Episode 2108： The Lies Of Jared Kushner; Jerome Powell's Jackson Hole Speech
Episode Stats
Words per Minute
152.31807
Summary
Jared Kushner is out with his new book, and it raises the question: Is he the new Joe Biden of the Trump family? Is he a clone of the former Vice President Joe Biden? And does he have access to classified documents the FBI may have obtained from a top-secret meeting at Mar-A-Largo? All that and much more on today's show.
Transcript
00:00:00.000
America. That's the incendiary new book from former Trump trade czar Peter Navarro, available
00:00:05.300
on Amazon today. Stephen K. Bannon calls Taking Back Trump's America a brass knuckled insider's
00:00:11.480
account of the merciless 2020 fall and miraculous 2024 rise of the White House of Trump. Taking
00:00:17.960
Back Trump's America is the blueprint for a new Trump White House that will truly make America
00:00:23.660
great once again. Order Taking Back Trump's America today on Amazon.
00:00:30.000
Peter K. Navarro in for Stephen K. Bannon. The admiral wanted me to come in. He's on a brief
00:00:39.640
assignment. He insisted he ordered me. I follow orders. I always have a packed show. This one's
00:00:48.320
going to fly pretty fast today. We're going to go over this latest revelation with Zuckerberg
00:00:57.180
Rogan about FBI pressure, about the laptop from hell. And we've been very fortunate to have the
00:01:06.160
great Miranda Devine in with us later in the show. She wrote the definitive work on the laptop from
00:01:13.680
hell. We got the Federal Reserve feckless Chairman Jay Powell in Jackson Hole, Wyoming, after he finishes
00:01:22.340
kind of dusting off and burying the figurative political corpse of Liz Cheney. Let us all rest in
00:01:30.380
peace for her. He's going to try to bury the U.S. economy. Steve Cortez will be right in on that.
00:01:37.740
We are going to try to get the great Doc Hatfield in to talk about what the committee, James Clyburn's
00:01:47.940
committee on the Hill has done to try to blame me for hydroxychloroquine and the boss for the vaccine.
00:01:55.560
And then we'll end the show on a somber note as we commemorate the one year anniversary of the Kabul airport
00:02:06.180
terrorist attack with Sam Faddis. But to kick things off, what I want to do is talk a little bit about
00:02:15.760
Jared Kushner and pose the question here whether Jared Kushner is the Hunter Biden of the Trump
00:02:26.000
family. OK, so Denver, if you can play that clip for me now and then we'll try to wax at least semi
00:02:34.960
eloquent on what I mean by that outrageous allegation that somehow Jared could be Hunter Biden's equivalent.
00:02:42.280
He's asking for a special master and asking for them to stop going through the stuff as they
00:02:48.380
may be right now. The New York Times has got the item today from Maggie Haberman and some of the
00:02:53.840
other reporters that apparently there were 300 classified documents at Mar-a-Lago over the last
00:02:59.880
year or so. And they, you know, they think they've gotten them all by now. Why would the former
00:03:05.480
president have that many classified things at Mar-a-Lago? So I'm not familiar with what exactly the
00:03:11.480
contents were. And but what I'll just say from my personal experience is that, again, in the
00:03:16.720
campaign, in the transition, we had a very innocent meeting with the Russian ambassador. And then,
00:03:22.040
you know, four months later, you're reading that the intel agencies are leaking to the Washington
00:03:26.420
Post that we requested this secret back channel. And then the New York Times and CNN go crazy for a
00:03:31.480
weekend accusing us of treason. And then it turns out such a thing never really happened. And so,
00:03:36.260
you know, I just think you have to be very careful with what you read and obviously just wait for the
00:03:40.040
facts to develop. But I mean, there's been so many things that have been hyperventilated about over
00:03:44.040
the last years that turn out to be nothing. And that's, again, why I wrote this book was I wanted
00:03:48.060
people to really understand what it was like to be living through that when you know you've done
00:03:52.060
nothing wrong. You're there trying to get good things done. And, you know, people are out there,
00:03:56.560
you know, accusing you of all these crazy things. And you have to prove that those things didn't happen.
00:04:01.520
Right. And no, they didn't. And then almost took you down. And knowing that you were innocent,
00:04:06.200
you gave all your time and all those interviews, and still had to wonder if the process would work.
00:04:14.060
So, so Kushner's out with his his new book. And the one tough, the one single one tough question
00:04:24.700
he gets from a book from of all people, Steve Doocy, who's usually the gentlest person in the world.
00:04:31.980
So Kushner dodges and dances around and Brian Kilmeade, kind of like his daddy comes to Jared's
00:04:39.460
rescue. Here's the thing. This whole Kushner issue, I spent four years with the guy in the Trump White
00:04:49.820
House, and a good pit of time earlier than that, on the campaign. And I've said publicly, and I'll say
00:04:57.720
it again here that this book that Kushner has put out is largely a work of fiction. What Jared's MO has
00:05:06.080
always been is to claim credit for whatever worked in the Trump White House. NAFTA would be for it for an
00:05:15.060
example, go renegotiating that, assign blame to somebody else for whatever went wrong. He, he totally
00:05:26.120
mismanaged large segments of the pandemic, but he would always try to shift blame to other people. And
00:05:32.940
then when he didn't get his way, he'd run to daddy in law, uh, in the East wing at night and, uh, try to
00:05:40.200
kind of have his way. Um, and it's, there's no, there's no secret why we had four chiefs of staff
00:05:47.020
in four years, which is unusual for a presidential administration is because none of them, uh, could
00:05:56.280
effectively, uh, do their job when Jared was effectively doing it for them, uh, by back channeling
00:06:05.940
the boss and everybody else. Now here's, here's, what's bothering me about the book. The one,
00:06:13.260
I think, truthful account of what Jared did that he boasts about in his book has to do with something
00:06:23.940
that I've written about extensively. And it's in the Taking Back Trump's America book, which is that
00:06:29.720
the China negotiations, the communist China negotiations, Jared truthfully admits that
00:06:40.840
the two most important people shaping him to then shape the communist Chinese negotiations
00:06:49.420
were this guy named Steve Schwartzman, who's a wall street hedge fund guy, uh, and Henry Kissinger,
00:06:57.960
who was the secretary of state for Richard Nixon, who engineered, uh, the opening of communist China,
00:07:05.680
uh, to the world, uh, back in the seventies. And it, it basically set us on a collision course
00:07:13.880
that we are on today with the imperial power of communist China. So, so where's the Hunter Biden
00:07:21.540
comparison to Jared Kushner come in? Um, certainly Jared, I would never accuse Jared of doing crack
00:07:29.100
cocaine, uh, or hookers, right? Never did that. He's, you know, he's above board on all of that,
00:07:36.360
but the real obscenity in the laptop from hell story that Miranda Devine is going to tell us about,
00:07:44.540
um, um, later on in the show, um, really is about the unregistered foreign lobbyist activities that
00:07:54.100
Hunter Biden did, uh, not just in, in Ukraine with the corrupt Burismaites, uh, but a lot in communist
00:08:03.060
China. I mean, we, we know for a fact that Hunter went over there on Air Force Two with his dad.
