Episode 2149： Soaring Inflation Numbers Are Driving The Stake Into The Biden Regime; Malloy Brings Business Facts And Sensibility To The State Of Vermont; The Fear Of Losing The Reserve Currency And Hyperinflation
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Summary
Consumer price inflation hits 6.3% in August, the worst month in nearly a decade, and the worst year-over-year figure since February 2011. Fed Chairman Yellen and his team respond to the data and talk about what it means for the economy and the economy at large companies.
Transcript
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I see for 2022. What's my outlook? First of all, to me, we have the strongest economy perhaps I
00:00:06.480
have ever seen. So, Jim, after a series of pretty strong days, 8 to 1, 9 to 1, we do expect breadth
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to be pretty negative at the open, and there it is. Oh, certainly. I mean, look, if you're looking
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at the S&P is, we're going to repeal 50% of the rally. That tends to be where you should be buying
00:00:29.880
if you felt like you missed the rally. Stunning inflation report. John, is that the right word?
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I think you can call it that. It's an upside surprise, Tom. Stunning inflation report. Futures
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turn around. I'm doing the math in my head, John. Help me out here. 2.5% flip-flop in what we see
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on S&P futures. And some on the NASDAQ 100. We're down 2.4%. This disrupts the idea that this Fed
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can back away anytime soon, Tom. It's a bit of a reaction. Well, I'll go with the disruption,
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or just to say that we've got to rip up the script and come up with a whole new dialogue.
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What we saw today with these numbers, these hot inflation numbers, is exactly why they needed
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to pass things like the Inflation Reduction Act. It is the way for them to say, this is proof positive
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that our theory of the case is correct, that we said we want to make sure that we find ways to,
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if we can't get completely get rid of inflation, figure out a way to make things, prices lower for
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the American people, and more importantly, lower for middle-class families. Yes, the August numbers
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for the Consumer Price Index, headline number expected to be down, is up one-tenth instead of
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down one-tenth. And do remember, the high watermark there was in June when it was the highest level
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since 2005, when it was up 1.3%. Up only one-tenth, of course, is the lowest. Well, since last month,
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we're unchanged. If we strip out the all-important food and energy, and do understand, gas was down,
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what, 26% month over month. It's food that we have to pay attention to. Up six-tenths of one percent,
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double the expectation. And the high watermark there is up nine-tenths. That was in April,
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and that went back to 1981, up six-tenths. Well, if you look at up seven-tenths in June,
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that's kind of our comp. Now, the year-over-year numbers, expecting up eight percent, up 8.3 on
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year-over-year, up 8.3. High watermark there was, of course, 9.1. That goes back to 1981.
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8.3 equals April, and it is the lowest level since February, when it's 7.9. And if we strip out the
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all-important food and energy on a year-over-year perspective, it's also hotter than expected.
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Up 6.3 percent, we're expecting up 5.9. The high watermark there, up 6.5. That was in March.
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That was the highest since 82. So when we see 6.3, that actually now is the highest since March of
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when it was the highest since 82. We've had four months in a row where it was moderating a bit.
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We'll call an end to that. Now, as we look at interest rates, we can clearly see that there's
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a lot of two-way action going on here before the most-
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Okay. In the land of the blind, the one-eyed man is king. Rick Santelli is the one-eyed man
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over CNBC because the rest of them are totally blind. But we're two-eyed men and women. And I've
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got Steve Cortez and Monica Crowley. Monica was a strategic communications head at the Treasury
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Department under Donald Trump. I want to start. It's Tuesday, 13 September, the year of our Lord,
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2022. I'm so proud of the War Room Economics and Capital Markets team led by Steve Cortez.
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Brother, you got this one right. Credit Suisse came out last night and said, you know,
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with the collapse and inflation that we're going to see tomorrow, it's going to have a massive surge
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in buying equities. There's blood in the streets, brother. And the blood is just not in stock.
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Steve Cortez, give me a headline before I go to Monica.
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Yeah. Listen, the only thing that's collapsing is the prosperity of regular Americans, particularly
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middle and lower income Americans who have been put into an economic vice because we have something
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in this country, a phenomenon that we have not seen since the 1970s, soaring inflation with growth
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crashing into a ditch. Except it's even worse than the 1970s because of various factors. And we'll get
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into some of them, show some of the charts. This is a terrible report, but I want the folks out there
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to not be gloomy about it. I want it instead to encourage us, to motivate us, to fix this mess.
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By the way, we absolutely can do it. I'm going to get Monica in here for a second, but I do have
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to highlight one thing. Magnificent, cold open, a work of art, because we start with Jim Cramer
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with the pom-poms out on January. Well, January 1st ain't the greatest economy he's ever seen,
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right? And then Steve Cortez, Jim Cramer has the chutzpah at the market open with the market down
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600 points. He has the chutzpah to say, wait till 11 o'clock after this goes. He's pitching buying
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the dip on a day when they've got the inflation number totally wrong. It's awful news. And Jim
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Cramer's pitching buy the dip. Is that chutzpah?
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Yeah. Well, listen, it's stupidity. It's all of it put together. Turn off the corporate media
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because they prioritize narrative, unfortunately, over economic reality. But again, the American
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people can't be spun by these folks, by these loudmouths basically on air who, again, prefer
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narrative versus economic reality. By the way, one thing that I'd like to point out too, Steve,
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regarding this number is that particularly on the core inflation, it was double expectations,
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double the rate of expectations month over month. That's a fascinating segment of this in and of
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itself. There's an army of PhDs who are very well paid, Steve, to forecast exactly these kinds of
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numbers for the massive hedge funds, for the central banks of the world. And they can't get it right.
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Why? Because, and they're very smart people. Okay. And I'm not even necessarily casting judgment on
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them. The reason they can't get it right is because we are in absolutely unprecedented times.
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I mean, there's literally either no precedent or you've got to go back 50 years for some sort of
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rough analog to what's happening right now. What Joe Biden has wrought in this last year and a
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half, it is absolutely historic. It is crushing the prosperity of America. And today's number
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is further proof positive. What our theory of the case has been, this is forget recession and
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stagflation. We're deep into that. And it's almost a depression for certain Americans, but we're one false
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move away from going over the cliff and having a depression of what should take 10, 10 years to
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unwind. So I want to bring in Monica. Monica, I had to put the Politico commentator or the
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Politico writer in the, I think on Morning Joe, in the middle of that. He's saying, hey, this number
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is great because now Biden proves, it proves his theory of the case. He's got to play, he's got to
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pass the inflation reduction at more spending, more spending upfront to reduce inflation. You had a
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tweet out. Is this madness? Have you ever seen anything like this in your life, Monica Crowley?
