Episode 2182： The Clueless Fed; The Media Continues To Smear The First Ever Woman Democratically Elected To Italian Government; They Want Us To Be The Perfect Consumer
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Summary
The Atlanta Fed's Raphael Bostic joins us to discuss the latest in the sell-off and what it could mean for the economy and the stock market in the future. Plus, a new piece from Gunjan Banerjee on why people are still chasing the dips.
Transcript
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of a pullback are you expecting here? Well, first of all, I think that the GDP number is one way to
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think about the economic performance, but many others would suggest that the economy has a lot
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of positive momentum. We're still creating lots of jobs on a monthly basis. And so I actually
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think that there is some ability for the economy to absorb our actions and slow in a relatively
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orderly way. Look, we need to have slowdown. There's no question about that. But I do think
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that we're going to do all that we can at the Federal Reserve to avoid deep, deep pain. And I
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think there are some scenarios where that's likely to happen. Deep, deep pain or that you can avoid the
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deep, deep pain? Oh, that we can avoid the pain. Thank you for that. Sorry. Alan Blind. Big sell-offs.
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Retail investors tend to buy the dip, but this year's extended downturn has put a dent in that
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popular strategy, making 2022 the worst year for buying stock market dips since 1931, I believe.
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CNBC contributor Gunjan Banerjee of the Wall Street Journal is out with a new piece examining the age-old
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strategy, which remains popular despite recent losses. And she joins us now. So are people still
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chasing the dips, Gunjan? It looks like they are. Buy the dip. One of the most popular strategies of
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the past few years and even since the last financial crisis has retained its popularity this year
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during, you know, this months-long sell-off that has now dragged the S&P 500 down more than 20 percent.
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Individual investors do seem to be hanging on. They do seem to be buying more when the S&P 500
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declines than when it's rising, though many are being tested by this incredible downturn. And it's
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been painful, to say the least. Well, it certainly has been. I mean, I think people got accustomed to
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or maybe spoiled by the idea that whenever the stock market went down temporarily, it was pretty soon
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going to over the last decade. It was pretty soon going to snap back and then go higher than it was
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and maybe come down. Then it was going to go higher than it was. That works until it doesn't. And right
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now it doesn't seem to be working because the steps are not going higher. The steps seem to be going
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lower as we broke last week through those June lows. That's right. You know, it's been the worst year
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for buying the stock market dip since 1931, the second worst year on record. And look, the past
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few years, it kind of just seemed like stocks would keep going up and up and up. And so many people just
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felt really rich, right? Because they did buy on those dips. Then the stock market shot up immediately.
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And one individual investor I spoke with said, look, I got greedy. I thought it would be so easy
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to turn my brokerage account into 100K brokerage account. I thought I'd be able to pay for my
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daughter's college education through the stock market, shielding them from loans, because it just
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seems so easy for a few years. And that has not been the environment at all. And I think just zooming
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out, this shows you how much the market has changed this year with higher bond yields and tumbling stock
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prices. Okay, welcome. It is Monday, 26 September, year of our Lord 2022. Let's bring in Steve Cortez.
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Steve, I guess we don't give financial advisory. We don't give financial advice on the show. But we
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have mocked and ridiculed many times the cheerleaders at certain other channels, hawking buying the dip,
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Steve Cortez, and also the Atlanta Fed, the Atlanta Fed president makes another makes another guest
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appearance in the war room. Talk to us, sir. Yes. So Steve, well, first of all, you know,
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unfortunately, for many Americans who do rely on those legacy platforms for their financial
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information, they've had their head handed to them this year. You know, that woman from the
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Wall Street Journal said, if you thought this was going to be easy to build your wealth through
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investing, well, that's not happening. It's also not easy or it's impossible to build your wealth
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through working because real wages are crashing in this country for a record consecutive now of 18
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straight months under Joe Biden. And most of the blame absolutely belongs with Biden and with his
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acolytes on Capitol Hill, people like Nancy Pelosi and Chuck Schumer. But a lot of the blame as well
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does belong on the Fed, Steve. And I think this is important. I'm glad you opened the show with that
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clip of Raphael Bostic, who is the president of the Atlanta Fed. I put up a new article. It's the second
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time that I have written about him because I've been frankly astounded at the kinds of things he says.
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For somebody with a really important position, okay, the head of the Federal Reserve in the
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southern United States, maybe the most dynamic economic area in America, and somebody with
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incredible credentials. Again, he's another example of why we shouldn't rely on just credentialism,
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somebody who went to Harvard and Stanford. And yet he says things that are just so inane, so wrong,
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so misguided, that it's almost hard to believe that he believes them. So what he said over the
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weekend, which was really incredible to me, is he said, I think if you and I give the full quotes in my
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new article, it's up on my substack, he said, I think that we're going to avoid deep, deep pain.
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Well, that's not exactly reassuring, particularly when we put that in context of what he said just
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a few weeks ago, which we previously talked about on this show, Steve, when he was at Jackson Hole at
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the central bank confab out in Wyoming, when he said that this kind of inflation that we're
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experiencing, he said it was unimaginable just 18 months ago. He literally said that, no, it was
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totally imaginable. All right. And as a matter of fact, it was fairly easily forecastable, I think,
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to people who were actually paying attention to people who are well versed in economics,
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who aren't committed to narrative, who prefer facts and narrative, and to people who are students
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of economic history. So you certainly got it right. Peter Navarro got it right. I got it right. A few
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others did, but almost no one in corporate media and no one at the Federal Reserve. Instead, people like
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Bostick, people like his boss, Jerome Powell, people like the former Fed chair, current Treasury
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Secretary, Janet Yellen, they chose to lie to the American people all through 2021 and pretend that
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the inflation was transitory. And they used that ridiculous term of propaganda over and over again
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and again, when the Fed, by the way, could have been slowly adjusting rates upward to try to fight
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what was then growing but containable inflation. Well, now the fire is burning out of control.
