Bannon's War Room - March 17, 2023


Episode 2593： We Are Sliding Into A Great Depression


Episode Stats

Length

55 minutes

Words per Minute

179.3977

Word Count

10,008

Sentence Count

824

Misogynist Sentences

10

Hate Speech Sentences

19


Summary

Learn English with Donald Trump. President Trump delivers a speech on the banking crisis in the wake of the recent bank failures at Silicon Valley Bank and Signature Bank in Oklahoma and the resulting deposit run at S&P Capital in San Francisco.


Transcript

00:00:00.760 I want to briefly speak about what's happening in Silicon Valley Bank and Signature Bank.
00:00:15.200 Today, thanks to the quick action of my administration over the past few days,
00:00:19.040 Americans can have confidence that the banking system is safe.
00:00:22.940 I instructed my team to act quickly to protect these interests.
00:00:26.660 They've done that.
00:00:27.700 Do you feel forgotten?
00:00:28.500 We absolutely feel forgotten.
00:00:31.060 It feels like they know, but they just don't care.
00:00:33.720 I've called every number I could possibly find.
00:00:35.940 I've been begging, but they're telling us it's all in our heads.
00:00:38.480 It's not real.
00:00:39.360 It's very shocking and insulting and dehumanizing.
00:00:42.760 That's what swift action in my administration over the past few years is all about.
00:00:47.180 It tells you he doesn't care about us.
00:00:51.220 They're asking, is the president coming to Ohio?
00:00:54.440 Let's put this in perspective.
00:00:55.820 Whatever happens here, we've got to understand that it's the responsibility of the railroad company who's made.
00:01:01.420 Do you plan to travel there and have you talk with the mayor?
00:01:03.840 I can't recall.
00:01:05.360 I don't think I've talked to the mayor.
00:01:06.540 I've talked to everyone else there multiple times.
00:01:08.980 I've talked to both the senators, both governors.
00:01:11.820 I've talked to everyone there is a talk to.
00:01:14.340 And it makes you wonder, Miranda, who else has accounts there?
00:01:17.640 Oh, just wait for it.
00:01:19.620 We also have Clintons.
00:01:20.560 Oh, ah, bingo.
00:01:22.200 Ding, ding, ding.
00:01:23.320 Barack Obama and Hillary Clinton.
00:01:26.080 When we learned of the problems of the banks, I instructed my team to act quickly to protect these interests.
00:01:31.180 All these Democratic donors had money in there, Oprah Winfrey being one of them.
00:01:36.240 We also find out that none other than Chuck Schumer is being affected by it also.
00:01:40.840 Do you think that the president, President Biden, should visit and speak with families there?
00:01:45.020 A visit to that level can sometimes have a lot of disruptive effects, so it would need to be thought of carefully.
00:01:51.120 But I'm certainly glad that I went.
00:01:52.780 Treasury Secretary Yellen and a team of banking regulators have taken action, immediate action.
00:01:57.820 Will the deposits in every community bank in Oklahoma, will they get the same treatment that SVB just got or Signature Bank just got?
00:02:08.120 Um, look, I mean, 20 years from now, when women can't have children, when people are dying from kidney disease, lung cancer, liver cancer, what they've done here is an absolute shame.
00:02:25.800 This economic system sucks.
00:02:28.580 What you have is a form of socialism for the wealthy and for the connected and the rich, and you have a brutal Darwinian capitalism for everybody else.
00:02:37.740 That's what this system is, and that's why this system cannot continue as it is.
00:02:42.300 This is the collapse of the neoliberal, neocon order before your eyes.
00:02:46.560 You're always the one that keeps the system up, and it's only with your consent the system can continue on.
00:02:52.720 Do you give your consent? Do you comply with this?
00:02:56.280 Would you not like to have somebody represent your interest here and say, hey, how about this? Screw you.
00:03:03.120 Let's start with some of the banking issues we're dealing with on it.
00:03:07.720 Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now?
00:03:15.120 Are they fully recovered?
00:03:16.840 Every bank, every community bank in Oklahoma, regardless of the size of the deposit,
00:03:21.500 will they get the same treatment that SVBP just got or Signature Bank just got?
00:03:27.960 A bank only gets that treatment if a majority of the FDIC board, a supermajority, a supermajority of the Fed board,
00:03:40.020 and I, in consultation with the president, determine that the failure to protect uninsured depositors
00:03:50.240 would create systemic risk and significant economic and financial consequences.
00:03:57.100 So what is your plan to keep large depositors from moving their funds out of community banks into the big banks?
00:04:09.980 We have seen the mergers of banks over the past decade.
00:04:14.860 I'm concerned you're about to accelerate that by encouraging anyone who has a large deposit in a community bank to say,
00:04:20.600 we're not going to make you whole, but if you go to one of our preferred banks, we will make you whole at that point.
00:04:31.520 Look, I mean, that's certainly not something that we're encouraging.
00:04:37.160 That is happening right now.
00:04:38.760 That is happening because depositors are concerned about the bank failures that have happened
00:04:47.340 and whether or not other banks could also fail.
00:04:51.400 No, it's happening because you're fully insured no matter what the amount is.
00:04:55.340 If you're in a big bank, you're not fully insured if you're in a community bank.
00:04:59.380 Well, you're not fully insured.
00:05:02.080 You were at signature, and it just barely met that threshold.
00:05:07.300 You were at signature.
00:05:09.140 Well, we felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks,
00:05:20.260 and that something, given that our judgment is that the banking system overall is safe and sound,
00:05:32.100 depositors should have confidence in the system, and we took these actions.
00:05:37.480 So there's a special assessment that's been done on community banks in my state and all banks across the country.
00:05:42.740 Was there any discussion that that special assessment would only apply to the larger banks,
00:05:47.720 or was it always assumed the special assessment would cover every bank, including rural banks in my state?
00:05:54.060 I think I'm not certain what the rules are around that, that that's for the FDIC to determine.
00:06:02.540 It has been reported publicly that SVB had a large number of Chinese investors that are there,
00:06:10.760 including some that were companies directly connected to the Chinese Communist Party.
00:06:14.380 Will those individuals, companies, entities, and investors that are Chinese investors be made whole
00:06:24.520 based on assessments in my banks in Oklahoma?
00:06:28.180 So what I'm asking is, will my banks in Oklahoma pay a special assessment
00:06:33.360 to be able to make Chinese investors whole from Silicon Valley Bank?
00:06:37.560 I think uninsured investors will be made whole in that bank, and I suppose that could include foreign depositors,
00:06:47.820 but I don't believe there's any legal basis to discriminate among uninsured depositors.
00:06:53.560 I get it, but I'm just saying my community banks are going to pay this additional fee.
00:06:58.340 It is always fascinating to me as well, the conversation, that taxpayers are being made whole in this,
00:07:03.400 that taxpayers are not going to have any kind of consequence on this.
00:07:05.980 I'm sure my bankers are going to be very excited to know they no longer pay taxes.
