Bannon's War Room - Episode 2035： Recession Arrives-The Lies, Misrepresentation, And Fake Numbers Of The Biden Regime; The Energy Crisis Comes To Food; Manchin's $800 Billion Lobbyist Payoff

00:00:00.000 second quarter GDP numbers just released, and they do show another contraction for a second

00:00:05.600 consecutive quarter, which could signal the U.S. economy is in recession. This comes after the

00:00:11.380 Federal Reserve raised interest rates again yesterday, with the Fed chair saying the path

00:00:15.880 to avoiding recession has, quote, narrowed. Let's bring in NBC News senior business analyst and

00:00:21.700 host of the 11th Hour on MSNBC, Stephanie Rule, Jonathan Lemire, Mike Barnacle,

00:00:26.700 Katie Kay, all still with us as well. Steph, good to see you. So let's dig into this. Janet Yellen,

00:00:33.280 Jerome Powell, others have said this is not what an economy in recession looks like with low

00:00:37.540 unemployment, plenty of jobs available to people. But yes, inflation at 40-year high. And now, by

00:00:43.420 some definitions, as you know better than most, this does show this new number on the GDP that the

00:00:48.740 economy is in a recession. So what's the word? It's a very, very complicated situation. Listen,

00:00:56.260 people don't like to hear that the economy is shrinking. But remember, by raising rates,

00:01:01.160 that's what Jay Powell is trying to do. And to simply say, we have a good economy, we have a bad

00:01:06.500 economy. Come on, Willie. We have to remember what's actually causing inflation. You've got a

00:01:10.720 war in Ukraine. We've got supply chain issues that are still lingering from COVID. This is

00:01:15.560 complicating things. But you just laid out a few of the points. When you normally have a contracting

00:01:20.400 economy, you don't have sizable wage growth. You don't have unemployment as low as it is,

00:01:25.000 right? Go out down any main street in America, and you're going to see help wanted, help wanted,

00:01:28.840 help wanted. And even housing. While people are concerned that housing prices are getting softer,

00:01:34.000 they're still above pre-pandemic levels. And remember, just a few months ago, we were hoping

00:01:38.640 to get some relief in the housing market. So what we have on our hands is a complicated,

00:01:43.920 confusing economy. I know politicians don't like that.

00:01:46.960 Thank you, Andrew. So in terms of what we're seeing in the data, whether it is the GDP number,

00:01:53.480 whether it is the dropless claims number, this is an economy that's weakening at a much faster rate

00:01:59.200 than most people expect it. That's the bottom line. Whether we're in a recession or not,

00:02:03.380 it's not as interesting as the fact that we are weakening really fast. In terms of what does it mean?

00:02:09.760 Well, there were two FOMC messages yesterday. There was a scripted message, which was that

00:02:17.740 inflation is much too high, that yes, the economy is weakening, but don't worry about it because the

00:02:23.480 labor market is incredibly tight and we're going to continue tightening. And then there was that

00:02:27.480 unscripted but consequential comment that we are at neutral. So depending on which FOMC message you

00:02:34.580 look at, you get very different conclusions with today's data. I think the bottom line,

00:02:41.000 Andrew, is we're not out of this tax inflationary forces yet. Yes, inflation is going to come down

00:02:45.040 at a headline level, but it's not going to come down fast enough given how fast the economy is

00:02:50.400 weakening. And that's going to put the Fed in the same dilemma it's been in for the last few months.

00:02:56.040 Things are moving in the wrong direction and they're moving faster than I think some people had

00:03:00.520 expected in the wrong direction. But at the same time, there's a view, and I think it's a fair view,

00:03:05.500 which is to say this is what was supposed to happen if the Federal Reserve was going to do what

00:03:10.860 it's been doing, which is to say it has been putting its hands on the neck of the economy and

00:03:15.980 trying to slow things down. That's what they've been doing. And now it's working to some degree.

00:03:21.660 I mean, it's sort of a very strange feeling to say this is what we wanted, but we are now going to

00:03:26.640 have a slower economy. We may have a recession. A recession, the word, I think, is now just a

00:03:31.720 political football as to, you know, what those ads come this fall during the midterms actually

00:03:36.880 say. Are we in a recession? Are we not in a recession? I think most Americans have a lived

00:03:40.760 experience. They know what this feels like, and this feels very different than what the world felt

00:03:45.340 like, call it 12 months ago, when, you know, it felt like confetti was coming out of the sky

00:03:50.340 along with money. And in fact, actually money was coming out of the sky. It was showing up in your

00:03:53.600 mailbox. So it's a different feeling. And that's where we are. I will say the markets have been

00:04:00.200 actually very contained today. You know, some people would have thought recession, they'd be

00:04:04.800 falling precipitously. Not so much. Steady? Steady in large part, because there's a view now

00:04:10.080 that actually the Federal Reserve won't have to keep its hands on the neck of the economy in the way

00:04:14.580 that it had. Yeah, thank you for that. I really appreciate it. And that was a great background,

00:04:21.400 a kind of history to get us up to this point. As you know, you know, this this book, it walks

00:04:27.940 through the history of the Fed, but it really looks at what the Federal Reserve has done over

00:04:31.800 the last 10 years, which is unprecedented in the history of the Fed. The Fed has really broken the

00:04:38.220 graph of history. It has engaged in a series of unprecedented and really, truly radical experiments

00:04:45.420 in printing money. And we can walk through all of this. But you know, you're asking me about that

00:04:51.260 subtitle, how the Fed broke the American economy. And that's a very confrontational subtitle. And

00:04:56.280 I really stand behind it more and more every day. The Fed broke the economy in a few key ways. First of

00:05:03.600 all, the Fed's actions helped widen wealth inequality, probably more than any single institution in the

00:05:11.740 United States. The Fed drove the gap between the very, very richest and everybody else to its widest

00:05:17.680 point in history through its money printing. And we'll talk about how that works. But then secondly,

00:05:24.100 by by doing this over a decade, by pumping money into Wall Street, by boosting stock market prices,

00:05:30.940 corporate debt markets, and all the rest of it, the Fed has put us in a terribly fragile position.

00:05:37.540 They have created enormous asset bubbles on Wall Street. It's what the hedge fund types call the

00:05:43.720 so-called everything bubble. And that's what's left us in such a precarious state today, where the Fed

00:05:49.680 is being forced to try to fight inflation by tightening the money supply. But in doing so,

00:05:55.180 it's really risking a massive financial crisis. So that's how the Fed has broken the economy. It's

00:06:01.060 enriched the rich. And it's made our financial system so fragile today. Credit card rates,

00:06:07.060 car loan rates all up. And where are the workers? OK, so we're going to see credit card rates go up.

