Bannon's War Room - Episode 2606： Powell Says： Banks Are Strong

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

00:00:10.000 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.600 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.360 in the world to stop that but you're not going to stop it it's going to happen and where do

00:00:23.740 people like that go to share the big line mega media i wish in my soul i wish that any of these

00:00:31.440 people had a conscience ask yourself what is my task and what is my purpose if that answer is to

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

00:00:46.900 okay welcome it's wednesday 22 22 march in the year of early 2023 uh we've got a lot to get to in

00:00:59.240 capital markets the economy how it's going to impact you your community your family your nation

00:01:03.960 and the world but first of course instead of getting to the you know important stuff about

00:01:11.420 the country the direction of country we got we always have to we always have to pause about how

00:01:16.040 the administrative state is trying to tear apart the one individual who gave us four years of peace

00:01:20.980 and prosperity we see we wouldn't have any of this other crap uh afterwards we have to deal with i

00:01:25.860 got cortez and dr navarro we have to deal with any of this because none of this happened on trump's 0.51

00:01:30.180 watch right but of course for the great job he did for those four years naturally they have to

00:01:36.280 persecute him of course naturally because under no circumstances can they lay him back in the white 0.98

00:01:41.620 house well hey note to da's in new york and uh jack smith you weird looking dude you know over at

00:01:48.760 the whatever you're doing at the j6 uh with the the judges making up law in the middle of the night

00:01:54.960 marlo all of it suck on this trump's going to win the primary going it's not even a primary it's the 0.53

00:02:00.880 thing's over game set match already and he's going to win back the white house okay just just take out 0.97

00:02:08.340 your number two pencil and write that down right now because he's uniting the country that wants

00:02:14.100 order and stability and prosperity and not this mayhem we have uh coming out of moscow beijing

00:02:20.180 tehran and of course washington dc the oligarchs on wall street and of course the the continual

00:02:26.380 money printing machine of the federal reserve mike davis uh first off am i i'm not a conspiracy

00:02:33.860 theory guy but they're no coincidences is the fact that they canceled the grand jury today and looks

00:02:40.480 like tomorrow put them on call have anything to do with the judges in the middle of the night in

00:02:46.160 the appeals court saying oh now they're leaking abc news that donald trump committed a crime down

00:02:51.320 mar-a-lago have they have they told have they told uh the day hey with this made-up law you're

00:02:56.040 making up there back off because we got another made-up law we're going to get to trump first and

00:03:00.020 since it's a federal charge it'll cover a little heft to it is that am i am i overthinking this

00:03:04.420 mike davis well i'll tell you it certainly does not look good what's happening here trump is being

00:03:10.480 attacked legally attacked by democrats and three coordinated fronts we have the we have the

00:03:18.080 manhattan da alvin bragg who is bringing bogus charges uh and looking to indict him on bogus charges

00:03:25.220 trumped up bogus charges in new york that's backfiring badly on democrats the second front

00:03:32.380 is special counsel jack smith garland's special counsel who is trying to go after trump for having

00:03:40.020 uh having his presidential records at mar-a-lago in the office of former president which he's allowed

00:03:46.820 to do under the presidential records act and the third front is down in fulton county uh on on

00:03:53.300 president trump uh doing what he's allowed to do under the first amendment which is to pressure

00:03:59.020 and strong-arm politicians that that is protected by the first amendment what's going on in the jack

00:04:04.760 smith case is very unusual you have these four democrat appointed federal judges in dc who are doing some

00:04:12.780 very strange stuff uh first of all outgoing chief judge beryl howell who is supervising jack smith case

00:04:21.780 she was also the the judge who supervised the russian collusion investigation the hoax uh had this

00:04:28.980 highly unusual order where she ordered trump's lawyer to hand over his attorney notes to president trump

00:04:36.920 and on her last day on the job on friday as chief judge she handed over these notes to jack smith

00:04:43.820 without giving president trump the opportunity to appeal to the dc circuit it is really really really

00:04:50.960 unusual what she did here uh it raises some great suspicions about what's going on here so then

00:04:57.900 these three democrat appointed judges on the dc circuit set this extraordinary maybe unprecedented

00:05:04.900 uh uh a briefing schedule for the appellate arguments that uh i mean it's it's insane we had

00:05:12.540 a midnight and 6 a.m filing deadline today and the dc circuit rushed to rule against president trump today

00:05:22.440 i think they were trying to white whitewash uh outgoing chief judge beryl howell's clear legal air by handing

00:05:28.820 over these legal notes but there was no there was no need for them to rush and you have to ask why are they

00:05:34.520 rushing why are they doing this this highly unprecedented unusual procedural posture this this highly rushed

00:05:43.100 appellate process the same week that the the manhattan d.a is looking to indict president trump this is

00:05:49.740 this all looks and smells very badly

00:05:53.220 it's it's no doubt it's coordinated right the stuff just these things don't happen randomly

00:06:00.900 they're all lathered up i mean they're foaming white around the mouth they foaming you know it's

00:06:06.040 insane that's all they talk about they never talk about moscow and beijing never talk about the

00:06:10.980 economy never talk about the biggest bank failures in american history tour the number two and number

00:06:15.220 three never talk about the economy imploding never talk about any of it all you get all you get is

00:06:20.660 a brag brag letitia james brag letitia james and then all of a sudden whoa full stop uh not having

00:06:28.680 today not having tomorrow and and you have this this over the overnight you know they're doing all

00:06:36.120 this i don't even know what they're doing jujitsu in the federal court here it's got to be coordinated

00:06:41.440 the federal court guy's saying hey you got to hold up we got we're going to charge him first with a

00:06:45.240 real you know a real made-up charge versus a a state or a a borough made-up charge in new york

00:06:52.760 am i am i overthinking this brother i have to be careful what i say as an attorney but i will say