00:07:10.380 CBC Squawk Box, Andrew Ross Sorkin.
00:07:13.280 Andrew, we see the government stepping into rescue banks.
00:07:20.120 We see other banks stepping in to rescue banks.
00:07:23.960 And yet I'm still getting breaking news on my phone that Credit Suisse numbers are going down,
00:07:30.780 that Wall Street's still shaky.
00:07:32.320 What's beneath this?
00:07:34.040 Because you can't help but think there's some connection with markets globally,
00:07:39.500 at least across the West, that connects a boutique bank in Silicon Valley
00:07:45.000 with a Swiss bank that's been around for over 150 years.
00:07:50.400 That's actually a very good question.
00:07:51.900 I mean, I think part of that is that just too much risk has been taken by a number of these banks,
00:07:57.000 the regional banks, including Silicon Valley Bank, as you just described, and Credit Suisse is one of them.
00:08:03.500 And but I do think, look, I'm not somebody who blames the Federal Reserve for what's happened at these banks.
00:08:10.180 I know there's a lot of finger pointing as if it's their fault.
00:08:13.180 They have telegraphed.
00:08:14.320 Jay Powell has been telegraphing to the American public, to the world, what he had planned to do for a very long time.
00:08:20.700 It is the job of CEOs and executives at these banks to say, you know what?
00:08:25.820 It's likely going to be raining soon and we got to buy some umbrellas.
00:08:30.160 And this was a group of people who decided for some reason that it was going to be blue skies, sunny outside all the time.
00:08:36.700 That's what I think happened here.
00:08:38.700 Now, there were bank supervisors that clearly didn't do their job from the regulatory side.
00:08:44.560 Obviously, some of the regulatory, the regulations themselves loosened up, which allowed some of these regional banks to take on more risk.
00:08:51.920 I mean, when you look at it, there is something like 600 plus billion dollars of unrealized gains in some of our regional banks across the United States.
00:09:00.820 That should not be. Historically, there have been unrealized losses before, but they would live somewhere around 100 billion dollars.
00:09:08.660 And that was manageable. But when you get to these type of numbers, confidence evaporates and people start to move their money.
00:09:14.400 And that's what we have seen. Now, I think what you're seeing with the government stepping in and saying deposits implicitly, not explicitly, but implicitly are guaranteed.
00:09:24.880 And so everybody's supposed to feel a lot better about that.
00:09:27.340 Having said that, look at the stock this morning. First Republic Bank just got 30 billion dollars of deposits from, you know, half a dozen more than that.
00:09:35.680 Actually, banks, including J.P. Morgan and others, putting their deposits there to try to support it.
00:09:40.700 And yet the stock's down another 20, 25 percent. You're looking at PacWest, another regional bank out on the West Coast.
00:09:48.060 That stock's off another 11 percent. And so there is a question of whether we're going to have to see some more shotgun marriages.
00:09:53.800 A la 2008. I hate to sort of relate the two, but restaurant owner and chef David Neyfeld say they're able to breathe a sigh of relief.
00:10:02.940 I don't think anybody ever wants to hear about any bank having trouble.
00:10:08.620 In addition to business accounts at the bank, Neyfeld says he has his personal savings account and a mortgage at First Republic, too.
00:10:15.520 He did not pull his money from the bank, hoping First Republic could figure it out.
00:10:19.360 If you want the business to be around, you need to be a patron of the business.
00:10:22.480 Former Federal Deposit Insurance Corporation Chair Sheila Baer says Americans should remember that FDIC insurance covers up to $250,000 per depositor at most banks.
00:10:33.040 Her message, don't worry.
00:10:34.900 If depositors rush into a bank and want all their money out at once, they will force an otherwise healthy bank to close.
00:10:41.300 We call it a roller coaster. Not the fun kind, Brian. I mean, so put this week in perspective for us.
00:10:48.360 It starts with the government bailing out, one might say, some depositors.
00:10:53.020 Now we've got these big banks coming in, some doing things that they'd never do again, bailing out smaller banks.
00:10:58.880 I mean, what to even make of this?
00:11:00.460 Yeah, and it's really interesting that the person I spoke to at the very end there, the former chair of the Federal Deposit Insurance Corporation, which stepped in over the weekend, said that if we saw the government step in on the weekend and then we saw the banks and the industry step in just yesterday, then maybe the next step would have to be Congress.
00:11:15.720 So if there were to be more issues in the banking system that were to spread to other institutions, it's possible it could require an even larger response down in Capitol Hill.
00:11:23.740 But it just bears repeating. This is a self-fulfilling prophecy.
00:11:26.940 I mean, if you start freaking out and pulling out your money out of the bank in many ways, that is what starts the crisis.
00:11:33.040 Yeah, yeah. It's all really about fear. And a lot of this is psychological.
00:11:35.940 As Sheila Baird was saying, these are healthy institutions, but it just seems to be that a lot of people rushing for the door, if enough people pull enough money too fast, that's what could happen.
00:11:45.120 What if you are kind of looking at your 401k and you're looking at the stock market, maybe you have a few stocks invested and you are getting a little uncomfortable?
00:11:52.460 Is there something that you can do that's reasonable?
00:11:54.880 Yeah, Hoda, certainly the temptation is there to look at the portfolio and it's a little bit scary right now.
00:12:00.460 But what experts I've spoken to have said, don't change your long-term strategy.
00:12:04.440 Make sure that you're not overexposed to one stock or a specific type of stocks.
00:12:08.320 But broadly speaking, if you set up a strategy prior to this weekend's events, don't change that.
00:12:12.800 So, Peter Baker, let's talk about the government intervention.
00:12:16.800 And you've been writing about how they're very careful to not call it a bailout.
00:12:21.640 But the Biden administration is in a tricky spot right here with the politics of this as a re-election campaign looms.
00:12:29.560 People you're talking to, what's their approach going to be?
00:12:32.180 Yeah, obviously bailout is a seven-letter word, but in Washington is a four-letter word, right?
00:12:36.520 And, of course, you're right, that Andrew Ross Sorkin wrote the best book about the last crisis.
00:12:40.140 We're still living with that today.
00:12:42.180 President Biden, of course, was vice president coming in in 2009, inheriting the bailouts that President George W. Bush had first proposed.
00:12:49.340 And they saw the price of that.
00:12:51.780 It changed our politics.
00:12:52.840 Arguably, the bailouts back then, even though the money mostly, if not completely, came back to the government, even if it saved the world economy, as a lot of people argue, left such a bad taste in the public's mouth that it gave rise to this current populism we're seeing.
00:13:08.940 It gave rise to the Tea Party movement.
00:13:10.540 It gave rise to the Occupy Wall Street movement.
00:13:12.460 On the left, Bernie Sanders and Donald Trump were suddenly not just fringe characters on the wings of their parties, but major forces contending for the presidency.
