Episode 2220： Last PPI Before The Midterms; Julianne Murray On Taking Back Our Elections
Episode Stats
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Summary
US Producer Prices rose more than expected in September. Producer prices rose 0.4%, the most since June, and the biggest rise since September 2014. Inflation moderated to a 2.9% year-over-year quarter, but it's not good enough for the Federal Reserve, and it's time to ask the question: Is there a recession on the horizon?
Transcript
00:00:00.000
So all those years, the central bank seeded the clouds of inflation.
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Our September read on producer prices, the supplier side of the cost equation,
00:00:12.440
expected up two tenths on headline, multiply that by two, up four tenths, up four tenths.
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That's the hottest since it was in June when it was up one percent.
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And if we look at ex-food and energy, which almost sounds silly,
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because food and energy, especially energy, that's the big enchilada here.
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Ex-food and energy, it did come in, as expected, up three tenths, up three tenths.
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And of course, in the rearview mirror, we have up four tenths, don't see revisions yet.
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Now if we strip out food, energy, and trade, it's double expectations, up four tenths.
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Year over year, final demand, expected up 8.4, is hotter than expected, up 8.5.
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Now the high water mark for this one is going to be up 11.7.
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All the high water marks for producer prices were made in March.
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A tenth light to expectations, a tenth light to the rearview mirror.
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And if we look at the final year over year numbers, this is ex-food, energy, and trade,
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up exactly as expected, up 5.6, which exactly matches the rearview mirror, up 5.6.
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So if you're the Federal Reserve panel and you're looking at 8.5, 7.2, and 5.6,
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Have they moderated enough for the Fed to put their neck on the block?
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We see that interest rates have moved from a bit lower to a bit higher in yield
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And you see the way it popped up on that number.
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Whereas the 10-year actually didn't move very much.
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Much of the yields today have been under that 3.95 mark, 4%, obviously, huge psychological level.
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The International Monetary Fund today said a third of the world is headed for a session next year.
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The three largest economies, the United States, China, and the euro area, will continue to stall.
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In short, the worst is yet to come, and for many people, 2023 will feel like a recession.
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But US President Joe Biden, who's facing midterm elections, says if America goes into recession,
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Every six months they look down the next six months and see what's going to happen.
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There's no guarantee that they're going to be a recession.
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In Australia, the IMF tips no recession, but a sharp slide in growth.
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It says the Australian economy will grow 1.9% next year,
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They expect our unemployment rate to tick up slightly from 3.5% to 3.7% next year.
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Let's begin with this morning's inflation data.
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Yeah, I mean, look, not that long ago I said we're really a peak inflation commodity.
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I like them because it's a salmon-colored paper, and I've caught salmon.
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I look at this, and if I am a believer that we're at peak weight, peak food, peak housing,
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So, anybody who buys bonds on this, I don't know why, because we already knew we were peak commodities.
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It's only so much of Jim Cramer sitting there admitting he's been dead wrong.
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So, today, the construct for the election of 2022, 8 November, and it is Wednesday, 12 October, in the year of our Lord, 2022.
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A very smart man told us, I don't know, a year ago, that this election is going to come down to the two I's, immigration and inflation.
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In a moment, we're going to go to our own Ben Burkwam, Real America's Voice Investigator, reported down on the border with some sheriffs.
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We're going to talk to you about the practicality of the invasion of the United States of America.
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But I've got to start in capital markets, and plus the signal, not the noise.
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Steve Cortez, this is what we call the last print before Election Day, right?
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A producer price today, the wholesale prices, consumer prices tomorrow, nothing good.
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But Kramer went on there in his capitulation and said there's nothing good in this number.
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This is, as Rick Santelli said, the central banks have ceded this.
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The fiscal irresponsibility of our political leaders exacerbated it.
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You know, look, quite a contrast there from CNBC.
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You had Jim Cramer in the mumble tank, somebody who has unfortunately misled so many investors out there, people who unfortunately have actually trusted him.
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And he has completely squandered that trust and abused it, quite frankly.
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But then on the plus side, on the positive side, you have Rick Santelli, who is one of the really few truth tellers in the corporate media.
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He's a friend of mine and my old brother in arms from the Chicago futures and options markets.
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And he laid it out correctly by the numbers, data and evidence, not sloganeering, and narrative and opinion.
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PPI came in twice as hot as expected this morning.
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It is a remaining crisis and a created crisis, created by Joe Biden, as well as the establishment in Washington, D.C., by their attacks on the United States' domestic energy production, as well as their exorbitant borrowing and spending.
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By the way, regarding this news, most of the time, in normal economic times, Steve, if you have hot inflation, it's typically because the economy is hot, because the economy is overheating, in fact.
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Because of what Joe Biden has done, we have exactly the opposite.
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For the first time since the 1970s, we have the scenario of stagflation, where we have a recession combined with rising prices, the worst of all worlds.
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And let me give you a data point to prove that.