00:06:59.280 that the appearance here looks very very bad very bad for these four democrat appointed judges

00:07:06.880 federal judges in dc the dc district court outgoing chief judge beryl howe and the three

00:07:13.020 democrat judges on the dc circuit this is not normal what they're doing here this is highly highly

00:07:19.900 unusual i think unprecedented i can't think of a case that's been handled like this and the timing

00:07:26.200 of this is so bad so at least the appearance here looks very very bad for these federal judges

00:07:31.940 and i'm hoping that the chief justice john roberts who supervises the dc circuit uh may take a look at

00:07:38.920 this because this is a very bad look for the federal judiciary it looks very political it looks coordinated i

00:07:45.540 can't say that it is it certainly looks coordinated the timing is just the most uh bizarre coincidence

00:07:51.440 that we've ever seen in american history okay last thing is is what happened this morning is that going

00:07:58.180 to go does trump have the option of taking that to the supreme court for a ruling or at least to

00:08:02.420 whatever the justice that oversees this district is that is that a possibility the circuit justice for

00:08:08.440 the dc circuit is the chief justice uh you could get uh you could get a ruling from the chief justice

00:08:14.680 on this usually when you're doing an emergency appeal to the supreme court on the the emergency docket

00:08:20.520 whoever the circuit justice is for that circuit refers it to the full court i wouldn't i wouldn't bet

00:08:26.280 that the supreme court's gonna step in here because uh it it's been reluctant to step in on these trump

00:08:33.160 cases before i i mean i i think this is what what the biden justice department and these democrat

00:08:38.460 da's these george soros funded da's around the country are doing is very very very damaging to

00:08:45.620 our country and they are these are politicized and weaponized cases your case i don't think they i

00:08:52.240 don't think they care they want to rule the ashes they'll rule the ashes they don't care they don't

00:08:56.920 care if the country burns down they just don't care you can tell they don't care anymore the old game

00:09:00.280 book the old playbook's throwing them throw it out their new playbook if they get if it's got if

00:09:04.940 they got a rule over the ashes the rule over the ashes let me let me ask you are what can be done

00:09:10.460 in congress what can be done the house i noticed you've eased up on jim jordan a little bit over the

00:09:14.800 last couple of days him and comer what can they can that can the judiciary committee step in immediately

00:09:19.680 and get jack smith and uh garland and let's keel haul them publicly can we do that

00:09:26.260 i've always been a fan of comer i i gave credit where credit's due to jim jordan for a couple good

00:09:32.880 moves that he's made i i do praise him he's having the judiciary committee along with other committees

00:09:38.240 send a letter and demanding some testimony here from the manhattan da the special counsel is certainly

00:09:44.280 subject to congressional oversight as is attorney general merrick garland and if there is obvious

00:09:51.060 evidence that a uh an investigation has been politicized or weaponized congress has an oversight

00:09:57.860 responsibility you have to be careful that you're not overstepping and look like you're interfering

00:10:02.960 with an ongoing investigation but this is highly unusual we've talked about this since june president

00:10:08.860 trump had the legal right under the presidential records act to have his presidential records classified

00:10:15.500 or not in the office of former president and mar-a-lago they were guarded by the secret service

00:10:20.200 president president president trump uh and his staff had security clearances they had skiffs or

00:10:26.000 secure compartment of information facilities these office of former presidents are federally funded he had

00:10:32.600 the right to have these and so i i the question i've had since day one there was an office of legal

00:10:37.580 counsel opinion a binding opinion on the justice department that says that general you can't obstruct

00:10:44.220 investigations into non-crimes if it's not a crime for president trump to have these records

00:10:49.860 in mar-a-lago it clearly isn't because he's allowed to have them under the presidential records act

00:10:54.300 how is it legally possible under this olc memo during the molar probe to obstruct any investigation

00:11:00.560 into this non-crime it was a bogus investigation by merrick garland to get trump notice how notice the

00:11:06.840 treatment between trump where they sent in the fbi home raid the unprecedented home raid to go get

00:11:11.840 documents and force lawyers to sign affidavits and just chaos and pandemonium versus the biden the

00:11:20.020 biden justice department attorney general merrick garland covering up for then for for vice president

00:11:26.020 then vice president joe biden's illegally stealing president obama's classified records having them in

00:11:32.640 several different locations clearly illegal clearly a violation of the espionage act clearly unguarded

00:11:38.740 uh there's evidence that those classified records could have been used for hunter biden's work in

00:11:46.180 china and ukraine and the biden justice department covers this up while they try to put trump and his

00:11:52.800 lawyers in an obstruction of justice trap this stinks to high hell and i hope that congressional 0.53

00:11:58.020 republicans keep pushing very hard on this politicized and weaponized justice department the double 0.69

00:12:03.360 standard here because trump had the absolute let you go though okay but kit but kit okay they've

00:12:08.440 subpoenaed bragg and he told him to go put it where the sun doesn't shine they garland can't do that

00:12:14.140 why can't we get garland and jack is jack smith immune from coming before people and uh and getting

00:12:20.400 keelhauled uh publicly is is he immune to that because he's a special counsel i i don't i'm not a lawyer

00:12:25.740 and i don't try to play one what can we get jack smith over in front of the committee and if that

00:12:30.020 if that's the case why is that not happening that every person who works in the executive branch

00:12:36.140 could be hauled before congress that is their oversight responsibility attorney general merrick

00:12:40.800 garland can certainly get hauled before congress and so could jack smith congress has a constitutional

00:12:46.720 duty of oversight here and uh you can issue a subpoena you can drag them in and you can force

00:12:53.660 them to testify now they could say that that they're not going to talk about the steps that they're

00:12:58.000 taking in an ongoing investigation but they can you know certainly talk about prior steps

