Episode 2578： The Run On Silicon Valley Bank
Episode Stats
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Summary
Silicon Valley Bank, the largest financial center of Silicon Valley, has been shut down for the day by California regulators, and the founders of YCombinator are scrambling to figure out how they ll make payroll next week, as the bank is unable to make payroll.
Transcript
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this is the primal scream of a dying regime pray for our enemies because we're going medieval on
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these people here's not got a free shot all these networks lying about the people the people have
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had a belly full of it i know you don't like hearing that i know you try to do everything
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the world to stop that but you're not going to stop it it's going to happen and where do people
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like that go to share the big line mega media i wish in my soul i wish that any of these people
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had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
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country this country will be saved war room here's your host stephen k bann
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all right now it's just stick up you just take it easy and nothing's gonna happen to you
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give me the money give me the money what money mister there ain't no money here
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what you talking about this year's a bank ain't it what it was a bank but we failed three weeks ago
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all right now you get on out there and tell my girl
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don't look now but there's something funny going on over there at the bank george
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i've never really seen one but that's got all the earmarks of being a run
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now just remember that this thing isn't as black as it appeared
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i have some news for you folks i was just talking to old man potter and he's guaranteed cash payments
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to the bank the bank's going to reopen next week but george i got my money here did he guarantee this
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place well no charlie i didn't even ask him we don't need potter over here i'll take mine now
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no but you're you're you're you're thinking of this place all wrong as if i had the money back
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on a safe the money's not here well chris uh svp is certainly the story of the hour on wall street
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as the bank has been shut down for the day by california regulators this as the large institution
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in silicon valley with really broad reach across the technology industry has failed to find a buyer
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as a run on bank really outpaced the sale process that's according to our own cnbc reporting
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shares of svp financial tumbling 60 percent on thursday after the bank announced a plan to raise more
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than two billion dollars in capital and today the stock has been halted after dropping another 60 percent
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shares really never reopened for trading but clearly a lot of talk about how the federal reserve's
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aggressive rate hikes have impacted financial institutions like svp which clearly was caught off guard
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and now the question is whether this will have broader implications two weeks ahead of a fed meeting
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coming up on march 21st chris the silicon valley bank collapse rattling the startup world one venture
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capitalist calling this a potential extinction level event for startups that could set innovation back
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by 10 years or more adding big tech will not care about this they have cash elsewhere all little
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startups tomorrow's googles and facebook's will be extinguished if we don't find a fix joining us now is
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gary tan ceo of startup fund y combinator gary welcome okay so this is my question how many of
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these startups that have been through y combinator for example have their cash tied up at silicon
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valley bank and over this weekend are going to try to figure out how they're going to make payroll
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next week do they have to go to investors and say can you front me some cash so that we can stay alive
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west sea has funded uh about 3 000 active startups right now i would guess that this affects more
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than a thousand startups and about a third of those startups will not be able to make payroll in the
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next 30 days uh in the current configuration you know as of this morning rippling uh which many
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startups use to manage payroll and benefits you know transfers were not being processed by svb for
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payroll and so that's a really existential threat for companies broadly you know these are founders
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who are texting me and calling me saying do i need to furlough my workers next week because i do not
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have other bank accounts you know a google or a facebook or even companies farther along with the
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treasury department they're going to be able to weather this but if svb is your only bank it's actually
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an existential risk you're going to go out of business if you can't pay payroll and that starts monday
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uh what it's gone it's all gone what's all gone the money in your account it didn't do too well it's god
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okay friday 10 march year of our lord 2023 it is black friday because the 16th largest bank in the
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country the uh centerpiece the the financial center of silicon valley is no more it's been seized by first
