Stephen K. Kamb and Joe Scarborough discuss the latest in the ongoing saga of the House of Representatives, and the new speaker, Mike Johnson. They also discuss the fallout from the vote to remove Kevin McCarthy as speaker, and whether that's a good or bad thing.
00:05:50.800Only 14 percent said they're better off.
00:05:52.960So maybe they ought to check their districts again.
00:05:56.120Also, Wall Street just announced another year of down bonuses.
00:05:59.780A lot of those are bedroom communities for Wall Street.
00:06:02.540Also, the the the invasion of our country is part of one of the centerpieces of this is Manhattan in the boroughs where, you know, Eric Adams, since he can't get the money from his sponsors in Turkey, Erdogan, which he's taking all this money illegally in campaigns.
00:06:22.440Right. As we now find out that he's that he's begging for a five billion dollar bailout, which is never going to come.
00:06:43.920We have a and I think you see the scale of the problem that we have.
00:06:48.740You had only 57 percent of the of the conference voted for us very close to not even being able to get a conference.
00:06:55.420But Johnson and this crew showed that, you know, when they need to get something done, they're not prepared to play by the marquee of Queensbury's rules.
00:07:03.240We blocked this thing on a rule that couldn't come.
00:07:20.080And I know there's a lot of criticism of her.
00:07:21.820Maybe this thing should have been a little more baked, but she failed in putting forward an impeachment on Mayorkas.
00:07:27.580I just don't understand when you have an invasion of your country of eight to 10 million people already with another 500,000 a month coming, as CIS tells us, that's going to be 14 million at the end.
00:08:08.880I don't buy that Molinari and the New York guys need to socialize this in their districts.
00:08:14.540I don't anticipate they're going to be doing tons of town halls that talk about the kind of cuts that have to come, that talk about the border policy has to come.
00:08:23.740You know, maybe I'm a tad cynical on this.
00:08:26.800But I see what has happened, and you've got to look at this list of the, what, 100 and – I think the 120 or so that voted for it, 93 to 95, I think, against.
00:08:40.660Look at the ones who voted for it, and a lot of them in your districts.
00:08:44.740You have been helping these guys, and now it's exposed.
00:09:10.400I've been in situations in M&A deals where you've got a lot smaller than that, and you can use your leverage points to get – to impose your will.
00:09:40.820And today, Xi – and we'll be covering this – Xi is going to meet Biden at 11 o'clock, I think, Pacific time, 2 o'clock East Coast time.
00:10:05.760And the former ambassador to the United States from the CCP, there during the Trump administration and, of course, before and had been there forever, just stepped down.
00:10:18.120A bad hombre, part of the clique that runs the deal.
00:10:22.940He said the whole thing's about one-China policy.
00:11:52.260You're going to have to show, particularly if your representative's on that list, and there's lots of them in Trump country.
00:12:00.560There's a lot of MAGA districts there that are represented by these guys.
00:12:03.600Remember, the same 120 is a greater set of the 70 that voted for the FBI headquarters, which is, as I said, a small thing in which everything is revealed.
00:13:22.400So if you listen to the show on radio or a podcast and don't get to see the visuals, you know, you go to – you should certainly go and download.
00:19:18.800Remember he said, I am your retribution to his supporters.
00:19:21.420And now not just, not saying that in some vague way, Molly, but now specific plans from people who presumably would be close advisors in the administration about how they would go out carrying out that retribution.
00:19:33.500I mean, you just heard Steve Bannon, take it for what it's worth.
00:19:35.940He's a podcaster who's probably going to jail soon.
00:19:41.200What I'm saying is, obviously, though, influential in the MAGA movement, but the fact that he's just saying out loud, yeah, we should just pardon all the people who attacked the Capitol, the people who beat up cops on January 6th.
00:21:53.820And two things they're doing is we got, you know, the Heritage guys on here and CRA on here about the balanced budget, whether it's in 10 years or five years.
00:22:04.160I think I can balance this thing in less than five years.
00:23:33.100It was only around that time did it actually become evident from Atlanta, the fall of Atlanta, Farragut and Mobile Bay.
00:23:43.400And some other actions that this thing would actually – Sheridan, General Sheridan, in God's country, Shenandoah Valley, burned it to the ground.
00:23:51.300Just like Sherman burned to the ground 60-mile from Atlanta to the sea, down to Savannah.
00:23:59.300But that was a crisis at that Thanksgiving.
00:24:02.740And I don't remember them saying, hey, what we're going to do is everybody's going to go home for Thanksgiving.