00:13:02.900 can you get them to talk about we got a bounce here but can can we talk can they can you ask them

00:13:11.200 about what's this going on with the dc i mean it just seems bizarre you're having these things at

00:13:16.440 midnight you gotta have your papers ready at six in the morning no one's ever seen this that's ever

00:13:20.220 gone to appeals court or ever appealed anything it just seems so out of the ordinary and it of course

00:13:26.620 they're rewriting all kind of laws because of trump so anyway uh mike more importantly how do people

00:13:32.040 now that you're a media darling well how do they get to your website we want to see all we want it

00:13:38.020 up there so your fans can see all your media hits so what's your social media you're still coming in

00:13:42.100 hot on getter and uh and uh twitter but where do people go to find out everything about you every

00:13:48.480 every second of the day because now you're doing like 30 hits a day some people have called me other

00:13:52.800 things besides media darling there's a different word besides darling but uh it's article three

00:13:57.000 project.org article number three uh project.org at article three project at article number three

00:14:04.660 project on getter twitter truth and my personal is mrd dmia my initials in des moines iowa mrd dmia and

00:14:13.340 thank you steve thank you brother great job you see now i'm angry with myself i told myself i wasn't

00:14:20.140 going to take a whole davis is that good you see this is the problem we have massive issues to deal

00:14:27.520 with and we take an entire segment opening block of the show to deal with this crap this is what 0.55

00:14:33.980 they're doing it's all diversionary and it's all to stop okay for everybody just understand something

00:14:39.600 if you think the primary is tough and the general election is going to be tough and they are

00:14:43.580 although i think the primary is not going to be as tough as it used to be general election

00:14:48.020 think about every day of governing think about every day this is going to be every day every day

00:14:52.720 is going to be stalingrad short break dr peter navarre steve cortez next in the war room buy gold and

00:15:01.100 get a free safe to store it in that's right on qualifying purchases from birch gold group now through march

00:15:07.460 31st they'll ship a free safe directly to your door just text bannon b-a-n-n-o-n to 989898 to get your

00:15:18.240 free info kit on gold and to claim eligibility for your free safe here's the deal the fed keeps raising

00:15:25.660 rates because it's the only tool they have to keep inflation under control and guess what it's not

00:15:30.820 working you can't spend your way out of inflation you've seen the impact on the stock market you've seen

00:15:36.560 the impact on your savings hedge inflation by owning gold let me repeat that hedge inflation by owning gold

00:15:43.200 whether physical gold and silver in your own safe or through an ira and precious metals where you can hold

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00:16:05.180 on gold and to claim eligibility for your free home safe by march 31st on qualifying purchases

00:16:11.760 again text bannon to 989898 date that we anticipate that ongoing rate increases will be appropriate to

00:16:21.160 quell inflation instead we now anticipate that some additional policy affirming may be appropriate

00:16:26.360 we will closely monitor incoming data and carefully assess the actual and expected effects of tighter

00:16:33.140 credit conditions on economic activity the labor market and inflation and our policy decisions

00:16:39.440 will reflect that assessment the budget will advance our efforts to modernize the state department

00:16:45.020 including by expanding our training flow updating our technology carrying out diversity equity inclusion

00:16:51.160 and accessibility initiatives including to make our overseas missions more accessible i'm grateful

00:16:56.040 the progress we've already made together including congress's support

00:16:58.600 in updating the secure embassy construction and counterterrorism act and accountability review board

00:17:03.820 to give us some of the flexibility that we need to open new missions and better manage the risks

00:17:08.620 that we face michael mckee from bloomberg radio and television you've been very consistent in saying

00:17:13.840 that the fed would be raising interest rates and then holding them there for quite some time

00:17:17.860 following today's decision the markets have now priced in one more increase in may and then every meeting

00:17:24.700 the rest of this year they're pricing in rate cuts uh are they getting this totally wrong from the fed or is

00:17:32.420 there something different about the way uh you're looking at it given that you're now thinking that

00:17:36.940 moves might be appropriate as opposed to ongoing so we published an sep today as you will have seen

00:17:43.820 and it shows that uh basically participants expect uh relatively slow growth a gradual rebalancing of supply and

00:17:50.600 demand in the labor market with inflation moving down gradually in that most likely case if that

00:17:56.440 happens participants don't see rate cuts this year they just don't i would just say as always the path

00:18:02.140 of the economy is uncertain and policy is going to reflect what actually happens rather than what

00:18:05.680 we write down in the sep but that's not our baseline expectation very much for having me here today

00:18:10.600 all right thank you mr secretary the committee will be in order

00:18:15.880 you're supposed to be a diplomat start negotiating you know if you don't like the chinese proposal

00:18:33.700 where is your peace proposal the american people want you to negotiate be a diplomat do your job now

00:18:42.560 let me let me say what what what i think happened and then i'll come to the questions around supervision

00:18:49.360 so at a basic level uh silicon valley bank management failed badly they grew the bank very quickly they

00:18:57.840 exposed the bank to significant liquidity risk and interest rate risk didn't hedge that risk

00:19:02.760 we now know that supervisors uh saw these risks and and intervened we know that the public saw all this

00:19:11.840 um we know that svb experienced an unprecedentedly rapid and massive bank run so this is a this is a

00:19:19.380 very large group of connected depositors concentrated group of connected depositors in a very very fast

00:19:25.100 run faster than the historical record would suggest so um for as for us

00:19:32.540 so for our part we're doing a review of supervision and regulation my only interest is that we identify

00:19:41.620 what went wrong here how did this happen is the question what went wrong try to find that we will

00:19:47.520 find that and then make an assessment of what are the right policies to put in place so that it doesn't

00:19:51.640 happen again and then implement those policies i can't i can't listen i can't listen anymore i can't

00:19:56.500 listen anymore just have you guys watch the war and we'll we'll explain it all to you dr navarro uh

