Episode 2163： Elise Stefanik Announces Run For GOP Conference Chair; We Have An Historic Drop In Net Assets And What Is To Come Next
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Summary
Elise Stefanik is running for the House of Representatives against Liz Cheney, a fellow freshman congresswoman from New York. She's running on a platform of uniting the Republican Party behind President Trump and the president's agenda. But in reality, she's running to advance the Big Lie: that Trump is the President.
Transcript
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into the big lie is now called supporting the team in the Trump party.
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Where better to make that pledge than in an interview with the poison populist and Trump
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pardonee, Steve Bannon. My vision is to run with support from the president and his coalition of
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voters. This is also about being one team. And I'm committed to being a voice and being a clear,
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sending a clear message that we are one team. And that means working with the president and
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working with all of our excellent Republican members of Congress.
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No, you mean a shill, not a clear voice. And listen to that. The president. Does she mean Biden?
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He's the president. No. She means to advance the big lie. Trump is the president because he's still
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in power because he really won. And to be clear, even Stefanik knows this is just about the big lie.
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Though there are some conservative groups who note that Stefanik is way more liberal than Cheney and
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voted with Trump far less frequently and less reliably. Stefanik has decided to play to her
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strengths with which in the House GOP race is to keep shamelessly pushing Donald Trump's big lie
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about the election. That is her only advantage over Cheney. Here she is on Steve Bannon's radio show
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just moments after she promised to unite the Republican Party promoting the deranged election
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audit going on in Arizona right now, where a clean election in a state led by a Republican governor
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I fully support support the audit in Arizona. We want transparency and answers for the American
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people. What are the Democrats so afraid of? The voters in Arizona and the state Senate in Arizona
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pursued this audit. I fully support it. Transparency is a good thing. We need to fix
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these election security issues going into the future.
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There are no election security issues in Arizona.
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We could play this all day. This is from 7 May of 2021. And a couple of careers that went in
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different directions, including Chris Cuomo's. But I want to bring in Elise Stefanik. That was really
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when she announced to take on Liz Cheney. And this is her first interview that she's done since she's
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just announced she's going to run for conference chair again. But I want to get into some details when
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they were mocking you and ridiculing you. And you said you were going to bring this party
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together. And Elise, I want to just start with some numbers from an NBC poll, a massive poll NBC
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yesterday, of which NBC buried this in like the 30th paragraph of every story, because the headline was
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Biden, you know, Biden's approval up abortion is going to close races. But when you look at the
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cross tabs, and you particularly look at these numbers, and I'm going to go back into detail,
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but I just want to give the audience and talk about where this was when you defeated Liz Cheney.
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Border security, GOP leads by 36 points. Crime, GOP, this is among all voters, not Republican,
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this is all voters. And these some of these are historic spreads. Border security plus 36. Crime
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plus 23. Immigration plus 19 points. Economy, we have a 19 point lead. Cost of living and inflation
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plus 14. Unity, the ability to bring the country together. Wait for it. GOP plus six.
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Elise Stefanik. Tell me where was the conference and where was the Republican Party when you were
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the one bold person that stood up and said, Liz Cheney can't do this anymore. Tell me where the
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Republican conference, the House and the Republican Party was then. And what's the arc of where we are
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today, ma'am? Well, thank you for the question, Steve. When I ran for conference chair in May of last
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year, May of 2021, if you looked at the polling on all of those issues, Republicans were underwater.
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Democrats had a generic lead on issues of border security, on issues of the economy,
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on issues of national security. It's hard to think that because there's been such a crisis in this
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country with unified Democrat leadership in Washington. But the reality is one of my commitments
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when I ran for House Republican conference chair was to unify the House Republican message
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on the issues that matter to the American people. And the proof is in the polling. Those numbers are
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stunning. Those are the numbers and those are the top issues that voters are going to be making their
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decision as they go to the polls this November. So we're going to continue prosecuting the case
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against the failed Joe Biden, Nancy Pelosi and Chuck Schumer regime that the American people have been
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suffering under. Certainly, I will never forget when I had my first press conference as the House
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Republican conference chair, which I do every week on behalf of House Republicans. We unveiled our
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country in crisis messaging. Now you can't go a day without seeing that messaging. So it has really
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resonated. But what was most telling, Steve, was that I remember I was ridiculed by the New York
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Times, a reporter that said, well, isn't this confusing to voters? You're talking about an inflation
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crisis, a border crisis, a crime crisis. And what I said to the reporter was, thank you for highlighting
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how many crises Joe Biden has created. And those polling numbers are significant heading into the
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next 50 days when we need to see a red wave in this country to save America. And I think it's going
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to be a historic year with a historic Republican majority. Okay, let me make sure everybody understands
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this. When she took over from Cheney, and Cheney was just leading us down the primrose path, and we've
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seen everything. She's revealed herself as never before in the last year, Liz Cheney. I want to
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repeat this. Border security, plus 36%. Crime, up 23 points. By the way, these are for American voters.
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Immigration, plus 19. Economy, plus 19. Inflation and the cost of living, plus 14. Unifying the country,
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unity, plus six. You went back, and here's what you did. You said, we're not talking about what
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reality is. Reality is that, as Steve Cortez always says, these are created crises by the unified
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Democratic Party. Ma'am, how did you conceive of that? And what kind of fights did you even have to
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get that message out? Because some people, I remember the time ago, you can't, this is too hot,
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right? You're talking, this is too hot. We have to have a more Cheney-like message. Elise Stefanik.
