Bannon's War Room - May 10, 2024


Episode 3600： Fighting Back Against The 196


Episode Stats

Length

54 minutes

Words per Minute

172.32785

Word Count

9,472

Sentence Count

819

Misogynist Sentences

22

Hate Speech Sentences

11


Summary


Transcript

00:00:00.000 I seek recognition to give notice of my intent to raise the question of the privileges of the House.
00:00:06.700 The form of the resolution is as follows.
00:00:10.880 Declaring the office of Speaker of the House representatives to be vacant.
00:00:21.120 This is the uniparty for the American people watching.
00:00:26.480 Gentle lady will suspend.
00:00:27.800 Others use this term unity party like it's an insult.
00:00:32.560 It's a negative.
00:00:33.680 But isn't that what the American people are looking for?
00:00:36.640 Unity, bipartisanship?
00:00:39.900 I agree with you.
00:00:41.580 Bipartisanship a few years ago was a good thing.
00:00:44.160 When people could work across the aisle and there was common ground, it was a good thing.
00:00:48.900 What Marjorie Taylor Greene is trying to do is send a message to the American people that the institutions are corrupt,
00:00:56.220 that the institutions are against you, the hardworking American.
00:01:00.560 I think that fails and it should fail because the institutions are made up of a lot of really good,
00:01:06.100 hardworking people who are trying their very best under difficult circumstances,
00:01:10.440 under very polarizing circumstances to get good things done.
00:01:13.840 My concern, I can tell you the subject matter, my concern was we got word about these, you know,
00:01:18.900 the shipment of munitions being delayed.
00:01:21.340 And that was a great concern to us because I got commitments from top administration officials
00:01:26.900 before we passed the supplemental package for the aid to Israel that that would not happen.
00:01:31.680 There would be no delay whatsoever.
00:01:33.080 They repeated to me in writing and verbally, no delay in the delivery of weapons to Israel
00:01:38.080 because it's so desperately needed.
00:01:39.500 I talked with Prime Minister Netanyahu about it and I wanted to get confirmation from him
00:01:43.240 exactly what's happening.
00:01:44.260 He described exactly what was happening before the news was confirmed.
00:01:47.840 And so I went straight...
00:01:48.660 Before Biden's statement or before...
00:01:49.900 Well, this is well before Biden's statement, but also before the news broke about those.
00:01:53.420 We were just hearing rumors.
00:01:54.800 So I confirmed it with Prime Minister Netanyahu.
00:01:57.500 And then I went straight to the White House and I said, what gives?
00:01:59.920 Somebody's going to have to explain this to me because it's very different than what I was told.
00:02:03.540 And they said, oh, this has nothing to do with the supplemental package that you all passed.
00:02:07.220 This is earlier the weapons tranches.
00:02:09.820 Well, Israel needs it right now.
00:02:12.420 Well, we're working on that.
00:02:13.900 Well, you better work on it quickly.
00:02:15.060 So this statement by the president, I hope, I believe he's off script.
00:02:19.340 I don't think that's something that staff told him to say.
00:02:21.780 I hope it's a senior moment because that would be a great deviation in what is said to be the policy
00:02:28.120 there and in the very critical relationship we have with Israel.
00:02:31.080 This is really...
00:02:31.740 That's really, really big news.
00:02:33.160 Do you feel betrayed by this then?
00:02:35.020 I got to say that I do.
00:02:36.180 Yeah.
00:02:36.420 I mean, we've been very deliberate.
00:02:39.380 We've been very open, very much in good faith.
00:02:41.560 The Congress expressed its will through that vote.
00:02:44.400 And so for the administration to make such a huge deviation in policy without, you know,
00:02:50.560 any consultation with us and in defiance of what we quite literally just voted on here
00:02:56.300 days ago, to me, it raises a lot of alarm.
00:03:03.680 This is the primal scream of a dying regime.
00:03:08.820 Pray for our enemies because we're going medieval on these people.
00:03:12.660 I got a free shot at all these networks lying about the people.
00:03:18.320 The people have had a belly full of it.