00:20:02.420 is he giving up did he tell us right there he's not going to go after inflation anymore is there's no

00:20:06.820 more rating chris there what this this was the worst gobbledygook uh i've i think i've ever seen 0.80

00:20:12.420 out of these clowns explain please explain to me sure well that that was the problem uh he said on the

00:20:18.340 one hand out of one side of his mouth that there don't be only one more rate cut for the year but 0.91

00:20:24.740 then he followed that up immediately uh with uh but in the data will determine what we do so here's

00:20:33.020 the here's the joke about this it's a tragic comedy and i'll take you back to the oval office

00:20:37.840 steve when when when powell first started like just enraging donald trump the problem powell had is

00:20:46.420 every time he got up and the fed delivered a decision uh the markets would tank when powell got

00:20:55.020 up to explain what they did and the way it went was if there was good news like there always was with

00:21:01.140 the trump administration he'd make it seem less good and now when there's bad bad news that might

00:21:08.660 be getting better he blows more uncertainty into the market so what he said today was

00:21:15.220 he's just going to do whatever the data tells him and so there's great uncertainty the market

00:21:21.100 just i mean it was like a freight train straight down off the rails um he contradicted janet yellen

00:21:29.240 because unlike yellen who said that the bank crisis wouldn't spill over into the financial markets

00:21:35.420 he said it would and right off the bat he acknowledged steve uh what the war room has been

00:21:41.880 saying for over a year now that disinflation is not transitory and it's likely to stick around

00:21:47.760 uh for a long time so all in all this was a typical jay powell performance it's important

00:21:54.620 to understand posse that this man has no economic credentials there's no way in hell this guy should

00:22:01.440 ever been appointed to that uh to that position okay okay slow down slow down yeah okay slow down

00:22:08.440 last time i looked i'm just going to throw it out there we had kevin warsh and john taylor on the

00:22:13.380 short list and president donald jay trump selected jay powell correct so how that happened yes well

00:22:19.100 help me out with that how that happened was was steve mnuchin treasury secretary good old steve right

00:22:24.860 that the the the smartest dumb guy i ever met this side of larry summers basically he thought that 0.98

00:22:32.500 powell if he put him in there because the guy didn't have any qualifications he'd be steve's bitch i mean 1.00

00:22:38.320 let me just say it like as blunt as possible that powell would have to rely on steve's grand wisdom 0.97

00:22:44.160 and as soon as powell was in there boy he turned on trump and the white house in a new york minute

00:22:51.060 and the big mistake steve and this is really interesting given the crisis we're in economically

00:22:55.500 the biggest mistake powell made during trump's reign was he wouldn't let the economy grow to its full

00:23:02.740 potential we could have easily hit four percent gdp growth a year during powell's reign but he went with

00:23:10.500 the traditional view that you can't do that okay based on uh the keynesian kind of perspective on

00:23:18.920 this and so what he did i'll um alan greenspan back when he was around is he prematurely started

00:23:25.820 tightening credit and that choked off the economy and so he makes every single mistake in the book now

00:23:32.400 last thing on this steve is that on the one you know last week with with his full bailout and

00:23:39.000 complicity with biden and yellen he engaged in the biggest burst of quantitative easing and loosening

00:23:47.000 credit yeah i described it in my my stub stack as a neutron inflationary bomb on the economy so he did

00:23:53.660 that yeah and at the same time he raised the interest rates again today so clearly policy is working 0.99

00:23:59.580 at cross purposes um yeah he's an idiot and i'd rather be uh have the fed ruled by uh cortez uh 0.98

00:24:07.340 bannon and uh philip uh birch then uh then then jay powell let's have can we get your sub stack how do 0.99

00:24:16.280 people get your your coordinates yes sir people get to all this now you know i'm i'm all over this

00:24:21.020 like white on rice as they say it's peter navarro dot sub stack dot com peter navarro dot sub stack dot

00:24:27.400 com what i'm trying to see if you're you're the long form you're the heavyweight bat that goes the

00:24:31.980 full distance every time what i'm trying to do with each uh episode of the sub stack and podcast

00:24:37.240 is these little jabs these eight minute jabs that come out as a transcript as an op-ed perfect and

00:24:43.400 it's nice morsels for the posse and and i think synergistically what we do together is good

00:24:48.840 yeah people love all good brother we're gonna we continue to push them okay brother thank you man

00:24:54.960 they're great make sure you go by we got additional information birchgold.com slash bannon you get to

00:25:01.820 you get the new debt trap uh episode of the end of the dollar empire plus you can talk to a consultant

00:25:07.600 go there now you if if japan china and india are buying with two hands you guys at least ought to

00:25:12.780 talk to somebody let's go to birchgold.com slash bannon you can make contact get all the free info

00:25:17.440 kits everything steve cortez i want you to come in and give me your assessment but the burning question

00:25:22.740 i got maybe you make a mistake on the guy first time how did how did biden and all these brilliant

00:25:28.620 guys in the white house and on the democratic side how did they re-up j pal sir i miss i don't

00:25:35.720 understand he got picked in the first place but how did he get re-upped right look the only thing that

00:25:40.680 powell uh is skilled at in life professionally is acting as in maneuvering in the washington sewer

00:25:47.320 you know the i will i will give him that credit and that credit only he has no credentials as peter

00:25:52.480 navarro correctly cited he has no credentials in economics he doesn't understand the bond market or

00:25:56.760 interest rates or the economy he is a lawyer he's a washington lifer and i think he showed that today

00:26:02.480 by the way if you actually watched his press conference you know now listen he might sound a bit

00:26:07.740 sophisticated because he uses the lingo of central banking okay but the reality is he talked

00:26:13.680 continually out of both sides of his mouth and tried to give himself every conceivable angle

