Bannon's War Room - Episode 2220： Last PPI Before The Midterms; Julianne Murray On Taking Back Our Elections

00:00:00.000 So all those years, the central bank seeded the clouds of inflation.

00:00:04.360 Now the downpour has started.

00:00:06.900 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.

00:00:18.360 That's the hottest since it was in June when it was up one percent.

00:00:22.380 And if we look at ex-food and energy, which almost sounds silly,

00:00:25.740 because food and energy, especially energy, that's the big enchilada here.

00:00:29.280 Ex-food and energy, it did come in, as expected, up three tenths, up three tenths.

00:00:35.480 And of course, in the rearview mirror, we have up four tenths, don't see revisions yet.

00:00:39.480 Now if we strip out food, energy, and trade, it's double expectations, up four tenths.

00:00:45.680 Now we get to the real numbers.

00:00:47.340 Year over year, final demand, expected up 8.4, is hotter than expected, up 8.5.

00:00:53.540 Now the high water mark for this one is going to be up 11.7.

00:00:59.680 Yes, you heard me right, 11.7.

00:01:01.800 That was in March.

00:01:02.760 All the high water marks for producer prices were made in March.

00:01:06.700 So that is indeed good news, 8.5.

00:01:09.860 That almost sounds crazy in and of itself.

00:01:12.160 Ex-food and energy, up 7.2.

00:01:15.080 A tenth light to expectations, a tenth light to the rearview mirror.

00:01:18.800 High water mark in March, there was up 9.7.

00:01:23.600 And if we look at the final year over year numbers, this is ex-food, energy, and trade,

00:01:30.060 up exactly as expected, up 5.6, which exactly matches the rearview mirror, up 5.6.

00:01:36.640 High water mark was up 7.1.

00:01:39.700 So if you're the Federal Reserve panel and you're looking at 8.5, 7.2, and 5.6,

00:01:45.740 they have definitely moderated from extremes.

00:01:48.620 Have they moderated enough for the Fed to put their neck on the block?

00:01:53.940 I probably don't think so.

00:01:56.000 And we'll see what the panel says.

00:01:57.540 We see that interest rates have moved from a bit lower to a bit higher in yield

00:02:03.900 as we continue to hover above 4.30 in twos.

00:02:07.700 And you see the way it popped up on that number.

00:02:10.100 Whereas the 10-year actually didn't move very much.

00:02:14.420 Much of the yields today have been under that 3.95 mark, 4%, obviously, huge psychological level.

00:02:21.900 Panel, Joe.

00:02:23.060 The International Monetary Fund today said a third of the world is headed for a session next year.

00:02:28.680 The three largest economies, the United States, China, and the euro area, will continue to stall.

00:02:36.900 In short, the worst is yet to come, and for many people, 2023 will feel like a recession.

00:02:44.380 But US President Joe Biden, who's facing midterm elections, says if America goes into recession,

00:02:49.740 well, it'll only be slight.

00:02:52.320 Every six months they say this.

00:02:54.520 Every six months they look down the next six months and see what's going to happen.

00:02:57.340 It hadn't happened yet.

00:02:59.420 It hadn't...

00:03:00.040 There has...

00:03:01.080 There is no...

00:03:02.460 There's no guarantee that they're going to be a recession.

00:03:04.960 I don't think there will be a recession.

00:03:06.520 If it is, it'll be a very slight recession.

00:03:08.580 That is, we'll move down slightly.

00:03:11.700 There'll be no recession.

00:03:12.900 Well, it might be mild.

00:03:14.180 Make up your mind, man.

00:03:15.500 In Australia, the IMF tips no recession, but a sharp slide in growth.

00:03:18.940 It says the Australian economy will grow 1.9% next year,

00:03:22.580 compared with the forecast 3.8% this year.

00:03:25.400 They expect our unemployment rate to tick up slightly from 3.5% to 3.7% next year.

00:03:32.380 Let's begin with this morning's inflation data.

00:03:34.320 As we said, PPI 4 tenths.

00:03:35.800 We were looking for 2 tenths.

00:03:37.540 Core 3 tenths, Jim, in line.

00:03:40.100 I know you said there's nothing good in here.

00:03:41.820 8.5 is a lot better than 11.7.

00:03:44.100 Yeah, I mean, look, not that long ago I said we're really a peak inflation commodity.

00:03:50.220 Financial Times made fun of me.

00:03:51.340 I like them because it's a salmon-colored paper, and I've caught salmon.

00:03:55.700 But, you know, you go pretty deep.

00:03:58.340 But I'll tell you this.

