Bannon's War Room - Episode 2587： Beware The Ides Of March; Socializing Losses

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

00:00:10.340 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.920 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.680 in the world to stop that but you're not going to stop it it's going to happen and where do

00:00:24.060 people like that go to share the big line mega media i wish in my soul i wish that any of these

00:00:31.780 people had a conscience ask yourself what is my task and what is my purpose if that answer is to

00:00:39.340 save my country this country will be saved war room here's your host stephen k bann

00:00:54.060 the senate will hear marcus tullius this road

00:01:20.660 on this eve of his most glorious triumph i move that gaius julius caesar be made

00:01:35.200 imperator and granted absolute power over rome for a period of 10 years

00:01:41.520 as some of you know

00:02:09.980 however caesar and i have had our disagreements

00:02:13.280 however that may be he has shown himself to be as wise and merciful in victory as he was

00:02:30.680 invincible in battle let this be an end to division and civil strife

00:02:39.720 i willingly pledge my loyalty to him and i urge you all to do the same

00:02:47.440 i heartily commend the motion proposed by marcus tullius cicero

00:02:54.640 the motion is carried unanimously

00:03:09.940 many of you here today fought against me many of you wished me dead many of you perhaps still do

00:03:33.240 but i hold no grudges and seek no revenge

00:03:39.080 i demand only this that you join with me in building a new rome

00:03:51.000 a rome that offers justice peace and land to all its citizens not just the privileged few

00:04:00.600 support me in this task and old divisions will be forgotten

00:04:06.540 oppose me

00:04:09.300 oppose me

00:04:09.340 and rome will not forgive you a second time

00:04:14.640 senators

00:04:18.200 the war is over

00:04:26.100 the war is over

00:04:41.700 the war is over

00:04:43.700 the war is over

00:04:45.400 the war is over

00:05:11.380 the war is over

00:05:15.140 CHOIR SINGS 0.64

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00:07:21.120 CHOIR SINGS 0.64

00:07:23.120 CHOIR SINGS 0.64

00:07:32.120 CHOIR SINGS 0.64

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00:07:41.120 Look upon Caesar

00:07:51.700 What sayest thou to me now?

00:07:55.160 Speak once again

00:07:56.040 Beware the Ides of March

00:07:59.860 He is a dreamer

00:08:04.040 Let us leave him

00:08:05.680 Pass

00:08:08.160 Pass

00:08:09.240 Oh Caesar

00:08:22.080 Will thou lift up Olympus

00:08:23.820 Great Caesar

00:08:24.480 That's not putus bootless kneel

00:08:28.160 Spear sans for me

00:08:31.860 That's not putus bootstrap

00:08:44.700 That's not putus bootstrap

00:08:46.440 That's not putus bootstrap

00:09:03.360 Let's go.

00:09:33.360 Two. Brute.

00:09:52.740 Then fall, Caesar.

00:10:03.360 Liberty! Freedom!

00:10:15.120 Tyranny's dead! Run, Hank!

00:10:16.680 Oh, pardon me, thou bleeding piece of earth, 0.94

00:10:42.580 that I am meek and gentle with these butchers.

00:10:49.380 Thou art the ruins of the noblest man that ever lived in the tide of time.

00:10:54.220 Woe to the hand that shed this costly blood. 0.67

00:11:01.560 Over thy wounds now do I prophesy, 1.00

00:11:06.600 which, like dumb mouths, do ope their ruby lips to beg the voice and utterance of my tongue. 1.00

00:11:12.100 A curse shall light upon the limbs of men. 1.00

00:11:17.580 Domestic fury and fierce civil strife shall cumber all the parts of Italy.

00:11:22.260 Blood and destruction shall be so in use,

00:11:24.340 and dreadful objects so familiar that mothers shall but smile 1.00

00:11:27.340 when they behold their infants quartered with the hands of war.

00:11:29.920 All pity choked with custom of fell deed,

00:11:33.620 and Caesar's spirit,

00:11:35.960 ranging for revenge with Ate by his side, 0.78

00:11:38.720 come hot from hell, 0.55

00:11:40.720 shall in these confines with a monarch's voice cry,

00:11:43.940 Help us!

00:11:46.060 And let slip the dogs of war,

00:11:49.200 that this foul deed shall smell above the earth,

00:11:56.400 with carrion men groaning for burial.

00:12:03.200 Friends, Romans, countrymen, lend me your ears.

00:12:08.500 I come to bury Caesar, not to praise him.

00:12:12.780 The evil that men do lives after them.

00:12:16.300 The good is often turred with their bones,

00:12:19.900 so let it be with Caesar.

00:12:23.200 The noble Brutus hath told you Caesar was ambitious.

00:12:26.780 If it were so, it was a grievous fault,

00:12:30.000 and grievously hath Caesar answered it.

00:12:33.420 Here, under leave of Brutus and the rest,

00:12:36.060 for Brutus is an honourable man,

00:12:37.600 so are they all, all honourable men,

00:12:39.880 come I to speak in Caesar's funeral.

00:12:43.160 He was my friend.

00:12:44.240 Faithful and just to me.

00:12:50.860 But Brutus says he was ambitious,

00:12:52.720 and Brutus is an honourable man.

00:12:57.360 He hath brought many captives home to Rome,

00:12:59.900 whose ransoms did the general coffers fill.

00:13:02.820 Did this in Caesar seem ambitious?