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Well, first of all, good morning, Steve and Steve. Great to be with you this morning. And thank
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you for highlighting that tweet. Steve, as soon as I posted it, you texted me and said, can you jump
00:07:03.980
on? That sentiment right there, that last line, I've been talking about this literally from day one of
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the Biden administration. All of the spin that you hear from them and from the press, they're just
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full of crap all of the time. You know, there's spin and then there's outright lying. They are outright
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lying to the American people about the state of the economy. The bad news for them is that the
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American people are living this economy on the ground every day. Every time they go to fill up
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their tank, every time they go into the grocery store. The other day, I got a menu from a new
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restaurant out of Long Island, New York. They wanted 29 bucks for a BLT. I obviously did not order
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the BLT. I'm not spending 30 bucks on a BLT. But the American people, every time they go to feed
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their family or drive somewhere, this catastrophic Biden economy is in their face. That last line in
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that tweet, Steve, which I think is the thing that really caught your attention. This is a deliberate
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takedown of the U.S. economy. There it is, the deliberate implosion of the U.S. economy. This has been
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going on from day one. You guys talk about this all this time. Steve Cortez is excellent on this.
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The laws of economics are hard and fast. It's not like you're talking about social welfare policy or
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wetlands in New Jersey. When you're talking about the economy, those laws are hard and fast. There is
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no getting around them. The White House expected a better inflation number today, which is why they
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created this entire event around Biden today to celebrate the passage of the Inflation Reduction Act,
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where now you've got inflation still coming in hot. You talked about core inflation. You also talked
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about consumer prices. And I want to raise one other point, Steve and Steve, which is that real wages
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have been negative for 17 months straight ever since Joe Biden and the Democrats passed the
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American Rescue Plan. So the American people are suffering. They know it is going to have huge
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political consequences come November. By the way, 17 months in a row, real wages drop. Inflation on
00:09:10.740
fire, particularly core inflation, as Steve says, that gets to the heart of it. Interest rates are
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going to pop it again next week. Interest rates are going to see your credit card, your cost of living
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is going to go up. Plus, Reuters, they buried it. They just announced the greatest drop in net worth
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for the American people in the history of the country. What, $6.1 trillion in the second quarter.
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And that didn't even mark real estate to market. They're hitting your balance sheet. They're hitting
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your net worth and your income. Here's the point that Cortez makes. And Monica, you're an expert in
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this because you live in the heart of the beast, New York City. His point is that the corporate
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business media is all is all narrative and really don't focus on the numbers. That's why today people
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have to understand we've been watching this. They've been playing up this thing today is like, you know,
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it's going to be a big drop in inflation. Biden's on track. This is going to be the propellant
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that gets him to hold the house and pick up a couple of seats in the Senate. This is going to
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be their big moment. And guess what? Reality punched him right in the mouth. But why is the media,
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business media, the Financial Times, the New York Times, even some of the Wall Street Journal,
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why are they pushing narrative instead of the hard reality of what they're arguing about? Are we in a
00:10:18.900
recession, two quarters? It's all nonsense. It's a depression for MAGA, for the deplorables,
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for working class Americans, Hispanics, African Americans, everybody, every middle class person,
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and particularly working class, are in a depression. Monica Crowley.
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Yes. And Steve, that is exactly the point. So the Democrats have spent decades and
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mined a lot of political hay out of appealing to the middle class, working class, and the poor,
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claiming that they are champions of those constituencies. And therefore, they should all
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be voting Democratic. And for a long time, the Democrats with the unions, they were champions
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of the blue-collar class. Well, now we have a complete reversal of that, to the point where
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the Democrats are now champions of the coastal elites, the elite ruling class, and nobody else.
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And that's why you're seeing this very dramatic political realignment that really began under Nixon,
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with the Nixon Democrats went on through Reagan, then went on through the Tea Party,
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and now it's part of the MAGA movement. That realignment is a long-term realignment,
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but it's being accelerated because Democrats are point-blank lying to these groups of people.
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And it's, are you going to believe me or your lying eyes? Well, again, every time they go to buy
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anything for their families, they're seeing it in their face. The business media in this country,
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with the exception of Fox Business, the business media in this country is largely corrupted.
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The way every institution, every organization is now corrupted in this country,
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shot through with politics. They're not telling you the truth, guys, because they're covering for
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the regime. And the point of my tweet today, and I've said this repeatedly, this is a deliberate
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takedown of the U.S. economy. I mean, this is Cloward and Pippin. This is about overwhelming the
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system, whether it's the border or the economy with spending and inflation. It's about overwhelming the
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system in order to implode the system so that they can rebuild in their own image,
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namely a neo-Marxist kind of model. So you've got the members of the press covering for it
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because they're in on it. And that's the objective and the goal that they would like to see.
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So you're not getting the truth, whether it's politics, foreign policy, or the economy.
00:12:32.820
Monica, how do people get to your podcast, which is on fire? How do they get to you on social media?
00:12:37.900
Oh, thank you, Steve. So it's called the Monica Crowley Podcast. It's available wherever you get
00:12:42.340
your podcasts, Apple, Google, Spotify, Stitcher. I do it three days a week, Monday, Wednesday,
00:12:47.700
Friday. It is pure fire. Also on social media, on Instagram, I'm at Monica Crowley underscore,
00:12:54.000
and Truth Social and Twitter at Monica Crowley. Thank you. I know you're busy today. Thanks for
00:13:00.600
starting this off. And thanks for the tweet, Monica Crowley. Cortez, we've got a couple of minutes
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before we go to break. Is Monica Crowley right? I mean, you've been into the details. We're gonna get
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much more into the numbers. But are these acts of commission or is it just pure incompetence?