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Unfortunately, according to Bloomberg News, Intel is just about to announce massive layoffs, layoffs of thousands of people.
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These layoffs are going to accelerate in the coming weeks and months because companies like Intel simply cannot have the kind of payroll that they've had previously with this combination of a Biden recession plus the Biden-induced inflation.
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And, again, those are two data points that we got just as of this morning, the Intel layoffs that are looming, as well as the PPI.
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And, by the way, let's talk about some of the real-world ramifications of this.
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I want to make sure the audience gets this because it's being already the narrative.
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You know, the 0.4, it's twice as much as they thought.
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I want everybody to understand this on inflation.
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It's 2x, two times what they thought it was going to be.
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This is – at the producer price level, this is a burning dumpster fire.
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And we don't have time today, but we're going to get back into your analysis.
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These prices are also what we call sticky, right?
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This is also the last print before Election Day.
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And I'll get to the Tapper thing in a second, which was embarrassing.
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Jake Tapper, who I know doesn't know anything about economics or finance.
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But it's embarrassing to let that doddering old man just yammer on.
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We're in a depression right now for working-class Americans.
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And they're going to have their say-so on 8 November.
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Also, we have said for a long time, they sit there all the time yelling at all these people.
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Intel is a proxy not just for the American economy.
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And when they start saying massive layoffs, they can look downrange and say,
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And yesterday, we showed the chart of Taiwan Semiconductor,
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which is the dominant company in the dominant country of Taiwan when it comes to chip production.
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Same business, of course, primarily that Intel is involved in.
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The global chip business is in a terrible state right now.
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And that is evident from the price of stocks like Taiwan Semiconductor, TSM.
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And it's also evident now by Intel's plans to lay off thousands of people.
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But I want to talk also about the real-world ramifications for Main Street, for regular people,
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not just for financial markets, for regular people of this persistent crisis-level inflation.
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So this is the MBA, the Mortgage Bankers Association, their purchasing index.
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As you can see, it has been in an absolute collapse over the last year because of Joe Biden.
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And what I think is most important and most damning about that chart is you'd notice,
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not surprisingly, in the spring of 2020, during the lockdowns, mortgage applications crashed briefly,
00:09:47.500
quickly rebounded thanks to the Trump boom 2.0.
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Mortgage applications, because of massive interest rates, 30-year mortgages, some of
00:09:57.380
them are now above 7%, the highest in over two decades because of Biden's inflation.
00:10:02.960
So not surprisingly, massively higher interest rates, massively more expensive finance costs
00:10:08.500
for homebuyers means that applications are absolutely plunging, right?
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And when we put this together with the FT story that we talked about yesterday, where
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they reported that people who are involved in the housing industry, from construction
00:10:20.660
to appraisers to mortgage brokers, are seeing their revenue go down 80%.
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That's a depression when you're talking about an 80% decline.
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It's not like this is some small niche industry, okay?
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This is a leading industry for the United States.
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And so the ramifications are dire for this country, and I hope and believe that it's
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But this shows you, this shows you, when you're talking to mainstream media and you're
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And you should have asked a follow-on question right then and not let him get away.
00:11:05.200
Remember, the second eye of Steve Cortez's analysis, the immigration part, to our own
00:11:10.300
Ben Burquam and a couple of heroes down there, these great sheriffs.
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I'm here with Goliad County Sheriff Roy Boyd and Brooks County Sheriff Benny Martinez.
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And we're here at a command-level meeting for its Operation Lone Star, excuse me, Task Force
00:11:29.300
Yeah, what we're doing is the command-level folks, the sheriffs and the chiefs are coming
00:11:32.900
together today, and we're going to start, we're looking at planning some of our operations
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We're looking at the near future and trying to figure out exactly what we need to do, find
00:11:44.780
out what everybody's needs are, and try to intercept cartel activity as they come through
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So you guys, you're down here, you're sheriffs, and it's not just sheriffs, it's some
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You guys have come together and said, you're doing this because the federal government won't.
00:12:01.520
Well, the biggest deal is, of course, as we know, we have a wide open border.
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And so Governor Abbott has come forward and given us money through Operation Lone Star
00:12:11.840
And so what we did was we came together, we formed our own task force of 20 law enforcement
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We're basically trying to put up our own wall that the cartel has to go through.
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And it's been very successful as far as apprehending and reducing the numbers and changing the
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habits of the cartel as they come through our areas.
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You know, Benny down here, he is on the front lines of it, and he sees it firsthand before
00:12:35.480
But all of us working together, you know, it really helps.
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It's a force multiplier, and it's a much better way to use tax dollars than just throwing them
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The governor's done an outstanding job of giving us this lifeline and providing us with this
00:12:49.080
And Sheriff Benny, you were talking, both you guys have fairly small counties, 7,000
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Talk to us about how bad the impact these Biden border policies have been to you guys and
00:13:01.240
Well, the open border creates nothing but chaos to all of us, especially small counties
00:13:07.480
You know, we have recovered 80 bodies for the year.