00:08:10.460
And while he was over there, he cut deals and would come back with, uh, a billion dollars or more,
00:08:17.720
uh, to you, to be used, to be clear here, to be clear here. What was that money to be used for
00:08:24.100
besides buying more crack? It was to buy American manufacturing companies for the Chinese and
00:08:32.800
effectively export them back to China. So in my judgment, the real sin of Hunter Biden,
00:08:40.460
the, the sin that, that he should be hauled up on the carpet for on Capitol Hill when the
00:08:45.860
Republicans take control of Congress in January is the selling out of America to the communist Chinese
00:08:56.420
for monetary gain, leveraging, leveraging his father's connections. Okay. That's, that's the Hunter Biden
00:09:07.620
story. Let me say it one more time. What Hunter Biden did as the son of the president was go to China,
00:09:15.460
use his connections with his father to raise a bunch of money to pad his own nest. And that money that was
00:09:24.040
then used to take jobs away from the American people and enrich the Chinese so that they could
00:09:30.560
build their military. Okay. All right. Now what's the analogy here? Jared Kushner.
00:09:36.940
I was the director of trade manufacturing policy in the Trump white house. Robert Lighthizer was the
00:09:43.980
United States trade representative. Both Bob and I were, as Steve Bannon was in the white house,
00:09:51.740
the China Hawk wing. Wilbur Ross sometimes joined us. He leaned more towards us than he did to the
00:09:59.780
other wing, which was Gary Cohn, later Larry Kudlow, Steve Mnuchin and Jared Kushner. Okay.
00:10:06.640
So we had these two wings and our mission was to fulfill the mission of president Trump. We never
00:10:14.040
thought we were the ones that got elected. We just wanted to fulfill Donald Trump's vision.
00:10:19.400
And Donald Trump's vision was to crack down on China's economic aggression using tariffs to do
00:10:27.980
so and gradually wean America from made in China and wean America from made in China because we as a
00:10:39.120
country and the president did not want to be in the business of building up the Chinese economy
00:10:44.400
and military so that they could kill us, which is what their military wants to do. Let's be clear
00:10:50.760
about that. So Lighthizer and I were constantly trying to implement that China Hawk vision that
00:10:59.240
President Trump had, but we were constantly bumping up against Kushner and Mnuchin, Gary Cohn,
00:11:07.260
and then Kudlow in this whole thing. Now, Kushner's betrayal, this is the treasonous part of it.
00:11:13.700
Kushner became a puppet of this guy named Steve Schwartzman. There were some other Wall Streeters
00:11:20.340
involved, John Thornton, who effectively owns the Brookings Institute now on behalf of China.
00:11:26.680
Larry Fink. These guys, every single one of them, okay, gets richer when this country's softer on China.
00:11:37.260
Okay. The more jobs we send to China, the more American capital from our pension funds we send
00:11:45.200
to China, the more Steve Schwartzman, John Thornton, and Larry Fink get rich. These were the guys
00:11:54.660
Jared Kushner relied on to scuttle what essentially was the Lighthizer-Trump-Navarro deal with the
00:12:05.860
Chinese. And much has been written about this. But I can tell you that at one point, because of
00:12:15.040
President Trump's strong leadership, we had a really great trade agreement ready for the Chinese to sign
00:12:21.400
that they had agreed to sign. They had agreed to sign. And they backed away from it. And at that point,
00:12:29.600
what President Trump should have done and wanted to do and should have done and wanted to do was just
00:12:36.780
put the rest of the tariffs on. Just be done with it. Mnuchin, Cohn, Kudlow, and most of all, Kushner
00:12:50.040
would constantly back-channel Schwartzman. And not only did they back-channel guys like Schwartzman,
00:12:58.600
they spoke directly to the communist Chinese negotiators without telling who? Lighthizer,
00:13:06.480
the top trade representative. And the practical result of Jared Kushner's treason
00:13:13.020
was this so-called skinny deal, which was signed in January of 2020. Privately, I warned the president
00:13:23.520
and everybody else who sat in the Oval Office that that deal was not only a bad deal for the American
00:13:30.480
people, the Chinese weren't even going to abide by that anyway. And of course, they didn't, right?
00:13:38.660
But you got Jared boasting in his new book that this thing was a, quote, massive, massive victory.
00:13:46.880
Massive victory. Massive victory for the American people when, in fact, the only thing that Kushner
00:13:53.780
did was scuttle what would have been a tough deal. And what is he doing now? See, this is the thing.
00:14:00.020
This is the thing. Him and Mnuchin are out there collecting billions of dollars,
00:14:04.240
billions of dollars from the Saudis, from the Chinese, whoever. It's like foreign capital.
00:14:11.140
They're going out, all the networks that Kushner built up in the White House. It's the old digital
00:14:18.780
Rolodex. He just calls them up, dials for dollars, and now he's going on to his next venture
00:14:26.220
and leaving all of us to clean up Jared Kushner's mess. That's treason. Jared Kushner is the Hunter
00:14:36.140
Biden of the Trump administration. Navarro Infra Bannon will be right back. We're going to be
00:14:43.160
talking about Zuckerberg and the FBI. You know what's never good? When your nation's supposed
00:15:03.620
authority on economic policy completely misses the flashing red lights of impending inflation.
