Biden delivers an impassioned speech about democracy and what it means to be a democracy in the 21st century. NBC News Presidential Historian Michael Beschloss joins Chris and Steve to discuss the impact of Biden's remarks.
00:00:21.900It's not wrong. It is a path to chaos. And whether we take that path to chaos,
00:00:26.980whether we continue to march down it is one of the major choices, if not the major choice voters face this coming Tuesday.
00:00:34.240Joining me now for his perspective on President Biden's speech, NBC News presidential historian Michael Beschloss.
00:00:40.580Michael, we spoke the last time the president gave address about democracy and about the context for it, about how unprecedented it is.
00:00:48.080This speech seemed in some senses more specific about the developments that we're seeing everywhere,
00:00:53.840from the Arizona poll stalkers to the secretaries of state who who refuse to say that they'll accept the elections.
00:01:02.240What do you view as the key takeaway of the speech tonight?
00:01:06.420Well, he was absolutely candid and he was absolutely right, because, as you know, Chris, six nights from now,
00:01:13.500we could all be discussing violence all over this country.
00:01:17.060There are signs that that may happen, may God forbid, that losers will be declared winners by fraudulent election officers
00:01:26.220or secretary of state candidates or governors or state legislatures.
00:01:31.920We could be six days away from losing our rule of law and losing a situation where we have elections that we all can rely on.
00:01:41.020You know, those are the foundation stones of a democracy.
00:01:43.400So if Biden had gone on the air tonight and said, biggest thing we have to worry about is, you know, marginal tax rate or something like that,
00:02:19.240But what he did say was, never before since Jamestown and Plymouth Rock has America been in such danger.
00:02:28.080Joe Biden is saying the same thing tonight.
00:02:29.900And a historian 50 years from now, if historians are allowed to write in this country, and if there are still free publishing houses and a free press, which I'm not certain of, but if that is true, a historian will say, what was at stake tonight and this week was the fact whether we will be a democracy in the future, whether our children will be arrested and conceivably killed.
00:02:54.380We're on the edge of a brutal authoritarian system, and it could be a week away.
00:03:00.640Okay, Thursday, 3 November in the year of our Lord, 2022, I want to bring in Steve Cortez.
00:03:26.380Not far be it for me to correct Michael Beschloss, right?
00:03:31.200But in 1940, FDR, in the presidential campaign against Wendell Wicke, promised the American people we would never get involved in another European war.
00:03:44.520He actually put, he just said, under no circumstances, World War I was so hated by the United States and the League of Nations.
00:03:51.800He said, under no circumstances, no circumstance, no chance, no how, no way we will ever send boys over back to Europe to fight Europe's wars.
00:04:06.380But the other thing is, what is about, we're going to reverse, we don't have the Secretary of State, we're going to reverse all the elections next week.
00:04:27.240So Michael Beschloss, not only is he a terrible historian, to your point, because if FDR was truthful about what he planned to do, he would not have won that election in 1940, that much is clear.
00:04:37.260But even worse than that, he is just a melodramatic sissy.
00:04:41.500And I have to take some pleasure, quite honestly, in the preemptive meltdown of these establishment types, because they know what looms, they know what is going to happen on Tuesday, via democracy, by the way, the very thing that they claim to be the protectors of, the democratic will of the people in this great republic that we are going to save on Tuesday.
00:05:23.600But then let's also take a look at Beschloss' wife.
00:05:26.860His wife was the former treasurer of the World Bank, past trustee of the Ford Foundation, trustee of PBS, current trustee of the Rockefeller Foundation.
00:05:38.700I mean, this reads like a resume from a movie character, right, of the establishment.
00:05:43.760So my point is, the Beschloss' are very angry right now, and that is a great thing, because the establishment knows what is coming, and it is patriotic populism in waves.
00:05:54.960I have to throw this out there, that, you know, you're the boxer.
00:05:59.420You're the football player from Georgetown.
00:06:00.880You're the, you're the, you're the both intelligent and a tough guy from the pits of Chicago.
00:06:05.800It killed me, though, and you're a tough guy.
00:06:08.380Beschloss is like from your neighborhood, right?
00:07:28.020This is actually a Steve Ratner this morning pitching himself for Secretary of Treasury on Morning Joe.
00:07:35.940So I've got Philip Patrick, Steve Cortez.
00:07:38.300Let's watch Mika this morning with Ratner's pitch for himself as Secretary of Treasury.
00:07:43.740Rates are going to continue to go up for the foreseeable future.
00:07:46.840And in fact, the market has been increasing its expectation of where it thinks rates are going.
00:07:51.100As you can see on the last chart that I have, which shows you back last August, you can see that the market thought rates would peak early next year at about 3.25%.