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california regulators the fdic is in there peter nabar joins me this is the second biggest bank
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failure in the history of the country the only bigger bank failure was in the financial collapse
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of 2008 uh this is a bank a peter and i want to talk about biden's policies of what what the the
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jacked up interest rates the crushing of government securities you've been talking about we've been
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warning people about the bond market here and today it came into high relief as uh the venture
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capitalists there said this is an extinction level event for startup companies in silicon valley that
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can't make payroll and to tell you the scale of this that 97 of the deposits at silicon valley bank
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97 are not insured by fdic because they're in accounts over 250 000 these company accounts that the that
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would be 169 billion dollars let me repeat that 169 billion dollars of unassured accounts
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and as sure as the turning of the earth peter navarro they're going to be back in washington dc
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looking for uh look at looking for looking for the mega republicans in the house to bail them out and by
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the way i don't remember seeing any bailout they're not you run around yet yammering for help for the folks
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in east palestine ohio dr navarro what happened today how serious is this and why was this a direct
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result of the federal reserve in the biden regime sir
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steve um let's start with the fact that uh the banks themselves now have 600 billion dollars
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of unrealized losses on their books because of what joe biden has done okay over six that's that's well
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over half a trillion dollars okay now you heard in the cold open steve what the plate is going to be
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to get the deplorables to once again bail out uh the silicon valley billionaires and that's going to be
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oh if we don't save the startups for 10 years worth of innovation right that's going to be
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that's going to be the spin you're going to see that over and over again cnbc is going to lead that
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uh joe joe scarborough be the youthful idiot for all of that now how did this start this all starts
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with the stagflation crisis it's not just inflation but it's stagflation as well and the inflation crisis
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is a product of joe biden okay let's be clear about that this is as donald trump would say
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a politician inspired crisis right what did joe biden do to create the current inflation the first
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thing he did when he got in into office was to kill the oil and gas sector which basically are
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strategic energy dominance kept energy prices low when you keep energy prices low you keep fertilizer
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prices low and you keep food prices low so that alone began uh the the problem the second joe biden
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mistake was appointing pete buddha judge um as the department of transportation secretary well well
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our supply chains around the country and globally were falling apart uh pete buddha judge was was taking
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parental leave okay i don't remember anybody in the in the trump administration taking parental leave i'm
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sorry when you when you sign on for a mission in the white house and in an administration as a
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political appointee you get your ass to work seven days a week okay okay so that's that's the second
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thing and of course the third thing is the massive uh inefficient overspending that the biden regime with
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the help of of uh so-called populists like liz warren yeah is running the inflation look he just put a
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six point eight trillion dollar uh budget up in your face but i want to go back to i want to go back
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to these unrealized losses let me just finish the thought here steve yeah the thought here is that
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all of these banks which have a bunch of cash use that cash to buy treasury bonds government securities at
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a time before bond prices started to plunge because interest rates are going up so they get invest in
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all this cash as as their assets on the books biden caused the inflation crisis bond prices plummet
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and they're stuck with these unreal okay realized losses and as soon as somebody like peter deal
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kind of looks at the books he says i'm getting the hell out of that bank right he's like the first guy
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to get out well that's what we have now when teal said when when when teal said that is the most
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extraordinary comment i've ever heard i've never heard a major investor saying uh get your cash out get your
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deposits out not not sell the stock real quickly the silicon valley backhand 17 billion dollars of
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unrealized losses on their government portfolio peter navarre just reported there are 600 billion
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dollars of unrealized losses on banks balance sheets throughout the country and this first republic is
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the next one it's uh you know steve that will go stocks down yep and you called it by the way okay
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you called it today nobody at cnbc called this steve bannon said that by the end of the day
