The Fed raises interest rates, the S&P 500 and Dow hit session lows, and the yield curve hit a new all-time low. What does that mean for the economy, the bond market and the stock market?
00:02:27.680Steve, the more I watch this, the more I think it really is a cynical game of the smart money jerking around everybody else.
00:02:38.680I'm going to show you a quick chart here.
00:02:41.700This is the S&P 500 over the last couple of days.
00:02:47.180You know, it's bouncing around that fall low at the end of it, red.
00:02:52.480That's Jay Powell getting on stage and talking.
00:02:55.240And this is pretty much what happens, Steve, every time Jay Powell gets on after whatever it is the Fed does.
00:03:02.280But I don't understand, other than this is a game on Wall Street, why people don't see clearly what exactly what you, me, Cortez, Bratz, Walt, all these guys have been saying.
00:03:17.020We are in a stagflationary environment.
00:03:20.580Now, this whole notion of buying the dip in bonds, are you frigging kidding me?
00:03:26.560The mortgage rate hit 6.25% today, and it's on its way up until God knows where.
00:03:36.160However, interest rates are going to keep climbing because of stagflationary forces built in.
00:03:43.440The problem we have here, Steve, is that the Federal Reserve is a one-trick pony.
00:03:48.980You and I have talked about this repeatedly, but it's worth saying again.
00:03:52.840You don't usually have recession and inflation at the same time.
00:03:57.180When you do, recession drives down stock pricing, inflation drives down bond prices.
00:05:28.620We've got the Congress and the White House doing one thing, which is stimulating the economy with fiscally irresponsible, inefficient bills that are going to offshore our supply chains and create all manner of both demand pull and cost push inflation.
00:06:24.480And, you know, look, we've had a – since I made the call on the war room in November of last year, we've gone from 36,000 on the Dow down to close to 30,000.
00:06:38.960There's a concept in technical trading known as support levels.
00:07:23.580David, give us your perspective of Jerome Powell and their efforts at the Fed to try to tame the burning dumpster fire of inflation in this economy, sir.
00:07:34.500Well, Steve, I think Peter is exactly right.
00:07:36.760You know, you've got this bizarre scenario on one hand, I think the Federal Reserve, if all you focus on is inflation in a vacuum, raising rates is certainly one tool.
00:07:49.020But you've got an administration and a Congress that is throwing money on the fire of inflation.
00:07:54.240And further, while I'm in favor of obviously we have inflation, we need workers to have wages and at least attempt to keep up with it.
00:08:03.480The problem is the government is now almost fostering strikes.
00:08:07.260And you're going to end up with a spiraling inflation that raising interest rates will ultimately tame, but it will be a long time into the future to do it.
00:08:17.100And stagflation is what we should be concerned with.
00:08:20.180Real quickly, the subtitle of your book is Defending the American Dream for the Next Generation.
00:08:25.920Can we even worry about the next generation now or we're going to wipe out this generation unless somebody gets control of the spending and gets in sync with what the Fed's trying to do?
00:08:34.780Well, Steve, I think the answer is we've got the only way we protect the American Dream is to get people focused on this upcoming election.
00:08:43.540A lot of times people say this is the election of a lifetime.
00:08:46.340But this this one I believe actually is.
00:08:48.860And the reason is our founding fathers.
00:08:51.040And we tried to point this out, Adam and I, in the book that our founding fathers built this country on consensus, forcing people to the middle.
00:08:59.900Everything about our Constitution does that.
00:09:02.040You know, a 75 percent approval requirement of the states for any amendment to the Constitution, two thirds for an impeachment in the Senate, a filibuster at 60 votes.
00:09:12.640We this election, if the Democrats managed to add one Senate seat, particularly one, say, this fellow in Pennsylvania who is actually advocating and campaigning on the fact that he would destroy the filibuster.
00:09:26.740That will take away the fundamental check and balance in our system, which is the Supreme Court.
00:09:32.240And so I think the only way we can protect this this country of ours, this phenomenal entity called America that our founding fathers put in place.
00:09:42.740The only way we can protect it is in this election.