00:26:19.540 and option as far as policy from here it really reminded me steve of harry truman reportedly said

00:26:24.960 i want a one-armed economist and the reason he said that was he was so tired of economists saying

00:26:29.520 on the one hand and on the other hand okay so harry truman would not have been very happy

00:26:34.220 with jay powell today and let's remember there aren't any good options for the fed right now

00:26:39.120 however the fed and jay powell created this very predicament that they now find themselves in they

00:26:44.500 created this inflationary madness he was finding religion finally at long last it was so blatantly

00:26:50.740 obvious that even he couldn't miss the inflationary madness that was created he was starting to fight

00:26:55.860 it albeit tepidly and now he's trapped because he knows what he needs to do to fight the inflation he

00:27:00.720 helped to create but at the same time doing so that through that fighting he may very well tip

00:27:06.200 the very very vulnerable banking system into an absolute all-out collapse even worse of course

00:27:12.000 than we've already experienced okay we're going to come back we got a we got a chalk talk from you

00:27:18.000 we got some analysis some charts uh mark mitchell's going to be here he's got some polling on this

00:27:22.960 whole bank crisis uh steve real quickly did he since the cruelest tax is the regressive tax of inflation

00:27:29.620 right just going 25 bips today basis points that he basically say hey maga deplorables you're on your

00:27:35.780 own i believe he did yes i really do think he said look in the end we're going to protect capital

00:27:41.300 rather than protect the prosperity of regular americans yes i do believe that

00:27:46.520 okay we're gonna take a short break we're gonna drill down that's the central thesis of today

00:27:52.500 here's the beauty of it baby you're underwriting the entire deal as as pal continues to print money and

00:27:59.280 jam it either through the discount window into the banks make sure they got liquidity these 186

00:28:03.760 walking wounded or opening up the swaps lines to the other central banks you're the full faith and

00:28:10.080 credit you're the underwriter of course he just said hey you're gonna have to help yourself when it

00:28:13.560 comes to inflation short commercial break cortez mark a lot of people complain about the state of

00:28:19.000 our country are the way woke corporations treat us and their employees but it's not enough to complain

00:28:24.920 we need to change the way the marketplace works and that starts with you and where you spend your

00:28:30.880 money in less than a year public sq has grown to be the largest platform of patriotic freedom-loving

00:28:37.720 businesses the world has ever seen whether you want to support a restaurant that only buys from local

00:28:42.780 farms a coffee shop that took a stand against covid mandates or a bank that would never counsel you

00:28:48.920 counsel you for your political views public sq is your guide there's also interactive sensor-free

00:28:55.900 community groups where you can connect with other local members here's the best part it's absolutely

00:29:02.200 totally free to join just go to public sq.com that's public sq.com public the word the letters sq.com

00:29:15.320 and download the app today totally free simply create an account and begin your search you can also

00:29:22.520 list your business for free so your local community can start to support you we can't always change the

00:29:29.640 world but we can change how and where we spend our hard-earned dollars begin your search at public

00:29:37.640 square today go to public sq.com that's public sq.com here's your host stephen k band

00:29:49.880 okay mark mitchell's joining us we're going to wedge him in here because he's got a very important

00:29:53.800 poll they put out today about what american citizens think about uh the banking system

00:29:59.960 i'll bring him in now mark walk us through your poll and then i'm going to bring cortez to give us some

00:30:03.960 observations and analysis walk us through these numbers we have a banking system that everybody

00:30:09.640 uses the confidence should be really high we have depositor insurance that now seemingly applies

00:30:15.400 to everybody nobody should be worried about losing their money unfortunately americans really are how

00:30:21.240 confident are you in the stability of the u.s banking industry only 23 percent are very confident

00:30:27.480 now 58 percent are at least somewhat confident and 36 percent are not confident that that doesn't seem

00:30:33.880 good but here's the thing just as we talked about with the silicon valley bank numbers we've been polling

00:30:39.720 about banking crises and bailouts all the way back to 2008 and so if you go back your readers can go and

00:30:46.920 look at the historical numbers if you look at the republican and democrat numbers the numbers now for them

00:30:53.240 or sorry for republicans and independents are almost exactly the same as they were through 2009 2010

00:31:00.360 but democrats confidence in the banking industry is skyrocketed to now 73 percent and they're dragging

00:31:07.320 all these numbers up when thinking about the money you have in the bank how worried are you it'll be lost due

00:31:12.040 to a bank failure 44 percent of american adults are at least somewhat worried 11 are very worried those numbers

00:31:19.160 are identical to the spring of 2009 only six months after the lehman collapse and then finally we asked

00:31:26.760 over the next few years how likely is the u.s will enter a 1930s like depression 49 of american adults say

00:31:34.680 it's at least somewhat likely 19 say very likely only 13 say not at all likely that's another one we've

00:31:42.360 asked quite a few times and these numbers are bad now we don't talk about this often but one of the

00:31:48.680 things that rasmussen reports also does is pull very heavily on economic confidence every month we put

00:31:54.520 out reports on our website we have an index where we've been tracking economic confidence all the way

00:31:59.960 going back to april 2014 last july something crazy happened that didn't we didn't get a lot of news about

00:32:06.920 it but our index for economic confidence dropped the lowest it's ever been even below the absolute

00:32:13.640 height of the covid pandemic now over the last year as inflation's eased off those numbers have ticked

00:32:20.040 back up a little bit but economic confidence is always the highest in the spring when people are

00:32:26.040 getting those tax refunds and so now with the s p one or two bad days from being lower than it was

00:32:34.440 on joe biden's first day in office with people spending through those tax refunds come coming up

00:32:41.080 in april may june and with this banking crisis i'm worried we're going to see another spike lower in

00:32:46.520 economic confidence in this country give me real quickly the one in the depression again the 49