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silicon valley bank would be out of business and you called that okay and the other thing that i want to
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point out because you and i are like we're globalists only because we watch what happened
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on the borders on the uh on the open uh of our stock market banks fell by four percent in europe
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and that's on top of what is a collapsing bank it's all there and so this is going to be a as as
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as cortez and bannon and yours truly been saying this is a global contagion it all starts with joe
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biden's bad policies yeah but here's what by the way i want to try to get you back on at six i don't
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want you to go to cocktail hour yet and i'll get you here's why yes this weekend if they can't find a
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buyer and they're not going to be able to find a buyer because they don't know what's in this and
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it's got a hundred let me repeat this it has 169 billion dollars of uninsured fdic deposits
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169 billion they're going to be coming to washington dc over the weekend and saying we
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can't make you just heard the pitch right there this is an extension level event for innovation
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in this country if you don't help us make payroll these companies are going to go out of business
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it's going to destroy innovation for 10 years these are your betters don't hey the crocodile
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do you say you know what did they run they run to east palestine ohio and asked to bail them out
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go ahead yeah because you know what i mean look the jobs report came out and i know you don't want
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to talk about it but i could tell you that the people who got screwed by the higher interest rates
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wasn't just the silicon valley folks now it was the deplorables who were seeing their wages get
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driven i want a toilet hold it we're gonna we're gonna get you we're gonna get you on at six i know
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you don't like working in the late hours we're gonna have well navarro how do people get to you
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how they get to the podcast how they get to the podcast peter navarro.substack.com peter navarro.substack.com
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and uh today's one is hot as a firecracker steve because there's there's a couple of pieces of
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breaking news in there okay perfect uh peter fantastic job uh what's your getter you don't do twitter
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what's your getter account no yeah yeah getter is uh real p navarro real p navarro getter is the
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twitter killer and uh it's all up there as well but the the hub through which everything runs is
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the substack now peter navarro.substack.com follow navarro there's gonna be breaking news of the
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weekend we're gonna be up on getter all weekend short commercial break peter thank you very much
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we'll try to check you down the six o'clock hour because there's still more breaking news on this
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debacle remember this is like 2008 you just had a big bank fail 16th biggest bank in the country
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200 billion dollars of assets 170 169 billion dollars of uninsured deposits silicon valley bank
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in the center of silicon valley we're gonna take a short commercial break we have matt gates congressman
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matt gates will be in the house is going to join us next in the war room
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bring it on and now we'll fight to the end just watch and see it's all started everything's begun
00:14:42.780
and you are over because we're taking down the ccp spread the word all through hong kong
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we will fight till they're all gone we rejoice when there's no more let's take down the ccp
00:14:58.760
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okay welcome back we have senator congressman matt gates i'm jumping ahead there congressman matt gates
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first off you know high tech as well as anybody silicon valley bank the premier bank 16th biggest
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in the country second biggest bank failure came out of nowhere recall this morning said by the end of
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the day this thing will be taken over the california regulators jumped in front of the fed this is a
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hundred percent because of biden's policies the unrealized losses in the uh government securities
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portfolio blew the you know it was a torpedo below the word line they're coming to you brother next
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week they're coming to dc they've already laid it out it's a thousand startups they're the best in
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the country you got all these payrolls you got 169 billion dollars they're going to come and ask for
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a bailout from the house well if there is an effort to use taxpayer money to bail out silicon valley bank
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the american people could count on the fact that i will be there leading the fight against such a
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bailout i mean what we have observed is remarkable the financial arm of silicon valley has just been
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severed before our very eyes and i also think that the biden policies around covid had something to do
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with this because it created an investment bubble in silicon valley in tech that once we got past
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those policies once the american people rose up and said we will not be locked in our homes we will
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not have our local retail and our local industry shut down and live our life in our pods getting mail
