Bannon's War Room - February 24, 2023


Episode 2542: The Cover Up In Ohio


Episode Stats

Length

55 minutes

Words per Minute

172.49783

Word Count

9,555

Sentence Count

42

Misogynist Sentences

5

Hate Speech Sentences

11


Summary

It's been a year since the unprovoked war on Ukraine, and on this day in 2014, on February 24th, 2014, the United States declared that Russia had committed crimes against humanity in Ukraine. The White House is imposing new economic sanctions against more than 200 groups and individuals in Russia and other parts of the world that are supporting Vladimir Putin's war efforts.


Transcript

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on
00:00:10.380 these people here's not got a free shot all these networks lying about the people the people have
00:00:16.980 had a belly full of it i know you don't like hearing that i know you try to do everything
00:00:20.740 the world to stop that but you're not going to stop it it's going to happen and where do people
00:00:24.320 like that go to share the big line mega media i wish in my soul i wish that any of these people
00:00:32.140 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
00:00:40.080 country this country will be saved war room here's your host stephen k bann
00:00:47.300 and there is no doubt these are crimes against humanity
00:01:01.480 the united states has formally determined
00:01:15.140 that russia has committed crimes against humanity and i say to all those who have perpetrated these
00:01:28.880 crimes and to their superiors who are complicit in these crimes you will be held
00:01:40.760 to account
00:01:43.500 in the face of these indisputable facts to all of us here in munich
00:01:55.760 let us renew our commitment to accountability
00:02:02.680 let us renew our commitment to the rule of law exactly one year since russia launched its unprovoked war
00:02:15.060 on ukraine on twitter this morning ukrainian president volodymyr zelensky recognized the day
00:02:21.660 writing quote on february 24th millions of us made a choice not a white flag but the blue and yellow one
00:02:30.080 not fleeing but facing resisting and fighting it was a year of pain sorrow faith and unity and this year
00:02:40.080 we remained invincible we know that 2023 will be the year of our victory here in the united states the
00:02:48.060 biden administration is marking the day by announcing a new aid package for ukraine it's second of the week
00:02:53.980 among other things it includes several new unmanned aerial systems new high mobility artillery rocket
00:03:00.560 systems and more ammunition the white house is also imposing new economic sanctions today
00:03:07.760 against more than 200 groups and individuals in russia and other parts of the world that are supporting
00:03:14.060 moscow's war efforts well okay janet yellen yesterday the treasury secretary used her opportunity to speak
00:03:20.820 behind closed doors let the russians have it uh let everybody have it and said anybody that was
00:03:26.880 supporting the russians was supporting the atrocities in ukraine it was extraordinarily strong
00:03:32.920 and striking coming from a secretary of treasury a treasury secretary you're really really strong
00:03:40.440 you move toward an end game how do we move toward a negotiated peace i think that's up for the
00:03:45.120 ukrainians to decide that uh so what is acceptable to ukraine uh that's that's territory intact whatever
00:03:51.000 that answer is going to be is it militarily possible for us to get russians for the ukrainians get every
00:03:56.300 russian troop out of their country and crimea i don't think it's militarily possible for the russians
00:04:01.940 to achieve their initial strategic objectives political objectives by military means i don't think that's
00:04:07.200 possible anymore on the flip side uh the ukrainians i think for this year it would be very very difficult
00:04:12.980 uh not impossible but very very difficult uh for the ukrainians to achieve their political objectives
00:04:18.500 and their stated political objective is to for for every single russian to leave every single inch
00:04:24.560 of ukrainian territory i think that's a very high bar i think from a military standpoint only
00:04:29.400 that'd be extraordinarily difficult to achieve militarily this year uh what is achievable uh i think
00:04:35.880 is a significant uh liberation of of ukrainian territory and maybe if we're lucky touch wood uh
00:04:42.900 the diplomats will enter the fray here and and and they'll get to a negotiating table at some point
00:04:47.780 i think at the end of the day uh president biden president zelinski uh every european leader said the
00:04:54.420 same thing which is this war will end at a negotiating table and that's probably right and thank you so
00:04:58.980 much for being with us let me ask you uh first of all what has been the impact of the last year
00:05:04.480 on the eu and european unity well i think we've seen that putin has done three massive strategic
00:05:13.460 mistakes he's done many mistakes but these were exceptional first of all he has completely
00:05:19.000 miscalculated the bravery and the courage of the ukrainian people but he has also completely
00:05:25.580 miscalculated the unity and the determination and the resolve of the european union and the third point
00:05:33.020 was that he tried to blackmail us with energy we were over dependent on russian fossil fuels
00:05:40.000 before the war started and he tried to blackmail us with energy he completely miscalculated that we
00:05:46.640 would stand together diversify away from the russian fossil fuels and invest massively in renewables
00:05:54.120 so that today we are independent of russian fossil fuels so this year brought along an increased
00:06:01.200 unity determination and resolve of the european union i've i've heard some skepticism among european leaders
00:06:08.640 privately uh of of of the ability of ukraine to ever become an eu member because of concerns
00:06:16.140 of ongoing corruption and parts of of the economy and and in the society um what do you say to those
00:06:23.380 skeptics even within your own membership uh about the need the importance of ukraine eventually becoming
00:06:31.020 a member of the eu it is amazing it's heartwarming to see um the deep wish and the longing of ukraine to
00:06:40.340 become a member of the european union and i'm personally deeply impressed by the willingness