00:03:20.300 I know you don't like hearing that.
00:03:21.720 I know you've tried to do everything in the world to stop that, but you're not going to
00:03:23.880 stop it.
00:03:24.340 It's going to happen.
00:03:25.620 And where do people like that go to share the big line?
00:03:29.020 Mega media.
00:03:30.420 I wish in my soul, I wish that any of these people had a conscience.
00:03:35.780 Ask yourself, what is my task and what is my purpose?
00:03:38.920 If that answer is to save my country, this country will be saved.
00:03:45.960 War Room.
00:03:46.740 Here's your host, Stephen K.
00:03:48.820 Bannon.
00:03:51.840 It's Friday, 10 May in the year of our Lord, 2024.
00:03:55.000 Welcome to the War Room.
00:03:56.400 I am here with the fighter par excellence, Congressman Marjorie Taylor Greene.
00:04:00.520 It's tough, it's hard to shock me with these wimps and pencil necks in Washington, D.C., but
00:04:09.440 I actually am shocked when Polly Pockets Johnson goes on the, I guess, the Politico playbook
00:04:16.560 podcast and sits there with just incredible naivete and says, oh, Biden betrayed me.
00:04:26.160 Biden betrayed me.
00:04:27.680 This is on the Israel situation, but it's on everything.
00:04:31.060 Johnson yesterday said, threw President Trump totally under the bus, said it was too hard
00:04:37.360 to defund, too hard to defund the law for against him, too hard to defund Jack Smith.
00:04:44.640 It was too hard to do all this.
00:04:46.580 Jim Jordan's just announced, wait for it.
00:04:49.720 They're going to go have another hearing at the border.
00:04:51.820 They're going to have another hearing at the border, like we need to know any more information
00:04:56.300 about the invasion of the southern border.
00:04:58.200 This is completely and totally performative.
00:05:02.020 Johnson sitting there, Congressman, for him to sit there and go, the Biden administration
00:05:06.700 does nothing but lie to you.
00:05:08.260 They don't send the right information to Congress.
00:05:10.300 They hide information.
00:05:11.460 They're after President Trump.
00:05:12.860 It's an illegitimate regime, right?
00:05:15.600 We're going to go after him hard on the first afternoon.
00:05:18.680 We take charge.
00:05:20.460 And he's sitting there.
00:05:21.660 I was betrayed.
00:05:22.560 No, everything.
00:05:23.480 And you have to go in as an adult and understand when you're negotiating, everything they say
00:05:28.580 is a lie or misrepresentation or against this republic.
00:05:32.640 You have proven beyond any doubt what a buffoon you are, what a clown you are in any of the 196.
00:05:40.140 This audience ought to get Bill Blaster and be up in the grill of the 196 that did not move the motion of
00:05:46.680 vacate to toss him and toss him today.
00:05:49.040 He is unworthy, unworthy of this position.
00:05:52.780 And now he wanders around.
00:05:53.980 You're going to see him on all the mainstream media because they love compromise.
00:05:57.680 They love bipartisanship.
00:05:59.740 Betrayed.
00:06:00.180 Can you walk me through how someone in that position says he was betrayed?
00:06:05.680 Because here's what they did.
00:06:07.100 Of what was just passed, they just passed this huge, what, $21 billion.
00:06:12.280 They're not sending arms.
00:06:13.560 They need to go on offense.
00:06:15.080 Netanyahu had a cause bluff.
00:06:16.500 They're saying, oh, no, no, no, speaker.
00:06:18.460 Don't get worried.
00:06:19.180 You can't impeach.
00:06:19.820 You can't do anything because this is really about supplementals before.
00:06:23.780 It's all hide the football.
00:06:25.340 It's all lies.
00:06:26.240 You can't trust anything Biden says.
00:06:27.680 You can't trust anything Austin says.
00:06:29.520 You can't trust anything Jake Sullivan or Tony Blinken.
00:06:32.180 None of them because it's an illegitimate regime.
00:06:34.640 Ask the question, Johnson, did Biden actually win in 2020?
00:06:39.300 The answer is no.
00:06:40.540 You used to be with us on this.
00:06:42.620 Now you're sitting there going, oh, I was betrayed.
00:06:44.300 Right.
00:06:44.640 In that in that in that deep little choir boy voice.
00:06:48.740 Congressman Marjorie Taylor Greene.
00:06:50.580 Thank you for joining us.
00:06:51.600 Oh, thanks for having me, Steve.