00:06:12.380 If you're carrying a balance, try to get that balance down as quickly as you can. Your mortgage

00:06:16.280 rate is going to go up if you if you have a rate that is adjustable. If you don't or you're trying

00:06:21.660 to get a new home, it's going to be higher than it used to be, which also means that housing prices

00:06:26.640 are likely to come down again. So that's all of that. The second part of your question,

00:06:31.420 where are the workers? Help wanted signs all over the place. You tell me. This is the piece.

00:06:37.580 This is more of the mumbo jumbo you get from the business media. OK, it is Thursday, 28 July,

00:06:44.380 year of our Lord, 2022. You're in the war room. I want to start with our two heaviest hitters,

00:06:50.420 both Lou Dobbs and Steve Cortez, to walk through all of it. I do want to say in starting this and

00:06:54.800 going to go through the math and what's happened last night, we'll talk about our special on the

00:06:59.860 Federal Reserve, the Lords of Easy Money. I want to thank Christopher Leonard. Overwhelming response

00:07:04.360 to that from our from our viewers and listeners. But the most important to give you a signal,

00:07:09.600 not noise. The Chinese Communist Party announced right before the call with Xi and Biden that they're

00:07:17.160 putting in one hundred and forty eight billion dollars, a bridge, a emergency crisis set of

00:07:25.840 loans to back up the banks for the for the the implosion of Chinese real estate. More than anything 0.99

00:07:32.860 else that will happen today that will guide your life and affect your life in the days, weeks,

00:07:37.940 months and years ahead. China's real estate market is now officially cratering. The Chinese Communist Party

00:07:44.120 understands the tanks outside the lockdowns, not letting people get to their money, putting the

00:07:49.700 tanks outside, calling calling that Lao Bai Jing's savings accounts, investment products. It's not

00:07:56.200 going to work. I said yes. I gave an interview to G News on Chinese TV and said, hey, you're standing

00:08:02.440 between them and their money. This is where they're going to light the fuse of a revolution. And you're

00:08:06.120 seeing it all over the world. China today announces one hundred and forty eight billion dollars.

00:08:10.260 The crisis they have in real estate is 10x what we had in 2007, 2008, 10x.

00:08:17.520 It's all going to come home to roost. You see this madness today. Lou Dobbs, my question to you,

00:08:23.520 because people have come to you for 40 or 50 years, this mumbo, the business media is embarrassing.

00:08:29.500 This mumbo jumbo, we're in a recession, not recession. They're trying to run. They're trying

00:08:34.540 to run interference. They're trying to be pulling guards for the Biden regime. Think of the destruction,

00:08:39.740 the Biden regime has done in less than in two years, what, in a year and a half, the destruction

00:08:44.580 they've done to this economy. Mr. Lou Dobbs.

00:08:48.560 Steve, first, it's great to be with you. Secondly, you're exactly right. And what we witnessed the

00:08:54.000 host over on CNBC when he got to the part that he lost the second part of the question, you remember?

00:09:00.540 And he says, what was the second part? Oh, yes.

00:09:02.880 It's an afterthought for the corporatists in this country. It's an afterthought for the Biden

00:09:09.020 administration. It was the primary purpose of policy for, as you well know, as the former

00:09:15.420 chief strategist of the Trump administration and the White House and the president. Men and women in

00:09:22.500 this country, working men and women, their families were the number one priority. It was America first, 0.69

00:09:28.020 Americans first, and to see people talking about the economy in sort of narrow silos. When talking

00:09:36.020 about what is happening, we cannot in any way ignore fiscal policy. We have watched this administration

00:09:44.120 spend money lavishly. We're looking at over $30 trillion in national debt. And yes, that exceeds

00:09:51.740 the size of our economy. It is a tender box right now as an economy because of what we have at the Fed,

00:10:01.520 which is a balance sheet filled with $9 trillion of assets that they've got to sell into this market

00:10:09.760 in order to slow inflation. And at the same time, we have to recognize that the Fed pushed that money,

00:10:18.100 not just into the American economy, but into Europe, into China. And the result has been, frankly, a

00:10:25.980 disaster, as you reported yesterday. We're looking at a prospect here of an administration that will

00:10:35.440 lead us into, I think, the most dangerous economic times that we have witnessed since the 1930s.

00:10:43.280 And the reason I say it is, the top two officials of this administration have no idea in the world.

00:10:50.940 It's time to be straightforward. We have a president who's cognitively impaired. He is inoperable. 0.74

00:10:58.720 And we have a vice president who has no knowledge. She has no capacity to communicate. She has also 0.98

00:11:06.420 an undetermined philosophy that she would bring to any job. But my God forbid the presidency of the 1.00

00:11:14.800 United States. And who does that leave us? That leaves us Nancy Pelosi. We are looking at a real

00:11:22.120 serious situation unless we find some serious people. And by the way, the chief economics advisor

00:11:27.580 in the White House, Steve, Brian Deese, he's an attorney. And he is out talking about two

00:11:34.800 consecutive quarters of contracting GDP recession make? That is nonsense. And just more lies emanating

00:11:44.740 from this Marxist, Dan-led White House.

00:11:49.280 Lou, I want to come back to you right now. Cortez, hang on for a second. When Lou Dobbs says,

00:11:54.240 I see us on the precipice of the greatest financial crisis we've had from the 1930s. People sit up and

00:11:59.860 take notice. You've been through, this ain't your first rodeo. Walk us through that. When Lou Dobbs

00:12:06.440 looks at the numbers, when Lou Dobbs looks at the leadership, when Lou Dobbs looks at the messaging,

00:12:11.080 what is it that puts the fear of God into Lou Dobbs about what could happen to this nation's economy,

00:12:16.180 sir? Your second item in that question, leadership. Where do we turn for leadership?

00:12:22.880 We have Chuck Schumer working out a deal with Joe Manchin and shame on Manchin for going along. He

00:12:31.100 knew what the principles were. He knew where he should stand in terms of his integrity. And to give

00:12:38.240 an inch on the Build Back America nonsense at this time, when we're looking at hyperinflation,

00:12:45.160 double-digit inflation already at the retail level and, excuse me, the wholesale level,

00:12:50.680 and soon to be there with the consumer and the broad purchasing economy. We have to have somebody

00:12:57.680 who has the integrity and the intelligence and the knowledge to understand this is a time for

00:13:03.600 constraint in not every area, but in important areas. It is a time for constraint in terms of fiscal

00:13:11.240 policy. And it is a time to understand that moderation at the Federal Reserve, there is not a single

00:13:18.360 governor on that Federal Reserve, not a bank president or a chairman who has the experience

00:13:25.360 and the proven knowledge and talent to try to front run a market. The first rule in my judgment should

00:13:34.580 be for the Federal Reserve always, follow the markets first. And this chairman of the Fed has chosen time

00:13:42.160 and time again to think he's smart enough to anticipate correctly, forecast an outlook that should be

00:13:49.160 biblical in terms of its acceptance on the part of the society and the economy. And he has been horribly 0.95

00:14:00.160 wrong. Transitory inflation. What we have now is we're on the brink of hyperinflation to talk about markets that need to be cooled off. He wants to keep the pedal down,

00:14:09.160 yesterday he had to, he had to fight first himself because he had to acknowledge now, if you've ever been data driven, this is the time for the Fed to do so. Because

00:14:24.160 science, Lou, hang on for one, hang on for one second. We're taking a short break. We've got Steve Cortez. We have Lou Dobbs. We've got Dave Walsh is going to join us. We're going to have talk about energy. We're going to talk about the markets, talk about the Fed, all of it.