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Now the Fed is trying to raise rates extremely quickly at a pace that is taking an already
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troubled economy and sending it over the ditch even further. That's the economic reality. And
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you don't have to take my word for it. We can certainly get into prices truth. And we can get
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into what financial markets have been doing lately and what they did just today. And we have some charts
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that we'll show as well about the unfortunate reality, the unfortunate consequences of the total
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economic mismanagement, the total caused economic crisis of the Biden regime.
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This is a created crisis. And I want everybody to know your life and the market signals today,
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but Steve's going to get into a second and going to change your life pretty dramatically.
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But I want to go back to Dr. Bostick. The Atlanta Fed is the Fed that actually puts out
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the GDP forecast, right? They're kind of renowned for that. I think now,
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because they're having these still arguments on TV, which he's part of,
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oh, we're in a recession, are we not in a recession, the technical things.
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I think their third quarter forecast actually is negative growth right now.
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So tell us, how do they have Dr. Bostick in charge of the one that's probably one of the
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most important we've got outside the New York Fed? Because it really does the forecasting of so
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many people depend upon. They do. And listen, let me tell you that, okay? As somebody who is a student
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and a connoisseur of that data, the Atlanta Fed, they have a fantastic team of economists there.
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They really do, which I think makes his opinions and his pontificating and his wrongheaded line
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on air even more obscene because the Atlanta Fed puts out some really good information. The GDP now
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indicator is one of them. They also put out the sticky inflation index. I've talked a lot on this
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show and in my writing about the stickier aspects to inflation, things that once the price goes up,
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things like rents, they are unlikely or impossible to go back down. The Atlanta Fed has actually
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quantified that and has a rating on sticky inflation, which has absolutely exploded,
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of course, at historic pace in recent months. So there is some good work done by some of the
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grundoons at the Atlanta Fed, but not by the people in charge. And I think, again, too,
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we have to ask ourselves why. I think, number one, the Fed, and again, I'm not trying to take the blame
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off of Biden in any sense. He absolutely deserves the lion's share of the blame. And we have to replace
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every single Democrat on Capitol Hill who was part of helping his regime do this to the American
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economy. But I'm saying we can do both. We can do the both and. While we are appropriately blaming
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Biden for this economic carnage, we need to also recognize the full complicity of the Federal
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Reserve at every level, from the chairman of the Fed all the way to the regional presidents to the
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other members of the board of governors on the Fed. And I think part of the reason, Steve, that they
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have so lost their commitment and what was really a great historical legacy. The Fed was a revered
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institution in American life for good reason, because of the great men of decades past who
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led it. It is now interested, I think, really only in two things. Number one, and this is its first
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priority, is its own institutional power, right? And the best way for it to preserve and intensify
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its institutional power is to play ball with the establishment. No better person to play ball with
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than Janet Yellen as Secretary of the Treasury and Joe Biden in the Oval Office. But I think the second
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thing is we see a lot of mission creep at the Fed. And I give the citations in my article to point
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this out about Bostick. He's totally, when I say mission creep, he is totally focused on a social
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left agenda, on a social justice warrior agenda, trying to use the Fed as an agent of so-called,
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quote, equity. He wrote an entire paper in 2020 about how the United States is systemically racist,
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in which he mentioned George Floyd. It's quite something, by the way, Steve, if we are such a
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racist country, we're doing a pretty bad job of it. If we allow somebody like Dr. Bostick to earn
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degrees from Harvard and Stanford, achieve a tenured professorship at the University of Southern
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California, and then become the president of one of the most important banks in the United States,
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that doesn't sound like a very bigoted country to me. So the reality, though, here is, again,
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I think for a couple of reasons of bad motivation, the Fed has been totally derelict in its duty.
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It's now totally in a corner trying to fight its way out. But here's the reality. As the market shows us,
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the Fed is raising rates into the teeth of an economy that was already totally struggling,
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more than struggling, that was careening lower. I think, should we look at some of the charts
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here, Steve? Yeah, let's go. I just want to make sure that the title of the piece is The Clueless
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Fed. It's in Steve Cortez. How do people get to your substat? Because I want them to particularly go
00:10:50.140
there. This is a very analytical piece. And we know from all the great feedback we've gotten from
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Bend, Oregon, and others. People want more charts, more detailed analysis. So where do they go for
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this? Yeah, so please go to my social media. I prefer you go to my getter, the Free Speech Home.
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I just did a getter right before the show. I was, Steve, I was sort of the appetizer to your entree.
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We did a getter live stream. And on getter, I'm just at Steve. You can also find it on my Twitter,
00:11:13.500
where I'm at Cortez Steve Cortez with an S. So yes, please take a look. Read this article. I am
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always very careful to cite. I don't just offer opinion. I make sure to back it with evidence and
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data and provide the citations of exactly what I'm talking about. And unfortunately, here's the
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reality. Let's talk about the consequences then of this total mismanagement, both on the fiscal side
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by Joe Biden, his attack on American energy, the exorbitant borrowing and spending orgy that they
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engaged upon with the help of establishment Republicans, plus a derelict Fed. What has it resulted
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in? Well, inflation at generation plus highs, meaning interest rates are soaring and hitting
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decade plus records yet again today. If we can pull up chart 10, this is the unfortunate tale of
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woe in the bond market. And as I've repeatedly said, you'd probably think that stocks are more fun,
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but bonds are much more important for your life. And so bonds today hit three, 10-year treasuries
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hit 3.93% in interest rates. We were getting very close to 4%, a level that we have not seen
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in over a decade. And for the folks who are watching the program, I want to make sure they
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see there the comparison side by side of what 10-year treasury yield, what interest rates did
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under Trump, stable to heading lower, and what they did now have done and are doing under Joe Biden.
