Bannon's War Room - September 13, 2022


Episode 2149： Soaring Inflation Numbers Are Driving The Stake Into The Biden Regime; Malloy Brings Business Facts And Sensibility To The State Of Vermont; The Fear Of Losing The Reserve Currency And Hyperinflation


Episode Stats

Length

56 minutes

Words per Minute

181.38988

Word Count

10,190

Sentence Count

864

Misogynist Sentences

3

Hate Speech Sentences

9


Summary


Transcript

00:00:00.000 I see for 2022. What's my outlook? First of all, to me, we have the strongest economy perhaps I
00:00:06.480 have ever seen. So, Jim, after a series of pretty strong days, 8 to 1, 9 to 1, we do expect breadth
00:00:17.960 to be pretty negative at the open, and there it is. Oh, certainly. I mean, look, if you're looking
00:00:24.400 at the S&P is, we're going to repeal 50% of the rally. That tends to be where you should be buying
00:00:29.880 if you felt like you missed the rally. Stunning inflation report. John, is that the right word?
00:00:34.340 I think you can call it that. It's an upside surprise, Tom. Stunning inflation report. Futures
00:00:39.120 turn around. I'm doing the math in my head, John. Help me out here. 2.5% flip-flop in what we see
00:00:46.200 on S&P futures. And some on the NASDAQ 100. We're down 2.4%. This disrupts the idea that this Fed
00:00:53.280 can back away anytime soon, Tom. It's a bit of a reaction. Well, I'll go with the disruption,
00:00:57.360 or just to say that we've got to rip up the script and come up with a whole new dialogue.
00:01:01.060 What we saw today with these numbers, these hot inflation numbers, is exactly why they needed
00:01:08.080 to pass things like the Inflation Reduction Act. It is the way for them to say, this is proof positive
00:01:14.800 that our theory of the case is correct, that we said we want to make sure that we find ways to,
00:01:20.760 if we can't get completely get rid of inflation, figure out a way to make things, prices lower for
00:01:27.140 the American people, and more importantly, lower for middle-class families. Yes, the August numbers
00:01:32.720 for the Consumer Price Index, headline number expected to be down, is up one-tenth instead of
00:01:38.520 down one-tenth. And do remember, the high watermark there was in June when it was the highest level
00:01:45.040 since 2005, when it was up 1.3%. Up only one-tenth, of course, is the lowest. Well, since last month,
00:01:53.240 we're unchanged. If we strip out the all-important food and energy, and do understand, gas was down,
00:01:58.820 what, 26% month over month. It's food that we have to pay attention to. Up six-tenths of one percent,
00:02:05.100 double the expectation. And the high watermark there is up nine-tenths. That was in April,
00:02:11.400 and that went back to 1981, up six-tenths. Well, if you look at up seven-tenths in June,
00:02:18.020 that's kind of our comp. Now, the year-over-year numbers, expecting up eight percent, up 8.3 on
00:02:24.500 year-over-year, up 8.3. High watermark there was, of course, 9.1. That goes back to 1981.
00:02:31.920 8.3 equals April, and it is the lowest level since February, when it's 7.9. And if we strip out the
00:02:39.420 all-important food and energy on a year-over-year perspective, it's also hotter than expected.
00:02:44.160 Up 6.3 percent, we're expecting up 5.9. The high watermark there, up 6.5. That was in March.
00:02:52.060 That was the highest since 82. So when we see 6.3, that actually now is the highest since March of
00:02:59.680 when it was the highest since 82. We've had four months in a row where it was moderating a bit.
00:03:05.560 We'll call an end to that. Now, as we look at interest rates, we can clearly see that there's
00:03:10.800 a lot of two-way action going on here before the most-
00:03:14.300 Okay. In the land of the blind, the one-eyed man is king. Rick Santelli is the one-eyed man
00:03:20.540 over CNBC because the rest of them are totally blind. But we're two-eyed men and women. And I've
00:03:26.100 got Steve Cortez and Monica Crowley. Monica was a strategic communications head at the Treasury
00:03:30.720 Department under Donald Trump. I want to start. It's Tuesday, 13 September, the year of our Lord,
00:03:34.860 2022. I'm so proud of the War Room Economics and Capital Markets team led by Steve Cortez.
00:03:41.720 Brother, you got this one right. Credit Suisse came out last night and said, you know,
00:03:45.380 with the collapse and inflation that we're going to see tomorrow, it's going to have a massive surge
00:03:49.180 in buying equities. There's blood in the streets, brother. And the blood is just not in stock.
00:03:54.560 Steve Cortez, give me a headline before I go to Monica.
00:03:56.640 Yeah. Listen, the only thing that's collapsing is the prosperity of regular Americans, particularly
00:04:01.580 middle and lower income Americans who have been put into an economic vice because we have something
00:04:06.160 in this country, a phenomenon that we have not seen since the 1970s, soaring inflation with growth
00:04:11.960 crashing into a ditch. Except it's even worse than the 1970s because of various factors. And we'll get
00:04:17.520 into some of them, show some of the charts. This is a terrible report, but I want the folks out there
00:04:22.300 to not be gloomy about it. I want it instead to encourage us, to motivate us, to fix this mess.
00:04:27.640 We can do so in November.
00:04:29.700 By the way, we absolutely can do it. I'm going to get Monica in here for a second, but I do have
00:04:33.760 to highlight one thing. Magnificent, cold open, a work of art, because we start with Jim Cramer
00:04:39.300 with the pom-poms out on January. Well, January 1st ain't the greatest economy he's ever seen,
00:04:43.680 right? And then Steve Cortez, Jim Cramer has the chutzpah at the market open with the market down
00:04:51.840 600 points. He has the chutzpah to say, wait till 11 o'clock after this goes. He's pitching buying
00:04:57.860 the dip on a day when they've got the inflation number totally wrong. It's awful news. And Jim
00:05:04.200 Cramer's pitching buy the dip. Is that chutzpah?
00:05:07.520 Yeah. Well, listen, it's stupidity. It's all of it put together. Turn off the corporate media
00:05:13.460 because they prioritize narrative, unfortunately, over economic reality. But again, the American
00:05:18.160 people can't be spun by these folks, by these loudmouths basically on air who, again, prefer
00:05:24.080 narrative versus economic reality. By the way, one thing that I'd like to point out too, Steve,
00:05:28.720 regarding this number is that particularly on the core inflation, it was double expectations,
00:05:33.280 double the rate of expectations month over month. That's a fascinating segment of this in and of
00:05:38.320 itself. There's an army of PhDs who are very well paid, Steve, to forecast exactly these kinds of
00:05:44.480 numbers for the massive hedge funds, for the central banks of the world. And they can't get it right.
00:05:48.720 Why? Because, and they're very smart people. Okay. And I'm not even necessarily casting judgment on
00:05:53.420 them. The reason they can't get it right is because we are in absolutely unprecedented times.
00:05:58.460 I mean, there's literally either no precedent or you've got to go back 50 years for some sort of
00:06:03.180 rough analog to what's happening right now. What Joe Biden has wrought in this last year and a