00:06:52.920 I think that pulled the curtain back.
00:06:54.860 I mean, think about that statement that he said.
00:06:56.900 That means that that Mike Johnson is walking into a room with Joe Biden in good faith and
00:07:03.340 actually thinks that Joe Biden is going to work with him.
00:07:07.440 Joe Biden is the man that wants to put Trump in jail for the rest of his life until he's
00:07:11.880 dead.
00:07:12.740 This is who Joe Biden is.
00:07:14.400 Joe Biden is the man whose family has enriched themselves with all kinds of business deals
00:07:19.760 all over the world.
00:07:20.640 We've exposed it on oversight.
00:07:22.840 Joe Biden is the man that literally, literally has ripped open our border and wants to bring
00:07:29.520 as many people from all over the world, from over 160 countries and wants to make them
00:07:35.920 citizens and wants to allow them to vote in our elections.
00:07:40.740 Like and Mike Johnson's going to walk in and go, oh, well, me and my buddy Joe Biden.
00:07:44.720 Oops, sorry about that.
00:07:45.600 Me and my buddy Joe Biden, who has dementia, by the way, I can trust everything he's telling
00:07:50.600 me.
00:07:50.940 So this is good faith.
00:07:52.420 And he and he thinks he's been betrayed by Joe Biden.
00:07:55.580 I think the betrayal happened by Mike Johnson.
00:07:59.020 That was the betrayal because Mike Johnson is not capable of being Speaker of the House.
00:08:03.680 And the betrayal happened when I called the motion to vacate, Steve.
00:08:06.880 And you saw Republicans join with Democrats and boo as loudly as possible in the people's
00:08:14.420 house, in the people's house, Steve.
00:08:16.800 That's the betrayal.
00:08:18.280 Now, look, when he ran for the job, he promised he was going to shut down the border for another
00:08:24.360 penny to Ukraine, promised not going to do money for Ukraine.
00:08:27.640 He promised he was going to force even a shutdown of the government before proving Biden's out
00:08:32.520 of control budget.
00:08:33.280 Everything he said and committed to people, the people said, fine, go ahead.
00:08:37.600 Jordan couldn't get across.
00:08:38.680 Glees couldn't get across.
00:08:39.740 Ember's getting across.
00:08:40.960 Johnson looks like a safe pair of hands.
00:08:42.520 Looks like an honest guy with a biblical worldview, a total Christian.
00:08:46.460 He is a bald faced liar.
00:08:47.560 But to say he's betrayed, you're absolutely correct.
00:08:50.360 That means that your mindset was these are people in good faith.
00:08:54.120 They're not.
00:08:54.620 You can't negotiate in good faith with these people because they're crooks and illegitimate.
00:08:59.080 You have to understand they're in there to destroy this republic and jail President Trump.
00:09:03.920 Therefore, you have to go in and understand everything they're telling me is a lie.
00:09:08.340 All the spin.
00:09:08.900 And now it's quite evident he went in totally naive with no experience and the intelligence
00:09:14.520 community scared him.
00:09:15.640 So he would himself.
00:09:16.720 Right.
00:09:17.220 With all the nonsense.
00:09:18.240 That's why the FISA was just not an extension.
00:09:20.460 It's a radical expansion of FISA.
00:09:22.280 That's right.
00:09:23.120 What he approved.
00:09:24.100 He didn't fight at all for the omnibus bill.
00:09:26.740 He had all the leverage in the world to shut down the government until he shut the border.
00:09:31.000 He had the leverage.
00:09:32.560 Jordan and leadership had the leverage.
00:09:34.580 They had the complete leverage to do it.
00:09:36.060 They didn't use it.
00:09:37.200 And now he's going to sit there and wind a political.
00:09:39.240 Yes, I felt betrayed.
00:09:40.540 This is a dangerous naivete that we can't have now.
00:09:44.100 And the burden now is on the 196 to justify to this audience exactly why you made Hakeem
00:09:50.700 Jeffries Speaker of the House, because that's what's happened.
00:09:53.880 Absolutely.
00:09:54.900 You know, voters across America gave us the majority in 2022 for a reason.
00:09:59.680 And it's because they wanted to stop the deadly Biden administration's policies, and they were
00:10:05.100 fed up with it.
00:10:06.040 And it became our job.