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And notice that contrast. During Donald Trump's, even his first three years, before the CCP virus,
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when we had an economy that was growing aggressively, when we had personal incomes in real terms
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that were leaping ahead, we had contained inflation and contained interest rates. Now we have the
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exact opposite. We have the worst of both worlds where your real wages are crashing and interest
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rates are absolutely soaring. It's been a miserable performance for interest rates. You know, that woman
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from the Wall Street Journal also mentioned that it's been the worst year for buying the dip in stocks
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since 1931. That's pretty terrible news. You know what's also terrible news? It has been the worst
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year to buy bonds ever, ever, Steve, not just since 1931. The U.S. 10-year treasury has never had a worse
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year than what it is having right now in 2022, as shown by that chart, by the spike in yields, meaning
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as yields go up, the bond price, the 10-year treasury price goes down. Now let's talk about some of the
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consequences of this. Very real-world consequences for you. If we go to chart number two, this is, and I don't
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think I've shown this yet on the show, these are investment-grade corporate bonds. So these, I think
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I've shown the spread, but not the actual investment grades. These are companies that are predictable and
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boring, companies who pay their debt on time, companies who are not considered to be risky,
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okay? These are normally for grandma. These are normally for the safest poor-year portfolio.
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They're basically like treasuries, but they offer just a little more yield than treasuries, so a lot of
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investors like to pour into them at times. Investment-grade bonds have been rinsed this year.
00:14:01.660
This is the ETF, the ticker is LQD, but trades like a stock, but when you buy it, you're not buying a
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stock, you're buying an investment-grade bond. And year-to-date, they have absolutely collapsed down
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22% on the year. In principle, Steve, this is calamitous. It has never happened before.
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Yeah. I mean, it's almost hard. Let's take a break. I want to come back because these are
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government securities. We talk about a sovereign debt crisis. I mean, you've never had, these are
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supposed to be what Aunt Daisy buys and puts away for retirement. It's unimaginable. And the media
00:14:36.760
won't talk about it. This is the markets voting on the Biden business plan for America. And they're
00:14:42.340
voting, it's obscene what's happening. It's obscene what's happening to capital, people's pension funds,
00:14:48.840
401ks, all of it. Short commercial break. Steve Cortez, next in Warren.
00:14:59.580
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agency. Action, action, action. War Room. Pandemic with Stephen K. Bannon. The epidemic is a demon
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and we cannot let this demon hide. War Room. Pandemic. Here's your host, Stephen K. Bannon.
00:16:25.800
Okay. Welcome back. I want to make sure everybody goes to birchgold.com forward slash Bannon. You get
00:16:30.560
the end of the dollar empire. A lot of what we're talking about, the politics of money was part one.
00:16:35.260
The second is the fall of the dollars, the prime reserve currency. This is a primer to get everybody
00:16:42.080
up to speed. We're going to spend a lot of time on this in the coming days and weeks ahead as the
00:16:46.500
politics of money becomes central to our political dialogue. So you have to understand it. We try to
00:16:52.060
break it down in a relatively simple way. We're going to be talking a lot more about this. I'll also
00:16:56.940
probably be doing some specials about it with the birchgold guys and Peter Navarro, Steve Cortez,
00:17:01.860
and others. Steve, I just want to make sure to go back because what you're saying is so
00:17:06.460
profound and important to the country and to people, individuals that it just boggles my mind
00:17:14.220
that the Wall Street Journal, the Financial Times of London, New York Times, these papers that cover
00:17:21.600
business are not talking about this. I want you to go back and talk about what investment grade
00:17:26.640
securities. This is normally the safe harbor where people take their cash out of the stock market and
00:17:33.120
put a safe harbor. They've been eviscerated. It's a bear. I never thought it's a bear market in
00:17:42.060
Right. In insurance and what is supposed to be the stability, the insurance for your portfolio.
00:17:47.480
And not only has it not been insurance, it has been absolutely rinsed. And to your point,
00:17:51.960
I think the folks in media who do know what's going on, who see what's happening, they're just
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too committed to narrative and they will prioritize their personal narrative, their personal propaganda,
00:18:01.240
their leftist political leanings, and just ignore what's going on. And I think there's also a lot of
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folks, particularly in TV news, who frankly just don't understand what's going on. They haven't had
00:18:09.420
enough real world experience. They've only worked in media or they've only been lawyers before and
00:18:13.680
they just don't see what's going on here. So kudos to you, Steve. You're the only major media figure
00:18:18.540
who is uncovering this for the American people. And it is so consequential to regular Americans
00:18:23.160
because it's understandable that a lot of regular Americans don't follow this. You don't follow the
00:18:26.440
bond market day to day, even if you're into the stock market. A lot of folks just aren't in the
00:18:29.980
markets, period. But that's why you do such a good job of pulling that curtain back and saying,
00:18:34.380
look behind here. This is what really matters. I mean, a lot of things matter, of course,
00:18:38.560
in terms of the economy. But if we can put chart number two up there again, just for another quick
00:18:42.500
look on the LQD, which stands for liquid, essentially. So this is the ETF, the exchange
00:18:49.240
traded fund for investment grade corporate bonds. You buy it like a stock. It's a ticker,
00:18:54.460
but you're not really buying stocks. You're buying a group of investment grade bonds. These are the
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biggest brand name companies that every single person would know and recognize companies who pay
00:19:03.040
their debt on time. And this is considered to be insurance. You know, when you talk about a 60-40
00:19:08.240
investment blend, you invest roughly 60% traditionally in stocks. That's where you're
00:19:12.820
going to really make your money over time. But that 40% of bonds is where you collect some interest
00:19:16.880
over time and it's insurance against calamitous times. When that 60% gets slammed, normally that
00:19:23.300
40% stocks gives you some stability. It either increases in value or holds its value. What's
00:19:28.140
happening right now instead is the 60-40 blend is getting decimated. It's getting absolutely shot
00:19:33.120
with both barrels, bonds on that chart, which I'm showing right there, year to date in principle down
00:19:39.360
22% on investment grade corporate. So let's talk about another real world ramification of this. If we
00:19:45.800
can go to chart number three on real estate, because of course, rising real estate is terrible for a lot
00:19:50.340
of parts of the economy, but most particularly for real estate. So these are REITs, real estate
00:19:55.260
investment trusts. And a lot of folks out there probably know of REITs, but they may not realize that
00:19:59.620
there's an ETF, an exchange traded fund of REITs. So in other words, this is a grouping of the
00:20:04.580
biggest REITs. So you're getting a lot of exposure here, mostly commercial and retail, not as much
00:20:09.420
residential. There is some residential in there, but it's mostly commercial and retail real estate
00:20:15.420
in the United States. The ticker is the IYR. And much like the LQD, this has been absolutely decimated,
00:20:23.280
particularly in the last few weeks where I drew that red arrow there down the line. The IYR
00:20:28.100
down 29% on the year, just liquidation right now in the REITs. These are the real world consequences
00:20:37.480
of Joe Biden's policies and the Fed dereliction of duty. That's all going to flow through the
00:20:43.460
economy to these financial capital markets. I want to be specific is that this shows you the
00:20:48.440
evisceration. Remember these, when he talks about investment grade and he talks about, you know,
00:20:53.340
buying into the REITs, that's for capital preservation. You don't think these things are going to be four
00:20:57.500
and five baggers as far as price increases, but you'd never think they're for capital preservation
00:21:02.720
and clip some coupons, right? Get some dividends, get some interest payments. You never think you
00:21:08.400
got to worry about the face amount, right? So these are capital preservation. That's eviscerated.