00:13:15.500
Or is it something? I mean, how do you actually defend their policy moves that are driving us over the
00:13:22.920
Steve Cortez? No, it's more sinister than just incompetence, right? You cannot convince me,
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for example, that Janet Yellen, with a PhD from Yale, the faculty at Harvard, former chair of the
00:13:33.560
Fed, you cannot convince me that she believed it in her core when she said that inflation was
00:13:38.200
transitory again and again. They're willing to tell deliberate lies to the American people. But as
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Monica correctly said, price is truth. You can't fool people about what they are actually spending.
00:13:49.300
And I have to say this too, Steve. You know, listen, as an American, this is just terrible
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news. There's nothing to celebrate here, quite the opposite. This is really terrible news for
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the country. And a lot of people are in a really bad state economically. And I really empathize for
00:14:01.420
them. I want to also tell you, though, as a political operative, as somebody who is involved
00:14:05.160
deeply in these campaigns to try to get the right people elected in November, the fact that the White
00:14:10.080
House today, Steve, has an Inflation Reduction Act celebration scheduled is really kind of delicious.
00:14:16.780
I mean, imagine right now the scurrying around at the White House, trying to figure out what they
00:14:22.160
are going to say this afternoon. Right. I mean, there is nothing they can say.
00:14:25.920
They're going to they're so brazen. You heard the political guy. They're going to sit right there
00:14:30.620
and they're so brazen. They're going to be they're going to gaslight you to your face.
00:14:35.080
Cortez, hang on. We're going to break down some numbers. We're also going, you know, numbers like this
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put put states like Vermont in play. We're going to talk to a West Point graduate that's taking it to
00:14:45.200
home up in Vermont. The Democrats have been the problem with this. The guy running Welch
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has been part of this for 40 years. All next in the war room.
00:14:54.020
You know, it's never good when your nation's supposed authority on economic policy completely
00:15:05.860
misses the flashing red lights of impending inflation. Now, Treasury Secretary Janet Yellen
00:15:12.040
has finally admitted, quote, there's been an unanticipated and large shocks to the economy
00:15:17.280
that have boosted energy and food prices and supply bottlenecks that affected our economy badly
00:15:22.760
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The epidemic is a demon and we cannot let this demon hide.
00:16:32.140
War Room Pandemic. Here's your host, Stephen K. Bannon.
00:16:39.320
Okay, welcome back. Steve Cortez. Let's go back to the beginning. Walk me through what happened
00:16:43.640
this morning. What was anticipated by the White House? What was anticipated by the bought and paid
00:16:49.200
for corporate business media? And then actually what happened and what impact was this going to
00:16:55.100
have on this audience, sir? So the White House in its amen corner in the corporate legacy media,
00:17:00.840
particularly the business media, constantly preach at the American people that we've reached peak
00:17:05.160
inflation, that inflation is set to come down dramatically and that it's somehow no longer
00:17:09.540
an issue. Well, the exact opposite today because we got out the data, the hard facts, the cold water
00:17:15.520
poured all over that ridiculous narrative. Headline inflation, CPI, came out at 8.3% on an annualized
00:17:22.420
basis, very near 40-year highs, far worse than expectations. And when you dig into the details of
00:17:27.500
the devil was indeed in the details because the details were even worse. For example,
00:17:32.140
core inflation, 6.3% on a month-over-month basis, rose twice as much as expected. And the reason
00:17:39.120
when you dig into the details and into the sectors of this report, it's because gasoline stopped soaring
00:17:45.280
higher. Yes, but guess what? Food and rent picked up the pace and they accelerated in massive ways. So
00:17:51.960
this was a crushingly bad report. Even the corporate media, I think, has to admit. And by
00:17:56.720
the way, forget for a second about what the media says. Forget what I say about it. Let's look at
00:18:00.220
what financial markets say. Right now, as we speak, the Dow is down over 700 points, much worse than
00:18:05.740
that on the NASDAQ, down 3.5%. This is really interesting, Steve. The housing sector, housing-related
00:18:11.240
stocks right now, down 4% on the day, largely because of interest rates soaring in reaction to this
00:18:17.280
report. We'll get more into those details on the bond market shortly. But this is a staggeringly bad
00:18:22.640
report. And to also connect the dots to politics, Steve, I've already liked our chances, the America
00:18:27.440
First movement, at electing patriotic populace in November in a wave election. Don't believe the
00:18:33.040
suppression messaging and polling out there from corporate media. A report like this, Steve, if we
00:18:37.960
message correctly and persuade the American people that we have the answers to fix this, which we do,
00:18:43.160
we're going to see an absolute wave. This number could win us the United States Senate, could win
00:18:48.580
us control of the Senate, could win us a much bigger majority in the House. If we have, if we
00:18:53.240
have discipline. Yes. If people spend time, they got to spend, they have to spend time understanding
00:18:58.480
these numbers. Number one, last night, we went over $31 trillion. I think it was last night, we went
00:19:03.840
over $31 trillion of national debt. $31 trillion. You've just seen the greatest drop in the history of the
00:19:09.740
country of your net worth, $6.1 trillion. And that doesn't include the fiasco today. That's from the
00:19:16.100
second quarter. Also doesn't include the fiasco that's going to happen, the debacle in real estate.
00:19:21.800
You've got 17 months, you've had this report today. So every day you go to work, you're falling farther
00:19:27.840
and farther behind. The harder you work, the farther behind you're falling, right? And this is because of
00:19:32.960
these. And today they're going to be celebrating this orgy of spending in Washington, which is just
00:19:39.040
this, this inflation reduction was just, it's a phony name. It's an Orwellian title. It's just
00:19:43.940
payoffs to all their buddies because they know they're going to lose the Senate. This was Manchin,
00:19:48.360
that crook. He's a crook that, you know, come on, West Virginia, give me a break. West Virginia
00:19:53.140
Democrat. He's a crook getting payoffs for all his lobbyist buddies. Everybody's putting there
00:19:57.800
because he knows he's not going to have the chairmanship of that committee any longer.