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products delivered to us and you know play on our apps all day once that was deconstructed
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you saw uh that bubble began to burst you start you saw it with the layoffs you saw it with a lot of
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these companies have been freezing promotions have been have been stopping the hiring process and it's
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a cash uh diminution you're the most sophisticated guy in the house on the right about social media
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and big tech and all that for you know given your family relationships and others you're you're going
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to sit there you would be the one guy to be able to make the argument why we should contain the contagion
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and bail this out yeah throughout my whole life i have seen the moral hazard that comes with using the people's
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money to bail out the elites when they make bad decisions we saw it uh and really manifest with a lot of
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energy and frustration with the occupy wall street movement we saw it with the financial crisis that was
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hitting as my generation was graduating college and graduating professional school and the large institutions
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were collapsing the large institutions that were the vaulted icons of american life the true soft power
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of america was you know golden goldman sachs and uh you know bears and layman and when that
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went away capital you buddy you saw the political industrial complex line up to that pretty quickly
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this is going to have an impact in national security they're talking about national security what do they
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mean well i i predict that at the tip of the spear of the biden administration's requests for a
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bailout for silicon valley bank will be the department of defense you'll have the department of defense
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saying gosh you know we've got all these silicon valley relationships we've got all these contracts
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with companies that now are going to go insolvent that won't be able to be part of the research
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development test and evaluation mission and it will expose a lot will fall behind china will fall behind
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china or will become more reliant on china will become more reliant on other places in the world
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if you really believe in american resilience they'll tell us we have to come in and and bail out
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silicon valley banks the pressure to bail this out is going to be intense you do understand that
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oh and and it will it will emanate from california of all places rocahanna rocahanna you believe in
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economic patriotism maybe not a bailout i want to have you on the heroic thing of what you do in syria
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but from abu dhabi i think it was today hillary clinton and and joe scarborough can we go ahead
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and play that uh and i want to have uh i want to have let's go ahead and play it and we'll have
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congressman gates respond madam secretary you know better i think than anybody alive about
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partisanship in the united states and what it's cost our country the ukrainian war has been one thing
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that it's brought democrats and republicans together for the most part are you hopeful that
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that will continue despite the fact some house republicans um are being critical of the biden
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administration and even republicans that are supporting the war effort well i am hopeful that
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it continues joe because i think as we just heard uh this is a war of aggression and invasion
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uh the behavior of the invaders has been barbaric and it really is a war for uh not just the freedom
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of the ukrainian people although that is first and foremost it is a war for our values uh for what we
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believe uh should be the birthright of every person in ukraine in europe in the united states around the
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world so i want to underscore that as we support the courage and because i want to get too much time
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with you mac max boot has in today's foreign affairs apologized for being a neocon saying about
00:21:47.220
trying to export report it why is she the why is she the essence of what you're actually fighting
00:21:53.980
against well as hillary clinton does everything possible to water down and erode our birthright
00:22:00.380
by championing open border policies by saying that everyone who comes to america is a legitimate
00:22:06.020
asylum seeker she really juxtaposes a great contrast to the commitment that she thinks all
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of us ought to make to the birthright in ukraine and part look i hope ukraine prevails but pardon me
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for saying that america's value set is not lashed to the value set in ukraine our values are not on
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the line for which guy in a track suit runs crimea our values are not on the line on who holds the
00:22:34.080
dump ass region right i mean and american values are more enduring of that and the signal there not
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the noise is she actually doesn't think that much of our values in the first place and joe scarborough
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has no values i know that because he's one of my predecessors in congress and i remember the joe
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scarborough from florida's first congressional district who was actually voting to impeach bill
00:22:54.000
clinton who actually said that bill clinton was a national security threat who was uh you know
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one of the styled himself as one of the ferocious republicans fighting against the clinton administration