00:06:08.020 half, it is absolutely historic. It is crushing the prosperity of America. And today's number
00:06:13.600 is further proof positive. What our theory of the case has been, this is forget recession and
00:06:19.360 stagflation. We're deep into that. And it's almost a depression for certain Americans, but we're one false
00:06:24.060 move away from going over the cliff and having a depression of what should take 10, 10 years to
00:06:28.940 unwind. So I want to bring in Monica. Monica, I had to put the Politico commentator or the
00:06:34.540 Politico writer in the, I think on Morning Joe, in the middle of that. He's saying, hey, this number
00:06:38.160 is great because now Biden proves, it proves his theory of the case. He's got to play, he's got to
00:06:43.020 pass the inflation reduction at more spending, more spending upfront to reduce inflation. You had a
00:06:50.640 tweet out. Is this madness? Have you ever seen anything like this in your life, Monica Crowley?
00:06:54.360 Well, first of all, good morning, Steve and Steve. Great to be with you this morning. And thank
00:06:59.020 you for highlighting that tweet. Steve, as soon as I posted it, you texted me and said, can you jump
00:07:03.980 on? That sentiment right there, that last line, I've been talking about this literally from day one of
00:07:10.460 the Biden administration. All of the spin that you hear from them and from the press, they're just
00:07:16.720 full of crap all of the time. You know, there's spin and then there's outright lying. They are outright
00:07:22.520 lying to the American people about the state of the economy. The bad news for them is that the
00:07:27.440 American people are living this economy on the ground every day. Every time they go to fill up
00:07:31.760 their tank, every time they go into the grocery store. The other day, I got a menu from a new
00:07:36.740 restaurant out of Long Island, New York. They wanted 29 bucks for a BLT. I obviously did not order
00:07:43.020 the BLT. I'm not spending 30 bucks on a BLT. But the American people, every time they go to feed
00:07:48.620 their family or drive somewhere, this catastrophic Biden economy is in their face. That last line in
00:07:55.920 that tweet, Steve, which I think is the thing that really caught your attention. This is a deliberate
00:08:02.180 takedown of the U.S. economy. There it is, the deliberate implosion of the U.S. economy. This has been
00:08:07.580 going on from day one. You guys talk about this all this time. Steve Cortez is excellent on this.
00:08:12.780 The laws of economics are hard and fast. It's not like you're talking about social welfare policy or
00:08:19.980 wetlands in New Jersey. When you're talking about the economy, those laws are hard and fast. There is
00:08:26.060 no getting around them. The White House expected a better inflation number today, which is why they
00:08:31.940 created this entire event around Biden today to celebrate the passage of the Inflation Reduction Act,
00:08:38.460 where now you've got inflation still coming in hot. You talked about core inflation. You also talked
00:08:44.400 about consumer prices. And I want to raise one other point, Steve and Steve, which is that real wages
00:08:50.320 have been negative for 17 months straight ever since Joe Biden and the Democrats passed the
00:08:57.960 American Rescue Plan. So the American people are suffering. They know it is going to have huge
00:09:03.880 political consequences come November. By the way, 17 months in a row, real wages drop. Inflation on
00:09:10.740 fire, particularly core inflation, as Steve says, that gets to the heart of it. Interest rates are
00:09:15.400 going to pop it again next week. Interest rates are going to see your credit card, your cost of living
00:09:19.120 is going to go up. Plus, Reuters, they buried it. They just announced the greatest drop in net worth
00:09:24.560 for the American people in the history of the country. What, $6.1 trillion in the second quarter.
00:09:30.440 And that didn't even mark real estate to market. They're hitting your balance sheet. They're hitting
00:09:34.380 your net worth and your income. Here's the point that Cortez makes. And Monica, you're an expert in
00:09:38.880 this because you live in the heart of the beast, New York City. His point is that the corporate
00:09:43.580 business media is all is all narrative and really don't focus on the numbers. That's why today people
00:09:50.380 have to understand we've been watching this. They've been playing up this thing today is like, you know,
00:09:54.180 it's going to be a big drop in inflation. Biden's on track. This is going to be the propellant
00:09:58.240 that gets him to hold the house and pick up a couple of seats in the Senate. This is going to
00:10:02.700 be their big moment. And guess what? Reality punched him right in the mouth. But why is the media,
00:10:09.080 business media, the Financial Times, the New York Times, even some of the Wall Street Journal,
00:10:13.540 why are they pushing narrative instead of the hard reality of what they're arguing about? Are we in a
00:10:18.900 recession, two quarters? It's all nonsense. It's a depression for MAGA, for the deplorables,
00:10:24.060 for working class Americans, Hispanics, African Americans, everybody, every middle class person,
00:10:29.440 and particularly working class, are in a depression. Monica Crowley.
00:10:33.440 Yes. And Steve, that is exactly the point. So the Democrats have spent decades and
00:10:38.100 mined a lot of political hay out of appealing to the middle class, working class, and the poor,
00:10:44.660 claiming that they are champions of those constituencies. And therefore, they should all
00:10:49.520 be voting Democratic. And for a long time, the Democrats with the unions, they were champions
00:10:53.840 of the blue-collar class. Well, now we have a complete reversal of that, to the point where
00:10:59.380 the Democrats are now champions of the coastal elites, the elite ruling class, and nobody else.
00:11:05.040 And that's why you're seeing this very dramatic political realignment that really began under Nixon,
00:11:11.560 with the Nixon Democrats went on through Reagan, then went on through the Tea Party,
00:11:15.580 and now it's part of the MAGA movement. That realignment is a long-term realignment,
00:11:20.420 but it's being accelerated because Democrats are point-blank lying to these groups of people.
00:11:26.940 And it's, are you going to believe me or your lying eyes? Well, again, every time they go to buy
00:11:31.200 anything for their families, they're seeing it in their face. The business media in this country,
00:11:37.160 with the exception of Fox Business, the business media in this country is largely corrupted.
00:11:42.180 The way every institution, every organization is now corrupted in this country,
00:11:47.540 shot through with politics. They're not telling you the truth, guys, because they're covering for
00:11:53.520 the regime. And the point of my tweet today, and I've said this repeatedly, this is a deliberate
00:11:59.920 takedown of the U.S. economy. I mean, this is Cloward and Pippin. This is about overwhelming the
00:12:05.820 system, whether it's the border or the economy with spending and inflation. It's about overwhelming the
00:12:11.860 system in order to implode the system so that they can rebuild in their own image,
00:12:17.700 namely a neo-Marxist kind of model. So you've got the members of the press covering for it