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We have multiple pursuits, multiple fence damages to these ranchers.
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And I think I have applied almost 80,000 in just fence repairs and gate repairs, and even
00:13:25.700
a calf got killed as he worked his way to the ranches.
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But the fact that we're pretty much a mobile wall, so we can move, we can mobilize units
00:13:37.860
anywhere we need to, because what they do, they find different routes.
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Okay, they're working against us, so they know where we're at, we know where they're
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So they just, they become mobile, and we become mobile.
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So that's a good thing that it's force multiplier, and we can cover more area.
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And that's really, Steve, down here, the sheriff's law enforcement, all the people on the front
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lines down here battling this battle because of the policies coming out of Washington, D.C.
00:14:00.560
As you mentioned, these are the heroes that are doing it, and the deputies below them,
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the guys that wake up every morning and actually uphold their oath.
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Ben, if I could ask you guys just to stay through a short commercial break, we've got
00:14:13.520
Cortez and I have a couple of questions for these brave sheriffs about policies from Washington,
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So if they could just hang on for a second, we're going to take a short commercial break.
00:14:28.580
And of course, we're being inundated with over 4 million illegal aliens because of the
00:14:34.620
Bidens allowing and exacerbating the invasion on the southern border, of which will be the
00:14:39.680
first article of impeachment when he's impeached in the spring or summer of 2023 after the sweeping
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Steve Cortez, Ben Burquam, and these brave sheriffs next in the war room.
00:15:01.520
When your nation's supposed authority on economic policy completely misses the flashing red lights
00:15:10.360
Now, Treasury Secretary Janet Yellen has finally admitted, quote, there's been an unanticipated
00:15:15.900
and large shocks to the economy that have boosted energy and food prices and supply bottlenecks
00:15:21.280
that have affected our economy badly that I didn't, at the time, fully understand.
00:15:28.760
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00:15:31.620
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The epidemic is a demon and we cannot let this demon hide.
00:16:37.740
I tell you what, we're honored even to stand in their presence.
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People don't realize until you get to South Texas in the Rio Grande Valley, these incredibly
00:16:48.100
brave Hispanic American citizens have taken an onslaught by our nation's elite who really
00:16:55.720
So they've essentially turned control of the border over to the cartels.
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And you have the thin blue line of these law enforcement officers, these sheriffs that
00:17:04.940
are down there in these counties, there's nothing short of heroic, our own Ben Burkwam's down
00:17:08.480
there, they have a command meeting on Task Force Lone Star today.
00:17:11.980
Ben, can you ask the sheriffs, do they feel like, and I'm not trying to deminimize what
00:17:16.160
they're doing, but given that the federal government basically is exacerbating this invasion of
00:17:21.600
the southern border, do they feel like a lot of what they're doing is just trying to
00:17:31.360
Are you guys, do you feel like it's being effective?
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Or do you think we're just putting fingers in the levy here and this is, you know, it's
00:17:40.000
Really, all we're doing is mitigating the situation for our area.
00:17:46.120
It's not a long-term effective plan or solution.
00:17:49.000
But for us at the local level, it's the mitigation of it for our communities.
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Our actions, all they do is push the cartel around us because the cartel is here and amongst
00:18:00.560
And what we're doing is we're pushing the more westward towards San Antonio.
00:18:12.880
What would, Sheriff Martinez, what would your message be to D.C.?
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What would you tell them if they're watching this?
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He knows we have a couple of mayors up there who are complaining about these folks being
00:18:28.200
But the fact is, at least they're clean, okay, in terms of clothing and everything else.
00:18:34.840
That'll see how we pick them up on our end, okay?
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And this is actually the impact of this is just the open borders, okay?
00:18:43.960
And all we're trying to do is make some sense out of it because Washington ain't doing it.
00:18:48.080
Yeah, and you mentioned that, Sheriff, that, you know, Martha's Vineyard, so you're talking
00:18:52.640
about that, what you guys are dealing with here.
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At Martha's Vineyard, they had 50, and they all lost their minds.
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These are people that voted for these policies.
00:19:00.240
These are open borders, sanctuary city and sanctuary state people.
00:19:03.400
Talk to us about the reality of what it's like to be down here and the invasion that you
00:19:09.500
Well, I'll tell you, and Benny can speak even more to this because he's to the south.
00:19:14.860
Obviously, Sheriff Martinez here has seen more than 50 in a single group trespassing on
00:19:19.160
a ranch at a time, and he can articulate that very well because he's been dealing with
00:19:24.940
You know, we'll get maybe three or four groups of 25, each group, simultaneously come to the
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We got over 300 identified trails out there that they use.
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Any state, they're vetted, and I know the government knows they're there because I used
00:19:45.620
I used to work alongside the federal government, so I know they're there.