00:23:04.340
but you know new york changes the man i guess uh with with hillary now as a masthead for the pro-war
00:23:11.920
democrats we see fewer and fewer of the democrat doves i don't know what's more extinct in this town
00:23:19.340
the anti-war democrat dove or the republican fiscal hawk and i put everybody on the boards
00:23:26.960
as to whether or not we should stay in syria this last week and by the way that's just my lead-off
00:23:31.660
hitter steve one of the things i negotiated for in this deal with kevin mccarthy is that he would
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not play the games nancy pelosi played to block privileged resolutions and matters of war and peace
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under the war powers act go right to the floor in congress they don't get to get get rat holed away
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in committee land and so i used a tool that would not have been available under the rule of speaker
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pelosi and to kevin mccarthy's great credit he's allowing these things to come to the floor and we
00:24:00.280
had a vote on syria and you know what more democrats voted for the pro-war position than the anti-war
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position in syria syria where no one can tell me what the enduring defeat of isis means like how many
00:24:14.380
americans how many of my constituents who by the way are in syria right now have to go to bed in
00:24:20.540
some in some desert in a faraway land so that we can what extinguish the last sympathy from the last
00:24:29.160
beating heart of the last person living in some river river valley it is not an attainable goal
00:24:34.460
and is so offensive when these neocons wave around the 2001 authorization to use military force against
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the people who caused 9 11 as a basis to be in syria in 2023 there are people fighting in syria
00:24:49.000
right now who were not even born when that authorization was passed about only one in every
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10 members of the house of representatives was even here to vote on that so to wave that around like
00:24:58.960
some global permission slip is nuts and the other one they use is the israel thing oh we can't abandon
00:25:04.840
israel guess what ladies and gentlemen israel cut their deal with russia to keep iran out of
00:25:09.940
southern syria like if you if the israel russia deal makes you uncomfortable you think israel was
00:25:15.360
going to rely on us in the middle east we are not a middle eastern power we are a pacific power we are
00:25:22.100
an atlantic power as you so aptly said in one of the greatest speeches i've ever seen at cpac and so
00:25:27.060
us toiling away in the deserts if it's going to happen it's not going to happen without members of
00:25:32.020
congress having to take an actual vote every time you were also defending the constitution about it's the
00:25:37.340
houses about declaring war this ridiculous we only got a couple minutes and we're going to go to palm
00:25:42.320
beach with natalie but i got to ask you this was your lead off hitter the big kahuna the where you're
00:25:48.460
going to is ukraine you're going to force us in ukraine walk us through because i got to tell you
00:25:52.080
you were magnificent in making the case why this is ridiculous and quite frankly the arguments against
00:25:58.000
it particularly from the republicans were embarrassing what about ukraine well i do not believe
00:26:03.580
we should have troops in ukraine now i have to be able to prove that we have dod personnel in ukraine
00:26:08.820
right now when the generals come and testify before our committees they say we do not i do not believe
00:26:14.500
them i know the logistics kits that have to go with these m1 abrams i know the force protection that
00:26:20.640
has to exist for the contractors for the the vendors for the entire supply chain that goes along with
00:26:26.680
these hymar systems and the preparation for the f-16s which is coming by the way and so once i've
00:26:33.720
got that definitive evidence we'll be taking more ukraine votes uh it's sad how many republicans are
00:26:40.140
willing to debase themselves in like this embrace of ukraine that just far exceeds what an american
00:26:48.040
leader should be thinking about each and every day we got our own problems here in this country and
00:26:52.780
the fact that we it well you know why it is i'm sorry to take so much time on this it's people get
00:26:57.380
elected to congress and they all of a sudden fashion themselves as global leaders as citizens
00:27:01.220
of the world and they forget like there are people back in paducah kentucky who voted for you
00:27:05.480
there are patent people back in mississippi and arkansas who voted for you and you need to put those
00:27:09.820
people first we got to go but real quickly the pressure next week on the silicon valley because
00:27:14.240
this is the neoliberal neocon order collapsing before us the pressure on you guys next week to bail this
00:27:19.020
thing out i believe there will be bailout requests and i think it will be cloaked in national security
00:27:25.020
and economic security and it will be mired in i think a lot of the political patronage and swapping
00:27:31.760
of campaign donations for favors that that deeply sickens me uh your podcast or your content how do they
00:27:37.600
get to firebrand is my podcast but steve bannon and i are going to be on the tim cast tonight so
00:27:43.540
tim pool steve bannon matt gates congressman dan bishop's going to stop by it's going to be a great
00:27:48.920
time amazing it's going to be unbelievable thank you for stopping by thank you gates in the house
00:27:52.820
i got to tell you next week is going to be intense on capitol hill okay we're going to toss over to
00:27:58.780
natalie in palm beach i will be back at six o'clock more in silicon valley banked in natalie windows
00:28:04.740
will take it for the rest of this half hour and then back here at six
00:28:08.340
a lot of people complain about the state of our country are the way woke corporations treat us
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and their employees but it's not enough to complain we need to change the way the marketplace works
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dollars begin your search at public square today go to public sq.com that's public sq.com we have not
00:29:43.820
funded gain-of-function research on this virus in the wuhan institute of virology no matter how
00:29:50.860
you're parsing words you're parsing words you say it there was research dr fauci knowing that it is a
00:29:56.880
crime to lie to congress do you wish to retract your statement of may 11th where you claimed that
00:30:02.140
the nih never funded gain-of-function research in wuhan
00:30:05.580
microphone microphone senator paul i have never lied before the congress and i do not retract
00:30:18.720
that statement this paper that you were referring to was judged by qualified staff up and down the