00:20:00.900
Remember, this is a joke. It's a joke. And this is why I got Major Malloy. He's been
00:20:05.800
running really on economics package. The guy Welch that he's running against is part of
00:20:10.320
the problem. A career politician. If you've been in Washington, D.C. for 40 years, you're
00:20:14.780
the problem. You're not a solution. You're the problem. You shouldn't have to say anything
00:20:18.560
more than that. Just put these numbers up. It's the lived experience of working class
00:20:23.440
people. But to do that, these Republicans that are not, have to actually understand the
00:20:30.340
lived experience. It ain't crudités, okay? You can't give me that, brother. You got to go
00:20:36.820
boom, boom, boom, boom, boom with the facts. And it ought to be relentless and ought to be
00:20:42.060
every day. What I'm hearing is a lot of happy talk and scrambling around. This is a referendum
00:20:46.840
on a financial disaster. Look what he's done in 17 months and compare it. Steve Cortez's analysis
00:20:53.380
of the golden age of the fall and Christmas of 2019 and what 2019 was compared to where
00:20:59.320
we are today. And ladies and gentlemen, and we have never been wrong on a big call. I don't
00:21:04.600
think we've been wrong on a small call, but particularly the big calls. We are warning the
00:21:09.120
country that we are one or two moves away of what can't be reversed for a decade. A decade.
00:21:15.880
This is the, this is the precipice we're on now with the, this is not irresponsible. This is
00:21:21.920
reckless, right? Remember in investment bank, we had those engagement letters, Steve, you have
00:21:25.980
negligence, gross negligence and recklessness. This is reckless. The standard of care here,
00:21:31.620
right? Is reckless. I want to bring in, do we have the cold open? Let me play major Malloy up in
00:21:36.400
Vermont. When you talk about wave, this is how you get a state like Vermont, the, the, the,
00:21:40.940
the common sense folks up there that are these flinty new Englanders, right? They're not,
00:21:45.960
they're not going to buy this, this madness that's destroying their country. Let's play
00:21:49.340
major Malloy's cold open or bring him in. Congress, Congress controls the budget. And
00:21:54.080
I think it's actually been more Democrat overspending while it has been, uh, than Republican in
00:21:58.800
particularly the last, uh, year and a half, year and a half, uh, with even Senator Manchin calls
00:22:04.660
it reckless overspending. That is the reason, uh, if you ever took economics, you know, just
00:22:10.180
churning out money, increasing the, the, uh, M2 money supply always and everywhere.
00:22:15.280
That's going to result in inflation. That's why we have the inflation and now recession that we're
00:22:19.180
in. Uh, so I would, I would look to have, have discipline. Uh, I do not look, it kind of gets
00:22:24.280
back to having the overall view of Republican versus Democrat. I'm not in favor of overspending
00:22:29.300
or new taxes. So that's exactly what's going on now. And they're trying to push new taxes on,
00:22:34.520
on us. Uh, uh, I look to face, uh, Peter Welch and I've done research that the
00:22:40.060
national debt has gone 300, up 300% on his watch, 300%. That's failure. That's that gets
00:22:45.840
you fired. That's not performance. So, um, uh, just really just, uh, discipline, uh, spend
00:22:53.860
within a budget like we all do. Okay. I want to bring in major Gerald Malloy. Now, uh, look
00:22:59.860
compare and contrast Welch is part of the problem. He's been there forever. The national debt's
00:23:04.600
going over $31 trillion, net worth, the American people, historic crash. These numbers, the
00:23:10.380
inflation, which shows how your lived experience every day, 17 months in a row, real wages declining,
00:23:15.660
and we ain't seen the worst of it because they're bound and determined to spend more money. Major
00:23:20.260
Gerald Malloy, what is your theory of the case of how to take on Peter Welch in Vermont, sir?
00:23:26.060
Well, uh, Steve, first off, thank you very much for having me on. So I just had a debate with
00:23:30.520
Mr. Welch. And it was very interesting right off the bat, our opening comments. I talked about the
00:23:35.340
economy, 40 year high inflation, record high gas prices, recession, and exactly that $31 trillion
00:23:40.900
debt. It's a result of massive reckless overspending. And it's a result, also a result of the decision to
00:23:47.400
kill the oil and gas industry. So it's inflicted that on the American people. Now the hand, he talked
00:23:52.900
about insurrection. So he's missing the boat. Uh, what? And then I talked about, you know, why me?
00:23:57.920
Exactly. Some of the things you and our, your guests have been talking about common sense,
00:24:02.180
discipline, uh, actual demonstrated performance and leadership, and, and maybe most of all,
00:24:07.480
the willingness, uh, uh, to make a tough decision. The career politicians are just not willing to make
00:24:14.000
and, and, uh, you know, I even talked also about, we got a disconnect here. The president is looking to
00:24:20.060
spend another trillion dollars on the loans and more overspending. And while our fed is going to tamp
00:24:27.620
down, uh, again, uh, another 75 basis points here, probably in the next week. So you look at that,
00:24:34.940
that was behind the power curve and trying to catch up to inflation. But until even in doing that, we're
00:24:40.620
adding another 400 billion to our national debt. So it's, it's, I heard the guests talk.
00:24:47.860
When, when, when, when the rates start going up and we're going to talk about this, uh, uh, Cortez,
00:24:53.960
I know you can't have a default on the U.S. government, but all this discretionary spending,
00:24:59.260
they were just printing money because they don't have the cash to pay for it. It's going to explode
00:25:03.340
because the interest payments on the debt are going to explode. Major Malloy, just here's a question.