00:21:14.040
What Biden's doing now, and this is why I say we have an opportunity to destroy the Democratic Party
00:21:18.720
as a national political institution, because they're eviscerating a generation of people right here.
00:21:24.380
This is not going to be turned around in a week, okay? As much happy talk as you are,
00:21:28.620
it's not going to be turned around in a week. I also want to go, the 10-year treasury is almost
00:21:31.680
four. It's 3.9%. The two-year treasury is over four. Real quickly, Steve, before we go talk about
00:21:38.480
Georgia Maloney and Italy, talk to me about how that's going to roll through people's lives,
00:21:43.940
through their car loans, through their mortgages, through their credit cards, sir.
00:21:47.680
And it's well over four. And that's an inverted yield curve, which is very abnormal. Lately,
00:21:53.300
it's become the norm under Joe Biden, but historically, it's incredibly abnormal. In
00:21:57.660
other words, two-year interest rates are higher right now than 10-year. That is the opposite of
00:22:02.860
how things are supposed to operate. To put it in personal terms for folks to maybe understand it
00:22:06.720
better, if you walk into a bank and buy a certificate of deposit, if you give the bank your
00:22:10.420
money for only 60 days, you get a very tiny amount of interest rates. If you say, hey, I'll give you the
00:22:14.240
money for two years, you get more. That's a normal interest rate. That's a normal interest rate
00:22:18.760
curve. The curve is inverted now. It is the opposite of that, which was a big sign of a
00:22:24.300
recession, which we have been warning about for well more than a year on this show. And we're
00:22:28.260
proven right, even though the corporate media tries to pretend otherwise and tries to tell you
00:22:32.600
that two plus two doesn't equal four, and that two quarters of negative growth in a row don't equal
00:22:38.560
a recession. They do. That is the reality right now. But regarding more real-world
00:22:44.020
ramifications of interest rates rising, car loans, mortgages, student loans, I mean, everything.
00:22:49.600
And the whole world of loans is based off of 10-year treasury yield in the United States. That's sort
00:22:56.360
of the North Star of interest rates. So it rising this dramatically into a slowdown. I mean, I can't
00:23:02.440
emphasize that enough, Steve. Normally, if you were to see this kind of interest rate increase, it would
00:23:06.900
at least be because the economy is getting hot. Now, it still would be worrisome for interest rates to
00:23:11.040
rise this fast, okay? But what you have now is the opposite situation. You have interest rates
00:23:16.360
absolutely spiking with an economy that is plunging lower, with the lowest consumer confidence in the
00:23:23.620
history of the survey, University of Michigan, that goes all the way back to the 1950s, with PMI's
00:23:29.000
crashing, purchasing managers indexes crashing below 50 in the United States, and for that matter,
00:23:34.780
worldwide. And again, why? Let's get back to besides the Fed. Let's put them aside for a second.
00:23:38.620
Let's get back to the politicians who did this. Biden and Pelosi and Schumer, they did three
00:23:42.840
things. They attacked American energy, American domestic energy production, the energy renaissance
00:23:47.580
that was ushered in by Donald Trump. They went after it first thing. Secondly, absolute orgy,
00:23:52.380
exorbitant borrowing and spending in a country that was already doing too much borrowing and spending,
00:23:56.620
okay? And then the third thing, and this is crucial, is escalating what is a regional conflict in
00:24:01.220
the Black Sea, which should be economically pretty immaterial to the United States and the rest of the
00:24:05.340
world. They escalated that into a global conflagration with massive inflationary effects for
00:24:10.900
the world. So I also put a lot of the blame for global inflation on Joe Biden. Now, listen,
00:24:15.940
I care about America, and I want us to solve our problems for America. But I'm also very cognizant
00:24:21.180
and very aware that the reckless policies of Joe Biden and taking a leadership role in escalating that
00:24:27.460
conflict in Ukraine, he is also partly responsible for the economic damage that is being wrought around the
00:24:32.960
world. Oh, no doubt. Do we have that? Let's do the, uh, hang on, Steve. I want to get your comments
00:24:38.040
on Italy. Do we have the cold open for Maria Luisa Rossi Hawkins? Can we go ahead and play it?
00:24:43.320
Voters in Italy tomorrow appear poised to make a hard right turn. The woman expected to become
00:24:48.700
prime minister leads a party with roots in neo-fascism. The hallmarks of Italian fascism,
00:24:54.240
like this motto. God, fatherland, and family. A far-right political party whose roots go back
00:25:02.600
to post-World War II neo-fascist. Far-right political party whose roots go back to post-World
00:25:08.400
War II neo-fascists. Roots in Italy's post-war fascist movement. Roots in Italy's 20th century
00:25:14.220
neo-fascist movement. Maloney herself, uh, was a, a hardcore neo-fascist militant.