00:13:05.280 When that the poor have cried,

00:13:08.160 Caesar hath wept.

00:13:09.920 Ambition should be made of sterner stuff,

00:13:11.960 yet Brutus says he was ambitious,

00:13:14.980 and Brutus is an honourable man.

00:13:19.100 You all did see that on the Lupercull,

00:13:21.080 I thrice presented him a kingly crown,

00:13:23.840 which he did thrice refuse.

00:13:26.300 Was this ambition?

00:13:28.220 Yet Brutus says he was ambitious,

00:13:30.860 and sure, he is an honourable man.

00:13:34.440 I speak not to disprove what Brutus spoke,

00:13:39.200 but here I am to speak what I do know.

00:13:43.560 You all did love him once,

00:13:48.060 not without cause.

00:13:51.440 What cause withholds you then to mourn for him?

00:13:54.800 O judgment, thou art fled

00:13:57.480 to brutish beasts,

00:13:59.280 and men have lost their reason.

00:14:05.260 Bear with me.

00:14:11.020 My heart is in the coffin.

00:14:13.920 Bear with Caesar.

00:14:17.720 And I must pause till it come back to me.

00:14:19.920 It is Wednesday, 15th, March,

00:14:26.340 Year of Our Lord, 2023.

00:14:27.900 Obviously, those events took place

00:14:29.720 44 years before the birth of Jesus Christ,

00:14:33.020 but they still resonate down

00:14:34.320 throughout history today.

00:14:35.660 The fall of the Roman Republic.

00:14:37.900 We're going to come back.

00:14:39.020 We've got a lot to go through today.

00:14:40.380 As the world's financial system

00:14:41.820 starts to melt down.

00:14:43.660 Remember, the founding generation 0.93

00:14:45.480 admired the Roman Republic.

00:14:47.500 That's what they predicated and built

00:14:49.040 the American system on.

00:14:51.420 Cortez, Laura Loomer,

00:14:53.300 Stephen K. Bannon, EJ, and Tony,

00:14:55.280 all next in the war room.

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00:16:11.140 Again, text Bannon

00:16:12.600 to 989898.

00:16:16.340 Your host, Stephen K. Bannon.

00:16:21.300 The reason, as long-term viewers

00:16:23.900 of the show know,

00:16:25.060 even at Breitbart Radio,

00:16:26.560 and I always do

00:16:27.220 the Ides of March,

00:16:28.140 and because this is

00:16:29.400 the founders modeled

00:16:31.380 our system not after Greece.

00:16:33.040 We're not a democracy.

00:16:34.060 They didn't model it after Greece.

00:16:35.440 They took elements of Greece 0.96

00:16:36.600 and obviously had a great respect

00:16:38.300 for the culture of Greece

00:16:40.160 and particularly for balance

00:16:41.260 as the Romans had a great

00:16:43.280 respect for Greek culture.

00:16:46.200 But it was the Roman Republic

00:16:47.640 that we are based upon,

00:16:49.740 founded on,

00:16:50.680 the structure of it,

00:16:52.700 and particularly this aspect

00:16:53.780 of the Roman Senate.

00:16:56.660 Let this be the end

00:16:58.380 of division and civil strife.

00:17:00.680 It didn't end up like that.

00:17:02.420 It only exacerbated civil strife.

00:17:04.900 And we are in a very,

00:17:05.960 very similar situation today

00:17:07.520 of the fall of the American Republic.

00:17:09.820 And we've got to protect this

00:17:11.560 and pass it on to future generations

00:17:13.740 because it hangs in the balance.

00:17:15.480 And that's exactly

00:17:16.480 where we do the show.

00:17:17.800 To show you how relevant it is,

00:17:19.320 in 2017,

00:17:20.900 a very controversial production

00:17:22.800 of William Shakespeare's

00:17:24.580 Julius Caesar took place 0.92

00:17:26.160 with Donald J. Trump as Caesar.

00:17:29.000 Let's have a package.

00:17:29.880 We have Laura Lomer,

00:17:30.640 Laura Lomer and Jack Posobo.

00:17:31.860 Posobo could join us

00:17:32.660 in the second hour.

00:17:33.900 Laura's here with us.

00:17:34.700 Let's go ahead and play the package

00:17:35.880 and I'll bring Laura Lomer in.

00:17:37.820 It's an actor dressed

00:17:39.120 to look just like

00:17:40.320 President Donald Trump 0.84

00:17:41.580 as he's assassinated on stage.

00:17:44.600 Look as his character

00:17:45.900 is stabbed to death.

00:17:48.040 And there's no mistaking 0.97

00:17:49.720 the Trump connection.

00:17:51.200 Check out the unbuttoned overcoat

00:17:53.320 and red tie

00:17:54.180 that hangs over his waist.

00:17:56.040 It's a staging

00:17:56.880 of Shakespeare's Julius Caesar

00:17:58.600 that is outraging many.

00:18:00.280 The controversial production

00:18:01.300 is taking place here

00:18:02.560 in New York City's Central Park.

00:18:04.260 The staging is being seen

00:18:05.960 as a direct jab at Trump

00:18:07.380 and the controversial

00:18:08.440 political climate

00:18:09.520 in this country.

00:18:11.120 There are other similarities

00:18:12.440 to Trump.

00:18:13.580 Caesar's wife,

00:18:14.340 Calpurnia,

00:18:14.940 bears a resemblance

00:18:15.800 to First Lady Melania.