00:03:59.560 I look at this, and if I am a believer that we're at peak weight, peak food, peak housing,

00:04:08.440 I have nothing, nothing at all.

00:04:10.600 So, anybody who buys bonds on this, I don't know why, because we already knew we were peak commodities.

00:04:17.600 Let me have the mic.

00:04:19.520 It's only so much of Jim Cramer sitting there admitting he's been dead wrong.

00:04:23.660 So, today, the construct for the election of 2022, 8 November, and it is Wednesday, 12 October, in the year of our Lord, 2022.

00:04:36.320 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.

00:04:47.900 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.

00:04:54.900 We're going to talk to you about the practicality of the invasion of the United States of America.

00:04:58.820 But I've got to start in capital markets, and plus the signal, not the noise.

00:05:03.840 Steve Cortez, this is what we call the last print before Election Day, right?

00:05:08.460 A producer price today, the wholesale prices, consumer prices tomorrow, nothing good.

00:05:14.480 But Kramer went on there in his capitulation and said there's nothing good in this number.

00:05:19.660 But you've done the analysis.

00:05:21.540 This is, as Rick Santelli said, the central banks have ceded this.

00:05:25.260 The fiscal irresponsibility of our political leaders exacerbated it.

00:05:29.680 And we are where we are.

00:05:31.420 Steve Cortez, the two I's brother.

00:05:34.080 Yes.

00:05:34.360 You know, look, quite a contrast there from CNBC.

00:05:37.160 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.

00:05:45.180 And he has completely squandered that trust and abused it, quite frankly.

00:05:48.760 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.

00:05:55.800 He's a friend of mine and my old brother in arms from the Chicago futures and options markets.

00:05:59.700 And he laid it out correctly by the numbers, data and evidence, not sloganeering, and narrative and opinion.

00:06:05.880 PPI came in twice as hot as expected this morning.

00:06:09.420 So this inflation is intensifying.

00:06:11.760 It is persisting.

00:06:13.400 It wasn't transitory.

00:06:14.640 It wasn't peaking.

00:06:15.880 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.

00:06:28.580 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.

00:06:39.020 That's normally when you get inflation.

00:06:40.840 Because of what Joe Biden has done, we have exactly the opposite.

00:06:43.700 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.

00:06:51.460 And let me give you a data point to prove that.

00:06:53.580 Unfortunately, according to Bloomberg News, Intel is just about to announce massive layoffs, layoffs of thousands of people.

00:07:01.460 Steve, this is the beginning of a trend.

00:07:03.380 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.

00:07:16.320 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.

00:07:22.580 We are in a world of hurt.

00:07:24.340 And, by the way, let's talk about some of the real-world ramifications of this.

00:07:27.460 But hang on.

00:07:28.000 But hang on.

00:07:28.420 Ho, ho, ho. 0.99

00:07:29.080 Hang on.

00:07:29.400 Hang on a second.

00:07:29.940 I want to make sure the audience gets this because it's being already the narrative.

00:07:33.500 They're already getting ahead of it.

00:07:34.540 You know, the 0.4, it's twice as much as they thought.

00:07:40.360 I want everybody to understand this on inflation.

00:07:42.060 It's 2x, two times what they thought it was going to be.

00:07:45.800 They talk about the peak in March.

00:07:47.900 This is – at the producer price level, this is a burning dumpster fire.

00:07:52.320 And we don't have time today, but we're going to get back into your analysis.

00:07:55.760 These prices are also what we call sticky, right?

00:07:58.620 So it ain't going away.

00:08:00.340 This is also the last print before Election Day.

00:08:02.580 And I'll get to the Tapper thing in a second, which was embarrassing.

00:08:05.100 Jake Tapper, who I know doesn't know anything about economics or finance.

00:08:07.800 But it's embarrassing to let that doddering old man just yammer on.

00:08:12.640 We're not in a recession.

00:08:13.380 We're in a depression right now for working-class Americans.

00:08:15.700 And they're going to have their say-so on 8 November.

00:08:21.320 Also, we have said for a long time, they sit there all the time yelling at all these people.

00:08:24.840 But look at the jobs numbers.

00:08:26.080 They're full of the economy.

00:08:27.200 We're adding jobs, adding millions of jobs. 0.98

00:08:28.720 Oh, crap. 0.62

00:08:29.920 Intel is a proxy not just for the American economy. 0.99

00:08:34.440 It's a proxy for the world economy.

00:08:36.880 And when they start saying massive layoffs, they can look downrange and say,

00:08:40.820 hey, the bottom's falling out of this thing.

