Bannon's War Room - Episode 2581： The Open Scam That You, The American People Are Paying For

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on

00:00:10.020 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.620 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.380 in the world to stop that but you're not going to stop it it's going to happen and where do

00:00:23.760 people like that go to share the big line mega media i wish in my soul i wish that any of these

00:00:31.460 people had a conscience ask yourself what is my task and what is my purpose if that answer is to

00:00:39.020 save my country this country will be saved war room here's your host stephen k bann

00:00:46.920 uh my resolution to pull out of syria i don't see that coalition coming together i don't see

00:00:58.060 ro kahana as much as he talks about economic patriotism putting that coalition together

00:01:02.480 to have a bailout of of east palestine ohio see we're gonna you guys are going to replay 2008 and

00:01:08.900 2009 where louis garment you had you had a decision do we step in and have intervention and try to save

00:01:15.360 this corrupt system by infusing it with taxpayer cash to bail out the elites or do we let the

00:01:22.000 contagion spread and let the devil catch the hindmost and the problem is when you're looking

00:01:26.360 into the abyss it's a very tough call for you guys to make because they're going to sit there and go

00:01:29.860 right now we're looking into an open pit you have no idea how deep this could go you know how the

00:01:35.680 american financial system could collapse how the international financial system could collapse

00:01:39.260 so you better vote to bail it out with taxpayer cash so you're going to take it from people making

00:01:44.420 45 000 a year to bail out the wealthiest people on earth and they're going to put a gun to your head

00:01:49.600 and they're going to say okay you're going to if you don't if you vote no and let capitalism take its

00:01:54.840 take its take its path this contagion will spread they're already talking about is it a contagion or

00:01:59.640 chemotherapy that's what i'm trying to figure out that's that's what you're saying let svb fail

00:02:05.840 i think you have to by the way until you get a bailout of east palestine ohio screw screw look

00:02:13.840 those people are the guys that mock and ridicule maga every day of the week this is the elite that

00:02:19.440 is it's an elite bank the most i think most elite bank in the country it only has a certain clientele of

00:02:26.920 the only the best of these high-tech companies only that it's all the venture capitalists it's

00:02:31.820 so politically they all hate us and they they mock and ridicule the central part of this country

00:02:36.600 they're the the coastal elites let their venture capital from they got plenty of cash plenty of

00:02:41.300 capital let them go bail themselves out physician heal thyself do not come to us when you have not

00:02:47.800 you sit there and you mock and ridicule east palestine you have some both bogus uh um a hearing

00:02:54.480 when nothing gets settled nothing gets sorted until east palestine gets a bailout there shouldn't be one

00:02:59.660 a freaking penny i haven't done anything in silicon valley i agree and it feels similar to the energy

00:03:05.500 i felt when when you guys stood up in the speaker's vote yes someone finally saying to the machine you

00:03:10.700 can't just steamroll us over and over and over it's the same play it's 2008 9 it's it's it's the it's

00:03:16.900 the bailout uh it's the it is china drove exactly exactly exactly what's going to happen i don't know

00:03:23.420 that to what extent if you go back if you go back to town halls if you go back to town halls in your

00:03:28.280 district next week next weekend and say and say and say we'll say they've come to us with svb and

00:03:33.860 we're going to lose here's we're going to lose the contagion is going to spread to other banks

00:03:36.380 number two we're going to lose all these great companies uh and we're going to be lose all our

00:03:41.120 innovation for a decade that's what we're saying we're going to lose all innovation for a decade

00:03:44.200 what is your what is your district going to tell you if a an earthquake hit silicon valley i'm not

00:03:49.740 sure that my constituents would vote to send fema i wonder what you make of the treasury secretary's

00:03:55.740 remarks i know you've been in contact with the white house with treasury and with fdic i have great

00:04:01.520 respect for secretary yellen but i think we need to have more clarity and greater uh strength in what

00:04:07.940 treasury is saying first the principle needs to be that all depositors will be protected and have

00:04:14.220 full access to their accounts monday morning all depositors meaning those with accounts bigger

00:04:19.520 than 250 000 which is the cutoff for insurance right now yes all of them there's precedent for

00:04:25.420 this chair powell when he was at treasury in 1991 the bank of new england collapsed and chair powell

00:04:32.700 said the treasury coordinated with fdic and with the fed and they insured every depositor then and why

00:04:39.940 did they do it they didn't want a regional run on the banks here's what i'm hearing uh from people in

00:04:44.420 my constituency they are getting notes to pull out of regional banks and all of this will be

00:04:49.560 consolidated in the top four banks we don't want that as a nation especially if you're progressive

00:04:54.240 the other thing is the payroll companies that are involved some of them have 400 000 folks they're not

00:05:00.060 going to be able to meet payroll if they don't have access to the deposits

00:05:03.580 your counterpart in the united kingdom has said that the government there has ruled out a bailout of

00:05:13.540 the uk arm of silicon valley bank have you also ruled out that kind of government intervention

00:05:20.960 well let me be clear that um during the financial crisis um there were um investors um and owners of

00:05:33.560 systemic large banks that were bailed out and we're certainly not looking and uh the reforms that

00:05:41.700 have been put in place means that we're not going to do that again but we are concerned about

00:05:48.380 depositors and are focused on uh trying to meet their needs would you be open to um a foreign bank

00:05:55.780 coming in as a white knight to to help stabilize the situation with silicon valley bank

00:06:02.480 so this is really a decision for the fdic as it decides um on what the best course is to resolve

00:06:13.620 um this firm and um i'm sure they're considering a wide range of available options um that would

00:06:22.940 include acquisitions and here are the highlights first all customers who had deposits in these banks