00:18:17.680 Begins for me!

00:18:19.160 This is how the assassination scene

00:18:21.400 has usually been done.

00:18:23.180 Julius Caesar repeatedly stabbed

00:18:25.640 by the members

00:18:26.440 of the Roman Senate.

00:18:27.820 In the new version,

00:18:29.120 you see a bloodied Caesar,

00:18:31.020 his white dress shirt

00:18:32.380 soaked in blood.

00:18:34.000 There was mixed reaction

00:18:35.580 about this new twist.

00:18:37.640 I didn't like

00:18:38.320 that they made this person

00:18:39.980 who looks like Trump

00:18:40.960 get assassinated.

00:18:43.400 It's not a good message.

00:18:44.840 I don't think it's disrespectful

00:18:45.840 for the president

00:18:46.540 to be murdered on stage. 0.71

00:18:47.560 It's not really 0.82

00:18:48.380 the president's theater.

00:18:49.380 Everybody knows it's theater.

00:18:50.780 This all comes

00:18:51.460 on the heels

00:18:52.060 of that outrageous image

00:18:53.660 of Kathy Griffin

00:18:54.640 holding the severed head

00:18:56.100 made to look like Trump.

00:18:58.000 She cried during

00:18:58.720 a news conference

00:18:59.460 where she was both

00:19:00.340 defiant and apologetic.

00:19:02.520 That apology

00:19:03.380 absolutely stands.

00:19:04.680 I feel horrible.

00:19:06.620 As the cast

00:19:07.560 took its bow,

00:19:08.240 the audience applauded

00:19:09.260 with a standing ovation.

00:19:11.060 No word from the White House

00:19:12.480 on the controversial production.

00:19:14.140 The death is dead!

00:19:17.560 Liberty

00:19:20.460 Freedom

00:19:22.140 Not the normalization

00:19:23.360 of political violence

00:19:24.660 against the right.

00:19:26.040 This is unacceptable.

00:19:27.420 You cannot

00:19:28.080 get off the stage!

00:19:29.480 All right.

00:19:30.240 Ladies and gentlemen,

00:19:31.080 we're going to pause.

00:19:32.240 We're going to pause.

00:19:33.260 Security.

00:19:34.480 This is violence?

00:19:35.560 Security, please.

00:19:36.460 Security, please.

00:19:37.460 Security, please.

00:19:39.460 You are all Goebbels.

00:19:58.960 You are all 0.98

00:19:59.940 Nazis like Joseph Goebbels. 0.96

00:20:02.320 This is Goebbels.

00:20:03.460 You are all Goebbels. 0.85

00:20:05.460 You are inciting terrorists.

00:20:07.640 This is,

00:20:07.880 the blood of Steve's

00:20:09.000 police is on your hands.

00:20:10.940 The blood of Steve's

00:20:11.940 police is on your hands.

00:20:13.280 Goebbels would be proud.

00:20:14.740 Goebbels would be proud.

00:20:16.420 Goebbels would be proud.

00:20:17.840 Come this way.

00:20:18.980 Goebbels would be proud.

00:20:20.720 Sir, come this way.

00:20:21.360 Goebbels would be proud.

00:20:23.200 Get out.

00:20:23.240 Goebbels would be proud.

00:20:25.400 Goebbels would be proud.

00:20:26.800 Nazis. 0.99

00:20:27.400 You are Nazis. 0.97

00:20:29.500 Goebbels would be proud. 0.97

00:20:31.200 Goebbels would be proud.

00:20:34.660 The controversial Central Park production of Julius Caesar with Donald J. Trump and Melania Trump as the central roles, very controversial.

00:20:45.640 You saw there Laura Loomer, Jack Posovic.

00:20:48.180 Laura, why did you go and break up a theater production in Central Park done on one of the greatest classics in the canon of the Judeo-Christian West, ma'am?

00:21:00.240 Well, thanks for having me on, Steve.

00:21:01.820 And, you know, this was shortly after President Trump was inaugurated.

00:21:05.900 The date of this was June 17th, 2017.

00:21:09.440 And it was normalization of political violence against the right.

00:21:13.280 It was pretty obvious through the production of Caesar and his wife as well that it was meant to look exactly like President Donald Trump.

00:21:21.640 His wife had a Middle Eastern or Eastern European accent as well.

00:21:26.880 And so when you have people cheering and clapping and these very overt, violent tones and incitements of violence against President Donald Trump, it normalizes.

00:21:39.640 It normalizes the incitement of violence against the president of the United States.

00:21:44.580 It normalizes what I called assassination porn when Sean Hannity actually had me on his show and interviewed me about this after I was arrested by the NYPD for breaking up this assassination porn, as I called it.

00:21:58.600 People have to remember that this production was lionized.

00:22:03.620 I mean, it's no doubt that's Trump.

00:22:05.340 And they do an actual I've seen many stage plays of stage versions of Julius Caesar.

00:22:10.760 This went out of its way to show the bloodiness and the brutality of the assassination.

00:22:16.680 The left-wing and progressive crowd in New York City and the critics love the fact that it was an orgy of blood, love the fact that Trump was up there being assassinated like Caesar was.

00:22:27.500 Many times productions try to downplay that a bit.

00:22:30.660 This emphasized the brutality of the assassination.

00:22:36.380 Why did the NYPD arrest you?

00:22:38.180 You were just there to voice your discontent of this assassination porn.

00:22:42.820 Why did they arrest you?

