Bannon's War Room - Episode 2542： The Cover Up In Ohio

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 1.00

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 1.00

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 0.93

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 0.99

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

00:15:00.240 the state of our country are the way woke corporations treat us and their employees but

00:15:05.440 it's not enough to complain we need to change the way the marketplace works and that starts with you

00:15:11.200 and where you spend your money in less than a year public sq has grown to be the largest platform

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00:16:08.800 you we can't always change the world but we can change how and where we spend our hard-earned dollars

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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 0.99

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 0.81

00:18:44.000 cover-up now and we got this feckless weasel communist president going to the ukraine giving 0.85

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 1.00

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 0.99

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 1.00

00:26:58.560 there yeah and they're laughing about it well they voted for trump they deserve to die their pets 1.00

00:27:04.240 deserve to die abc they deserve to get abc is unbelievable let let them eat let them eat fosgene 1.00

00:27:10.960 uh john how do people get to you to file your coverage because you're all over this now 0.99

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 0.84

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 0.83

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 0.97

00:37:06.960 it's throwing up on the business model of the united states of america and you have these clowns 0.65

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 0.96

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 0.99

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

00:46:02.320 on the show this morning and in this we don't get a ton of hours of sleep but we make sure we get the

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00:46:32.080 night's sleep you're not going to get a ton of hours because we're so busy saving the country correct

00:46:37.920 what you need though is quality my pillow.com promo code war room go there right now buy one get one

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 0.94

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 0.99

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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Bannon's War Room - February 24, 2023

Episode 2542： The Cover Up In Ohio

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