that the refiners are the problem.
Now it's not just the oil company show, it's the gas and oil refiners.
And that it is their patriotic duty, basically, to lose money.
Here, check this out.
Now we want to focus on the oil refinery, which is why we put out the letter today or yesterday.
I'm losing my track of time.
And so we see that as an important first step.
Ladies and gentlemen, we haven't built a high capacity oil refinery on output.
High capacity.
Some lower ones.
High capacity oil refinery.
making sure that they're putting out capacity and they're not taking advantage of a war
that is hurting the American public.
We built smaller output ones.
I was three years old.
Now, why haven't we built an oil refinery?
I have to fact check these people all the time.
Well, of course, I mean, Karine Jean-Pierre is implying that the refineries are not doing their patriotic duty.
Folks, it's not their patriotic duty to lose money.
Who is getting in the way of oil refiners producing refined oil and gasoline products?
The United States government, which is the single, again, the single biggest cause of problems in the United States for its citizenry right now, is its own government.
This is a great article.
It's in the Wall Street Journal.
It's by their editorial board.
Is $6 a gallon gasoline next?
The answer, yes it is.
Why?
A major culprit is U.S.
government policy.
Shocker Joe!
Some of our older refineries have closed because companies couldn't justify spending, net present value folks, couldn't justify spending on upgrades as government forces a shift from fossil fuels.
They also have to account for EPA permitting requirements.
The agency recently challenged the permit for an Indiana refinery and steeper biofuel mandates.
They know it more.
The Chevron CEO, a guy who probably has a little bit of experience here, right?
Chevron CEO.
You don't have to love oil companies, folks.
I don't know this guy, never met him, but he probably knows a little bit about oil and gas.
Joe, fair enough.
The CEO of Chevron, maybe a little bit, maybe a little bit more than Granholm.
Yeah.
Maybe a tad more than Kareem John P, a KJP.
Chevron CEO Mike Wirth said recently that refineries are shutting down or being repurposed for renewable fuels.
Because quote, the stated policy of the U.S.
government is to reduce demand for the products that refiners produce.
When companies are told that demand for their product will become obsolete, it's no surprise that they don't invest in supply.
Crazy.
Yeah, keep producing the widgets.
Is there going to be a market for the widgets?
No, we're going to shut it down.
Oh, okay.
Single biggest cause of problems in your life is the United States government.
Hands down.
All right, I got another story coming up next.
Take a quick break here.
The story is important.
It's about why we don't make rash public health decisions and how the disaster that was COVID policy under Fauci, Collins, and others is now coming home to roost.
I'm going to cover this on my Fox show this weekend too.
We have Dr. Peter McCullough.
He's back.
We'll be talking about a number of things, including this push to vaccinate kids.
We'll be talking about the crypto disaster that's going on right now, the collapse in crypto and other markets, and the danger and threat of artificial intelligence.
The Fox Show this weekend is loaded.
Set your DVR unfiltered.
Saturday at 9 p.m.
Don't miss it.
So finally, folks, I was hoping to get to this story yesterday, but it was on a loaded Newsday.
This is why we don't make rash public health decisions.
If I say this one more time, you guys are going to kill me and I don't, I'm not going to say it, but we warned.
I was going to, let me say it anyway.
You're not wasting your time.
Now you're probably really, but you're not.
Yeah, they're definitely going to kill me.
I'm sorry, but I'm just obsessed with this idea of producing a product that will later and presently turn out to be beneficial.
And I had warned you in the beginning of COVID when it first happened and Joe and He and Paula and everyone, we were all like, what is this?
What kind of virus is this?
How deadly is it?
And I asked two specific questions over and over, go back and listen to the shows.
When this thing first broke, I said, until we know the R-naught, R-naught is a figure that calculates how infectious a virus is until we know the R-naught and the fatality rate.
I said it repeatedly.
We should not make any rash decisions, because the decision we make may turn out to be more dangerous than trying to make an uninformed decision on a virus you don't understand.
Of course, nobody listens to me.
I mean, why would you listen to me?
I'm like, right, we're crazy, Pac, it's busy in here.
Why would you listen to me, right?
Well, it turns out I was right, again.
Washington Post now.
Shocker, right?
This is in yesterday's newsletter.
COVID is making flu and other common viruses act in unfamiliar ways.
Even the Washington Post now is just being forced to rethink this whole thing.
Even noting, quote, Doctors are rethinking routines, including keeping preventative shots on hand into the spring and even summer.