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It's just the fact that we need to find them and start extracting them.
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And this, Steve, this is my last question to you guys is, we know the cartels run Mexico.
00:19:57.700
Now what we're seeing is it appears that they're running many politicians in America, many parts
00:20:02.380
You look at the policies coming out of Washington, D.C.
00:20:11.760
What this is, is a violation of constitutional rights of the people of the United States.
00:20:16.060
We have people right here in South Texas who cannot go out and enjoy their property.
00:20:21.440
They cannot go out, enjoy life, liberty, and the pursuit of happiness as a direct result
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And by their lack of enforcement and the policies they've put in place, the government is violating
00:20:33.420
the constitutional rights of the people of South Texas, and I think they need to be held
00:20:43.280
We look forward to having them back, and the war room has their back.
00:20:47.480
We're going to get back to you in a little while.
00:20:49.480
Steve Cortez, I've got to tell you, if you want to know why Hispanic Americans are going
00:20:54.000
to sweep these bums out, that's it right there.
00:20:56.700
You talk about the education system in South Texas, the rear of Grand Valley.
00:21:02.020
You talk law enforcement officers that can't do anything else but chase this.
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And Kamala Harris, not having the balls to go down and see exactly what they're doing.
00:21:12.840
All they talk about is Ukraine, Ukraine, Ukraine.
00:21:15.880
We've got Josh Hammer and Brian Kennedy on the second hour talking about Ukraine, the border
00:21:20.420
in Ukraine, about their territorial integrity and the sovereignty of Ukraine, Ukraine, Ukraine.
00:21:26.400
You look what's happening to American citizens in South Texas and the rear Grand Valley.
00:21:31.100
And I've got to tell you, if any Hispanic votes for these bums in Washington, D.C., I hate
00:21:39.260
You have every opportunity to throw these bums out and to tell them exactly what you think.
00:21:45.020
Well, the great news, Steve, is that Hispanics are increasingly rallying to the America First
00:21:49.900
movement, to patriotic populism and to a muscular vision that includes border sovereignty.
00:21:55.480
And in part, particularly in places like Texas and Arizona, it's because the brave bad hombres
00:22:00.560
of the Customs and Border Protection are largely Hispanic.
00:22:03.620
As a matter of fact, it's the most Hispanic agency of the entire federal government.
00:22:06.640
And there are a lot of bad hombres there who are doing tough, dangerous work to try to defend
00:22:12.840
But their work is being undermined by the open borders globalist Joe Biden and all of his cronies.
00:22:18.900
And one of the key priorities, Steve, for the Congress that we are going to seat, the Republican
00:22:23.000
House and Republican Senate that we're going to seat, we're going to elect them in a month,
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we're going to seat them in January, is they must hold the line on this issue.
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It's an existential threat to the United States.
00:22:33.320
They must say to Joe Biden, we will fund none of your programs, none of your nonsense, unless
00:22:42.480
And Steve, I'm glad you brought up that contrast with Ukraine as well.
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It is a betrayal of the American people that right now we are spending tens of billions
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of dollars to defend the eastern border of a corrupt and irrelevant country 5,000 miles
00:22:59.460
away while we refuse, while the Biden administration refuses to defend our very own border that
00:23:05.200
is being absolutely inundated by a tsunami of trespassers who are offending our sovereignty,
00:23:11.200
who are endangering the people of the United States.
00:23:13.520
And to connect this back to our previous discussion, Steve, on the economy, it's not just that it
00:23:18.160
threatens our national security and our street safety.
00:23:20.420
It's also an economic imperative to get control of the border.
00:23:23.440
Because in a time of soaring inflation, the worst thing, there's never a good time for
00:23:28.000
an open border, but this is the worst time of all because Americans increasingly have
00:23:33.540
to compete in the labor market against unlawful and unjust competition from these illegals
00:23:39.760
who are pouring into our country and depressing wages for American citizens.
00:23:47.320
Those two sheriffs and those two counties, one of the northern part, one of the southern
00:23:51.120
part, the buried lead there, as they said, the southern part, the cartels in control,
00:23:57.020
The cartels who are in business with the triads and the Chinese Communist Party, these are
00:24:03.160
We're over in Ukraine and we got CIA paramilitary.
00:24:07.260
We're pointing billions of dollars and spending all this time and effort on Ukraine, on the
00:24:19.420
And now we have sheriffs sitting there right there saying the cartels run the southern
00:24:31.260
The first article of impeachment on Biden is going to be after a thorough congressional
00:24:36.460
investigation of exactly what they did to break existing U.S. law to exacerbate this.
00:24:49.460
We've tried to stop the escalation, say you're killing women and children and try to de-escalate
00:24:57.160
And we're allowing this to happen to our countrymen.
00:25:03.600
And I don't care if the MSNBC or, you know, the Justice Department, the FBI didn't like it.
00:25:08.620
Joe, we're going to win a sweeping victory and you're not going to steal it.