00:06:29.520 can rest assured i'm gonna rest assured they'll be protected and they'll have access to their money

00:06:34.820 as of today that includes small businesses across the country that bank there and need to make payroll

00:06:41.820 pay their bills and stay open for business no losses and i want this is an important point no losses will

00:06:48.400 be borne by the taxpayers let me repeat that no losses will be borne by the taxpayers instead the

00:06:54.860 money will come from the fees that banks pay into the deposit insurance fund because of the actions

00:07:00.960 of that because of the actions that our regulators already taken every american should feel confident

00:07:07.100 that their deposits will be there if and when they need them second the management of these banks will

00:07:13.440 be fired if the bank is taken over by fdic the people okay that's a bald face that's a bald face

00:07:21.120 lie you're bailing this out i'm going to be brutally frank and there's enough cash these depositors are

00:07:27.040 not innocent victims this uh this um bank is like a fraternity or sorority house with the worst people

00:07:35.140 in the country who mock and ridicule and hate you and detest you every second of their lives de-platform

00:07:42.080 you debank you all of it okay and you are bailing them out first off number one their venture

00:07:50.160 remember they're talking about we can't make payroll we can't have operations at 99.9999999% of the

00:07:59.300 company depositors these companies all have financial sponsors called venture capitalists

00:08:05.220 they can take a they get the venture capitalists right now could give them a line of credit to make

00:08:13.020 payroll and pay their operations the reason they're not doing it they don't want further dilution and of

00:08:20.080 course it won't be great return on the venture capitalist capital okay this is what the game is

00:08:25.620 they're coming to you and this thing about the fdic first off it's only about 100 billion dollars

00:08:29.700 in the fdic insurance it also comes from fees from other banks that you are paying the depositors and

00:08:37.120 shareholders of the other banks this is an indirect tax on you i don't say a direct tax on you

00:08:43.460 but i'll give indirect tax on you so biden the american people are paying to bail out the worst

00:08:52.960 scumbags and by the way they got all their sweetheart deal mortgages all these venture

00:08:58.500 they're called venture loans venture loans is they just don't want to put in more hard equity because

00:09:02.920 of dilution they want to own a big higher percentage of the company this is an open scam and you are paying

00:09:10.320 for it in any congressman the opening thing it was friday night at nine o'clock over in the capitol

00:09:15.760 i was doing the tim pool show i told you exactly what was going to happen at 9 35 p.m eastern standard

00:09:23.000 time on friday night and exactly what happened has happened and you need kevin mccarthy and you need

00:09:29.980 elise stefanek and you need mchenry the head of the financial ring every member of congress that is

00:09:35.900 republican or turf them out there is plenty of money to save these depositors it comes from their

00:09:43.180 financial sponsors they can make payroll today they can make operations today they just have to get a

00:09:50.480 line of credit not from the american people but they have to get it from their venture capitalists

00:09:54.920 this is this is 2008 it's even worse than 2008 because now that and i can't say it's a great tragedy

00:10:02.360 you are bailing out the very people that are trying to destroy this country and trying to destroy you

00:10:09.240 remember that let me repeat you are bailing out with your money the exact people that detest you

00:10:15.980 and they're going to say they go oh we're going to lose innovation for 10 years they have the money

00:10:21.380 the venture capitalists are all part of this and all kicked off the run it was a venture cap these

00:10:27.160 these sobs took their money out beforehand as soon as they knew this thing was jiggy

00:10:32.860 right and then left you to pick up the test and we're going to get into biden's as as cortez and

00:10:40.900 navarro and i've been talking about for over a year the biden administration policies caused this

00:10:47.360 one thousand percent direct direct from the beginning of their policies to today both on inflation both in

00:10:55.640 the bond market getting crushed on what they've done and he put a six point eight trillion dollar

00:11:00.100 budget up in your grill and we had no offense the house freedom caucus on friday not good enough

00:11:06.500 the homework assignment got a c plus we need to get serious and we need to go on offense and we need

00:11:14.580 not to back down one inch because this is 2008 all over i told you you're seeing a collapse of the

00:11:21.100 neoliberal neocon system on the border you've got riots we're going to go to the border live at 11

00:11:27.020 o'clock uh eastern daylight time here you've got a massive riot you got a a surge at the southern

00:11:33.400 border they're coming across whether you want and what do you want them here or not up in your face

00:11:37.360 you've got complete collapse of our southern border on an absolute invasion of our country you got the

00:11:43.060 ccp everywhere you got ukraine we're pulling billions of dollars steve cortez by the way it's black

00:11:48.940 monday 13 march in the year of our lord 2033 cortez janet yellen she's saying it's fdse it's the

00:11:55.800 treasury department at the end of the day the treasury in the head of the fed how can she focus

00:12:00.280 on this when she's in kiev sir yeah uh by the way janet yellen you know complete lie to try to fool

00:12:07.320 the american people who know better claiming that this isn't a bailout when it is 100 a bailout the same

00:12:13.420 thing from joe biden who got to the podium for a total of three minutes today lied to the american

00:12:18.500 people took no questions and then sauntered shuffled off the stage because he had just done

00:12:24.040 what his bosses on the west coast gavin newsom the governor of california and the venture capitalists

00:12:29.380 of silicon valley he had just done what he was directed to do which is back up these people and

00:12:34.480 steve you are exactly correct i thought it was so shameful all weekend long these venture capitalists

00:12:40.260 were taking to media taking to social media and practically begging regular americans hard-working

00:12:46.140 working-class laborers of america for a bailout when they are some of the wealthiest most powerful

00:12:51.920 people in america when they themselves have the cash to backstop any cash flow operations uh in the