00:14:38.160 The Fed, all of it. Also this mansion bill. Lou Dobbs, Dave Walsh, the great Steve Cortez, all next in the war room.

00:14:45.160 You know what's never good? When your nation's supposed authority on economic policy completely misses the flashing red lights of impending inflation.

00:15:09.500 Now, Treasury Secretary Janet Yellen has finally admitted, quote, there's been an unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that affected our economy badly that I didn't at the time fully understand.

00:15:27.820 End quote. You know who understands the real threat of inflation? People who invested in gold and silver with Birch Gold Group.

00:15:36.100 They're protecting their savings from a highly turbulent economy by diversifying their 401k or IRA into gold, physical gold.

00:15:46.980 It's not too late for you to take action now. Text Bannon, B-A-N-N-O-N, to 989898.

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00:16:24.100 War Room. Pandemic. With Stephen K. Bannon.

00:16:28.600 The epidemic is a demon, and we cannot let this demon hide.

00:16:32.420 War Room. Pandemic. Here's your host, Stephen K. Bannon.

00:16:39.420 Far be it from me to say that Walmart missed their numbers because they took out MyPillow.

00:16:43.960 But hey, you know, correlation is not, was it consequence? I don't know.

00:16:49.940 This is what Cortez told me.

00:16:52.180 MyPillow.com. Walmart took them out.

00:16:54.740 But you can still go to MyPillow.com.

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00:17:12.880 And thank you for your support.

00:17:15.060 Love Mike Lindell.

00:17:15.900 Love the MyPillow guys.

00:17:16.920 Thank you for their sponsorship.

00:17:18.780 Lou Dobbs, you've, you've, you've essentially, Trump will tell you, you've, you've been the

00:17:23.280 mentor to Donald Trump over 40 years plus with your new show.

00:17:27.640 Myself, Cortez, all of us cut our teeth on watching Lou Dobbs.

00:17:31.460 You only got to speak truth to power for decades and decades and decades about trade balances

00:17:35.840 and trade deals and everything about the American manufacturing getting sent overseas.

00:17:40.340 Sir, this morning we could, we did the cold open in your honor.

00:17:44.120 We had Stephanie Ruhl and Andrew Ross Sorkin.

00:17:48.100 What's your assessment of when they, they basically tell the war room audience that the economy

00:17:54.320 is too confusing.

00:17:55.420 It says, you know, so many signals are so confusing.

00:17:57.560 Just sit there and hear us, hear what our spin is.

00:18:00.320 Lou Dobbs, your assessment, sir.

00:18:01.700 We're a journalist's first job was to provide answers, not to create questions and greater

00:18:11.400 ambiguity, but they seem to be very comfortable with that role because that keeps them out

00:18:15.880 of the pitfalls of their corporate commitments.

00:18:20.940 There are masters in the boardroom who control the business press in this country.

00:18:25.880 And it's not just NBC or CNBC or MSNBC, although Comcast does at times look to quarter the market

00:18:34.520 on corporatist reporting.

00:18:36.620 It is, it is a shame.

00:18:38.960 We have to be so skeptical of all of the business press, all of the corporatist media.

00:18:43.860 It's no better in business than it is in politics.

00:18:46.820 There is a decided bias.

00:18:48.520 There is an agenda and it is, it is woeful.

00:18:53.100 And as to Walmart missing its earnings, I think it's something we used to call karma.

00:18:59.140 When they pulled Mike Dell's product, the worst thing happened.

00:19:05.120 And when you have people who pull your best-selling product or one of your best-selling products

00:19:11.300 for politics, these are the kinds of things that result.

00:19:15.160 It's not business, it's politics.

00:19:18.040 100%.

00:19:18.600 Lou, how can people, people are going to want to really understand what Lou Dobbs thinks of this.

00:19:23.160 How do they get to the podcast, which is daily?

00:19:25.340 How do they get to your writings?

00:19:26.720 How do they get to you on social media?

00:19:29.280 Social media, at Lou Dobbs on Twitter and at Lou Dobbs on Truth and Getter and most of the programs,

00:19:38.740 platforms, but also on all of the platforms for the podcast, which is The Great American Show.

00:19:46.160 Don't you like that name?

00:19:46.980 I love it.

00:19:48.740 I love the podcast.

00:19:49.640 It's fantastic.

00:19:50.600 It's one of my favorite podcasts.

00:19:52.820 I catch it every day.

00:19:54.520 Appreciate it.

00:19:55.000 I got to get my Lou Dobbs fix.

00:19:57.960 Been doing it for 50 years or 40 years, however long you've been doing it, Lou.

00:20:00.900 You got to get my fix.

00:20:02.280 Lou Dobbs, you're an American icon.

00:20:06.020 He's just 25.

00:20:06.940 You're making me sound much older than my...

00:20:10.060 Okay, it's 50.

00:20:12.340 50, okay.

00:20:13.000 Your teenage bride, your wife, there's a teenage bride. 1.00

00:20:17.260 I know she's the decision maker, too.

00:20:19.460 I'm glad she's the producer.

00:20:21.000 That's why the show's so great.

00:20:22.100 We love her.

00:20:23.320 And thank you so much for coming on, Lou.

00:20:24.920 Really appreciate it.

00:20:26.700 Thank you.

00:20:27.460 Lou Dobbs.

00:20:31.840 Cortez, I had to start on such an iconic day.

00:20:34.100 We had to start with Lou, as you know.

00:20:36.500 And back in the old days, you had Lou Dobbs.

00:20:39.860 You had Steve Cortez.

00:20:41.380 You would go to those shows.

00:20:43.540 I'd watch them all the time.

00:20:44.860 They gave it to you straight.

00:20:46.680 Right.

00:20:47.060 It wasn't always pleasant.

00:20:48.620 But this thing now is like, we get more comedy polls, what we call them, you know, laugh

00:20:54.400 out louds.

00:20:55.420 Right.

00:20:55.940 Off of CNBC than we do off of MSNBC.

00:20:58.720 And MSNBC, we're getting a lot.

00:21:00.640 But I mean, at CNBC, it's just, it's high.