00:25:13.360
We're going to impeach Mayorkas, but we're going to get to Biden.
00:25:23.840
And all they're sitting there, Kamala Harris sitting there lecturing us on the Ukraine.
00:25:26.580
I don't want to hear any more about the Ukraine.
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I want to make sure we get all the capital markets.
00:25:45.640
We have seen some important progress for the American people.
00:25:50.260
We've seen real disposable income and real consumer spending both increase in part thanks
00:25:58.500
Gas prices are down over $1 per gallon since their peak this summer.
00:26:06.280
Okay, is it because she comes across as a Zen master pixie that nobody blows back on that?
00:26:21.360
Let's go with data and analysis and charts because Corinne Jean-Pierre somehow with a straight
00:26:26.080
face said that wages are up and gas prices are down.
00:26:34.320
Okay, real wages have now been crashing for 18 straight months.
00:26:39.420
I have highlighted the period of time that chart goes back five years, the period of time
00:26:43.380
on that chart in which real wages have been descending.
00:26:49.280
You are working harder to get poorer every single month for 18 months in a row.
00:26:56.940
Wages are down massively on a real scale, which is all that matters is what people can actually buy.
00:27:02.840
Now, regarding gas prices, let's go next to gas prices.
00:27:05.540
Gas prices as of today, according to the U.S. Department of Energy, national average, $3.91.
00:27:11.360
It varies dramatically, of course, far higher than that on the West Coast, for example.
00:27:18.320
When Joe Biden took office, January 20 of 2021, $2.38.
00:27:23.520
So it is up over $1.50, a gallon, since Joe Biden took office.
00:27:29.620
Also, to put that in context, Steve, the entirety of President Trump's presidency, because we
00:27:34.860
became energy dominant in the United States, because he unleashed the forces of American
00:27:40.220
energy production, the entirety of his presidency, gasoline prices averaged in the ones and twos.
00:27:46.980
It was either $1-something a gallon or $2-something a gallon, the entirety of his presidency.
00:27:51.660
We now have a scenario where we are in the threes and fours.
00:27:55.280
So it has literally doubled from the ones and twos to the threes.
00:27:59.660
Their lies and spin is not even – you've got to give me smart – give me smart spin.
00:28:12.040
As the nation's economy implodes, just check the math.
00:28:17.300
Back with Cortez and also going to go to Delaware.
00:28:26.260
The epidemic is a demon and we cannot let this demon hide.
00:28:34.520
Okay, you've got to go to Getter and get on the Getter feed and download the app because you get a more immersive experience.
00:28:44.280
There's so much going on and we're just trying to – we just give you signal, not noise, that you can't cram it in even in four hours a day.
00:28:50.820
That's why Cortez, myself, Navarro, Mike Davis, everybody is up on Getter nonstop.
00:29:02.620
You just see what – we have the sheriffs down in Texas who are fighting, and I realize it looks like it's overwhelming, but they're fighting to mitigate for their thing.
00:29:11.820
That is a victory because people can see that, and that's leadership and courage.
00:29:17.880
Normally, we would not be focused on an attorney general race in Delaware, although the Washington Post today – and we've got Alex DeGrasse coming on the second hour.
00:29:25.460
The Washington Post talks about one of the most competitive parts of the country for house races.
00:29:32.080
In New England, Rhode Island, Connecticut, up in New York, right, state.
00:29:40.000
We're competitive all over New England, New Hampshire.
00:29:43.460
Alex DeGrasse is going to walk you through, Matt.
00:29:47.380
I want to bring in Julianne Murray running for the attorney general in Delaware.
00:29:52.120
But I'm bringing you on because you had a blockbuster win in the Delaware Supreme Court.
00:29:57.580
I want you to explain exactly what happened, what this victory is, and what's the national implications.
00:30:08.640
Just a regular person running for attorney general who happens to be a lawyer.
00:30:12.400
All right, how this set up is we have a – our constitution, Delaware's constitution, is very specific about absentee voting.
00:30:23.000
And it basically says that the General Assembly shall enact laws when people are unable to appear at their polling place in their election district because of public service, your business or your occupation, you're on vacation, you're sick or physically disabled.
00:30:43.180
There are six very specific reasons for why you can absentee vote.
00:30:47.940
In 2020, when in the height of COVID, our General Assembly passed vote by mail, many states did, it was challenged here in Delaware and upheld under their emergency power, the General Assembly's emergency power.
00:31:02.820
Now, fast forward to 2022, and oh, and in 2020, they basically said the Court of Chancery, which is our, you know, our equity court where you go to get somebody to do something or to not do something, said under their emergency power, we're going to uphold this, but the Delaware Supreme Court back in 1972 said that that list is an exhaustive list.
00:31:29.440
You can't reduce it without a constitutional amendment.
00:31:32.820
So, fast forward to 2022, it takes two sessions, two two-year sessions, so almost four years to amend the Constitution.