00:08:42.380 We've got to let these people go now.

00:08:43.960 Steve Cortez.

00:08:45.320 No, that's the reality.

00:08:46.480 And yesterday, we showed the chart of Taiwan Semiconductor,

00:08:49.440 which is the dominant company in the dominant country of Taiwan when it comes to chip production.

00:08:54.640 Same business, of course, primarily that Intel is involved in.

00:08:57.700 The global chip business is in a terrible state right now.

00:09:01.740 And that is evident from the price of stocks like Taiwan Semiconductor, TSM.

00:09:06.180 And it's also evident now by Intel's plans to lay off thousands of people.

00:09:10.120 But I want to talk also about the real-world ramifications for Main Street, for regular people,

00:09:15.120 not just for financial markets, for regular people of this persistent crisis-level inflation.

00:09:21.360 If we can pull up chart number one, please.

00:09:23.140 This is mortgage applications.

00:09:25.440 Okay.

00:09:25.540 So this is the MBA, the Mortgage Bankers Association, their purchasing index.

00:09:30.140 And that chart goes back five years.

00:09:32.080 As you can see, it has been in an absolute collapse over the last year because of Joe Biden.

00:09:37.740 And what I think is most important and most damning about that chart is you'd notice,

00:09:42.180 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.

00:09:50.740 So we have now broken those lows.

00:09:53.260 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?

00:10:13.900 And when we put this together with the FT story that we talked about yesterday, where

00:10:17.400 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%.

00:10:25.780 Steve, that's not a recession.

00:10:27.600 That's a depression when you're talking about an 80% decline.

00:10:30.860 For an industry, that's incredibly important.

00:10:32.780 It's not like this is some small niche industry, okay?

00:10:35.400 This is a leading industry for the United States.

00:10:38.180 And so the ramifications are dire for this country, and I hope and believe that it's

00:10:44.380 going to motivate people to take action.

00:10:46.100 And now let's-

00:10:46.440 But this shows you, this shows you, when you're talking to mainstream media and you're 0.97

00:10:49.980 watching CNN, it's a bunch of airheads. 1.00

00:10:52.500 Jake Tapper's an airhead. 0.99

00:10:53.840 He allowed Biden to yammer. 0.97

00:10:55.260 We're not even in a recession.

00:10:56.460 You're in a depression, dude.

00:10:57.980 And we can show you the math.

00:10:59.040 And you should have asked a follow-on question right then and not let him get away.

00:11:02.500 Hang over a second, Cortez.

00:11:03.560 We're going to come back to this.

00:11:04.300 I want to go to the border.

00:11:05.200 Remember, the second eye of Steve Cortez's analysis, the immigration part, to our own 0.93

00:11:10.300 Ben Burquam and a couple of heroes down there, these great sheriffs.

00:11:13.620 Ben, take it away, brother.

00:11:16.400 Hey, thank you, Steve.

00:11:17.520 I'm here with Goliad County Sheriff Roy Boyd and Brooks County Sheriff Benny Martinez.

00:11:23.000 And we're here at a command-level meeting for its Operation Lone Star, excuse me, Task Force

00:11:27.700 Lone Star.

00:11:28.140 Tell us about it, Sheriff.

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

00:11:37.300 that we run in the field.

00:11:38.560 We've just completed a few operations.

00:11:40.460 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

00:11:49.000 our region.

00:11:49.840 And tell us about this.

00:11:50.780 So you guys, you're down here, you're sheriffs, and it's not just sheriffs, it's some

00:11:54.100 police.

00:11:54.540 You guys have come together and said, you're doing this because the federal government won't.

00:11:58.460 Tell us the rationale and the benefits to it.

00:12:01.520 Well, the biggest deal is, of course, as we know, we have a wide open border.

00:12:05.760 And so Governor Abbott has come forward and given us money through Operation Lone Star

00:12:10.540 through a grant.

00:12:11.840 And so what we did was we came together, we formed our own task force of 20 law enforcement

00:12:16.360 agencies.

00:12:17.080 We're basically trying to put up our own wall that the cartel has to go through.

00:12:21.820 And it's been very successful as far as apprehending and reducing the numbers and changing the

00:12:26.420 habits of the cartel as they come through our areas.

00:12:28.580 You know, Benny down here, he is on the front lines of it, and he sees it firsthand before

00:12:33.500 it ever gets to us on the northern end.

00:12:35.480 But all of us working together, you know, it really helps.

00:12:39.020 It's a force multiplier, and it's a much better way to use tax dollars than just throwing them

00:12:43.240 at worthless programs.