00:22:44.400 Well, it seems like we only have freedom of speech and the right to protest for the left in this country.

00:22:49.640 And so I was arrested for what they called disorderly conduct and trespassing, even though I paid for a ticket.

00:22:57.020 You see, tickets were sold out.

00:22:58.320 And so I woke up at four o'clock in the morning and waited in the dark in Central Park from 5 a.m. until the show started, because the only way that you could get a ticket was if you paid for a ticket from a ticket scalper.

00:23:10.020 And I didn't realize when I got the ticket until I was seated that I had a front row seat ticket.

00:23:16.920 And so I paid the scalper $500 cash for this ticket.

00:23:21.160 And I just realized at that moment that it was a once-in-a-lifetime opportunity to storm the stage during the assassination scene and ruin the entire production.

00:23:31.040 And then shortly after that, it inspired a string of other protesters to do the same, and the rest of the productions were completely ruined.

00:23:39.560 And then you had sponsors pull out because at the time I was a New York resident.

00:23:43.900 I was living in Westchester.

00:23:45.620 I had just finished working with Project Veritas, and I didn't like the fact that my taxpayer dollars were going towards funding the New York Public Theater.

00:23:53.700 And our taxpayer dollars were being used to promote assassination porn.

00:23:58.180 And it's a threat. I want to remind people that it's a crime in this country to incite violence or even joke about assassinating the president of the United States.

00:24:07.180 You can go to jail for doing that. It's not theater.

00:24:11.060 Before Laura Loomer stepped up with Posobiec, remember, this was something they were cheering about every night.

00:24:17.580 They loved it. They couldn't have loved it more. They were so happy.

00:24:20.440 And this is how President Trump, this was in the summer of 17, I think it was in June, this really kicked off his administration.

00:24:28.120 Laura, you're indefatigable, as we say. How do people follow you?

00:24:32.020 You're making spots all the time. You're obviously, I would say, a Trump supporter.

00:24:37.500 How do people follow you on social media? How do they go to their website and figure out how they support your work?

00:24:42.980 Yeah, thank you so much. So my website is lumered.com.

00:24:45.960 People can follow me on Getter and Twitter, Gab and Truth Social at Laura Loomer.

00:24:51.620 And absolutely, I am 100 percent a diehard Trump supporter.

00:24:56.660 Always have been, always will be. So I appreciate you having me on, Steve.

00:25:02.360 Laura, always a pleasure. Thank you very much for joining us.

00:25:04.580 And thank you very much for standing up for President Trump and really the country when you did back in 2017, the summer.

00:25:10.160 Thank you. It's my pleasure. Thank you.

00:25:14.820 Cortez, we often start in the muck of money and power, but here you see culture.

00:25:22.220 The reason the play of Shakespeare resonates down, what, 400 or 500 years, and the event itself is, what, 2000, 67th anniversary of it today, it resonates.

00:25:32.200 It's about people trying to govern themselves. It's about a republic and what happened there.

00:25:37.800 What were the elites in Central Park, what were the New York elites trying to do at the beginning of Trump's term in placing Trump as Julius Caesar in that incredibly bloody assassination scene?

00:25:47.640 Yeah. Well, Steve, unfortunately, trying to normalize political violence, which is something the left has specialized in for many decades, but particularly in recent years, where the violence of the left to try to inflict its will, its political will on people, rather than try to persuade people, right, which is what should be done in the American Republic.

00:26:06.600 What was done in the Roman Republic before it descended into an empire and a brutal dictatorship. Instead of persuasion, it's intimidation and threats, and we get that constantly from the left, and we get this constant barrage, this narrative of normalizing political violence from the left.

00:26:24.160 It's never acceptable. It wasn't okay on the stage in Central Park, wasn't okay during the riots of 2020 throughout America that were normalized and accepted, condoned by corporate media, and it's certainly not okay today.

00:26:38.060 So, yes, we take many lessons from the Roman Republic. We should emulate the best traits of the Republic and also be wary of the slide into oligarchy, because just as it happened to Rome, I believe in many ways it is happening right now in the United States.

00:26:52.360 Now, I still think we can save our Republic. I do think it's salvageable, but I also want to give people a sense of urgency, because believe me, that window is closing, because we are more and more devolving into oligarchy.

00:27:04.280 That window is closing, the clock is ticking, and the hour is late. So, have a sense of urgency about saving our Republic.

00:27:12.600 You're going to have a sense of urgency as we come back. We're going to have kind of a special report to break this down, what's happening throughout the globe, as we've told you.

00:27:21.160 Remember, it's all on your shoulders right now. In the next couple of days, they're going to be looking for even more.

00:27:27.680 The reality is that you're guaranteeing even more. You're guaranteeing much more than you're being told.

00:27:33.040 You're guaranteeing much, much more than you're being told, and that guarantee is going to pass from you to your children, to your grandchildren.

00:27:40.060 The entire system's on fire, and the elites are taking care of themselves, and let the devil catch the hindmost.

00:27:46.260 Oh, by the way, in their view, you're the hindmost. Okay, we're going to take a short commercial break.

00:27:50.900 We're going to be back. Global capital markets, money and power, all of it, next, in the War Room.

00:27:57.180 Nobody thinks that I can take their house and borrow against the house. Oh, no, I have title insurance.

00:28:20.380 No, it's in my name, or he would have to get some special document. They would call me.