00:25:20.820
Stunning because of Italy's disastrous history, the last time a hard right party
00:25:25.160
rose to power. The most far-right government in that country since Mussolini. Most right-wing
00:25:31.740
government since Mussolini. Since Mussolini. A red flag, if there ever was one, says Edith
00:25:38.080
Brooke, a renowned poet and Holocaust survivor. Italy about to see the country's most right-wing
00:25:44.100
government since World War II. Most far-right. Far-right. Far-right. Government since World War II.
00:25:49.840
Since the end of World War II. Maloney's win will probably send alarm bells throughout Europe.
00:25:55.680
You know, it's alarming to a lot of people around Europe. Italy is revered for its history,
00:25:59.920
but not all of that history is beautiful. And many fear that one particularly ugly chapter
00:26:05.840
could soon repeat itself. Okay, welcome back. Uh, I want to bring in Maria Luisa Rossi. Uh, you see how
00:26:16.400
it's been played by the mainstream media throughout the world. Tell us what the reality is, ma'am,
00:26:20.500
before we go to break. Well, Steve, it's, it's laughable, it's risible, and it's, it's kind of scary
00:26:26.440
that the U.S. media would portray Georgia Maloney in such, uh, in such, in such a way. What's really
00:26:33.020
going on is that the people have spoken. The people of Italy in a democratic election, which we have not
00:26:39.100
seen in five years have decided for their own destiny. And the results of the election speak
00:26:44.460
loudly, speak for a win, an astonishing win by Georgia Maloney, independent thinker,
00:26:50.160
definitely a woman that has her roots in the conservative movement, but definitely
00:26:54.720
not a fascist. No one would even think of her as a fascist. The people have spoken against the
00:27:01.060
government of Mr. Draghi, because the win of Georgia Maloney and the win of the five-star movement,
00:27:05.740
are a demonstration of the fact that people really want to vote and think for themselves. And this is
00:27:12.280
exactly what they have done yesterday. What, what, before we go to break, what, what, what is it about
00:27:18.340
her, uh, motto, God, homeland, and family, that triggers the mainstream media, particularly in Europe, ma'am?
00:27:26.700
Well, I think the concept of, uh, patriotism, uh, Steve, is tied for the Italian left-wing
00:27:35.160
system. Now, these are the elections that declare the defeat of the left-wing, um, system, which is
00:27:43.200
also a corruption, uh, a network, a network of a corruption and a network of, uh, how can I say
00:27:49.780
this, a systemic, uh, systemic indulgence for the Italian government. So patriotism is trigger war.
00:27:56.240
It means taking care of one's own. Maria, hang on for one second. We're going to come right back,
00:28:02.520
uh, to talk about Italy and, uh, Georgia Maloney next.
00:28:05.320
You know what's never good? When your nation's supposed authority on economic policy completely
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Maria Luisa, you would think that people would be touting that she's the first woman
00:30:22.980
to really win enough votes to actually put together an Italian government and to lead it.
00:30:29.560
But all I hear is that she's a fascist. This campaign for our American audience, how dirty was
00:30:35.500
it? How nasty was it? How much of the politics of personal destruction did she have to go through?
00:30:39.420
This was a short but very ugly campaign. It was a campaign of insults, personal insults towards
00:30:46.800
Georgia Maloney as a woman, as a neo-fascist or fascist, as the Italian media has described her,
00:30:53.200
and as the American media has decided to portray her, just reading one side of her personal history,
00:31:01.140
which is really a history of a 45-year-old young woman who was not born of privilege, who decided to
00:31:07.880
do everything by herself, and who took a party from 1.9% to 4.7% five years ago to 26% of the Italian
00:31:20.320
vote in a country that is dominated by left-wing activism. So Georgia Maloney not only is a patriot,
00:31:26.840
she's a hero, she's an independent thinker, and she's a very, very smart woman. Going back to your
00:31:33.260
suggestion and to your observation, Steve, her being the first woman leader just pretty much
00:31:38.960
was ignored by Italian media and by the U.S. media. But she is the first woman, and she's a
00:31:47.620
conservative to hopefully lead the country in the next few weeks.
00:31:52.440
When you say hopefully, are they going to allow her, since she dominated really Lega and dominated
00:31:58.920
Berlusconi's party, are they going to let her put together, is she going to get the nod to actually
00:32:03.180
get a chance to put together a government? Well, they can't but give her, the Italian
00:32:08.580
president Mattarella has to give her the assignment of leading or forming a coalition government because
00:32:15.840
her history and her success in these elections is so crushing that he can't but. But, you know,
00:32:23.100
in Italian politics, everything is possible and everything is feasible. But the people have spoken,
00:32:27.940
and she's been very careful, and she's been very gracious, and she's been quite analytical about
00:32:35.020
not speaking out. So, definitely, she has, she's working on what she needs to be doing in the next few
00:32:42.940
weeks. And number one on her list is just laying it low, and most of all, playing her cards just right.
00:32:52.100
Granted that she has the national popular vote. The center of our coalition, Steve crushed it. I mean,
00:32:58.640
they have majority in the Senate, majority in the chamber, and this with a limited amount of
00:33:04.780
representatives because the new electoral law presented the Italian public a new perspective,
00:33:11.760
less parliamentarian. So, it was tough. It was a tough result to obtain, and she did it. And she did it
00:33:17.680
by herself, going back to the nastiness, insults, personal insults to her, to her spouse, and to
00:33:25.520
her daughter. It was nasty. It was ugly. But she overcame it all.
00:33:30.280
And she did it on her own with no help and very gracious. That's what people should understand.
00:33:34.940
This is a rock of Gibraltar. Maria Luisa, you're the White House correspondent and really the U.S.