00:08:03.500We're actually even ratcheting that up.
00:08:05.680Rates are now likely to peak more like above 5% and not until sometime in the latter part of next year.
00:08:11.680And this has real implications for Americans, of course.
00:08:41.260You know, trying to engineer a reduction in inflation from these levels down to the 2% that the Fed wants is a bit like landing a big jetliner on an aircraft carrier.
00:08:52.600And so I think the Fed chairman, who's lost some credibility over inflation, he was in that whole transitory camp for a while, is now starting to talk more realistically about what's likely to come.
00:09:08.380You have to also recognize the Biden administration missed it.
00:09:11.720You have to recognize that Jay Powell was up for reappointment about a year or so ago, and the White House was signaling that they thought inflation was going to come down.
00:09:20.640And I think Jay Powell is a team player.
00:09:23.260And I think there are a lot of people.
00:09:52.680And so you had sensible people saying that we haven't had inflation for 40 years, so we can put two and a half trillion dollars into the economy.
00:09:59.080And it's not going to cause inflation.
00:10:00.160So people that look at Biden's one, one COVID bill as the thing that caused this massive eruption inflation, I mean, to me, at least, strikes me as being preposterous when you look.
00:10:15.400Of course, you would think it's preposterous, Joe.
00:11:09.380How about lost all credibility with that constantly repeated transitory lie, parodying the White House, parodying Janet Yellen in a complete lie that he either had to know was untrue or he's so incompetent that he doesn't belong in his job.
00:11:23.400Either way, he's unfit to serve in this incredibly important position in a time such as this.
00:11:28.340But the reality of inflation is this, Steve.
00:11:30.620The Fed has finally awoken to the intense struggle that the American people are in, particularly working class folks of middle and lower income means.
00:11:42.200And yesterday's press conference was a capitulation by the Fed.
00:11:46.040It was the Fed finally saying this era of artificially low interest rates is no longer sustainable because the inflation genie is fully out of the bottle.
00:12:20.080And he also said that the path to a soft landing is, quote, narrow.
00:12:24.460Now, I would argue it's so narrow as to be non-existent.
00:12:28.020But the point is he is he is conceding that there is no easy out here because of what he has done and mostly because of what Joe Biden and Pelosi and Schumer have done.
00:12:38.580And the idea that we can thread the needle and have a, quote, soft landing, not produce a massive recession, but still get inflation under control.
00:12:48.300It was one city, two speeches, the tale of two speeches.
00:12:50.800Because Biden's given this thing that Chris Hayes talking about, oh, the path to chaos is in front of us.
00:12:54.360No, brother, the path to chaos is in front of us because of what's going to happen with the crash we're going to have that he foresaw.
00:13:01.300Philip, I got about a minute and a half in this block.
00:13:03.680Both of you guys are going to stay over.
00:13:04.720Your thoughts about Powell and then what you heard on Morning Joe?
00:13:08.180Yeah, look, I think Steve did a very good job summarizing, you know, the two things, same things that I picked up on, right?
00:13:15.800He said terminal rate, i.e. how high rates will ultimately get, will be higher than the Fed had stated previously.
00:13:23.740And he said it was premature to discuss any pause in rate hikes.
00:13:27.340What I think is very interesting is how reactive the markets are to, you know, a Federal Reserve speech.
00:13:34.100At the end of the day, we're seeing a market today that isn't being traded on sentiment, but rather, well, it is being traded or it's moving based on sentiment more so than it is any intrinsic value, right?
00:13:45.700Anytime the Fed come out and they're dovish, we see stocks rally.
00:13:49.640Every time they come out more hawkish, we see asset prices plummet.
00:13:53.280It's a reflection of a market that isn't being driven and hasn't been driven by fundamentals for a long time.
00:14:08.740Yeah, by the way, 2023, what they told you yesterday is 2023, by spring or summer 2023, ladies and gentlemen, we're going to be in it, okay?
00:14:33.840We're going to start with Lisa Abramowitz, her take at Bloomberg on exactly where all this is headed and who's actually in control next in the world.
00:14:44.240We've started, everything's begun, and you are all done, because we're taking down the CCP.
00:14:54.300Spread the word all through Hong Kong.
00:15:00.960When your nation's supposed authority on economic policy completely misses the flashing red lights of impending inflation.
00:15:08.900Now, Treasury Secretary Janet Yellen has finally admitted, quote, there's been an unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that affected our economy badly that I didn't, at the time, fully understand.
00:15:28.200You know who understands the real threat of inflation?