00:25:07.960
In Vermont, which doesn't get a lot of national coverage and of course, war rooms all over it,
00:25:11.980
those are practical people. Those are common sense people. They're kind of part of the backbone of
00:25:17.240
this country. When you go out and talk to people in Vermont about what's going on in the economy,
00:25:22.100
what, what are you hearing from them? Are they talking insurrection? Are they talking,
00:25:25.860
oh, it's the end of democracy? Are they worried about the lived experience of their lives and their
00:25:30.700
children and their grandchildren? Vermonters are worried about the future and their economy and
00:25:36.500
the pocketbook. And, uh, you know, I, I talked about that, uh, my campaign, my part of my decision
00:25:42.380
process with Senator Lee, he made his announcement. I thought about running and I, I decided I need to
00:25:47.400
run. Our country's going in the wrong direction. And what, what helped me in that process is we
00:25:52.440
affirmed it every day since in the 10 months, I think I've met, uh, well, well over 10,000 Vermonters
00:25:58.340
and talking to them, uh, I would say a good solid 85% are very concerned about, beyond concerned about
00:26:06.860
the economy and the direction we're going. They realize it's not sustainable and, uh, they want
00:26:12.680
change. And that's what this election is about. It's about changing the course and getting our
00:26:17.080
country back on track. Now, Major, you're a West Point grad and you've, uh, you, you, uh, served,
00:26:23.020
uh, your career was in the army. Is that correct? Is that your background? Uh, yes, Steve. Yes. So,
00:26:28.180
graduated from West Point, served 22 years on active duty around the world. Uh, I am a
00:26:32.580
combat veteran. I led the operations of a battalion firing 400, uh, uh, excuse me, across 400
00:26:38.300
kilometers, firing 650 MRS rockets and helped liberate, uh, Kuwait. I served with about 20
00:26:44.220
NATO partners and allies. And then I did five years in business, uh, excuse me, five years
00:26:48.580
in government across many government organizations in the last 11 years in business. So I bring business
00:26:54.380
experience to grow, uh, new jobs, uh, well-paying jobs here in Vermont. I think my experience mostly
00:27:00.300
in the DC area against supporting government organizations, I'm going to apply that to
00:27:04.960
solve problems and, and, and grow business, which has been missing, uh, here in Vermont.
00:27:10.740
Major, how do people get to your campaign site? How do people find out more about you on social media?
00:27:14.820
Sure. It's Deploy Malloy, uh, one word, DeployMalloy.com.
00:27:21.500
Major Malloy, look forward to having you back on there. Fight on up in the great state of Vermont.
00:27:26.580
Thank you, sir. We're going to, we're going to return. We got, uh, Steve Cortez and drop it,
00:27:31.100
get into more of the numbers. We're right there. If Republican candidates just go and put the facts
00:27:38.580
forward to the American people, I don't care what state you're in. They're going to sit there and go,
00:27:43.100
you know what? I think I'm going to give those guys a shot, right? What Biden in this illegitimate
00:27:49.200
regime is doing is destroying, destroying the American economy and with it, the American working
00:27:56.100
class, Steve Cortez, with his in-depth analysis of exactly what's going on next in the world.
00:28:01.720
Bring it on and now we'll fight to the end. Just watch and see. It's all started. Everything's begun.
00:28:09.020
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Use your agency. Action. Action. Action. Action. War Room. Pandemic with Stephen K. Bannon.
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The epidemic is a demon and we cannot let this demon hide. War Room. Pandemic. Here's your host,
00:29:59.240
Stephen K. Bannon. Okay, sleep the sleep of the just. You need it now more than ever because remember,
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right there. Also, now more than ever, I'm doing this continual series with Birch Gold on the end
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of the dollar empire. Okay, the second part of the series is the fall of the dollar as the prime
00:30:45.020
reserve currency. Another article in the Financial Times this morning about the exact same thing about
00:30:49.300
China and Russia and all of them looking at a basket of currencies that can get away from the
00:30:54.820
us being the prime reserve currency. You think your life's bad right now? Hey, wait till that,
00:30:59.900
wait till we, wait till the Biden administration collapses on that. That's when we become Argentina.
00:31:04.920
Make sure you go check it out. It's all free. Birchgold.com forward slash Bannon.
00:31:08.700
It's totally free. The first part's the politics of money. The second part's about the prime reserve
00:31:12.740
currency. We need the War Room Posse and the deplorables to get up to speed on the concepts
00:31:17.780
that we're going to be talking about of how important the federal reserve is. We have to
00:31:22.240
end the federal reserve as we know it. It has to be restructured. If we have a central bank at all,
00:31:28.500
it has to have more control by the people. But you need to understand how this thing flows and how
00:31:32.960
it works. Okay, Steve Cortez, my brother, you've got some charts to go through. Take it away.
00:31:39.240
Here's the thing that's unique. Cortez and Navar have been the only two guys talking about this
00:31:44.380
because remember, everybody else is cheerleading that wants you to buy stocks and bonds on these
00:31:48.220
other channels. We're unique. This is kind of unique in American history. You know, I've been
00:31:54.340
at this a long time since I left HBS and went to Goldman. You never, you very rarely, and I don't
00:32:00.640
even remember seeing, where you have a collapse of the stock market and the stock market, things down
00:32:04.860
700 today. As we keep saying, hey, that's the cream. Look at the bond market. There's no place to
00:32:10.940
hide. The grandmothers are getting crushed today. Steve Cortez, why? Yeah, no, correct. And you know,
00:32:16.900
look, stocks are more interesting. Stocks are for show, but bonds are for go. Bonds have a much more
00:32:21.660
direct impact on the lives of most Americans than stocks do. They're both important. And we're going
00:32:26.120
to get into the details. And to your point, as we speak right now, the Dow is absolutely getting
00:32:30.700
crushed down 786 points right now. Semiconductors, that sector down almost 4%. The housing sector down
00:32:39.620
over 4%. But as bad as that news is, the bond news is even worse, which we'll get to in a moment.
00:32:46.020
But first, let's talk about the reality that consumers are facing right now, because you hear
00:32:49.860
that headline number of 8.3%. Okay, let's dig into some of the details. So if we pull up chart number
00:32:55.120
one, I talk about this basket a lot. I call it the have-to basket. This is the Cortez non-discretionary
00:33:01.000
items, the three most important items, have-to items that every person must pay for simply to live.
00:33:07.080
Gasoline, groceries, so not fine dining, okay? Groceries, food at home, and utilities. As of
00:33:13.120
today's reports, these are new, fresh numbers. Gasoline up 25%, groceries up 13%, utilities up 33%.
00:33:19.740
So that have-to basket put together up 24% on an annualized basis. Steve, this is absolutely crushing
00:33:29.240
for regular Americans. Working class, lower income folks simply cannot handle these kinds of prices.