00:06:47.180 to undergo deep reforms for example to fight corruption in ukraine in order to uh progress uh in uh this path
00:06:57.220 towards europe and indeed um if it wouldn't have been for ukraine's willingness really to reform
00:07:03.660 they wouldn't be at uh today a candidate's country to the accession to the european union it is
00:07:10.920 impressive to see how fast they deliver and the accession process is a merits-based process so it's not a
00:07:17.140 rigid one but the better you perform the better you reform the sooner there is access to the european
00:07:24.460 union so it depends on the progress in ukraine itself and ukraine as i see it today is absolutely willing
00:07:32.000 to fight corruption to put in the rule of law uh to abide to all the necessary and to follow all the
00:07:39.320 necessary reforms so it's up to them to deliver economic assistance is making ukraine's resistance
00:07:46.620 possible by supporting the home front funding critical public services and helping keep the
00:07:53.920 government running in the coming months we expect to provide around 10 billion dollars in additional
00:08:00.880 economic support for ukraine putin himself thought he would achieve a victory at minimal cost in the
00:08:08.380 words of cia director bill burns one year later putin's war has been a strategic failure for the
00:08:16.020 kremlin ukraine still stands the body administration announcing the u.s is going to send ukraine another
00:08:23.440 two billion dollar security package amid renewed warnings now that russia could be planning a new
00:08:29.120 military offensive timed around the one-year anniversary of vladimir putin's invasion
00:08:33.080 kayla tausch is in washington this morning and she joins us with the latest good morning
00:08:37.140 good morning and your president biden is going to be talking to his g7 allies and president
00:08:42.680 zelensky this morning his visit to ukraine and poland this week meant to shore up waning support
00:08:47.280 for a war that as of today is entering its second year but in the last year the united states has
00:08:52.700 already provided 32 billion dollars in military aid 13 billion dollars in economic assistance to keep
00:08:59.120 the bills paid okay and nearly two billion dollars okay okay i can't i can't i can't take any more
00:09:05.020 first of the numbers are all lies misrepresentations so they're in full i got cortez we're going to try
00:09:11.280 get john fredericks too from this amazing um um meeting yesterday at the pennsylvania senate by the way
00:09:18.240 it is a friday 24 february in the year of our lord 2023 i think cortez in in years future that the
00:09:25.500 biden administration will make this a national holiday in the united states at the blue and gold day
00:09:29.920 the paper of record uh right here the new york times they got a fanboy piece it's the buddy movie
00:09:36.120 here they got the buddy movie right here of zelensky and uh biden they're holding hands right
00:09:41.460 there they're loving up on each other that's his new uh that's his new buddy uh you see where no
00:09:47.860 money for east palestine no real trips to east palestine you had alfred e buddige go out there
00:09:53.560 yesterday kind of embarrassing like a nine-year-old that didn't want to go do something um he's there
00:09:58.800 you know uh looking like a goofball no money you've got the um you have the senate hearing in
00:10:04.980 pennsylvania where the people saying we can't get the guys to take our phone calls but 10 billion
00:10:09.940 today from yellen 10 billion in economics that's to pay for the nurses the doctors all the all the
00:10:16.480 oligarchs that's to pay for all the guys that that run one of the most corrupt countries in the world
00:10:21.040 that's to pay their money you don't see any of that coming to your district to pay all that another
00:10:27.080 two billion in uh in in military aid right another two billion in military aid so that's 12 billion
00:10:33.940 they've committed today and by the way everything they say 29 billion to be it's a lie it's 200
00:10:38.880 billion dollars okay the daily mail's got a great piece we'll get it up later shows you where it all
00:10:43.500 went it's 200 billion dollars either been sent and spent or skimmed or committed to go okay so this and
00:10:51.360 you look at all the other nato allies you know we're over 100 billion in military aid alone military
00:10:55.760 equipment material as they call it the the other you know germany's 2.5 billion i'm not kidding 2.5
00:11:02.540 billion the rest of nato is just a joke they're not sending anything this is underwritten by the
00:11:08.360 american taxpayer nato's throwing in some stuff on the side uh cortez i don't even know where to start
00:11:13.660 um but let's start at the fact that the chinese yesterday put in the ccp who's under who's underwriting
00:11:21.320 and backstopping the russians they put in a peace plan a 12 page a 12 point peace plan that that is uh just
00:11:28.340 in your face right and of course uh the united states the allies rejected immediately because
00:11:33.620 it doesn't talk about going back to the original sovereignty they reject immediately zelinski our
00:11:38.500 buddy the buddy movie zelinski he says hey i want to meet with china you know they got some interesting
00:11:43.960 things here i want to meet with china first thing he says i want to meet with china this will be like
00:11:47.700 iraq which yesterday just announced that they're gonna they're gonna they're gonna sell all the oil
00:11:51.720 they're gonna sell to china is going to be converted into yuan right not to dollar so they're getting
00:11:56.960 rid of they're getting rid of the dollars of prime reserve currency our buddies in iraq who we spent
00:12:02.240 seven trillion dollars remember liberating them so they had the green they had the blue thumb and
00:12:06.420 they were voting in the elections we're bringing democracy to the iraqis right that turned out well
00:12:11.140 where do you want to start on this one cortez we got so much we got so much to feast on here
00:12:15.520 you tell me where to start an unfortunate feast well let's start with the contrast because you have
00:12:20.740 correctly described and detailed the tale of two cities here right in east palestine ohio versus kiev
00:12:26.960 and where the priorities of the american ruling class are the washington war machine permanent