00:15:09.820
Now, Treasury Secretary Janet Yellen has finally admitted, quote, there's been an unanticipated and
00:15:16.500
large shocks to the economy that have boosted energy and food prices and supply bottlenecks
00:15:21.700
that affected our economy badly that I didn't at the time fully understand, end quote. You know who
00:15:29.680
understands the real threat of inflation? People who invested in gold and silver with Birch Gold Group.
00:15:36.440
They're protecting their savings from a highly turbulent economy by diversifying their 401k
00:15:43.120
or IRA into gold, physical gold. It's not too late for you to take action now. Text
00:15:49.560
Bannon, B-A-N-N-O-N, to 989898 and get a free info kit on diversifying and protecting your savings
00:15:59.300
with precious metals. With an A-plus rating from the Better Business Bureau, countless five-star reviews,
00:16:05.200
and thousands of satisfied customers. Text Bannon, B-A-N-N-O-N, to 989898 and get the real help
00:16:13.040
from Birch Gold today. Again, text Bannon to 989898 to claim your free no-obligation information
00:16:23.880
How do you handle things when they're a big news item that's controversial? Like there was a lot of
00:16:32.160
attention on Twitter during the election because of the Hunter Biden laptop story, the New York Post.
00:16:41.560
So we took a different path than Twitter. I mean, basically the background here is the FBI,
00:16:47.340
I think basically came to us, some folks on our team. It was like, hey, just so you know,
00:16:53.300
like you should be on high alert. There was, we thought that there was a lot of Russian propaganda
00:16:57.780
in the 2016 election. We have it on notice that basically there's about to be some kind of dump
00:17:05.240
of, that's similar to that. So just be vigilant. So our protocol is different from Twitter's.
00:17:12.820
What Twitter did is they said, you can't share this at all. We didn't do that. What we do is we
00:17:18.800
have, if something's reported to us as potentially misinformation, important misinformation, we also
00:17:26.600
have this third-party fact-checking program because we don't want to be deciding what's true and false.
00:17:30.860
And for the, I think it was five or seven days when it was basically being determined whether it was
00:17:39.460
false, um, the distribution on Facebook was decreased, but people were still allowed to
00:17:46.200
share it. So you could still share it. You could still consume it.
00:17:49.280
So when you say the distribution has decreased, how does that work?
00:17:53.220
It basically, the ranking in newsfeed was a little bit less. So fewer people saw it than would
00:18:01.200
I don't know off the top of my head, but it's, it's, it's meaningful, but I mean, but
00:18:05.420
basically a, um, a lot of people were still able to share it. We got a lot of complaints
00:18:12.360
that that was the case. Um, you know, obviously this is a hyper political issue. So depending
00:18:16.880
on what side of the political spectrum, you either think we didn't censor it enough or censored
00:18:20.200
it way too much, but, but we weren't sort of as black and white about it as, as Twitter.
00:18:24.360
We just kind of thought, Hey, look, if, if the FBI, which I still view as a legitimate
00:18:29.420
institution in this country, it's like very professional law enforcement. They come to
00:18:33.700
us and tell us that we need to be on guard about something that I want to take that seriously.
00:18:37.780
Did they specifically say you need to be on guard about that story?
00:18:41.480
I, no, I don't remember if it was that specifically, but it was, it basically fit the pattern.
00:18:46.740
They put Peter Navarro in leg irons for simply doing his constitutional duty. Now they want
00:18:52.160
to put Peter in prison for standing up for Donald Trump. Please go to Amazon right now
00:18:57.240
and order taking back Trump's America to help fund Peter's legal defense. Taking back Trump's
00:19:02.880
America provides a critical MAGA blueprint to put Trump back in the white house in 2024
00:19:07.880
by taking back Trump's America on Amazon today. If they can put Peter Navarro in prison,
00:19:16.000
Yeah. I wonder, I wonder if Zuckerberg was in leg irons when he was doing that, that thing
00:19:25.600
with Rogan. I got, I got a, I got a hand it to Denver, man, digging out that clip of Rogan
00:19:31.580
and Zuckerberg from what would have been January of 2021, right after the election, we discovered
00:19:40.580
that the FBI suppressed information about Hunter Biden's laptop, which basically would have
00:19:47.340
swung the election to Trump if that had been gone. Oh, wait, wait, wait, wait. What, what
00:19:52.720
month is it? August, 2022. Hey, Mark, what took you so long? You twit, huh? No, you're not
00:20:03.840
the twit. That's Dorsey. Look, Belichick says, you are what your record says you are, right?
00:20:15.780
And let's go over the record of the FBI. Let's start with this. This is an incredible revelation.
00:20:24.080
We're going to be talking to Miranda Devine at the top of the next hour about this whole situation,
00:20:31.820
but, but drill down on that just for a minute. The FBI, which had Hunter Biden's laptop for probably
00:20:42.020
over a year before they told Zuckerberg, it was Russian disinformation, knew it wasn't Russian
00:20:49.540
disinformation, yet went to Zuckerberg and said, nah, don't put that up there. All right. So,
00:20:57.240
so, so there's that data point. And then, then we go back in time, yeah, to 2016.
00:21:09.520
Even before Trump gets elected, the intelligence operatives in the U.S. government were beginning
00:21:20.420
to try to weave this Russia hoax web around Trump. And we know for a fact, this is indisputable
00:21:31.140
fact, that it was FBI top leadership, Page, Strzok, notably Comey, others who concocted this,
00:21:44.300
this FISA warrant scheme in order to build and lend credibility to this Russia hoax. And what was it?
00:21:53.620
I mean, look, it was designed to be a coup d'etat of Donald Trump before he even got sworn in or
00:22:02.780
shortly after he got sworn in, because they were relentless about this. So you go this, okay, so at
00:22:09.200
the, at the beginning of the administration, the FBI tries to prevent him from taking power. At the
00:22:16.500
end of the Trump administration, just that single act, that single act, let's call it treason for
00:22:24.680
what it is, because it was, was trying to overthrow a sitting president. Oh, wait, let's call it an
00:22:31.940
insurrection. That's what it is. Aren't insurrectionists, the ones who use weapons,
00:22:38.620
they're armed individuals who try to overthrow the American government. Isn't that what the FBI
00:22:46.060
is now? Armed insurrectionists, okay, because those armed agents went to Zuckerberg. And, you know,
00:22:56.360
the funniest part of that, that whole thing was when Zuckerberg defends the FBI, he calls them what?