Researchers have a rare opportunity to figure out whether behavioral changes like stay-at-home orders, stupid idea, masking, stupid idea, and social distancing, even stupider idea, are responsible for the viral shifts and what evolutionary advantage SARS-CoV-2 may be exercising over its microscopic rivals.
Folks, again, I'm running out of conspiracy theories.
I need new ones.
I told you that this was never, ever about COVID.
It was about power and the ability to tell you what to do.
Put your mask on, stay at home.
They wanted to test you out to see how much you would take.
Now that we're finding out that masking and social distancing and these other things may be having an effect far more dangerous on our immune systems than the effect of COVID, all of a sudden, even the Washington Post is starting to say, hey, maybe that Dan Bongino isn't crazy.
Go back and listen.
When did this thing first break, guys?
Was it January of 2020?
Forget the exact, when we first started to hear about it.
Sounds about right, right?
January, February.
Go back.
Watch the shows.
I guarantee you, as my name is Dan Bongino, you're going to hear two terms over and over.
Fatality rate, no or not.
How you don't make rash decisions until you understand the science of what you're dealing with.
Here's another conspiracy theory that's come true.
I warned you about socialist regimes, how they would use COVID and vaccine mandates and vaccine passports as a surveillance tool.
Get me new conspiracy theories!
The old ones are already coming true.
Reuters, by the way, a left-wing outlet.
Headline.
China bank protests stopped by health codes turning red, depositors say.
Please folks, send the new ones, the old ones again, they're all here.
So they have this version of a health code, kind of a vaccine passport thing, and it's got to be green for you to move around China.
So a bunch of depositors, they note, Reuters, more than 200, they were blocked.
They wanted to protest against the bank.
Nothing to do with COVID, Joe, at all.
When their health codes, seriously, Joe, they turn red.
Weird.
Sounds like something we warned you about.
Folks, the tyranny of experts, right?
It's all around us.
The experts told us, stay at home.
Fail.
Wear your masks.
But three depositors told Reuters they knew people who'd registered to travel to Henan
who were not connected to the frozen funds whose codes did not turn red.
Weird. Sounds like something we warned you about. Folks, the tyranny of experts, right?
It's all around us. The experts told us, "Stay at home.
Fail. Wear your masks. Fail.
Get the vaccine and your 72 boosters."
Clearly at this point, failed.
Social distance, fail.
Vaccine passports, fail.
Vaccine mandates, fail.
What would we do without experts?
Well, hot tip our friend Mitchell.
He sends us good articles once in a while and we appreciate it.
This will be in the show notes too.
I encourage you to read it.
It's long, but it's good.
It's from the Mises Institute.
A terrific, terrific website.
I love.
And it's an article about why lefties love experts.
And it talks about how the left has always swapped out some privileged class.
They quote this at the end.
They say, the state has always been the patrimony of some privileged class or other.
A priestly class, an aristocratic class, a bourgeoisie class, and finally a bureaucratic class.
Folks, leftists have always loved concentrated power in the form of so-called experts.
But what's the problem with the expert class?
The problem with the expert class, ladies and gentlemen, is the knowledge problem noted by Hayek and others.
Folks, if you put together a team of baseball experts, experts, writers, Joe, who've done nothing but write about baseball for the last 60 years, and you ask them to predict the batting average of John Smith next season, I can guarantee you that almost none of them will nail it.
But if you ask a crowd of 330 million Americans to collectively guess the batting average, I can guarantee you as well, they will beat the experts.
Why is that?
Because folks, Experts have very limited knowledge of what's going on.
It's called the knowledge problem.
They don't know if the guy's going to catch a cold in the middle of the season.
Some of the people out there, the collective hundreds plus million people who are inputting into the price of what this guy's worth, they may know this guy from high school, they may know he's from college, they may know his agent's a jerk.
All of that stuff is out there that the writers probably don't know.
Experts will never beat the collective power of the market in putting their knowledge into a capitalist free market pricing system ever.
There's no possible way.
You will always beat the experts every time.
Folks, thanks for tuning in.
I really appreciate it.
Check us out in the radio show later.
And if you wouldn't mind, please subscribe to the podcast.
You've been keeping us on the charts for years now.
The subscriptions are what do it.
Shockingly, it's not the listens.
I know it's weird, but please go to Apple, Spotify, and most importantly, Rumble.
Rumble.com slash Bongino and subscribe today.
We deeply appreciate it.
We'll see you on the show.
Oh yeah, questions!
Questions for tomorrow.
Go to my Locals account, at dbongino, and my Truth account, at dbongino, and pose your questions for tomorrow's Questions for Dancing.