00:12:32.000 washington biden along with a lot of republicans their priorities are 5000 miles away on escalating
00:12:37.680 a regional struggle that really should be irrelevant to the united states instead of focusing here and
00:12:42.880 new news out today just before the show steve we got terrible inflation data terrible new inflation data
00:12:49.280 on the pce which is the preferred inflation gauge of the fed it rose measurably well above wall street
00:12:56.080 expectations because of that interest rates are also rising this morning ten-year treasury yield which
00:13:01.200 is the benchmark yield upon which all interest rates globally are based ten-year treasury yield is
00:13:06.640 almost back up at four percent three point nine six percent today so americans are languishing
00:13:13.200 economically are struggling simply to survive and afford the necessities of life forget about the
00:13:18.800 luxuries for middle and lower income folks right now all right they're reaching for credit cards for the
00:13:23.120 necessities and at that same time we are massively financing and escalating a war 5000 miles away
00:13:31.120 to defend the eastern border of ukraine while our very own border here in the united states is absolutely
00:13:36.960 out of control and teaming with trespassers who are breaking and entering into our country so that is
00:13:43.200 the tale of two cities right now uh and that is that is the perverse priorities of washington i'm glad you
00:13:50.080 played i know it's probably hard for a lot of the audience to watch uh some of the things that you
00:13:53.680 play there in the opening a speech by kamala harris um the the corporate media you know unfortunately
00:13:58.960 just engaging constantly in narrative and platitudes and bromides you know all of which are basically
00:14:04.800 empty sloganeering but but the takeaway i think for the american people has to be we are not the priority
00:14:12.080 of permanent washington that is simply the reality right now also to put this in context you know
00:14:17.920 and you're right we're spending now upwards of 200 billion dollars but if we were to even just accept
00:14:21.680 sort of the the washington mark we spent a little over 100 billion dollars i think for folks out there
00:14:26.800 when you hear billions and trillions you know your eyes might glaze over what does that mean what is
00:14:30.320 what is 100 billion dollars let's put that in context that is the entire budget steve steve steve yeah
00:14:36.400 hang on for one second i want to get to all that and comparing the trash by the way steve we're actually
00:14:40.160 going to expand it we're going to go to yuma in the 11 o'clock hour so we've got a tale of three
00:14:44.960 cities yeah yuma arizona east palestine ohio and kiev you're going to compare and contrast let's see
00:14:51.680 where the american people come down on all this next in the war room a lot of people complain about
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00:16:26.800 i just have a quick question uh the american public doesn't seem to be very confident in your ability to do
00:16:31.680 your job will you be resigning anytime soon i'm not here for politics i'm here to make sure the
00:16:36.160 community can get what they need will you apologize i want to be speaking apologize for the response
00:16:40.720 let's go in here and get away from no no apology mary pete why did it take you an entire two and a
00:16:46.080 half weeks to actually get here to respond to east palestine will you apologize to the residents of
00:16:50.800 this city you know he waited until president donald trump came here to actually make an appearance this
00:16:56.240 is a very important question that people across america would like to know i'm happy to have a conversation
00:17:00.160 with you i do not want to be on camera well if you're the press secretary of the secretary of
00:17:04.400 the department of transportation don't you think you should be able to ask questions from the american
00:17:08.640 public he has not been here until donald trump his one witness said that he had reached out to
00:17:16.960 everybody no one got back to them except doug mastriano no one i am asking that they trust uh the government
00:17:25.440 no pete but a judge no joe biden they just feel like they've been abandoned the water that has been
00:17:48.800 tested and the air that has been tested is coming back with no adverse health impact levels everybody's
00:17:55.280 concerned number one they keep referring to us as the low class or they they act like we're stupid
00:18:01.440 here in east palestine mainstream media oh absolutely because we haven't had a heavy rain or a heavy snow
00:18:08.240 to push those chemicals into the wells test those wells in about six months or a year and then we'll see
00:18:13.680 what they have to say migraine headaches sickness rashes welts shortness of breathing their kids
00:18:21.360 sick can't go to school pets dying the fear is like nothing i've ever seen i mean i'm telling you guys
00:18:29.200 this is a mini chernobyl the cover this is a cover-up get this two and a half times more vinyl chloride
00:18:37.760 than exist in the entire united states these people have been lied to the cover-up here it's a
00:18:44.000 cover-up now and we got this feckless weasel communist president going to the ukraine giving
00:18:50.160 away a half a billion dollars of our money so they have money in their pocket and these people are
00:18:56.000 afraid to eat no no no we're gonna get to we're gonna look here's the good news the process has started
00:19:02.240 and already they're focused on what's important what's important is who authorized the control
00:19:06.960 release and then who authorized quote-unquote a controlled burn these are the forgotten people
00:19:12.800 of america steve and it's really despicable well they ain't forgotten no more the war room's got
00:19:17.840 your back 100 we're all over this john frederick the tale of three cities that would be east palestine
00:19:25.920 ohio yuma arizona and kiev ukraine um and maybe we'll throw in a fourth the the nation's capital
00:19:32.880 of the american empire let's go to john fredericks uh sir the american chernobyl what a day after you've
00:19:39.760 had it you've had it now a day to to to think about this the incredible uh testimony yesterday of the
00:19:46.480 forgotten man and woman uh with senator mastriano's hearing and uh and basically the cover-up sir