00:21:02.900 Last night, I just want to tell you, is that the Lords of Easy Money, one hour.

00:21:07.080 We asked Christopher Leonard, Steve, at the end of it.

00:21:09.620 And this guy is Steady Eddie.

00:21:11.640 Right.

00:21:11.880 He's not a bomb thrower.

00:21:12.980 We asked him, give us, we had a couple minutes left.

00:21:15.040 Tell us the one thing, piece of advice about going for information.

00:21:18.760 How do people find out more about the Fed, all that?

00:21:20.860 He says, my one piece of advice is tell your audience, under no circumstances, watch CNBC.

00:21:26.060 Right.

00:21:26.380 They're just a bunch of cheerleaders. 1.00

00:21:28.140 Steve Cortez, assessment.

00:21:29.320 No, and I concur.

00:21:30.880 And I take no pleasure in saying that because it used to be a great network.

00:21:33.980 I worked there for a long time.

00:21:35.160 It's where I cut my teeth in broadcasting.

00:21:37.380 And so many amazing broadcasters like Lou Dobbs at one point worked there.

00:21:41.620 But what I saw happen when I worked at CNBC was during the Obama-Biden administration, when GE was at that point the corporate parent of CNBC, GE increasingly became effectively a department of the Obama administration, let's face it.

00:21:55.600 And they put enormous pressure on CNBC to always pursue narrative rather than real storytelling, rather than fact finding, rather than real journalism and broadcasting.

00:22:04.600 So a network that used to provide a really valuable service to provide financial and market literacy and information to the masses, unfortunately, became a spin-dominated enterprise.

00:22:14.860 And that's what it is to this day.

00:22:16.480 Speaking of spin this morning, watching all of these business media and corporate media talking heads try to spin this recession into something that's actually positive.

00:22:24.300 They look like that girl in The Exorcist, their heads are spinning so hard, trying in some way to excuse what is a Biden recession and a very deep Biden recession at that.

00:22:35.160 So the numbers today confirm what we have long known, what the American consumer has long known, that we are in a recession.

00:22:42.020 And by the way, one thing you notice about business media and folks like Stephanie Ruhl is it's all sloganeering.

00:22:48.100 Very rarely do they bring up numbers.

00:22:49.940 Very rarely do they show you a table, charts.

00:22:52.080 Very rarely do they go to the map.

00:22:53.740 Why?

00:22:54.400 Because the math is so damning.

00:22:55.720 For example, you were talking about Walmart.

00:22:57.560 Walmart now, by far the biggest retailer in the United States, it has now massively missed its numbers twice in just the last three months.

00:23:06.400 And this is from a company, while I don't appreciate at all the ideology of the management in Bentonville, but I will be the first to concede that these are killers, the managers of Walmart.

00:23:15.680 It is one of the best run enterprises in the world.

00:23:18.460 And yet the stock price has absolutely cratered, gapped down massively twice in just the last three months.

00:23:26.200 Why?

00:23:26.760 Because even Walmart, even those executives, as skilled as they are at their craft, they cannot handle the uncertainties of a Biden economy where the consumer is crashing.

00:23:37.780 We also found out in this GDP report this morning, five consecutive quarters now of lower real disposable income.

00:23:44.420 Real wages are crashing in America.

00:23:47.420 Okay.

00:23:48.000 Stephanie Ruhl said it's too complicated.

00:23:49.580 Andrew Ross-Surkin said this thing is so murky.

00:23:52.280 That's where we got Cortez on here in the war room.

00:23:54.480 Walk us through your assessment of yesterday afternoon, the Fed, the pals, you know, reading tea leaves, and this morning's announcement, sir.

00:24:04.120 You bet.

00:24:04.420 So listen, regarding yesterday, the Fed did the right thing.

00:24:07.180 They need to aggressively raise interest rates.

00:24:09.380 They also need to get far more aggressive in reducing the balance sheet, which they have not had the guts to do yet.

00:24:14.040 But the Fed has put itself into a terrible corner.

00:24:16.660 There are no good options now.

00:24:18.060 They must raise interest rates because inflation is out of control, and no one should assume that it can't get massively worse ahead.

00:24:25.680 Given what's going on with natural gas, we showed that chart earlier.

00:24:28.780 Natural gas, which is the primary fuel for factories and farms in America, it is once again absolutely soaring.

00:24:35.580 So no one should assume that the highs we saw in June, for example, in things like crude oil and gasoline, that those are permanent highs or lasting highs.

00:24:41.820 We can go right back there very, very quickly.

00:24:44.240 So the Fed needs to be aggressive. 0.89

00:24:45.760 I'm glad they were yesterday.

00:24:46.800 It's a shame that Jerome Powell chose to lie to the American people for over a year, telling us that it was, quote, transitory, when he absolutely had to know better with his army of PhDs.

00:24:56.460 And regarding today's news, another aspect of the spin that folks like Powell, like Janet Yellen, like Stephanie Ruhle, the spin will be, well, this is a global issue.

00:25:04.380 This is somehow Putin's fault.

00:25:06.080 No, the United States is worst in show.

00:25:08.860 And what I mean by that is compared to all the other industrial economies in the world, we are literally in the worst shape.

00:25:14.280 And I want to back this up with data and math.

00:25:16.280 So if we could go to chart one, this is on PMIs, Purchasing Managers Index.

00:25:20.900 And I really like to watch these, Steve, because they're done all over the world and really done in the same way.

00:25:25.920 So it's a true good apples to apples comparison of what's going on.

00:25:29.400 This is the composite which combines manufacturing as well as services.

00:25:33.340 And these are the guys that have to make the decisions about buying, using vendors, buying stuff.

00:25:38.080 So this is really the beating heart of an economy, very forward-looking, beating heart of the economy.

00:25:43.500 And it's the closest thing we've got to a global look because the math they get is pretty well, even from places like as close to the CCP, right?

00:25:50.840 That's exactly correct.

00:25:51.940 And if we look at that chart, unfortunately, you know, and again, gives me no pleasure to say this.

00:25:56.400 Look at where the United States is.

00:25:57.540 If that's compared to the G20, we are in the cellar.

00:26:00.680 We are literally in the basement.

00:26:02.500 The lowest PMI in the world among industrial countries, 47.5 is our number.

00:26:08.400 Anything under 50 signals contraction.

00:26:10.920 And, of course, we are in a contraction.

00:26:12.600 We are in a recession.

00:26:14.000 When I saw this, Steve, by the way, you know what?

00:26:15.580 It really made me think of one of my favorite movies, Miracle.

00:26:18.400 There's a great scene where Coach Brooks comes in, Herb Brooks, and he comes in and he tells the American players,

00:26:23.940 those young college kids as they were about to play the Soviets, he said, you were born for this. 0.85

00:26:28.560 You were born Americans.

00:26:29.880 You were born to be hockey players.