00:31:40.960
They started it in 2019 prior to the 2020 election and then tried the second leg in May of 2022 and it failed.
00:31:54.020
They didn't get the two-thirds of both houses of our General Assembly.
00:31:57.820
So, they turned around within a week, two weeks, and statutorily provided for vote by mail and said that they were allowed to do it under their broad power, that their broad power allows them to set the means and method of the election and that, therefore, absentee voting was basically just a method.
00:32:20.640
In the actual debate, they talked about the fact that it could be unconstitutional.
00:32:28.320
There were experts that testified for the Republican caucus that said it's unconstitutional.
00:32:34.460
The Democrat leadership actually did press releases, or not press releases, but released statements to the press that, yeah, it may be unconstitutional, but we're going to let the court sort it out.
00:32:46.100
So, they essentially said, we're going to do it anyway, and you can sue us and we'll sort it out.
00:32:51.000
So, I actually filed a lawsuit within two hours of when the governor signed it on July 22nd.
00:32:59.780
I think he delayed so that they could get things in place for vote by mail.
00:33:05.260
And another lawsuit was filed at the same time.
00:33:10.380
The other lawsuit also attacked same-day registration, and we had plaintiffs.
00:33:17.320
The other lawsuit, they were also voters, but one was an actual candidate and an election official.
00:33:22.700
They heard the two cases together in our court of chancery.
00:33:26.640
We did oral argument the end of August and middle of September.
00:33:31.420
87-page decision comes out that says it's unconstitutional for vote by mail.
00:33:39.040
The chancery court actually upheld the same-day registration.
00:33:49.200
Oral argument was, and a cross-appeal was filed over same-day registration.
00:33:53.400
We did oral argument last Thursday on bonk in front of all five justices, three of which are Democrats.
00:34:00.760
And the very next morning or very next day, the Supreme Court put out an order that said that vote by mail is unconstitutional, and so is same-day registration.
00:34:14.920
Tell me the national implications of this, ma'am.
00:34:22.440
When you have a legal case, you have to have standing in order to bring the action.
00:34:34.080
You have to have what's called an injury in fact.
00:34:38.300
And so cases get thrown out all the time because under federal law for lack of standing.
00:34:48.940
And so we had a huge fight in, you know, in chancery court over standing.
00:34:54.120
I argued standing basically that we had the entire universe.
00:35:09.780
You know, the state argued that the only person who could bring a case would be someone from the Department of Elections, which is ridiculous.
00:35:17.360
And, you know, and that we hadn't had an injury in fact.
00:35:22.140
And I argued, yes, we do, because you've already created the application.
00:35:26.740
People were requesting ballots in August for the general election.
00:35:33.860
So I argued we do have an injury in fact because you have now put out there that they can get these ballots.
00:35:39.400
And the chancery court found that they agreed and basically, you know, quoted a lot from my briefing, which, you know, is always a nice feeling.
00:35:49.340
And basically said we can't, you know, that the court cannot accept that a citizen does not have a remedy in a voting act.
00:36:03.120
That, you know, there was a in the other case, the Public Interest Legal Foundation was was assisting in that case.
00:36:09.640
And they are already using the case, you know, that basically the precedent that was created in Delaware for standing in other state cases.
00:36:21.140
National implication number two is that the wave prior to this, when this case was pending, Pennsylvania and Massachusetts both upheld under their state constitutions vote by mail.
00:36:38.700
They, you know, they basically threw out 160 years of case law and came to the conclusion that absentee voting and vote by mail are not the same.
00:36:47.940
And that basically their constitutional guarantee for absentee voting is still there.
00:36:54.640
But legislatively, the General Assembly, if they want to expand the, you know, the ability to absentee vote, that they can do that.
00:37:07.420
It's it's honoring the, you know, the Constitution, the precedent that we had in place.
00:37:12.660
And so I think that it is going to reverberate or could reverberate across the country because now we have a decision in what I'm, you know, what people are calling, you know, very blue Delaware.
00:37:25.640
We have a state Supreme Court that unanimously said, no, no, no, no, this is a, you know, this is unconstitutional enlargement.
00:37:34.480
If you want to do this, you can do it, but you have to do it by an amendment.
00:37:38.740
Um, what this does and who whoever the presidential nominee is in 2024 can send me a thank you note because vote by mail won't be passed before the next presidential election.
00:37:56.020
And by the way, we're going to make sure this reverberates everywhere.
00:37:58.220
And you bring up the great case of Pennsylvania, which is still a festering sore.
00:38:04.640
So this, I just want to make sure we're clear in this election on November 8th in the state of Delaware, there will be the mail in ballots or don't count.
00:38:13.760
You got to show up and actually vote in person.
00:38:16.700
Unless you apply and get one of these waivers for absentee, one of the six things.
00:38:21.880
The talk about you ran for governor before when you started, when actually started the voting, you were what?