00:19:55.920 well listen uh steve still here in uh monaco pennsylvania trying to really absorb going through
00:20:03.360 our notes all last night about what happened and what you've got here is classic wag the dog i mean
00:20:08.920 you go to that hearing yesterday and it was it was incredible after you got through the witnesses and
00:20:13.440 then you went to pima this guy uh this guy was a complete joke randy potfield and he could see the
00:20:20.160 cover-up i mean he talked for 20 minutes it was a complete bureaucratic word salad i mean it was
00:20:25.760 like going out for chinese food you get into your car and you're starving i mean he gave no information
00:20:31.600 and all these people were asking for is give us information about our life how much chemical was
00:20:37.520 released what are the chemicals that got released one person said i went to the doctor who said well
00:20:43.360 what are the chemicals so i can treat them no one knows this is called a cover-up when you don't give
00:20:48.960 anything they wanted a precise timeline they didn't get that they wanted the documentation
00:20:54.000 of how this decision was made they didn't get that six hours of a hearing and we had the bureaucrats
00:21:01.600 come in and no one gave any information when you look at a classic cover-up this is what you get
00:21:09.840 stonewalling blackout no information hodgepodge word salad the whole thing these feckless bureaucrats look
00:21:19.520 this decision was made as a state senator um the uh the ranking member state the senator said muth
00:21:30.160 this decision was made on the behalf of norfolk southern's bottom line there's no other way out of
00:21:36.560 this because those tracks were laid immediately it was within 10 minutes when those tracks got relayed
00:21:43.200 that trains were rolling again and nobody can get to the bottom of what was this bird and first of all it was
00:21:48.960 not a controlled burn this thing was totally out of control i mean we we had an amp track driver
00:21:55.760 that uh retired that was one of the witnesses who said wait a minute these these tracks i've been doing
00:22:03.200 this for 30 years they're very sophisticated when you get the burn you get all the the lighting goes
00:22:10.320 off as a train operator you know that was just ignored so but now what they want to do is they want
00:22:16.560 to focus on the like you said earlier they want to focus on the derailment well the do whatever
00:22:22.320 happened with the derailment human error or or what the scandal here the cover-up is what happened to
00:22:29.200 this toxic waste that spilled over why was this decision made to burn it who was involved and they
00:22:37.040 didn't even tell anybody this is the other thing and people are saying people are coming out of town
00:22:41.520 saying well is it 20 miles is it 30 miles is it 50 miles now we've got residents in west virginia who
00:22:51.280 are saying well am i affected it at in morgantown where my my son is going to a season starting next
00:23:00.960 season to go to college you know now they're saying there's people are texting him hey are we going to be
00:23:08.000 okay there's no information the whole thing is bottled up now you got the wine today goes on fox and
00:23:14.080 friends which is a complete fake network conservative inc toe in the line goes on fox and friends hey
00:23:19.200 everything is fine water's fine we tested it the air is fine okay mike why don't you go there why don't
00:23:25.040 you take your grandkids there for like a week drink the water bathe shower stay there and then tell us
00:23:33.680 everything everything is fine they're not going to go because they're afraid they're lying to us
00:23:39.040 steve this is a miniature noble it is the biggest scandal we've ever seen and it's a cover-up and
00:23:45.520 you're witnessing it in living color every day talk to us about the wine the the fox did this because
00:23:54.080 you got to remember fox is now the virulently anti-trump they didn't cover trump at all we've had so
00:23:59.920 many people economy said hey did trump go right the fox did not cover a second of trump being there
00:24:05.040 but they brought the wine on today after the pennsylvania hearing which they didn't cover
00:24:10.240 after trump's visit which they didn't cover to run the playbook of the republican establishment
00:24:16.000 with mike dewine walk us through what the divine said again everything's fine just like he said the
00:24:20.240 day he showed up remember the day the day of the burner he shows up and says yeah it's all great
00:24:25.520 nothing here you know send the kids back to school yeah he said hey we tested the water everything is
00:24:33.040 fine there's nothing to see here move along well you weren't at the hearing okay you didn't see the
00:24:39.920 people that came up as witnesses two of them got on my radio show and one of them said i mean she turned
00:24:47.040 to me and said john look at me take a look at me do i look okay she's full of head to foot she's got a
00:24:56.480 full ration welts she said do i look okay no you don't look okay you look like you need to be in the
00:25:04.400 hospital i mean this is what these people are suffering and then you got this this this feckless weasel
00:25:09.280 dewine saying everything is fine and you got fox news now part of the cover-up you know east palestine
00:25:17.120 steve is the inflection point for the working people again the forgotten people same people
00:25:24.160 that we talked about in 2015 and 2016 that you first brought out said it was a forgotten people
00:25:30.400 that got a trampled in 2008 like me that got kicked to the curb nobody cared about him this is the same
00:25:37.040 thing it's happening again no one cares and this hearing yesterday was incredible with these people
00:25:43.440 coming forward begging for help i went on and i went on a talk show yesterday before war room miranda
00:25:52.080 and uh and dr gina with rav who was asking me well john give us give our audience the number to call
00:25:58.560 like what number do they call and i'm like there is no number because nobody answers the phone because
00:26:03.920 no one cares so the problem is there's no number to call that's what the problem is steven we haven't
00:26:10.720 even got to the tip of the iceberg this cover-up we don't know how deep it goes who made that decision