00:12:44.480 The governor's done an outstanding job of giving us this lifeline and providing us with this

00:12:48.500 opportunity.

00:12:49.080 And Sheriff Benny, you were talking, both you guys have fairly small counties, 7,000

00:12:53.920 plus people.

00:12:55.040 Talk to us about how bad the impact these Biden border policies have been to you guys and

00:13:00.080 what you've seen.

00:13:01.240 Well, the open border creates nothing but chaos to all of us, especially small counties

00:13:06.420 like ours.

00:13:07.480 You know, we have recovered 80 bodies for the year.

00:13:09.880 From January to now, we already have 80.

00:13:11.660 We had 119 last year.

00:13:13.080 We have multiple pursuits, multiple fence damages to these ranchers.

00:13:18.600 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.

00:13:30.720 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.

00:13:41.200 Okay, they're working against us, so they know where we're at, we know where they're

00:13:45.400 at.

00:13:45.680 So they just, they become mobile, and we become mobile.

00:13:48.220 So that's a good thing that it's force multiplier, and we can cover more area.

00:13:52.420 And that's really, Steve, down here, the sheriff's law enforcement, all the people on the front

00:13:56.960 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,

00:14:04.280 the guys that wake up every morning and actually uphold their oath.

00:14:07.100 Ben, if I could ask you guys just to stay through a short commercial break, we've got

00:14:12.700 a couple of questions.

00:14:13.520 Cortez and I have a couple of questions for these brave sheriffs about policies from Washington,

00:14:19.860 D.C.

00:14:20.180 So if they could just hang on for a second, we're going to take a short commercial break.

00:14:23.620 We're in the war room.

00:14:24.720 It's the two I's, immigration and inflation. 0.68

00:14:27.620 Inflation's on fire.

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 0.57

00:14:39.680 first article of impeachment when he's impeached in the spring or summer of 2023 after the sweeping

00:14:45.100 victory we get on 8 November.

00:14:48.000 Steve Cortez, Ben Burquam, and these brave sheriffs next in the war room.

00:14:52.160 You know what's never good?

00:15:01.520 When your nation's supposed authority on economic policy completely misses the flashing red lights

00:15:08.320 of impending inflation.

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.

00:15:27.880 End quote.

00:15:28.760 You know who understands the real threat of inflation?

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00:16:25.420 War Room Pandemic with Stephen K.

00:16:28.860 Bannon.

00:16:29.480 The epidemic is a demon and we cannot let this demon hide.

00:16:33.280 War Room Pandemic.

00:16:35.460 Here's your host, Stephen K.

00:16:37.480 Bannon.

00:16:37.740 I tell you what, we're honored even to stand in their presence.

00:16:42.940 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 1.00

00:16:54.380 don't think their lives mean anything.

00:16:55.720 So they've essentially turned control of the border over to the cartels.

00:16:59.800 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

00:17:24.700 put fingers in the dike?

00:17:28.160 Yeah, Sheriff, we had asked that.

00:17:30.180 So that's really the question.

00:17:31.360 Are you guys, do you feel like it's being effective?

00:17:34.000 Or do you think we're just putting fingers in the levy here and this is, you know, it's

00:17:37.700 in the end, it's all going to come flowing in?

00:17:40.000 Really, all we're doing is mitigating the situation for our area.

00:17:43.340 We're not solving it.

00:17:44.660 We're not bringing it to an end.

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.

00:17:53.040 Our actions, all they do is push the cartel around us because the cartel is here and amongst

00:17:57.520 us.

00:17:58.120 They live here.

00:17:59.640 They operate here.

00:18:00.560 And what we're doing is we're pushing the more westward towards San Antonio.

00:18:04.260 So you're absolutely right.

00:18:06.660 You know, what we're doing is not a solution.

00:18:08.500 It's just mitigation in the short term.

00:18:10.720 And that's all we can do at our level.

00:18:12.880 What would, Sheriff Martinez, what would your message be to D.C.?

00:18:15.980 And they've never been down here to visit you.

00:18:18.180 What would you tell them if they're watching this?

00:18:19.480 Well, they definitely need to come down.

00:18:21.200 He knows we have a couple of mayors up there who are complaining about these folks being

00:18:26.780 bussed up there, the immigrants.

00:18:28.200 But the fact is, at least they're clean, okay, in terms of clothing and everything else.

00:18:34.040 We pick them up.

00:18:34.840 That'll see how we pick them up on our end, okay?

00:18:37.260 They're in dire straits, right?