00:13:21.480 One of them actually got there.
00:13:23.000 And so you can see why there's no desire here in Washington, at least on the part of the administration, to call what they're doing a bailout.
00:13:28.500 Now, they would say it's not a bailout.
00:13:29.540 It's not what happened in 2008.
00:13:31.380 By guaranteeing these depositors at SVB, they're not, they say, of course, bailing out the investors and the risk takers and the managers, the people who got us into trouble in the first place.
00:13:42.900 They're simply taking care of the innocents who had their money at this bank.
00:13:46.860 But, you know, it doesn't it doesn't mean that you're not going to hear Republicans use the B word again and again right now.
00:13:51.760 And that's something that the Biden people are very sensitive about.
00:13:55.680 It's St. Paddy's Day, Friday, 17 March, year of our Lord, 2023.
00:13:59.360 All you're getting is lies, misrepresentations and spin.
00:14:02.880 We're here to break it all down for you.
00:14:05.060 Everything you heard there is just hair on fire and not getting to the heart of the problem.
00:14:09.800 And the problem is so deep, so systemic, so bad.
00:14:14.680 OK, and it deals goes right back to Biden, the spending, the inflation, the Biden bonds collapse.
00:14:20.160 These are U.S. government securities.
00:14:21.560 Now, what are they talking about risk?
00:14:23.220 That's all lies spin.
00:14:25.560 Right.
00:14:26.080 These are healthy institutions.
00:14:28.300 Close your browser.
00:14:30.320 Andrew Ross Sorkin's wrong.
00:14:31.520 It's not 600 billion in gains.
00:14:33.020 It's 600 billion in losses.
00:14:35.060 And by the way, the real losses are over two trillion dollars.
00:14:38.220 There's a shot below the waterline in the American and global financial system.
00:14:43.240 And guess what?
00:14:44.080 They're taking on water.
00:14:45.880 The only people that can bail enough and save them are MAGA, the wage earners.
00:14:50.780 The wage earners versus the oligarchs next in the war room.
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00:16:26.080 Here's your host, Stephen K. Bann.
00:16:32.840 Okay, welcome back.
00:16:35.160 We have to have an adult conversation about this because all of the – remember, when they even said they're –
00:16:42.680 oh, it's going to Congress.
00:16:43.760 It's all on your shoulders.
00:16:45.260 This is all bailouts, okay?
00:16:47.340 All bailouts.
00:16:48.120 When you get back to how it's going to – either through the bank fees or through actual reasoning, everything, it's all you.
00:16:55.840 They're going to spin it every way they want to spin it.
00:16:58.360 They're going to lie about it.
00:16:59.360 They're going to call it this, call it that.
00:17:00.620 It gets back to you.
00:17:02.260 You're going to be paying more for this.
00:17:05.120 And the individual banks, as bad as they're managed and the regulators for the $6.8 trillion in budget you're spending,
00:17:11.780 hasn't seen the insolvency here.
00:17:13.940 And here's the problem.
00:17:14.880 As we've talked about, because of the structure of our financial system predicated around the zero interest rates
00:17:20.880 that Obama and Biden brought in to solve the problem in 2008, which didn't solve it.
00:17:28.500 We said it didn't solve it.
00:17:30.040 It led to the rise of Donald Trump, right?
00:17:32.500 But it didn't solve the basic core problem of these zombie institutions, of Steve Cortez.
00:17:38.000 And I want people to understand right now, this is far worse than 2008.
00:17:44.560 It's going to be far worse than 2008.
00:17:47.120 Steve, let's talk about – by the way, how did you like – I did a 14-minute cold open because we had to.
00:17:52.360 We had to get all the voices in there of the lies and the spins, and they look like deer in the headlight.
00:17:57.500 Give me your assessment of that cold open, and then I want you to talk about the massive problem,
00:18:01.760 the ticking time bomb we have right here where all these banks are going to the Fed right now.
00:18:05.560 And remember, everything I say, I want everybody in the audience to understand something.
00:18:09.160 You're paying for this.
00:18:10.880 You are paying for this.
00:18:12.000 The wage earners in this country, wage earners.
00:18:15.160 I don't care if you're middle class and you're making $150,000 a year.
00:18:19.200 You're just punching a clock, right?
00:18:21.540 Wage earners are paying for this.
00:18:23.440 Steve Cortez.
00:18:24.960 Steve, that opening montage, it was necessary to watch, but let's face it, it was tough to watch.
00:18:29.380 I woke up in a great mood.
00:18:30.600 It's St. Patrick's Day.
00:18:31.460 Happy St. Pat's to you, one of my favorite Irishmen.
00:18:34.440 And I also want to say Happy St. Patrick's Day to my wonderfully Irish mother, who is
00:18:38.020 a huge, dedicated fan of the war room.
00:18:40.600 But anyway, it was in a very good mood and really not so much anymore after watching that
00:18:44.540 A block.
00:18:45.000 But it's necessary for all of us to see it, because we have to see the reality, and we
00:18:49.400 have to see just how stark the lies are that they continue to look into the camera and to
00:18:53.800 get to a microphone and tell the American people and pretend that this isn't a bailout.
00:18:58.820 Of course, it is a bailout, and the consequences are going to be severe and systemic and long
00:19:05.200 lasting.
00:19:05.860 And of all those consequences, I think perhaps the worst is the idea that the Fed has now
00:19:10.520 been neutralized, Steve, that this out-of-control inflation that the Fed was trying, not very
00:19:15.820 successfully, to fight.
00:19:17.500 The Fed is now officially neutralized, because it believes if it continues to fight inflation,
00:19:21.600 that it's going to send the banking system into an absolute collapse.
00:19:24.820 And let me show you what I mean by this with a chart and with numbers.
00:19:28.580 If we go to chart number one, please.
00:19:29.900 This is the Fed discount window.
00:19:32.420 This is effectively the bank for the banks.
00:19:34.960 OK, so this is where the banks go to borrow money from the Fed.
00:19:38.760 That chart goes back 20 years, all the way to 2003.
00:19:43.080 You can see that there was a lot of buying, a surge of buying back in 2008, 2009.
00:19:47.480 Why?
00:19:47.760 The banks needed liquidity, and they needed it badly.
00:19:50.360 The only place they could get it, they couldn't get it from other banks.
00:19:52.480 They had to go to, effectively, our bank, to the Federal Reserve.
00:19:56.180 You can see then another spike on that chart during the lockdowns, but not that significant,
00:20:00.180 actually.
00:20:00.540 Banks were in relatively good shape during the lockdowns of 2020.
00:20:05.040 What we now have on the far right side of that screen is we are at worse levels than 2008
00:20:10.880 and 2009.
00:20:12.000 So to your point, Steve, the banks are scrambling for cash now in a way that they weren't in 2008
00:20:18.900 and 2009, as bad as things were then.
00:20:21.120 And here's the thing, Steve, to get back to what I was talking about with the Fed, this
00:20:24.360 means that between this lending and between the obligations that the Fed just assumed,
00:20:29.260 that the federal government, FDIC, just assumed for these collapsed banks.
00:20:33.000 In total, we have seen just in a number of days, Steve, the Fed balance sheet expand by $300
00:20:38.460 billion in an era in which the Fed has claimed that it is going to reduce the balance sheet