00:38:27.840
A hundred thousand down already in the mail in ballots, correct?
00:38:31.520
So I was a first time candidate in 2020, ran for governor, won a six way primary, and I got more votes in the general election than any Republican governor or gubernatorial candidate in the history of Delaware.
00:38:45.760
I know people are saying, gee, that doesn't seem like very much, but Delaware is like a congressional district, you know?
00:38:51.560
So, um, but heading into that election or that, uh, that night, uh, they had tallied the absentee votes.
00:38:59.540
I was down by a hundred thousand votes before the first machine vote was cast.
00:39:04.580
And so basically they say she lost by a hundred thousand votes.
00:39:08.240
No, I didn't because if 50,000 from the sitting governor had come over to me, we would have been tied.
00:39:12.700
But vote by mail, I mean, and this is, this was true nationally.
00:39:16.060
Vote by mail, uh, affected, uh, you know, races all over the country.
00:39:21.160
So in Delaware, uh, Mark, Mark Elias, Mark Elias bragged about, this is how they stole it.
00:39:27.080
This is what Raheem and I spent so much time on.
00:39:28.840
Last thing, what, where's the status of your, what's your status of your attorney general race right now, ma'am?
00:39:36.400
You know, I am, you know, I am able to, we have a very soft on crime, uh, you know, um, uh, AG who is not prosecuting 85% of gun crimes and is basically saying I'm keeping guns out of the communities, but she's attacking lawful gun ownership and not doing anything about the criminals.
00:39:54.300
So this, you know, crime is nationally an issue.
00:40:00.480
So basically I'm running saying the job of the attorney general, it should be a, you know, an apolitical position that is about enforcing the law.
00:40:11.440
And an example, you know, when this decision came out last Friday from her official position, she came out and said that the Delaware Republican party is trying to suppress voting and extremists are celebrating on the backs of voters.
00:40:25.460
So very, you know, I, I am able to just kind of stay the course and say, this is about protecting law enforcement.
00:40:36.920
We're going to defend the police and you are not safer than you were four years ago.
00:40:41.720
Um, you know, they are nervous because I think they were counting on vote by mail and, uh, it is now not a tool that's about available to them.
00:40:49.720
So this is a, this is probably the most winnable statewide race in Delaware for sure.
00:40:55.340
And, and, and, and, and, and, and, and same day registration is not, not.
00:40:59.480
It's also now there's the killer on same day registration.
00:41:04.920
So they were counting on registering people between now and election day.
00:41:09.440
And when this was a shot down, it, they had six days to get everybody registered.
00:41:20.140
I think you should be on the short list for the next Republican.
00:41:24.440
Donald Trump should put you on the short list or it was the same, whoever it is, or put you on the short list for attorney general of the United States of America.
00:41:31.200
Ma'am, how can they find out more about your campaign?
00:41:37.460
The, we are murrayfordelaware.com from a website standpoint.
00:41:41.420
So M-U-R-R-A-Y-F-O-R-D-E-L-A-W-E-R-D-O-T-C-O-M.
00:41:45.080
Murray, the number four D-E on Twitter, Facebook.
00:41:51.860
You know, and you know, you know, we need money.
00:41:56.140
It's, you know, it shouldn't be a surprise to people.
00:41:58.580
You know, she, the current AG had George Soros literally on her campaign finance report in 2018.
00:42:10.440
Bring in the heat in Delaware and across the nation.
00:42:23.520
The new social media taking on big tech, protecting free speech, and canceling cancel culture.
00:42:33.600
The platform for independent thought has arrived.
00:42:46.380
It's time to say what you want, the way you want.
00:42:50.760
One of the things, by the way, you got to get together.
00:42:59.880
I have no technical skills whatsoever, and I can use it.
00:43:03.260
That stuff you see being put up all day, that's for me.
00:43:05.180
Here's one of the things about our movement, Cortez.
00:43:09.220
We're going to have Mike Davis on here in a second, because we got to get to this Bank
00:43:14.480
The power of MAGA is we are now unearthing and bringing to the forefront the Cary Lakes,
00:43:23.920
Julianne Murray is going to be a national figure.
00:43:27.260
What she did on this, because people run around, they're here on fire, mail in, boom.
00:43:31.180
Boom, she took care of the problem, because she's maniacally focused and great and a great
00:43:37.260
lawyer, and she took care of it in Delaware, which is all controlled by Democratic judges.
00:43:45.260
And she cut to the heart of this nonsense in the Commonwealth of Pennsylvania.
00:43:50.980
Yes, and to your point, too, Delaware is perhaps the most corporatist and one of the most corrupt
00:43:56.880
So if she can achieve this in Delaware and get a unanimous ruling, it's an enormous precedent.
00:44:02.340
It should be invigorating to the election sanctity movement across the entire country.
00:44:12.500
She is a warrior lawyer, somebody who assessed the situation and said, wait a second, the
00:44:21.180
It took a smart, tough outsider lawyer to make this case and win this case.