00:18:39.280 And this is actually the impact of this is just the open borders, okay?

00:18:43.120 That's what it is.

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.

00:18:55.120 At Martha's Vineyard, they had 50, and they all lost their minds.

00:18:58.160 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

00:19:08.180 guys have going on.

00:19:09.500 Well, I'll tell you, and Benny can speak even more to this because he's to the south.

00:19:13.720 They want to talk about 50.

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

00:19:22.840 it for many years.

00:19:24.100 Absolutely.

00:19:24.940 You know, we'll get maybe three or four groups of 25, each group, simultaneously come to the

00:19:29.860 private ranch lands, okay?

00:19:30.940 We got over 300 identified trails out there that they use.

00:19:35.020 This is all cartel-driven.

00:19:36.880 The fact is, though, they're vetted.

00:19:39.000 They're vetted in the U.S.

00:19:40.040 Any state, they're vetted, and I know the government knows they're there because I used

00:19:45.020 to do that.

00:19:45.620 I used to work alongside the federal government, so I know they're there.

00:19:48.740 It's just the fact that we need to find them and start extracting them.

00:19:52.620 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

00:20:01.320 of America.

00:20:02.380 You look at the policies coming out of Washington, D.C.

00:20:04.720 Should Secretary Mayorkas be impeached?

00:20:07.440 Should Joe Biden be impeached?

00:20:09.200 Is this a break of their oath of office?

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

00:20:25.560 of what this government is doing to them.

00:20:28.420 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

00:20:37.140 accountable.

00:20:39.000 Thank you, sir.

00:20:39.800 Steve?

00:20:41.540 Wow.

00:20:42.040 Thank those two sheriffs, Tom.

00:20:43.280 We look forward to having them back, and the war room has their back.

00:20:46.660 Ben, hang around.

00:20:47.480 We're going to get back to you in a little while.

00:20:48.720 Ben Berquam.

00:20:49.480 Steve Cortez, I've got to tell you, if you want to know why Hispanic Americans are going 1.00

00:20:54.000 to sweep these bums out, that's it right there. 1.00

00:20:56.700 You talk about the education system in South Texas, the rear of Grand Valley.

00:21:00.780 You talk about the health care system.

00:21:02.020 You talk law enforcement officers that can't do anything else but chase this.

00:21:06.460 This is a sick game. 0.98

00:21:08.440 And Kamala Harris, not having the balls to go down and see exactly what they're doing. 1.00

00:21:12.840 All they talk about is Ukraine, Ukraine, Ukraine. 0.94

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. 0.86

00:21:31.100 And I've got to tell you, if any Hispanic votes for these bums in Washington, D.C., I hate 1.00

00:21:36.800 to say it, you deserve what you get on this.

00:21:39.260 You have every opportunity to throw these bums out and to tell them exactly what you think. 1.00

00:21:43.820 Steve Cortez.

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

00:22:11.040 the front door of America.

00:22:12.840 But their work is being undermined by the open borders globalist Joe Biden and all of his cronies.

00:22:17.700 We're going to vote all of them out.

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,

00:22:27.080 we're going to seat them in January, is they must hold the line on this issue.

00:22:31.020 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

00:22:39.360 you get control of the United States border.

00:22:42.480 And Steve, I'm glad you brought up that contrast with Ukraine as well.

00:22:45.220 It is absolute, just a dereliction of duty.

00:22:48.060 It is a betrayal of the American people that right now we are spending tens of billions

00:22:53.360 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 0.79

00:23:33.540 to compete in the labor market against unlawful and unjust competition from these illegals 1.00

00:23:39.760 who are pouring into our country and depressing wages for American citizens. 0.99

00:23:44.580 It has to stop.

00:23:46.020 We're going to cut this labor.

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,

00:23:54.680 the cartels live, the cartels are in control.

00:23:57.020 The cartels who are in business with the triads and the Chinese Communist Party, these are 0.65

00:24:01.840 not friends of the United States.

00:24:03.160 We're over in Ukraine and we got CIA paramilitary.

00:24:06.220 We've got troops on the ground.

00:24:07.260 We're pointing billions of dollars and spending all this time and effort on Ukraine, on the

00:24:11.100 Russian-speaking eastern border of Ukraine.

00:24:13.820 And you've got paramilitary.

00:24:15.720 You talk about bad hombres.

00:24:17.540 They don't come any badder than the cartels.

00:24:19.420 And now we have sheriffs sitting there right there saying the cartels run the southern

00:24:24.100 border.

00:24:24.920 They're inside.

00:24:25.620 They're inside the wire.

