Episode 2587： Beware The Ides Of March; Socializing Losses
Episode Stats
Words per Minute
138.02956
Summary
This is the primal scream of a dying regime, pray for our enemies because we are going medieval on these people, here s not got a free shot, these people have had a belly full of it, I know you don t like hearing that, you try to do everything in the world to stop that, but it s going to happen and where do people like that go?
Transcript
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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
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had a belly full of it i know you don't like hearing that i know you try to do everything
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in the world to stop that but you're not going to stop it it's going to happen and where do
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people like that go to share the big line mega media i wish in my soul i wish that any of these
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people had a conscience ask yourself what is my task and what is my purpose if that answer is to
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save my country this country will be saved war room here's your host stephen k bann
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on this eve of his most glorious triumph i move that gaius julius caesar be made
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imperator and granted absolute power over rome for a period of 10 years
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however caesar and i have had our disagreements
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however that may be he has shown himself to be as wise and merciful in victory as he was
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invincible in battle let this be an end to division and civil strife
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i willingly pledge my loyalty to him and i urge you all to do the same
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i heartily commend the motion proposed by marcus tullius cicero
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many of you here today fought against me many of you wished me dead many of you perhaps still do
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i demand only this that you join with me in building a new rome
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a rome that offers justice peace and land to all its citizens not just the privileged few
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support me in this task and old divisions will be forgotten
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Thou art the ruins of the noblest man that ever lived in the tide of time.
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which, like dumb mouths, do ope their ruby lips to beg the voice and utterance of my tongue.
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Domestic fury and fierce civil strife shall cumber all the parts of Italy.
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and dreadful objects so familiar that mothers shall but smile
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when they behold their infants quartered with the hands of war.
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shall in these confines with a monarch's voice cry,
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that this foul deed shall smell above the earth,
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Friends, Romans, countrymen, lend me your ears.
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The noble Brutus hath told you Caesar was ambitious.
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What cause withholds you then to mourn for him?
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The controversial Central Park production of Julius Caesar with Donald J. Trump and Melania Trump as the central roles, very controversial.
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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?
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And, you know, this was shortly after President Trump was inaugurated.
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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.
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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.
00:22:05.340
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.
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Many times productions try to downplay that a bit.
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This emphasized the brutality of the assassination.
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You were just there to voice your discontent of this assassination porn.
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.
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And so I was arrested for what they called disorderly conduct and trespassing, even though I paid for a ticket.
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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.
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And I didn't realize when I got the ticket until I was seated that I had a front row seat ticket.
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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.
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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.
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And then you had sponsors pull out because at the time I was a New York resident.
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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.
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And our taxpayer dollars were being used to promote assassination porn.
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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.
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You can go to jail for doing that. It's not theater.
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Before Laura Loomer stepped up with Posobiec, remember, this was something they were cheering about every night.
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They loved it. They couldn't have loved it more. They were so happy.
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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.
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How do people follow you on social media? How do they go to their website and figure out how they support your work?
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Yeah, thank you so much. So my website is lumered.com.
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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.
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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.
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Cortez, we often start in the muck of money and power, but here you see culture.
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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.
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It's about people trying to govern themselves. It's about a republic and what happened there.
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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.
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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.
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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.
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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
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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,
00:30:34.920
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.
00:31:04.060
Okay, that's a new video from Carrie Lake. I want to make sure everybody gets that and push that out
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
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.
00:32:23.900
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
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
00:40:47.160
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
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Okay, we're putting up stuff on Getter all night long, all day long. We're doing the live streams,
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all of it. Make sure you can download it for free. It's simple. I can use it. You can use it. Make
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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.
00:45:57.480
However, that is not why the banking system is in trouble. It's not because these management teams
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.
00:49:45.980
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
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.
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,
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