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July 23, 2022 - Sean Hannity Show
35:17
We Are In A Recession - July 22nd, Hour 1

The Biden Administration is trying hard to change the definition of a recession by changing the metrics.  The metric that matters the most is the amount of money people have to spend... that's the pain people are feeling now.See omnystudio.com/listener for privacy information.

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Alright, we have some breaking news.
No surprise on this at all.
They didn't even put up a defense.
Uh Steve Bannon, a verdict uh little literally in like an hour, um, who was charged with contempt of Congress because he wouldn't testify before the January 6th committee and respond to their subpoena.
And he uh they never put on a defense.
It's the first time there has been a conviction on this contempt of Congress charge since 1974.
In that case, it was G. Gordon Liddy.
Well, by I got to know G. Gordon Liddy personally.
I mean he's such a fascinating guy.
Um, anyway, it's it's gonna I'm sure they will make an appeal.
Uh I'm sure that they felt that there was no way there was no defense that they were going to put up.
I think the ultimate goal is probably to challenge the the larger issue of whether a former president, in fact, executive privilege would still hold for somebody that used to work for the president.
Um, I think on a legal track, it's a little difficult.
Here's what's interesting to me though.
Um, and Steve Bannon and I have have had a relationship on and off for years, and and I've always admired Steve Bannon.
Um sometimes it goes a little off the rails for me, but you know, I'm sure I go off the rails for him sometimes.
But um, I really kind of admire his stance here.
And this is why.
He had every opportunity, and many people did this with the January 6th committee.
If you get a subpoena, you can go in and you could plead the fifth the entire time, even if you're not guilty of anything.
You can you could just show up, plead the fifth 170 times because you don't want to testify.
And you can walk out free as a bird, and they can't charge you with contempt of Congress.
He knew that option was available to him.
Now that would be the road of least resistance.
He didn't have to give them any Information that he didn't want to if he believed in principle.
Leading up to the trial, Bannon vowed to fight against the misdemeanor from hell or go medieval on these people, et cetera, et cetera.
Anyway, they ultimately opted not to put on any defense at all whatsoever.
Uh the charges, guilty on two charges entail between 30 days and a year in prison.
That means he'll get the year in prison.
Probably consecutively, if I had to guess.
That would mean nine months in prison.
So he did his all of this willingly.
And so I there's always a sense certain sense of admiration I have for people that take a stand on principle, and that's what Bannon did here.
And it takes a lot of courage to be willing to give up your freedom on a principle that you believe in.
And anyway, it comes just days after the district judge in this case, Carl convened a jury selection.
Uh it was there's not much really to talk about here throughout the trial.
Defense lawyers for Bannon had been frustrated by the judge overseeing the case.
The judge scuttled attempts to deploy an advice of counsel defense strategy in which Tannin would argue he was shielded from liability for defying the subpoena because he was following the advice of his lawyers.
That was shot down.
His attempts to postpone the trial due to concerns of the January 6th committee televised hearings uh could poison the jury pool.
Uh judge also blocked Bannon's team for calling on certain prominent witnesses like Nancy Pelosi.
So he kind of was shut down on every avenue they wanted to put up a defense, so they decided in the end, David Schoen, who's been on this program many times was his attorney, and I'm sure the strategy's going to be to make an appeal of some kind.
But they but they did this going in knowing, in fact, that this was going to happen.
Uh I think another more perhaps even more interesting case is gonna be with Peter Navarro, um, who was held in contempt.
Now that the Department of Justice, you know, they they made a decision, for example, not to go against Mark Meadows.
Mark Meadows had handed over some 9,000 documents, uh, or or Dan Scavino was on the staff of the president.
Uh, but Pito Peter Navarro, and the judge in the case was pretty interesting, and it was an Obama-appointed judge said, um, did you really have to humiliate him and arrest him in public?
He didn't he didn't exactly say it this way.
Um, you just you just on something like a misdemeanor, because we're really talking about a misdemeanor here.
This is not a felony.
On a misdemeanor, you couldn't just ask the guy to report because it shows an aggressiveness that is so over the top.
Just like, you know, Paul Manafort, a process crime, Roger Stone, process crimes.