00:24:27.440 This is what's the first article.

00:24:30.060 Write this down.

00:24:30.760 I said it a year ago.

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.

00:24:42.740 And those are American citizens.

00:24:44.340 They're not Ukrainians. 0.97

00:24:46.280 Ukrainians, that's a European problem. 1.00

00:24:47.940 And yes, I feel for the Ukrainians.

00:24:49.460 We've tried to stop the escalation, say you're killing women and children and try to de-escalate

00:24:53.440 this thing.

00:24:54.140 But these are American citizens.

00:24:56.020 These are our countrymen.

00:24:57.160 And we're allowing this to happen to our countrymen.

00:25:01.120 That is why he's going to be impeached.

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.

00:25:12.120 We're going to impeach Garland.

00:25:13.360 We're going to impeach Mayorkas, but we're going to get to Biden. 0.83

00:25:16.720 Mark my words, we're going to get to Biden.

00:25:18.520 This is unacceptable.

00:25:19.740 You see the agony that's down there.

00:25:22.200 And we've allowed this.

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.

00:25:27.940 Cut the money off.

00:25:29.200 Let Trump get in a room and cut a deal.

00:25:31.720 Steve, let's go back to inflation.

00:25:33.080 We've got a couple of minutes here.

00:25:34.080 We're jammed up in the rest of the show.

00:25:36.040 I want to make sure we get all the capital markets.

00:25:37.720 Walk me through.

00:25:38.160 By the way, I tell you what let's do.

00:25:39.400 Let's go to the White House.

00:25:40.740 Can we play Zen master Jean-Pierre?

00:25:43.300 I got to hear her on inflation.

00:25:44.800 Let's hear it.

00:25:45.640 We have seen some important progress for the American people.

00:25:48.600 A couple of things that I lay out.

00:25:50.260 We've seen real disposable income and real consumer spending both increase in part thanks

00:25:56.040 to the strength of our job market.

00:25:58.500 Gas prices are down over $1 per gallon since their peak this summer.

00:26:03.400 That's an overall decline of 22 percent.

00:26:06.280 Okay, is it because she comes across as a Zen master pixie that nobody blows back on that? 0.99

00:26:17.720 What's the reality there, Steve Cortez?

00:26:19.700 Yeah, let's do some fact checking here.

00:26:21.360 Let's go with data and analysis and charts because Corinne Jean-Pierre somehow with a straight 0.60

00:26:26.080 face said that wages are up and gas prices are down.

00:26:29.240 Of course, the exact opposite is true.

00:26:31.380 Let's go to chart number two.

00:26:32.880 This is real wages.

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.

00:26:47.240 It is below zero percent.

00:26:49.280 You are working harder to get poorer every single month for 18 months in a row.

00:26:54.340 So no, Corinne Jean-Pierre, wages are not up.

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.

00:27:14.860 But national average right now is $3.91.

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.

00:27:58.340 Yeah.

00:27:59.660 Their lies and spin is not even – you've got to give me smart – give me smart spin.

00:28:05.000 Give me smart narrative.

00:28:06.340 Give me smart lies, okay?

00:28:08.080 Just give – let's deal with that.

00:28:09.520 This is so junior varsity.

00:28:12.040 As the nation's economy implodes, just check the math.

00:28:16.280 Sure commercial break.

00:28:17.300 Back with Cortez and also going to go to Delaware.

00:28:20.640 Somebody running for attorney general.

00:28:22.680 War Room.

00:28:23.740 Pandemic with Stephen K. Bannon.

00:28:26.260 The epidemic is a demon and we cannot let this demon hide.

00:28:30.060 War Room.

00:28:31.220 Pandemic.

00:28:32.220 Here's your host, Stephen K. Bannon.

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.

00:28:42.980 Here's the reason.

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.

00:28:50.400 You can't.

00:28:50.820 That's why Cortez, myself, Navarro, Mike Davis, everybody is up on Getter nonstop.

00:28:57.720 And here's one of the things.

00:28:59.000 We have so many victories that are happening.

00:29:01.740 And we have victories.

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.

00:29:10.420 That's a victory.

00:29:11.820 That is a victory because people can see that, and that's leadership and courage.

00:29:15.480 But you have it all over.

00:29:16.960 I want to go to Delaware.

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.

00:29:30.780 Where is it?

00:29:32.080 In New England, Rhode Island, Connecticut, up in New York, right, state.

00:29:37.660 Why?

00:29:38.240 Because the MAGA message is spreading.

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.

00:29:44.720 That's called spreading the battlefield.