00:09:46.220We've got to take the House back and we've got to get control of the Senate.
00:09:49.800If someone like Fetterman and his ilk or Warnock continues in the Senate, et cetera, we will lose control of this country.
00:10:00.980Is this why you're so focused on these House seats?
00:10:03.820And is are we going to need is MAGA going to need a political solution to an economic and financial crisis because of this madness and fiscal policy coupled with the easy money policies that they're now trying to they're trying to be a reaction to it?
00:10:25.660The book I wrote, Steve, Taking Back Trump's America, take it literally, dude.
00:10:30.320It's like it's a mission for us in the war room, David Sokol.
00:10:34.600And I'm telling you, it's like Donald Trump understood how economies prosper, how real wages go up, the black, brown and blue collar manufacturing workers.
00:10:46.280He understood what peace is like abroad, what a secure southern border is.
00:12:31.340Put me on saying I said buy the dip on Bannon and just know that my tongue was stuck way deep in my cheek because we get it right and CNBC gets it wrong every day and they're taking your money.
00:15:00.640When your nation's supposed authority on economic policy completely misses the flashing red lights of impending inflation.
00:15:10.080Now, Treasury Secretary Janet Yellen has finally admitted, quote,
00:15:13.640quote, there's been an unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that affected our economy badly that I didn't at the time fully understand.
00:15:27.880You know who understands the real threat of inflation?
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00:16:23.160Some breaking news just in that we need to get to right now.
00:16:27.380New York Attorney General Letitia James has filed a civil lawsuit against former President Donald Trump, his children, and his family business.
00:16:37.640Mr. Trump and the Trump Organization repeatedly and persistently manipulated the value of assets to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise have been available to the company.
00:16:56.520To pay lower taxes, to satisfy continuing loan agreements, and to induce insurance companies to provide insurance coverage for higher limits and at lower premiums.
00:17:10.520His conduct was all in violation of executive law, Section 6312, which gives the Attorney General broad and special powers to go after persistent and repeated fraud and illegality.
00:17:52.360They just put a poll up two days ago that showed she was losing to her underfinanced, no-name recognition Republican competitor for Attorney General with five weeks to go.
00:18:04.160That this was totally unrelated about her coming after President Trump.
00:18:23.680She filed a 220-page civil fraud lawsuit against Trump and his kids and his organizations.
00:18:31.640What she seems to fail to miss is with fraud in New York, you have to show that someone detrimentally relied upon those false representations and they were injured by it.
00:18:46.000And even the New York Times, not exactly Trump fans, they essentially called out Tish James' lawsuit as political nonsense.
00:18:57.960Yet her case against him could be difficult to prove.
00:19:01.360Property valuations are often subjective and the financial statements include a disclaimer stating that they have not been audited.
00:19:10.520And if there were a trial, his attorneys would most likely emphasize that Deutsche Bank and Mr. Trump's other lenders were hardly victims.
00:19:20.280All of his loans are either current or were paid off some early.
00:19:26.560And the New York Times also points out he doesn't use email famously, so you're not going to find smoking gun email if it's intense.
00:19:34.220I mean, it's just – this is such political nonsense, what they're doing.
00:19:39.160This is part of the pattern of the Democrats of going after Trump.
00:19:42.360The New York Times continued that they point out again that Trump's lawyers will likely point out the disclaimer in his financial statements saying that Maysars had not audited the valuations.
00:20:09.660They also would likely argue that the Trump organizations submitted the statements to sophisticated financial institutions that conducted their own due diligence and profited in their dealings with Mr. Trump.
00:20:24.940And then they have a statement out by the company statement, the Trump company statement, quote, while the job of the attorney general is to protect the interest of the public, today's filing for the first time in the history of the attorney general's office seeks to protect the interest of large, sophisticated Wall Street banks.
00:21:34.940And under the Presidential Records Act, former presidents have unfettered access to their records.
00:21:41.460And so when Judge Cannon said for the special master to sort through these records, it's because this biased magistrate judge, Bruce Reinhardt, ordered a home raid, unprecedented, unnecessary, and unlawful home raid.