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Well, the best insight is from the voters. I spend a lot of time in my district listening to voters,
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not only in upstate New York in the North Country, but also across America. And there was this sense,
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and there continues to be this sense, that this country is in crisis, that we are losing this
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country before our very eyes. I would also highlight, Steve, that even more so now than over a year
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ago, people are struggling. I was just in my district this past weekend doing a number of
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events. People are struggling to balance their weekly and monthly budgets. They're struggling
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when they go to the grocery store. They're really wondering, as they see this horrific border crisis,
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why the Biden administration continues to prioritize illegal immigrants and criminals rather than
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hardworking American people. So this message I knew was going to resonate because I always spend the
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time listening to voters. You know, I had a conversation with a voter this weekend, and he
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was talking about legislation that he was trying to push to protect the Second Amendment. And of course,
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I'm one of the leaders on that issue. And I told him, your input, that's the most important,
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most important commentary, more than the chattering class, way more than the editorial boards.
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It's the people and the country in crisis messaging. That resonates with the people,
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because that's what I was hearing from voters. I noticed in following you over the last couple
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weeks that you're making a lot of appearances in gun shops and throughout your district. What's
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going on up there? Is there an issue in New York State, ma'am? Absolutely. There's a constitutional
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crisis in New York State. So we successfully overturned the unconstitutional concealed carry process
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in New York. I was proud to sign that amicus brief and the Supreme Court ruled New York's process
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unconstitutional. In response, what did the Democrat Kathy Hochul do? She, in the dead of night,
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worked with Albany Democrats to pass an even more unconstitutional law, a gun ban, essentially,
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for much of my district, which includes the Adirondack Park. And let me tell you about the ramifications
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and consequences. We have seen historical reenactments, the Battle of Plattsburgh, which is a big
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tourist, big economic, big history event in my district, that I grew up going to these historic
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reenactments. That was canceled. We've seen gun shows that fire departments host as a fundraising
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effort. Those have been canceled as well. This weekend, I was at the gun show, which supports the
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fire department. And look, our local law enforcement said, we support the Constitution. We do not support
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Kathy Hochul's unconstitutional power grab. So ultimately, this is going to have to be challenged in
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the courts. Again, you will see House Republicans stand strong and lead when it comes to the amicus
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brief. I am proud to have just earned an A-plus for my support for Second Amendment issues. My opponent
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earned an F, and he deserves it. All the Democrats in New York State, and frankly, across the country,
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deserve an F when it comes to standing up for a Second Amendment, because they support full-blown gun
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bans. I want to go back to your support of the Second Amendment and these issues. And we're going
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to drill down about how we went on these issues that you highlighted and talked about the created
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crisis of the Biden regime. There's certain voices out there that say, including some of the war room
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posse, that Elise Stefanik, she's terrific, but she's not conservative enough. What's your response to
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that, ma'am? Well, I'm a proud conservative. I think back to when I ran in 2014 and flipped the
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seat that we were not able to flip even in 2010. And one of the criticisms and fears was that I was
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the more conservative candidate in the race and I wouldn't be able to win. Well, it turns out that
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I was the more conservative candidate in the race. And not only did we win, but we've won by
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since then. I'm a proud conservative with the highest rating when it comes to Second Amendment
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issues. I am proudly pro-life and leading that message for House Republicans. And my voters and
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people across the country know that I'm a conservative. I have done everything I possibly
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can to stand up when it comes to protecting our Constitution. And America got to see that
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particularly during impeachment hope one, but also when it comes to the election security issues,
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making sure that we have safe and secure elections and we rebuild the American people's faith
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in our election integrity. I support the rule of law. I support law enforcement. I've been endorsed
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by every single law enforcement union in New York State. And I am proud to be a conservative and I am
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proud to serve as the House Republican conference chair to unify all the House Republicans with a
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message that works in New York just like it works in Texas. Let me ask you, when you look at the arc
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of what would have happened given what we know now about Liz Cheney and what the voters in Wyoming
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think of Liz Cheney versus your stewardship of the conference, is there any doubt in your mind that
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you've taken this and actually unified around a more conservative and MAGA message? Is there any
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doubt about that in your mind? Well, first of all, the proof is in the polling. You started off this
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interview, Steve, by highlighting our double-digit significant lead on the issues that matter to the
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American people, whether it's border security, inflation, crime. Those were issues that my predecessor
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just left on the table and wasn't talking about. And those are the issues that really impact people's
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day-to-day lives. It's what they care about. They do not want to care about this anti-Trump
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obsession and derangement that my predecessor continues to have. And look, voters are smart.
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It was an overwhelming win in Wyoming for Harriet Hageman, who I was proud to support. And she will be
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a tremendous representative for the people of Wyoming. We are not entitled to these positions because of our
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last name. And that's what I say to my colleagues. That's what I say to the American people.
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We earn these positions because the American people, they have an opportunity to vote for us.
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So regardless of what your last name is, there was a sense of entitlement there. And the voters
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showed that they wanted a new direction rightfully in Wyoming and the House Republican Conference.
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We got a couple of minutes on this side, and we've asked you to stay through the break for a minute.
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But how do you translate now that you've messaged, and now that it's resonated with the American
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people, and folks don't understand how hard that is to do? And these numbers are historic.
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36% on border security, crime 23. I mean, these are blowout numbers. How do you translate that to a
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strategy that allows us to have blowout numbers in the House of Representatives? Massive victories on
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Don't take the bait from the mainstream media. The mainstream media is working overtime to reset the
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trajectory of this election. I was going back to the headlines, Steve, before 2010, before 2016,
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and before 2020. Those were all big Republican years in terms of the voters' sentiment. And in those
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races, the media was doing the same thing. They were trying to suppress the red wave. They are trying
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to reset the issues. We need to keep prosecuting the case. And importantly, we need to communicate
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Okay. Okay, let's take a break. We're going to reboot Elise Stefanik because she's getting to the
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pay dirt here. Short commercial break. We're going to reboot Elise Stefanik and bring her back. But
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here's the bottom line. We have right now, and this is reality. This is signal, not noise. NBC has
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done a massive poll of people that are going to vote on November 8th. And of the issues that are
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top of mind of the American people, these are blowout numbers. What this means now, you have to
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translate that to execution. You have to have campaigns that take that messaging and hammer it
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home every day. You've heard of this before in the show. This is Steve Cortez's theory of the case
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that created crisis of the Biden regime. Well, guess what? The American people were listening,
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and now it's time for us to execute. We're going to come back with Elise Stefanik. She just announced
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she's going to run for conference chair again. We're going to drill down about how we're going to
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pick up 10, 20, 30, 40 seats. All next in the war room.