00:28:25.980 You know, nobody's calling you. After I've stolen the title, borrowed against it, or sold the property,

00:28:31.320 it's 60 to 90 days to even figure out that they're the victim of this crime.

00:28:36.100 You know, by that point, you start getting foreclosure notices. You've got four mortgages on your house.

00:28:40.780 You don't even own your home anymore. It's not even in your name.

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00:29:30.940 Here's your host, Stephen K. Bannon.

00:29:33.720 We love this country. We're not about to let this country go.

00:29:44.740 If we don't have election integrity, we can't solve the problem at the border. We can't solve

00:29:50.660 the problem with our children's education. We can't restore law and order if we don't

00:29:55.380 have election integrity. Because I really feel every state I go to, people tell me,

00:30:03.020 Carrie, don't stop fighting. We saw what happened in Arizona. We saw what happened in 2020. How

00:30:08.480 long can this go on? We ran a perfect campaign. We had a perfect movement, and we continue to

00:30:15.600 have that perfect movement. Not a darn thing changed other than they sold the election.

00:30:19.680 The movement is still here. All Americans want a secure border. All Americans want to

00:30:25.140 end the fentanyl crisis. All Americans want safety on the streets. These are real basics,

00:30:30.420 and we're about to bring those to the people.

00:30:34.920 You know, anything they don't want us to talk about is what we should be talking about right now.

00:30:40.200 I'm a big believer that the majority of Americans are conservatives.

00:30:44.120 The majority of Americans want common-sense solutions to the crazy problems we're dealing

00:30:51.400 with today, problems that we don't need to have.

00:30:56.120 I'm just standing up here representing the people, giving the government back to the people.

00:31:00.860 Gary! Gary! Gary! Gary!

00:31:04.060 Okay, that's a new video from Carrie Lake. I want to make sure everybody gets that and push that out 1.00

00:31:14.380 today. Remember, Carrie is absolutely fighting hard, so hard. Her case is going to be determined

00:31:20.240 whether in front of the Supreme Court here of the state of Arizona, not the U.S. Supreme Court.

00:31:24.960 I think on the 21st, so in a couple of days, she's putting that out. She's fighting incredibly hard.

00:31:29.540 Let's make sure we support her and push out that video. Let's play, so I want everybody to take it 0.80

00:31:35.440 and make sure it's pushed out everywhere. This is your task today, your task and purpose,

00:31:42.940 to get out there and support Carrie Lake as she continues to fight for government as hard as possible.

00:31:47.380 Let's go to, I want to play the cold open. Capital markets are already melting down.

00:31:51.960 Let's go ahead and play the cold open right now, and we're bringing EJ and Steve Cortez.

00:31:56.600 We're watching the market sell-off this morning. Jitters in the European banking sector dragging

00:32:00.540 down European markets, and it looks to be rippling here into the U.S. futures this morning. Take a

00:32:05.520 look. Declines across the board in the European banks. The Credit Suisse booking a 21 percent loss

00:32:09.820 right now. The downplied move is open of down 530 points at this hour. Allianz and Gramercy

00:32:17.260 advisor and president of Queens College, Mohamed El-Erian, joins us now. Mohamed, great to have you with us.

00:32:23.340 Thank you for having me.

00:32:23.900 What is the concern here, that we are witnessing the beginning of a full-blown banking crisis where

00:32:31.640 there are impacts of what's going on in Europe on the U.S. and vice versa?

00:32:36.540 I think we're recognizing three distinct things. One is a set of bank management issues and lapses

00:32:45.720 in supervision. So the three U.S. banks last week, Credit Suisse, which has had problems for a while,

00:32:53.140 that's very specific. Then stepping back, we're recognizing that both the private sector and the

00:32:59.800 public sector haven't adjusted enough to what has been a mishandled change in monetary policy

00:33:05.980 regimes. And you heard the former senator speak to that. And then there's a third element, which is

00:33:11.260 the flip-flopping of the Fed most recently added interest rate volatility to a situation that already

00:33:18.500 had economic and financial fluidity. So these three things have come together and the equity market

00:33:24.740 is realizing what the bond market has realized for the last few days is that it is not just one or two

00:33:31.280 institutions. What we saw in one or two institutions is exposing something much bigger that we have to

00:33:38.360 reprice to, including that banking is changing because of what's happening right now.

00:33:45.420 Okay, let's go to Steve Cortez. Steve, there's a lot of balance sheets that are going to have

00:33:50.840 their bottom blown out on this, correct? Talk about what the basic problem is and why this is caused by

00:33:57.320 Biden inflation, the overspending, and the Federal Reserves, what they did, because this is not about

00:34:03.740 woke. Woke is very important. And a lot of these institutions, particularly the Silicon Valley Bank,

00:34:09.420 totally woke, inappropriate controls, management team that had a board of directors, Newsom, all this,

00:34:14.840 but that's not the central heart. The central heart of this is much deeper.