00:23:04.200
What do you call them? Oh, they're a professional organization. No, they're not. No, they're not.
00:23:10.620
They're insurrectionists, if you believe Zuckerberg. I mean, Mark, show us the frigging receipts,
00:23:17.920
dude. I want to see all of the email correspondents. I want to know who the agents were,
00:23:23.640
who came to you. Who are these people? These people cannot remain nameless. Put that on the
00:23:31.480
checklist for January of 2023, when the Republicans start issuing their own subpoenas to people,
00:23:42.240
calling people up to Capitol Hill to hold them account for all manner of stuff. Let's put this one,
00:23:49.140
let's put this one on the list. So you got the Russia hoax. Now you got the Zuck hoax. Oh,
00:23:56.540
short digression. Hey, Joe Rogan, thanks for asking Zuckerberg deep questions about why he spent almost
00:24:06.520
a billion dollars helping people steal the election from Donald Trump. Okay. So, so this was a twofer
00:24:13.400
for Zuck Bucks, right? He, he willingly cooperated with the FBI and suppressing information about the
00:24:21.760
Hunter Biden laptop. Oh, Zuck, here's my impression of Zuck. Well, I can't remember how much we suppressed
00:24:28.440
it. I'll get back to you on that, Joe. But he did that. And at the same time he was doing that.
00:24:34.900
What was he doing? Zuck Bucks, drop boxes, ghost voters, doing all sorts of stuff. Okay. Quick aside,
00:24:46.060
let me sell taking back Trump's America yet again to you. Yeah. There's a great chapter in there about
00:24:52.500
the Zuck Bucks issue and how unconscionable that guy is at Facebook. I'm glad he admitted it. I mean,
00:25:02.180
this is a big story. So data points. So, so FBI 2016, FBI now 2020 with the Zuck story. Now in
00:25:12.680
between, what do we got? Of course we got me and leg irons. That was like a nice over the top arrest
00:25:19.680
with five armed agents. We've got Mar-a-Lago. They see the big difference between what they did to me
00:25:28.600
and what they did to President Trump and Mar-a-Lago. What's the big difference? Well,
00:25:33.660
the ones that came for me only had handguns. The ones that went down to Mar-a-Lago, they,
00:25:38.660
they were packing. Okay. They had some, I mean, to break into Melania's panty draw,
00:25:44.760
you need to be packing. Okay. You know what I'm saying here? You got the Roger Stone circus
00:25:51.180
where the FBI used frogmen. Boy, I wonder how much that cost. I think we know it's over a million
00:25:59.200
dollars for that raid. And they should have charged CNN because CNN probably made over a million dollars
00:26:06.320
by being the only ones there. And why didn't MSNBC sue CNN and the FBI for letting CNN get the scoop on
00:26:15.640
them. So that we got, and then we got Paul Manafort in solitary confinement, George Papadopoulos in
00:26:24.500
prison. You know, my biggest thing with the FBI in terms of the impact on the Trump administration
00:26:30.880
was, was the, the thing that, that, that really bothered me about the whole thing about what the
00:26:42.540
FBI did was, was how they suppressed all manner of information during, about what they did to Mike
00:26:51.800
Flynn. I mean, Mike Flynn to me is a hero. Okay. General Mike Flynn. I met him during the transition
00:26:59.480
in 2016. We had a plan to take down communist China as China Hawks. And what they did to Mike Flynn
00:27:09.660
was blackmail him by threatening prison for his son. Mike did the honorable thing and resigned and
00:27:19.420
pled, whatever. And when they took Mike Flynn out, that set in motion, a whole chain of events,
00:27:25.920
a whole chain of events where it started with HR McMaster, a globalist replacing Mike as a national
00:27:34.700
security advisor, had to fight him on the China stuff. And then down the road, we got John Bolton
00:27:41.660
and then it didn't settle in the national security council until Robert O'Brien came into the picture
00:27:50.260
and thank God for Robert O'Brien. All right. When we come back, we're going to shift away from the FBI
00:27:57.880
and move straight to the economy. We got Jay Powell and Jackson Hole, and we got Steve Cortez
00:28:04.840
in the war room. I'm Peter Navarro in with Stephen K. Bannon. We'll be right back.
00:28:09.880
In Joe Biden's America, criminals are exalted and the police are condemned. Sad to say, but you need
00:28:32.040
to be prepared and properly trained to defend yourself and to defend your family. Thankfully,
00:28:36.940
there's iTarget Pro. This revolutionary system allows you to dry fire practice with your actual
00:28:43.480
firearm anytime in the safety and privacy of your own home. No more inconvenient trips to the range
00:28:50.160
and with inflation causing the price of ammo to skyrocket, you save a ton of money. Just download
00:28:55.960
iTarget's proprietary app, load the laser bullet into your firearm and start your training experience.
00:29:02.060
iTarget will help you develop muscle memory, sharpen target reaction speed, sight alignment,
00:29:06.940
trigger function, and more. iTarget Pro comes in all the major calibers, so you can stay sharp
00:29:12.800
with almost any firearm. Go to iTargetPro.com right now and save 10% plus. Get free shipping
00:29:20.400
with the offer code Bannon, B-A-N-N-O-N, all one word. This makes a great gift for Father's Day and is
00:29:28.500
less expensive than a few hours at the range. That's the letter iTargetPro.com. That's iTargetPro.com.
00:29:41.360
In the 70s, as inflation climbed, the anticipation of high inflation became entrenched in the economic
00:29:46.760
decision-making of businesses and households. The more inflation rose, the more people came to expect
00:29:52.460
it to remain high, and they built that belief into wage and price decisions. As former Chairman Paul
00:29:59.960
Volcker put it at the height of the great inflation in 1979, inflation feeds in part on itself, so part
00:30:06.900
of the job of returning to a more stable and more productive economy must be to break the grip of
00:30:11.660
inflationary expectations. One useful insight into how actual inflation may affect expectations about
00:30:19.480
its future path is based in the concept of rational inattention. When inflation is persistently
00:30:26.420
high, households and businesses must pay close attention and incorporate inflation into their
00:30:30.620
economic decisions. When inflation is low and stable, they are freer to focus their attention elsewhere.