00:20:44.660 to try to fight inflation.
00:20:46.160 So again, the consequences, it's hard to exaggerate just how harmful the overall consequences
00:20:51.380 are.
00:20:51.940 I want to sit, because you won't see this even on the business channels.
00:20:55.260 This is why the working class and middle class on this show are smarter.
00:20:58.560 Okay.
00:20:59.800 In 2008, you remember that week when it all melted down with the Bush and Pelosi and all
00:21:04.900 of it, that Goldman Sachs was going to go back, the great Goldman Sachs, the top investment
00:21:08.860 bank on Wall Street, was going to go bankrupt over the weekend.
00:21:12.560 But Paulson, who used to work there, signed a one-line letter to the control that said,
00:21:18.020 Goldman Sachs is hereby a bank-holding company.
00:21:20.260 Made them a bank-holding company.
00:21:22.100 They could go to the Fed window on Monday and draw down, I think, $5 billion of cash at
00:21:26.360 that time.
00:21:26.740 That chart we're showing you is how these banks, forget the $30 billion of deposits.
00:21:33.120 That was all, put the shotguns through their heads, and that was temporary, and the markets
00:21:36.580 all do it today.
00:21:37.860 Okay?
00:21:38.680 And the banks are coming to, we are nationalizing the banking system.
00:21:44.780 We are nationalizing the banking system to save the oligarchs, and you're paying for
00:21:48.760 it.
00:21:48.860 Let me repeat this.
00:21:49.940 The Swiss did it the other day.
00:21:51.760 We're doing it right now.
00:21:53.100 I want everybody to understand, and the clowns on Capitol Hill, and the gutless Republicans,
00:21:58.020 they've got to step up.
00:21:59.460 If we're going to nationalize the banking system, fine, but let's have a debate about it.
00:22:03.020 Don't do it behind closed doors, and don't sit there and spin and sit there and go, it's
00:22:07.540 not a bail.
00:22:08.020 Bail, that's a seven-letter word, but it's a four-letter word in Washington, and this
00:22:11.140 is not a bail.
00:22:11.980 Screw the Biden administration.
00:22:14.160 They've put us here with the collaborationist Republicans.
00:22:16.780 It's all about the spending.
00:22:18.360 Spending that led to the burning, dumpster fire of inflation that destroyed the, it's
00:22:23.840 Biden spending, Biden inflation, the Biden bonds, which are the government securities
00:22:28.560 that are crashed, Andrew R. Sorkin, it's $2 trillion unrealized losses to the Biden banks.
00:22:35.520 This Biden is Herbert Hoover.
00:22:38.440 He's sending us into a Great Depression.
00:22:40.900 We are nationalizing the banking system before your eyes.
00:22:44.040 Let's go back to that chart, explain what these banks are doing right now on taxpayer
00:22:48.280 money, sir.
00:22:49.320 And we're nationalizing the banking system, Steve, without participating in any of the
00:22:52.640 upside, okay?
00:22:53.760 If it were a true nationalization, and we have to bear the risks, then we should also enjoy
00:22:58.720 the upside.
00:22:59.240 We don't have that now.
00:22:59.960 It's totally asymmetric.
00:23:01.680 All of the risk for the deplorables, none of the upside.
00:23:04.520 The upside only, the guarantees and profits only for the oligarch.
00:23:08.580 So if we can show chart one again there, please.
00:23:10.240 This is the Fed discount window.
00:23:12.540 This is effectively the bankers to the bankers.
00:23:15.900 This is where our banks go to get money.
00:23:18.160 You see that massive spike in 2008 and 2009.
00:23:21.640 We are now in a worse place, meaning there is a more intense, bigger scramble for cash
00:23:27.300 from these banks who are borrowing money from us, effectively, from the Federal Reserve
00:23:31.540 balance sheet.
00:23:32.820 It is far worse than it was in the lockdowns of 2020, and it is even worse than 2008 and
00:23:37.920 2009.
00:23:38.940 And by the way, Steve, you mentioned, let's go to chart number two.
00:23:40.840 You mentioned First Republic, which is getting this $30 billion of deposits from the larger
00:23:46.720 banks.
00:23:47.180 It's effectively orchestrated by Yellen in Washington, D.C.
00:23:50.060 Well, guess what?
00:23:50.900 The investors are saying, I'm going to sell the stock first, and I'll ask questions later,
00:23:55.300 because First Republic, despite that massive infusion of deposits, it is right now, as we
00:23:59.900 speak, down 20 percent on the day.
00:24:02.440 And that chart right there is the stock of FRC, First Republic Bank, going back a year.
00:24:08.460 As you can see, to the lows of this week, it has lost 90 percent of its value.
00:24:13.900 So the stockholders out there right now, okay, people who are actually taking risk and putting
00:24:18.260 money to work in markets, the stockholders are saying, I want out, and we'll ask questions
00:24:23.200 later.
00:24:23.760 That's effectively what's going on.
00:24:24.940 Now, there is a little bit of truth-telling out there, believe it or not, from-
00:24:28.760 Hold on, hold on, hang on, hang on, hang on, hang on.
00:24:31.380 Before I go to that, I want you to go back.
00:24:33.880 You can't even look at stock markets.
00:24:35.400 For the last two years we've been talking about, and you've been the tip of the spear,
00:24:38.700 you've watched the bond market.
00:24:40.340 This is the revenge of the bond market's collapse and the bond market just trashing people,
00:24:45.340 and particularly government securities.
00:24:46.600 As interest rates go up, these bonds are worthless.
00:24:49.280 Let me repeat, when you're at zero, when Trump had the election stolen from him at 3 November
00:24:56.240 2020, when the 10-year treasury is 0.86, and it gets up to over four under Biden because
00:25:04.100 of his spending, okay, of his spending, those government securities become essentially almost
00:25:09.700 worthless, worth, I don't know, 20 percent of their value, Steve.
00:25:12.780 That's what blew the bottom out of these banks.
00:25:15.320 That's what Silicon, it's not Silicon Valley Bank being woke.
00:25:18.780 Yes, it was terribly managed.
00:25:20.200 It was a hedge fund.
00:25:20.980 It was a country club.
00:25:21.740 They're terrible people.
00:25:22.740 They hate you.
00:25:23.580 They de-platform you.
00:25:24.860 And wokeness helped because they were all incompetent.
00:25:27.480 Woke.
00:25:27.880 But the bottom line, it was Biden, Biden, Biden, Biden, Biden.
00:25:32.060 Don't ever forget that.
00:25:33.160 Don't ever forget that.
00:25:34.180 It ain't woke.
00:25:35.160 It's incompetence and malfeasance.
00:25:37.000 Steve Cortez.
00:25:38.340 No, correct.
00:25:39.000 That is exactly the crux of it.
00:25:40.940 Last year, 2022, was the worst year for treasury bonds in the history of the United States.
00:25:47.660 So an asset class that is supposed to provide insurance in times of turbulence, an asset
00:25:52.520 class that is normally stayed and boring, became anything but, became incredibly toxic,
00:25:58.440 remains incredibly toxic because of Joe Biden's systemic inflation.
00:26:03.420 And again, I can't reinforce this point enough, that inflation, which the Fed has now neutered
00:26:07.600 in terms of trying to counter.
00:26:09.660 Can't do it.
00:26:10.260 Well, your life's about, your food's, yeah, it's huge on you guys.
00:26:15.320 Hang on for one second.
00:26:16.100 Let me get John Ferguson for a couple of minutes.
00:26:17.660 Frederick, you've been there before.
00:26:18.800 You were homeless after 2008.
00:26:20.280 How do you feel this morning, buddy?
00:26:21.320 You feel good?
00:26:24.400 It's Redux.