00:21:54.500And they got 11,000 records from Trump.
00:21:57.220And so the whole point of the special master, I think it was Cannon's very gentle way of getting Reinhardt the hell off this case because he's biased, as evidenced by his recusal eight weeks ago in Trump's civil lawsuit on Russian collusion.
00:22:10.860But the special master job is simply to take these 11,000 documents and put them in four different buckets, whether they're personal records that are not privileged, personal records that are privileged, presidential records that are not privileged, presidential records that are privileged.
00:22:27.160It doesn't matter if they're classified.
00:22:28.840His only job is to figure out if they're marked classified, review them first so the government stops whining about their fake concerns about a criminal investigation or an intel assessment.
00:22:38.580I think this special master just needs to get clarification from Judge Cannon on what he's supposed to be doing.
00:22:45.840Mike, real quick, what's your social media?
00:22:47.740People got to follow you, if nothing more than the Letitia James stuff tonight.
00:22:51.520We're going to have you back on tomorrow to break that down.
00:27:10.800But do what you need to do, and at least run the argument that these records, and he doesn't need to say they're classified or unclassified.
00:27:21.860He needs to, all his lawyers need to say is, this is the Justice Department's prior position here,
00:27:27.460and they should explain to the court why they've changed their mind and why they're now ignoring the idea that when Bill Clinton had tapes of him talking to foreign leaders,
00:27:39.840they didn't consider that to be classified, even though they were in his personal possession, all related to government activity.
00:27:47.640This is just a, this is just the Justice Department going after Trump on a protectual basis, and in my view, lying to the courts.
00:27:59.160And that's, this is why they don't like that coming out there, and that's why I'm getting attacked by MSNBC and CNN.
00:28:17.640If you want to know what the left's real plan is for your kids, just look at the reaction to the work Patriot Mobile did in multiple school districts in the great state of Texas.
00:28:37.500Patriot Mobile is America's only Christian conservative mobile phone provider and a force for conservative values.
00:28:45.060This is because they take a portion of your bill and fund conservative causes and candidates who believe in the sanctity of life, freedom of speech, the second amendment, and guess what?
00:33:04.040Walk me through, first off, your perspective of the lawfare, that the Justice Department, the FBI, Tish James, all of it, is coming after the MAGA leadership, sir, including yourself.
00:33:17.380Well, there's no better club to be in.
00:33:20.180It's similar to John Hancock signing his name so big on the bottom of the Declaration of Independence.
00:33:26.520And whoever signed that, they knew it was going to be targeted by King George III.
00:33:33.560But I know that the more I'm under attack, the more effective I am.
00:33:38.200So I'm a little bit jealous of you being under such attack.
00:33:40.200And I'm glad you are literally ahead of me, even in the tip of the spear.
00:33:43.840But whether it is President Trump, whether it's Mike Lindell, whether it is Steve Bannon, whether it is Alex Jones, whether it is Trump lawyers that actually do their job and tell the truth, we're all under massive attack.
00:33:56.600And Letitia James came after me two years ago, and she put the feds on me.
00:34:01.780And that was a whole thing that never really went public because it got dealt with.
00:34:05.740But I know they're doing other things that I have not liberty to get into right now.
00:34:09.320I told you probably about it a few weeks ago when we were during a break.
00:34:12.740But they are literally just going down the line of anybody that's pro-America, anybody that's just loyal to the country.
00:35:04.120Italy are now moving to elect a right-wing anti-globalist.
00:35:07.700And so when we expose the globalists as the multinational new communist threat, but a corporate fascist threat using communism for control and their SCGs and their systems and the Clinton Global Initiative and the World Economic Forum, we're over the target.
00:35:50.060And as an example of us being persecuted, just like the Alamo, you know, Santa Ana in Texas in 1836, he slaughtered a bunch of people, outnumbering them 20 to 1.
00:36:17.080As you said, when they were perp-walking you ridiculously, as you probably walked through, you said, I've only begun to fight, quoting John Paul Jones, the founder of the U.S. Navy.
00:36:25.820And you said this is the dying scream of this corrupt globalist system.