And then you get pre-dawn raids, guns drawn, fake news CNN cameras in the case of Roger Stone.
Um, I talked to Manafort, he was on this very program talking about it.
His time that he spent in prison, they put him in solitary confinement for nine months and regularly offered him an opportunity to get out if he would say what they wanted him to say.
In other words, tell us what we want to hear, and we'll let you out today.
Now that is a pretty strong incentive for people to say whatever they want to hear.
You know, it brings I I use the extreme example of Sammy the Bull Gravano, guy that had killed what, 19, 20 people, some astronomical number, and he ended up in the witness protection program because he was willing to testify against mob boss, John Gotti, Sr.
And so here's a guy that killed all these people.
Now you get, you know, a house in Arizona and the witness protection program and a new identity and a new life, and you don't have to pay the price for 19 murders.
Uh if a guy's a murderer, he's probably not honest and truthful.
He's probably a liar and probably willing to say whatever they they needed him to say to get the guy that they really wanted to get, and that case was John Gotti, who died in jail.
So I don't like the whole system where they offer a benefit.
Anyway, Manafort's writing it in his book.
That book's going to get very interesting.
And I remember asking when he was on the show.
I remember asking him, you know, how did the prisoners treat you?
And they said they couldn't have been nicer to me.
They all knew who I was.
And they've they all knew that I was being offered a deal.
everybody's pretty smart and pretty savvy in prison.
They know they know the system.
And they know that I was there and I could get out, but I wouldn't say things that weren't true.
And in that sense, there's a certain code in prison.
Wow, that's you know, you're a stand-up guy.
Now, if you go to prison and you're deemed as a rat, things usually don't go well for prison prisoners that are deemed rats or prisoners that hurt children in particular.
So understand Bannon, what he did here was he stood on his principle, knowing the consequences, and he had a very easy out if he wanted it.
He chose not to take it.
You gotta give the guy credit for standing on his principle here.
Whether you agree with Bannon, don't agree with Bannon, whatever he did or didn't do, I have no idea during this this, you know, whole January 6th uh thing.
They played his tapes last night.
Now I would imagine them playing tapes last night while the jury is about to decide in his case, probably would be pretty good grounds for an appeal.
But David Shonen is a smart attorney.
I'm sure that he's gonna, you know, look down every venue.
Uh later on, Lee Zeldon is gonna uh join us.
Now I gotta tell you something.
This broke during Hannity last night on the TV show, and Lee Zeldon was up near Rochester, New York last night.
He is, and it's so funny because I tweeted out a new ad that he had done.
We'll play some of it later, and it's about crime, and it it mentions uh Jose Alba, the bodega worker who's charged with second degree murder when this guy came behind the counter and attacked him and pushed him into a wall and pushed him down on the ground and was bigger and stronger and younger, and and he got up and in self-defense defended himself.
The guy's girlfriend had a knife.
Anyway, so you know, why he got charged with second degree murder, I don't know.
I think the public outcry caused the DA brag to pull back on it.
Either way, it was the right decision.
And I'm looking at photos.
This guy, I don't know, some people call it a tiger claw, lady claw, whatever you want to call it, but this it's it's a knife-like object.
And there's a one picture in particular, we'll show you on TV tonight.
I mean, they could have he could have gotten killed last night.
Now, it turns out that in New York, now think about this.
This guy, Jose Alba, the bodega worker, gets sent to Rikers Island, one of the worst prisons in the country.
Gets charged with second degree murder in a clear self-defense case.
Here's a guy trying to assassinate a public figure, a congressman who's now a gubernatorial candidate.
He's running for governor, and he was not charged with attempted murder of a public official or attempting to kill a public official.
He was not charged with assault with a deadly weapon.
He was charged with second degree attempted assault.
Yeah, that was more than an attempt.
It was an assault.
Anyway, then it was second degree attempted assault, not even first degree attempted assault.
And it gets worse because now the would-be assassin.
When you look at the video that the picture I have in front of me, this guy has this weapon in his right hand, and Lee Zeldon grabs his wrist, which actually was a good move.
I wish you would have used his left hand as a martial artist and protected his body a little more.
Uh, but that's neither here nor there because his heart is wide open and his carotid arteries wide open if this guy is able to thrust this thing into his neck or his heart.