00:26:17.280 why they did this and basically and now you got joy bear yesterday steve get this i mean we're done
00:26:24.720 this this country is i thought it was hanging by a thread we're in a free fall you got joy bear yesterday
00:26:30.560 on the view saying this is incredible well you know what they the people of ohio and east palestine
00:26:38.560 they got what they deserved they voted for trump twice they got what they deserved basically she said
00:26:45.840 they deserve to die for voting for trump this is a national talk show on a major no network if if if
00:26:52.720 somebody on our side did that they would have gotten fired within 15 minutes she's still she's still out
00:26:58.560 there yeah and they're laughing about it well they voted for trump they deserve to die their pets
00:27:04.240 deserve to die abc they deserve to get abc is unbelievable let let them eat let them eat fosgene
00:27:10.960 uh john how do people get to you to file your coverage because you're all over this now
00:27:16.640 at jf radio show one thing at jf radio show and uh you can download our free app there follow me on
00:27:22.960 getter live as well 6 to 10 a.m uh we're going to be spending the day in pittsburgh today uh we're
00:27:29.280 buying some stations there so i'm doing my due diligence but even the residents of pittsburgh no
00:27:35.040 one knows how far this goes out no one knows how far it goes downstream steve no one knows anything
00:27:41.200 there's been a blackout of information that's called the cover-up follow me at jf radio we're gonna make
00:27:46.880 thank you for the coverage at the steve at the end of the day okay you've been with me a long time
00:27:53.680 you're the only person that understands this the plight of working people this is a class war again
00:28:02.080 and once again you're the only guy in america standing behind us thank you thank you for the kind
00:28:08.160 words john frederick's short commercial break we're going to talk about inflation we have eg antoni
00:28:14.960 and this steve cortez the world's expert in capital markets all next in the world
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00:29:51.520 here's your host stephen k bann
00:29:53.920 okay welcome back the tale of three cities east palestine ohio yuma arizona and kiev
00:30:02.880 ukraine uh cortez give me a minute on the uh on the forgotten man here in particular you got fox
00:30:09.600 now running interference for the mike dewine the corporatist republican party sir yeah these are the
00:30:15.360 perverse priorities of the ruling class and of permanent washington on full display you know uh a
00:30:21.600 very important point here that was just made is that uh folks like dewine these these political
00:30:26.480 leaders uh epa reagan uh transportation buddhaj they should all be living and working right now
00:30:33.840 in east palestine and if they tell us that the water is safe they should be drinking it from the tap
00:30:39.360 on camera same with norfolk southern ceo shaw he should not be hundreds of miles away in his mansion
00:30:44.960 in georgia all of these people need to take responsibility need to be on the scene where they can
00:30:51.520 participate in what is going on uh and whatever is necessary for a for a valid cleanup of that
00:30:57.680 community what we see instead is a total dereliction of duty and abdication of leadership and i think in
00:31:03.840 no small part steve it's because this happens to be a town full of people the ruling class doesn't care
00:31:09.200 very much about it happens to be a town of trump voters of deplorables of working class white folks
00:31:14.800 who get no respect from the powers that be that is the reality right now uh and thankfully you are
00:31:21.200 shining a light on it and making sure that the american people are informed about what's going
00:31:24.960 on there and that we do care deeply about what is happening in east ohio by the way the hill newspaper
00:31:33.120 right uh which is not breitbart not gateway revolver citizens repress or war room lead story if denver
00:31:40.720 can please i think i got you guys just just do the headline in the picture the lead story in the hill
00:31:46.160 newspaper right now biden faces political threat with east palestine train derailment uh it's one
00:31:55.200 of the many reasons i think we're getting this later steve about why biden is is delaying his
00:32:00.240 announcement but people in the country are waking up to this about what the problem this country is i want
00:32:06.000 to bring in we pride ourselves in being months ahead at least and hopefully sometimes years ahead
00:32:14.160 of what's important we we played uh that uh when when the huge stories came out last week about china
00:32:20.240 and russia control you know you're going to have such an impact on the food supply and why your food's
00:32:24.560 going up and all that we played from march 7th of last year steve cortez literally telling you exactly
00:32:32.880 why this was going to happen right with the phosphate and the the potash in russia and the fertilizer and all
00:32:39.360 that uh i want to bring in ej and tony ej we had you on your your work you work with more steve
00:32:45.840 moore's committee to unleash prosperity also over at heritage you came on the show i think it was three
00:32:50.800 weeks ago and you talked about the inflation number you talked to us about what was going to happen at
00:32:54.960 the end of january and you nailed it walk us through the the release on this inflation number today and
00:32:59.760 the impact on the american people well inflation steve is not dead yet not by any stretch regardless of
00:33:06.800 of what the fed may tell you or what the politicians in washington may tell you in fact prices rose so
00:33:13.040 fast in the month of january in the fed's preferred uh inflation metric that if you extrapolate that out
00:33:19.840 to a whole year prices are running through price increases are running three times hotter than their
00:33:26.240 target of two percent so again by no means is inflation over in fact it's accelerating
00:33:32.800 what part of the inflation concerns you the most when we see this number today the top line number
00:33:40.400 as you get to go through the math because you're you're the statistical guy um what concerns you the
00:33:46.640 most about this number today i would say the fact that it is so widespread you know for for the longest