00:30:36.560
Jay Powell, I'm writing this stuff down. A new term for our lexicon, rational inattention. I never got that one
00:30:51.960
in the history books, but I'll tell you what caught my eye with this, and we're going to talk to the great
00:30:58.540
Steve Cortez momentarily. It's like when Powell gets on to begin to speak, like just a few minutes in, the markets
00:31:08.560
kind of just drop down, right? And I think what probably caught people's attention who know about the history
00:31:16.260
of stagflation was dropping the word Volcker, okay? Paul Volcker was the Fed chair in Reagan's day, who had the
00:31:30.780
cojones to dramatically raise interest rates to break the back of what was then a persistent wage price spiral
00:31:42.660
and high inflationary expectations. The whole conceit of the Reagan-Volcker policy to end stagflation
00:31:53.000
was kind of a shock and awe at the Fed to quite literally induce a prolonged and sharp and painful
00:32:03.040
recession that thereby signaled to businesses and consumers that, hey, inflation's over. And it worked
00:32:10.200
beautifully, okay? Now, we're not in that world now, but the idea that Jay Powell, who isn't trained
00:32:20.020
in economics and who's a friggin' idiot, who's only there because Steve Mnuchin lobbied President Trump
00:32:26.560
to put him there, the idea that if Jay Powell is going to channel the great Paul Volcker, that signals,
00:32:34.700
that signals to the intelligentsia on Wall Street that, hey, the Fed's probably going to be aggressive
00:32:41.740
about raising interest rates. So with that little historical rant, let's bring in the great Steve
00:32:52.540
Cortez and his bouquet there. Is it your birthday there, Steve, anniversary? What is that, Paul?
00:32:59.080
Yeah, I just turned 30. Yes, happy birthday to me now. Is that like a Zoom background or is that real, man?
00:33:06.040
Yeah, that's real. Listen, you know, hey, I try to tell you, I'm a TV guy, so I try to pay attention to the shot
00:33:11.260
wherever I am. How about, what is it, a boutonniere or something on your lapel? Like, grab one of those flowers,
00:33:18.520
pop it in there for the next segment, brother. If you're not smart, you got to try to look decent, okay?
00:33:23.080
I've always operated on that principle. You got the Kudlow handkerchief, man. What are you going
00:33:27.200
like Wall Street on me, dude? You're in Tennessee, man. Listen, I am Wall Street, not philosophically
00:33:32.640
Wall Street, but I spent two and a half decades. I spent 25 years trading at a short. You're Rio Grande
00:33:37.120
Valley in my heart, brother. All right, so the economy's going to hell in a handbasket. I've
00:33:45.080
called a short on the market long ago and say the Dow's going to 25,000 before 40. Where are we at
00:33:52.980
now? What's your takeaway from Jay Powell and Jackson Hole? And what do you want to tell the
00:33:58.740
war room folks today? Well, you know, my main message is even Powell, who is a buffoon,
00:34:04.540
even Powell is starting to get it. He's starting to realize the crisis that is occurring right now
00:34:09.000
in our country. And when one out of six Americans, 20 million households literally can't pay their
00:34:13.180
utility bill, the most basic bill any person faces, any adult in their life, when one out of six
00:34:18.760
households can't pay the utility bill, we have an all-out crisis in this country. It's not
00:34:22.700
debatable whether or not we're in a recession. It's just the extent of that recession and whether
00:34:26.760
or not that recession tips into something even worse, into depression territory. So Jerome Powell
00:34:31.360
is starting to get that message. I think this was a welcome speech today, albeit far too late.
00:34:37.000
Financial markets don't like it. Right now, the Dow is down 400 points. The Nasdaq's down 1.75%.
00:34:42.380
Financial markets don't like it, though, for good reason, because, you know, and I mentioned this
00:34:45.620
yesterday when I was on with Admiral Bannon. Right now, the Fed, and nobody should feel sorry for
00:34:50.700
Jerome Powell because the Fed put itself in this corner. But the Fed is in a corner right now because
00:34:54.640
we have absolutely runaway inflation, and both choices for the Fed are bad. And what I mean by
00:34:59.880
that is if the Fed accommodates, if it turns dovish, right, and tries to reward capital, then it's going
00:35:06.140
to absolutely punish tens of millions of working class Americans who are barely hanging on. That is
00:35:12.280
the reality right now if they try to protect capital. But if they try to protect those masses,
00:35:17.440
millions of Americans who need help by squashing inflation, by raising interest rates, they're
00:35:22.780
going to smash capital, right? And so there's no good choice here in either direction. What
00:35:27.700
Powell told us today is he realizes the severity of the crisis. I think you're exactly right,
00:35:32.760
Dr. Navarro, for him to directly quote Volcker, not just channel his thinking, but to directly quote
00:35:38.800
Volcker, who told us that inflation feeds on itself, that it can become a self-fulfilling problem
00:35:44.940
and a really downward cycle for the country in so many ways. For him to quote Volcker is
00:35:51.240
extremely significant. He also told us, let me give you another quote that I think was very
00:35:55.960
important from Powell today. He said, history cautions against prematurely loosening policy.
00:36:02.200
History cautions against prematurely loosening policy. So again, all of this tells me that he is
00:36:08.980
starting to get it. Now, it's way too late, okay, but better late than never. And by the way,
00:36:13.740
speaking of late, I think this is an important point because this is a big central bank conference.
00:36:17.440
It's not just about Jerome Powell. Basically, all the United States central bankers are there,
00:36:21.020
as well as a lot of central bankers from around the world. And I want to put this quote out there
00:36:24.880
because I think it deserves attention and it deserves rebuke. The chairman or the president
00:36:29.220
of the Atlanta Fed, Bostick, he also spoke this morning. And this is a quote from Bostick. He said,
00:36:34.420
quote, levels of inflation now were unimaginable 18 months ago. Unimaginable 18 months ago. Well,
00:36:42.160
Peter, they were not unimaginable to you, nor to me, nor to anyone who has any degree of sophistication
00:36:49.120
or expertise who was willing to take an honest look at the data and the evidence and where policy
00:36:54.740
was taken. Quick digression here. Let us note for the record, Steve, that Georgia is not only the
00:37:02.100
cesspool of electoral presidential politics, it is now the cesspool of economic forecasting. Continue,
00:37:09.940
sir. Yes. Well, I mean, but just, you know, he really deserves, he deserves this public review.