So this was a this could have murdered Lee Zeldon.
And anyway, but now the guy is a free free as a bird because he was released on his own recognizance.
Can you believe that?
Now we also find out that the governor of New York, Hokel, the one that replaced Andrew Cuomo, sent out an email about all of Lee Zeldon's campaign events.
The email, you know, talked about the dates, the times, the events, where they were, when they're scheduled to begin.
On Thursday, July 21st, big lie Lee.
Is that supposed to be funny?
Anyway, his entourage of extremists kick off a statewide MAGA Republican bus tour.
They're running the same same campaign McCulliffe ran down in the Commonwealth of Virginia, didn't work out well for them, which will make stops across the state peddling, dangerous lies, misinformation, and his far right agenda.
And that stops during the tour, Zeldin will be joined by anti-abortion advocates, NRA enthusiasts.
I mean, it's just a typical Democratic campaign.
But the latest poll that I saw was like within the margin of error.
I mean, to think that we could have won the New Jersey gubernatorial race if we paid more attention to it.
I didn't think they had a shot.
If I would have known ahead of time, we would have really dug in deep and gone hard there.
And I'm I regret not doing it.
Um so that means do I think Lee Zeldon can win this race?
I do.
And now even today, I am told Hokel and her little minions are still doxing Lee Zeldon after what really could accurately be described as an assassination attempt.
I mean, it's pretty unbelievable.
So it's um it's it's pretty bizarre that that they wouldn't even give it a day off here.
Um Politico has an article out.
The New York uh GOP chairperson is accusing Kathy Hokel of fanning the flames before the attempted on his life.
Congressman Zeldon and all the attendees are safe, but this could have ended much worse.
Uh the chairperson is Nick Langworthy, and he said it's not a coincidence that just hours earlier Kathy Holkel fann the flames of hate by directing her supporters to his rally schedule.
This is unacceptable conduct for anyone, let alone a sitting governor.
It is a fairly common practice that you have people, you know, follow campaigns, but they usually do it more discreetly because they want to tape people in case they say something that they can use in a campaign ad.
But apparently, even today, Kathy Hochel has these these big vans following Lee Zeldon wherever he goes.
Just like, you know, the doxing of Supreme Court justices.
Anyway, 800 941 Sean on this Friday.
We got a lot of news, not a lot of good economic news, but the wait till you hear what the Democrats are trying to spin out of.
They think we're going to have, by definition, a recession, and they're scared to death.
Of course, there's not equal justice under the law.
We've been saying it regularly now forever, and there's no equal application of our laws.
Um, I remember a guy, Linda, correct me if I'm wrong.
I remember a man by the name of Eric Holder.
Wasn't he held in contempt of Congress because he wouldn't do the same thing Bannon was accused of here?
I think I remember I think I heard of that guy once or twice.
Um, I was just listening, David Schoen, who's been on this program many times, he's a really good attorney, friend of the program.
Um he made a good point about separation of powers because what the what the prosecution apparently argued today in court, and I didn't know until he said so, is as it relates to executive privilege, that it is Congress that will decide and not the courts that will decide.
Because remember, you have separation of powers, co-equal branches of government, et cetera, et cetera.
And the idea that if a president invokes it and you want to question it, then it would be up to the courts, not up to Congress.
And they they actually argued that Congress has the ability to make that decision.
You know, when you consider that Eric Holder was held in contempt of Congress and nothing happens to them, it's just the latest, greatest example of the system of justice that we have.
And that is we don't have equal justice under the law.
We don't have equal application of our laws.
And, you know, and this is what the thing that's so interesting to me about this case.
Bannon clearly was thinking, was playing chess the whole time, knowing that he was willing to accept consequences at the end of the process, whenever we get to the end of the process, because the process isn't over today.
Remember, they didn't even put on a defense here.
So this this was not uh a verdict that was unexpected.
Um, and they let this play out right in the middle of the hearings, and in many ways, the January 6th committee last night, even playing Bannon.
Um, you can make an argument that it could have tainted the jury pool.
Uh and I think of a very effective one.