00:34:18.700 Exactly correct. And there are a lot of problems that were particular to Silicon Valley Bank,

00:34:23.580 but there are also systemic problems that are not at all particular to that bank,

00:34:27.500 that are, in fact, system-wide within banking. And that's why banks are getting rinsed in terms of

00:34:34.600 their stocks. You know, right now, as we speak today, right now, the Dow Jones is down over 500

00:34:39.360 points. Credit Suisse, the Swiss bank, is the newest victim of the sellers. It's all the way down

00:34:46.240 to $2. To put that in context, by the way, that stock was worth over $70. It does trade here in the

00:34:51.340 United States. It was worth over $70 pre-financial crisis. It is now trading at $2. That's because

00:34:58.320 Biden's inflation is not just a California problem or an American problem. It's something that, in

00:35:03.720 fact, has been exported to the entire world. So the crux of the problem here, okay, what's really

00:35:08.920 going on with banking is that Biden's inflation is so out of control that bonds that were previously

00:35:15.900 considered to be safe and boring. Treasury bonds have been absolutely tanked. Last year, 2022,

00:35:23.180 was the worst year for T-bonds in the history of the United States. The long end of the bond market

00:35:29.040 lost 18% in a year. That is totally unprecedented. It's almost twice as bad as the second worst year

00:35:36.300 ever. And making portfolios even more toxic, Steve, it's not just that bonds were crushed. Bonds were

00:35:42.260 crushed alongside stocks, which is not supposed to happen. Bonds typically are the insurance policy.

00:35:49.500 They are regarded as the boring part, the stable part of your portfolio. And if stocks get wrecked,

00:35:54.540 which they did last year, normally your bonds perform well and give you some measure of safe

00:36:00.320 harbor. The exact opposite happened because of stagflation, because we have massive inflation

00:36:05.780 without growth under Joe Biden. So portfolios were wrecked, including the portfolio of SVB

00:36:12.640 and Signature Bank. And now financial markets are understandably extremely nervous about what is the

00:36:19.240 next portfolio to be wrecked. It seems that for today, it's CS. But the reality here, Steve,

00:36:25.960 is that the inflation that was unleashed by Joe Biden, and how did he unleash that inflation? He attacked

00:36:31.380 domestic American energy, right? The golden goose. He attacked American domestic energy production.

00:36:36.760 Secondly, the exorbitant level of borrowing and spending, an absolute orgy of fiscal profligacy

00:36:43.360 from Joe Biden that was enabled by Republicans on Capitol Hill. Those two massive policy failures

00:36:50.220 resulted in absolutely out-of-control inflation. And Steve, as we have been warning about on this show

00:36:57.280 for the last year, those bond losses matter far more than what's going on in the equity market.

00:37:03.140 That's concerning, to be sure, the volatility of the equity market. But the bond losses are what

00:37:07.220 really, really matter to Main Street. They're what tanked SVB, Signature Bank, and we don't know how

00:37:12.940 many other banks to come. Let's bring in E.J. Antony, though, from Heritage. He also works with

00:37:18.460 Steve Moore's group. You're the numbers guy. You're head of analytics. It's just not these banks.

00:37:24.060 It's the Federal Reserve's sitting on, we've talked about this before, McAddis did this analysis.

00:37:29.660 The Federal Reserve is sitting on over $1 trillion in losses, E.J., and you're now reporting,

00:37:36.580 you're coming to us and saying that the FDIC, the insurance policy itself, of which the deplorables 0.98

00:37:43.180 and MAGA is guaranteeing, underwriting, you're saying that also has, potentially has massive losses

00:37:49.780 in it, sir? Steve, that's exactly right, because the very things that you guys were just talking

00:37:55.760 about, how these treasury bonds have lost so much value and that that was such an integral

00:38:00.120 part in bringing down SVB. Guess where the FDIC's money is kept? In those same bonds, medium

00:38:07.460 and long-term treasuries. So treasury notes, treasury bonds. So now the FDIC is going to have

00:38:14.420 to liquidate some of those holdings in order to pay off these uninsured depositors, and as it

00:38:20.440 liquidates those holdings, that just means it's going to be selling them at a loss. So not only

00:38:25.560 is the FDIC going to have to increase fees enough to cover all of those depositors, it's also going

00:38:32.640 to have to increase its fees enough to cover all of its losses. So talk to me about this, because

00:38:40.780 before the treasurer would actually be kicking in, I don't know, $50 to $100 billion, or excuse me,

00:38:46.040 the Fed in profits, $50 billion a year, $100. How is the American, is this going to be added to the

00:38:52.940 bill, the $6.8 trillion, the $1 trillion loss? And how do we know since the deplorables, the Biden

00:39:00.260 administration has made MAGA, or the American citizens, the basically the guarantors of the FDIC?

00:39:07.940 When are we going to find out? Why can't the FDIC just tell us what's the losses right now? I think

00:39:12.740 what's concerning people, nobody knows what reality is. Nobody knows what's really out there, and every

00:39:19.140 day you get a different number. Daily Mail's got a story up from last night that it's not $600 billion,

00:39:24.880 and I'll get to Cortez on this in a second, it's not $600 billion of unrealized losses on the balance

00:39:30.780 sheet of banks. It's actually $2 trillion or more. So how can we actually get our arms around what is the

00:39:37.880 financial condition, actually, of the banking system, and what's the financial condition of

00:39:42.560 the people supposed to oversee it, the Federal Reserve itself and the FDIC, when we don't know

00:39:47.360 if they're hiding or are sitting on maybe losses they don't even know or haven't calculated yet?