00:37:29.980It's a – and from the conference we had with Charlie Kirk, the great Charlie Kirk, this weekend, the book, of course, you made an appearance, Alex.
00:37:36.620The book was just incredible, and people love it.
00:37:38.860I just want to go to something everybody's been asking me.
00:37:40.940Given we're in the run-up for five or six weeks, I think 48 days from the most important midterm election since 1862, are they trying to pile on Alex Jones now so that you've got too much?
00:37:53.700But are they – I mean, the timing of these things just looks bizarre.
00:37:57.400Was this just happenstance that this would happen to you in the run-up of 48 days to go that you're in another one of these situations in the court, sir?
00:38:11.220If you look at the spectrum of 28 years on air, Sandy Hook was less than one-tenth of 1%, but they've entered into evidence in Texas and Connecticut's 24 minutes of me when the internet was questioning it.
00:38:23.280They made me the Sandy Hook guy once Hillary was running against Trump.
00:38:26.540She ran against Trump with ads, with edited videos of me, acting like I was Trump's brain, when we all know Trump's his own brain.
00:38:32.420If anybody was his brain, it was you and Stephen Miller.
00:38:35.120And so I'd love to be his brain, but I wasn't.
00:38:37.760So they made me this demon that Trump supported.
00:38:41.600And then once he got elected, they went even crazier.
00:38:44.100And so for four years, they kept us in discovery.
00:38:46.860And the judges strung it out and demanded record-level discovery.
00:38:52.120And then they coordinated down to the days about six months ago, about eight months ago, and said, okay, we're going to have this August trial in Texas.
00:39:03.160And we're going to have this September trial in Connecticut.
00:39:05.900And then we're going to have this November trial in Texas again, the same law firms, same groups that are running the lawsuits against all the gun manufacturers, big Democratic Party law firm with Senator Blumenthal basically heading it up.
00:39:18.340And it's all completely coordinated, same tactics, same lies, same BS.
00:39:22.580And so they took Adam Lanza, who killed the kids at Sandy Hook, and just moved it to Alex Jones and the Republicans, and then just totally misrepresent.
00:40:28.280And they mentioned Tucker Carlson in the interviews on MSNBC and CNN.
00:40:32.520They mentioned Steve Bannon, Donald Trump.
00:40:34.600Now, anybody that goes against their fraudulent narrative, whether it's two men can have a baby or two women can have a baby or open borders is good or any of this.
00:40:43.340Now they're talking about criminal charges against the Santas of Florida and, of course, the governor of Texas as well,
00:40:49.800for simply taking people who are already here illegally and shipping them to Martha's Vineyard and the Naval Observatory in D.C.
00:41:27.060But those of you that support us with word of mouth, with prayer and financial support, you are just as critical as Tom Fenton or Steve Bannon.
00:41:34.160Without you folks, we'll never give up.
00:41:36.560We'll never give in, but we could give out.
00:41:39.440And I am very close to the breaking point.
00:41:41.820I'll just be honest with that because we're so close.
00:41:43.440Once again, Alex, where do people go for support?
00:41:47.900And everybody's got to go to Amazon to get the Great Reset and the War for the World.
00:41:51.580And we're going to get you back on here.
00:41:52.640We've got time to talk about that in the president's executive order.
00:41:55.400But where do people go right now for support, Alex?
00:41:58.900Well, they can just go to InfoWarsStore.com.
00:42:00.860We've got great T-shirts, books, films, T-shirts, all that.
00:42:03.780And the biggest thing I care about is just spreading the word.
00:42:06.600The propaganda, as the Internet sings, says the propaganda would not be necessary if the situation was hopeless.
00:42:52.680This can be the viewers and listeners of the literal tent of the spear, the war room, that are going to decide right now whether we stand and win or whether we fall.
00:43:24.280A vicious assault last night at the University of Iowa with one of the rising stars, one of the most important people in this rising generation of warriors, fighters, and patriots.
00:43:36.000Benny Johnson joins us next in the war room.
00:43:37.840Americans are discovering that if we want to change this nation, we have to change the way the marketplace works.