00:12:22.840 because they're in on it. And that's the objective and the goal that they would like to see.
00:12:27.600 So you're not getting the truth, whether it's politics, foreign policy, or the economy.
00:12:32.820 Monica, how do people get to your podcast, which is on fire? How do they get to you on social media?
00:12:37.900 Oh, thank you, Steve. So it's called the Monica Crowley Podcast. It's available wherever you get
00:12:42.340 your podcasts, Apple, Google, Spotify, Stitcher. I do it three days a week, Monday, Wednesday,
00:12:47.700 Friday. It is pure fire. Also on social media, on Instagram, I'm at Monica Crowley underscore,
00:12:54.000 and Truth Social and Twitter at Monica Crowley. Thank you. I know you're busy today. Thanks for
00:13:00.600 starting this off. And thanks for the tweet, Monica Crowley. Cortez, we've got a couple of minutes
00:13:04.900 before we go to break. Is Monica Crowley right? I mean, you've been into the details. We're gonna get
00:13:09.980 much more into the numbers. But are these acts of commission or is it just pure incompetence?
00:13:15.500 Or is it something? I mean, how do you actually defend their policy moves that are driving us over the
00:13:22.920 Steve Cortez? No, it's more sinister than just incompetence, right? You cannot convince me,
00:13:28.440 for example, that Janet Yellen, with a PhD from Yale, the faculty at Harvard, former chair of the
00:13:33.560 Fed, you cannot convince me that she believed it in her core when she said that inflation was
00:13:38.200 transitory again and again. They're willing to tell deliberate lies to the American people. But as
00:13:44.240 Monica correctly said, price is truth. You can't fool people about what they are actually spending.
00:13:49.300 And I have to say this too, Steve. You know, listen, as an American, this is just terrible
00:13:53.100 news. There's nothing to celebrate here, quite the opposite. This is really terrible news for
00:13:57.120 the country. And a lot of people are in a really bad state economically. And I really empathize for
00:14:01.420 them. I want to also tell you, though, as a political operative, as somebody who is involved
00:14:05.160 deeply in these campaigns to try to get the right people elected in November, the fact that the White
00:14:10.080 House today, Steve, has an Inflation Reduction Act celebration scheduled is really kind of delicious.
00:14:16.780 I mean, imagine right now the scurrying around at the White House, trying to figure out what they
00:14:22.160 are going to say this afternoon. Right. I mean, there is nothing they can say.
00:14:25.920 They're going to they're so brazen. You heard the political guy. They're going to sit right there
00:14:30.620 and they're so brazen. They're going to be they're going to gaslight you to your face.
00:14:35.080 Cortez, hang on. We're going to break down some numbers. We're also going, you know, numbers like this
00:14:39.500 put put states like Vermont in play. We're going to talk to a West Point graduate that's taking it to
00:14:45.200 home up in Vermont. The Democrats have been the problem with this. The guy running Welch
00:14:50.540 has been part of this for 40 years. All next in the war room.
00:14:54.020 You know, it's never good when your nation's supposed authority on economic policy completely
00:15:05.860 misses the flashing red lights of impending inflation. Now, Treasury Secretary Janet Yellen
00:15:12.040 has finally admitted, quote, there's been an unanticipated and large shocks to the economy
00:15:17.280 that have boosted energy and food prices and supply bottlenecks that affected our economy badly
00:15:22.760 that I didn't at the time fully understand. End quote. You know who understands the real threat of
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00:16:24.600 War Room Pandemic with Stephen K. Bannon.
00:16:28.600 The epidemic is a demon and we cannot let this demon hide.
00:16:32.140 War Room Pandemic. Here's your host, Stephen K. Bannon.
00:16:39.320 Okay, welcome back. Steve Cortez. Let's go back to the beginning. Walk me through what happened
00:16:43.640 this morning. What was anticipated by the White House? What was anticipated by the bought and paid
00:16:49.200 for corporate business media? And then actually what happened and what impact was this going to
00:16:55.100 have on this audience, sir? So the White House in its amen corner in the corporate legacy media,
00:17:00.840 particularly the business media, constantly preach at the American people that we've reached peak
00:17:05.160 inflation, that inflation is set to come down dramatically and that it's somehow no longer
00:17:09.540 an issue. Well, the exact opposite today because we got out the data, the hard facts, the cold water
00:17:15.520 poured all over that ridiculous narrative. Headline inflation, CPI, came out at 8.3% on an annualized
00:17:22.420 basis, very near 40-year highs, far worse than expectations. And when you dig into the details of
00:17:27.500 the devil was indeed in the details because the details were even worse. For example,
00:17:32.140 core inflation, 6.3% on a month-over-month basis, rose twice as much as expected. And the reason
00:17:39.120 when you dig into the details and into the sectors of this report, it's because gasoline stopped soaring
00:17:45.280 higher. Yes, but guess what? Food and rent picked up the pace and they accelerated in massive ways. So
00:17:51.960 this was a crushingly bad report. Even the corporate media, I think, has to admit. And by
00:17:56.720 the way, forget for a second about what the media says. Forget what I say about it. Let's look at
00:18:00.220 what financial markets say. Right now, as we speak, the Dow is down over 700 points, much worse than
00:18:05.740 that on the NASDAQ, down 3.5%. This is really interesting, Steve. The housing sector, housing-related
00:18:11.240 stocks right now, down 4% on the day, largely because of interest rates soaring in reaction to this
00:18:17.280 report. We'll get more into those details on the bond market shortly. But this is a staggeringly bad
00:18:22.640 report. And to also connect the dots to politics, Steve, I've already liked our chances, the America
00:18:27.440 First movement, at electing patriotic populace in November in a wave election. Don't believe the
00:18:33.040 suppression messaging and polling out there from corporate media. A report like this, Steve, if we
00:18:37.960 message correctly and persuade the American people that we have the answers to fix this, which we do,
00:18:43.160 we're going to see an absolute wave. This number could win us the United States Senate, could win
00:18:48.580 us control of the Senate, could win us a much bigger majority in the House. If we have, if we
00:18:53.240 have discipline. Yes. If people spend time, they got to spend, they have to spend time understanding
00:18:58.480 these numbers. Number one, last night, we went over $31 trillion. I think it was last night, we went
00:19:03.840 over $31 trillion of national debt. $31 trillion. You've just seen the greatest drop in the history of the
00:19:09.740 country of your net worth, $6.1 trillion. And that doesn't include the fiasco today. That's from the
00:19:16.100 second quarter. Also doesn't include the fiasco that's going to happen, the debacle in real estate.
00:19:21.800 You've got 17 months, you've had this report today. So every day you go to work, you're falling farther