00:32:53.080 about the 1930s just read those numbers again for cortez 49 of american adults think it's at least

00:32:59.720 somewhat likely over the next five years we're going to enter a 1930s style depression 19 percent

00:33:05.560 say very likely mark mitchell where do people get to you give me all the sites your coordinates

00:33:12.760 follow us on twitter rasmussen underscore poll please subscribe on youtube or rumble as we talked

00:33:19.000 about today in our twitter feed because every time we post a steve bannon interview they take it right back

00:33:23.720 down again okay thank you fantastic we love it baby they love the real information um mark mitchell

00:33:33.640 thank you very much we need you to get up to speed every day every day is going to be homework including

00:33:39.560 weekends go to birchgold.com right now slash bannon and get the three-part series on the end of the

00:33:45.000 dollar empire you've got to get the nomenclature just just start reading even if the even if numbers

00:33:50.600 scare you if you know words you know when we talk about economy it bores you you need to do this

00:33:55.560 today okay also you've got free information kits all of it check it out today you must do that for

00:34:02.120 you your family community and your nation steve cortez give me your assessment first of the polling

00:34:07.480 you were around uh in 2008 you remember to the spring of 2009 give me your assessment sir of that

00:34:13.000 well you know it reflects that rasmussen polling reflects the common sense intuition and smarts of the

00:34:19.560 american people because even if they're not deeply involved in capital markets they understand that

00:34:24.360 the situation now is dangerous and is very similar in many ways to 08 and 09 i think in some ways perhaps

00:34:30.840 even more perilous and let me show you some capital markets reflections of that that will validate that

00:34:36.200 poll and show you that the trepidation and anxiety that's out there in the country it is in fact

00:34:40.680 evidence-based according to capital markets if we look at chart number two this is bond volatility

00:34:46.760 and without getting too deeply in the weeds here this is essentially the the change in yield on the

00:34:51.480 two-year note and what you want that to be basically is thin okay when you look at that at that line when

00:34:56.440 it starts getting wide it means things are getting wild okay so that chart goes back 20 years and the last

00:35:02.280 time things got wide and wild in the bond market was 2008 2009 this current banking panic is just as

00:35:10.680 volatile as 08 and 09 according to bond markets now let's look at it if we can go to uh chart number

00:35:16.920 three please let's look at a reflection of what happened just today okay uh this is pac west p-a-c-w is

00:35:23.000 the ticker uh it is a west coast regional bank it's a lot like silicon valley bank it's not quite as

00:35:28.760 concentrated in the tech industry but it has a lot of venture capital businesses a lot of venture capital

00:35:34.600 partners or and customers it was down 17 today steve 17 that chart goes back one year and shows you

00:35:43.480 that at last week's lows it had lost 90 percent of its value uh this company reportedly we don't know

00:35:50.440 if it's true but reportedly went out and tried to raise capital tried to get an equity injection into

00:35:55.560 the bank and was rebuffed those are the rumors at least today and it got destroyed and the market

00:36:01.560 fear steve that we have svb but hang on yeah too you got the s you got the silicon valley bank

00:36:08.840 southern division about to pop up on you and these are massive banks right on this bank it's pretty

00:36:15.000 open because they tried to raise equity not doing that they announced with great fanfare they got a 1.4

00:36:20.520 billion dollar loan from uh apollo's distress lender what atlas special partners or something that

00:36:28.120 this is the bottom feeders of the bottom feeders they're essentially leg breakers with cash right 0.90

00:36:33.400 so this is like going to the mob this is like going to the mob that's how desperate this bank is right

00:36:37.960 and it's pretty open that they couldn't raise equity so they went and got a they went and got

00:36:41.320 a went to loan that's correct and borrowed some money to get to keep on and keep on they keep on the iron

00:36:47.080 lung is that where we are this another one how many administrations since uh herbert hoover have had

00:36:53.160 three big banks uh blow up in a in in the span of 10 days uh steve cortez right well that would be

00:36:59.480 zero and no you're exactly right so going to get in a line of credit right to sustain them perhaps

00:37:04.760 for a few days is you're exactly correct it's sort of this sophisticated legal way of going to the

00:37:10.120 equivalent of sort of wall street equivalent of going to rocky balboa before he made it in boxing okay

00:37:15.560 when he was still a leg breaker and collecting for for loan sharks that's exactly right and uh but look

00:37:20.920 the reality too and i i really think this is important to me the biggest news event of the day

00:37:25.480 was actually not powell it ended up being janet yellen because the two of them were effectively

00:37:30.040 on stage at the exact same time making pronouncements um and by the way anybody out there who believe who

00:37:36.280 isn't yet worried should be worried from watching what happened today and watching the market reaction

00:37:41.560 because janet yellen and her boss joe biden made it pretty clear the other day if he went even if he

00:37:46.520 wasn't totally explicit made it clear that we're going to back bank deposits her previous comments

00:37:52.040 certainly at least suggested that we're going to back all bank deposits the way we did for the oligarchs

00:37:57.640 in silicon valley bank well she then comes out today and this is the quote not considering broad

00:38:03.960 increase in deposit insurance not considering now let's look at the market reaction to that uh to that

00:38:09.880 comment so this is chart four please and we can pull that up this is the dow jones industrial

00:38:14.600 average but most people watch for the stock market this is only a one-day chart steve this is a one

00:38:18.760 minute tick chart basically of just today for the dow jones industrial average it was basically hanging

00:38:25.560 in rallying small as powell tried to mostly speak dovishly mostly sort of reassure markets as i said

00:38:32.120 powell's really talking out of both sides of his mouth not saying a whole lot then yelling comes out

00:38:37.080 and says oh no we're not considering a broad increase in deposit insurance bam the dollar loses

00:38:43.800 700 points in a matter of minutes after that statement as i show there on the chart steve as i