But I think that the bigger constitutional issue was the one that David Chillen just spelled out, which is, you know, if we have separation of powers and one invokes Executive privilege, as Bannon did in this particular case, that it would not be Congress's decision whether or not it can be invoked or not.
That would be up to the courts to decide.
And I think that's a case that the Supreme Court should ultimately decide somewhere down the road.
Sean Hannity.
Always concerned for our country.
Always honoring our servicemen and service women.
And standing up for liberty every day.
All right, 25 now to the top of the hour, 800-941 Sean.
If you want to be a part of the program here, um, you know what's interesting is with this with this Bannon verdict today, which we all knew was coming because they didn't put on a defense, and I think they didn't do so purposely, especially based on David Schoen's comments, who's Bannon's attorney when they came out today.
But you know, when the Democrats, when Eric Holder was held in contempt, and when that contempt vote happened, they walked out.
You might remember they called it what do they call it, Linda?
Skunctivity or something?
Skunktivity.
Okay.
Do you know what that means?
Stinks the high heaven, I'm assuming.
Congressman Clyburn said it was evil to use such a serious process for political aims and speech.
But by the way, the same game.
When they go low, kick them.
Another one advocating violence.
Anyway, and Nancy Pelosi, et cetera, et cetera.
Just people forget it.
Don't we have a tape of this?
I think we do.
Yeah, we do.
We have we did not want to participate in something uh that uh we believe to have some kind of smell to it.
Uh and we are declaring by walking out that we're not participating in this conctivity.
We're here uh to say today that we believe uh that there's something evil uh about using uh the procedure of the House, especially something uh as severe uh as holding uh someone uh in contempt of Congress uh to further uh political aims.
This is not about race.
It is not about caucus.
It is, however, about confrontation over cooperation, about confrontation over consensus, and it is the pattern that this Republican leadership has followed since they first were sworn into power.
All right, so this this you can see double stance.
This isn't this has not happened since G. Gordon Liddy in 1974.
Um, I think knowing David Schoen as well as we know him, Linda, wouldn't you say that this was all by design, they didn't put on a defense because they were stymied every which way they planned on going, so they figured, all right, we'll just give up here and we'll go to the next court.
That's what I figured they did.
Yeah, I I think that you know Sean has a lot of experience, especially with as going through the trial order for the president and appearing before Congress and giving testimony, and I think he saw the writing on the wall.
I don't think this isn't the end of the story, but I do believe that this was definitely strategic.
Yeah, as it was for Bannon, too.
And knowing the risks, by the way.
I mean, which a lot of people make.
Um, on the economic side, we've got news out today, and we keep looking to the Atlanta Fed.
They have a pretty good track record of being dead on accurate.
Uh, they have their new GDP now model.
Their estimate for real GDP growth in the second quarter is minus 1.6 percent, which would be on top of last quarter's minus 1.6%.
Now, here's what's interesting, though.
Instead of um with with this expectation of GDP numbers next week, Biden officials now are desperately trying to change the definition of what a recession is.
Instead, they want business reporters to take a holistic look at the data.
None of it's good.
All right, so Biden's White House economists are signaling that even they expect next week next week's GDP economic growth to be in the negative area, which would mean that means we are officially in a recession.
I mean, the bottom line is if you're an economist, you look for two consecutive quarters of decline in GDP, and by definition, that is a recession.
The White House Council of Economic Advisors, however, is opposing this definition now in a new blog.
Just like they said, oh, inflation's transitory, uh, not so transitory.
So they they they don't want to even live up to or own the reality that their policies have caused a recession.
We are in a recession.
If we come in 0.1% growth, I don't care what that says, we're still in a recession.
And and people better act accordingly.
But now they want to change the definition, and they're doing damage control ahead of what they expect to be bad numbers, and they're trying to fight it off, and they're trying to change the definition of what a recession is, and they're they're asking the media mob to take a holistic look at the data and take into account the labor market, consumer and business spending.
Okay, but this is the problem.
Industrial production and earnings, they're taking all of that into account.
And the bottom line is the number, the numbers speak for themselves.
Uh Washington Post has a point piece out today.
The labor market, until now a pillar of economic resilience is now beginning to show cracks in it.