00:19:27.840 and farther behind. The harder you work, the farther behind you're falling, right? And this is because of
00:19:32.960 these. And today they're going to be celebrating this orgy of spending in Washington, which is just
00:19:39.040 this, this inflation reduction was just, it's a phony name. It's an Orwellian title. It's just
00:19:43.940 payoffs to all their buddies because they know they're going to lose the Senate. This was Manchin,
00:19:48.360 that crook. He's a crook that, you know, come on, West Virginia, give me a break. West Virginia
00:19:53.140 Democrat. He's a crook getting payoffs for all his lobbyist buddies. Everybody's putting there
00:19:57.800 because he knows he's not going to have the chairmanship of that committee any longer.
00:20:00.900 Remember, this is a joke. It's a joke. And this is why I got Major Malloy. He's been
00:20:05.800 running really on economics package. The guy Welch that he's running against is part of
00:20:10.320 the problem. A career politician. If you've been in Washington, D.C. for 40 years, you're
00:20:14.780 the problem. You're not a solution. You're the problem. You shouldn't have to say anything
00:20:18.560 more than that. Just put these numbers up. It's the lived experience of working class
00:20:23.440 people. But to do that, these Republicans that are not, have to actually understand the
00:20:30.340 lived experience. It ain't crudités, okay? You can't give me that, brother. You got to go
00:20:36.820 boom, boom, boom, boom, boom with the facts. And it ought to be relentless and ought to be
00:20:42.060 every day. What I'm hearing is a lot of happy talk and scrambling around. This is a referendum
00:20:46.840 on a financial disaster. Look what he's done in 17 months and compare it. Steve Cortez's analysis
00:20:53.380 of the golden age of the fall and Christmas of 2019 and what 2019 was compared to where
00:20:59.320 we are today. And ladies and gentlemen, and we have never been wrong on a big call. I don't
00:21:04.600 think we've been wrong on a small call, but particularly the big calls. We are warning the
00:21:09.120 country that we are one or two moves away of what can't be reversed for a decade. A decade.
00:21:15.880 This is the, this is the precipice we're on now with the, this is not irresponsible. This is
00:21:21.920 reckless, right? Remember in investment bank, we had those engagement letters, Steve, you have
00:21:25.980 negligence, gross negligence and recklessness. This is reckless. The standard of care here,
00:21:31.620 right? Is reckless. I want to bring in, do we have the cold open? Let me play major Malloy up in
00:21:36.400 Vermont. When you talk about wave, this is how you get a state like Vermont, the, the, the,
00:21:40.940 the common sense folks up there that are these flinty new Englanders, right? They're not,
00:21:45.960 they're not going to buy this, this madness that's destroying their country. Let's play
00:21:49.340 major Malloy's cold open or bring him in. Congress, Congress controls the budget. And
00:21:54.080 I think it's actually been more Democrat overspending while it has been, uh, than Republican in
00:21:58.800 particularly the last, uh, year and a half, year and a half, uh, with even Senator Manchin calls
00:22:04.660 it reckless overspending. That is the reason, uh, if you ever took economics, you know, just
00:22:10.180 churning out money, increasing the, the, uh, M2 money supply always and everywhere.
00:22:15.280 That's going to result in inflation. That's why we have the inflation and now recession that we're
00:22:19.180 in. Uh, so I would, I would look to have, have discipline. Uh, I do not look, it kind of gets
00:22:24.280 back to having the overall view of Republican versus Democrat. I'm not in favor of overspending
00:22:29.300 or new taxes. So that's exactly what's going on now. And they're trying to push new taxes on,
00:22:34.520 on us. Uh, uh, I look to face, uh, Peter Welch and I've done research that the
00:22:40.060 national debt has gone 300, up 300% on his watch, 300%. That's failure. That's that gets
00:22:45.840 you fired. That's not performance. So, um, uh, just really just, uh, discipline, uh, spend
00:22:53.860 within a budget like we all do. Okay. I want to bring in major Gerald Malloy. Now, uh, look
00:22:59.860 compare and contrast Welch is part of the problem. He's been there forever. The national debt's
00:23:04.600 going over $31 trillion, net worth, the American people, historic crash. These numbers, the
00:23:10.380 inflation, which shows how your lived experience every day, 17 months in a row, real wages declining,
00:23:15.660 and we ain't seen the worst of it because they're bound and determined to spend more money. Major
00:23:20.260 Gerald Malloy, what is your theory of the case of how to take on Peter Welch in Vermont, sir?
00:23:26.060 Well, uh, Steve, first off, thank you very much for having me on. So I just had a debate with
00:23:30.520 Mr. Welch. And it was very interesting right off the bat, our opening comments. I talked about the
00:23:35.340 economy, 40 year high inflation, record high gas prices, recession, and exactly that $31 trillion
00:23:40.900 debt. It's a result of massive reckless overspending. And it's a result, also a result of the decision to
00:23:47.400 kill the oil and gas industry. So it's inflicted that on the American people. Now the hand, he talked
00:23:52.900 about insurrection. So he's missing the boat. Uh, what? And then I talked about, you know, why me?
00:23:57.920 Exactly. Some of the things you and our, your guests have been talking about common sense,
00:24:02.180 discipline, uh, actual demonstrated performance and leadership, and, and maybe most of all,
00:24:07.480 the willingness, uh, uh, to make a tough decision. The career politicians are just not willing to make
00:24:14.000 and, and, uh, you know, I even talked also about, we got a disconnect here. The president is looking to
00:24:20.060 spend another trillion dollars on the loans and more overspending. And while our fed is going to tamp
00:24:27.620 down, uh, again, uh, another 75 basis points here, probably in the next week. So you look at that,
00:24:34.940 that was behind the power curve and trying to catch up to inflation. But until even in doing that, we're
00:24:40.620 adding another 400 billion to our national debt. So it's, it's, I heard the guests talk.
00:24:47.860 When, when, when, when the rates start going up and we're going to talk about this, uh, uh, Cortez,
00:24:53.960 I know you can't have a default on the U.S. government, but all this discretionary spending,
00:24:59.260 they were just printing money because they don't have the cash to pay for it. It's going to explode
00:25:03.340 because the interest payments on the debt are going to explode. Major Malloy, just here's a question.
00:25:07.960 In Vermont, which doesn't get a lot of national coverage and of course, war rooms all over it,
00:25:11.980 those are practical people. Those are common sense people. They're kind of part of the backbone of
00:25:17.240 this country. When you go out and talk to people in Vermont about what's going on in the economy,
00:25:22.100 what, what are you hearing from them? Are they talking insurrection? Are they talking,
00:25:25.860 oh, it's the end of democracy? Are they worried about the lived experience of their lives and their