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The epidemic is a demon, and we cannot let this demon hide.
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War Room Pandemic. Here's your host, Stephen K. Bannon.
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Okay, welcome back. Look, I want to set the stage here so people understand it's not easy
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to do big things. Back in the spring of 2021, most people had run away. Most people were
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curled up in the fetal position. Oh, Biden's going to have five more states, 10 more Supreme
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Court justices. It's over. We were upside down on every issue. Remember Cortez, I myself,
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and I've always said, we're standing in the breach in the War Room. We're not going to back
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off. We're not leaving D.C. We don't care. We're going to fight this every day, and we
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know we can bring Biden's numbers down. Where a young woman stepped up in the May of that
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year to take on the Cheneys, and Liz Cheney had us upside down everywhere and, quite frankly,
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wasn't interested in any of this, and particularly this theory of the case that the Biden regime
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was creating these crises. These are created crises. That's the genius. I want to repeat
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the numbers. Border security up 36%. Crime up 23%. Immigration up 19%. Economy up 19%. Cost
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of living and inflation up 14%. Unity of the country up 6%. Those are the, by the way, the
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Democrats lead on abortion, and I think on education, and the numbers aren't huge. I think abortion
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is 22%. These are historic numbers on the issues that matter in the lived experience of American
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voters, and they told NBC News that. They didn't tell Richard Barris or Trafalgar or Gateway Pundit
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or the War Room. They told NBC that. These are meaningful and real numbers. And how we got
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here, now it's all about that. That is a master plan in changing the tide of messaging. You've
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got to remember, they were all defeated. It was only Stefanik that stood up to take on Cheney.
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Only Stefanik stepped up to take on Cheney. Think of where we would have been today if Liz Cheney
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was conference chair. If Liz Cheney was conference chair, think of where we would have been. I'll
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tell you when where we've been. No way teed up to execute on those numbers and win a smashing
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victory in the House of Representatives, which is going to save this nation. Elise Stefanik,
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I want to go back. You brought up a brilliant point. Go back to 10, the Tea Party sweep. Those
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other years we had the big wins. What is the, the mainstream media has the same playbook,
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and they're running again. What do they do, ma'am? They are trying to suppress Republican
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voters. They are trying to bury polls like NBC that show that Republicans are in a strong position
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to win back the House. They're trying to reset the narrative and prop up Democrat candidates
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across the country. The American people are smart. It's important that they see through this
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mainstream media narrative and they vote on the issues. I have faith in the American people.
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We only need five seats to win back the House Republican majority. We are targeting 74 seats.
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I think it's going to be a historic election. If we win 35 of those 74 seats, Steve, it will be the
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biggest Republican majority since the Great Depression. So this is an opportunity to have a
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historic win and don't let the media fool you. By the way, NBC buried this poll. It took some
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brilliant staffers. There's, there's nine stories out there in different media on the NBC poll,
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including the Hill and Politico. Everybody's covered it because it's such a big poll.
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They buried it. It's in their lead story is a paragraph 35 because they understand that this
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is the buried lead. This is the thing itself. How do you translate this? 74 in play, including D plus
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tens. And you can see this math shows you if you just execute, it's all in play. And they know that
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that's where the pulling all stops on the abortion, on everything else, on, on anti-democracy. And,
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you know, you people are, this is a rise of fascism. They're going to pull everything out
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to try to get off of crime, the border, immigration, the economy, inflation, the cost of living and
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unifying the country, ma'am. How do you then translate it? How does the team translate it
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to actually individual campaigns for the victories? Let's pick up 50, 60, 74 seats, ma'am. How do you do
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it? Well, we're working with every campaign across the country to make sure that they have the tactics
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and the message to reach every voter. We need to make sure that all Trump voters turn out to vote
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this election cycle. It's so important, not just for the house races, but for the Senate races as
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well. Also voters need to understand house Republicans have been working for this past year
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with the American people on our agenda. We need to hold Joe Biden accountable. That means immediate
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oversight. Subpoenas will be flying out the door when house Republicans win the majority. Uh, think about
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the overreach of the FBI, the politicization and truly the weaponization of the FBI against
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the American people and against the constitution, there needs to be accountability. But in all these
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crises, Steve, whether it's the border, whether it's inflation, when it comes to inflation, stop
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the spending on day one and return to fiscal responsibility to rein in this runaway out of
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control inflation, which is a faster rate than at any point in my lifetime. Go back when it comes to
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border security, return to president Trump's border security policies, which made it the most secure
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border in our nation's history. Uh, making sure that our candidates across the country continue to
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message on those issues is very, very important. And we are doing that every single day, pushing
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through the next 50 days. Okay. Uh, the Hill led today with a, with an article that said that the
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Democrats understand that with a house that would be taken over and had a significant majority
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by the Republicans that, that Washington DC would change and it would become very confrontational.
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Um, and they specifically brought up appropriations and investigations. Do you believe that because
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the other hit on the Republican leadership, let's get it out there. You're not conservative.