00:10:07.660 That became our duty to fight the Democrats and to stop their policies.
00:10:11.840 What did we tell everyone?
00:10:13.200 We said power of the purse.
00:10:14.820 We said it over and over and over again.
00:10:17.240 We're going to use the power of the purse to stop the Democrats.
00:10:20.040 We're going to use the power of the purse to shut the border down.
00:10:23.000 We're going to use the power of the purse to hold them accountable.
00:10:26.540 Mike Johnson gave it away.
00:10:28.140 He literally took the purse, handed it to Chuck Schumer, allowed the Senate to write
00:10:33.120 the entire omnibus, the two-part spending package that he passed so much so, Steve, that Chuck
00:10:39.980 Schumer took those bills, the ones that fully funded the Department of Justice that are trying
00:10:44.740 to put Trump in jail for the rest of his life, the same spending bill that fully funded the
00:10:49.580 FBI that raided Mar-a-Lago, the same spending bill that gave the FBI a brand new building.
00:10:55.580 How ridiculous is that?
00:10:56.760 The same spending bill that funded the border invasion, every single ounce of it.
00:11:01.940 Chuck Schumer took it in the Senate.
00:11:03.680 He didn't change a comma.
00:11:05.040 He didn't change a period.
00:11:06.240 He didn't change a word.
00:11:07.560 What does that tell you?
00:11:08.640 It should tell everybody everything they need to know.
00:11:11.960 And then 196 of my Republican colleagues voted to save Mike Johnson.
00:11:17.120 And so did Nancy Pelosi.
00:11:19.800 Think about that.
00:11:21.100 Nancy Pelosi, she impeached our president, President Trump, twice, ladies and gentlemen.
00:11:28.720 Nancy Pelosi impeached Trump twice.
00:11:30.940 And she voted to save Mike Johnson.
00:11:33.720 You got to wrap that around your head.
00:11:36.180 And 196 Republicans said that was okay.
00:11:39.020 And they voted when Nancy Pelosi and Hakeem Jeffries and Jerry Nadler and all of these
00:11:44.820 Democrats that hate you, absolutely hate you, hate President Trump, want him dead.
00:11:50.140 Benny Thompson, who wants to take away his secret service so that he can be assassinated.
00:11:54.680 That's what our Republican colleagues did.
00:11:57.560 Remember, if the vote had gone, just like in McCarthy, if the Democrats vote for Hakeem
00:12:01.660 Jeffries, Johnson would be gone right now.
00:12:05.680 In fact, the first round was actually worse than the first round against Johnson.
00:12:09.300 You had 11 votes to support him, but you had 10 no votes.
00:12:12.260 Okay?
00:12:12.640 You add that up.
00:12:13.880 That was worse than McCarthy did.
00:12:15.440 If the Democrats had not had his back, I want to make sure everybody understands this.
00:12:18.860 If they had not had their back under the order of Pelosi and Hakeem Jeffries and Jerry Nadler
00:12:25.220 and the most radical elements of that, Johnson would be gone.
00:12:29.320 This is what they're—we don't need a bipartisan Speaker of the House.
00:12:33.960 A bipartisan Speaker of the House means exactly how this country—how this country is getting
00:12:38.200 the shape it's in today, whether you had Republican presidents or Republican Speakers
00:12:43.360 of the House like Boehner and Ryan, right?
00:12:45.680 You had Majority Leader McConnell.
00:12:48.140 Now, for years and years and years, the Murdochs, Fox News, TV for stupid people, this is called
00:12:54.640 controlled opposition.
00:12:56.420 All you do is go along and you grab a shiny toy and you make a big deal about the shiny
00:13:00.600 toy and get everybody worked out on the shiny toy.
00:13:02.680 This is about money and it's about power.
00:13:05.120 And they understand they have somebody compromised.
00:13:07.420 And people are coming to me, what have they found out about Johnson and the Italian service
00:13:10.180 but compromised?
00:13:11.080 I don't go there.
00:13:12.600 That may be true, but I know one thing.
00:13:14.340 He's too naive, too unsophisticated, too gutless, too much of a coward to sit in those rooms
00:13:21.780 and they give him the intelligence briefings and sit there and ask the smart questions.
00:13:25.580 No, no, no.
00:13:26.620 The extension of FISA—and they just announced the other day, the FBI announces, guess what?