00:25:30.700 children and their grandchildren? Vermonters are worried about the future and their economy and
00:25:36.500 the pocketbook. And, uh, you know, I, I talked about that, uh, my campaign, my part of my decision
00:25:42.380 process with Senator Lee, he made his announcement. I thought about running and I, I decided I need to
00:25:47.400 run. Our country's going in the wrong direction. And what, what helped me in that process is we
00:25:52.440 affirmed it every day since in the 10 months, I think I've met, uh, well, well over 10,000 Vermonters
00:25:58.340 and talking to them, uh, I would say a good solid 85% are very concerned about, beyond concerned about
00:26:06.860 the economy and the direction we're going. They realize it's not sustainable and, uh, they want
00:26:12.680 change. And that's what this election is about. It's about changing the course and getting our
00:26:17.080 country back on track. Now, Major, you're a West Point grad and you've, uh, you, you, uh, served,
00:26:23.020 uh, your career was in the army. Is that correct? Is that your background? Uh, yes, Steve. Yes. So,
00:26:28.180 graduated from West Point, served 22 years on active duty around the world. Uh, I am a
00:26:32.580 combat veteran. I led the operations of a battalion firing 400, uh, uh, excuse me, across 400
00:26:38.300 kilometers, firing 650 MRS rockets and helped liberate, uh, Kuwait. I served with about 20
00:26:44.220 NATO partners and allies. And then I did five years in business, uh, excuse me, five years
00:26:48.580 in government across many government organizations in the last 11 years in business. So I bring business
00:26:54.380 experience to grow, uh, new jobs, uh, well-paying jobs here in Vermont. I think my experience mostly
00:27:00.300 in the DC area against supporting government organizations, I'm going to apply that to
00:27:04.960 solve problems and, and, and grow business, which has been missing, uh, here in Vermont.
00:27:10.740 Major, how do people get to your campaign site? How do people find out more about you on social media?
00:27:14.820 Sure. It's Deploy Malloy, uh, one word, DeployMalloy.com.
00:27:21.500 Major Malloy, look forward to having you back on there. Fight on up in the great state of Vermont.
00:27:26.580 Thank you, sir. We're going to, we're going to return. We got, uh, Steve Cortez and drop it,
00:27:31.100 get into more of the numbers. We're right there. If Republican candidates just go and put the facts
00:27:38.580 forward to the American people, I don't care what state you're in. They're going to sit there and go,
00:27:43.100 you know what? I think I'm going to give those guys a shot, right? What Biden in this illegitimate
00:27:49.200 regime is doing is destroying, destroying the American economy and with it, the American working
00:27:56.100 class, Steve Cortez, with his in-depth analysis of exactly what's going on next in the world.
00:28:01.720 Bring it on and now we'll fight to the end. Just watch and see. It's all started. Everything's begun.
00:28:09.020 If you want to know what the left's real plan is for your kids, just look at the reaction to the work
00:28:30.500 Patriot Mobile did in multiple school districts in the great state of Texas. The left is losing their
00:28:37.160 minds. Patriot Mobile is America's only Christian conservative mobile phone provider and a force
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00:29:13.840 That's one word. PatriotMobile.com slash Bannon or call the following number 972-PATRIOT. That's
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00:29:34.020 That's PatriotMobile.com slash Bannon. PatriotMobile.com slash Bannon or call 972-PATRIOT. Make an impact.
00:29:44.300 Use your agency. Action. Action. Action. Action. War Room. Pandemic with Stephen K. Bannon.
00:29:52.300 The epidemic is a demon and we cannot let this demon hide. War Room. Pandemic. Here's your host,
00:29:59.240 Stephen K. Bannon. Okay, sleep the sleep of the just. You need it now more than ever because remember,
00:30:06.840 at 20 hours a day, you're manning the ramparts of the War Room like we are here. So go to
00:30:11.480 MyPillow.com promo code WARROOM. Percale Sheets, the best I think Mike's ever put up, $29. Go upsize
00:30:19.760 at $39. The sale's only going to last as long as you've got the sheets. So go check it out. Also,
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00:30:28.080 when you go to MyPillow.com promo code WARROOM. You get all the special deals, all the best sales
00:30:33.360 right there. Also, now more than ever, I'm doing this continual series with Birch Gold on the end
00:30:39.340 of the dollar empire. Okay, the second part of the series is the fall of the dollar as the prime
00:30:45.020 reserve currency. Another article in the Financial Times this morning about the exact same thing about
00:30:49.300 China and Russia and all of them looking at a basket of currencies that can get away from the
00:30:54.820 us being the prime reserve currency. You think your life's bad right now? Hey, wait till that,
00:30:59.900 wait till we, wait till the Biden administration collapses on that. That's when we become Argentina.
00:31:04.920 Make sure you go check it out. It's all free. Birchgold.com forward slash Bannon.
00:31:08.700 It's totally free. The first part's the politics of money. The second part's about the prime reserve
00:31:12.740 currency. We need the War Room Posse and the deplorables to get up to speed on the concepts
00:31:17.780 that we're going to be talking about of how important the federal reserve is. We have to
00:31:22.240 end the federal reserve as we know it. It has to be restructured. If we have a central bank at all,
00:31:28.500 it has to have more control by the people. But you need to understand how this thing flows and how
00:31:32.960 it works. Okay, Steve Cortez, my brother, you've got some charts to go through. Take it away.
00:31:39.240 Here's the thing that's unique. Cortez and Navar have been the only two guys talking about this
00:31:44.380 because remember, everybody else is cheerleading that wants you to buy stocks and bonds on these
00:31:48.220 other channels. We're unique. This is kind of unique in American history. You know, I've been
00:31:54.340 at this a long time since I left HBS and went to Goldman. You never, you very rarely, and I don't
00:32:00.640 even remember seeing, where you have a collapse of the stock market and the stock market, things down
00:32:04.860 700 today. As we keep saying, hey, that's the cream. Look at the bond market. There's no place to
00:32:10.940 hide. The grandmothers are getting crushed today. Steve Cortez, why? Yeah, no, correct. And you know,
00:32:16.900 look, stocks are more interesting. Stocks are for show, but bonds are for go. Bonds have a much more
00:32:21.660 direct impact on the lives of most Americans than stocks do. They're both important. And we're going
00:32:26.120 to get into the details. And to your point, as we speak right now, the Dow is absolutely getting
00:32:30.700 crushed down 786 points right now. Semiconductors, that sector down almost 4%. The housing sector down
00:32:39.620 over 4%. But as bad as that news is, the bond news is even worse, which we'll get to in a moment.
00:32:46.020 But first, let's talk about the reality that consumers are facing right now, because you hear
00:32:49.860 that headline number of 8.3%. Okay, let's dig into some of the details. So if we pull up chart number