00:37:16.020
I mean, unimaginable 18 months ago. Unimaginable, yeah. First of all, you are paid. How long ago was
00:37:22.060
it on the war room? How many months ago? Do you remember, Steve, the first time? I mean, I was
00:37:26.300
talking about stagflation. I mean, I wrote a memo when I was in the White House in May of 2020,
00:37:33.820
warning that things were setting up for a stagflationary scenario because of these supply
00:37:40.880
chain issues, the dire, dire situation with small businesses going away, the problems with people
00:37:50.340
being able to pay the rent, the more this, that, and the other thing. Do you remember when you first
00:37:55.840
raised the stagflation issue? I believe I used stagflation first in January of 2021, so just over
00:38:03.500
18 months ago, basically when Biden took office. You know, once it was very clear the team that he
00:38:08.560
was assembling, and once it was very clear what they were going to institute and inflict upon this
00:38:13.240
country, you know, I joined you in trying to loudly warn people we are going into an era economically
00:38:19.060
that we have not seen since the 1970s. And by the way, I now believe, you know, let me go further
00:38:24.680
than that. The 1970s now, that era would actually be a relief at the present. What I mean is the
00:38:29.820
dangers are now far greater than they were in the 1970s. So at that point, I was warning about a
00:38:34.840
Carter-style malaise. I think now I'm warning about far, far worse than that. And why, though? Not
00:38:40.400
because of my opinion, because of the data. Yeah, the other day out of the war room, I was talking
00:38:46.060
with Steve about how Larry Summers, who at one point was the dumbest smart guy I had ever met until I
00:38:53.480
met Steve Mnuchin. But Summers came out with a paper that basically said that we've got to hit
00:39:00.840
5% unemployment for a sustained period of time, which implies a significant slow rate of growth
00:39:11.180
or recession. We've got to hit that for a sustained point of time in order to wring inflation out.
00:39:16.640
So, and that implied in turn that the black unemployment rate would probably hit something
00:39:24.100
like 12% for a sustained point of time. Here's my question. It's like, when Powell gets up there
00:39:30.200
and says, we got to maintain high interest rates, he never says that's going to mean we're going to
00:39:37.960
have slow growth or a recession, right? He just says, we're going to have high interest rates.
00:39:43.200
Whereas Summers at least acknowledges that, hey, the Fed's going to raise rates. We're going to have
00:39:49.600
this. Does Jay Powell understand that he's inducing a recession? Will he ever admit that?
00:39:58.540
No, he won't use the R word, right? You know, the scarlet letter R, believe me. But he's starting to
00:40:03.500
get there. Again, far too late, far too little, far too late. I'm not remotely praising him for now
00:40:08.680
acknowledging what is obvious to every single American people who have never studied economics
00:40:13.080
but have paid a bill, right? It's painfully obvious to them. But here's, I want to give you,
00:40:16.940
you bring up a great point. And I do want to give you a quote for him because I think he's taking
00:40:20.640
the smallest of baby steps towards starting to admit that reigning in this inflation is going to be
00:40:27.960
extremely painful for the country. Now we have to do it. We absolutely have to do it because it's more
00:40:32.840
painful to do nothing or to simply try to reward capital because this country simply cannot handle
00:40:38.260
electricity prices that went up. Hang on, let me challenge you a bit on that, Cortez.
00:40:43.640
Well, let me give you a quote for him. Hang on, just give me a second here. I'll hand it right back
00:40:47.720
to you. We've got plenty of time. See, the thing about it is we have to recognize that in a
00:40:53.900
stagflationary environment, the Fed's a one-trick pony. It can either give us recession or it can give us
00:41:01.700
growth depending on where it sets interest rates. And unless you have other parts of government
00:41:08.180
doing what they need to do to drive growth, then it's a fruitless venture. And all that we will see
00:41:17.780
is the Fed doing kind of the yo-yo like it did during the 70s. I mean, if you remember what Arthur
00:41:24.020
Burns did, he was up, he was down. It's crazy. So I guess the question to you is like, really,
00:41:30.660
when you say the Fed's got to do what it's got to do, I mean, don't you have to be, tell me what
00:41:36.360
else the rest of government has to be doing to make that policy effective? Because that's not
00:41:41.780
going to be effective, Steve. It's just going to give us misery in one form or the other. If he's
00:41:47.300
weak, it gives us inflation. If he's strong, it gives us recession. So when you say the Fed's got to
00:41:52.080
do what it's got to do, fill in the rest of the blank, sir. And we're going to take you into the next
00:41:56.240
break. So you'll have plenty of time to wax eloquent. Yeah, of course. No, listen, Peter,
00:42:00.620
incredibly important point. What the Fed can't do are things like secure the border. Now you might
00:42:05.980
say, wait a second, how does that relate to inflation? Well, here's why. Because real wages
00:42:09.700
have gone down for 16 straight months under Joe Biden. Americans are working harder to get poorer
00:42:15.920
every single month of his presidency. If we were to restrain the border, we would get control of the
00:42:22.400
border and disallow these millions of new workers who are competing unjustly and illegally in the
00:42:28.820
labor market against American citizens. Real wages would start to rise dramatically. So that is an
00:42:34.400
example of a policy that is very attainable, very quickly if we have the resolve, that would greatly
00:42:40.220
benefit Americans who are suffering from inflation. Now, again, the Fed has no control over the border,
00:42:45.100
right? That's an issue for Congress and the executive branch. But my point is, those are the kinds of
00:42:50.100
reforms that can lead to growth, even when we're trying to fight this insane inflation that is
00:42:56.360
bedeviling the country because of Biden. All right, Brother Cortez, we'll be back after the break. Do me a
00:43:02.220
favor, go poke out some more of Powell's stuff, see if there's anything else of interest in there.
00:43:09.700
We'll resume this conversation. But I also want to talk to you a little bit about some of the political
00:43:14.600
issues. Maybe give us an update on the J.D. Vance race and whatever else ones you're involved in.