00:13:32.120 They're back to the online—they're going to do the online monitoring of everybody.
00:13:35.980 Johnson says yesterday, it's too hard.
00:13:38.460 I don't know how to defund Jack Smith.
00:13:42.480 It's too hard.
00:13:43.740 It's too hard.
00:13:44.400 Of course it's hard.
00:13:46.260 You're up there to do hard things.
00:13:48.460 You're nothing but a wimp.
00:13:49.940 And everybody that vote, all 196, get up in their grill and demand from them to tell you
00:13:58.600 exactly why they supported and backed Nancy Pelosi and Hakeem Jeffries and Jerry Nadler
00:14:05.520 and Joe Biden and all the radical Democrats, okay, and why he lied to people with a straight
00:14:10.980 face about securing a border.
00:14:12.200 And Jim Jordan, we don't need another performative hearing.
00:14:15.660 Hey, guess what?
00:14:16.660 Note to self.
00:14:17.380 The war room posse knows this is an illegal alien invasion.
00:14:21.580 They know that Biden initiated it, structured it, and is exacerbating it.
00:14:25.840 We don't need to go to the border for another hearing.
00:14:28.600 What we needed you to do was to step in the breach a couple of weeks ago and say, guess
00:14:34.180 what?
00:14:34.760 You cannot authorize this.
00:14:36.320 We got to shut this government down until they shut the border down.
00:14:39.880 That's what the American people want.
00:14:41.540 What they're tired of is the gutless, feckless whining of the Republican establishment, okay?
00:14:48.500 They're tired of it.
00:14:50.000 And we're going to do something about it.
00:14:51.340 We're going to turf you guys out.
00:14:52.700 You're unworthy to represent the Republican Party and the American people.
00:14:56.840 Short break, MTG on the other side.
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00:16:19.720 Your host, Stephen K. Bannon.
00:16:22.940 Okay, I want to take these in order.
00:16:24.600 Welcome back.
00:16:25.180 We've got Congressman Marjorie Taylor Greene.
00:16:26.700 By the way, Scott Besson's going to join us.
00:16:28.780 He was on Maria.
00:16:30.120 Earlier, we were talking about interest rates and what a lovely job Powell's doing now.
00:16:36.120 The inflation's here, and it ain't going to go away.
00:16:38.600 We'll get into all of that.
00:16:40.680 Congressman Marjorie Taylor Greene.
00:16:42.880 First off, this was a historic moment.
00:16:46.980 We have played over and over again, you going into the pit of the house.
00:16:52.820 And people don't understand the courage it takes to go there when your colleagues, those
00:16:56.980 boos inside that chamber when it's coming down, it's even 10 times.
00:17:01.640 It sounds so loud, you can barely hear you there.
00:17:03.680 But how loud was it?
00:17:05.220 It was deafening.
00:17:06.660 Imagine walking into an arena where everyone hates you in that moment.
00:17:12.600 And as soon as I rose and started-
00:17:14.140 So this is like the Christians going into the Coliseum with the Romans.
00:17:17.860 Oh, 100%.
00:17:19.800 So as soon as I stood and I started reading the resolution, the boos started.
00:17:24.800 And it may not have sounded that loud on the audio because the microphone was here for me.
00:17:29.940 And that's what was picking up their boos.
00:17:31.980 So I am the loudest voice here.
00:17:33.800 But inside that room, the boos were deafening.
00:17:38.120 I mean, absolutely deafening.
00:17:39.540 That was all I could hear.
00:17:40.500 I couldn't even hear my own self.
00:17:42.420 And so you have to realize in that moment, you're standing in a room where everyone is
00:17:46.580 against you.
00:17:47.360 But I had to keep my mind and know that outside of this city, everyone is with me on this.
00:17:53.480 And that's the whole reason why I ran for Congress, Steve.
00:17:56.280 I ran for Congress because I was angry at the Republican Party for not doing what they
00:18:00.360 said they would do.
00:18:01.260 And I was angry at the Republican Party for washing their hands of Trump and allowing him
00:18:05.680 to be persecuted by the first special counsel, Robert Mueller.
00:18:09.200 And I was angry at the Republican Party that didn't pass our agenda, which is why we voted
00:18:13.720 for Trump in the first place.
00:18:15.460 And so I was there literally doing what I told people I was going to do.