00:26:25.240 It's all over again, Steve.
00:26:26.420 They're doing it again.
00:26:27.380 Look, nobody can take a backseat to me on this stuff or my wife, man, because we lived
00:26:31.940 it, homeless two years, no money, had to park cars to put a chicken on the table to feed
00:26:38.180 a five-year-old.
00:26:39.720 This thing, they're doing it again, but only worse.
00:26:42.440 What you saw in that exchange with Janet Yellen and Lankford of Oklahoma is what I've been saying
00:26:48.840 for a week, and he absolutely nailed it.
00:26:51.200 The real plot here is to get rid of small community banks, because if they get rid of those,
00:26:58.220 then they can get rid of the bane of the Democrats' existence, which is small business
00:27:03.680 owners.
00:27:03.980 The purpose of small regional banks is to loan money to entrepreneurs starting businesses.
00:27:11.580 Do you think that Ann and I would own 15 radio stations if the first one we had to go to
00:27:17.800 Wachovia, Bank of America, Wells Fargo?
00:27:22.640 They'd have laughed at us and kicked us out.
00:27:25.200 We built a company with a small credit union in Newport News called Bayport Credit Union.
00:27:32.140 This is what little banks do.
00:27:34.540 You build a relationship.
00:27:35.820 They take the time to understand your business.
00:27:38.300 They try to figure out what you're doing.
00:27:40.300 They give you some seed money.
00:27:42.220 You can build a company and hire people.
00:27:44.340 Now you're a small business owner.
00:27:46.140 What they're doing, they've nationalized the banking system.
00:27:49.520 They've guaranteed only the big depositors.
00:27:52.260 She said, can you guarantee that the small banks' depositors are going to be taking care
00:27:59.440 of?
00:27:59.580 Her answer, no.
00:28:01.120 So you're going to get the drain of deposits from the small banks going to the big banks,
00:28:06.400 which then puts the small banks out of business, which then chokes off small businesses.
00:28:12.600 That's their plot.
00:28:15.020 John, we'll try to get you back at five.
00:28:17.520 We've got to punch Cortez with it.
00:28:18.980 Remember, they're bailing out CCP companies with your money, baby.
00:28:23.020 All next, in the war room.
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00:29:59.140 Here's your host, Stephen K. Bannon.
00:30:02.300 I want to make sure everybody in this audience understands because you're the – we said you're the head of the creditors committee a year ago, and we're not kidding.
00:30:12.420 I'm not saying that facetiously.
00:30:15.200 That's – you're the only rational actor in this.
00:30:19.080 You've got to hold the line or the country's going to be over.
00:30:22.380 You're going to implode this financial system, okay?
00:30:27.500 You're going to implode this financial system.
00:30:29.560 And what they're doing in this patchwork thing and the lies and misrepresentations are only going to make it worse.
00:30:37.100 They're just scrambling around trying to put fingers in the dike patches, and they're doing things behind the scenes and not being straightforward with the American people.
00:30:42.820 Cortez, walk me through how bad it is, brother.
00:30:45.240 Yeah, you bet.
00:30:46.520 And just giving a market update here to show you, again, what is capital actually doing?
00:30:50.100 Forget about pontificating from pundits on TV.
00:30:53.320 Let's look at what cash on the barrel has decided to do, and it's running for cover right now.
00:30:57.500 First Republic Bank, which I mentioned opened up down 20 percent, now down 22 percent.
00:31:02.260 Charles Schwab, which really isn't even a bank but has bank-like aspects to it, down 5 percent on the day right now.
00:31:08.480 Fifth Third Bank, down 5.5 percent right now on the day.
00:31:11.660 You know, Steve, that would be a bad month, that would be a bad year in normal times.
00:31:14.960 It's anything but normal.
00:31:16.040 Now, there is at least a modicum of truth-telling from Wall Street.
00:31:19.740 It's rare to find, but when we find it, I think it's worth citing.
00:31:22.720 So Bank of America, their chief economist, actually put out a statement, which makes a lot of sense,
00:31:27.640 and unfortunately should fill everyone with dread about what is to come in this country because of these policy failures.
00:31:33.360 If we can pull up chart number three, please, slide three.
00:31:36.740 This is from B of A's Michael Hartnett, who is their very regarded strategist.
00:31:40.740 And here's what he says.
00:31:42.580 Bank emergency borrowing equals tighter lending standards, equals small business credit crunch,
00:31:49.340 exactly what John Fredericks was just talking about, equals higher unemployment.
00:31:53.340 Tipping point for the U.S. dollar.
00:31:55.360 End of Silicon Valley hegemony.
00:31:57.560 Start of entrenched high inflation and budget deficits.
00:32:01.900 The start of entrenched high inflation and budget deficits.
00:32:06.440 That is what we are facing right now because of this hurricane, this creative crisis that Joe Biden has inflicted upon America.
00:32:14.740 Hold it.
00:32:16.220 I want you to take it from the top.
00:32:18.560 I want you to read it again.
00:32:19.540 This is what we were saying.
00:32:20.760 And this ain't going to get solved in a day, okay?
00:32:23.780 Everybody, all they're doing is talking about the second phone call of Trump in Georgia.
00:32:27.700 Screw you.
00:32:29.000 You've destroyed the frickin' country.
00:32:31.480 You've destroyed the frickin' country.
00:32:33.320 He had four years of peace and prosperity.
00:32:35.440 I don't care if you think he's a barbarian.
00:32:38.260 Maybe it's time you needed a barbarian to stand up to the bad guys running around.
00:32:42.700 It's the 20th anniversary of shock and awe.
00:32:45.900 You see what these globalist, neoliberal, neocons have done to the nation and never been held accountable?
00:32:51.280 Read again.
00:32:52.020 And because, ladies and gentlemen, when you hear what Cortez is saying from the chief strategist of the Bank of America,
00:32:56.460 who's trying to lay out the truth, that has lost decades for everybody under 40.
00:33:01.880 This is where we've come to.
00:33:03.420 And that $6.8 trillion budget he put in your face last week, that's the ticking time bomb that caused all this.
00:33:09.920 Read it again, Cortez.
00:33:11.280 Yeah, no, that's exactly right.
00:33:12.460 Why?
00:33:12.800 Because neither he nor any of the most powerful people in permanent Washington care that the American people have now suffered
00:33:18.880 two straight years, 24 consecutive months, of crashing real wages, working harder to get poorer.
00:33:25.320 And unfortunately, given this crisis, probably only the beginning.
00:33:28.200 Here's that quote again from Michael Hartnett, who is chief strategist at Bank of America.
00:33:33.200 Bank emergency borrowing equals tighter lending standards, equals small business credit crunch, equals higher unemployment.
00:33:41.720 Tipping point for U.S. dollar, end of Silicon Valley hegemony, start of entrenched high inflation and budget deficits.
00:33:50.300 Entrenched high inflation.
00:33:52.020 So, Steve, the crash in real wages is already an absolute crisis because of this new crisis, because of this new creative failure, it's going to get even worse.
00:34:02.400 And you can't have the budget deficit, you can't finance them.
00:34:06.360 I want to say the first thing he said, the emergency lending, that's the window we showed you.
00:34:10.560 That's the $300 billion drawdown.