00:39:53.340 Well, I mean, Steve, this is part of the nightmare of fractional reserve banking,

00:39:57.360 where banks keep deposits except they don't actually keep them, right? They lend out most of

00:40:02.280 the money that you give them. That is the only reason why bank runs are even possible

00:40:06.340 in the first place. But in terms of actually trying to calculate the unrealized losses here,

00:40:11.960 that's incredibly difficult to do precisely because they are unrealized. We don't actually

00:40:17.120 know until we go to sell these different assets how much they are worth. And by the way, that's one

00:40:22.820 of the reasons why it's so preposterous when the Biden administration, for example, in their budget

00:40:27.420 tries to propose things like taxes on unrealized capital gains. You have no idea how much those

00:40:34.200 assets are actually worth until you go to sell them. The government wants to literally just assign

00:40:39.260 values to these things to try to get more tax money out of people. I mean, the whole thing from

00:40:44.420 beginning to end is just a complete nightmare.

00:40:47.160 But how can this is? Why is the banking committee? I mean, we had Senator Vance was on yesterday. He

00:40:56.720 had had a meeting with the FDIC. They couldn't even tell him yesterday or had, I guess he had the

00:41:01.720 meeting on Monday, what even the guarantee was. How do we find out? I mean, you're the top

00:41:07.540 analytics guy over at Heritage. How do we actually find out or how the Republicans in the House

00:41:12.180 like today find out even what the regular the regulators, because the FDIC insurance is

00:41:18.480 everything. We have just right now with Signet Bank and with SVB almost a quarter trillion dollars

00:41:26.920 of guarantee of guaranteed deposits. And as the Wall Street Journal reported on on Monday,

00:41:32.120 we've essentially guaranteed 19 trillion dollars of deposits. The people are supposed to oversee

00:41:36.900 that. The Fed has over trillion dollars of unrealized losses on their balance sheet. The

00:41:42.940 FDIC clearly does because you say they hold these in government securities. What is your

00:41:47.400 recommendation? How do we actually get our hands around the American government's aspect of this

00:41:53.380 of what we actually how deep a hole is it for our government?

00:41:57.740 Oh, well, first, everything needs to be made public. All of these details, you know, the FDIC,

00:42:02.640 the Federal Reserve, everyone needs to come out with public accounting reports that detail where what

00:42:09.480 their positions are, and the mark to market of literally everything on their balance sheet.

00:42:14.760 And in terms of what should we be doing, we should be allowing these institutions to fail.

00:42:20.300 You know, people don't realize, I understand that that deposit insurance covers the first 250,000.

00:42:26.740 But a lot of people don't realize is that you can still get private insurance to cover

00:42:31.160 additional deposits beyond that 250,000. The people at SVB chose not to do that. That is on them.

00:42:39.000 This is the equivalent of me choosing not to buy flood insurance for my house. And then I have a

00:42:43.680 flood that destroys the building. And I want the taxpayer to cover it. Absolutely not. We are we are

00:42:49.020 continuing to keep gains privatized, but we are socializing the losses, the moral hazard that is

00:42:55.640 being created here cannot be overstated. In other words, we are encouraging people

00:43:00.560 to take increasingly risky financial positions, including ones that they know are eventually

00:43:05.940 doomed to fail, but will give short term profits.

00:43:11.020 OK, EJ, if you can just hang on for one second, bring Steve Cortez in. We'll take a short commercial

00:43:15.460 break. We've got some other economic analysis you're going to want to see. Short commercial

00:43:20.160 break. Back in a moment.

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00:45:15.740 Okay, we're putting up stuff on Getter all night long, all day long. We're doing the live streams,

00:45:21.000 all of it. Make sure you can download it for free. It's simple. I can use it. You can use it. Make

00:45:25.500 sure you download it today. Steve Cortez, what EJ is just telling you, you got the Federal Reserve,

00:45:32.240 the people supposed to regulate this are sitting on massive losses. What's your observation of that?

00:45:38.780 No, here's the problem, Steve. Again, it is systemic. It's not just a matter of mismanagement

00:45:44.680 from SVB. There was certainly some of that. As you correctly note, don't turn woke into the enemy

00:45:51.860 here. Corporate cultural Marxism is garbage, and it is a significant problem for our society. 0.99

00:45:57.480 However, that is not why the banking system is in trouble. It's not because these management teams 0.98

00:46:02.140 were too woke. It's because of Biden's inflation. Please don't be distracted. Don't fall for diversions.

00:46:08.220 Don't major in the minors. What matters here is Biden's inflation. Biden's inflation is inflicting

00:46:15.440 misery upon the United States economy, in fact, upon the global economy, and the banks are bearing

00:46:21.780 the brunt of it. That is the reality right now. So focus there. This is a system-wide problem

00:46:26.900 because of Biden's inflation. It's why, by the way, Steve, as we've been saying for months and weeks,

00:46:32.460 really, since we won the election for the House of Representatives last November, that the GOP House

00:46:37.320 must hold the line on debt limit negotiations, debt ceiling negotiations. It is more imperative

00:46:43.520 than ever, given this current crisis that we're in in America.

00:46:49.120 E.J., how do we have a situation where the regulators are saying there's $600 billion of unrealized

00:46:57.060 losses? And these professors have done this analysis that's up on Daily Mail that says there's

00:47:03.100 over $2 trillion. I mean, how are the American people supposed to trust anything if these are

00:47:08.020 not marginal differences? These are massive differences. How are people supposed to get

00:47:13.300 their own just heads around about where we really stand?