00:33:36.400
That's why, right now, as we speak, one out of every six American households, 20 million American
00:33:41.560
households, are delinquent on their utility bills. And they are facing what Bloomberg called a, quote,
00:33:47.800
tsunami of shutoffs in the coming months, because they simply can't afford these prices. Part of why
00:33:53.060
they can't afford is not just that the prices are rising so fast, but it's because their pay can't
00:33:56.840
keep pace. So let's look at chart number two. Monica Crowley very correctly noted that we have
00:34:01.560
17, no, that's chart three. Let's look at chart number two, please, that we have 17 consecutive
00:34:06.800
months of declining real wages in this country. It is an absolute implosion. Americans are working
00:34:13.800
harder and harder to fall further and further behind. That is the reality that they face every
00:34:19.180
single day. Real wages are crashing. Weekly average hourly earnings, as of today's report,
00:34:25.620
down 3.4%. Down, Steve. I mean, listen, real wages are not supposed to go down at all. They're
00:34:31.820
certainly not supposed to go down for 17 consecutive months. That's the reality that Americans are facing.
00:34:37.360
Hang on. I want to deconstruct that for a minute because it's so unusual. Why has it gone down?
00:34:43.580
Remember, when I talk about the golden age of Trump in the fall and winter and Christmas season of 2019
00:34:51.520
is because that's the culmination of a bunch of policies. There you had 1% inflation. Correct me
00:34:57.020
if I'm wrong. I think it was 11% wage increase among blue collar and non-college graduate workers. I
00:35:02.600
mean, these were historic. First time they'd ever been historic numbers. That's the cause of Trump's
00:35:06.960
economic policies. Then you have Biden. You've had 17 consecutive months. I want the audience to
00:35:13.980
understand the harder you're working, the farther you're falling behind. Every month you are falling
00:35:19.800
behind. They've got you on the end. If you take yourself as a business, you have an income statement
00:35:24.280
and you have a balance sheet, right? Your income, you're getting crushed on your income every month.
00:35:28.940
You're falling farther and farther behind because the inflation is out of control, particularly when you
00:35:33.680
go look at Cortez's core basket of how you have to live, your lived experience basket, right?
00:35:39.140
Then if you look at overall of your assets, and this is not even marketing to market real estate with
00:35:44.520
the rate increases next week going to implode. You're just mark to market bonds and stocks of
00:35:51.720
what they've done to you. You've lost $6.1 trillion of net worth, the greatest drop in one quarter in the
00:35:58.420
history of the country, Steve Cortez. No, exactly correct. To that point, by the way,
00:36:04.240
of what you have to pay for the staples, the half-two items in your life, this means that for
00:36:08.280
the vast majority of Americans, there are no more luxuries. There are no more discretionary items
00:36:12.560
to be bought. To connect this back to financial markets, you know what's reflecting that reality
00:36:16.620
today is the stock of Nordstrom. I'm not trying to pick on this company, but it's generally an
00:36:20.900
expensive place, not a lot of half-two items in a Nordstrom. Nordstrom stock today, Steve,
00:36:25.780
right now as we speak, is down 6.5% on the day. It is worth roughly half of where it was
00:36:32.600
last November. So last November, heading into the Christmas season of last year,
00:36:37.640
consumer-facing stocks were actually doing well. They believed that they were going to have a good
00:36:41.420
Christmas season. Almost every consumer-related stock topped out then in November because the
00:36:46.700
holiday season was incredibly disappointing and was a precursor to what was to come throughout this
00:36:52.040
year. And now the upcoming holiday season, the upcoming Christmas shopping season, looks like it's
00:36:56.560
going to be absolutely miserable. Hence, a stock like Nordstrom down 6.5% on the day. But again,
00:37:03.060
I mentioned bonds. Let's get to that bond chart and we can show chart number three because I think
00:37:06.780
this is crucial, Steve, because there is nowhere to hide right now in Joe Biden's economic implosion.
00:37:13.020
That chart which we're showing is the LQD. That is an ETF, an exchange-traded fund. So even though
00:37:19.280
it trades like a stock, it's actually full of bonds. What you are buying when you buy LQD is
00:37:24.480
investment-grade corporate bonds. Now, previously, I showed high-yield corporate bonds. Those are
00:37:29.420
riskier bonds. This is investment-grade, meaning these are blue-chip companies who have paid their
00:37:35.300
bills forever and most investors believe are going to continue to pay their bills forever. Okay,
00:37:40.060
so these are the bonds of absolutely blue-chip companies. The LQD is supposed to be boring.
00:37:47.140
To your point, Steve, it's supposed to be for grandmas. They collect some dividends. They collect
00:37:50.980
some yields on this. It doesn't change wildly in price and they go on their merry way. That is the
00:37:56.540
norm. Well, in the Biden economy, no markets are functioning normally, whether it's Main Street
00:38:01.820
businesses who are delinquent on their rent or whether it's capital markets and the bond market like LQD.
00:38:06.860
So if you look at that chart, which has absolutely imploded, and that chart is since Joe Biden took
00:38:11.900
office on the LQD, it is right now, as we speak, it just made, by the way, I had marked there 106.92.
00:38:18.500
That was the low before the opening today. We have now, as of today, broken that low. So we are at a
00:38:24.360
new 52-week low. We're at a new low for the Biden presidency in bond prices. As prices go down,
00:38:31.140
interest rates go up. That's the way bond markets work. And the LQD right now is down 21%
00:38:37.960
since Biden's inauguration day. Steve, it's hard for me to convey to folks who don't typically watch
00:38:42.740
bond markets, but believe me, when investment grade, normally boring, safe corporate bonds are
00:38:50.200
down 21% in just over a year and a half, that is absolute capital markets carnage. There is nowhere
00:38:58.540
too hot. The reason we do capital markets is because the industry should be linked with politics
00:39:03.220
and power. Just the reason we do it in connected dots. Look, you're going to notice it today,
00:39:08.120
and I'm sure some of the audience, when you're calling up your financial advisor and seeing,
00:39:11.700
hey, there's blood all over my account. Why is that? Normally, stocks go down, bonds are safe,
00:39:17.900
a safe harbor. The reason is, there's a logic to this. This government, this illegitimate government
00:39:26.100
is literally out of control in what they're trying to do. This radical Green New Deal transition,
00:39:31.860
they've crushed our energy sector. And here's what they're doing. Remember, $31 trillion,
00:39:37.180
we hit overnight, I think it'll be tomorrow, today, $31 trillion of debt on the balance sheet of the
00:39:42.120
nation, another nine and a half trillion dollars over at the Federal Reserve, their kind of side pocket
00:39:46.580
for the elites, right, which they haven't started tightening. You're going to have, and interest rates
00:39:52.240
are going to start sucking up more and more on the government bonds. You're not going to have,
00:39:56.680
you're going to have, we're going to have less and less money to pay for discretionary, which you
00:40:00.660
don't have any money to pay for it now, so you're going to have to keep printing money. Biden's
00:40:03.820
solution, they put up $47 billion of Emergency Spending Act, because on September 30th, there's
00:40:09.540
no appropriations bill. They're not going to do it. They're going to come back to you, wait for it.