00:33:53.040 time we were told oh this month's inflation number was because of supply chain issues or this month's
00:33:58.000 inflation number was because of a spike in gasoline or this or that or the other but what we're what
00:34:03.200 we're seeing is just increases across the board we are seeing uh even if you take out the outliers
00:34:09.440 of the the prices that rose the fastest and the prices that rose the least or perhaps even went down
00:34:14.560 you strip out those outliers what you're left with is still very fast price increases so again
00:34:20.800 inflation i can't emphasize enough inflation is not dead yet what's the impact on the american people
00:34:25.920 here it is a transfer of wealth from the american people to the government that's what inflation is
00:34:31.760 if you want to name that in a single word we call that a tax
00:34:38.240 what um talk to me about what the committee right now i know this we get this massive budget deficit
00:34:44.240 they're still wrangling about which does this not throw gasoline on what what is your recommendation
00:34:48.720 right now what yelling uh the fed and the biden regime should be doing well the number one thing
00:34:55.520 is stop the spending because as the federal reserve uh needs to print money to cover those deficits
00:35:02.160 in order to prevent those treasury rates from getting too high that's what gives us inflation you were
00:35:07.680 just mentioning earlier about the 10-year treasury uh that rate is ticking up as investors see inflation
00:35:14.160 running hotter and hotter and so if congress actually cuts the spending they will stop working at cross
00:35:20.320 purposes to the fed and that frankly is the only way we can even hope to achieve a soft landing here
00:35:26.400 outside of that happening there is no way to make that uh soft landing possible and because congress and
00:35:33.040 the fed are working at cross purposes and the more they spend the more they borrow the more the fed has to
00:35:39.520 print and the higher rates have to go to try to rein in this monster that frankly they let loose in the first place
00:35:45.920 with spending ej uh how do people get to your social media and how do they get to your uh site
00:35:54.640 uh they can find me at heritage.org and also they can find me uh on twitter at real ej and tony
00:36:03.680 ej thank you so much honored to have you on here brother great called shot that's what you thank you for
00:36:08.240 having me here court thanks brother cortez um
00:36:12.880 um this is why you and i talked when jamie diamond made that comment the other day that the fed didn't
00:36:19.040 quite have their hands around this one of the reasons they don't have the hands around this ej's
00:36:22.720 right it's not just cross purposes it's like they don't care they're not they're not really interested
00:36:30.000 the inflation things only it's only because the wealthy don't pay the inflation doesn't mean anything
00:36:35.520 to the wealthy in fact some of the assets classes they have increase the the the they're not going to stop
00:36:41.280 the spending they're not going to come close to stopping the spend it's all performative right now
00:36:45.040 right and they have the fed but all that's just transferred to the little guy and you're the
00:36:50.160 first one to call it i know you've got some other tell us about life is i want to talk about cars
00:36:54.560 because everything's interest rate sensitive right people that's honest get understand this baby
00:37:00.560 it's going to get so much worse yeah it's going to get so much worse the 10 the bond market is
00:37:06.960 it's throwing up on the business model of the united states of america and you have these clowns
00:37:12.320 up here janet yellen coming up to in your face with 10 billion dollars more to the ukraine to pay for
00:37:19.920 to pay for things that your local community can't pay for that are star for right that's what they're
00:37:26.080 paying for and another two billion in arms steve cortez steve we are borrowing money okay we don't have
00:37:32.640 this money we are borrowing money at increasingly high interest rates to pay pensions in ukraine
00:37:39.680 i mean think about just that fact alone it's appalling particularly at a time like this a
00:37:44.640 tremendous economic anxiety and let's get to that i want to i want to talk about the on the ground
00:37:49.680 reality for americans right now and you're right steve you know we often say on this show that the
00:37:53.520 bond market actually matters far more to most people's lives than the stock market the stock market
00:37:58.080 might be more fun more sizzle sort of more sexy to watch and i understand that totally by the way
00:38:02.880 stocks getting killed today uh the dow's down almost 500 points the retail sector which of course is
00:38:08.080 extremely sensitive to inflation the retail sector is down two and a half percent right now why because
00:38:14.000 10 year treasury yield is picking up but the point is the bond market matters so much more to most people's
00:38:19.200 lives most people don't own enough stocks for the stock market to be that consequential but everyone
00:38:24.800 everyone has uh has vulnerability to rising interest rates that's the reality let's talk about some of
00:38:30.720 that vulnerability if we can please pull up chart number three this is on car loan delinquency and
00:38:36.400 this is an article from yahoo finance talking about and they call this data bone chilling that was the phrase
00:38:42.800 that is used by yahoo finance bone chilling data about rising auto loan delinquencies people simply cannot make
00:38:50.000 their car payment almost two percent are severely delinquent which is a significant rise over
00:38:55.840 november and this is the most important part here that i highlighted it's the worst delinquency rate
00:39:01.040 since 2009 and steve we keep hitting these kinds of markers okay unfortunately on so many metrics we're
00:39:07.600 saying this is the worst ever or it's the worst since the 0809 great financial crisis well in terms of of
00:39:14.640 auto delinquencies auto loan delinquencies it's the worst since 2009 and steve even more troubling that's
00:39:21.040 also in the article as far as subprime loans so loans to riskier borrowers delinquency rates are at
00:39:27.280 an all-time high not just the worst since 09 the worst ever in the history of keeping these rates so these