00:18:19.040 But those Republicans under Paul Ryan allowed the Democrats to steal his first term.
00:18:25.120 They stole the election the first time because they hammered Trump and hammered Trump and
00:18:29.560 hammered Trump and finally came up with the phony impeachment.
00:18:32.920 That's right.
00:18:33.840 That's 100 percent right.
00:18:34.980 And I'll argue that's why Nancy Pelosi became speaker in 2019.
00:18:38.280 100 percent.
00:18:38.660 Because Republicans didn't fight.
00:18:40.700 And we're in the same scenario again.
00:18:43.400 And we desperately need to control the House.
00:18:45.980 But there's a difference, Steve.
00:18:47.140 We need to control the House this time in January of 2025 with Republicans, a whole different
00:18:53.140 mindset, a Republican Party that is willing to do anything, everything that they have
00:18:58.620 to do to fight for our agenda, because the Democrats are not going to lay down and let
00:19:03.200 it happen.
00:19:04.300 We already saw Mike Johnson get run over by Joe Biden because he was like, oh, I can't
00:19:09.300 believe that he lied to me.
00:19:10.660 Oh, my goodness.
00:19:11.540 Joe Biden would lie to me.
00:19:13.000 Yeah.
00:19:13.460 Mike, what did you think?
00:19:14.580 That's your best friend in there going to give you everything you want while you're
00:19:17.620 literally bending over, giving him everything he wants?
00:19:20.980 I was betrayed.
00:19:22.740 Yeah.
00:19:22.980 Mike Johnson got betrayed.
00:19:24.160 Everybody was betrayed.
00:19:25.620 What can I ever tell you?
00:19:26.400 Shocker.
00:19:27.400 Shocker.
00:19:28.240 So hold it.
00:19:28.960 When you're down there in this huge, dramatic moment, historical moment, we've played this
00:19:34.400 thing.
00:19:34.600 We've run the sprockets off.
00:19:35.920 It is dramatic.
00:19:36.640 The audience loves it.
00:19:37.420 Fox News, Murdoch News.
00:19:40.620 And you have to understand, this is why they are controlled opposition.
00:19:44.040 They're trying to tap you along.
00:19:45.400 Right.
00:19:45.960 In one of the most MSNBC cuts to it, CNN cuts it because it's news.
00:19:50.100 Even the propaganda channels have to do it.
00:19:52.560 It's a dramatic moment.
00:19:54.280 Fox News is not cut to that.
00:19:55.920 Your thoughts, ma'am?
00:19:56.840 Yeah, so you got to remember Fox News that literally fired Tucker Carlson, the number
00:20:03.600 one cable TV news host in the nation.
00:20:07.000 Tucker, who was basically the voice of everyone.
00:20:10.080 That's the Fox News that refused to cover me calling the motion to vacate.
00:20:15.420 The five never switched gears.
00:20:17.560 They never changed, never went to anything different.
00:20:20.420 Fox News wants to control what Republican voters think.
00:20:23.560 And the control and the information that they give you is the establishment Republican Party
00:20:30.340 view, the Bush view, the Cheney view, the same view that led us into the Iraq war, claiming
00:20:36.460 that there was weapons of mass destruction.
00:20:39.160 They want to make viewers, their viewers think that we have to fight for Ukraine, that we have
00:20:44.380 to stop Putin because he's going to steamroll across Europe just like Hitler did, even though
00:20:48.700 there's no evidence of showing that.
00:20:50.300 The same Fox News refuses to say, hey, let's call for peace, peace for these people in Ukraine
00:20:55.560 instead of wiping out an entire generation of Ukrainians.
00:20:59.040 Think about that.
00:21:00.300 This is the same Fox News that wants to infuriate you every single day while Republicans go down
00:21:05.860 to the border, drag out the podium once again, point it, oh, look, they're crossing the border.
00:21:11.560 Oh, my goodness.
00:21:12.380 Oh, my.
00:21:13.280 But yet Republicans don't do a damn thing to actually stop it.
00:21:17.500 Nothing.
00:21:17.840 We could have stopped it in our appropriations.
00:21:20.440 We could change all kinds of things.
00:21:22.300 We have the Speaker of the House, the most powerful position in the Republican Party,
00:21:27.220 third in line to the president, third in line to the president.
00:21:30.500 The Speaker can do anything he wants to do if he's willing to do it.
00:21:34.380 But we have a speaker that's so weak that a man, an 80-year-old man with dementia is able