00:12:59.000 near term but instead they're telling a single working mom in the central valley of california or

00:13:05.340 an iron worker in the midwest you are going to be stuck with this you didn't make this mess but you're

00:13:10.720 going to clean it up you weren't invited to the party but you're going to be stuck with the tab okay

00:13:16.040 that is what is happening right now and also when when they try to say yellen and biden that the

00:13:20.320 taxpayer is not on the hook for this the taxpayer is 100 on the hook and here's the other aspect in

00:13:25.780 terms of how we are going to pay a price for this a massive price that will last not just for weeks or

00:13:30.600 months but for years is via inflation steve inflation is already out of control and what we now have

00:13:38.120 because of this bank failure is we have a fed that is already dialing back massively its intention to

00:13:44.480 fight that inflation so powell fed chair powell now has effectively his excuse he has the beard he's going

00:13:50.220 to hide behind it and say we can't raise rates we can't fight inflation anymore because the banking

00:13:55.160 sector is too vulnerable therefore inflation steve is going to stay incredibly elevated and high at

00:14:02.180 levels that working class people simply cannot afford in our society what happened the the worst

00:14:09.400 aspect there's many terrible aspects but the worst fallout from this weekend and from these events

00:14:13.280 steve mark my words is going to be sustained systemic high inflation that is crushing working

00:14:20.800 class people in this country by the way charles schwab halted traded shortly i think at one point is down

00:14:26.940 nineteen percent republic bank is on the ropes your house number is two zero two two two four three

00:14:33.060 one two one the senate is two zero two two two five three one two one light the phone lines up light

00:14:40.080 on tell them if you don't take a stand today i will work 24 7 to turf you out of your seat no excuses

00:14:48.900 there's this is black or white no excuses we're going to come back in a second and walk through how

00:14:53.700 you're getting screwed all in the war room buy gold and get a free safe to store it in that's right

00:15:02.300 on qualifying purchases from birch gold group now through march 31st they'll ship a free safe directly

00:15:09.880 to your door just text bannon b-a-n-n-o-n to nine eight nine eight nine eight to get your free info kit

00:15:18.400 on gold and to claim eligibility for your free safe here's the deal the fed keeps raising rates

00:15:24.900 because it's the only tool they have to keep inflation under control and guess what it's not

00:15:29.720 working you can't spend your way out of inflation you've seen the impact on the stock market you've

00:15:35.300 seen the impact on your savings hedge inflation by owning gold let me repeat that hedge inflation

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00:16:15.460 steven k bannon

00:16:17.920 weren't clear david you know they weren't really clear about who who has forbearance no but the

00:16:30.880 availability of these facilities where you can pledge securities held at par right and get the money

00:16:36.860 um and the other liquidity facilities so to speak would seem to do enough to to reassure people

00:16:45.140 but they didn't solve the duration problem they didn't solve the assets and liability

00:16:51.020 to schwab's point in its own press release and again this is the case right if you have something in

00:16:56.560 the in the health maturity portfolio uh those securities will mature at par and i'm quoting here

00:17:02.480 from schwab and given our significant access to other sources liquidity very little chance that

00:17:07.280 we'd need to sell them prior to maturity now that is what schwab is saying the stock has come back a bit

00:17:11.980 from when they issued this press release let's call it play this more listen the whole reason the whole

00:17:16.840 reason we do this show is to make sure that working class people in maga throughout the country

00:17:22.940 in the world get the same level of sophistication and analysis on geopolitics politics capital markets money

00:17:30.720 because you're the decision makers ultimately and you've been getting screwed for i don't know

00:17:36.200 thousands of years but let's say specifically the last couple of decades all you need is the information

00:17:41.520 once you get the information you've got to use your agency but i am very proud of the fact that this show

00:17:47.840 has been ahead of this for years before these mouth corporate mouthpieces by the dip right the

00:17:55.820 liars on cnbc and quite frankly fox business been giving you nothing but happy talk and of course the

00:18:00.620 msnbc and the political morning jody one touch this morning with the barge pole they're so nervous

00:18:05.660 that the political fall out of this we are here to empower you we are here to empower you and this is

00:18:13.280 absolutely outrageous there's 600 as we talked last week the the uninsured deposits plus the losses in

00:18:23.460 the portfolio the unrealized losses in the portfolios the unrealized losses on the portfolios are over 600

00:18:30.380 billion dollars of just what we know about remember normally what happens in the bank trade what what

00:18:34.660 do we say cortez at the beginning on the show on friday we said silicon valley bank won't make it through

00:18:39.900 the day now i never in a million years thought a california regulator was stopping jumping in front

00:18:46.220 of the feds to shut down a federally chartered bank right never never saw it didn't see that one coming

00:18:51.740 right didn't see that one coming why the biden administration has been hiding this and didn't

00:18:57.960 want to take action before the weekend they wanted to find a buyer guess what no buyers so they gave it to

00:19:02.800 the they gave it to the taxpayers they couldn't find a buyer they couldn't find pnc hong kong shanghai bank jp

00:19:08.840 morgan nobody want to touch this into the bar score because they don't know what's in here

00:19:11.580 could blow up on you this bank has been insolvent since the fourth quarter this is one thousand

00:19:18.180 percent on the biden regime and these incompetents like that stupid old grandmother they got up there

00:19:23.420 yelling whose hapless ought to be fired today shall be brought before the house and senate and impeached

00:19:28.640 immediately right this bank's been insolvent since last quarter and they've been selling illegal

00:19:33.380 securities since then that the leverage ratio on this bank is 185 to one a bank's leverage should

00:19:40.180 be what i don't know three to four to one maybe five to one during the financial crisis meltdown the