00:29:47.380 I want to bring in Julianne Murray running for the attorney general in Delaware. 1.00

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.

00:30:03.560 Julianne.

00:30:04.700 Okay.

00:30:05.080 Hey, then.

00:30:05.560 Thanks for having me on.

00:30:06.580 I'm a fan, so I appreciate it.

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.

00:31:27.800 You can't expand it.

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. 0.64

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.

00:32:57.260 He delayed signing it for three weeks.

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.

00:33:09.140 Both of us on vote by mail.

00:33:10.380 The other lawsuit also attacked same-day registration, and we had plaintiffs.

00:33:15.820 My plaintiffs were voters.

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.

00:33:42.960 The state filed an appeal the very next day.

00:33:46.100 We did incredibly quick briefing.

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.

00:34:11.500 So, huge, huge deal.

00:34:14.920 Tell me the national implications of this, ma'am.

00:34:19.160 There's a couple.

00:34:20.060 One has to do with what's called standing.

00:34:22.440 When you have a legal case, you have to have standing in order to bring the action.

00:34:30.580 Federal standing is very rigid.

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.

00:34:45.580 State standing is a little less rigid.

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.

00:35:00.540 We had voters.

00:35:01.580 We had an election official.

00:35:02.820 And we had a candidate.

00:35:04.620 This is a voting law.

00:35:06.120 They absolutely have to have standing. 0.72

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.

00:36:00.220 And so that is going to play out nationally.

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.

00:36:18.040 So that's national implication number one.

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.

00:36:35.820 Pennsylvania's decision is ridiculous.

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.

00:37:04.580 This is totally, you know, is the opposite.

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.

00:37:53.440 It's a huge deal.

00:37:55.280 Huge deal.

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.

00:38:02.720 Um, real quick, I just want to talk about it.

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.

00:38:15.760 Is that what I'm hearing?

00:38:16.700 Unless you apply and get one of these waivers for absentee, one of the six things.

00:38:21.240 Okay.

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?

00:38:30.880 I was.

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.

00:38:43.840 There's 192,000 votes.

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?

00:39:34.160 Uh, it's, it's terrific.

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.

00:39:58.160 It's absolutely an issue here in Delaware.

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.

00:40:08.440 She has completely politicized it. 1.00

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.

00:40:33.280 This is about protecting citizens.

00:40:34.820 We're not going to defund the police.

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.

00:41:02.080 Listen to this.

00:41:02.780 Guess what the deadline is October 15th.

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.

00:41:14.660 It's, it's, it's, it's huge.

00:41:17.220 Julianne Murray, let me say something.

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?

00:41:33.780 How can we follow you on social media?

00:41:35.200 Thank you for that very much.

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. 1.00

00:41:45.080 Murray, the number four D-E on Twitter, Facebook.

00:41:48.940 You can get all of, oh, look at that.

00:41:50.460 They just plopped them up there. 1.00

00:41:51.860 You know, and you know, you know, we need money.

00:41:55.200 We need support.

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.

00:42:04.420 No doubt.

00:42:06.360 Julianne, thank you very much.

00:42:08.300 Steve Cortez, that's a hammer.

00:42:10.440 Bring in the heat in Delaware and across the nation.

00:42:13.720 Short commercial break.

00:42:14.580 Mike Davis, Steve Cortez next.

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00:42:44.620 Getter has arrived.

00:42:46.380 It's time to say what you want, the way you want.

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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

00:43:13.280 of England thing.

00:43:14.480 The power of MAGA is we are now unearthing and bringing to the forefront the Cary Lakes,

00:43:21.100 the Tudor Dixons, the Christine Caramos.

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. 0.97

00:43:31.180 Boom, she took care of the problem, because she's maniacally focused and great and a great 1.00

00:43:37.260 lawyer, and she took care of it in Delaware, which is all controlled by Democratic judges. 1.00

00:43:43.080 Do you understand the historic implication?

00:43:45.260 And she cut to the heart of this nonsense in the Commonwealth of Pennsylvania.

00:43:49.660 Steve Cortez. 0.56

00:43:50.980 Yes, and to your point, too, Delaware is perhaps the most corporatist and one of the most corrupt

00:43:55.740 states of America.

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.

00:44:06.960 And you're so right.

00:44:08.340 Julianne Murray is a star.

00:44:10.000 I'm telling you that.

00:44:10.840 And you're completely correct.

00:44:12.500 She is a warrior lawyer, somebody who assessed the situation and said, wait a second, the

00:44:17.160 Constitution of the state says otherwise.

00:44:19.680 Common sense says otherwise.