00:43:52.560Look, woke corporations are seeking to divide us.
00:43:54.740Big banks are freezing the accounts of people who disagree with their political views.
00:43:59.260And our supply chain is dependent upon countries that actively work against our values, like the Chinese Communist Party.
00:44:08.080And that change starts with you and your wallet.
00:44:10.960That's why I'm proud to partner with Public SQ, the largest network of patriotic, freedom-loving businesses and consumers our nation has ever seen.
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00:44:40.120There's also interactive, sensor-free community groups where you can connect with other local members.
00:46:30.700We're going to do a speech here in Nashville and then in Knoxville tomorrow talking about the power of memes and how much we love memes, how important memes are for conservatives in order for conservatives to capture a new generation and to speak to young kids.
00:46:44.900We were doing that presentation and in the middle of the presentation, somebody was so offended by the meme that they got up, screamed that we were racist and then kicked over the projector, smashing the projector so that we couldn't continue our presentation.
00:47:04.340Now, what's interesting about this clip is that the meme that we were playing is Kamala Harris welcoming a bus of criminal migrants to her lawn as tasteful mariachi music plays in the background.
00:47:15.980So he wasn't upset that Kamala Harris won't welcome criminal migrants into the Naval Observatory.
00:47:23.040He wasn't upset that Barack Obama won't open his 30 acre mansion compound in Martha's Vineyard.
00:47:28.100He wasn't upset that Joe Biden regularly uses racial terms and slurs and says that you can't be black if you don't vote for him.
00:47:35.260He was upset that we were making fun of those people who presumably he supports.
00:48:10.960Because I got to tell you, if he had just pointed, you know, two degrees over, it had been right at you.
00:48:16.100What triggers a guy when you're sitting there about parody and making fun of people, but in a way that's not aggressive, not threatening, nothing with violence?
00:48:38.960People like to go to a party where people are having fun, where people are laughing, where people are gathering.
00:48:43.060And memes is a place where people can go do that online.
00:48:45.500It's a way to attract young people and energy into the movement.
00:48:48.720We have memes on our memes on our shirt.
00:48:51.040I'm wearing a Clarence Thomas meme right now.
00:48:53.120So it's a lifestyle and it's something that's very important.
00:48:58.320Enormous number of kids, young kids get their knowledge of the world and information through memes.
00:49:04.500And the reason that the left hates them so much and wants to ban memes and then freaks out and wants to attack people who are sharing memes is because they're Marxists.
00:49:13.680And Steve, you know, as we discussed on my podcast, this is a spiritual battle.
00:49:18.800And it's a spiritual battle between darkness and light.
00:49:22.120And these people are so dark in their souls and they don't have humor.
00:49:25.540They don't have what they have lost the capacity to laugh.
00:49:28.320They've lost the capacity to be have any enjoyment of life.
00:50:09.280We don't take them seriously and we don't take their threats seriously.
00:50:12.760And we think they're they're sad, little low testosterone soy boys all, you know, all hopped up on Keith Oberman tweets and they're pathetic losers.
00:50:22.440And so I watched this man's last little drop of testosterone evaporate as he spun into a induced rage like a man child.
00:50:33.220So I want people to know about supporting this tour.
00:50:37.900And I don't know if the security reason might not give it up.
00:50:40.100But where do people tonight's Nashville?
00:50:41.720Can you get some details of everybody's our huge posse in Nashville can turn up or you already have to have tickets?
00:50:48.020I want people to find out more about this tour because there are as many people to go as possible because it's this thing about memes is amazing and quite enlightening to people.
00:51:15.080You can find all that information at BennyJohnson.com backslash tour.
00:51:18.460You can also follow along on our podcast every day where we give you the updates of how the tour is going and exactly what technology has been smashed by the left.
00:51:30.960And unfortunately, Steve, this is not anything that is even remotely rare.
00:51:37.300You have Republicans that are being hunted down and literally killed in North Dakota.
00:51:42.480We count ourselves lucky and we'll thank our angels essentially for surviving yesterday.
00:51:48.260The man could have had a knife or a gun or anything.
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