00:19:44.940 investment banks which should never get above leverage of eight to one my beloved goldman sachs

00:19:49.620 were 20 to one that's where you had the implosion you had a bank that had a leverage ratio of 185 to

00:19:56.460 one where were the regulators where was treasury where was fdic where was the federal reserve and

00:20:02.520 where was that hapless old man joe biden and sit up there for three minutes and yammer on it's not

00:20:06.880 a thing no they know how radioactive it is and it is our duty our obligation to our children and our

00:20:13.440 grandchildren and to yourselves and if you're a millennial under 35 years old if you're just going

00:20:17.780 to sit there and say oh no i'll be a social justice warrior then guess what you deserve to be

00:20:23.200 a russian serf because you're going to be a russian serf and all these woke all these woke

00:20:29.940 folks in silicon valley tell me how bad this bank is this is not even a bank it's a hedge fund it's

00:20:35.480 the cool kids table in high school it's the cool kids table in high school and we're bailing them

00:20:40.640 out screw them they got all their venture capitals like david sacks and all the in ackerman and all these

00:20:46.280 guys over the way by the way sacks you're all in the podcast is juvenile you guys sound like nine-year-olds

00:20:51.720 and no offense peter teal i don't know peter what material non-public information did you have

00:20:58.460 when you took all your money and all your venture capital funds out what material non-public

00:21:03.840 information did you have and then to cover your tracks came out and said hey i think everybody

00:21:07.760 i'll take their after your money was out hey i think everybody i'll take all their money out of

00:21:12.420 svb and initiated the run it didn't cause it but it initiated steve cortez and these very people steve

00:21:20.280 this is also important and i put this in context in a new article that's up on my sub stack about

00:21:25.520 uh biden bonds and the bank bailouts where i try to explain in layman terms exactly what happened

00:21:30.500 to silicon valley bank and what the risks are for other banks but i mentioned there because i think

00:21:34.580 this is also critical this same cast of characters okay these oligarchs of silicon valley and these

00:21:40.120 firms let's remember why were they so flushed with cash to put such massive deposits into svb it's

00:21:47.100 because the lockdowns 2020 and 2021 were nirvana for big tech because they forced americans they

00:21:55.180 and politicians forced americans to live lives on screens to only engage in online shopping the world

00:22:01.620 was never better for amazon and google and microsoft than the lockdowns okay and not coincidentally steve

00:22:08.440 those very same tech firms they helped inflict the tyranny of the lockdowns by censoring and

00:22:14.980 diminishing any alternative voices about the lockdowns any criticism of the lockdowns right was

00:22:20.220 diminished i myself was suspended several times for example for questioning the efficacy of masks even

00:22:26.180 though i was 100 right so these same people and and firms okay that inflicted the lockdowns that

00:22:32.080 benefited massively from the lockdowns they now face a very different economy they face joe biden's

00:22:37.860 economy with inflation out of control because their preferred and anointed leader he's not doing so

00:22:43.420 well at managing the economy so now they're over a barrel 150 000 tech workers have been laid off

00:22:50.220 just since the beginning of 2022 the industry is in turmoil and therefore they need their cash massive

00:22:57.860 withdrawals coming out of svb and the taxpayer is supposed to be stuck with the bill hard-working

00:23:03.620 regular americans the very people who suffered from big tech who were the victims of the tyranny

00:23:08.780 of big tech we are now supposed to bail out big tech no no thank you and by the way it's not just

00:23:15.380 taxpayers and and deplorables who are saying no thank you it's also investors steve you mentioned

00:23:19.480 the stock market volatility right now as we speak today the regional bank etf the kre it is down

00:23:26.020 16 for the day that's a chart of the kre going back a year off of the the highs of just a year ago

00:23:34.080 we are down 40 off of the highs of just a year ago down 16 on the day for the kre which again that is

00:23:41.720 an etf and exchange traded fund where you get all those regional banks in one ticker so investors

00:23:47.200 are not waiting to ask questions later they are simply dumping these banks because they know

00:23:52.340 that while other banks don't have the peculiar problems of svb it's concentration in tech they do

00:23:57.520 have similar bond holdings and why are these bond holdings getting destroyed they're getting destroyed

00:24:02.560 because of joe biden because of what he's doing to inflation 2022 was the worst year for bonds for

00:24:08.840 treasury bonds in all of american history and data going back a century it was literally the worst year

00:24:15.380 for capital markets ever because you had stocks and bonds get killed at the same time and steve as we've

00:24:20.820 been shouting about on this show for a very long time the bond market matters much more to regular

00:24:25.600 folks than the stock market does and this is exhibit a of what bond market pain means in the real world

00:24:32.540 a massive bank failure and a lot of worries about more bank failures to come and the deplorables

00:24:38.760 you're caught holding the bag on this you are financially on the hook

00:24:43.520 because the government securities they bought are totally underwater right they're totally underwater

00:24:50.760 because of unrealized these are all these are because inflation this is direct okay elections have

00:24:58.680 consequences stolen elections have catastrophic consequences i hope the nation now is going to

00:25:06.340 embrace the catastrophic consequence that is upon you because these are biden bonds and these are biden

00:25:14.060 banks right he's nothing but hoover he's herbert hoover these are biden banks

00:25:19.360 holding biden bonds and it is all going to sink unless and here's what they're going to do instead

00:25:26.480 of going to the culprits the people that knew this and took all these remember these venture back loans

00:25:32.800 venture back loans this is all just a scam so they don't they don't take dilution they take a risk here

00:25:39.280 so they don't take dilution they shouldn't be lending money to a thing that's 10 guys in an algorithm