00:39:32.560 are the tangible real world consequences that repo men all over the country are getting incredibly busy and
00:39:39.760 they're going to be getting busier because the consumer is tapped out a trillion dollars in credit
00:39:45.280 card debt an average rate of now over twenty percent on that credit card debt the average
00:39:50.640 the average loan uh being carried credit card loan being carried is seventy five hundred dollars the
00:39:56.160 consumer cannot afford that can't finance that can't pay that minimum and make the car payment that is
00:40:02.320 what the numbers are telling us here the harsh reality of what biden's inflation is doing to destroy
00:40:08.560 the prosperity of americans who have now endured 22 straight months of declining real wages crashing
00:40:16.560 real wages meaning what you get paid adjusted for the goods and services you need to live your life
00:40:21.920 americans are working harder to get poorer every single day and yet where's janet yellow focusing
00:40:28.880 where's biden focusing where are republicans focusing okay people like tom cotton who we used
00:40:33.360 to be able to depend on who voted for that omnibus monstrosity they are focused on borrowing
00:40:38.400 mountains of money to continue to spend like drunken sailors and sending a good portion of it over
00:40:43.920 to ukraine to escalate a war that has no u.s national interest in state when biden left from the buddy
00:40:51.440 movie when he left the buddy movie uh the the six or seven republicans followed up mccall and their
00:40:57.600 thing is how however long it takes and however much it takes it's an open checkbook with no audits no
00:41:02.880 nothing just just keep throwing until the last ukrainians dead we'll keep supplying money and
00:41:07.680 weapons with no no thought of the united states of america i want to go back before we talk about
00:41:12.720 the credit card of the united states which we're going to make your direct analogy here i want to go
00:41:17.440 back to subprime land because there's many people and why it's an indicator of economic health
00:41:23.200 folks in this audience ought to understand you're about to you're about to you're about to be part of
00:41:27.440 subprime land right because your credit is about to get destroyed why is subprime that is a amazing
00:41:34.080 statistic it's the highest default rate ever in subprimes because we've been through some bumpy
00:41:39.920 we've we've been through some bumpy times before have you not brother cortez we certainly have right i
00:41:44.720 mean you know going back decades i mean when you look at at 9 11 at the dot-com bubble at the at the
00:41:49.920 great housing crisis of 08 and 09 uh we've been through some very very tough times but the subprime
00:41:55.520 auto market has never been worse than it is right now never a higher rate of delinquency than right
00:42:01.760 now and again for overall car loans not just subprime for overall car loans it is the worst right now
00:42:07.520 since the worst delinquency rate since 08 09 now these are undeniable facts steve you know this isn't an
00:42:13.760 opinion this isn't steve cortez skewing something uh yahoo finance is not exactly a right wing organization
00:42:20.000 right uh but they're at least willing to tell the truth and lay the facts out there on this
00:42:23.760 auto delinquencies uh and and it's hardly isolated also steve because we can put this in the context
00:42:28.080 of so many other metrics you know all of them deteriorating right we focused a lot this week on
00:42:32.800 the trillion dollars in credit card debt uh very necessarily so uh same kind of situation there by
00:42:37.840 the way there's also a subprime sector of credit card debt and not surprisingly that is far more
00:42:43.040 distressed than the overall uh state of credit card debt right now but subprime uh suddenly becomes a much
00:42:49.280 larger group you're exactly right in a time of economic decline because a lot of people who
00:42:54.480 aren't subprime now are about to become subprime or may not consider themselves that way right right
00:42:59.840 this minute uh but they're sliding toward it that's what declining real wages do to a country
00:43:05.520 this country is getting poorer yes every single month because of policy mistakes because of policy
00:43:12.240 decisions these are created crises now the great news is we have the house and if the house gop holds the
00:43:18.640 line we can start to fix this mess but they have to do it on the deadline okay we're gonna we're
00:43:24.720 gonna talk about that we're gonna talk about the debt limit and we're gonna talk about uh the
00:43:28.400 government's credit card or the line of credit from the government how this is about to explode
00:43:33.600 with an exploding defense budget negative closing interest payments short break cortez next
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00:45:42.480 you know i was able to uh jump on a uh a live chat uh with uh grace chong and some folks last night
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00:45:52.640 information all the time our contributors are it's just a fantastic platform uh one of the things
00:45:57.680 though it was i think 10 10 30 at night we were still here in the worm the team was still working
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00:46:42.240 free on the my pillow 2.0 also cpac.org slash war room we're expecting everybody particularly in the
00:46:49.120 mid-atlantic region to show up we're having a live studio audience for four days we get to meet
00:46:54.800 everybody you guys get to participate tell us what you want us to cover and cover better right or what
00:47:00.320 you like about the coverage looking forward to hearing everybody there we're going to have a
00:47:03.360 ton of great guests great contributors the entire production team is going to be there plus all the
00:47:06.800 big stars from rv and everywhere else right we're going to have you know nigel and seb and everybody
00:47:11.840 Bolsonaro is going to be there president trump speaks on saturday it's going to be fantastic
00:47:15.680 so make sure you go there steve cortez their credit cards and their credit cards the the basically
00:47:22.480 the united states of america is becoming a subprime borrower right i mean this is a this is a rolling
00:47:27.280 bankruptcy the only way and this is this new and i want to make sure people this missed it's not