00:30:27.240
chain as not being gain-of-function what was let me finish take an animal virus and you increase
00:30:35.280
its transmissibility to humans right you're saying that's not gain-of-function yeah that is correct
00:30:39.480
and and senator paul you do not know what you are talking about quite frankly and i want to say that
00:30:45.320
officially you do not know what you are talking about okay you get one person let's read from the
00:30:52.280
nihia can i answer the question this is your definition dr fauci was affirmatively told and told
00:30:58.300
in an email that uh niaid had a monetary relationship with the wuhan uh institute through uh eco health
00:31:06.480
alliance he he was told this in january 27th of 2020 do you think that dr fauci intentionally lied
00:31:12.720
under oath to senator paul when he vehemently denied nih's funding of gain-of-function research
00:31:17.680
i think there's no doubt that nih was funding gain-of-function research is it likely that
00:31:22.060
american tax dollars funded the gain-of-function research that created this virus i think it did
00:31:27.120
not only from nih but from the state department usa id and from dod i'm out of time thank you very much
00:31:32.840
welcome back to the war room i guess the reception to steve getting a haircut was so overwhelmingly
00:31:39.360
positive that he had to go and do it again so i'm here in the meantime natalie winters the co-host and
00:31:44.860
executive editor of war room filling in i'm sorry to trigger you guys play some videos of anthony
00:31:50.480
fauci you may recall that pretty notorious and infamous exchange with senator rand paul which i
00:31:56.540
would argue makes the case that he perjured himself especially in light of the testimony that
00:32:01.540
we saw from dr redfield that was the end of that little opening clip uh that we just had we'll
00:32:06.680
have dr malone joining us shortly but just to sort of pick up where you know rep gates and steve left
00:32:12.420
off right the idea of turning ukraine syria all these countries and faraway lands into you know
00:32:18.320
essentially new forever wars i think that's exactly what we see going on here with pandemics and the
00:32:24.140
idea of public health emergencies right and i think the particularly scary part that you see in this
00:32:29.720
hearing is how gain-of-function research sort of has become the weapon the tool and i'm sure you could
00:32:35.640
argue the vaccines and the mask mandates and the school closures too um but really have sort of
00:32:41.520
served as the armaments the ammo to wage this new forever war under the i would say guys under the
00:32:47.980
pretext of pandemic prevention now dr malone i think we have him on with us uh you had a wonderful
00:32:54.980
substack reacting uh to this what again i know we keep using the word bombshell but i do think that
00:33:00.860
that's an accurate description um of the testimony that we saw from former cdc head robert redfield
00:33:06.780
talking about the nih was not just intimately involved uh with gain-of-function research at the
00:33:12.780
wuhan institute of virology but even more insidious the cover-up so i just want to get your quick reaction
00:33:19.020
because i know we love to say on this show you know we're the top spreaders of misinformation that
00:33:23.520
it's great to feel vindicated um but even i have to say that some of the statements that dr redfield
00:33:28.600
said yesterday or rather two days ago it wasn't even vindication i think we almost under uh
00:33:34.440
understated that i think levels of evilness that went on at the nih under tony fauci under francis
00:33:40.880
collins to cover up the origins of covet and nih's involvement so just your thoughts uh reacting to
00:33:46.920
those clips and more broadly the testimony that we saw two days ago well i haven't been under any
00:33:53.700
illusions about uh what goes on at niad and nih in general and the uh true evil of francis collins
00:34:02.880
and tony fauci i've lived with that basically my whole career uh and i've been under no illusions
00:34:09.420
what's fascinating about all of this is that what bob redfield represents he talks about in his written
00:34:16.160
testimony that he's the co-founder of the institute for human virology what he doesn't mention is the
00:34:21.080
other co-founder is bob gallo there is an ancient ancient view that goes back to the beginning of
00:34:27.680
my career between bob gallo and tony fauci and uh where we're at right now is that the truth is coming
00:34:35.700
out about tony fauci and some of his colleagues are you know former colleagues are now willing to speak
00:34:42.540
the truth uh whereas in the past they've always been reluctant to do so because tony has a notorious
00:34:49.340
reach and capability to uh both reward and punish uh those that he wishes to and that's what's gone
00:34:57.600
on here that's that's covered in some of the other testimony what i also found fascinating about bob
00:35:03.320
redfeld's uh statement here is that he also fingered state department usa id as well as dod now i had
00:35:12.340
revealed back i think two falls ago that uh dod defense threat reduction agency had participated in
00:35:21.040
the funding and i found that out from colleagues within uh ditra it was the threat mitigation branch
00:35:27.660
the same people responsible for the uh corralling of the loose nukes as the soviet union fell uh but i had
00:35:35.840
no idea that usa id and state were involved this is basically directly fingering the cia usa id is
00:35:43.260
largely a uh functional arm just like darpa is of our intelligence community and so what bob is saying
00:35:52.600
and bob would know uh his clearance i'm sure is quite a bit higher than mine uh he's he's basically
00:35:58.780
saying that the intelligence community has been directly funding wuhan institute of virology which
00:36:04.820
uh is consistent with really the emerging working model of what went on here is that the way this
00:36:11.960
story goes is that the cia lost most of its assets in the people's republic under the ccp they got outed
00:36:19.780
and they were all assassinated the ccp doesn't uh monkey around and put people in prison for uh treason
00:36:25.780
uh and um so they all got assassinated the cia needed to have and felt that it needed to have
00:36:33.020
insight into what china was doing in the world of biowarfare and biodefense and all of that kind
00:36:39.700
of research they appear to have engaged in a quid pro quo in which they provided not only funding but
00:36:46.680
technology ecohealth alliance transferred technology directly to the wuhan institute of virology
00:36:52.260
it was enabling for the studies that were done and they also provided the capital in exchange for
00:36:58.260
their ability to have a limited look about concerning what china was doing at the wiv uh chinese national
00:37:05.040
academy of sciences facility so that's the back story here is we've got some uh kind of long-standing
00:37:12.480
bureaucratic feud that goes back to the earliest days of an nci versus naiad and the arm wrestling over
00:37:20.400
who was going to be in charge of the aids budget and uh that's still playing out of course there's a lot