00:47:17.520 Well, Steve, I mean, I think the regulators have proven time and time again, and so have the people who

00:47:23.140 are supposed to be doing oversight that they really have no idea what they're doing and that they are

00:47:27.540 constantly asleep at the switch. Every time we have one of these crises, we see yet again that there

00:47:33.820 was a failure on the part of government to do precisely what they allegedly are supposed to be

00:47:40.140 doing. And one other thing to tack on to Steve's point about this all being because of Biden's

00:47:47.060 inflation, you know, the clip you played earlier from CNBC where the host was saying that we are in the

00:47:52.400 beginning of a banking crisis. We are not in the beginning of a banking crisis. We are in the

00:47:56.420 middle, possibly the late stages. The beginning was when the Federal Reserve kept interest rates at

00:48:01.680 zero for far too long and far too low. And the only reason they did that was so that the government

00:48:07.420 could spend trillions of dollars it did not have. And that is what caused all of this inflation,

00:48:13.440 as you and Steve were saying earlier. That is what lit this fire. We are not all of a sudden just in the

00:48:20.020 beginning of a banking crisis. Now we're in the middle of it. How does these regulatory agencies

00:48:28.920 and Biden just make this audience the guarantor of $19 trillion of deposits? Is that constitutional?

00:48:37.520 Is it legal? Can they actually do it? And why is it not being challenged? Well, you know, there's a

00:48:42.080 question of whether the entire Federal Reserve is even constitutional. But that issue aside,

00:48:46.940 the Federal Reserve has been given a tremendous amount of leniency when it comes to regulating the

00:48:53.100 banking system and also trying to maintain stability in the financial system as a whole.

00:48:58.240 And so they are using that as the excuse, if you will, to be able to do this. You know,

00:49:03.320 can this be challenged in court? Absolutely. The difficulty there is that by the time this finally

00:49:08.520 works its way, by the time a challenge that is finally works its way through the court system,

00:49:13.220 the crisis is likely going to be over anyway. And at that point, there's no way to put the

00:49:17.380 toothpaste back in the tube. I'm not so sure about that. E.J., how do people get to you? You're

00:49:23.600 doing fantastic work. People need to, particularly if you go to the, find out from the FDIC how underwater

00:49:28.980 they are. Where do people, how do people track you down? They can follow me on Twitter at Real E.J.

00:49:35.800 Antony. E.J., thank you very much. Fantastic work. Look forward to having you back on.

00:49:42.060 Thank you for having me.

00:49:45.980 Cortez, we got other bad news today. Walk through, you've got some economic analysis that will

00:49:52.080 eventually roll into capital markets, but walk us through the economics.

00:49:55.160 Right. And yeah, unfortunately, the hits keep rolling. And by hits, I mean shots to the head

00:50:00.140 economically. We got terrible retail news out this morning. The whole retail sector has been 0.67

00:50:05.600 incredibly troubled because of Biden's inflation. So let's look at a couple of charts here. I first

00:50:10.900 want to show on chart number one. This is small cap stocks. And, you know, we talk a lot about the

00:50:15.720 Dow. It is generally the barometer that most folks watch. But the Dow is multinationals. It's very,

00:50:20.680 very global. This is the Russell 2000 small cap index. The ticker is IWM. And it's a much better

00:50:27.200 read, really, on what is happening on Main Street because these are almost totally domestic names.

00:50:32.020 This is a better reflection of the Main Street economy. The chart I'm showing there goes back

00:50:36.000 three years. So I'm taking you back to the lockdown lows in the spring of 2020. And what you can see

00:50:42.780 there is the Trump boom 2.0. OK, as the country was reopening, as we were emerging from the lockdowns,

00:50:49.760 the economy was on fire without inflation. Biden takes office in January of 2021. And the IWM is at

00:50:58.040 $215. It is getting crushed today, down 2% plus on the day. And it's all the way down to $171.

00:51:07.140 So the reality of Main Street right now, as reflected by small cap stocks, is that the American economy is

00:51:13.680 in serious trouble and worsening. We go to chart number two. This is the retailer sector, particularly.

00:51:19.580 OK, and this is back a year and a half. This is XRT, which is the ticker for the most traded

00:51:24.780 exchange-traded fund group of retail stocks in America. As you can see, that sector has been

00:51:31.540 almost cut in half in the last year and a half under Joe Biden. So retail is in tremendous trouble.

00:51:38.720 Why? Because the consumer cannot handle this inflation, the same inflation which is now plaguing

00:51:43.780 the banking sector. So it is systemic, it's pernicious, and it is worsening. That is the reality

00:51:50.320 right now. Hence, the sense of urgency, Steve. You know, once again, there's a lot of reasons that

00:51:54.520 we need to be urgent as patriots of this country to reclaim our republic from the oligarchs. And

00:51:59.100 one of the reasons for that urgency is the economic storm that we are in, the created crisis that was

00:52:05.240 created by Joe Biden, along with a lot of collaborationist Republicans, permanent Washington

00:52:09.920 fools on Capitol Hill, who enabled and emboldened Biden to pursue this inflationary path, which is

00:52:16.340 impoverishing America, and which is putting our entire banking system at risk. 0.99

00:52:22.680 Okay, short commercial break. Steve, if you can hang over with us. We've got Natalie Winters,

00:52:26.980 Jack Posobiec is going to join us. Because I want to, I thought the consumer, they've been telling

00:52:33.100 the consumer was holding up everything. Short commercial break, 90 seconds, hang in there,

00:52:37.060 and be back in a moment.

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Bannon's War Room - March 15, 2023

Episode 2587： Beware The Ides Of March; Socializing Losses

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