00:33:38.840
correspondent for Mediaset, the most powerful news organization in Italy. How do people get to you
00:33:44.080
on social media and follow you? Well, I am on Twitter, I am on Instagram, and of course, I'm on
00:33:50.340
Getter. Maria Luisa Rossi-Hawkins, thank you very much for joining us and updating us, ma'am.
00:33:57.240
Thank you, Steve. Let's go to Terry Schilling. Terry, you sent today and people have been putting
00:34:02.540
around, we actually did the cold open in this amazing video where she was talking to the,
00:34:06.500
I think, the Global Conference on the Family, and she got tremendous grief for even going to this.
00:34:10.580
Talk to us about what she said, what was so powerful for you, and the message
00:34:14.560
to the American people and to the American family, sir.
00:34:18.540
Well, Steve, she's going viral and it's gone way over 3 million. It's over 10 million views now.
00:34:24.960
But I want to read a quote from her speech. She says, and so they attack national identity. They
00:34:30.500
attack religious identity. They attack gender identity. They attack family identity. I can't
00:34:35.320
define myself as Italian, Christian, woman, mother. No. I must be citizen X, gender X, parent
00:34:41.380
one, parent two. I must be a number. Because when I am only a number, when I no longer have
00:34:46.360
an identity or roots, then I will be the perfect slave at the mercy of financial speculators,
00:34:51.660
the perfect consumer. She, in one two-minute speech, simplified everything down for why these
00:34:59.660
people are trying to abolish the family. And it's because it's who you are. It's a loyalty. It's
00:35:04.800
an allegiance to something outside the state. That's why these people want to destroy the
00:35:09.480
family. That's why they've worked hard to get the moms out of the home, to make it so you need
00:35:13.660
two incomes to support a family these days. That's why they're pushing all this cultural destruction
00:35:18.700
and rot against our kids to sexualize them. This is it. This is the state. This is the communists
00:35:25.080
trying to destroy the family because it's a threat to their power and their influence over us.
00:35:30.380
And it was the most beautiful thing. But the most beautiful thing about this is it's got over 10
00:35:35.160
million views on Twitter alone, right? People are hungry. The world is hungry for this type of truth.
00:35:42.580
They know something's wrong. They don't know exactly what. They don't know exactly why. But politicians
00:35:47.840
like Maloney stepping up and saying this stuff out loud, it's such a threat to their power because it
00:35:54.100
connects the dots and it awakens people like no other.
00:35:59.200
You've made the American family. You're saying it's kind of the centerpiece. I know Cortez has
00:36:02.480
worked on the economics of the American family. You're saying that's the unit that we have to build
00:36:06.960
MAGA around. What lessons, what is she telling us about how to fight this fight?
00:36:15.460
She's telling us that if you want a world that's worth living in, you have to defend the family as the
00:36:21.280
unit for organizing in society. The family is why you go to war and fight and defend your borders.
00:36:27.280
No one goes to war to defend a country where they're never going to have children that are
00:36:31.120
going to live there. That's why they want to destroy it. We have to get back at this. And see,
00:36:36.480
the other thing to bring up is the politics of the family are incredibly popular. Look at the
00:36:41.840
politicians in the Republican Party alone who are championing the family, who are actually going to
00:36:46.200
war against the powerful institutions in this country, like Disney. Ron DeSantis is getting
00:36:50.820
rewarded like crazy because he picked a fight over Disney grooming our kids, right? Donald Trump has
00:36:56.640
made the family the centerpiece of his campaign, and he's getting rewarded. The people that are
00:37:03.080
ignoring the family, that are ignoring these threats to our children, they're the ones that are
00:37:06.800
irrelevant. No one's talking about Greg Abbott actually running for president and having a chance.
00:37:11.080
And there's a reason for that, because he doesn't champion the family. You have to stand out. You
00:37:15.700
have to be bold. You have to work on this in your campaigns, your politics. Blake Masters, what are
00:37:20.780
the Democrats most afraid of about him? Because he talks about getting to where you can support a
00:37:25.500
family off of one income again. That's not what I'm saying. That's what Democrat strategists are
00:37:30.360
saying that makes them worried about this race in Arizona. It's getting back to the family. The
00:37:35.240
family's attractive. People want to support it. They just haven't had a vision. They haven't had any
00:37:40.000
politicians that have painted what we can do for the family and how we can rejuvenate the family in
00:37:45.100
America again. But this is the most powerful campaign platform you can run on, is rejuvenating
00:37:49.880
and restoring the American family. Terry, hang on one second. I want to bring in Steve Cortez. Steve,
00:37:54.360
we end up talking economics a lot, capital markets, and the tougher aspects of politics. But you've said
00:38:00.720
from day one, in working with Terry, the centerpiece of MAGA, the centerpiece of how to turn our economy
00:38:06.180
around and really get to the sunlit uplands to become the country we used to be is predicated
00:38:11.660
around the economics of the family. What is Maloney and what happened in Italy? What does it tell Steve
00:38:17.980
Cortez? Yes. Well, first, regarding that policy goal, which I really do believe is the holy grail
00:38:23.420
that we're going to reach again in the United States, the policy holy grail of the patriotic
00:38:28.220
populist movement is to allow a family to again thrive on a single income. That was the norm when I was
00:38:34.420
young in a very middle class suburb of Chicago, you didn't have to be wealthy to be able to support
00:38:38.980
a family of several children or many children, even send them to private schools and support that
00:38:44.180
family on a single income. It went away, Steve. It's one of the most consequential shifts in the history
00:38:49.300
of the United States. And we hardly even talk about it. That's changing now, thankfully, because of
00:38:53.300
candidates like Blake Masters, because of activists like Terry Schilling, and we lay out the economic
00:38:57.940
plan. How do we get back there? Because it's a place we belong. It's a place that patriotic populists all over the