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And this is all not conservative enough, but particularly not tough enough. Do you believe you
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and Republican leadership are tough enough? And you, you do, you do believe that you'll channel
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not just the anger, but the steely resolve of these voters in these numbers that, that not on
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the margins, they want significant change. A big majority of the American people want significant
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change is the Republican party leadership in the house yourself included tough enough to execute on
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that. Absolutely. No one can question my toughness Steve in the biggest battles that we have had for
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the soul of our country. I have stepped into the breach again and again and again, and I have been
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eviscerated and smeared by Democrats, whether it was impeachment part one, when every Democrat across
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the country, the entire left wing radical ecosystem rained down on my district pouring millions and
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millions of dollars smearing myself and my family. What did we do? We channeled the power of the people
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and we won by double digits, the largest number of votes ever during the election security and the
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electoral college votes. Again, we were smeared canceled. Uh, I was proud to be a leader standing
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up for the constitution. Uh, we saw significant overreach in number of States, uh, which all the
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viewers know about Pennsylvania, Georgia, Wisconsin, Arizona, et cetera. Uh, so for those toughest battles,
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I have a spine of steel. Uh, my conference members, our conference members know that in terms of house
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Republicans, I will always take on the toughest fights on behalf of the American people, whether
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it's taking on Andrew Cuomo, who is no longer our governor and holding him accountable, or whether
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it's taking on Joe Biden or folks in my own party who maybe have famous last names, but have lost the
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will of the people. So voters in my district and across America know that I have a spine of steel
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and I am proud to be one of the toughest members when it comes to standing up for our Republic.
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Uh, you went to, by the way, you went to Harvard. Did they try to take your degree back or then they
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canceled you from the Institute of politics? You're, you're actually the, the college you went to
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came after you also during this is, am I, did I remember that correctly?
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You're remembering correctly, Steve, I was canceled, um, by Harvard and they did start discussing
00:24:28.680
taking not only my degree, but Ted Cruz's degree. Those are degrees that were earned. Uh, but they went
00:24:33.780
after, it's not just me. They go after all conservatives. There was a recent article where they
00:24:37.760
smeared Tom Cotton, myself, Mike Pompeo, Ted Cruz, uh, Mike Gallagher, who didn't go to Harvard.
00:24:43.220
He went to Princeton, but you know, the elites of the left, they don't want to have, they want to
00:24:48.660
completely silence the conservative movement. And what's really sad, Steve, is it impacts the students.
00:24:53.380
The students are not able, not able to have, uh, free speech on college campuses and shame on these
00:24:59.060
institutions for doing so. But as I said to Harvard, this is not just another example of your radical
00:25:03.900
woke ideology. I am proudly canceled, but I'm proud to be a conservative among the number of
00:25:09.980
conservatives who have graduated there. It's a small percentage, but boy, uh, have we stood up
00:25:14.680
for these important fights. Uh, Lisa, and particularly for the doubters, where, where did they go to find
00:25:20.440
out more about you, the campaign, you personally, what you stand for and what you're going to do
00:25:24.940
as the head of the conference, uh, in, in the run-up to this victory. And then the very tough job
00:25:30.580
of, of basically, uh, shutting down the Biden's most radical policies.
00:25:35.960
Well, they can follow all of my social media on Elise Stefanik. Uh, they can follow me on truth,
00:25:41.120
uh, under Elise Stefanik. Uh, my campaign website is Elise for Congress. They can support through
00:25:46.180
Elise Victory Fund. Uh, and we are out there messaging every single day. So the information
00:25:51.220
we're putting out really the tip of the spear when it comes to this country and crisis messaging
00:25:55.460
and how house Republicans are going to hold Joe Biden accountable. I'm also proud to be
00:25:59.820
supporting so many candidates across the country. That's an area that my predecessor really did,
00:26:04.140
did nothing on, but really making sure that we have the resources to make sure these campaigns
00:26:09.260
win and flip these districts. And we'd love to have you back on to talk about some of those
00:26:14.300
specific races, particularly the ones you're involved in. But Elise, thank you very much for
00:26:18.080
taking time. I know you're incredibly busy and being the first interview since you announced
00:26:21.860
for conference chair again. So thank you. Thanks, Steve.
00:26:24.660
So Cortez, I got to bring you in here because this was the theory of the case and we said it back in
00:26:31.540
the January and she stood up and this was really the fight over, uh, over Cheney because Cheney had
00:26:36.600
not revealed herself totally to the, to the, to the rabid anti-Trump, but she was doing it behind
00:26:42.560
closed doors. That's one of the powers of what Stefanik was the only one that smoked her out.
00:26:46.260
The created crisis brought on by elites, uh, Steve Cortez, these NBC numbers, they, they warm the
00:26:54.180
cockles of your heart, sir. Indeed. Well, listen, it shows that the American people are very educated,
00:26:59.340
that they're not buying spin from the corporate media. They're certainly not buying the propaganda
00:27:03.780
out of the white house. And they realize a couple of things. Number one, they realize what they're
00:27:08.220
living with every day in terms of inflation and what it's doing to their prosperity, that the fact
00:27:13.040
that they're working harder to get poorer every single day. And the American people, not just those
00:27:17.720
who live along the border all over the country realize that as you often warned correctly, Steve,
00:27:22.380
every town in America is a border town. So on these key issues of immigration and inflation, which I
00:27:27.400
still believe the two eyes are the most significant issues out there. There's other things that matter,
00:27:31.660
of course, but those are the most two, most important two issues that matter most and are most
00:27:35.400
directly relevant to people's lives. Number one, on both of those issues, Biden has failed most
00:27:40.260
miserably. But number two, we in the patriotic populist movement have the best, most effective
00:27:45.060
answers to solve both of those created crises, which again, totally created, not a matter of
00:27:50.200
happenstance, not bad luck, not the business cycle, created crises by the establishment and Joe Biden,
00:27:55.160
we have to fix this mess. We didn't make it, but we're going to fix it.
00:27:58.780
By the way, we're going to translate this now, the created crises of what the Biden regime has done,
00:28:04.280
we're going to translate it to the capital markets, particularly the bond market,
00:28:08.360
and how it's changing your life. All next with Steve Cortez in the war room.