00:32:55.120 one, I talk about this basket a lot. I call it the have-to basket. This is the Cortez non-discretionary
00:33:01.000 items, the three most important items, have-to items that every person must pay for simply to live.
00:33:07.080 Gasoline, groceries, so not fine dining, okay? Groceries, food at home, and utilities. As of
00:33:13.120 today's reports, these are new, fresh numbers. Gasoline up 25%, groceries up 13%, utilities up 33%.
00:33:19.740 So that have-to basket put together up 24% on an annualized basis. Steve, this is absolutely crushing
00:33:29.240 for regular Americans. Working class, lower income folks simply cannot handle these kinds of prices.
00:33:36.400 That's why, right now, as we speak, one out of every six American households, 20 million American
00:33:41.560 households, are delinquent on their utility bills. And they are facing what Bloomberg called a, quote,
00:33:47.800 tsunami of shutoffs in the coming months, because they simply can't afford these prices. Part of why
00:33:53.060 they can't afford is not just that the prices are rising so fast, but it's because their pay can't
00:33:56.840 keep pace. So let's look at chart number two. Monica Crowley very correctly noted that we have
00:34:01.560 17, no, that's chart three. Let's look at chart number two, please, that we have 17 consecutive
00:34:06.800 months of declining real wages in this country. It is an absolute implosion. Americans are working
00:34:13.800 harder and harder to fall further and further behind. That is the reality that they face every
00:34:19.180 single day. Real wages are crashing. Weekly average hourly earnings, as of today's report,
00:34:25.620 down 3.4%. Down, Steve. I mean, listen, real wages are not supposed to go down at all. They're
00:34:31.820 certainly not supposed to go down for 17 consecutive months. That's the reality that Americans are facing.
00:34:37.360 Hang on. I want to deconstruct that for a minute because it's so unusual. Why has it gone down?
00:34:43.580 Remember, when I talk about the golden age of Trump in the fall and winter and Christmas season of 2019
00:34:51.520 is because that's the culmination of a bunch of policies. There you had 1% inflation. Correct me
00:34:57.020 if I'm wrong. I think it was 11% wage increase among blue collar and non-college graduate workers. I
00:35:02.600 mean, these were historic. First time they'd ever been historic numbers. That's the cause of Trump's
00:35:06.960 economic policies. Then you have Biden. You've had 17 consecutive months. I want the audience to
00:35:13.980 understand the harder you're working, the farther you're falling behind. Every month you are falling
00:35:19.800 behind. They've got you on the end. If you take yourself as a business, you have an income statement
00:35:24.280 and you have a balance sheet, right? Your income, you're getting crushed on your income every month.
00:35:28.940 You're falling farther and farther behind because the inflation is out of control, particularly when you
00:35:33.680 go look at Cortez's core basket of how you have to live, your lived experience basket, right?
00:35:39.140 Then if you look at overall of your assets, and this is not even marketing to market real estate with
00:35:44.520 the rate increases next week going to implode. You're just mark to market bonds and stocks of
00:35:51.720 what they've done to you. You've lost $6.1 trillion of net worth, the greatest drop in one quarter in the
00:35:58.420 history of the country, Steve Cortez. No, exactly correct. To that point, by the way,
00:36:04.240 of what you have to pay for the staples, the half-two items in your life, this means that for
00:36:08.280 the vast majority of Americans, there are no more luxuries. There are no more discretionary items
00:36:12.560 to be bought. To connect this back to financial markets, you know what's reflecting that reality
00:36:16.620 today is the stock of Nordstrom. I'm not trying to pick on this company, but it's generally an
00:36:20.900 expensive place, not a lot of half-two items in a Nordstrom. Nordstrom stock today, Steve,
00:36:25.780 right now as we speak, is down 6.5% on the day. It is worth roughly half of where it was
00:36:32.600 last November. So last November, heading into the Christmas season of last year,
00:36:37.640 consumer-facing stocks were actually doing well. They believed that they were going to have a good
00:36:41.420 Christmas season. Almost every consumer-related stock topped out then in November because the
00:36:46.700 holiday season was incredibly disappointing and was a precursor to what was to come throughout this
00:36:52.040 year. And now the upcoming holiday season, the upcoming Christmas shopping season, looks like it's
00:36:56.560 going to be absolutely miserable. Hence, a stock like Nordstrom down 6.5% on the day. But again,
00:37:03.060 I mentioned bonds. Let's get to that bond chart and we can show chart number three because I think
00:37:06.780 this is crucial, Steve, because there is nowhere to hide right now in Joe Biden's economic implosion.
00:37:13.020 That chart which we're showing is the LQD. That is an ETF, an exchange-traded fund. So even though
00:37:19.280 it trades like a stock, it's actually full of bonds. What you are buying when you buy LQD is
00:37:24.480 investment-grade corporate bonds. Now, previously, I showed high-yield corporate bonds. Those are
00:37:29.420 riskier bonds. This is investment-grade, meaning these are blue-chip companies who have paid their
00:37:35.300 bills forever and most investors believe are going to continue to pay their bills forever. Okay,
00:37:40.060 so these are the bonds of absolutely blue-chip companies. The LQD is supposed to be boring.
00:37:47.140 To your point, Steve, it's supposed to be for grandmas. They collect some dividends. They collect
00:37:50.980 some yields on this. It doesn't change wildly in price and they go on their merry way. That is the
00:37:56.540 norm. Well, in the Biden economy, no markets are functioning normally, whether it's Main Street
00:38:01.820 businesses who are delinquent on their rent or whether it's capital markets and the bond market like LQD.
00:38:06.860 So if you look at that chart, which has absolutely imploded, and that chart is since Joe Biden took
00:38:11.900 office on the LQD, it is right now, as we speak, it just made, by the way, I had marked there 106.92.
00:38:18.500 That was the low before the opening today. We have now, as of today, broken that low. So we are at a
00:38:24.360 new 52-week low. We're at a new low for the Biden presidency in bond prices. As prices go down,
00:38:31.140 interest rates go up. That's the way bond markets work. And the LQD right now is down 21%
00:38:37.960 since Biden's inauguration day. Steve, it's hard for me to convey to folks who don't typically watch
00:38:42.740 bond markets, but believe me, when investment grade, normally boring, safe corporate bonds are
00:38:50.200 down 21% in just over a year and a half, that is absolute capital markets carnage. There is nowhere
00:38:58.540 too hot. The reason we do capital markets is because the industry should be linked with politics
00:39:03.220 and power. Just the reason we do it in connected dots. Look, you're going to notice it today,
00:39:08.120 and I'm sure some of the audience, when you're calling up your financial advisor and seeing,
00:39:11.700 hey, there's blood all over my account. Why is that? Normally, stocks go down, bonds are safe,