00:25:44.880 it's going to burn cash for five years you know it's a it's a unicorn it's going to be worth two

00:25:50.500 trillion dollars it's going to be worth five billion dollars they want all the upsides we've socialized

00:25:54.860 the downside we've mitigated the risk on the downside on your shoulders on the shoulders of the

00:26:00.060 deplorables on the shoulders of maga just like before you take all the downside they get all the

00:26:07.060 upside yeah you don't even get a tip you don't even get a tip right now as we speak the venture

00:26:13.840 capital firms that have every depositors they they own these depositors because they're the vcs they

00:26:20.880 have more than enough money to make payroll i don't hear the whining we're not gonna be a payroll

00:26:25.600 you know innovations you have the money to make payroll you have the money to fund operations because

00:26:33.740 operations there's a bunch of guys coming in a bunch of men and women coming in are working from

00:26:38.240 home with their mask on right because you're totally woke uh no you have all the money extend a credit

00:26:45.180 line to your company and let them pay for the operations and pay salaries and we're all good

00:26:50.300 yes managers are going to get diluted sorry not sorry you're going to have terrible more worse returns

00:26:56.680 because you can't scam the system sorry not sorry right you're not going to be a raise another big

00:27:01.360 fund you're not going to go the masters in april right you're not going to go the wine country

00:27:05.900 screw you let me be let me let me do this in a more sophisticated way screw you okay this is

00:27:13.380 outrageous it's all lie and the republicans sit up there in the mumble tank they had a conference call

00:27:17.740 last night they should have been up in front of the mic this morning say under no circumstances will

00:27:22.220 we let this happen and i don't want to hear about congressional hearings all that crap we're going to hold

00:27:25.940 management accountable of course and management took their bonuses i got all that but that's

00:27:31.340 noise not signal signal is that these are the big dogs that run this country and they're always coming

00:27:37.700 to you for a bailout these super sophisticated venture but akerman and sacks and all these

00:27:43.060 sophisticated guys they sound like seven-year-old boys i'm in trouble mom and dad can you please bail me

00:27:48.260 out please help me the bullies are picking on me screw you

00:27:52.420 can i be more subtle screw you you're not going to screw the american people

00:27:59.360 if you if we roll over for this we'll roll over for anything

00:28:03.020 short break cortez on the other side only in the war room

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00:29:19.820 of course larry summer's sitting there saying it's not time for lectures on moral hazard okay we're not

00:29:33.520 going to give you a lecture on moral hazard here's what we're going to say screw you we're not doing

00:29:37.120 this don't need a lecture on moral hazard this is even not even about moral hazard doesn't even rise

00:29:41.740 to the level of moral hazard these are the worst people on earth they've tried to destroy this

00:29:46.880 country this is the open borders crowd this is the woke crowd this is the groomer crowd the lgbtq

00:29:52.660 all of it crowd right that hate you that hate everything you stand for that support the invasion of

00:29:58.260 the southern border all of it and they're coming to you for a bailout no impossible not going to

00:30:03.440 happen because they have plenty of money this is the scam they have all the cash in the world

00:30:09.180 steve but this gets back i want to make sure people do not get your eyes off the fact that this is um

00:30:16.740 can i get my clock right right there thank you sir um the um this go all goes back to this illegitimate

00:30:23.700 regime their economic policies we cannot detach the economic policies and capital markets results

00:30:30.700 of this illegitimate regime and the collaborationists the republican senator and you call your senators

00:30:37.340 anybody that voted for any of this stuff build back better the infrastructure bill anybody that voted for

00:30:43.380 um you know the all the compromises the people that voted for the continued resolution the omnibus bill

00:30:50.300 every senator all 17 or 18 of those republicans they're all just as guilty because they're collaboration

00:30:55.540 collaborationists just like the people that collaborated with the nazis these are collaborationists

00:31:00.460 they're all guilty and this just didn't come out this is not like a summer storm that appeared out of

00:31:05.560 nowhere this is the storm when i gave the speech at cpac this is what i was talking about it's not a

00:31:11.660 gathering storm the storm is here this is a collapse of the neoliberal neocon order because the only way

00:31:19.040 you can prop it up is on the shoulders of maga financially or the and their sons and daughters

00:31:25.640 that go die on foreign battlefields and you had over the weekend max boot with his mayor culpa in

00:31:30.620 foreign affairs oh you know i i've really made i've learned a lesson as a neocon it really doesn't

00:31:36.160 work and maybe it's not so sophisticated screw you dude you got all these dead kids women men and

00:31:42.400 women and american you know soldiers our greatest patriots and the contractors or former soldiers

00:31:48.100 they're dead on foreign battlefields in iraq and afghanistan and now you sit there and write some

00:31:52.720 piece in foreign affairs and say you know i made a mistake i really didn't understand you know maybe

00:31:57.820 democracy can't be important to certain nations this is the type of people that are not serious people

00:32:04.960 cortez right first off cortez you your theory of the case is hey bannon this is 10x worse than 2008

00:32:12.560 why is that steve cortez yes no i think it's a more dangerous moment in many ways than 2008 and

00:32:18.860 09 and here's why because at least we went into that crisis with the federal balance sheets both

00:32:25.480 on the fiscal and monetary side in relatively good shape what i mean about that is total federal debt

00:32:30.240 at that time was eight trillion dollars that's a lot of money but it's manageable for a country as

00:32:34.800 big as the united states our federal debt is now four times that large we're above 31 trillion

00:32:40.540 dollars and counting aggressively ascending higher even worse perhaps look at the fed balance sheet

00:32:46.480 the fed balance sheet at that time heading into the 0809 crisis was one trillion dollars and it had