00:24:07.780He said, no, it's a crisis or it's not a crisis.
00:24:10.760The crisis here is evolving every bit as deep as the Civil War.
00:25:45.660You should understand that your predecessor was on Murdoch News all the time, and you saw what happened to him, and now he's so viciously insane.
00:25:54.120He's trying to throw punches, and he's walking around.
00:25:57.820He's going to come after all these guys in the district.
00:25:59.400This nest of vipers up here that we have allowed, we have allowed, we have allowed all of us, collective guilt here, we have allowed this republic to, the government of this republic, to turn into what it is.
00:27:03.360She wants to be fighting for freedom and democracy all over the globe.
00:27:07.380Hey, neocon Nick, check the chart right here.
00:27:11.000Tell me how you're going to deal with that in the invasion of the southern border.
00:27:13.880Of the third world war, the kinetic part, the worst is in the southern border.
00:27:20.420And if you think you've seen some protests at Columbus Circle and they're taking down the monuments and they're putting, you know, Palestinian flags on it and Sharia supremacist symbology everywhere.
00:27:33.040Wait, folks, wait till you've got to come to the hard decision that, hey, maybe they have to go home.
00:27:41.100Maybe the eight million have to leave.
00:27:43.580Maybe they're here illegally with this gun decked asylum.
00:31:44.380We can get back to Trump's, we can get back to the four trillion, was the government big enough under Trump?
00:31:50.220I think our spending was 4.2 trillion, which I thought, I went crazy about it, but hey, plenty big.
00:31:54.900Was in 2019, when we had that golden, we had that Christmas where, you know, no inflation, you know, everything under control, wages up for blue-collar people, wages up for non-college graduates.
00:32:24.900I need you to be, I need you to be a Germanic tribe pre-St. Bonaventure, whoever converted them, okay?
00:32:34.360After the convert, it's fine, but I need you to be savage.
00:32:37.020The meek, you know, may inherit the earth according to the Sermon on the Mount or in Luke, the Sermon on the Plain, but we're not looking for the earth.
00:32:48.160We're looking for this capital and this nest of vipers.
00:32:51.860Remember, Christ himself, what did he do in the temple?
00:33:47.400Steve, I think it's absolutely appalling what Republicans have done.
00:33:51.580I'm not just Republicans, but conservatives more broadly, since we know a lot of those Republicans aren't even conservative.
00:33:57.320But they have once again capitulated to their liberal rivals and kicked the can down the road.
00:34:03.540I mean, what is going to be different in a couple of months here?
00:34:07.280Do you honestly believe that the liberals in the House and that the bulk of the Senate are somehow going to miraculously change their mind between now and then?
00:34:15.920That they will somehow have a change of heart on their ridiculous spending habits?
00:34:31.780Only 14% of Americans believe Biden has made them better off financially.
00:34:38.300This is directly, until you understand that this is directly linked to federal spending, the deficits, and the inflation and higher interest rates driven thereof, you don't understand it.
00:34:52.520The American people will have your back on this if you have the common decency to go explain it to them.
00:35:12.300I'm waiting for that guy out in Omaha to give the presentation of how we're going to do this because they've got to bring their constituents along.
00:36:02.820You've been one of the guys sitting there, and you're the first guy to say, hey, Steve, it was $2 trillion.
00:36:06.060But just on the interest expense, if you look at that chart, the number there for interest is $688 billion.
00:36:11.480Ladies and gentlemen, as Bloomberg confirms, the E.J. and Tony Stephen K. Bannon number is over a trillion in this year.
00:36:21.700Over a trillion dollars in interest in this year, and that's only going to – and E.J. says, hey, baby, I think I'm at $1.2 trillion right now.
00:36:32.680And by the way, that $600 billion interest expense number that you see in the chart, if you look closely, that's net interest, which basically means they take the actual amount of interest they spend on the debt, and then they start subtracting out a bunch of different categories to get the number down.
00:36:48.600So the net interest number always understates how much we're actually spending on the debt.
00:36:53.800So last year, it was over $800 billion.
00:36:56.340Right now, it is an annualized $1 trillion.
00:36:59.600And as you already said, it's going higher, and it's going higher very quickly.
00:37:03.540It is already so bad, Steve, that it takes 40% of all personal income taxes just to pay the interest on the debt.
00:37:59.540And that's what you need here is facts.
00:38:01.140But if you look at all receipts from personal taxes, I think it's 2.1 or 2.2 trillion.