00:26:31.240 Well, I'd like to say that to the American people.

00:26:33.560 You were not born to be the worst in show in the world economically.

00:26:37.820 You were born for greatness.

00:26:39.420 You were born for prosperity.

00:26:40.980 You're born to be an American.

00:26:42.900 And we have a glorious inheritance that is being squandered, an inheritance of success,

00:26:47.640 of expectations that are high and expectations that are then exceeded economically.

00:26:53.100 So we have the opposite situation right now.

00:26:55.540 We have to dispassionately assess it, right?

00:26:57.820 We can't just have happy talk.

00:26:59.160 We can't dive into the mumble tank the way the corporate media does.

00:27:02.760 So we need a dispassionate assessment of where we are.

00:27:05.240 The situation is incredibly dire.

00:27:06.840 And how do we get out of it?

00:27:08.540 And how do we claim, you know what, again, what is our birthright as Americans, which is excellence,

00:27:13.120 excellence in all facets of life, including in the economy?

00:27:17.220 We cannot settle for this current recession that we're in.

00:27:20.780 And it is deep, and it is likely to get worse if we don't immediately elect the right America

00:27:26.160 first workers.

00:27:26.700 If I can show one more chart here too, Steve, more bad news just today at the company.

00:27:30.200 I tell you, hold, hang on one second.

00:27:32.220 We'll do that after the break.

00:27:32.980 I want to hold that.

00:27:33.720 Yeah, I want to take a break.

00:27:35.360 We're going to do this.

00:27:36.240 We're also going to talk about, of course, their solution overnight was to come up and

00:27:40.200 talk about a trillion dollars worth of spending and taxes and all that.

00:27:43.680 We're going to get to all of this.

00:27:44.820 We've got Dave Walsh to talk about the energy, the global energy crisis continues to metastasize

00:27:50.520 until somebody, some adult sits there and goes, we've got to get in a room and figure this

00:27:56.420 thing out.

00:27:58.040 We're going to drive over the cliff into the abyss at Mach 2.

00:28:03.200 All next in the War Room.

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00:29:47.320 War Room, Pandemic, with Stephen K. Bannon.

00:29:51.640 The epidemic is a demon, and we cannot let this demon hide.

00:29:55.460 War Room, Pandemic.

00:29:57.620 Here's your host, Stephen K. Bannon.

00:30:02.280 Okay, MyPillow.com, make sure we've talked about Walmart.

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00:30:26.560 Go check that out today.

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00:30:28.940 The phones are not ready because of issues with supply chains.

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00:30:36.000 Protect all the other apps.

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00:30:43.580 It's beyond my technical capabilities, but it's quite brilliant.

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00:30:48.200 So go to unplugged.com.

00:30:49.880 Go check it out today.

00:30:51.700 Cortez, tell me about you've got another you've you've you've selected another equity as emblematic of what the problem is.

00:30:58.720 When you take these stocks, you're not saying buy the stock, short the stock.

00:31:01.220 You're using these as examples.

00:31:03.480 Correct.

00:31:03.780 Let's talk.

00:31:04.260 Let's talk about your next one.

00:31:05.460 Because some of these specific companies are reflective of the larger whole and I'm not trying to pick on these companies, but they're important names for us to keep an eye on.

00:31:12.060 And the newest today is Stanley Black and Decker, the tool maker, which is right now, as we speak, down 12 percent on the day.

00:31:20.160 Steve, and again, I'm not just picking on them, but Stanley Black and Decker, like almost any company that is consumer facing, is having enormous problems right now.

00:31:27.540 Why?

00:31:27.800 Because the consumer simply can't handle Biden's inflation combined with Biden's recession.

00:31:32.260 But I want to put this chart up of SWK.

00:31:34.660 That's the ticker for Stanley for Stanley tools, because if we go back to this is when Biden took office.

00:31:39.060 I think this is very reflective of the bigger reality out there for the economy.

00:31:43.240 When Biden took office, Stanley was at one hundred and seventy six dollars.

00:31:46.120 And if you see that up arrow there on the left side of the chart, he inherited tremendous momentum.

00:31:50.900 The baton toss, the handoff from Trump to to Biden really gave him an economy that was warring back to life,

00:31:58.000 especially in the more reasonable jurisdictions, places like Florida that stayed free and open.

00:32:02.760 So he had incredible momentum.

00:32:04.160 The Trump boom 2.0 was ascendant.

00:32:07.140 But we see then that into the spring of 2021, unfortunately, Stanley Black and Decker topped out there and has absolutely crashed ever since,

00:32:15.060 has been more than cut in half off of its highs of 2021.

00:32:19.920 And I think that this stock, unfortunately, is emblematic of a much larger problem in the U.S. economy.

00:32:25.080 And this really portends terribly, Steve, for construction and for housing going forward.

00:32:30.740 When you when you have a toolmaker miss like this, particularly one that is as big and ubiquitous in the American economy as Stanley Black and Decker is,

00:32:38.200 that is a really, really poor sign.

00:32:40.020 It portends for, unfortunately, far more pain ahead in construction in the consumer sector.

00:32:45.760 And it's just another really bearish sign when you combine that with the news out of Walmart,

00:32:49.220 when you combine it with the macro data, with the PMI, which we showed earlier.

00:32:52.760 This is this is a terrible Biden economy, and it's one that is decelerating, unfortunately.

00:32:59.740 Talk about decelerating.

00:33:01.180 I want to get to two other objects I want to get to.

00:33:03.820 What is the it's a decelerating?

00:33:05.820 And as you say, the real underlying economy is much worse than people think.

00:33:10.840 The Financial Times of London broke this morning a brutal story.

00:33:14.600 We've I've had it up on Getter the last couple of days about the tanks outside,

00:33:17.540 about the 30 percent drop in real estate prices in China.

00:33:21.860 But the Financial Times today has a headline of coming out since China's central bank seeks to mobilize one hundred and forty eight billion dollars bailout for real estate projects.

00:33:34.360 The leverage over there, the phony numbers.

00:33:36.640 Now they got the tanks outside the bank, Bank of China, not letting people get to their savings for the 50 percent savings rate.

00:33:42.260 The biggest geopolitical asset the CCP has is Lao Bai Jing's savings.

00:33:46.960 And they ain't letting them get to it.

00:33:48.700 Steve, how big a deal?

00:33:50.300 Well, this is 10x what the American problem was with the mortgage loans in 2007 that led to the 2008 crash.

00:33:58.120 How big a specter over the world economy, Brother Cortez, is this?

00:34:02.980 Oh, listen, it's it's massive.

00:34:04.540 And that's what makes me more concerned about this recession, this Biden recession, than even the 08, 09 recession, as bad as that was.

00:34:11.840 At that time, you had a massive problem in the United States.

00:34:14.960 But China actually powered through.