00:37:26.220
hard feelings and we have now this you know somebody bob bob is dropping the other shoe
00:37:32.460
about the involvement of our intelligence community in the wuhan institute of virology which many of us
00:37:37.720
have long suspected well i think we were speaking at cpac and during the break um in one of the war
00:37:45.380
room shows how you you called this you said they're gonna try to give a fall guy right a sacrificial lamb
00:37:51.780
so kudos kudos to you a hat tip but i think you bring up the more interesting angle in all of this
00:37:59.680
which is you know as someone who came at this story more from the chinese communist party for an
00:38:06.280
influence operation realm you come at it of course from the scientific knowledge is the adventure of
00:38:11.420
the mrna vaccines um but i saw this just as a textbook case of chinese communist party compromise a lot of
00:38:17.880
the western scientists who had sort of prematurely debunked the lab leak they just had conflicting
00:38:23.040
interests with the chinese communist party because it's hard to wrap your head around the idea that
00:38:28.340
the united states government would willfully give taxpayer dollars to fund gain-of-function research which
00:38:33.940
as steve always hammers is essentially the weaponization of viruses so i think maybe my my question and i ask
00:38:40.460
this earnestly is the theory of the case that the nih the niaid again in addition to these other
00:38:47.520
entities of course usaid dod even google was funding ecohealth alliance do you think that it was
00:38:54.480
incompetence they just don't understand the chinese communist party the threat that they pose they think
00:38:59.980
that this is you know biodefense programs this is just how you do it or do you think there's malice on
00:39:06.060
the part of some of these institutions or are they so far gone in terms of chinese communist party
00:39:10.540
infiltration and compromise that they're not really even american entities to begin with like
00:39:15.420
how did we get to this point yeah uh so what is the true theory of the case and can i select all of
00:39:24.080
the above please ma'am uh of course we we we have a we have a hot mess uh to use farm language uh and
00:39:34.160
and uh it is it is steaming and full of maggots the uh um my theory of the case is is we have a strong
00:39:43.600
component of what hannah arent uh notoriously labeled as the banality of evil this tendency of bureaucrats and
00:39:53.360
government officials to want to advance their career and they're siloed and they just narrowly
00:40:00.240
go about uh doing what they're told to do trying to uh rise up the ranks and do what they're told
00:40:09.120
and get you know more funding this comes from the uh hannah's uh book eichmann in jerusalem
00:40:16.660
and and the eichmann trials i think it's the intersection of the the failure to think
00:40:22.520
which is what hannah arent uh attributed the banality of evil to and absolutely there's
00:40:29.000
been nefarious intent and then the problem of complex systems and i wrote another substack
00:40:35.720
talking about this unfortunately i i diagrammed it as a venn diagram and no one could get beyond
00:40:41.220
kamala harris's affinity for venn diagrams but but i really do think what we have is a complex
00:40:46.940
phenomena that's involved in the interactions of a bunch of things and in the domain of nefarious
00:40:54.120
scheming uh we always have the intelligence agencies and their long long history of failure
00:41:02.200
to think through unintended consequences they even have a term for it of course it's called blowback
00:41:07.980
well i think that it's fair to call dr redfield sort of a whistleblower in this setting right what he's
00:41:15.000
saying basically makes anthony fauci guilty of perjury if you take him at his word right saying
00:41:20.860
that the united states i don't think there's any doubt about tony's perjury and i also spoke quite
00:41:26.860
clearly about that at cpac on war room and and there was a big steve grabbed it grabbed that uh baton
00:41:33.920
and ran with it as you'll recall but uh tony tony lies in the way that most trained intelligence
00:41:41.420
officers lie and you have to we have about two minutes left i just i just wanted to ask you real
00:41:47.300
quick because i i followed the cast of characters and this whole debacle that is the origins of
00:41:53.020
covid 19 why do you think it was it was dr redfield because he again was the former director of the cdc right
00:41:59.380
the cdc is no small player in this very you know pit of vipers right that is the biomedical the
00:42:06.040
biopharmaceutical industrial complex whatever you want to call it so you know why him why now we have a
00:42:11.280
about a minute and 30 uh until until break but i am going to hold you over but just curious sort of
00:42:15.860
the inside baseball why do you think as i as i told you there is a long-standing feud with uh red
00:42:22.740
fields uh basically uh you can think of him as his commanding officer bob gallo and tony fauci rumor
00:42:29.400
has it that uh you'll recall if you went back in time you'd see that there was a point in time
00:42:34.620
where redfield kind of broke ranks uh as a member of that committee and as the director of cdc up to
00:42:41.140
that point he'd been kind of going along with the narrative and then he broke ranks the rumor was
00:42:45.720
that bob gallo told him that he better come clean or it was going to destroy his entire legacy that's
00:42:52.560
the way i heard the story and uh redfield responds to bob uh very directly uh dr gallo is uh one of
00:43:02.920
you know he is absolutely in the same caliber and cast as tony fauci uh this is a den of thieves
00:43:09.940
that you point out are a bit of snakes and uh all these guys have been uh fighting each other
00:43:15.540
bureaucratically for money and power for my entire career that's 30 years plus all right we're running
00:43:22.460
up against a break make sure you stick around dr malone and of course the audience and trigger
00:43:26.780
warning we are going to open next block with some more anthony fauci interviews some more lies of
00:43:31.600
course because that's the only thing he seems to be able to do make sure you stick around steve will
00:43:35.940
be joining us in about 15 minutes you won't have to put up with me much longer got a 90 second
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the new social media taking on big tech protecting free speech
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let me ask you about what dr robert redfield is charging that you frozen out that you didn't want
00:45:42.000
him there you didn't want him at these meetings and that was deliberate
00:45:45.640
you know neil i really feel badly about that because i know bob a long time he is totally and
00:45:53.800
unequivocally incorrect in what he's saying that i excluded him i had nothing to do with who would be on
00:46:02.080
that call that call was organized by a group of evolutionary virologist in order to discuss the
00:46:08.760
possibility that this might actually be a virus that was actually engineered so i didn't put anybody
00:46:16.280