00:47:31.360 misdirection played but even brad had yesterday a lot of the new stats are coming up i'm just talking
00:47:35.520 about oh public debt as a percentage of gdp public debt as percentage that's just what we create and
00:47:40.960 own that's that's the magic right that's the magic of the fed right is that that's not total debt
00:47:46.640 because the ccp still owns over a tree and the japanese insurance companies the japanese banks
00:47:51.440 the problem is it's getting harder and harder to find buyers for our debt because the business model
00:47:57.280 is not sustainable and people understand what they're getting is a devaluation as you have this
00:48:02.640 continual inflation you're doing a rolling devaluation on people steve cortez no you're exactly right
00:48:08.640 look the the us is being repriced essentially as a much riskier borrower and if you if you think of
00:48:15.760 it in terms of just personal finance right if you've got a high credit score and you go get a mortgage
00:48:20.160 you get a lower rate obviously than somebody who has a low credit score right they have to pay the
00:48:24.560 bank more for the risk of that loan that is essentially what is happening on a grand scale to
00:48:29.760 the united states if you think of global bond markets as effectively the bank the bank does not
00:48:34.400 believe any longer in the business model of the united states and is unwilling to lend our country
00:48:41.280 mountains of money at extremely low interest rates by the way let's put the interest rates in context
00:48:46.480 on election day in 2020 10-year treasury yield was 0.8 percent 0.8 well below one percent today as we sit
00:48:56.560 here it is 3.95 okay that is what has happened to treasury yields and climbing by the way i believe
00:49:04.240 far higher but but hold it hold let's stop right there let's stop right there the 10-year treasury
00:49:09.200 controls your financial life that's one lesson we hope we've taught everybody that this is why your
00:49:15.360 financial and economic life suck it is because of the biden regime and the collaborationist republicans in
00:49:23.120 the senate that continue to pass all this over-the-top spending that led to the inflation
00:49:28.160 0.8 percent under trump and i understand trump sends out some mean tweets and you know he can say some
00:49:35.760 things that people you know consider nasty and all that 0.8 percent versus almost four percent i mean
00:49:43.600 that is an incredible that is an incredible climb in a couple of years is not steve kardes and this is why
00:49:50.880 the audience this is why your financial and economic life suck and if you're under 35 years
00:49:56.400 old why you don't have a financial and economic life you're nothing but a surf brother cortez that's
00:50:02.160 right and remember too the way bond math works uh going up a full percent right going from three
00:50:07.520 percent to four percent is massively more consequential than an interest rate say going from
00:50:12.720 nine percent to ten percent right in other words because that one percent is such a large
00:50:17.120 percentage of the beginning baseline it's a third right of what was a three percent rate which is
00:50:22.160 now a four percent rate so it matters massively right to our entire economy this is the reason
00:50:27.440 that people can't pay their auto loans right now and that the repo men are about to get extremely busy
00:50:32.560 are already getting busy but going to get even busier it's going to be one of the few growth industries
00:50:37.040 out there sadly in the country uh is car repossessions that's the real world tangible reality of the total fiscal
00:50:45.600 and monetary irresponsibility of permanent washington and i think there is equal blame on both ends on
00:50:51.920 the fiscal side regarding the congress and the biden white house and certainly on the monetary side
00:50:56.000 regarding the fed now the fed seems to have suddenly found religion and that's a good thing
00:51:00.400 but it doesn't deserve much credit because it created this monster the fed took its balance sheet
00:51:05.040 talk about a credit card it took its balance sheet we showed it on the show a couple days ago
00:51:08.880 its uh balance sheet all the way up to almost nine trillion dollars now it has been very slowly reducing
00:51:15.200 it but it's only gotten down to eight and a half billion and just that pretty minuscule uh decline in
00:51:21.200 the fed balance sheet has caused convulsions in global capital markets and they really haven't even gotten
00:51:26.000 started right in terms of materially drawing down the fed balance sheet so this credit card mentality
00:51:31.760 and this credit card approach to governing uh has finally turned around and really bitten america very
00:51:38.000 very badly and the reality is we don't have the luxury anymore global capital markets because of
00:51:43.600 inflation unleashed by joe biden global capital markets are not going to give the united states
00:51:48.800 the luxury any longer of borrowing as much money as we want at one percent okay that's just not that
00:51:54.560 that's not real world anymore it's four percent and climbing and climbing steve very soon probably
00:52:01.440 at current rates probably by 2025 2026 at the latest interest on the debt is going to be the
00:52:07.200 single biggest expenditure of the federal government bigger than defense yeah i think i'm saying cut of
00:52:12.000 course i'm saying the point is we're going to spend more on the debt yeah we get nothing back for it
00:52:16.320 right nothing it's literally just a payment you might as well like the money on fire as far as the
00:52:20.880 american people are concerned right uh nothing and nothing in return for it's going to be the single
00:52:25.440 biggest item and soon steve just hang with me for a second 90 second break cortez
00:52:31.120 is going to give us a little bit of the a block and here's why it's a tale of three cities it's
00:52:35.440 east palestine ohio it is yuma arizona and it is kiev ukraine and we're going to talk about uh
00:52:42.000 yuma we're going to talk about what happens down the border this hearing they had and steve cortez's
00:52:47.760 thoughts and reflections and observations on the invasion of the united states and the current crisis
00:52:53.920 in all things immigration legal and illegal next in the war room
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