00:28:22.420
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today. Mike Lindell will be up in this afternoon show talking about he's dropping a lawsuit on the
00:30:25.580
FBI, the DOJ tomorrow. We'll get updates on that. Steve Cortez, we have, we're going to talk about the
00:30:31.740
created crises. And I just want to say one thing before I move on to this about Stefanik. Go back to the
00:30:37.140
spring of 2021. I realize some people, she's a rhino. She's this. Hey, listen.
00:30:42.100
It's about your action. Nobody was prepared to step up and take Liz Cheney out. None of them.
00:30:48.660
None of them. Only she was coming up. Think about where we would be if Cheney and Cheney wasn't going
00:30:54.180
to budge unless somebody stepped up and gave them a bit away. You got to have a bit away. And unless
00:31:00.020
somebody did that, she'd still be conference chair with all that poison. It'd be over. It'd be over.
00:31:06.440
In the spring of 2021, nobody was stepping up. Cortez, you remember that. No, they were running
00:31:11.600
and hiding, right? They were accepting a bunch of guys are dropping out, not going to run for the
00:31:16.160
house again to go run for other seats. Stefanik stood up and look at those numbers on the created
00:31:22.420
crisis. Now the created crisis has translated into your personal life through the bond market,
00:31:28.100
but we have breaking news on the housing market. And Steve Cortez is going to walk us through it,
00:31:33.300
sir. Yeah. Unfortunately, Steve, listen, I'm an optimist by nature. I look forward to the day when
00:31:38.000
I can talk about fantastic economic news and we will get there, but it won't be easy. More dreadful
00:31:43.140
economic news out just during your show this morning on housing from the National Association of
00:31:47.660
Homebuilders. Homebuilders sentiment, and this is a really key index, hit another new low for the move,
00:31:53.820
well below expectations. It came in at only 46. Now to put that in context, Steve, below 50 means
00:31:59.960
contraction. So the homebuilders themselves, the people who run these businesses say that the
00:32:04.560
housing market, the housing construction market is now officially in contraction. To put that in
00:32:08.940
further context, this number just at the beginning of this year, Steve, was at 83. It has gone from 83 to
00:32:15.680
46. It has nearly been cut in half in a matter of months because of the mismanagement of our economy
00:32:22.280
by Joe Biden. I mean, that's not just a decline, Steve. That's an absolute implosion. And other than
00:32:28.160
with like so many statistics that I mentioned on this show, other than the spring of 2020 lockdowns,
00:32:33.420
right, which was an epidemiological Pearl Harbor that crashed the global economy, accepting that
00:32:38.220
period, this is the lowest number for homebuilders sentiment since 2014. So Joe Biden just continues to
00:32:45.000
set record or record. They're all at least eight years. Many of them are 40 year records, all the wrong
00:32:50.240
direction, of course, and very much connected to this, by the way, interest rates. So let's look
00:32:54.880
today. The biggest news of the day, in my opinion, by far the biggest news of the day is the fact that
00:32:59.560
10 year treasury yield. And again, I know a lot of folks out there, they perhaps get a little,
00:33:04.520
you know, a little confused when we start talking about markets. I want to put this in very simple
00:33:08.280
terms. No, no, no, no, no. Hang on, hang on, hang on. Can I say something? I went from Arizona to
00:33:14.440
talk to the people in St. Louis on Saturday night, had conference calls with people all over the
00:33:19.760
weekend, Zoom meetings, and then talk last night at Huntington Beach. They're not, they actually say
00:33:25.420
they love the way we break down the capital markets and how it relates to their personal lives,
00:33:29.540
particularly people that are not used to this. So no, take your time. This is very important,
00:33:33.880
particularly this, as we say, the price of the 10 year bond drives basically other, every other,
00:33:39.420
all the interest rates on your credit cards, your mortgages, your car loan, everything. So walk
00:33:45.780
through this chart. So it's not a good chart. Yeah. So let's show chart number one, please.
00:33:50.660
And as I said, this is the biggest news of the day for sure. It could well be the biggest news of
00:33:54.900
the year. All right. Because the treasury 10 year bond yield, which is shown right there, that is the
00:34:00.100
benchmark bond yield for the world, meaning all interest rates globally are priced off of this
00:34:05.580
market. It's sort of the bond North star. So your home loan, your credit card debt, anything you do
00:34:11.600
to borrow in your life, corporate bonds, all of it is based relative to the 10 year treasury. And for
00:34:16.560
that matter, all over the world, not just here in the United States. And that chart, as you can see,
00:34:21.600
that chart goes back 10 years. That shows that right now, as of today, we are at the highest levels.
00:34:26.860
You can see those who are watching that we're at new highs for that chart. We're at the highest level,
00:34:31.020
3.5% interest rates for a 10 year U.S. treasury bond, the highest yields that we have been since
00:34:37.300
2011. Now, a couple of points that I think are really important, Steve. In 2011, we were coming
00:34:42.480
out of the terrible 08-09 crisis and the economy was surging. As a matter of fact, we didn't have a
00:34:48.420
recession from late 09 all the way until Joe Biden. Of course, we are now in a recession, no matter what
00:34:53.780
corporate media tries to claim. So we then had a reasonable, reasonably high interest rates,
00:34:59.000
but for a good reason, Steve, because the economy was accelerating, accelerating out of a very severe
00:35:04.440
crisis. Now we have the opposite. The economy had a severe crisis, was growing significantly under the
00:35:11.200
Trump boom 2.0 as we were reopening with gusto and without inflation. And now we are right back
00:35:18.320
into the soup. And it's not just because of GDP going negative, which is has, and that's certainly bad
00:35:22.840
enough, but on practically every single metric. And we try to show so many of them on this show,
00:35:27.720
of course, to prove our point with data and evidence rather than just opinion. So what we
00:35:31.780
have right now is the worst of both worlds. We have interest rates in a place where they haven't
00:35:35.880
been in over a decade combined with a slowing economy. And that's the exact opposite of what
00:35:41.820
you expect in a normal business cycle. But this is anything but normal. And to connect the dots
00:35:46.340
between those two first points of discussion, the reason that the housing market, the reason home
00:35:50.900
builders have gotten so pessimistic, the reason they tell us that the construction industry
00:35:54.720
is in contraction, which means layoffs are looming in everything construction related.