00:34:12.840 That's the end of quantitative easing.
00:34:14.520 That's the banks are going to, essentially to you, the Federal Reserve, are going to you, you, the audience, to get money, to give themselves liquidity.
00:34:23.640 Continue on, Brother Cortez.
00:34:25.820 No, correct.
00:34:26.260 And listen, here's the story.
00:34:27.720 You get all of the risks and you don't share in the upside.
00:34:30.980 That is the reality of the oligarch system that we have created in America.
00:34:35.460 Now, again, I don't want to be too negative because I do think it's savable, okay?
00:34:39.040 I think it's savable.
00:34:40.000 We won the House.
00:34:40.740 I believe we're going to win the Senate.
00:34:41.940 We're going to have an America first president.
00:34:43.200 And I think that we can save our republic.
00:34:46.380 But there has to be an incredible sense of urgency out there because, believe me, the hour is very late.
00:34:51.320 Okay, hold on.
00:34:51.820 And that window is closing.
00:34:53.040 Brother, brother, brother, brother.
00:34:54.140 Hang on, hang on, hang on, hang on.
00:34:55.540 Steve, Steve, I got the freaking House hasn't said a word about this.
00:34:59.980 Because you talk to them and they say, we're getting advice.
00:35:02.120 If we say anything, it could be.
00:35:03.220 You got to step up and be a truth teller.
00:35:05.560 You got to look people in the eye and saying, hey, this is, it's very, let me boil it down to something very simple.
00:35:10.820 And I don't care if you're making $200,000, $250,000 a year.
00:35:13.860 You're still working for the man.
00:35:15.080 You're nothing but a working stiff at a higher pay level.
00:35:17.600 This is wage earners versus the oligarchs.
00:35:20.600 The guys that run the system are bailing themselves out as we speak, second by second by second.
00:35:27.020 But we've socialized all the risks.
00:35:28.760 You wage earning stiffs are paying for this.
00:35:31.760 And like Cortez says, is anybody giving you a warrant package?
00:35:34.480 Is anybody giving you some outside the money options?
00:35:36.780 Are you getting any of the upside?
00:35:37.940 No, you are not.
00:35:39.440 All the David Sachs and all these guys pontificating about Silicon Valley Bank and this and that, are they, instead of cutting credit lines to their venture capital companies, to their companies, their founders' companies, did they come back and say, hey, thank you?
00:35:52.180 Did they say, hey, here's a warrant package.
00:35:53.940 Here's some options.
00:35:54.980 When this thing turns around, no.
00:35:56.840 Just like in 2008, it's screw you.
00:35:59.900 You're going to pay for it.
00:36:01.000 And you're going to pay for it, not just now.
00:36:03.540 You're going to pay for it for decades and decades and decades of horrible economic growth and no wage increases.
00:36:12.400 Okay?
00:36:12.620 When the guy sits there on the savannah, what should you do today to cut your browser off?
00:36:17.360 How about that for some financial aid?
00:36:18.580 Don't look.
00:36:19.360 Look away.
00:36:20.060 Right.
00:36:20.520 Because if you look at it, you're going to sit there and go, and you're going to have a burning anger, and you should have a burning anger.
00:36:25.900 This is what I said at CPAC.
00:36:27.540 This is the collapse of the neoliberal neocon order.
00:36:31.060 20th anniversary of shock and awe.
00:36:32.980 Right?
00:36:33.220 How did that work out?
00:36:34.520 The guy, General, yesterday said, hey, you know, we've got to go back to Afghanistan.
00:36:38.560 You know, we only had 20 years to take care of the Taliban.
00:36:41.040 You know, the guy's living in caves.
00:36:43.260 Didn't work.
00:36:43.820 They're going to come back.
00:36:44.560 Need to go back to Afghanistan.
00:36:46.260 The neoliberal neocon order is all going to – they want your sons and daughters.
00:36:49.880 They want them back in Afghanistan.
00:36:51.780 They want them in Ukraine.
00:36:53.260 They want them everywhere.
00:36:54.640 At the same time, you're paying for this.
00:36:57.200 Cortez, hang on one second.
00:36:58.140 I know we've got a lot more economics to go through.
00:36:59.660 I want to get John Solomon in here for a second.
00:37:01.560 To make your day even better, to make your – I'm going to give people a reason to get drunk on St. Paddy's Day.
00:37:07.500 Okay?
00:37:08.360 You don't have to pretend you're Irish.
00:37:10.380 You can absorb the angst of the Irish, right?
00:37:14.500 Solomon, give me your breaking news about – to make sure that everybody knows they're not being lied to every second of every day.
00:37:21.520 Give me your update on the Wuhan lab, sir.
00:37:23.080 Yeah, absolutely.
00:37:24.560 So we're going to get these declassified documents in a few weeks.
00:37:27.240 Either Joe Biden will sign the law or he'll veto it, and Congress will quickly override him.
00:37:32.680 But what these declassified documents are going to show are what we already have in some unclassified and declassified documents.
00:37:39.140 Since 2005, the United States government has known that China has been operating an illicit bioweapons offensive program.
00:37:46.920 It identified in 2005 in a State Department document we made public today that the Academy of Military Medical Sciences was the center of this bioweapons program.
00:37:58.700 And it had a fifth institute that did a lot of work specific on this.
00:38:02.760 So we knew the place it was going on.
00:38:04.960 Between that warning in 2005 and in 2015, the AMMS, the Chinese body, began working with the Wuhan Institute of Virology significantly.
00:38:15.980 In fact, there are studies published on Dr. Fauci's site that show that the Academy of Military Medical Sciences in Wuhan were doing multiple studies together, one on anthrax, another one, a book.
00:38:29.320 This book said in 2015, the U.S. Intelligence Committee knew about it, the medical committee in America knew about it, that the Chinese considered coronaviruses to be the leading edge of a new era of genetic warfare.
00:38:43.260 Just absorb that for a second.
00:38:44.480 Five years before the pandemic, they're talking about coronaviruses being the genetically engineered weapon of future warfare.
00:38:51.880 Despite all those warnings, despite all the Intelligence Committee's warnings, both the NIH under Dr. Fauci and the USAID, the State Department's funding arm, gave $1.7 million at least to the Wuhan Institute of Virology.
00:39:06.600 And now Congress has been told there may have been a separate flow of money to the Academy of Military Medical Sciences in China, the very epicenter that our Intelligence Committee said was at the heart of the bioweapons program.
00:39:19.080 People all across America are going to be scratching their heads.
00:39:22.220 How, in God's name, could we fund entities we knew were tied to the bioweapons and medical research of the Chinese Pitbull's Liberation Army?
00:39:33.740 Don't bury the lead, Brother Solomon.
00:39:35.760 Your investigative reporting is so good.
00:39:37.480 Offensive bioweapons research.
00:39:39.700 That's right.
00:39:41.000 And total contravention of the bioweapons treaty they've signed of everything.
00:39:45.800 They had an active offensive bioweapons program.
00:39:50.700 Intelligence knew about it.
00:39:52.080 And they do.
00:39:52.580 We knew about it.
00:39:53.320 Everybody knew about it.
00:39:54.660 They knew about it.
00:39:55.500 And we kept not just looking the other way, funding it with your tax dollars.
00:40:01.560 Is that basically the story?
00:40:04.720 No doubt about it, Solomon.