00:39:03.660
world, though, recognize. I think what is so wonderful about this Maloney victory, and she, I hope, provides a
00:39:09.020
roadmap to emulate for American candidates in these closing weeks, how bold and brave they need to be. It's
00:39:15.560
really not an R versus D or right versus left matchup. In many ways, it is transcendence against
00:39:21.860
temporality. And what I mean by that on the temporal side is that the left, the establishment, the Davos crowd, the
00:39:28.140
corporatists, the globalists, they view us as purely temporal beings, as machines, effectively, who are to be
00:39:34.740
exploited for economic benefit. And that's it. Okay, we have a very different view on the patriotic
00:39:40.420
populace, right? We view human beings as being transcendent. And the things that give us transcendence
00:39:45.740
are things like God, patriotism, love of family, many children, grandchildren, right? That's why the left is so
00:39:53.080
offended that this brave and persuasive woman is willing to stand up and speak boldly about these
00:39:59.080
matters. So both in substance as well as in style, because she brings a panache the way only the
00:40:03.880
Italians can, Steve, but both in substance and in style, she is a politician to emulate. She is a model
00:40:09.840
for us to seek after. And she points the way to victory, not just in Italy, but also in the United
00:40:15.820
States. No, absolutely. Real quickly, when she says they just want to turn us into the perfect
00:40:22.180
consumer. Is that what you're saying? They just want to turn us into a unit of production and
00:40:26.400
consumer? Exactly. That you are simply a machine, right? You are void of a soul. And we are to use
00:40:31.780
you for maximum economic benefit, to maximize GDP. And if that means shipping your job off to China,
00:40:37.480
and then sort of bribing you with a bit of government largesse while you get hooked on drugs
00:40:41.520
that we allow in the country through an open border, well, so be it, GDP will grow, okay? That's
00:40:45.700
effectively the grand scheme of the globalists, of what the corporatists have gotten away with,
00:40:51.560
many of them, by the way, being Republicans. Some of the most pronounced one, the Bushes,
00:40:55.500
for example, the massive damage that that family has done to this country. And then also engaging
00:40:59.540
in war all over the world. You know, I could go on. But yes, that's what she's talking about,
00:41:03.260
I think, when she, I know, when she talks about how we are viewed as human beings by the left,
00:41:09.720
by the globalists, by the Davos crowd. She has a clearly very different view. She says very proudly
00:41:15.200
and boldly that she is a mother, she is a Christian, she is an Italian. So I want to implore all the
00:41:21.100
candidates out there in the United States in these coming weeks to speak similarly about who you are,
00:41:26.160
who your fellow citizens are, what matters in this country, why a border matters for that matter. I
00:41:31.340
mean, let's get specific about this. If you only view Americans as economic machines, then you're
00:41:36.920
fine with an open border, right? You really are, especially if you're already successful because
00:41:40.160
you want cheap labor to come in. But if you, if you view Americans as transcendent human beings,
00:41:45.680
right, with vital, eternal worth, and if you view American citizenship as something to be prized and
00:41:51.780
guarded, then you will never allow an open border. It's an impossibility, right? So that's, that's a
00:41:56.820
tangible example of where this, this transcendence versus temporality, I think, comes down to brass tax
00:42:02.260
and to actual policy application. So it's, listen, I think it's an astounding victory. I hope we have a
00:42:08.720
similar victory in Brazil. We already had such a victory in Sweden. Most importantly for us,
00:42:12.960
though, is what we do here on November 8th. But I, you know, let it power us, let it encourage us.
00:42:18.080
And again, let's borrow the best tactics of Georgia Maloney. And there's a lot there for us to emulate.
00:42:25.200
Steve, how do people get to your sub stack? How do they get to you on Getter?
00:42:28.920
Yeah, please go to my Getter and you can see the live stream that I just did. You can always replay.
00:42:32.460
So at Getter, I'm at Steve and please go to my sub stack and read my new article about the
00:42:37.640
clueless fad. You can also find me on Twitter at Cortez, Steve Cortez with an S.
00:42:42.800
Steve Cortez, thank you very much. Terry Schilling, how do people get to you? I know this has been
00:42:46.380
the centerpiece of what American Principles Project has been fighting for the American family.
00:42:53.740
It's just a Schilling 1776 across all the major platforms, Getter, True Social,
00:43:03.500
Terry, I have you back because Media Matters is picking on you saying that Politico
00:43:07.380
and other people are are writing good things about you and you're actually one of the most
00:43:11.360
evil, worst people in the world because of these spots that you're making in these battleground
00:43:15.380
states. So we'll have you back on hopefully in the next day or two to discuss that.
00:43:24.340
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By the way, my crack staff has just informed me that the Georgia Maloney video has now 12.4 million
00:45:37.260
views. 12.4 million views. So she's speaking to her voice is resonating with someone. Tiffany,
00:45:44.340
before we get into the pledge and what Moms for Liberty are doing, talk to us about what are your
00:45:48.500
thoughts on Georgia Maloney? Georgia is speaking for every mother across this world who wants to have
00:45:56.420
their fundamental rights to direct the upbringing of their children respected and their families
00:46:01.220
respected and wants the government to stay out of our homes. We need a boundary. And that's what
00:46:05.620
Moms for Liberty is about. It's redrawing the boundary between government at home, between school
00:46:09.800
and home, giving respect and trust back to the people of your country. And I think that's why it's
00:46:14.740
resonating so much. And I'm very excited. I think there are going to be a lot of elected officials
00:46:20.340
across this country who embrace that. And we've started a parent pledge, Steve, that I'm so excited
00:46:25.800
that you have me on to talk about tonight so that elected officials and candidates can show their
00:46:30.920
constituents and American citizens exactly where they stand on these issues.