00:38:50.280 often say price is truth and the truth is right now the only thing holding up financial markets the

00:38:55.720 only thing is the deplorables is the faith and credit of the taxpayers of the united states supposedly

00:39:01.800 backing all of this and the second that that yelling says well maybe that's not such a good idea

00:39:06.920 bam markets get absolutely killed these are the consequences but number one here's here's yeah 0.65

00:39:14.360 but i want to make sure the artists understand something they've been leaking this for two three

00:39:19.000 days that they're going to give a a blanket to the 19 trade now we've been hammering them on this show

00:39:24.440 but for her to just show up when all the wall street guys think and says oh no we're not thinking

00:39:28.600 about that i mean that's the type of thing that it's like hitting you with a bazooka right it shows you how

00:39:35.320 incompetent it's malfeasance and incompetence it's a unique in the unique as bad as bush uh you know 0.64

00:39:42.120 paulson and bernan and these guys were and they were awful as bad as as obama's guys the guy during

00:39:47.080 these guys in the beginning we've never seen anything you do agree in your professional career from the

00:39:52.360 pits of chicago to uh to the white house and everywhere else between have you ever seen a a collection

00:39:59.320 like pal and yellen no i you listen never seen this level of of incompetence on the economy as

00:40:06.120 well as incompetence on messaging all right um and as somebody who's worked you know deeply in both of

00:40:11.080 those fields you're exactly right the bush team certainly got the policy wrong at almost every

00:40:16.040 turn however i will give them credit that during the great financial crisis of 08 and 09 they're pretty

00:40:21.000 good on the messaging they were pretty good on at least pretending that they were in charge that they

00:40:25.720 were competent uh hank paulson was good at that okay and by the way that matters okay because that's

00:40:30.040 not just a matter of optics it matters because confidence can become self-reinforcing you know as

00:40:35.480 well as doubt the opposite right can become a vicious cycle downward so you have to get both the substance

00:40:40.440 right and the optics and the messaging to be a great leader in this case they're absolutely flailing on

00:40:46.920 both okay so they did back the oligarchs of silicon valley valley bank total failure on the substance

00:40:53.480 policy side and america hard-working american taxpayers the cops and coaches out there

00:40:59.320 people who don't have money for luxuries they have back stocked the oligarchs so they failed 0.62

00:41:03.880 powell and yellen and biden they failed on the policy front but now they're also massively failing on

00:41:09.240 the messaging front by not being consistent at all by not apparently remembering what they are saying

00:41:15.240 day to day and not recognizing that in the midst of a crisis and this is a deep economic crisis that

00:41:21.240 we're suddenly in in the midst of a crisis every word matters and it is much better to say nothing

00:41:27.320 if you're not prepared to say something that is intelligent and consistent and coherent we get

00:41:33.080 exactly the opposite from janet yellen all right that is simply the reality and steve it's astounding

00:41:38.280 to me that she has not been fired i mean it's unbelievable to me that she is the inheritor of of the

00:41:44.760 of the of the chair the the secretary of treasury chair of alexander hamilton and and some other 0.98

00:41:51.080 incredibly great men by the way in american history uh and that janet yellen this fool this incompetent 0.81

00:41:57.320 uh this person right now is at the helm of the united states economy at a fulcrum moment like this of 0.52

00:42:04.280 peril for the american economy that should scare the hell out of everyone out there does is there

00:42:10.280 everybody everybody happy that she was over in ukraine a couple of weeks ago laying down the roses and

00:42:14.360 talking about she was going to you know writing five billion dollar checks how does that feel right 1.00

00:42:17.560 now does i feel good for you i hope every democrat progressive under 35 you're loving that you're

00:42:21.880 rubbing up on that i hope you love that i hope you embrace that because you deserve it you voted for

00:42:26.760 you got it real quickly before you go to break i don't know would you do you know anybody any level

00:42:32.040 of confidence or gravitas right now that would want to step in and be secretary of treasury knowing

00:42:36.600 that pal was at the fed and he had joe biden wandering around right the white house i mean why would you do

00:42:41.240 that and number two the confirmation hearing would be a bloodbath to get anybody confirmed right now

00:42:46.760 it would be this is why she remember she was supposed to leave steve she's supposed to leave

00:42:50.120 after the midterms right they can't she she's kind of stuck with it now and we're stuck with it and her

00:42:55.240 performance today i'm sure they're going to go back and coach her but it's it's absolutely incredible

00:43:00.440 real quickly give me 30 seconds i'll tell you what i want to wait we're gonna come back you guys

00:43:04.040 but i also want to go back to you said this at the beginning of this a couple of years ago

00:43:11.480 this is all created crises they had what was handed to them the baton that was handed to them

00:43:16.440 they may not liked everything they saw but it was it was it was good and it was running fine even

00:43:21.800 coming out of the even coming out of the covet the ccp bioweapon it was good enough it was okay 1.00

00:43:27.880 and what they have done in the creative crisis as well i tell you look at the guys in moscow beijing

00:43:35.240 and moscow they're telling you everything you need to know of what they think of the biden regime

00:43:38.920 short break cortez next

00:43:40.600 americans have had it they're done supporting companies that rake in hundreds of millions

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00:45:11.080 that's patriot mobile dot com slash bannon or call 878 patriot new social media taking on big tech

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00:45:46.440 patriots i probably don't have to tell you that financial markets have been incredibly volatile

00:45:51.400 in recent weeks as bond markets revolt against biden's inflation some of the worst carnage can be found

00:45:57.880 in the small cap stock sector the small and medium-sized companies that normally drive the american

00:46:04.520 economy but there has been small cap pain ever since joe biden took office why because his policy failures

00:46:12.200 all of them favor the interest of big business of global multinationals over small business and main

00:46:20.280 street let me be specific the created inflation the open border and the needless escalation of the war in