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00:16:23.960In the face of what we're experiencing right now,
00:16:27.120if you don't believe, let's say, Chairman Powell's going to do what he tells you he's going to do,
00:17:37.320Right now, inflation is in control in a way that we have not seen before, and nobody really understands it.
00:17:42.520You know, Jennifer McKeown was just saying that she thinks that there's going to be a more rapid disinflationary force in the U.S.
00:17:47.600A lot of people would agree with her, Tom Porcelli among them, which is one reason why they think the Fed will have to back off.
00:17:53.560And it's not even in the Fed's eyesight.
00:17:55.500So if the Fed isn't really in control and the Fed's saying, we don't really know, but we want to kill inflation, then, you know, basically you're trading off of economic data more than you are the prognostications of a split Fed that's going to be facing a lot of political pressure.
00:18:07.740Without a doubt, we're at the mercy of the next two prints from the Federal Reserve, and I think anyone's denying that.
00:18:11.580But in the meantime, they're in control of something, financial conditions.
00:18:14.340A lot of this sounds like technical talk, but this is going to drive so much more of your life than most of the happy talk.
00:18:19.920And that – Lisa Abramowitz over at Bloomberg is one of the smartest people, I think, on television in the world.
00:18:27.000You compare that to the crap you see on CNBC, it's the difference between the major leagues and double-A ball.
00:18:34.480The Fed – so, Cortez, you first, and Philip.
00:18:59.160Well, and by the way, we saw that with the Bank of England, which was simultaneously loosening policy and tightening policy at the same time.
00:19:06.280That's the kind of volatile world we live in where England, our ancestral mothership is trading in a lot of ways like it's an emerging market.
00:19:14.280But I think to her point, and she's exactly correct here, how intensely bad the situation right now,
00:19:18.540how dangerous it is in the United States.
00:19:20.620To me, one of the least known economic facts that should be broadly known is that stocks and bonds have now each gone down three quarters in a row in this year, 2022.
00:19:32.620First quarter, second quarter, third quarter, both stocks and bonds went down in each quarter.
00:19:38.320That has never happened before in American history.
00:19:41.000And it looks right now like they're going to do it for a fourth quarter.
00:22:44.740The midterms are very, very, very important, because we have to hamstring this administration's ability to spend.
00:22:51.740And the most concerning thing of all, no matter what happens, no matter what the Federal Reserve say, all we get from the White House is spend.
00:23:00.340Yesterday, they put out a tweet saying that we need to thank President Biden for the largest increase in Social Security payments.
00:23:53.280He's not very good on the economy, but he's a very good Washington operator.
00:23:56.900He's a lifelong Washingtonian, by the way.
00:23:59.420And he's pretty good at slithering around the Washington sewer and is reading the tea leaves.
00:24:04.280And I firmly believe that, yes, a big part of his press conference yesterday, of him finally being very direct and very blunt and honest with the American people, is that he sees what is going to happen on Tuesday and he doesn't want the political blowback.
00:24:17.400He doesn't want a lot of these patriotic populist fighters, once they are in office, to come after him individually and to come after the Fed institutionally, to force transparency, for example, at the Fed.
00:24:28.720The Fed is the least transparent, important organization in America.
00:24:32.400And that's not an exaggeration to say in or out of government.
00:24:35.480There is no more opaque institution that has more power in the United States than the Federal Reserve.
00:24:40.220I think he realizes that this populist wave is building.
00:24:44.140And so here he was six days in front of the election, willing to speak quite bluntly, willing to throw cold water all over financial markets because he doesn't he knows he doesn't have to do favors right now for his Democrat friends.
00:24:55.320And they are his friends, but he knows they're not going to be in power.
00:24:57.720Well, yesterday's telling you, ladies and gentlemen, 2023 is going to be a very bad and tough year.
00:25:02.780But I got to tell you, we had a hard decade.
00:25:05.860The crimes of the easy money decade and the zero interest rate is going to take us a decade to get out of here.
00:25:31.060I'm at Cortez, Steve Cortez with an S.
00:25:34.520Philip Patrick, I want everybody in this audience.
00:25:36.700I'm not telling they got to buy gold, get gold.
00:25:39.840But here's what they need to do right now.
00:25:42.080Everybody in this audience has got to get more information and start thinking through what your own personal financial situation is, your retirement, because the game's changing every day.
00:25:50.180And it ain't changing right now for the better.
00:25:52.200And Philip Patrick, how did they get to the consultants and your advisors over at Birch Gold?
00:27:22.660And the question we got to ask ourselves as the American people or free people all around the world is, do we believe that these thieves who have ran this international banking cartel are going to go down without a fight?
00:27:52.340I'm going to hold you through the break.