00:40:06.320 The Bush administration accused them in 2005 and this alliance of violating the treaties they had signed.
00:40:12.280 They've been out of order on those treaties for 17 years, and yet there was no problem from our State Department, no problem from our NIH sending money to these entities that were directly involved or directly affiliated with this research.
00:40:28.100 Hang on, Solomon.
00:40:29.180 Cortez, your assessment of the reparations the Chinese Communist Party owe the American people, what's your opening bid on that, sir?
00:40:35.160 Well, the $1 trillion in treasuries that they own, that is an absolute down payment.
00:40:40.180 It's by no means sufficient.
00:40:42.320 They owe us far more than that in epidemiological war reparations for what they did to the United States.
00:40:47.300 Knowingly did.
00:40:48.200 Remember that.
00:40:48.880 Knowingly did.
00:40:50.020 Lied to the world.
00:40:51.300 Got the fake medical stamp of approval from the World Health Organization and effectively seeded this virus all over the world using the citizens of Wuhan, who didn't know what they were doing,
00:41:00.680 but sending them to New York and San Francisco and Milan to make sure that the entire world would get infected while they seeded off Wuhan from the rest of internal China.
00:41:09.440 So the down payment, Steve, should be the $1 trillion in treasuries that we owe them.
00:41:14.600 We need to do it in a methodical, legal way, but we can do that.
00:41:17.520 And the total number, Peter Navarro says, should be about $20 trillion.
00:41:21.300 I think that's probably in the neighborhood of what would be just.
00:41:24.160 But let's start with the down payment.
00:41:27.180 $1 trillion, and then they've got the Chinese railroad bonds.
00:41:29.460 Pay all those off.
00:41:30.300 We'll take their bonds first, zero amount.
00:41:33.760 Take the Chinese railroad bonds, and then Navarro says $20 trillion.
00:41:38.260 Solomon, I just want to make sure everybody understands this.
00:41:41.900 Wuhan was the medical center for the Chinese Communist Party in the PLA since the late 40s, or even during World War II.
00:41:48.580 It was always their medical center.
00:41:50.100 It's so obvious and logical why this was.
00:41:52.660 And anybody who knows anything about the CCP in China and the history of the PLA knows exactly what went on here.
00:41:57.520 They know they've lied forever from 72, and Nixon had them joined into the biological weapons treaty.
00:42:02.960 They've always cheated.
00:42:04.140 And here's it.
00:42:05.020 It is nothing about defensive.
00:42:06.360 It's nothing about directed evolution on this gain of function.
00:42:08.860 Oh, to find out things in case they come into chickens in a farm and all our farm properties go away.
00:42:14.120 But it's a biological weapons program.
00:42:16.860 It's not defensive.
00:42:18.000 It's an offensive biological weapons program.
00:42:21.060 And now John Solomon has proved that beyond a shadow of a doubt.
00:42:25.200 Solomon, how did it get to you, the show, on RAV, all your writings, and this blockbuster story, sir?
00:42:31.080 Well, we're lucky to follow you every night at 6 o'clock on Real America's Voice, Justin News, No Noise, Amanda Head, and I, JustinNews.com, the website, and Jay Solomon reports on all social media platforms.
00:42:41.300 That's my coordinates.
00:42:42.560 One of the questions, Steve, that everyone has to ask themselves, where has our U.S. intelligence community been not sounding the alarm the last seven years when they saw all this money going?
00:42:51.740 That's going to be the question we'll be asking ourselves in a couple weeks when the declassified documents are finally released.
00:42:56.600 Solomon, you know, most of the time people go in and have a Guinness or have a green beer or something like that.
00:43:04.000 I think after Cortez, me, and you, I think it's got to go straight to whiskey, straight to Irish whiskey.
00:43:12.140 The ultimate medicine.
00:43:13.180 Thank you very much.
00:43:14.980 The ultimate medicine.
00:43:15.900 Thank you very much.
00:43:16.680 Okay, we're going to take a short break.
00:43:17.980 Cortez is going to be on the side.
00:43:19.240 We've got Natalie Winters, at least some good news from Comer's committee.
00:43:23.820 They're tracking down exactly where the money went to the Biden family.
00:43:27.300 So maybe you understand why people look the other way on a lot of this stuff.
00:43:30.660 Okay, we've got a lot more capital markets, a lot more economics.
00:43:34.200 We've got Natalie Winters on the Biden crime family.
00:43:37.720 Julie Kelly, of course, they're not spending time going after that because they're rounding up another thousand.
00:43:42.600 I'm not kidding you.
00:43:43.480 They're rounding up another thousand of the J6 tourists.
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00:45:51.120 Okay, we're up on Getter, and we're going to be up on Getter all weekend.
00:45:55.880 We've got so much going on, so much news we can't even, I mean, signal stuff, not chasing rabbits.
00:46:01.440 We can't even get to.
00:46:03.340 Tomorrow morning, make sure you're here for the Saturday.
00:46:06.800 We're doing specials again on Saturday.
00:46:08.700 I'm going to be breaking news all the time, but we're going to talk about the Third World War.
00:46:12.800 She's going to Russia on Monday.
00:46:15.920 We're going to do the convergence of the economic crisis.
00:46:19.040 You're going to fully understand this, the economic crisis, and you're going to understand where we stand in this Third World War on the day, the 20th anniversary of shock and awe.
00:46:28.500 I want to make sure everybody goes to – I couldn't be more timely.
00:46:31.880 I'm proud of that CPAC speech and that it's aging quite well.
00:46:34.900 Thank you.
00:46:35.260 Also, our series we've done, The Birch Gold, and we talked about this over a year ago.
00:46:40.520 I think we put the first one on the spring of last year, The Politics of Money.
00:46:44.280 I said at the time, we're going to return to the 19th century.
00:46:46.920 We're going to return to when money was actually a major part – currency was a major part of the discussion with people like Andrew Jackson and President Lincoln and William James Brink.
00:46:58.920 All of it.
00:46:59.720 It's one of the reasons they started the Federal Reserve, trust me, to shut that down.
00:47:04.400 The third episode, go to birchgold.com slash Bannon.
00:47:09.880 It's totally free.
00:47:10.680 You can get all three episodes.
00:47:15.040 And this last one is called The Debt Trap.
00:47:17.100 And tomorrow, in fact, I'm going to finally get time to do it.
00:47:19.220 I've got to play this interview with Matt Boyle and McCarthy.
00:47:21.480 So go to birchgold.com slash Bannon to get The Debt Trap, the third in the series.
00:47:27.860 We get all the first two episodes.
00:47:28.920 It's totally free.
00:47:29.940 Totally free.
00:47:30.400 Go check it out.
00:47:31.520 In fact, Cortez – and you preach it.
00:47:34.120 Look, you and I were on the other side of the McCarthy thing.
00:47:37.200 But – and you'll see in the Boyle interview tomorrow with McCarthy in the debt ceiling.
00:47:42.080 The Church of MAGA – MAGA is always open for converts.
00:47:45.820 And I just want to give a couple of guys their due.
00:47:48.300 Carl Icahn – I'm going to give you three oligarchs.
00:47:50.980 Carl Icahn, Larry Fink – and there's no one we demonize more than Larry Fink.
00:47:55.620 Larry Fink, Carl Icahn, and even Ken Griffin.