00:32:51.700 been stable there for a very long time a very manageable amount actually for a country as big as

00:32:56.280 united states it is now nine trillion dollars okay so here's the point the credit card is already

00:33:02.160 maxed the national credit card so we are heading into this crisis in a far more precarious far weaker

00:33:08.840 financial condition which means we will have a lot less ammunition to throw at any crisis that is the

00:33:14.980 reality right now so this open-ended promise that we're simply going to back all institutional

00:33:20.260 accounts we're going to back all of these silicon valley oligarchs why because they have political

00:33:25.180 power because they're begging for it uh is a is a very dangerous situation that we're in and in some

00:33:30.820 ways i think more dangerous in fact than 08 or 09 and steve to that point of you know being able to see

00:33:36.280 this coming this wasn't some sudden storm right that happened upon us no this inflationary nightmare

00:33:41.060 has been steadily building ever since biden took office and as proof of that let me offer my own tweet

00:33:47.720 from a year ago if we can go to slide number four please uh after appearing on your show almost exactly

00:33:52.920 a year ago to this day last march the yield curve had become inverted and yield curve inversion

00:33:59.860 is a massive warning sign for the economy since world war ii the yield curve has a near perfect record

00:34:06.120 of predicting severe recessions we were talking about this on your show in all of my articles steve a

00:34:13.020 year ago saying the bond market is revolting the bond market is revolting against biden's inflationary

00:34:19.240 policies inflation is out of control and it's going to get worse that was plain to see you didn't have to

00:34:25.140 be a bond market savant to understand that massive trouble was percolating and brewing and worsening

00:34:32.720 and now here we are here we are with the real world ramifications of a bond market revolt a massive

00:34:38.860 bank failure with legitimate worries that there are more to come because other banks they may not have

00:34:44.620 some of the particular problems of svb particularly its concentration on tech its dependence on tech but

00:34:50.860 other banks do have similar problems regarding bond holdings bond holdings that were once considered safe

00:34:56.440 that have now been destroyed because of joe biden by the way to show you historically just how unusual

00:35:02.260 the market action has been in bonds let me if we can go to chart number one please let me show you this

00:35:07.060 chart of uh stock and bond performance put together so this chart by the way is from blackrock which i find

00:35:13.320 kind of funny because of course blackrock is the most evil company in the world and i normally don't want to

00:35:17.620 promote their stuff but they did this chart correctly uh and this shows you uh on the on the x axis the

00:35:24.620 the uh the the horizontal is the equity performance on the y axis the vertical is bond market performance

00:35:30.440 as you can see most of the time the dots in the last 20 years are on the right side of that screen

00:35:36.640 which is where you want them to be look at 2022 what a massive outlier is that is the red dot

00:35:42.820 massive outlier meaning that both stocks and bonds got crushed concurrently because of joe biden and

00:35:50.660 because of stagflation something we haven't seen in this country thankfully since the 1970s so what

00:35:56.060 are the real world ramifications of this if we can go to chart number two let's look at unrealized

00:36:01.620 gains and losses this is from the fdic and this chart should scare the hell out of every single

00:36:08.120 american this chart goes back 15 years from the fdic unrealized gains and losses at fdic insured

00:36:16.380 banks as you can see until recent until the last couple of years this chart is pretty boring right

00:36:21.580 pretty small gains small losses banks generally are responsible generally hold safe uh bonds with

00:36:27.860 their money and you don't have wild swings until now until look at the last few bars on this chart

00:36:34.800 what has happened in recent quarters the massive amount of unrealized losses sitting in bank portfolios

00:36:42.920 because of biden's inflation uh so this isn't just a storm steve it is a tsunami it is a hurricane

00:36:49.860 okay and it is raging all around us whether we choose to ignore it or not corporate media is not

00:36:54.800 going to tell you about it joe biden's going to lie to you yellen's going to lie through her teeth and

00:36:58.820 tell you that you're not on the hook for this you are on the hook for this okay and here's here's

00:37:03.760 perhaps the worst consequence of all going forward is it's giving the fed an excuse to stop fighting

00:37:08.720 inflation so the inflation that is crushing middle class prosperity already in this country

00:37:12.920 it is going to continue and it is going to worsen that's the reality if you're having a hard time

00:37:17.920 right now paying your utility bill paying your car loan it's going to get worse for you because of

00:37:23.940 what joe biden is doing and because of this crisis over the weekend that's just just simply the sad

00:37:29.260 economic reality i want i want people to um um i'm gonna give you a concept make sure you get that

00:37:37.980 this is just not to make you the most interesting person at the dinner party or the neighborhood

00:37:42.100 barbecue or while you're watching the kids playing uh playing uh little league this is to drive forward

00:37:49.280 the notion that we can't let this country go down the tube so it's another piece of nomenclature

00:37:53.500 systemic when we say this is this is systemic because it is the the the economic system is

00:38:02.280 is hardwired into the financial system the capital markets and they try to always separate that

00:38:08.120 biden's illegitimate regimes management or mismanagement of the economy directly comes to

00:38:14.120 these bank failures and now maybe even these brokerage firm failures and they always come back

00:38:19.080 to you that's why they're going to have stories about the ceo who's a total bozo the woke lgbtq woman

00:38:26.480 in london who they've been all you know go at woke go broke on daily mail yes that's all interesting

00:38:31.520 and that's clearly a part of it but this cuts to the heart of the system itself the way the system

00:38:37.640 rolls and that's why the most powerful oligarchs the most powerful oligarchs who caused the run on this

00:38:45.660 bank who caused the run on this bank and are the beneficiaries of all the financial quite frankly

00:38:54.540 crimes of this bank have the gall to come to you for a ballot the reason is they think you're morons