00:39:17.900 a safe harbor. The reason is, there's a logic to this. This government, this illegitimate government
00:39:26.100 is literally out of control in what they're trying to do. This radical Green New Deal transition,
00:39:31.860 they've crushed our energy sector. And here's what they're doing. Remember, $31 trillion,
00:39:37.180 we hit overnight, I think it'll be tomorrow, today, $31 trillion of debt on the balance sheet of the
00:39:42.120 nation, another nine and a half trillion dollars over at the Federal Reserve, their kind of side pocket
00:39:46.580 for the elites, right, which they haven't started tightening. You're going to have, and interest rates
00:39:52.240 are going to start sucking up more and more on the government bonds. You're not going to have,
00:39:56.680 you're going to have, we're going to have less and less money to pay for discretionary, which you
00:40:00.660 don't have any money to pay for it now, so you're going to have to keep printing money. Biden's
00:40:03.820 solution, they put up $47 billion of Emergency Spending Act, because on September 30th, there's
00:40:09.540 no appropriations bill. They're not going to do it. They're going to come back to you, wait for it.
00:40:13.260 This week, you're going to start talking about the continued resolution, they got to kick it down the
00:40:16.500 road, you know, give me a couple trillion dollars. This bill was $47 billion, what, for COVID relief,
00:40:23.740 for monkeypox, and guess, and wait for it, Ukraine, particularly all this media, Ukraine's doing so
00:40:29.280 great now, it's the greatest offense I've ever seen, it's Patton. They're like Patton going across
00:40:33.480 the southern France in 1940s. It's all nonsense, all crap. It's all to get money and more money. Then he's
00:40:39.040 going to come, discretionary spending, Cortez, is going to be another trillion a half to two trillion
00:40:43.600 dollars. This is madness. It's madness. It's destroying the nation. It's going to destroy
00:40:50.220 every generation. We are going to be cursed by every generation that comes up, because we had
00:40:55.760 the ability to stop it, Steve Cortez. Right. And Steve, you mentioned Argentina, and you know,
00:41:00.860 I often bring that up, because I think it's an important example. It's an important warning for
00:41:04.860 America of what can happen here. I think too many Americans just assume that because of our prosperity,
00:41:09.840 because of our great history of innovation and success in this country, that we can't become
00:41:14.800 Argentina. But a century ago, Argentina was as prosperous as the United States, on many metrics,
00:41:20.540 actually wealthier than the United States. And here's how we become Argentina. Right now,
00:41:26.200 the supremacy of king dollar has been greatly imperiled by Joe Biden. If we lose reserve currency
00:41:32.980 status, and I think that process has already begun, then the world is no longer willing to finance
00:41:38.480 our massive debt on generous terms, at low interest rates. Interest rates are spiking today. They have
00:41:46.220 been spiking throughout the Biden presidency. If they continue to spike, and if the world loses
00:41:51.580 confidence in a systemic way in the United States dollar because of the adventurism and the profligacy
00:41:57.140 of Joe Biden, and I believe, again, that that has started that process, then we're looking at a future
00:42:02.280 where we cannot finance our debt. And we then enter into hyperinflation. All right, a lot of Americans are
00:42:08.540 already living with hyperinflation. Again, middle class people right now, 24% as a basket for gas, groceries,
00:42:15.640 and utilities. That's hyperinflation. Okay, that is Argentina. That is the Weimar Republic. We are already
00:42:20.940 there for middle class people in a lot of segments of life, some of the most key segments of life. But I'm saying
00:42:26.280 in totality, our economy can go there if allowed. Now, having said all of this, right, having said all
00:42:32.860 of this, we have the ability to in just weeks away, we have the ability to arrest this awful trend to
00:42:41.380 change the trajectory of America. And the quickest way we change it, Steve, a lot of policy reform needs
00:42:46.840 to happen. But the quickest policy reform that in some ways really should be the easiest is unleash
00:42:52.480 American energy again. If we elect the right patriotic populist fighters who go to Washington,
00:42:57.960 DC, and demand of Joe Biden that we once again, unleash the full power of American energy, that
00:43:04.800 would be the quickest fix to this imbroglio, this absolute economic implosion that this country is
00:43:10.780 suffering from right now. But I want to I think it's important to offer both perspectives. Let's be very
00:43:15.680 clear in a in a dispassionate way. Let's talk about the trajectory that we are on. And it is a road to
00:43:21.400 economic perdition. It is a road to Argentina. But let's also talk about the solutions, which are
00:43:26.300 very real as well. I tell you what, I'm gonna bring you back right after the break. And we give
00:43:30.240 all the social media how they get to you, particularly your truck talks. I got Mike Davis on deck. We've got
00:43:34.680 a lot to go through today in the war and be back in just a moment.
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00:45:00.940 and canceling cancel culture. Join the marketplace of ideas. The platform for independent thought has
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00:45:15.420 cancel culture. Enough. Getter has arrived. It's time to say what you want, the way you want.
00:45:22.360 Download now. Okay, I want to come back. Steve Cortez, any closing thoughts for folks who are
00:45:29.520 recovering this nonstop? We're going to kick off the show this afternoon at five o'clock. Philip Patrick
00:45:33.840 from Birch Gold is going to join us with his assessment and analysis as we're going to cover
00:45:39.820 this throughout the day. Remember, economics and capital markets directly affect your life
00:45:45.060 like nobody's business, right? That's what this show is signal. I understand sometimes it's like
00:45:49.720 spinach, right? But hey, you need to eat your spinach to be strong, right? And we're trying
00:45:54.900 to make you strong. We're not here to give you happy talk or to chase these, some of these ridiculous
00:45:58.880 stories people chase because they don't mean anything. They're not important to the, to you
00:46:03.480 individually, your family, and most importantly to your country. Steve Cortez. Steve, we have a country to
00:46:09.040 save and I'm not exaggerating when I say that because the woke communists right now, these are perilous
00:46:13.220 times in our country. The woke communists, they're destroying our prosperity. They're destroying our
00:46:17.280 sovereignty. So if we stay laser focused on the two eyes, on inflation and immigration, the issues
00:46:23.280 that matter most to voters, we are going to save this country. And that starts in just a few weeks
00:46:28.660 on November 8th. Steve, as we speak right now, unfortunately, here's the reality in the markets
00:46:32.680 reacting to this terrible CPI report. These are the sectors that are down more than 4% for the day.
00:46:39.200 The NASDAQ, semiconductors, housing, retailers. That is the landscape of pain out there right now