00:44:21.180 It took a smart, tough outsider lawyer to make this case and win this case.

00:44:26.840 This is really inspiring.

00:44:28.500 And also to your broader point about all these people coming in from outside of politics,

00:44:33.320 right?

00:44:33.680 People like Blake Masters and J.D.

00:44:35.260 Vance and Joe Kent and John Gibbs in Michigan.

00:44:37.540 This group of outsiders who are coming to politics for the first time and add Julianne Murray to

00:44:41.640 that list.

00:44:42.460 They are going to change the national scene.

00:44:46.200 Let me we're going to go.

00:44:47.080 I get to get to banking.

00:44:48.080 Let me bring in Davis for a second.

00:44:49.440 Mike Davis.

00:44:50.040 Mike's here for another reason on tech.

00:44:51.520 We're going to get to that second.

00:44:52.440 But Mike, put it, put it.

00:44:54.120 You're another guy.

00:44:54.860 You kind of wandered in off the playing field.

00:44:56.420 I mean, you were doing big work with grassy supper.

00:44:58.800 Now you're a national figure.

00:45:01.480 Julianne Moore, what she's accomplished.

00:45:03.060 How big a deal is that?

00:45:04.020 And is she going to be your wingman in the Justice Department of Trump? 0.94

00:45:09.160 She's great.

00:45:09.860 I mean, I just heard what she said there, and she has a backbone of steel, and that's 0.99

00:45:14.560 what conservatives need today.

00:45:16.980 They need to stop being webbed.

00:45:18.260 They need to stop being cowed by the left.

00:45:20.720 They need to stop being cowed by the uniparty. 0.98

00:45:22.620 They need to learn how to fight to win.

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.

00:45:34.400 And she shows how you can do that.

00:45:36.820 And go back to the Constitution.

00:45:38.540 And just be a hammer.

00:45:39.920 Just be an absolute hammer.

00:45:42.020 Okay, hang on a second.

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

00:45:55.240 commentary.

00:45:55.660 And I think it's taken a few days for the market to kind of get its arms around all

00:46:00.520 of this.

00:46:00.840 But this is not carte blanche.

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.

00:46:10.280 But they're not buying everything.

00:46:11.580 And there have been days when they haven't bought anything.

00:46:13.680 And I think it's been a less useful product.

00:46:15.800 And basically, what Bailey's been signaling is, get your house in order.

00:46:19.780 You're running out of time.

00:46:21.460 But every time that is reiterated, I think it just reinforces the idea that there is still

00:46:26.320 a long way to go.

00:46:28.180 Maybe not as much has been as unwound, because the market was looking for more time, ultimately.

00:46:33.520 And that is now not going to be delivered.

00:46:34.980 That's a very long way of putting all this.

00:46:36.680 But I think it's huge amounts of confusion.

00:46:39.180 John, I got to say, I feel for Guy as he tries to parse through this.

00:46:42.180 It's difficult.

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

00:46:58.400 types of tools in terms of raising rates.

00:47:00.900 It is mind-spinning.

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

00:47:27.280 from Governor Bailey.

00:47:28.120 That's my guess.

00:47:28.900 I can't get inside his head.

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

00:47:38.340 dominance.

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.

00:47:47.020 For decades.

00:47:47.540 Or from the parliament.

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.

00:48:08.820 There's something else that's going on here.

00:48:11.140 That young woman right there, Abramowitz on Bloomberg TV, Cortez, that concept of fiscal 0.81

00:48:17.700 dominance.

00:48:19.140 This is a construct.

00:48:20.120 Remember, we try to get nomenclature, right?

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.

00:48:30.260 Right.

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

00:48:40.600 and allowed it to exacerbate Steve Cortez.

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 0.88

00:49:09.080 in England.

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.

00:49:21.620 This is their gilt yield market.

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

00:49:33.600 rates go up in the UK.

00:49:35.220 So they tried twice to intervene and buy their own bonds.

00:49:39.900 It did not work.

00:49:41.220 The market completely rejected this move.

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.

00:50:06.840 We're going to take a short commercial break.

00:50:07.980 We're going to be back with all this Mike Davis.

00:50:09.960 We are packed in the second hour.

00:50:11.560 Politics, law, economics, all of it next.

00:50:14.480 We will fight till they're all gone.

00:50:17.080 We rejoice when there's no more. 0.95

00:50:19.000 Let's take down the CCP.

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Bannon's War Room - October 12, 2022

Episode 2220： Last PPI Before The Midterms; Julianne Murray On Taking Back Our Elections

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