00:39:02.500 and trash anyway and you're just going to roll over the people represent you because they own this town

00:39:07.180 and that's why it is outrageous that the senior republican leadership sat on a phone call last night

00:39:14.980 for hours with fdic treasury and all that and didn't immediately come before the microphone

00:39:20.460 just said this is outrageous if you're too stupid to understand this like i explained it on friday

00:39:26.780 night what was going to happen if you're too stupid to understand you shouldn't be in congress

00:39:31.220 where's the republican leadership today to say no absolutely not we will burn this place down before

00:39:37.780 he let a nickel to bail the worst people on earth out they have plenty of money this is the key

00:39:42.580 they're all whining oh we're going to miss payroll we can't fund operations all these great

00:39:47.400 startups that are going to cure cancer and cure the energy problem and take care of climate change

00:39:52.480 we're not going to be able to make payroll they're all going to go they're going to miss their mortgages

00:39:57.160 the venture capital firms that back them up they've been stealing this money with these

00:40:01.400 corrupt venture loans have the cash all they have to do is extend a credit facility

00:40:07.760 to their company to make payroll and fund operations this is all because they don't want

00:40:14.140 to take dilution they want it once again they want to socialize the risk they want to spread the risk

00:40:19.260 to the maga to the maga and the deplorables you you cover all the downside and they get all the

00:40:25.480 upside brother cortez yes totally and by the way you're exactly correct that uh that republicans on

00:40:31.860 capitol hill should be showing leadership right now uh but i would i would give similar advice

00:40:36.580 to all candidates for office especially candidates for the highest office for the presidency so folks

00:40:42.060 who are either officially in the race for 2024 or about to get into the race uh this is a opportune

00:40:47.820 time for them to number one decry this dirty deal right to say this cannot happen in the united

00:40:55.140 states and number two give us their plan for how they're going to attack biden's inflation so trump

00:41:01.480 de santis hayley pompeo all of them uh should be today i believe issuing statements about how this

00:41:07.540 is totally unacceptable this is a dirty deal from the oligarchs putting their risks upon regular

00:41:12.740 americans but then also not just that not just denounce this dirty deal but also give us the

00:41:17.960 framework how are we going to what is the agenda and actual plan to get back to a place of contained

00:41:23.760 inflation with with sustained growth in this country again because look the economy was already the

00:41:29.600 number one issue on most people's minds it has catapulted even higher um in terms of the list

00:41:34.260 of worries of anxieties of regular americans given this bank failure so this is a key moment where

00:41:40.380 leadership needs to be displayed at the highest levels yes on capitol hill yes among presidential

00:41:46.380 candidates and for that matter i think all candidates for federal law office if you want to be elected in

00:41:50.380 2024 and if you want to win your republican primary particularly uh you better stand up and give us a

00:41:56.340 populist economic message here uh and tell us that number one funding the oligarchs is wrong and

00:42:02.800 unacceptable number two how are we going to get out of this quagmire that biden has put us in

00:42:08.120 202-225-3121 is the number of the switchboard for the united states senate 202-224-3121

00:42:18.680 is um the for the house so make sure you make your calls let your voice be heard send emails all of

00:42:25.340 it today under no circumstances can we allow this to go down you have to say this is outrageous

00:42:30.100 physician heal thyself is what they should be doing today okay also go to birchgold.com

00:42:36.260 slash uh bannon you go there you get the third installment boy talk about timely called the debt

00:42:42.340 trap but the other two installments are there you read them all i give it to you for a homework

00:42:46.220 assignment and i'm not you know i may be checking i may be asking questions and checking papers later

00:42:50.900 you need this now more than ever it's going to walk you through the financial crisis that we're in

00:42:56.980 the third uh segment i've released installment it's called the debt trap you've got to understand all

00:43:02.860 and then you get the first two the politics of money in the uh end of the reserve currency all three

00:43:08.880 of them totally free no obligation nothing just go there and just download it short break back in a

00:43:14.120 moment we rejoice when there's no more let's take down the ccp in joe biden's america criminals are

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00:45:03.000 okay make sure you go to ghetto we're putting up stuff uh non-stop i got to go back to that chart

00:45:10.240 uh here's why ladies and gentlemen there is a it's not a ticking time bomb it's a it's a buried

00:45:16.920 thermonuclear weapon on the balance sheets of banks you got to call these biden bonds and biden banks

00:45:22.920 he's the new herbert hoover he has driven the united states to the verge where he's he's thrown into a

00:45:30.140 financial crisis this is one and don't believe all this crap about this about these marginal

00:45:35.120 deregulation things of trump and it's about the dot no no no no no no no no no no this is one

00:45:41.700 thousand percent one thousand percent on biden's watch about their direct and and the people is not

00:45:48.680 trump it's the collaborationist senators that went along with this the collaborationist senators

00:45:53.920 check out is your senator one of them then lame know what let him know him or her know what you

00:45:59.060 think steve cortez let's go back to that chart because i want to be i want to put people ahead

00:46:04.540 of the curve here sure because what the banks did was what was banks did what you what you would

00:46:10.580 think they bought long long securities that were supposed to be pretty boring the problem is biden came

00:46:16.700 in and completely up into the economy with massive this is this is the results of modern monetary theory

00:46:22.240 and remember he just dumped a 6.8 trillion dollar budget on you that he has no ability to pay for

00:46:29.840 whatsoever and in the house freedom caucus i love you guys but the friday thing wasn't good enough

00:46:34.820 you can't come in with a handful of i don't like this program i don't like this it's got to be it we have

00:46:39.880 a systemic problem we have to come back with systemic solutions that means you know deconstructing