00:46:26.680 ukraine all of those policy failures that either directly benefit big business or big business can manage the

00:46:32.680 risks in ways that small business simply cannot as a consequence you get this massive stock market

00:46:39.160 outperformance of the big guys let me show you since biden took office the s p 500 up four percent now

00:46:45.000 that's a terrible return for over two years time but nonetheless it's at least positive russell small cap

00:46:51.080 index down 18 percent since biden took office this differential right here this concentration of economic

00:46:59.560 and political power it's a hallmark of what biden the democrats are doing to this country and we are

00:47:05.240 going to fix it with our movement of patriotic populism okay steve cordless i want to get breaking

00:47:13.480 news we're going to try to get boards in the six o'clock hour uh new york post is reporting uh juries out

00:47:19.960 chaos at court is trump's grand jury hearing canceled bragg now concerned about indictment and

00:47:24.840 assistant district attorneys are quote shaking their heads unquote complete chaos up in new york uh

00:47:31.800 chaos in the capital markets the country chaos on the southern border we got our worst enemies in

00:47:37.400 human history uniting in eurasia it's uh it's um these are all create i want to go back i know you're

00:47:44.120 gonna jump in this steve but these are all created crises there's nothing in the financial law physics

00:47:49.480 that said this had to happen sir correct no absolutely it's not bad luck it's not the business

00:47:54.600 cycle it's not happenstance okay because you're exactly correct the handoff economically from

00:48:00.360 donald trump to joe biden was an economy that was aggressively reopening without inflation it was the trump

00:48:07.560 boom 2.0 that was unfolding into uh the beginning of joe biden's term and he completely squandered that

00:48:15.400 inheritance how through three specific created crises and i mentioned them there but i can give

00:48:20.600 a little more detail here uh ukraine the border and then this created uh uh crisis of inflation and

00:48:27.160 how do all of them benefit big business to the detriment of small business well if you look at

00:48:31.720 ukraine for example the defense contractors love what's going on okay so there's a lot of big business

00:48:37.000 interests that are very pro-war that are very pro-escalation it certainly doesn't help any main

00:48:41.960 street business here in the united states quite the opposite if we look at the border almost all

00:48:46.760 of big businesses unanimously in favor of open borders why because they want cheap labor because

00:48:51.960 it helps their margins even though it devastates the earning power of regular americans and again

00:48:57.320 harms small business and if we look at inflation overall i'm not saying inflation helps a lot of

00:49:02.360 big businesses but they can manage it and mitigate the risks in ways that small business cannot and some

00:49:08.520 big businesses do absolutely benefit from inflation largely because they are the creator of resources

00:49:14.840 you know the resource markets are dominated by massive conglomerates and in general small business

00:49:21.000 they are the consumers of those resources whether it's energy or agriculture you know whatever it is

00:49:26.120 would uh what generally the creators the producers of them are big business the consumers of them are

00:49:32.200 small business so inflation disproportionately harms small business and again i want to show that in the

00:49:37.480 financial markets because it's not just the opinion of steve cortez it's how capital has been

00:49:41.960 allocated ever since joe biden became president now the markets got smacked today of course as we

00:49:47.240 mentioned largely because of the incompetence of his secretary of state who's contradicted herself

00:49:51.480 several times within the matter of just days but as markets got smacked today down about two percent

00:49:57.320 depending on which index you look at the s p during his tenure is now barely positive and the russell 2000

00:50:03.720 though and by the way that's bad but at least you haven't lost market if you've been

00:50:06.600 investing in the big boys during his time haven't made any money but you haven't lost money if you've

00:50:10.440 been investing in small cap which is way more reflective of where main street is now down as

00:50:14.920 of today's close down 20 percent which of course is the typical historic definition of a bear market so

00:50:20.280 it is a bear market for small business because of biden it is a bear market for main street because of

00:50:26.920 joe biden and steve this crisis we're in the reason it's relevant to today's news is that with this crisis

00:50:32.440 we're in currently if we continue down this path of regular taxpayers bailing out the oligarchs of

00:50:37.880 silicon valley because i think that's coming again i think it's coming in the form of of pack west i hope

00:50:43.000 i'm wrong but uh so far that by the way the stock market has done a very good job when one of these

00:50:47.960 banks comes under attack from sellers when you see a lot of selling in svb uh then in signature bank and

00:50:53.480 first republic so far the market has been very efficient and very correct in sort of seeking out who's

00:50:59.000 next it sure looks like the next one is packed west but my point is this current situation this

00:51:05.160 current created crisis is going to only exacerbate what i was talking about there in that chalk talk

00:51:10.920 this winner take all phenomenon in american life where a very small group of credentialed crony elites

00:51:17.880 reap almost all the benefits and the rest of the masses are thrown to the side and the ruling class

00:51:24.920 of the united states simply doesn't care that there are 24 straight months of declining real

00:51:30.040 wages in this country and that americans are working harder every day to get poorer that's the reality in

00:51:35.800 this country steve uh how do people get to your sub stack now all your content yeah please and please

00:51:43.800 i have a look at my my videos my sub stack everything i you can find me on the twitter i'm at cortez steve

00:51:48.920 cortez with an s steve cortez brother cortez thank you very much honored to have you on here great job

00:51:56.200 you bet thank you sir as cortez says uh they've chosen capital to protect not uh not the people

00:52:03.160 not citizens not the the wage earners because they've made a decision today that they're not

00:52:08.280 going to try to really aggressively fight inflation and they can't they've jammed themselves in the

00:52:12.120 corner because they'll take down the banking system even more than your broad shoulders can support it

00:52:16.920 okay make sure you go to my pillow.com promo code warm you need a good night's sleep tonight i think

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Bannon's War Room - March 22, 2023

Episode 2606： Powell Says： Banks Are Strong

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