This is what Lawrence Summers had been saying, and uh, and he worked under Obama, that we were gonna have a dramatic increase in unemployment, and it's gonna be necessary if you want to ward off the record high inflation caused by Biden's economic and energy policies.
There was another article, Vice put it out.com, uh, about the the rich rush to offload their luxury properties.
After a decade of feeling invincible, the tech industry is now suddenly facing something new.
Financial insecurity, valuations are down, layoffs are down, startup funding is I'm like, this is all stuff that I've been telling you about.
Then the article goes in to say there are so signs that the housing market may have peaked.
Asking prices have slipped ever so slightly.
Home builders are now starting to work on fewer home mortgage demand is the lowest it's been since 2000.
What have I told you is the next thing to be hit?
Linda, how far ahead of the curve are we on all of this?
I said the house really far.
I mean, it's really how how many months before the recession was I tell where I was telling people you might want to reduce You started at Christmas.
I mean, we started over a year ago.
I mean, you were just telling people the writing is on the wall, it's not going to be a good year.
Please, you know, watch what you're doing with your funds.
Talk to your financial advisors and keep your money.
Yeah.
And reduce the risk that you have in the stock market.
Reduce your vulnerability to the stock market.
And by the way, for some people, including myself, that doesn't mean you take out your retirement money.
Um, it means, or your IRA or your 401k, but if you have other money, you know, you reducing your exposure.
And by the way, with now treasuries are going up to 3% for six months or a year.
You know, at least there's some money that you can get back, which we haven't been able to get for years.
So there is a place to park your money that's not awful.
But I'm telling you what's going to happen when the housing market gets hit.
It's it's already happening.
And that is new home construction will come to a screeching halt because there will be no demand with higher interest rates for new home construction.
And that then will impact the sale of pre-existing homes.
Nobody's going to want to give up their 2.8% 30-year mortgage or 3.8% 30-year mortgage in exchange for a 7 or 8% 30-year mortgage because that's thousands of dollars more per month that they'd be paying.
So that's going to come to a screeching halt.
And the next thing that's going to happen is home valuations are going to drop precipitously.
That's why I keep saying go to American Financing.net, because right now, probably your home is valued at the top of the market or close to it, and it's about to come down, and it might be the perfect time to do debt consolidation, refinancing your mortgage, getting a lower rate, consolidating your debt, all of these things.
Business Insider, another side, they're talking about the fact that the U.S. housing market, quote, is about to enter a deep freeze.
How many weeks have I been saying this?
I've been telling everybody I know for like months this is coming.
You know, I've I've been telling my kids, I've been sending them articles, telling them all this.
My son writes me back today, goes, man, this article is exactly what you sent me, which said was going to happen eight months ago.
I said, Yep.
Anyway, um, now finally kids listen.
Takes a long time.
They got to get really old for them to start listening.
Anyway, data showing a drop in existing home sales to a two-year low.
Uh, We have the lowest rate of loan applications since 2000 right now.
I mean, that's how bad that is.
Uh the National Association of Realtors reporting seasonally adjusted sales hit a rate of 5.12 million last month, the lowest since June of 2020 at the height of COVID, and well below what their expectations were.
And makes sense with higher mortgage rates conflating with higher home prices.
Those home prices are going to come down.
Your values will come down.
By the way, not a reason to panic unless you know you were planning on moving anytime soon.
You might still have time to get that home sold at a decent price while mortgage rates, yeah, are creeping up.
They're not where they're going to be.
So there might be some demand out there, but certainly it's not going to be like it was last year, where if you put a home on the market in Florida, there were 20 people at your door within an hour, and you had, you know, 18 of them offering above asking price.
That that's all dead.
That's done.
Uh Pelosi says her husband never made stock purchases based on information she gave him.
You know what?
That ends that.
Why would we even why would we bother to investigate?
There's no need.
We don't need to invest.
Just trust, just trust Nancy.
Believe everything Nancy says.
Oh, one other thing on um, and this was in the New York Post today.
High prices, rate signs of housing slow down.
Existing home sales compared to last year, 15% down, average selling price up, but that's gonna go down as interest rates continue to go up.
Housing, uh, this was on Fox News.com.
The Fed lacks the necessary tools to address the root housing inflation problem.