00:47:57.980 Carl Icahn and Larry Fink have been saying the last couple of days, hey, this system may be coming to an end.
00:48:03.580 And what's happening in Washington may be exacerbating the problem.
00:48:07.080 But Ken Griffin, the guy in back of DeSantis, he's – his thing in the FT, this brother is becoming a kind of a fire-breathing populist.
00:48:15.240 Am I – are we going to flip Ken – are we going to flip Ken Griffin, Steve Cortez?
00:48:19.800 You know, I believe we are.
00:48:21.400 Because his comments lately, he sounds a lot more like Bannon or Cortez than a traditional oligarch.
00:48:27.020 Ken Griffin has spent a fortune supporting establishment Republican candidates, most of whom have failed, quite frankly.
00:48:33.800 And he now, though, gets it, I believe, in this present moment.
00:48:36.840 Let me give you some of his quotes.
00:48:38.200 He says the U.S. is supposed to be a capitalist economy, and that's breaking down before our eyes.
00:48:44.540 This is Ken Griffin.
00:48:45.380 He says there's been a loss of financial discipline with the government bailing out depositors in full.
00:48:52.140 So I think Ken Griffin gets how systemic, how dangerous this moment is.
00:48:56.900 And he is sounding more and more like a populist.
00:48:58.800 You know, Steve, I've never doubted – you pointed out that the origin, really, of populism in this century in the United States goes back to the 08-09 financial crisis.
00:49:07.080 One of the only benefits of this additional crisis is it's going to act as an accelerant, okay?
00:49:11.980 The political future of the United States is 100 percent populist.
00:49:16.000 I've never doubted that since 08, but it's even more true today.
00:49:19.280 It's just going to be, is it the populism of the left or is it the populism of the right?
00:49:24.020 Obviously, we are arguing for the populism of the right, and I think we have the most compelling case to make on every issue, on the cultural issues, the economic issues.
00:49:31.040 Yeah, everything.
00:49:33.300 And here's why populism – here's why right-wing populism is going to win.
00:49:36.400 The left's got two big problems.
00:49:37.900 Number one, they don't deal with the immigration issue, which you have to do.
00:49:42.200 As Steve Cortez says, it has to be a top priority.
00:49:44.400 This is about American citizens.
00:49:46.420 Whatever your race, whatever your color, whatever your religion, it's about American citizens, okay?
00:49:51.440 They won't do that.
00:49:52.720 That's how you get this 16 million illegal aliens in on the Biden thing.
00:49:58.100 Right now, we talked about they lost in court and they're not even going to challenge it.
00:50:01.460 Number two, all of their solutions from Bernie Sanders and all these halfwits is all more government intervention.
00:50:07.260 You like how that government intervention is doing so far?
00:50:09.120 You like how – because you're paying for it.
00:50:11.620 You're paying for it.
00:50:12.880 The system has to be – we have to get back.
00:50:15.120 Right now, as I said in that opening thing, we have socialism for the very wealthy and the oligarchs.
00:50:20.540 We protect totally the downside.
00:50:22.240 You underwrite it.
00:50:23.200 They keep all the ups.
00:50:24.620 They keep all the upside.
00:50:26.020 And everybody else has this Darwinian form of capitalism where you just get blown out.
00:50:30.360 Your savings get taken.
00:50:31.840 Your 401K becomes zero.
00:50:34.200 You're a sucker.
00:50:34.800 You don't have a pension.
00:50:35.940 They're signing checks in Ukraine to pay people's pensions and health care.
00:50:39.020 You've got no health care.
00:50:39.940 You've got no pension plan.
00:50:41.020 You've got nothing, okay?
00:50:42.360 And before long, you're not going to have a job.
00:50:44.020 Now you've got a job that you lose.
00:50:45.600 You lose money every month.
00:50:47.780 You're in a system.
00:50:48.640 You work your ass off.
00:50:50.920 People out there know they're working two and three.
00:50:52.820 You work and work and work and work.
00:50:56.380 And you fall farther and farther and farther behind.
00:51:00.060 No, you can't – this whole thing is suffering a lot.
00:51:01.940 You can't work any harder.
00:51:03.660 You can't work any harder, this audience.
00:51:06.120 And you fall farther behind every month.
00:51:08.520 That system cannot continue.
00:51:10.100 Is that correct, Brother Cortez?
00:51:12.000 No, 100%.
00:51:13.060 And let me say this.
00:51:14.480 For folks who are running for office, there are some elections, of course, this year in 2023, very important one coming up in Wisconsin, and then all the elections nationally in 2024.
00:51:22.480 To me, the best right-wing populist combination that solves a lot of problems for the United States is, number one, not one penny more to Ukraine.
00:51:32.660 Zero.
00:51:33.340 Number two, not one more immigrant into the United States.
00:51:36.920 Time, that also should go to zero.
00:51:38.720 And I'm not talking illegals.
00:51:39.860 I mean even legal immigration.
00:51:41.720 Go to zero, a moratorium, a timeout.
00:51:44.500 You pledged those two things.
00:51:46.920 You're going to win your election, and you just might save the country.
00:51:49.520 Hold it.
00:51:50.000 I'm going to give you a third one, and I got into it with Lou Dobbs.
00:51:53.700 I said we'll play that.
00:51:54.360 He and I got into the debate.
00:51:55.660 Not one more penny in the debt ceiling.
00:51:57.300 I got three zeros here.
00:51:58.420 Yeah.
00:51:58.660 Okay?
00:51:59.080 Yeah.
00:51:59.580 You got three zeros.
00:52:00.720 Give me the three zeros again.
00:52:02.400 Add my debt.
00:52:03.180 Not one more penny in the debt ceiling.
00:52:04.540 Give me the three zeros again of how we win everywhere.
00:52:07.500 What are they, Cortez?
00:52:08.400 Yes.
00:52:09.340 Zero dollars, zero cents additional to Ukraine.
00:52:12.240 That is done.
00:52:12.820 We are not escalating.
00:52:13.900 We are not financing that struggle anymore.
00:52:16.160 Zero new immigrants.
00:52:17.400 It's time for a timeout.
00:52:18.620 It is time for a moratorium until we assimilate what we already have here in the United States
00:52:23.380 and prioritize American citizens.
00:52:25.100 And then you're exactly right.
00:52:26.020 I like your third zero very much.
00:52:27.820 Not one more dollar added to the debt limit.
00:52:30.980 Any candidate who makes those three pledges will win the race, and then more importantly,
00:52:35.780 can save this country with those kinds of policies.
00:52:39.040 That is right-wing populism boiled down.
00:52:42.380 Right-wing.
00:52:43.060 It's the agenda to save this country.
00:52:45.280 We'll serve it up.
00:52:46.320 We'll serve it up as hard as you want every day.
00:52:49.500 And you give me a counter-argument to any of those three right now.
00:52:52.000 Give me a counter-argument.
00:52:53.520 Give me a counter-argument.
00:52:54.760 We're going to-
00:52:55.300 The neoliberal, neocon system globally is crashing around you.
00:53:00.160 You have to stand at the breach and say, no.
00:53:01.980 Cortez, hang on.
00:53:02.720 We're taking a 90-second break.
00:53:03.740 Steve's going to stick around.
00:53:04.560 He's got a brain analysis from 2020 that's going to tee up Natalie Winters on why this
00:53:10.580 is happening with the Biden crime family.
00:53:12.560 And Julie Kelly's going to tell you, if you're not connected like the Bidens, what happens
00:53:16.560 to you when the FBI and DOJ come hunting you down?
00:53:19.460 All next, in the War Room.
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