00:34:16.900 There was no recession in China then.

00:34:18.800 Now, a lot of that was built on a mountain of debt and some some phony numbers.

00:34:22.960 So, I mean, to some extent, it was built on quicksand.

00:34:24.660 But the point is, you still had an accelerating China at the time that you had a receding United States.

00:34:29.880 Now, you have the two largest economies in the world who are crashing in concert, who are crashing in synchronicity right now, both the U.S. and China together.

00:34:39.660 That makes this present situation far more dangerous, in my view, from looking at a global perspective.

00:34:45.120 And in addition to that, you have massive inflation, Steve.

00:34:48.100 So we have the worst of both worlds, a decelerating economy in the United States, a crashing economy in China with prices rising.

00:34:54.840 That's not supposed to happen in a normal business cycle.

00:34:57.940 Back in 08 and 09, as bad as things were, and a lot of people were really suffering, at least the necessities of their life were getting cheaper for them because it was a deflationary recession.

00:35:07.100 We now have an inflationary recession where as your real wages crash, the cost of the goods that you need, the necessities of life, not the luxuries, the necessities of life, continue to accelerate higher.

00:35:19.400 So for that reason and from that perspective, I think that the situation right now is actually even more dangerous than the Great Recession of 08, 09.

00:35:27.800 I think to come up with similar corollary, Steve, you've got to go all the way back to the Great Depression.

00:35:32.280 You've got to go back almost 100 years, I think, for applicable analogs to what's going on right now in the global economy.

00:35:39.200 You're the second, Lou Dobbs first in the first segment, now you in the C-Block.

00:35:43.720 This is yesterday's headline in the financial world's biggest consumer names announce soaring price increases.

00:35:51.080 That's all getting passed on to you.

00:35:53.180 This is why at Walmart, what they said is that, hey, the folks are so broke after they come off our gas pump.

00:36:00.020 Once they buy the food, there's nothing.

00:36:02.020 They can't buy the T-shirt.

00:36:03.280 They can't buy the shoes.

00:36:04.620 They can't buy the CDs for the kids.

00:36:07.020 It just can't.

00:36:07.480 There's no money.

00:36:07.980 That's why their inventory has got a massive problem.

00:36:11.080 The other thing to remember, and this is where we're going to spend a lot of time walking through the next couple of days and weeks so you fully understand it.

00:36:17.560 The world right now is leveraged to this $300 trillion of debt.

00:36:23.520 When you take it all, when you add up government debt, corporate debt, personal debt, we're awash at $300 trillion in debt predicated by it.

00:36:33.220 This is what Cortez and I have been trying to teach you.

00:36:36.380 This is what Cortez and I have been trying to teach you or lay out the framework so you can think about it.

00:36:39.100 The structure of the world's economy since 2008, the solution of the central banks was to go to negative interest rates, zero interest rates.

00:36:46.840 In Tokyo, the Bank of London, the ECB, European Central Bank, and the Federal Reserve.

00:36:53.380 The whole structure of the modern world economy is predicated upon free money, just printed money, just fiat currency.

00:37:01.160 That's it.

00:37:01.940 $300 trillion in debt.

00:37:03.300 It's not structured to actually have interest rate.

00:37:07.420 If Volcker came in and did the Volcker move, I got that up on Getter.

00:37:10.180 If he came in and did his 500 basis point hit, the whole thing would collapse.

00:37:15.180 You can't – so we're in this situation, and here's what's happening now.

00:37:19.200 The phoniness of it is coming to light.

00:37:22.260 The biggest phoniness is in China and the Chinese Communist Party.

00:37:25.320 The way they powered through the 2008 was just to print more.

00:37:28.120 What you're seeing now – and that's why they have the 30 percent drop in real value of their property.

00:37:34.580 They can't let – the revolution in China is not this time going to be a Tiananmen Square.

00:37:41.720 It's going to be on the steps of that Bank of China branch in Henan province.

00:37:47.260 That's where they sent the tanks there.

00:37:48.960 Lao Baixing is going to sit there and go, that's my money, right? 0.89

00:37:52.140 And I've put the deposit on the apartment that's now 30 percent less.

00:37:56.940 So you've already wiped out my equity.

00:37:58.920 I want my cash back.

00:38:00.560 I want my money.

00:38:01.460 I want to get to my savings.

00:38:02.960 Those tanks, the revolution in China that's coming, and they just announced.

00:38:06.780 When the CCP announces a $148 billion, ladies and gentlemen, billion-dollar bailout of their banks.

00:38:16.220 And by the way, where are they getting the money?

00:38:17.580 Last time I looked, they're the guys buying our bonds.

00:38:19.660 Remember, they come back to these deficits and all those big deficits.

00:38:22.880 We got three choices.

00:38:24.520 You either got to raise taxes for revenue, which they ain't going to do.

00:38:29.440 They're either going to sell securities, bonds to the Japanese insurance companies and to the Chinese Communist Party, which the Chinese are telling you that they're tapped out.

00:38:38.420 They got to take care of their own mess.

00:38:39.520 Or you just continue to print money and run massive deficits and throw more gasoline, more.

00:38:45.020 This is what the American Recovery Project was in the spring, in March of 2021.

00:38:51.680 And who are the three guys telling you it was going to be massively inflationary?

00:38:54.600 Steve Cortez, Steve Bannon, and Peter Navarro on the war room.

00:38:58.180 We told you.

00:38:59.260 It was going to happen.

00:39:00.440 And that's where we are now.

00:39:01.160 Now, last night, the biggest signal we have, ladies and gentlemen, forget all the noise you're hearing and all the running around, they're saving Biden's agenda, ba-bing, ba-bing, ba-bung.

00:39:10.260 Forget it.

00:39:10.920 Biggest signal that we're going to take the United States Senate was Joe Manchin and those guys overnight coming up with a $700 billion.

00:39:17.660 Steve Cortez, is that not simply a payoff?

00:39:20.720 They understand the clock's running out.

00:39:22.300 But while they got control, they have to pay off the lobbyists and their corporate sponsors and their donors.

00:39:28.660 And this is the wet kiss they give them on the way.

00:39:31.040 Am I wrong in that?

00:39:31.980 Or is that what this whole thing's about, sir?

00:39:33.500 You're 100% right.

00:39:35.200 And I think Manchin was channeling Frankie Pentangeli, Frankie Five Angels, from the godfather when he said, let's hit him now while we still have the muscle.

00:39:43.220 Right?

00:39:43.520 And listen, from a gangster perspective, it makes sense.

00:39:46.640 Now, it's terrible for America.

00:39:47.980 It's terrible for our country.

00:39:49.460 It's totally ethically wrong.

00:39:51.100 But from a gangster perspective, that's what Manchin said.

00:39:54.160 He said, let's hit him now while we still have the muscle because we're not going to control the Senate in a few months. 0.95

00:39:59.600 And they are very aware of that.