They quote Steve Moore in this article in what is a pretty alarming development, shelter costs, which account for one third of uh the consumer price index.
They sped up again in June, climbing 0.6%.
That's an 18-year high that was first set in May on an annual basis.
Shelter costs have climbed 5.6%.
That's the fastest since February of 1991.
Rent costs are surging also 0.8%.
That's the largest monthly increase since April of 86.
And now many people will be in the rental market that would otherwise maybe be out buying their first home or maybe moving into a newer home, a bigger home, maybe a smaller home, downsizing, upsizing, whatever it happens to be, whatever point you'll in your life you have to be that you happen to be at.
Um that's a that's a big development because higher housing costs, whether it's rent or mortgage, most directly and acutely impacts household budgets.
Another data point measures how much homeowners would pay in the equivalent of rent had they not bought their home.
That also jumped 0.7%.
So the housing market exploded during the early days of COVID and buoyed by record low interest rates in the same time American homeowners were more flush with cash from the government.
So all you know, these are the chickens coming home to roost.
So, you know, uh my advice for everybody, and I'm I just have I I don't know.
I think I was traumatized in my life because I can't get it out of my brain.
The thinking that I developed when I live paycheck to paycheck.
You know, that's why I made such a big deal over the cost of a chicken the other day that my sister, who happened to have sold her home and her new home isn't ready, um, anyway, has been living with me, and she was very nicely.
She decided to cook dinner one night.
She makes a chicken.
I'm looking at the chicken price, uncooked, 18, well no, it's no 20 bucks.
And at that same store, they used to sell rotisserie chicken that was really good for six bucks for a whole chicken.
And I used to, I know because I used to buy it and eat it.
I'm a paleo guy.
Uh, and then of course, now we continue with the Green New Deal nonsense.
And and then, of course, our slogan of the week by by Mayor Pothole Pete, which is Of course, the more pain we are all experiencing from the high price price of gas, the more benefit there is for those who can't this electric vehicle.
And then we're transitioning.
We're in the middle of a transition to renewables that they don't even have enough renewables.
Renewables of what?
Wind, solar, air, none of the we we don't have the technology.
We don't have the ability to store most of that energy.
What happens when it stops being windy for months and months because of climate change?
What happens if uh the sun doesn't shine for a few months or a few weeks?
What's gonna happen then?
The bottom line is they're not making any transition to anything in the near future, defined as the next decade to two decades.
So they can work on it all they want, but it's not the reality.
And in the meantime, they have cut off the smart play, which is in the short term, be the masters of our own destiny, not rely on countries that hate us like Russia, Iran, Venezuela, Saudi Arabia, and OPEC countries, and produce it cheaper, faster, and cleaner here in America.
And if we were really, really smart and we really really wanted to help Americans get rich and help make America rich again, we would sell all of that natural gas, and we have hundreds of years of supplies that are known right now, and we would supply Western Europe.
It would bankrupt Putin and Russia, and it would be in our best national security interests to have our allies in Europe get their energy supplies from us, and it would be more stable for all of them.
It's just basic, simple common sense, which isn't so common anymore.
That's why Joe is at a 31% approval rating.
And that's why things are not going to get better.
Um, you know, it's it's it's all of this is preventable.
This is the sad thing to me.
We didn't have we didn't have to give up energy independence.
See, they did it on purpose, Joe promised.
No more.
I'm I'm gonna eliminate it.
Get rid of it.
Look at my eyes, kid.
No more.
You're not eliminating it, you're just importing it from people that hate us.
You just stop producing it domestically.
Everybody says all week, the word of the week.
We're transitioning, transitioning, transitioning, transitioning, transition.
We're transitioning into technology that they don't have.
They have a big problem out in Southern and California.
They don't know what to do with old solar panels uh because uh guess what?
They can't get rid of them in a way that's environmentally safe.
What a shocker.
They didn't think through that.
Indoor mask rules expected next week in Los Angeles.
Get back to the old indoor mask rules.
Here we go again.
It's pretty crazy.
All right, when we come back, Lee Zeldon, there was a really an assassination attempt against him last night uh in New York near Rochester.
Wait, do you see the video?
We'll show you tonight on Hannity.
We got a copy of the video.
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