00:36:00.040
The reason that has happened, right, is because of Biden's insane inflation, a totally created
00:36:06.280
crisis. This is absolutely critical for all of the viewers out there to understand. Let me give you
00:36:11.160
another data point, because let's bring this down to a company level. And let's get consumer focused
00:36:15.160
here as well. FedEx. And I know you talked about on the show last week, but we can pull up chart
00:36:19.520
number two, please. This is FedEx. FDX is the ticker. Okay. And this is since Joe Biden took
00:36:25.180
office. And I point out there, mind the gap, because on Friday, FedEx, which is a very big,
00:36:30.620
very sophisticated company, normally pretty predictable in terms of its earnings outlooks,
00:36:35.600
it massively, massively missed. Hence, that gigantic gap down in FedEx, down almost $100. It was $251
00:36:44.740
when Joe Biden took office, gapped all the way down Friday at the lows to $155. FedEx is, and by the
00:36:52.020
way, this UPS similarly gapped down, not as much as FedEx, but gapped down as well. So this isn't
00:36:56.640
just a FedEx story. It's not company specific. The point here is FedEx is telling us that the economy
00:37:01.940
is massively crashing at a time when interest rates are soaring. So you're literally getting buried,
00:37:07.880
you're getting blasted from both directions right now. This is because of Joe Biden. These are the
00:37:13.240
consequences of his profligacy, of his total mismanagement of the economy, when he was given
00:37:18.920
a fantastic handoff from Donald Trump, and he squandered it completely.
00:37:24.500
I want to go to your comment, because then we'll come back and connect some of these dots.
00:37:31.980
One of the biggest weeks for central banks all over the world is this week. Walk through what
00:37:36.800
you mean by that, and what's the impact on the country and people?
00:37:40.040
So our own Fed meets on Wednesday, widely expected to raise interest rates by 75 basis points,
00:37:45.500
part of the reason why the bond market is selling off, meaning selling off in price. In bonds,
00:37:50.140
as price goes down, interest rates go up. So the Fed is expected to continue to act aggressively,
00:37:55.380
as I believe it firmly needs to. Now, it was totally derelict in duty, and Jay Powell lied to the
00:38:01.640
American people repeatedly for many months, as did Janet Yellen, current Treasury Secretary,
00:38:06.560
former Fed chair, tried to fool the American people into believing that the systemic inflation that
00:38:11.860
Biden created was somehow transitory, which was their favorite word for a long time. But after
00:38:16.660
doing the wrong thing for a very long period of time, the Fed realizes it really has no choice
00:38:20.940
but to raise interest rates aggressively. And this has become a global phenomenon. And by the way,
00:38:26.020
I want to put even the global blame on Biden. And here's why. Steve, if Biden was not needlessly
00:38:31.360
escalating this war in Ukraine, what should be a regional struggle of very little importance to the
00:38:36.420
rest of the world, if it weren't for Biden insisting on escalating that regional struggle into a global
00:38:41.560
conflagration, we would not have global inflation the way we have it right now. Now, I'm, of course,
00:38:46.520
most concerned with our country, right? I'm totally America first. The rest of the countries, that's up
00:38:50.540
to them to manage their economies. But my point is, Biden's blame extends far beyond our shores,
00:38:55.500
when you connect the geopolitics and the national security aspects with the economics. And because
00:39:01.440
of that, you know, to your point, you said it's a huge week for central banks, not just our own,
00:39:05.660
but most of the major central banks of the world, Bank of England, Bank of Japan,
00:39:09.320
are meeting this week, all of them basically expected to raise interest rates in concert,
00:39:13.820
which again, I think they need to at this point. But it's just another sign of how bleak the economic
00:39:20.240
situation right now is for Americans. And to connect this back to the polling, Steve,
00:39:23.920
that you mentioned from NBC, not exactly a right wing organization, not somebody who's trying to
00:39:29.020
make us look good. On these economic issues, on the core economic issues, like cost of living and
00:39:33.660
the overall economy, Republicans aren't just in the lead. They are in double digit leads, and in some
00:39:39.000
cases, near 20%. So look, in anything in life, focus on your strengths, right? Focus on what you do well,
00:39:45.620
whether it's your business, whether it's a sporting event, whether it's campaigns, let's focus on what we
00:39:49.640
do well, where our opponent is weakest, and what we do well. And right now, the American people
00:39:54.020
overwhelmingly realize that there are created crises that exist. They are suffering dramatically
00:39:59.940
because of them on a very real basis. Remember, one out of six American households is delinquent
00:40:04.900
on their utility bill right now, the most basic bill in anyone's life. They're literally at risk of
00:40:10.420
getting the power turned off, the lights turned off. Okay, that's how significant this is. It's
00:40:15.020
something that corporate media either doesn't care to realize or just ignores because of their
00:40:20.400
willful neglect of the American people. The American people know that there's a crisis.
00:40:24.220
They're living with it. They know it was created by Joe Biden. They're looking for alternatives.
00:40:28.440
There are great candidates out there who are doing as well. But in these closing weeks, with what,
00:40:32.520
six weeks now to go, we need to make the case. We need compelling closing arguments to finish the
00:40:38.540
job because 10-year Treasury yield again today, most significant news of the day. And Steve,
00:40:43.880
to add one more point to this, which I think is crucial, what it also says is that if this
00:40:47.900
profligate spending, this exorbitant borrowing spending doesn't stop, Steve, our costs to finance
00:40:53.620
that debt are soaring and will soon become totally unsustainable, even for the United States.