00:40:01.560 And not just that, Steve, but there's a gang coming in.

00:40:04.300 Speaking of good gangsters, our gangsters, there are senators coming in, I believe, outsiders, people who mean it, real America first stalwarts and fighters.

00:40:12.440 I mean people like Blake Masters and Adam Laxalt, J.D. Vance, this group, Eric Greitens, this group that is coming in, this group means business.

00:40:19.880 And they're not going to put up with this kind of nonsense any longer.

00:40:22.660 So I think you're exactly right.

00:40:24.120 They did this while they could.

00:40:25.940 And it's super unfortunate for the American people.

00:40:28.600 It's only going to inflame the existing inflationary bonfire in this country right now.

00:40:33.660 So it's terrible for our country, but it's pretty predictable gangster politics from the Dems with a hand from establishment Republicans, unfortunately, as well.

00:40:43.060 By the way, we've had the we've had the the chips bill, which we support the chips part to bring the manufacturing back.

00:40:48.620 I was a big advocate of this in the Trump White House with Peter Navarro.

00:40:53.320 Of course, other forces led the president not to do it.

00:40:56.920 However, that bill for the 50 or 80 billion dollars you have and really making the companies bring it back and help underwrite that for a degree.

00:41:03.900 It's got another couple hundred billion dollars of corporate welfare. 0.99

00:41:06.500 Of course, it's got to have that on top of it.

00:41:09.640 This thing last night, they're saying it's three ninety.

00:41:11.280 It's seven hundred billion dollars of spending.

00:41:13.160 It may be some tax increase, for instance, to make the war room, Steve Bannon feel better.

00:41:18.440 They say they're going after carried interest, but they're really not going after carried interest.

00:41:21.840 That's all phony because their donors are not going to let them.

00:41:24.200 This is going to be it's going to be out there for the headlines.

00:41:26.640 It will never happen.

00:41:27.720 What will happen is the seven hundred billion.

00:41:29.400 So correct me if I'm wrong, brother, Cortez, in the last 24 hours in this inferno, burning dumpster, inferno of an economy.

00:41:39.040 They actually come out in your face and say we got another trillion dollars.

00:41:43.920 You add the seven fifty and the three fifty in my I'm rounding up.

00:41:48.400 It's roughly a trillion dollars of literally corporate giveaways.

00:41:52.020 Is that correct, sir?

00:41:53.480 No, absolutely.

00:41:54.440 And again, which is only going to massively accelerate the existing inflation that's out there.

00:41:59.880 Government spending is a massive cause of this inflation in the first place.

00:42:03.620 And so their answer is, well, let's just do more of it.

00:42:05.860 And by the way, regarding that chips bill and to connect that to your previous discussion of what's going on in China, it's outrageous that the United States is totally dependent upon Taiwan for chips.

00:42:14.520 And we must onshore that production on a broader scale.

00:42:17.780 We must decouple entirely from China. 1.00

00:42:20.460 But but to connect this to the situation, what's going on internally in China, I think this is important.

00:42:24.380 But as the CCP is increasingly put into a corner by its own people and by this financial predicament that they're in, unfortunately, they are incentivized to try to create a massive diversion.

00:42:34.820 And thug regimes have done this historically.

00:42:36.980 So they are very incentivized to attack Taiwan, to make moves against Taiwan.

00:42:41.320 They are also incentivized because we have an absolute weakling in the Oval Office who they neither fear nor respect.

00:42:48.440 So this is an incredibly dangerous situation and connect the economic to the geostrategic.

00:42:53.240 And unfortunately, the CCP has good and valid reasons for its own power to try to get much more aggressive regarding Taiwan.

00:43:02.160 Incredibly dangerous for the world and for the U.S. economy.

00:43:05.780 Steve Cortez, what's your social media?

00:43:07.040 How do people track you down?

00:43:08.840 Yeah, please follow me at The Getter.

00:43:10.220 I'm at Steve.

00:43:11.220 Very simple.

00:43:12.080 I'm also at Twitter at Cortez Steve.

00:43:13.620 Cortez with an S.

00:43:14.260 To make you feel better, Cortez, thank you.

00:43:17.100 To make you feel even better, we're going to come back.

00:43:19.720 We've got the one and only Dave Walsh.

00:43:21.620 We're going to talk about the global energy crisis, how it just not only affects the energy, but it's metastasizing now into the food of the world.

00:43:29.240 Everything else going on, we're about to have a great famine.

00:43:31.680 Brought to you by Human Action.

00:43:33.600 Okay?

00:43:34.240 Short commercial break.

00:43:35.500 Dave Walsh, next, in the War Room.

00:43:37.600 We will fight till they're all gone.

00:43:42.040 We rejoice when there's no more.

00:43:44.460 Let's take down the CCD.

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00:45:08.860 Do it today.

00:45:09.860 Take action.

00:45:10.440 Are you feeling frustrated and powerless in the face of sky-high inflation?

00:45:14.740 Well, here's what you can do about it.

00:45:16.760 Take a minute and go to my website, preparewithbannon.com.

00:45:21.240 That's preparewithbannon.com.

00:45:23.120 You'll find what I call inflation-fighting food.

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00:47:24.880 Okay.

00:47:25.420 Welcome back.

00:47:26.140 It's the 27th of July, the year of the Lord.

00:47:28.580 Excuse me.

00:47:28.980 The 28th.

00:47:30.580 You know, I'm trying to go back in time.

00:47:32.260 28 July, the year of the Lord, 2022.

00:47:33.860 Got Dave.

00:47:34.280 By the way, I want everybody in Dallas, the North Texas area, all the local environments to be there.

00:47:40.780 We're going to do a lot of special stuff at CPAC, taking the show on the road.

00:47:44.040 Really look forward to seeing everybody, meeting the posse, and sharing your latest thoughts, analysis, and observations, as I say, on Getter.

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00:48:01.760 Super simple. 0.97

00:48:02.260 I can do it, you can do it, and I'm a moron when it comes to that stuff. 0.98

00:48:07.420 Let's go to Dave Walsh. 0.99

00:48:08.640 What a murderer's wrote this morning, opening act in the war room.

00:48:12.300 Lou Dobbs, Steve Cortez, Dave Walsh.

00:48:14.460 We're not messing around here, right?

00:48:16.740 Dave Walsh.

00:48:18.780 First off, Dave, you're a numbers guy like Cortez, the reason we have you on here.

00:48:24.400 That number doesn't seem right to me.

00:48:27.320 Some of the math doesn't add up about this GDP number, does it, sir?

00:48:30.820 Well, we looked a month ago at the inflation data report from Commerce that was about 8.6%,

00:48:37.960 and a lot of data, if you go back and look at the 1974-72 way of calculating inflation,

00:48:45.820 looks more like 18-19%.