00:40:13.260
This week, you're going to start talking about the continued resolution, they got to kick it down the
00:40:16.500
road, you know, give me a couple trillion dollars. This bill was $47 billion, what, for COVID relief,
00:40:23.740
for monkeypox, and guess, and wait for it, Ukraine, particularly all this media, Ukraine's doing so
00:40:29.280
great now, it's the greatest offense I've ever seen, it's Patton. They're like Patton going across
00:40:33.480
the southern France in 1940s. It's all nonsense, all crap. It's all to get money and more money. Then he's
00:40:39.040
going to come, discretionary spending, Cortez, is going to be another trillion a half to two trillion
00:40:43.600
dollars. This is madness. It's madness. It's destroying the nation. It's going to destroy
00:40:50.220
every generation. We are going to be cursed by every generation that comes up, because we had
00:40:55.760
the ability to stop it, Steve Cortez. Right. And Steve, you mentioned Argentina, and you know,
00:41:00.860
I often bring that up, because I think it's an important example. It's an important warning for
00:41:04.860
America of what can happen here. I think too many Americans just assume that because of our prosperity,
00:41:09.840
because of our great history of innovation and success in this country, that we can't become
00:41:14.800
Argentina. But a century ago, Argentina was as prosperous as the United States, on many metrics,
00:41:20.540
actually wealthier than the United States. And here's how we become Argentina. Right now,
00:41:26.200
the supremacy of king dollar has been greatly imperiled by Joe Biden. If we lose reserve currency
00:41:32.980
status, and I think that process has already begun, then the world is no longer willing to finance
00:41:38.480
our massive debt on generous terms, at low interest rates. Interest rates are spiking today. They have
00:41:46.220
been spiking throughout the Biden presidency. If they continue to spike, and if the world loses
00:41:51.580
confidence in a systemic way in the United States dollar because of the adventurism and the profligacy
00:41:57.140
of Joe Biden, and I believe, again, that that has started that process, then we're looking at a future
00:42:02.280
where we cannot finance our debt. And we then enter into hyperinflation. All right, a lot of Americans are
00:42:08.540
already living with hyperinflation. Again, middle class people right now, 24% as a basket for gas, groceries,
00:42:15.640
and utilities. That's hyperinflation. Okay, that is Argentina. That is the Weimar Republic. We are already
00:42:20.940
there for middle class people in a lot of segments of life, some of the most key segments of life. But I'm saying
00:42:26.280
in totality, our economy can go there if allowed. Now, having said all of this, right, having said all
00:42:32.860
of this, we have the ability to in just weeks away, we have the ability to arrest this awful trend to
00:42:41.380
change the trajectory of America. And the quickest way we change it, Steve, a lot of policy reform needs
00:42:46.840
to happen. But the quickest policy reform that in some ways really should be the easiest is unleash
00:42:52.480
American energy again. If we elect the right patriotic populist fighters who go to Washington,
00:42:57.960
DC, and demand of Joe Biden that we once again, unleash the full power of American energy, that
00:43:04.800
would be the quickest fix to this imbroglio, this absolute economic implosion that this country is
00:43:10.780
suffering from right now. But I want to I think it's important to offer both perspectives. Let's be very
00:43:15.680
clear in a in a dispassionate way. Let's talk about the trajectory that we are on. And it is a road to
00:43:21.400
economic perdition. It is a road to Argentina. But let's also talk about the solutions, which are
00:43:26.300
very real as well. I tell you what, I'm gonna bring you back right after the break. And we give
00:43:30.240
all the social media how they get to you, particularly your truck talks. I got Mike Davis on deck. We've got
00:43:34.680
a lot to go through today in the war and be back in just a moment.
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Download now. Okay, I want to come back. Steve Cortez, any closing thoughts for folks who are
00:45:29.520
recovering this nonstop? We're going to kick off the show this afternoon at five o'clock. Philip Patrick
00:45:33.840
from Birch Gold is going to join us with his assessment and analysis as we're going to cover
00:45:39.820
this throughout the day. Remember, economics and capital markets directly affect your life
00:45:45.060
like nobody's business, right? That's what this show is signal. I understand sometimes it's like
00:45:49.720
spinach, right? But hey, you need to eat your spinach to be strong, right? And we're trying
00:45:54.900
to make you strong. We're not here to give you happy talk or to chase these, some of these ridiculous
00:45:58.880
stories people chase because they don't mean anything. They're not important to the, to you
00:46:03.480
individually, your family, and most importantly to your country. Steve Cortez. Steve, we have a country to
00:46:09.040
save and I'm not exaggerating when I say that because the woke communists right now, these are perilous
00:46:13.220
times in our country. The woke communists, they're destroying our prosperity. They're destroying our
00:46:17.280
sovereignty. So if we stay laser focused on the two eyes, on inflation and immigration, the issues
00:46:23.280
that matter most to voters, we are going to save this country. And that starts in just a few weeks
00:46:28.660
on November 8th. Steve, as we speak right now, unfortunately, here's the reality in the markets
00:46:32.680
reacting to this terrible CPI report. These are the sectors that are down more than 4% for the day.
00:46:39.200
The NASDAQ, semiconductors, housing, retailers. That is the landscape of pain out there right now
00:46:46.340
in the country. But once again, we can take action. We will take action.
00:46:50.300
By the way, Jim Cramer, Jim Cramer, we play the thing. He was talking about 11 o'clock.
00:46:54.680
Don't listen. These people, and we're not here to give you direct investment advice. We're here to
00:46:58.120
kind of lay the macro, right? You've got to make your own decision to talk to your own financial advisor
00:47:02.020
because we don't do that. And as bad as those, but yeah, but as bad as those things are thrown up,
00:47:07.440
don't, whatever you do, don't listen. When a guy says, buy the dip, go talk to your financial advisor.