00:41:00.540
Remember, we're, what's the day, the 19th? We're 11 days away from the government not having money.
00:41:05.780
The fiscal year ends September 30th. You're going to see all the madness start up. We're going to be
00:41:09.600
all over people on this. I want to go back to FedEx for a second. Jim Cramer, and not to single
00:41:14.720
out him, but let's single out him. On the 29th, I think, of June, he put out a thing that FedEx's
00:41:20.780
numbers for the year were going to be huge because of e-commerce, right? And all the bill they had to
00:41:24.440
deliver it. The CEO kind of backed that up, right? This miss, and what it shows, because FedEx,
00:41:30.880
and it ties back to your purchasing managers, FedEx is the interconnective tissue
00:41:35.540
of global commerce. They're the guys sending the purchase manager, hey, I got to get it here
00:41:40.020
right away, get it tomorrow. That wasn't a miss. That's a miss. Now, either the CEO is totally
00:41:45.100
incompetent because now he's saying, hey, it's a sign of global recession. Well, hey, dude,
00:41:48.820
you don't need to listen to watch the war room if your CEO with all that information 60 days ago
00:41:53.760
to know something's up. So either lie to misrepresent it or they were totally caught by surprise.
00:41:58.460
But this miss was so big, it shows you the global economy is not just slowing down. It's collapsing
00:42:08.420
No, correct. The economy, and again, this is something that has not happened in the two plus
00:42:13.000
decades since China emerged as a world economic power, when it was ushered into the World Trade
00:42:17.960
Organization on terms that were incredibly beneficial to the Chinese Communist Party, to the Beijing Junta,
00:42:23.160
terribly detrimental to the U.S. on a bipartisan basis.
00:42:25.680
In that entire period of 20 plus years, we have not seen a recession in concert of the major
00:42:32.240
economies because even in 08, 09, as bad as that was for the U.S. and the West, China powered through.
00:42:38.140
Now, a lot of that was through massive borrowing and through a lot of accounting dishonesty. It was
00:42:41.960
a lot of smoke and mirrors, but the point is it powered through. Right now, you have the U.S.,
00:42:46.280
Europe, and China, the three major economic centers of the world, crashing into the ditch in concert.
00:42:51.500
You have a synchronicity of recession right now, something we just have not experienced before.
00:42:56.560
And frankly, I don't think anybody can tell you the exact ramifications, but I can sure bet and say
00:43:01.420
with some degree of confidence that they are going to be very, very severe indeed.
00:43:05.160
Okay, short commercial break. We're going to talk about the income side of your income statement
00:43:14.120
about inflation and wages not keeping up, but now also your balance sheet. Because guess what?
00:43:20.020
That housing is also a canary in the mine share. Another hit to the American people. Upcoming.
00:43:25.220
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Okay, we've got Ben Harnwell with the Abandoned War Room. Rome has got big breaking news today on the
00:45:22.260
Georgia Maloney situation, the surge of her. They're talking about taking two-thirds of the
00:45:28.220
seats in parliament. Salvini's got a big interview up on Newsmax. John Grizzly, amazing interview.
00:45:34.660
Talks about how the right's going to govern. And Steve Cortez, it's an in-your-face. They're not going
00:45:40.100
to back off one inch to save their country. So this is spreading from the Swedish Democrats to
00:45:44.680
the populace in Canada, to Italy, United States, Bolsonaro. We're ascendant right now. And you can
00:45:51.680
tell by this, people are listening. The media can't spin them anymore. By the way, talk about spin.
00:45:57.240
So talk about spin. And this is where the White House, this is why we're up so many points. People
00:46:01.500
are not buying it. American people have common sense. Sure. Tell me about the, what did they blame?
00:46:06.100
The global economy, we've talked to you about it. We show you any metric from the purchase managers
00:46:10.480
that, what Cortez has been talking about, that that's personified by, hey, you don't need to
00:46:14.040
ship it overnight. In fact, you don't need to ship it because they don't need it. Right? Because
00:46:17.320
the economy is slowing down. That's the FedEx number dropping. We've talked about this for months
00:46:21.320
about it. What did the White House, and ladies and gentlemen, this is one of the things that I think
00:46:26.800
is upsetting people that are not MAGA. And I get this all the time. They're tired of being talked to
00:46:31.860
like children and like morons. What did the White House economic advisor blame the FedEx? Did she
00:46:37.920
blame it on purchasing managers pulling back? Did she manage it on the economy, that things just are
00:46:43.020
not happening? And so guys don't need, I don't need the FedEx tomorrow. In fact, cancel the order. I
00:46:48.520
don't need FedEx at all right now. Right? To have that kind of miss on your numbers. What did she blame
00:46:52.380
it on, sir? Steve, the theater of the absurd continues. You know, I mentioned previously how
00:46:57.920
blameworthy both Powell and Janet Yellen are. Both of them have no business in the significant
00:47:02.940
positions they're in because they've lied repeatedly to the American people. Here's a new
00:47:06.960
level of absurd lie, though. And I know the crack team at War Room is going to pull this clip at some
00:47:11.420
point. But let me just tell you, and this is from the great Tom Elliott, the founder of Gravian. If
00:47:15.240
you don't follow him on social media, folks, you should. He does a great job of indicting the left in
00:47:20.540
their own words by pulling their own clips and just presenting them to you. So this clip is from just this
00:47:25.200
morning from Heather Boushey, who is from the Council of Economic Advisors of Biden from the
00:47:31.340
White House. And this is his tweet. He said, asked about FedEx, confirming that we're already in
00:47:36.800
recession. The Biden administration's Boushey says it's not their fault, citing COVID, Ukraine,
00:47:44.400
and Puerto Rico losing electricity because of, wait for it, climate change. Because of climate change.