00:27:52.780And by the way, this is why I say, and they got President Trump dumping all over McConnell today because McConnell says he's going to give an unlimited, he's saying he's going to give an unlimited lift to the debt ceiling.
00:28:03.560Our point is that the ownership of the Federal Reserve, they're owned by 24 prime banks.
00:28:44.740After I've stolen the title, borrowed against it, or sold the property, it's 60 to 90 days for that person to even figure out that they're the victim of this crime.
00:30:56.460You agree that if we do anything at all with this debt ceiling, that a sine qua non, that we must demand that the Federal Reserve, we take the banking cartel, the 24 prime brokers that own it today, we take those ownership away and that the American people in trust will own their own currency, sir?
00:31:19.500I mean, I think the original institution of the Federal Reserve claimed to be making this strive to bust up the original banking monopoly that had built itself in the early 1900s.
00:31:32.780And all it did was reform, you know, reform itself into a banking cartel 2.0 that lived on and crushed the dollar over the last 100 years.
00:31:42.380And, you know, when she says that inflation's in charge and not the Fed, you know, she's right.
00:31:47.160But the reality is that the inflation was manufactured.
00:31:50.840I mean, nobody with any sense could really believe that it's a coincidence that the inflation has reached the point that it's reached.
00:31:56.960And that's what we have to come to grips with as American citizens and free people all across the world.
00:32:01.720And here in America, as the bastion of freedom, as the bastion of sovereignty and individual liberty in a nation of shopkeepers, they plan to bust out the middle market.
00:32:11.560That's that's that's the first order of business is to bust out the entire middle market.
00:32:15.960Why? Because the independent shopkeepers, the nation of shopkeepers that just happen to be the Republican donor base are the people who they got to get rid of first.
00:32:26.040Leave the Amazon, you know, leave, leave the targets in the Walmart because they're in on it.
00:32:31.640Right. They're they're in on the agenda. One hundred percent.
00:32:35.320Royce, how do people get to your writings?
00:32:37.720I know you're doing the new podcast, got a new studio. How does everybody get to your content?
00:32:41.100So I'm Royce White on Getter. You can follow me on on Substack as well.
00:32:46.440Information on the podcast will be coming soon.
00:32:48.340Hopefully I'm able to get on with Captain Bannon at some point this week and do their live stream as well.
00:32:53.160So some more information on that, but but follow the money for now.
00:33:01.000Now that Royce White brings up the fact that it's out to this, you know, it's out to crush the shopkeepers.
00:33:06.120I want to go out to to Iowa. Our own Heather Mullins, Real America's Voices, they're live.
00:33:11.460And she's got an entrepreneur that was thrown out at big box, thrown off the home shopping channels, thrown off, thrown out of Bed Bath and beyond.
00:33:19.320He was thrown off of everything because of his fight for election integrity.
00:33:23.280Heather, where are you guys? Put us in the room out there in Iowa.
00:33:26.140Yeah, so we're in. Thanks for having us.
00:36:52.580The nonsense that just went on in Brazil, and now if they do this stuff again here in this midterm, it's just going to reveal more and more.
00:37:02.320It's going to come out just the way it's supposed to.
00:37:04.460God's had his hand in all this, and we're going to look back and say, hey, everything that happened, even the bad,
00:37:10.540has got people pouring into this common-sense bucket.
00:37:14.220I kind of hope they do, too, all this nonsense, this crazy stuff, because it's going to pull people together.
00:40:53.820Give us your assessment of the rhetoric of the left right now, sir.
00:40:59.560Well, the first thing that he said there to Wallace was, if you have one of the parties questioning the results of an election, you don't have a democracy.
00:43:58.380And that's where the Democrats are having their presidential speech six days before the election in something beautiful that they destroyed.
00:44:08.740It sums up the last 20 months more perfectly than any political analysis could.
00:44:16.660We're going to take a short commercial break.
00:44:18.180Dr. Seb Gorka will join us in the war room on the other side.
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00:48:39.560We have all political power, including the House and the Senate and the White House, the Pentagon, military, intelligence apparatus, biomedical apparatus, and big pharma to top it all off.
00:49:34.340The reason they managed to get rid of us, America First, because there were less than 20 guys who walked into that building who were senior in their position and understood what America First was.
00:49:45.160We totally – it was a total out-of-the-blue-black swan.
00:50:49.360And they will be indicting themselves on Tuesday and two years from Tuesday.
00:50:56.100As you see it right now, how many days into this are going to be, do you think, with this big wave, right now as you see it on the Thursday beforehand, before we have a clear indication of the House, the Senate, and these governorships?
00:51:06.560Yeah, I think it's going to be less than a week.
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