00:46:47.000 part of the defense department so we're not like in syria this is where everybody the syria vote last

00:46:51.820 week it's small but it's the beginning step of taking back commitments you got to take back

00:46:56.860 commitments social commitments and by the way where you're taking away medicaid and others from u.s

00:47:03.000 citizens as tough as that is you should be paying no pensions in kiev you should be paying

00:47:08.900 no medical insurance health insurance in kiev right you should be paying none no weapons in

00:47:16.100 kiev how about this zero money for ukraine and why is janet yellen when she should be on top of this

00:47:23.020 banking crisis that didn't appear overnight why is she in ukraine laying roses there at the at the wall

00:47:29.760 she should be called in tomorrow the senate should call her in to start impeachment on on yellen just to

00:47:35.580 kick it off just so we get to the bottom of this go back to that chart cortez because if folks think

00:47:41.180 this is over by this happy talk they're throwing out this morning no no no no no no we're a long way

00:47:46.460 from over because just continue to throw a gasoline high octane gasoline on a dumpster fire sir

00:47:54.080 right no exactly correct and by the way joe biden just to get to the unseriousness of our supposed

00:47:59.760 leaders right now joe biden looks at the economy which is an absolute turmoil especially for working

00:48:04.840 class people inflation out of control and what's his answer his answer is i'm going to give you an

00:48:10.480 even worse budget and even more inflationary federal budget that is 35 percent higher than

00:48:16.460 pre-pandemic levels i mean it's almost as if he scoffed he laughed at america said oh you think

00:48:21.180 that's bad wait until you see this budget it's going to be even worse but guess what regular people

00:48:26.060 the bond market included bond traders revolting against his policies just today by the way right now

00:48:31.520 just updating kre which is the regional bank etf it's all the regional banks in one ticker

00:48:37.060 right now down 14 percent on the day steve that's a bad year forget about a day okay down 14 percent

00:48:43.720 of the day charles schwab stock which is bank like uh the brokerage firm is down 16 percent on the day

00:48:49.980 why well let's go back to chart number two if we can please this is from the fdic the federal deposit

00:48:55.360 insurance corporation which is how the federal government insures deposits in banks and these

00:49:00.380 are unrealized gains or losses in the investment accounts of fdi insured banks going back to 2007

00:49:07.980 and as you can see prior to this recent period prior to the last few quarters this is a pretty boring

00:49:13.820 chart because for the most part banks have been really responsible and they have bought treasuries

00:49:18.360 as svb did which were stable and and safe they have become anything but stable or safe under joe biden so

00:49:25.620 if you see on that chart relatively small gyrations of gains and losses over the years nothing terribly

00:49:31.280 consequential until joe biden and now the unrealized losses are absolutely falling off of a cliff

00:49:39.200 and worsening not only is it bad but the trend is worsening uh so to your point steve we may very well

00:49:46.140 be at the beginning of this crisis not even in the middle certainly not at the end of this crisis and

00:49:51.560 what joe biden and janet yellen are telling the american people is you're going to take it you

00:49:56.140 are going to bear the brunt of this you know again you didn't make the mess but you're going to clean

00:50:00.440 it up you weren't invited to the party but you're going to pay the tab why because the oligarchs on the

00:50:06.500 west coast to start with those oligarchs demand that we fund their risk they get all of the upside and

00:50:13.760 we get all of the risk not a very good deal for regular americans certainly not for the deplorables look

00:50:19.240 this exact kind of situation this exact kind of toxic bargain is what led to the tea party which

00:50:25.500 led to the america first movement to the presidency of donald trump uh so our movement uh very much

00:50:31.080 finds its origin in exactly this kind of calamity um and this kind of economic injustice unfortunately

00:50:37.940 this episode is uh is proof that this injustice persists and in fact under joe biden is pervasive

00:50:45.080 and growing now we have agency we can stop it starting with the house of representatives which

00:50:49.860 we earned control of in the last election um and we need to use that agency and use that political lever

00:50:55.280 and from here going forward we need to make sure that into 2024 we elect a president and senators and

00:51:01.760 house members who believe in our vision of populist economics and who will not tolerate number one joe biden's

00:51:09.340 inflation but number two will not tolerate this kind of transfer of risk to regular americans where

00:51:15.640 the crony credentialed managerial class gets all of the upside and then regular americans fund the

00:51:21.340 downside it is totally unsustainable it's an unsustainable economic model and it's unsustainable

00:51:26.540 societally steve and let me give you another prediction here and i might sound alarmist to some

00:51:30.580 folks but i think it's correct and by the way most of my economic prognostications have turned out to be

00:51:35.180 exactly spot on if the fed stops fighting inflation and if we have sustained high inflation in this

00:51:41.420 country which i believe we are going to we will have societal chaos mark my words because when people

00:51:47.340 cannot pay for the necessity of life when they can't pay for food and energy believe me this is a

00:51:52.220 volatile country okay often that is a benefit to us we're very dynamic people but there's also a

00:51:56.780 downside to that there's a risk to that we're not going to just take it the way the japanese took their

00:52:01.160 lost economic decades we're not a docile people yeah and if this inflation remains at these levels

00:52:06.460 or higher there will be chaos yeah you have uh we have lost decades ahead of us if we continue on

00:52:14.300 right now we're we're at an inflection point lost decades and a lost generation millennials and gen z

00:52:20.960 okay a lost couple of lost generations in lost decades 90 second break we're going to talk about

00:52:29.440 east palestine and go live to the border with cortez next war room posse you already know free speech

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Bannon's War Room - March 13, 2023

Episode 2581： The Open Scam That You, The American People Are Paying For

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