00:43:20.660
I'm Peter Cain, to borrow in for the great Stephen K. Bannon. This is a temporary assignment. Of course,
00:43:31.000
Americans are discovering that if we want to change this nation, we have to change the way
00:43:44.840
the marketplace works. Look, woke corporations are seeking to divide us. Big banks are freezing
00:43:49.600
the accounts of people who disagree with their political views. And our supply chain is dependent
00:43:54.440
upon countries that actively work against our values, like the Chinese Communist Party.
00:43:59.360
It's time for a change. And that change starts with you and your wallet. That's why I'm proud to
00:44:05.500
partner with Public SQ, the largest network of patriotic, freedom-loving businesses and consumers
00:44:11.140
our nation has ever seen. Public SQ is the first app to connect freedom-loving Americans with their
00:44:17.660
local community and the businesses that share their values. Whether you want to support a restaurant that
00:44:22.600
only buys from local farms, a coffee shop that took a stand against COVID mandates, or a bank
00:44:27.380
that could never cancel you for your political views, Public SQ is your guide.
00:44:33.520
There's also interactive, sensor-free community groups where you can connect with other local
00:44:38.360
members. And here's the best part of it. It's absolutely free to join. Just download the Public
00:44:43.000
SQ app from the Apple Store or Google Play. Create an account and begin your search. You can also list
00:44:49.540
your business for free so your local community can support you. Download the app today. Public SQ,
00:44:55.880
that's Public SQ, Public SQ. Go to the Apple App Store or Google Play. Take action. Do this today.
00:45:04.300
Millions of Americans are waking up to a country they don't recognize. And while they struggle to
00:45:09.040
raise their families and pay the bills, the media and corporations are telling them
00:45:12.480
they're what's wrong with the country. Well, thankfully, there are few companies that still
00:45:17.320
believe in America and our Constitution. Patriot Mobile, America's only Christian conservative
00:45:23.440
cell phone company, is on the front lines fighting for the sanctity of life, religious freedom,
00:45:28.860
and the Second Amendment. This is why Patriot Mobile is different from every other provider
00:45:33.380
out there. Inflation has made it really hard on many Americans. Thankfully, Patriot Mobile has plans
00:45:39.000
for almost any budget. They offer the same nationwide coverage as the major carriers. I want to repeat
00:45:44.540
that. They offer the same nationwide coverage as the major carriers. Get the same great service plus
00:45:50.420
the knowledge that your money is supporting the values that made America great and will make her
00:45:55.620
great again. Go to PatriotMobile.com. That's one word. PatriotMobile.com slash Bannon. Or call
00:46:03.220
972-PATRIOT. That's 972-PATRIOT. Use the offer code Bannon to get free activation. Special discounts
00:46:12.440
are available for veterans and first responders. Join our movement. Make the switch today.
00:46:18.640
PatriotMobile.com slash Bannon. That's PatriotMobile.com slash Bannon. Or call 972-PATRIOT. Action,
00:46:29.640
The new social media taking on big tech, protecting free speech, and canceling cancel culture.
00:46:38.280
Join the marketplace of ideas. The platform for independent thought has arrived. Superior
00:46:44.240
technology. No more selling your personal data. No more censorship. No more cancel culture. Enough.
00:46:52.120
Getter has arrived. It's time to say what you want, the way you want. Download now.
00:46:59.480
They put Peter Navarro in leg irons for simply doing his constitutional duty.
00:47:04.440
Now they want to put Peter in prison for standing up for Donald Trump.
00:47:07.380
Please go to Amazon right now and order Taking Back Trump's America to help fund Peter's legal
00:47:13.600
defense. Taking Back Trump's America provides a critical MAGA blueprint to put Trump back in the
00:47:19.380
White House in 2024. Buy Taking Back Trump's America on Amazon today. If they can put Peter
00:47:25.720
Navarro in prison, they can come for all of us.
00:47:28.660
Hey, I'm not kidding about Taking Back Trump's America funding my legal defense fund. My costs
00:47:37.320
already for a misdemeanor are over $400,000. Okay. Over $400,000. Yeah, I'm trying to avoid two
00:47:49.140
years in prison. So, but the Taking Back Trump's America book, look, it's the mission is get back the
00:47:54.700
House of Representatives from Pelosi, get the White House back for Trump in 2024. That's what the book is
00:48:01.400
all about. Now, here's what I want you to try. I want you to kick back in some Mike Lindell
00:48:09.040
percale sheets with a MyPillow behind you. And in your left hand with your PDA, I want you to use
00:48:17.700
Getter the Twitter Killer to do some of your outreach on social media to encourage people to
00:48:24.400
get involved in the races in November so we can put Trump Republicans, not just in the House of
00:48:31.280
Representatives, but in the Secretary of State and the governorships, Carrie Lake, Doug Mastriano,
00:48:36.720
Tudor Dixon. That's the three we're pushing for. Okay. So, so you got, got that going on. And,
00:48:44.480
you know, kick back on that MyPillow. Remember, you got to support MyPillow. Mike Lindell is the
00:48:52.420
armored piercing shell. Use the code war room. You go to MyPillow.com and there's all sorts of
00:48:59.900
good stuff you can do. Mike Lindell, you are a patriot, sir. All right. Now we're going to quickly
00:49:06.940
get back to Steve Cortez on the economy. I'm going to set one of his charts up real quick.
00:49:12.080
The whole Wall Street shuffle when you go as a, as a, as a newbie naive person to give your money
00:49:21.420
for your 401k or whatever they say, well, put about half of it in stocks, half of it in bonds.
00:49:28.940
And that's what they call asset allocation, right? The older you get, the more bonds you want usually.