00:46:46.340 in the country. But once again, we can take action. We will take action.
00:46:50.300 By the way, Jim Cramer, Jim Cramer, we play the thing. He was talking about 11 o'clock.
00:46:54.680 Don't listen. These people, and we're not here to give you direct investment advice. We're here to
00:46:58.120 kind of lay the macro, right? You've got to make your own decision to talk to your own financial advisor
00:47:02.020 because we don't do that. And as bad as those, but yeah, but as bad as those things are thrown up,
00:47:07.440 don't, whatever you do, don't listen. When a guy says, buy the dip, go talk to your financial advisor.
00:47:11.100 Hey, what am I doing here? What's happening? There's blood all over everywhere. Steve Cortez.
00:47:14.880 Exactly. And normally, by the way, on a day like that, where there's blood in the markets,
00:47:18.500 normally you would see bonds doing well, holding their own, if not advancing. But today we have the
00:47:24.280 opposite. So even the, you know, the sort of so-called grandma investment sectors are doing
00:47:28.460 terribly. Grandma right now is pulling out her blue hair because there's no place to hide in
00:47:33.560 this market. You're getting absolutely creamed in stocks as well as bonds, taking it from both
00:47:38.880 sides because of Joe Biden and the economy he's created. But here, you know, Monica Crowley
00:47:42.640 comes over to deliberate. I want people to understand something. Cortez, you've been in the pits of
00:47:47.020 Chicago after coming out of Georgetown. You were in the pits of Chicago, which is the toughest
00:47:51.420 environment in the world. And you understand true capitalism right there. I went to HBS,
00:47:56.680 which is the West Point of capitalism. It's a globalist in that time. Porter and those guys
00:48:01.140 are running with globalism. But the rigor of how they teach you to think about capital markets
00:48:06.520 and finance and then Goldman, you understand the math and you understand how the math correlates
00:48:12.700 to each other. Have you in your professional career, what's so shocking to me today is to look
00:48:17.340 at this and to see the insanity that is going on because it's not cartesian. It's not logical.
00:48:24.680 There is no logic to this. Right. And we are driving our leads. I sit there and read all the
00:48:29.960 business press throughout the world. I watch this stuff and I sit there and go, do they actually
00:48:33.980 believe this? This is madness. This is madness. Steve Cortez, you've done. That's what's so serious.
00:48:39.340 That's what's so disturbing here. And that's why MAGA has to save the nation. You have to put common
00:48:45.200 sense, tough people in there. They don't have to be geniuses. They had to give me the first hundred
00:48:50.360 people in red ball caps to show up at a Trump rally. Let me have those people in the United
00:48:54.920 States Senate and the country is going to be fine. OK, that's the type of common sense.
00:49:00.040 The flinty Yankees, the tough people out in Wyoming, Montana, the people in Arizona.
00:49:04.340 We need common sense, working class and middle class people, because right now I can tell you
00:49:09.940 from a guy who's trained this Cortez, help me out here. This is what they're doing is insanity,
00:49:14.960 sir. Right. Well, 100 percent. I mean, it literally, again, it is putting America on an
00:49:20.660 economic road to perdition. And I can't emphasize enough how risky this current situation is for our
00:49:27.600 entire country. And, you know, once again, going back to that basket of half two items of 24 percent
00:49:32.520 year over year for groceries, gasoline and utilities. Steve, that's depression level pricing.
00:49:38.780 Forget about recession. That's depression level pricing right now that will induce a depression.
00:49:43.280 We're going to see mass evictions, mass foreclosures if we don't change trend direction
00:49:48.280 economically. And repose. As you talk, repossession of the cars.
00:49:52.740 We didn't even include rents. The rents may be the worst.
00:49:55.820 Rents may be the worst number. Cortez, thank you. One more time.
00:49:59.300 How do people get you on social media? Yeah, please follow me. We are saving this country
00:50:03.600 one patriot at a time. Follow me at Steve on the Twitter. Excuse me. That's on the getter.
00:50:08.580 I'm at Steve. And on the Twitter, I'm at Cortez. Steve, Cortez of the NAS.
00:50:11.560 Thank you very much. I want to bring in Mike Davis. Mike, first, I want to just talk some
00:50:15.560 overall thing. And I'm going to bring you through the break. But we just had Major Malloy up here.
00:50:19.940 He's running in Vermont, right? Not not known as a red state. And they have a debate. And he lays out
00:50:25.060 the stuff on the economics that we're talking about and how it's crushing people in Vermont.
00:50:29.100 He says his opponent, the opening statement is all about the insurrection and the end of democracy.
00:50:34.040 You're you're one of the best lawyers I know. You've been dead just like Cortez has been dead
00:50:37.900 right on the economy. You've been dead right on all this madness from the beginning. Walk us through
00:50:42.400 what is that the only narrative they've got? Is that is that is that Trump is lawless? It's all
00:50:47.740 insurrection. These people are anti-democratic. Is that what they're running on because they can't
00:50:53.260 face the bloodbath that the capital markets and the economy gave them today, sir?
00:50:57.680 Absolutely. I mean, remember, for the last five weeks, the Biden Justice Department has been
00:51:02.420 investigating Trump's non-crimes of maintaining his presidential records at Mar-a-Lago, just like
00:51:08.240 every former president before him under the Presidential Records Act. Trump's legal filing
00:51:13.220 yesterday made crystal clear what we've been saying from day one. This is another political
00:51:17.820 hoax. The Biden Justice Department is simultaneously investigating the non-crime of questioning the
00:51:24.840 2020 presidential election, just like the Democrats did in 1968, 2000, 2004 and 2016. They're even doing
00:51:33.600 home raids and investigating 40 of Trump's most loyal supporters. The Senate Judiciary Committee
00:51:40.220 simultaneously is now investigating the non-crime of Bill Barr firing Jeffrey Berman,
00:51:48.480 the U.S. attorney in Manhattan, who let BLM destroy New York in the summer of love, June of 2020.
00:51:58.840 It's amazing that Bill Barr was the Democrats' hero last week when he was trashing Trump,
00:52:03.680 but, you know, how quickly today's Marxists turn on their allies. And this is all just an amazing
00:52:09.660 coincidence, Steve. The Biden Justice Department, Senate Judiciary Democrats decided to simultaneously
00:52:15.880 open several investigations on Trump based upon events from nearly two years ago. And they just
00:52:24.360 just in time for the 2022 midterm election. We're going to talk, we're going to talk about that
00:52:29.080 because you called it out in 20 when they burned down the country in a real insurrection. Okay,
00:52:34.460 short commercial break. Mike Davis from Article 3, Terry Schilling from America's Principle Project,
00:52:39.020 Kerry Lake. We got it all. Where? In the war room.
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