00:38:07.500What EJ is saying is just the interest expense, just the interest expense in this year is going to be – take 40 percent of that is going to pay the interest.
00:38:18.260The interest will be a trillion dollars.
00:38:37.740The inner-structuring part of that also is the invasion of the southern border.
00:38:41.160The Republicans just put out a study two days ago that said that the cost of feeding, housing, educating, and health care for the invaders is $451 billion.
00:40:03.200E.J., what's your focus on the next 75 days?
00:40:08.080What is your recommendation people should focus on in the action that you think we ought to do?
00:40:13.980Well, in terms of our legislature, the action that they need to take is to find anywhere and everywhere they possibly can to cut this budget.
00:40:31.020I mean, Steve, my goodness, just the other day, the Treasury almost failed to auction off 30-year bonds because there just wasn't enough appetite in the market due to just the sheer volume of money that they're trying to raise.
00:41:03.580Walk through what happened last Thursday on the government bond auction.
00:41:07.580Well, Steve, essentially when the government is trying to sell these bonds, they do what's called a Dutch auction where someone will bid and will say, OK, I'll buy those bonds, let's say, for 4 percent.
00:41:18.880And except that they don't actually buy all of the bonds.
00:41:21.460They can only afford a small portion of them.
00:41:23.360The next bidder will say, OK, I will buy another portion of the bonds, and maybe they want 4.5 percent.
00:41:29.260And this continues on and on until there are sufficient buyers to buy all of the bonds.
00:41:34.900And whatever the last interest rate that was offered was, which is, of course, the highest one, that is the interest rate that then everyone else who has already bid will receive.
00:41:44.000Well, what happened was the tail, in other words, it's essentially the difference between the last interest rate and the first interest rate that were bid, that was the largest that I can ever remember, at least the largest in my lifetime, if not ever.
00:41:59.000Because what's happening is the Treasury is initially offering a very large volume of bonds at interest rates that are just too low, and simply no one wants them.
00:42:08.140We don't have enough people willing to take the risk on U.S. Treasuries.
00:42:12.860Yes, I said risk, because Treasuries are no longer a safe asset.
00:42:17.440If you bought Treasuries just in 2020, for example, if you bought a long-term Treasury bond, it has lost half of its value.
00:42:25.080Explain to me how that is a safe asset.
00:42:28.080And even the bonds that are going to be repaid, they're being repaid with dollars that have lost 17% of their value.
00:42:34.880In other words, you are getting 83 cents on the dollar.
00:42:38.360It's as if the Treasury decided to selectively default on 17% of their bonds.
00:47:07.680Your pension goes as fiduciaries to destroy them, their children, and their grandchildren.
00:47:13.260And, oh, by the way, as a bonus, then to send their sons and daughters into foreign battlefields to die supporting this post-war international rules-based order that has only made money for the elites and allowed the Chinese Communist Party to rise to actually challenge us as a hegemon.
00:47:35.000So would you be angry if all of a sudden that was revealed to you and you started to understand it?
00:47:41.560The reason they're angry, they've just seen, what, $8 trillion or $10 trillion by Mitt Romney and all these serious people going along with Biden?
00:48:40.860Elections are about the lived experience of the electorate and where they think the country's going and where you're telling them they're going to go.
00:48:48.780And this is why Mike Johnson in round one, and I don't want to hear, oh, he's, and please, you know, and particularly people that I'm close to, don't sell me on the, oh, he's only been here two weeks or it's the fourth quarter.
00:50:02.420And what particularly makes it not good enough, when they couldn't get the rule passed, they knew right then that not simply MAGA, but others had a huge problem with this.
00:50:15.100And it was a flashing red light, flashing sign to say, you need to take another course.
00:50:23.820He went hard in for the Uniparty, for the worst elements, the Hakeem Jeffries, Mitch McConnell, Chuck Schumer, who think he's a total tool right now.
00:52:00.740This doesn't even take into account the geopolitical crisis or the kowtowing to our greatest enemy today in the Bay Area.
00:52:06.600When someone who's on the payroll of the Chinese Communist Party actually goes as a supplicant to agree to sell out to people in Taiwan and said, yeah, it's one China.
00:54:15.260For war room veterans, you know we have been all over this supply chain issue with China and medications and the active pharmaceutical ingredients.
00:54:27.880China has a stranglehold on us where there's a way to break that.
00:54:32.860I got an emergency medication kit from them.
00:54:36.480The FDA just declared a global shortage of medication and warned that critical antibiotics are in extreme short supply across the United States.
00:54:43.820But you know that because you're a viewer or listener of this show.
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