00:48:47.600 If the market basket, including energy, fully weighted is inside of that, we're in the high

00:48:53.680 teens.

00:48:54.060 So I'm going to question the GDP numbers, and one of the key reasons, we talked yesterday

00:48:59.600 about gas utilization.

00:49:01.200 At the pump, car gasoline down 8%, demand on that down 8% year on year.

00:49:08.040 This is people driving to work, driving to restaurants, driving to stores to buy things.

00:49:13.120 That's a fundamental measure of activity, way off.

00:49:16.140 Demand is way off.

00:49:17.020 And I said, even in the 2008 significant recession depression we had, gasoline utilization dropped

00:49:23.280 about 4%.

00:49:24.160 This year, year on year, down 8%.

00:49:26.980 So I'm saying the economic downturn is with us.

00:49:30.320 It's real, measured through energy utilization, especially.

00:49:33.820 So is it more than what's being broadcast?

00:49:36.460 Way possible.

00:49:37.580 Way possible.

00:49:38.360 Yes.

00:49:38.460 Okay, it's 100%.

00:49:39.640 The update they're going to have, this thing's going to be 1.5% down.

00:49:42.740 Write this down on July 28th.

00:49:44.620 I said it.

00:49:45.440 You see when they update this thing in 30 or 45 days, it's going to be worse.

00:49:47.880 You can tell.

00:49:48.360 You can feel it.

00:49:49.200 And that inflation number is the real inflation.

00:49:50.640 18% and 19% is real.

00:49:52.120 That's a real deal.

00:49:52.940 Not this way they try to spin and try to lie to you.

00:49:56.220 I want to go on the natural gas.

00:49:57.980 And this one I'll make sure we understand, is that the natural gas is just not for heating

00:50:03.000 your home, air conditioning, or the gasoline, you know, oil that gets a thing.

00:50:06.780 Like, it's in every product, but particularly in food.

00:50:11.940 I want you to talk about it because the coming increases in food are still going to be there.

00:50:15.420 That's why they keep saying, oh, we don't want the basket to include energy in food. 0.94

00:50:18.720 Well, hey, that's why Walmart's not selling any other goods, because the energy in the

00:50:22.360 food costs.

00:50:23.220 And food's only going to get, it's going to get exacerbated.

00:50:26.640 Walk me through the correlation between the natural gas cost and the food cost, sir.

00:50:31.560 Well, it's in there in three ways.

00:50:33.320 First of all, the fertilizers, urea, nitrogen, and ammonia are the three of the four key

00:50:39.140 modern age fertilizers used globally are all natural gas created fertilizers.

00:50:44.440 That's step one.

00:50:45.400 That's huge.

00:50:46.260 A lot of planters, Alfie Oaks had been on a few months ago, reported out to us that they

00:50:50.940 have substantially reduced the fields that they've fertilized and planted in the spring

00:50:57.100 because of the four times cost uplift of those fertilizers.

00:51:02.300 Huge cost upticks.

00:51:03.460 That's one.

00:51:04.460 The transportation of vegetables, meat, produce is a huge portion of the cost, all driven by,

00:51:11.280 well, that's diesel mainly.

00:51:13.660 In that case, not natural gas.

00:51:15.740 But then the cold chain, the cooling, you know, about 40% of our electricity is now natural

00:51:21.980 gas fired power generation plants, so the cost of natural gas is massively inside now of

00:51:28.020 our electricity pricing, which goes to chilling those foods to keep them on the shelf and viable

00:51:33.040 and consumable.

00:51:34.300 So you've got now 60% of the cost of foodstuffs is now the energy component, used to be a much

00:51:40.860 smaller portion.

00:51:42.400 So shortages because of the lack of planting due to high costs in the planting season of fertilizers,

00:51:48.320 plus the transport and refrigeration of foods driving the price up, as energy is a huge,

00:51:54.160 huge component of the cost of foods.

00:51:56.700 Dave, in the couple of minutes I got left with you, just have you seen any action taken

00:52:01.900 by this administration, action they could take to really start to, they know they're playing

00:52:06.960 games with the Strategic Petroleum Reserve, but have you seen any fundamental action to get

00:52:11.060 them off of their crazy Green New Deal transitioning to a sustainable energy economy, sir?

00:52:16.640 No, the bill being proposed now that suddenly Manchin appears to have gotten on board with

00:52:23.000 is, again, all about embedded in it, all about environment, all about environmental extremism,

00:52:30.680 nothing in it about energy strategy, not much.

00:52:35.620 And I'll give you an example, what's happened globally?

00:52:37.780 We've got 54 nuclear power plants being built globally, quite a few.

00:52:41.740 Only five between Western Europe and North America, five of the 54.

00:52:47.200 That's the result of years and years and years of this kind of administration policy and the

00:52:53.000 Nuclear Regulatory Commission making these plants completely non-competitive to build in

00:52:57.880 regulating the build costs, things of that nature.

00:53:00.960 Just to give you an idea how we stand, this bill is all about more subsidizing, more solar,

00:53:05.960 more wind, some nuclear, but that's, you know, let's see how that goes.

00:53:10.740 That's not a bad thing, that piece of it.

00:53:12.800 But mainly it's about, it's an environmental bill.

00:53:15.840 It is not an energy bill and it's about higher taxes.

00:53:19.000 That's all negative.

00:53:21.320 We need more baseload energy capacity electrically in this country.

00:53:25.700 We don't need more wind and solar right now.

00:53:27.760 We're shuttering too much of our reserve margin.

00:53:30.580 The excess generation capacity needed to prevent brownouts and blackouts were programmatically

00:53:36.440 reducing a lot by these, the imposition of even new credits and inducements for yet

00:53:43.260 more and more solar and wind.

00:53:45.800 Again, reserve margins will be down by 2030 by about half of what they were in 2015.

00:53:53.160 Huge drop.

00:53:54.020 What Dave Walsh is saying, we're going to become a third world country as far as energy.

00:53:57.740 Dave, real quickly, what's your social media on Gator?

00:53:59.780 How do they get to it?

00:54:01.460 It's at Dave Walsh Energy on Gator.

00:54:03.560 Thank you, Steve.

00:54:04.880 We'll have you back on, brother.

00:54:06.280 Dave Walsh.

00:54:07.320 He's laid it out for you.

00:54:09.060 We're heading to be a third world country rapidly as far as energy production goes.

00:54:13.860 Somebody that should be full spectrum energy dominant like under President Trump.

00:54:17.700 Short break.

00:54:18.380 Joe Reek next in the worm.

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Bannon's War Room - July 28, 2022

Episode 2035： Recession Arrives-The Lies, Misrepresentation, And Fake Numbers Of The Biden Regime; The Energy Crisis Comes To Food; Manchin's $800 Billion Lobbyist Payoff

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