00:47:51.660
Now, first of all, I don't want to belittle at all what's happening in Puerto Rico. I know it's a
00:47:54.540
serious situation down there with the storm and the electricity, but the entire island of Puerto
00:47:58.280
Rico being out of business for FedEx is hardly significant to a global firm like FedEx, first
00:48:03.340
of all. But the fact that these unserious people, that somebody who was supposed to be minding the
00:48:09.840
store, the economic engine of the United States, somebody who is supposedly an expert at the highest
00:48:15.380
levels of the economy, is bringing in this ridiculous liberal narrative of climate change and
00:48:20.760
saying that that is responsible for FedEx plummeting rather than the created economic crisis and
00:48:27.800
mismanagement of the Biden administration, particularly as it relates to inflation on
00:48:31.960
the very day that 10-year yield hits the highest levels in 11 years. These are totally unserious
00:48:38.160
people. And Steve, to your point, to connect this back to politics, this is why it's very possible for
00:48:42.640
us right now, those of us in the patriotic populist movement, to win over folks who may not be with
00:48:47.160
us on a host of issues. All right? This is an important point. Maybe they don't agree with us
00:48:50.940
on everything. Maybe they're not as socially conservative as most of us are. But when it
00:48:54.580
comes to the economic pain that they're suffering, it's very real right now. They're not okay with
00:48:58.920
the status quo. And to this point, you know, you mentioned the polling, that NBC polling, which is
00:49:02.400
so significant. Let me give you another poll, which I think is pretty significant. And that is
00:49:06.040
Harvard-Harris polling. This came out just late last week. It shows that overall, Trump against
00:49:12.080
Biden, 2024 race, overall, Trump is leading by three percentage points. Among independents,
00:49:17.700
the very kind of people I think we're talking about right now, Steve, among independents,
00:49:21.160
Trump is up by eight. That's not in the Electoral College. That's in the popular vote. He is up by
00:49:25.900
eight percent right now. So again, you know, by the way, I think we're, I think we're up by,
00:49:29.980
okay. Yeah. By the way, I think the NBC poll had to check. I think, I think on independents,
00:49:34.580
we're up 23 points. It's a huge number. I'll dig that out for this afternoon. I want to go back,
00:49:39.500
ladies and gentlemen, just to look over the other side of the hill of this double whammy you're
00:49:43.220
about to get every month for 17 months in a row, real wages are dropping. So you're the hamster on
00:49:48.780
the wheel and the harder you go, the farther from behind. But we just had the most historic,
00:49:54.020
biggest drop, $6 trillion of net worth of the American people in the second quarter.
00:49:58.640
What does the interest rate pop, the 10-year treasury, the housing market statistics,
00:50:04.400
what does that tell you about the real estate market, brother, where basically 90% of people's
00:50:09.380
net worth is tied up? What does that tell you? What should people look forward to on that, sir?
00:50:13.780
Look, it says, unfortunately, the reality is where all the numbers point, where all the
00:50:18.440
trajectories point is toward the American people working harder to become poor. That is just the
00:50:23.800
absolute reality right now. And it also tells me, Steve, that layoffs are looming. When you see
00:50:29.040
homebuilders, right, in a key industry like construction, where a lot of strivers have thrived
00:50:34.800
for years, when you see that kind of a decline, a collapse in homebuilder sentiment, it tells me,
00:50:40.100
combined with the FedEx news, when you look at both the macro and the micro, what's happening with
00:50:43.980
small businesses, unable to pay their rents, 40% of them overall, according to the alignable survey,
00:50:48.880
the majority of minority-owned small businesses in America, 53% of them, did not make rent last month.
00:50:54.320
That tells me that the layoffs are looming. They're just starting now, but sadly, they're going to
00:50:59.180
accelerate in a pretty significant way. So the only thing the Biden White House has tried to hold
00:51:04.360
on to is, oh, but there's plenty of jobs. Of course, these are jobs that are just coming back
00:51:08.040
from forced layoffs, okay? They're not created positions, number one. But number two, even those
00:51:13.040
returning jobs, which are certainly welcome, the point is, they are going to start being eliminated,
00:51:19.060
unfortunately, because of what Joe Biden, because of the terrible policies that he's inflicted upon this
00:51:24.240
country. This is why Cortez is the best messaging guy out there. This is the new homage we're going
00:51:29.740
to give to Biden. This is the Biden watchword 50 days ago, to the American people, working harder,
00:51:35.040
getting poorer, right? Sums it all up, right there, Cortez. Steve, how do people get to you? We're
00:51:40.360
going to play, get you back, hopefully, Wednesday, I think. We've got a lot of your chalk talks to go
00:51:45.080
on other issues, a lot more economic analysis. But Steve's also going to be on the hustings,
00:51:49.940
supporting people. Steve, how do people get to you between now and then?
00:51:53.420
We'll be in the Pacific Northwest this week. Please come and see me if you're in Central Oregon,
00:51:57.320
just Deschutes, republicans.org. You can get tickets for that event in Bend, Oregon,
00:52:01.740
on Wednesday. And follow me, please, always on social media, I'm at Steve on The Getter.
00:52:08.920
By the way, those guys in Bend are the best. They're incredible. They're bringing Cortez out.
00:52:14.820
I love it. Steve Cortez, you're fantastic. Your stuff on Getter is amazing. Your live stream is all
00:52:19.980
of it. Keep fighting, brother. See you later in the week.
00:52:23.420
The great Steve Cortez. Okay, we're going to take a short break. Trying to track down Navarro. Got
00:52:29.260
Mark Meckler also going to talk about this rail strike. Biden might have jumped the gun here
00:52:34.080
on getting it approved. All next in the war room.
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