00:44:28.500
And also to your broader point about all these people coming in from outside of politics,
00:44:37.540
This group of outsiders who are coming to politics for the first time and add Julianne Murray to
00:44:56.420
I mean, you were doing big work with grassy supper.
00:45:04.020
And is she going to be your wingman in the Justice Department of Trump?
00:45:09.860
I mean, I just heard what she said there, and she has a backbone of steel, and that's
00:45:25.800
All the left cares about is power, and we need to stop playing by the rules.
00:45:30.700
We need to, well, by the uniparty rules, we need to fight to win.
00:45:42.920
I'm going to put this in perspective now, what's going on.
00:45:45.260
And Mike's going to hang with us for the A block and talk about tech.
00:45:49.500
Let's play the Bloomberg TV Bank of England clip this morning, and Cortez and I will give
00:45:55.660
And I think it's taken a few days for the market to kind of get its arms around all
00:46:03.500
This is not the Bank of England buying everything you want to sell them.
00:46:06.800
They'll buy it, and they are being choosy on what they're buying.
00:46:11.580
And there have been days when they haven't bought anything.
00:46:15.800
And basically, what Bailey's been signaling is, get your house in order.
00:46:21.460
But every time that is reiterated, I think it just reinforces the idea that there is still
00:46:28.180
Maybe not as much has been as unwound, because the market was looking for more time, ultimately.
00:46:39.180
John, I got to say, I feel for Guy as he tries to parse through this.
00:46:42.640
Because basically, this is him trying to explain a policy that at its core is a paradox,
00:46:48.200
both addressing financial stability, allowing some sort of easing, unwinding of positions
00:46:53.360
that are untenable in the current regime, while also fighting inflation using very similar
00:47:01.880
I can see why they're very, very sensitive about the concept of fiscal dominance right now.
00:47:06.820
I can see why they are almost immediately, the questions were asked at the Bank of England,
00:47:09.940
will they accommodate what this government is going to do?
00:47:13.020
And when they first came up with the gilt market operation, they were accused of just
00:47:16.580
that, pandering, accommodating what fiscal policymakers had decided to do.
00:47:21.520
So I think it's really, really difficult for them to do now.
00:47:24.080
And I think that's why we're seeing the kind of language, the approach that we've seen
00:47:30.200
The sense I get from him and the way he spoke yesterday just sounded like a man who was
00:47:34.340
very, very sensitive to the idea that they might be contributing to so-called fiscal
00:47:38.800
There is an argument that for decades, central banks helped offset a lack of action from fiscal
00:47:44.260
policymakers, a lack of action from Washington, D.C.
00:47:48.580
And this is a question now of, can the central banks pull back and stop giving the fiscal
00:47:54.480
policymakers a pass and risk financial instability and risk, perhaps, disrupting things to such
00:48:00.800
an extent that imperils the basic functionings of a capitalistic society?
00:48:05.380
And this is going to become an increasing debate in the months.
00:48:11.140
That young woman right there, Abramowitz on Bloomberg TV, Cortez, that concept of fiscal
00:48:22.020
Get your number two pencil out and write that into your notebook.
00:48:25.520
That is one of the most important 60 seconds on television of this year.
00:48:30.700
What she just said right there, what this means is the out of control, fiscal dominance, the
00:48:35.860
out of control spending of the politicians and the central banks have allowed it to happen
00:48:43.520
You know, Steve, this is one of the most important stories in the world that almost no one in the
00:48:47.840
corporate media is talking about what is going on in England.
00:48:50.180
The Bank of England, in many ways, is sort of the father or grandfather of all banks globally,
00:48:55.380
central banks, as well as regular commercial banks.
00:48:57.700
And the Bank of England just got bitch slapped by the global bond markets because the Bank of
00:49:03.360
England was trying to simultaneously loosen and tighten economic policy, monetary policy
00:49:09.880
And the bond market said regarding your buying, yeah, we'll take it and we're going to sell
00:49:14.580
even more because interest rates, if we can show chart number three, interest rates in the
00:49:19.020
UK, this is the equivalent of our 10-year treasury.
00:49:23.720
As you can see, we are at new highs for the cycle.
00:49:26.520
That chart goes back six months on gilt 10-year yield in the UK, meaning prices go down, interest
00:49:35.220
So they tried twice to intervene and buy their own bonds.
00:49:44.180
And the Bank of England has lost all credibility.
00:49:47.180
England is trading like an emerging market right now, like a very troubled emerging market.
00:49:51.220
No, no, this is like Ghana or, you know, Equatorial.
00:49:57.240
This is a big deal because they're trying to save the pension funds.
00:50:01.340
You guys sitting out there, you got a pension fund?
00:50:03.500
In England, they're fighting a headwind to save the pension funds.
00:50:07.980
We're going to be back with all this Mike Davis.
00:50:21.720
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