00:49:34.900
Okay. The idea is the reason you do that is there's a natural hedging thing going on. Stock and bond
00:49:42.300
prices usually go in opposite directions. So if the stock market's going down, you're going to make
00:49:50.260
money on bonds. So that asset allocation works. In a stagflationary environment, however, where you've
00:49:58.540
got simultaneous inflation and recession, stock prices are going to fall because of the recession
00:50:05.880
and bond prices are going to fall because as inflation rises, bond prices go down because
00:50:12.740
they're inversely related. Now, Steve, are we in a stagflationary environment? What is this instrument
00:50:21.880
from BlackRock? Tell us? Yes, we are 100% in, in a stagflationary environment. Again, that's not my
00:50:29.620
opinion. That's what market prices tell us. And as I often preach, price is truth when it comes to
00:50:35.180
the economy. So there's actually an ETF from BlackRock, a firm that I'm not a fan of, but they
00:50:40.140
have some very successful ETFs out there, meaning an exchange traded fund. So in one ticker, you get a
00:50:45.260
group of companies, or in this case, a group of companies and assets together. And that ticker is
00:50:50.080
AOR. And look, I'm not advocating for or against this ETF. My point here in showing AOR, which is
00:50:57.260
chart number two, folks, if we can please pull that up, is that there is nowhere to hide right.
00:51:02.760
Okay? So this is AOR for this year, for the folks who are watching the telecash, you can see that the
00:51:08.400
trend is demonstrably. To be clear, Steve, to be clear, what's the asset allocation? How much stocks,
00:51:13.740
how much bonds? Oh, I'm sorry. Yes. Good point. So this is a 60-40. Burying the lead, brother.
00:51:17.280
So it goes for 60% stocks, 40% bond. And again, over time, just as you discussed, over time,
00:51:26.020
the rationale there being that when you're having problems in stocks, your bonds are doing well,
00:51:30.560
you're collecting interest rates on your bond side, you're hopefully collecting yields on the
00:51:34.000
stock side. Over time, a 60-40 blend. And Wall Street is right for the most part, that over time,
00:51:39.180
for most investors, this is a reasonable way to invest if you're not terribly risk tolerant.
00:51:45.000
So the 60-40 blend is sort of the default position of investing for regular individuals in the markets
00:51:52.720
right now. But if we look at the 60-40 blend as represented by ticker AOR, what we see right now
00:51:59.740
is that year to date, there is nowhere to hide. In other words, you are getting pummeled in stocks,
00:52:05.840
and at the exact same time, you are getting pummeled in bonds. And AOR for the year is down 12%.
00:52:10.200
And by the way, you just heard what the folks on CNBC, Fox Business never tell you about.
00:52:18.540
I know you never hear this stuff. This is the best place for your financial news, just saying.
00:52:23.340
All right, Steve, we've got just a minute and a half left. Tell us about two races that you want
00:52:31.180
people to make sure we win. They're very related, yes. And J.D. Vance in Ohio. Go.
00:52:37.020
And very related to this inflation issue. So there's two candidates that I'm helping that I
00:52:41.280
want to specifically advocate for, because they're part of the solution to this inflation quagmire that
00:52:45.940
we're in. One is J.D. Vance, who's running for Senate, of course, in Ohio, the Republican nominee.
00:52:50.080
He's running against Tim Ryan, who is a lifelong politician and incumbent congressman in the House
00:52:55.840
of Representatives, somebody who claims to be a populist when he's back in Ohio, but in Washington,
00:53:00.080
acts as a sewer creature and has voted for all of the inflationary madness that Biden has put in
00:53:05.520
front of him. According to FiveThirtyEight, which is a left-leaning website, he votes with Biden 100%
00:53:10.820
of the time. So we have to put J.D. Vance in the Senate. On the House side, John Gibbs is an incredibly
00:53:16.960
dynamic and persuasive young man. He already knocked off Peter Meyer, who was an impeachment rogue,
00:53:23.180
a rhino Republican who needed to go and has been dispatched by John Gibbs. But he's in a tough race in
00:53:28.600
West Michigan, Michigan free. We've got to get him over the top in that tough House race. He will
00:53:33.020
prevail, I believe, but it won't be an easy win. Trump has endorsed both Gibbs and Vance, right?
00:53:40.500
These are Trump-endorsed candidates. All right. That is the great Steve Cortez. I wish you were the Fed
00:53:47.420
chair, sir. Maybe Treasury Secretary or the new Trump administration, sir. You should be the National
00:53:54.420
Economic Council director. Cortez, we'll see you again. Navarro, coming up with the great Miranda
00:54:01.560
Devine at the top of the hour to talk about the FBI and the Biden laptop from hell. Navarro in
00:54:09.380
for Stephen K. Bannon. And we'll be right back with a hot another hour.
00:54:16.520
Because we're taking down the CCP. Spread the word all through Hong Kong. We will fight till
00:54:23.740
they're all gone. We rejoice when there's no more. Let's take down the CCP.
00:54:29.900
Folks, let me tell you about Salty. It's a company that makes a soft gel supplement rich in antioxidants
00:54:35.120
to help people like you and me keep a healthy heart. While COVID gets all the headlines,
00:54:41.040
it's important to realize that heart disease kills nearly 700,000 Americans every year. Yes,
00:54:47.500
heart disease is the number one killer every year, year in and year out. Heart disease builds over time.
00:54:53.140
Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart. A healthy
00:54:58.860
heart is key to being energetic as we get older. It is never too early to take
00:55:05.100
care of your heart. You see, heart disease sneaks up on us. You can start in your 30s. And when this
00:55:10.580
happens, you're at serious risk by the time you turn 60. If you want to take care of your heart
00:55:15.080
and those you care about, please go to warroomhealth.com. That's warroomhealth.com. All one word,
00:55:22.940
warroomhealth.com. Use the code warroom at checkout to save 67% of your first shipment. That's code
00:55:29.900
warroom at checkout to save 67%. And do it again. Warroomhealth, all one word,
00:55:34.940
warroomhealth.com. Go there today. You need, if you're going to be part of the posse, you need a
00:55:40.880
strong heart. You need a lion's heart. How we're going to do that is with Salty. Go there, do it
00:55:48.580
They put Peter Navarro in leg irons for simply doing his constitutional duty. Now they want to put Peter
00:55:54.500
in prison for standing up for Donald Trump. Please go to Amazon right now and order Taking Back Trump's
00:56:00.700
America to help fund Peter's legal defense. Taking Back Trump's America provides a critical MAGA
00:56:06.520
blueprint to put Trump back in the White House in 2024 by Taking Back Trump's America on Amazon
00:56:12.940
today. If they can put Peter Navarro in prison, they can come for all of us.