00:46:35.720
So let's go through the pledge. What is the pledge and what are you requiring of people
00:46:42.080
It's very simple. Parental rights are fundamental. And you've asked me what that means before,
00:46:47.020
and I'll just articulate that again. These are rights that the government does not give you,
00:46:51.320
and they cannot take them away. You have the fundamental right as a parent to direct the
00:46:55.580
upbringing of your child, their education, their medical, their medical welfare, their religious and
00:47:01.860
moral upbringing. So if you go to momsforliberty.org backslash pledge, you can see the parent pledge
00:47:07.680
right there. You can sign the pledge and share that you've signed it. Let every person in your
00:47:13.140
community know exactly that you stand with parents. Make the commitment to parents that you're going
00:47:18.080
to have their backs. You've seen Ron DeSantis do it in Florida. You see George Maloney all the way
00:47:23.280
in Italy doing it. And this is the way forward, Steve. The way forward is trusting the American
00:47:28.760
people. And, you know, America wouldn't have been the same if that's not what we did. And it's about
00:47:32.560
time we start putting our money where our amount is as elected officials.
00:47:35.280
So you've had people like DeSantis and others step up here with this Parents Rights Movement. But when
00:47:41.640
they take the pledge, what would be going through a politician's mind? What are Moms for Liberty?
00:47:47.760
What are you really looking for when they sign the pledge?
00:47:51.380
We want every decision that they make in the school district or in the county commission or their
00:47:55.820
town council to put parents and children first. During COVID, we saw bureaucrats and elected officials
00:48:02.500
put children last in this country. Never again will American parents ever vote for people that will
00:48:08.820
make those types of decisions. And this is one way that you can show your constituents, that you can
00:48:13.120
show American citizens where you stand on parental rights, that you're going to put every decision
00:48:17.760
that you make through the lens of fundamental parental rights, that the government does not have the right
00:48:23.180
to raise your children. You know, I always say we will partner with our kids' schools, but we do not
00:48:28.260
co-parent with the government. What we hope, Steve, will happen from that pledge, if you go to that
00:48:33.560
page, then you will see some resolutions. These are proclamations that you as an elected official
00:48:38.600
can bring forward on whatever board you serve on. There are 15 there for every state that has
00:48:44.200
fundamental parental rights recognized in their state statute. And then there's another resolution
00:48:49.020
for the other 35 states. Go there, take a look at it, bring it forward. If you're elected, bring it forward
00:48:54.520
in your elected body that you serve on and make that commitment to parents. We hope to create a
00:48:59.480
groundswell of parental rights, a cry for parental rights around the country. And these midterms are
00:49:05.480
so incredibly important because Americans are going to have the chance to vote for people who are going
00:49:10.300
to put kids and parents and families first in America again. How is this going to get promulgated?
00:49:17.080
I mean, how are politicians going to know this? Are you going to, is your group going to make sure
00:49:21.480
they go to their comms directors as every, like everybody running for Congress, everybody running
00:49:25.480
for the state legislature, everybody running for school board, you'll make sure that everybody
00:49:29.700
gets this. How do you ensure that? So we are in 42 states now. We have over 240 chapters and all of
00:49:36.500
our chapters are going around in their state and they're making sure that every elected official is
00:49:41.120
aware of the opportunity to sign the pledge. And then they're going to be publicizing who is signing
00:49:45.320
the pledge that again, people know who the parent pick is. We know for American citizens, it's been
00:49:50.840
difficult to know who to vote for. And especially in a lot of these school board races, these are
00:49:54.980
nonpartisan races. So who do you vote for? How do you know? One of the ways that you can show
00:49:59.800
that you stand for parental rights is to take this pledge. And so we hope that everyone will take it
00:50:05.220
from school board members to representatives and Senate members in the state and state house and state
00:50:10.820
Senate, and then all the way up to the federal government. And we'd love to see a president take
00:50:14.840
this pledge. Although I don't know that Joe Biden could take it. He might have to cross his fingers
00:50:19.200
behind his back these days. Well, this pledge would go, Democrats, I mean, how are they going to sign
00:50:25.480
this? Because this puts them in, with the teachers unions, correct? The teachers unions would be very
00:50:32.040
opposed to people signing this pledge. Isn't that shocking though? I mean, parents are the number one
00:50:37.540
driver of student success. So if schools really want kids to be successful in school, they should be
00:50:42.780
rolling out the red carpet for parents, working to engage them in every facet. So it just leads me to
00:50:47.880
believe that exactly what I've seen is true, even serving as a school board member, that teachers
00:50:53.160
unions don't care about kids. Public education has become a jobs program. And decisions are made at
00:50:58.420
every level in public education about what is best for adults, not what is best for kids. And so,
00:51:04.380
you know, we hope to weed people out. Listen, if you're a Democrat, if you're a Republican,
00:51:07.860
and you feel led to take this pledge, and you're going to stand by it, then you should do that.
00:51:12.000
And then in every action that you take in your district, in your community, we are going to remind you
00:51:17.880
that you have pledged to recognize and respect fundamental parental rights to work to prevent
00:51:22.860
government overreach and to create more transparency in children's education and lives for parents.
00:51:29.380
By the way, I want to make sure I want to keep you over to the six o'clock hour because it's going
00:51:33.400
to take a little longer than 60 seconds to answer this question. And we got to bounce. What is this
00:51:39.100
situation? I keep reading the libraries that Moms for Liberty are nothing but the book burners,
00:51:44.380
that you're trying to ban books and burn books. Tee it up and then we'll finish it at the top of the
00:51:49.420
next hour. What's the situation with the libraries and the library books? And are you book burners?
00:51:55.120
Are you trying to ban books? No, but it does seem like when book sales are slow, people invent a
00:52:01.220
scandal in order to get media attention. What we've seen is a week of a banned book week, as it was called,
00:52:08.040
where you had articles written, things said that were completely untrue, and it is very concerning.
00:52:13.400
And what we're finding out is that media outlets, including Newsweek, didn't do any
00:52:17.780
fact checking. So in 21 minutes... Hang on, I want to get to the details of that because it's very
00:52:22.920
important. We've also, we're going to take a short break. We're going to come back. We're going to go
00:52:26.700
to, Tiffany's going to finish about the libraries and the book, you know, this book banning. We've
00:52:31.780
also got some very disturbing news out of Chattanooga, Tennessee, about the situation with the
00:52:37.100
drag queens. We're going to take a short break. We'll be back in just a moment in War Room Battleground.
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