on the list of that call nor did i take anybody else so it's really unfortunate that in a public
00:46:22.920
setting like the hearing that dr redfield made that absolutely incorrect statement the other thing
00:46:29.020
he said that's interesting who would be on that call did you decide to be on that call or did these
00:46:34.220
other virologists neil i just said it i didn't have anything to do about the decision who would be on
00:46:41.960
the call the evolutionary virologist dr eddie holmes christian anderson all of the others that want
00:46:50.460
they made the decision who's on the call i didn't add anybody to the call so you didn't know going
00:46:55.860
into the call you didn't know going into the call that the cdc director would not be part of that
00:47:01.300
call do you think he should have been uh well i mean retrospectively it would have been okay to
00:47:07.740
have him on the call of course but i didn't put him or take him off and it's really disturbing that
00:47:13.080
in a public hearing of a congressional hearing he makes an accusatory statement that has no basis
00:47:19.980
whatsoever in reality but another point neil that's important he said in his own mind that he
00:47:26.320
was kept out because he was of the opinion that this might be a lab leak half the people on the call
00:47:33.120
were of the opinion that it might be a lab leak so his rationale of why he thought he was excluded
00:47:40.080
is an invalid rationale so it's really unfortunate that he made those statements he's a good guy i've
00:47:46.080
known him for years i'm so i mean i'm just really a little bit disturbed about why he said that which
00:47:51.300
it was completely untrue any regrets you have dr fati overall this do you ever second guess yourself
00:47:59.460
you know you know i mean of course when you say that i mean nobody has done anything perfectly in this
00:48:07.800
very complicated saga that we've been through over the past more than three years of course we could
00:48:15.400
have done things better and in those areas that we could have done things better of course you
00:48:20.400
regret that you didn't do things better so i'm not perfect certainly i'm not and therefore i could
00:48:26.300
have done things better no doubt about that as should everybody feel that way welcome back i love the
00:48:33.380
question any regrets and anthony voucher's response is just wonderful now dr malone i know your wonderful
00:48:38.680
book is called lies my government told me but if you're looking for a sequel opportunity
00:48:43.420
i think you may already have the content that you need to write a couple sequels
00:48:48.880
criticism of the book the criticism of the book is it's not long enough
00:48:53.380
i think i think that's a very valid point now unfortunately that was a long intro so we only
00:48:58.340
have a few minutes left but i just want your your reaction to what to what fauci is saying how he
00:49:03.600
continues to lie the media continues to let him get away with it what what do you have to say
00:49:08.980
yeah in all seriousness uh as i mentioned tony lies like a trained cia officer he deflects and um uses
00:49:19.120
these various ruses that you just saw deployed right there of course tony didn't set up who was on the
00:49:25.040
call he has one of his lackeys do this he always uses surrogates for everything he's too high up he has
00:49:31.400
many many people in his press office that handle all this stuff for him remember that tony and jeremy
00:49:38.040
farrar both got burner phones to have these conversations they knew what they were doing
00:49:43.180
was wrong they knew that they needed to speak off the record they knew they had a problem
00:49:48.200
they knew they were going to try to cover it up the evidence is unequivocal and tony's uh deflections
00:49:55.720
here stand in stark contrast to the editorial today published by our colleague and good friend
00:50:03.260
naomi wolf in which she clearly comes out and apologizes for a series of misconceptions that
00:50:10.800
she's developed based on press manipulation concerning mr trump and many of the issues that
00:50:17.440
have occurred over the last three years including of course the january 6 commission we're never going
00:50:23.120
to see tony fauci showing the courage that naomi wolf showed today
00:50:29.260
well and i think it's so interesting too you bring up how these niad nih personalities
00:50:36.560
you know they all sort of run cover right it's anthony or was rather anthony fauci's personal
00:50:41.340
fiefdom right the idea that he didn't have any control over what was going on on the call it's
00:50:45.960
sort of like the excuse the rationale that he gives for eco health alliance right he's like well
00:50:50.620
i didn't fund the wuhan institute of virology i gave the money to eco health alliance um i think it
00:50:55.360
is yeah so ron johnson predicted exactly this he said that it's going to be extremely difficult to
00:51:02.660
hold any of these people to account because they are seasoned dc administrative state bureaucrats
00:51:09.040
and they know how to cover their backside one of the things that we've come to learn is that in
00:51:14.740
many of these key meetings they were held under chatham house rules people were told not to take notes
00:51:20.640
not to take any recordings don't bring their cell phones so there would be no traceability they knew
00:51:26.140
what they were doing was wrong okay they knew they were covering up bad stuff and they knew that they
00:51:32.340
were complicit in this most massive uh um travesties in the history of public health there there's no
00:51:40.680
question that that's the case and then we had for instance chris ray coming out with his story where
00:51:46.440
all he would talk about i'm talking about director of cia remember it was all ccp ccp ccp look over
00:51:52.940
here um don't look over the fact that in fact it was the united states government that funded this
00:51:58.520
and oh by the way the department of defense has directly denied to a congressional investigator
00:52:05.360
that they provided any of this funding in in stark contrast to what bob redfield has said and bob
00:52:12.780
would know he's got roots that are way deeper than mine in all these areas including dod he comes
00:52:19.440
out of dod he knows exactly what's going on and i think there was freedom of information act requests
00:52:25.120
that showed they were shredding the notes that they had written during these meetings about the
00:52:29.940
origins of of covid well we got about 30 seconds left so please let people know where they can follow
00:52:34.500
you your work your substack your books where they can keep in touch oh you're very kind uh rw malone
00:52:41.640
md.substack.com you don't have to pay it's for free um if you want to support it it's what supports us
00:52:48.760
in our work but you don't need to uh the book is available on at all booksellers uh including amazon
00:52:55.840
and uh you may enjoy visiting the malone institute thank you dr we are up against a break unfortunately
00:53:04.740
but thank you for coming war room posse you already know free speech is under constant attack by the
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