00:47:11.100
Hey, what am I doing here? What's happening? There's blood all over everywhere. Steve Cortez.
00:47:14.880
Exactly. And normally, by the way, on a day like that, where there's blood in the markets,
00:47:18.500
normally you would see bonds doing well, holding their own, if not advancing. But today we have the
00:47:24.280
opposite. So even the, you know, the sort of so-called grandma investment sectors are doing
00:47:28.460
terribly. Grandma right now is pulling out her blue hair because there's no place to hide in
00:47:33.560
this market. You're getting absolutely creamed in stocks as well as bonds, taking it from both
00:47:38.880
sides because of Joe Biden and the economy he's created. But here, you know, Monica Crowley
00:47:42.640
comes over to deliberate. I want people to understand something. Cortez, you've been in the pits of
00:47:47.020
Chicago after coming out of Georgetown. You were in the pits of Chicago, which is the toughest
00:47:51.420
environment in the world. And you understand true capitalism right there. I went to HBS,
00:47:56.680
which is the West Point of capitalism. It's a globalist in that time. Porter and those guys
00:48:01.140
are running with globalism. But the rigor of how they teach you to think about capital markets
00:48:06.520
and finance and then Goldman, you understand the math and you understand how the math correlates
00:48:12.700
to each other. Have you in your professional career, what's so shocking to me today is to look
00:48:17.340
at this and to see the insanity that is going on because it's not cartesian. It's not logical.
00:48:24.680
There is no logic to this. Right. And we are driving our leads. I sit there and read all the
00:48:29.960
business press throughout the world. I watch this stuff and I sit there and go, do they actually
00:48:33.980
believe this? This is madness. This is madness. Steve Cortez, you've done. That's what's so serious.
00:48:39.340
That's what's so disturbing here. And that's why MAGA has to save the nation. You have to put common
00:48:45.200
sense, tough people in there. They don't have to be geniuses. They had to give me the first hundred
00:48:50.360
people in red ball caps to show up at a Trump rally. Let me have those people in the United
00:48:54.920
States Senate and the country is going to be fine. OK, that's the type of common sense.
00:49:00.040
The flinty Yankees, the tough people out in Wyoming, Montana, the people in Arizona.
00:49:04.340
We need common sense, working class and middle class people, because right now I can tell you
00:49:09.940
from a guy who's trained this Cortez, help me out here. This is what they're doing is insanity,
00:49:14.960
sir. Right. Well, 100 percent. I mean, it literally, again, it is putting America on an
00:49:20.660
economic road to perdition. And I can't emphasize enough how risky this current situation is for our
00:49:27.600
entire country. And, you know, once again, going back to that basket of half two items of 24 percent
00:49:32.520
year over year for groceries, gasoline and utilities. Steve, that's depression level pricing.
00:49:38.780
Forget about recession. That's depression level pricing right now that will induce a depression.
00:49:43.280
We're going to see mass evictions, mass foreclosures if we don't change trend direction
00:49:48.280
economically. And repose. As you talk, repossession of the cars.
00:49:52.740
We didn't even include rents. The rents may be the worst.
00:49:55.820
Rents may be the worst number. Cortez, thank you. One more time.
00:49:59.300
How do people get you on social media? Yeah, please follow me. We are saving this country
00:50:03.600
one patriot at a time. Follow me at Steve on the Twitter. Excuse me. That's on the getter.
00:50:08.580
I'm at Steve. And on the Twitter, I'm at Cortez. Steve, Cortez of the NAS.
00:50:11.560
Thank you very much. I want to bring in Mike Davis. Mike, first, I want to just talk some
00:50:15.560
overall thing. And I'm going to bring you through the break. But we just had Major Malloy up here.
00:50:19.940
He's running in Vermont, right? Not not known as a red state. And they have a debate. And he lays out
00:50:25.060
the stuff on the economics that we're talking about and how it's crushing people in Vermont.
00:50:29.100
He says his opponent, the opening statement is all about the insurrection and the end of democracy.
00:50:34.040
You're you're one of the best lawyers I know. You've been dead just like Cortez has been dead
00:50:37.900
right on the economy. You've been dead right on all this madness from the beginning. Walk us through
00:50:42.400
what is that the only narrative they've got? Is that is that is that Trump is lawless? It's all
00:50:47.740
insurrection. These people are anti-democratic. Is that what they're running on because they can't
00:50:53.260
face the bloodbath that the capital markets and the economy gave them today, sir?
00:50:57.680
Absolutely. I mean, remember, for the last five weeks, the Biden Justice Department has been
00:51:02.420
investigating Trump's non-crimes of maintaining his presidential records at Mar-a-Lago, just like
00:51:08.240
every former president before him under the Presidential Records Act. Trump's legal filing
00:51:13.220
yesterday made crystal clear what we've been saying from day one. This is another political
00:51:17.820
hoax. The Biden Justice Department is simultaneously investigating the non-crime of questioning the
00:51:24.840
2020 presidential election, just like the Democrats did in 1968, 2000, 2004 and 2016. They're even doing
00:51:33.600
home raids and investigating 40 of Trump's most loyal supporters. The Senate Judiciary Committee
00:51:40.220
simultaneously is now investigating the non-crime of Bill Barr firing Jeffrey Berman,
00:51:48.480
the U.S. attorney in Manhattan, who let BLM destroy New York in the summer of love, June of 2020.
00:51:58.840
It's amazing that Bill Barr was the Democrats' hero last week when he was trashing Trump,
00:52:03.680
but, you know, how quickly today's Marxists turn on their allies. And this is all just an amazing
00:52:09.660
coincidence, Steve. The Biden Justice Department, Senate Judiciary Democrats decided to simultaneously
00:52:15.880
open several investigations on Trump based upon events from nearly two years ago. And they just
00:52:24.360
just in time for the 2022 midterm election. We're going to talk, we're going to talk about that
00:52:29.080
because you called it out in 20 when they burned down the country in a real insurrection. Okay,
00:52:34.460
short commercial break. Mike Davis from Article 3, Terry Schilling from America's Principle Project,
00:52:39.020
Kerry Lake. We got it all. Where? In the war room.
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