00:21:39.660 to fool him.
00:21:41.220 This is where we are.
00:21:42.300 And Fox News, Fox News wants to make sure, make sure that you guys don't have your own
00:21:48.140 opinion, that you only have the opinion that Fox News tells you to have.
00:21:51.800 And that's why Fox News attacks Steve Bannon.
00:21:54.940 That's why Fox News attacks Charlie Kirk.
00:21:57.360 And that's why Fox News would love to murder Tucker Carlson.
00:22:00.420 And that's the reality.
00:22:01.420 And that's why Fox News is losing viewers, because I think you guys are smart.
00:22:05.400 The American people are too smart.
00:22:07.820 And you're tired of being fed outrage TV, outrage TV, and watching and voting and donating
00:22:14.700 to Republicans that don't do a damn thing about it.
00:22:17.860 And I think that's where we're turning the corner, Steve.
00:22:19.940 And I hope to God we continue turning that corner.
00:22:22.320 No, it's Charlie Kirk, Jack Posobiec, Tucker.
00:22:24.360 It's not us saying it.
00:22:25.580 It's Politico as a huge piece of how Fox News saved Johnson.
00:22:30.040 Rupert Murdoch stepped in to save Johnson because you had Tucker Carlson.
00:22:34.740 You had the Real America's Voice, War Room guys.
00:22:37.160 You had Charlie Kirk.
00:22:38.040 You had Jack Posobiec.
00:22:39.240 Of course, all the Real America Voice hosts all over.
00:22:42.960 Why have we not used our leverage?
00:22:45.020 Remember, if you submit to the Democrats, you're going to get good press from the mainstream media.
00:22:51.300 You're going to look like a statesman.
00:22:53.060 You're going to be bipartisan.
00:22:54.640 Stephanie Ruhle is going to say you're part of the unity party, right?
00:22:58.480 Right.
00:22:58.740 And the country is looking for bipartisanship.
00:23:00.720 It's looking for unity because they want – bipartisanship means compromise with the Democrats and giving them – and you saw it here.
00:23:10.520 Everything on the budget.
00:23:11.700 Everything on the border.
00:23:12.800 Everything on Ukraine.
00:23:15.140 Across the board, everything.
00:23:17.240 Marjorie Taylor Greene, your thoughts?
00:23:18.800 Well, I'm just looking at that headline, and it says how Rupert Murdoch quietly helped Mike Johnson survive Marjorie Taylor Greene's ouster attempt.
00:23:26.920 So that's also the Democrats, everybody.
00:23:29.480 It wasn't just Rupert Murdoch.
00:23:31.500 It wasn't just Fox News.
00:23:32.900 It was the Democrats.
00:23:34.540 Nancy Pelosi, Jerry Nadler, Hakeem Jeffries, all these Democrats that literally are destroying our country right now, locked arms with Fox News, locked arms with 196 Republicans, and said,
00:23:49.860 do not stop the unity party – what is it, unity party?
00:23:54.180 The unity party.
00:23:54.960 Oh, yeah, Ken Buck's unity party.
00:23:56.380 The unity party.
00:23:57.200 Right, right, right.
00:23:57.820 Don't stop the unity party.
00:23:58.920 He's trying for his new MSNBC gig.
00:24:00.740 Because what has the so-called unity party done?
00:24:03.260 The uniparty has given us over $34 trillion in debt.
00:24:06.500 The uniparty has cut our border wide open, even though they complain about it all the time on Fox News.
00:24:12.400 They've never pushed Republicans to do anything about it.
00:24:14.760 The uniparty has given us the destruction of America, and we are falling apart as a nation to the point, Steve, my own children who are all in their 20s, that generation has no hope for the future.
00:24:27.520 They don't believe they're ever going to be able to buy a house.
00:24:30.380 This generation of young people today will never be able to realize and live the American dream like our generations and generations before us were able to do.
00:24:39.720 And this is what they want to continue in Washington, D.C., and shame on Marjorie Taylor Greene for trying to end it.
00:24:46.280 Shame on Marjorie Taylor Greene for trying to actually hold our party accountable and our speaker accountable, who, guess what, by the way, Rupert Murdoch didn't vote for Mike Johnson.
00:24:54.720 I did.
00:24:55.840 I voted for him.
00:24:57.760 You want to know something?
00:24:59.020 Nobody watching this show right now voted for Mike Johnson.
00:25:01.620 I did.
00:25:02.760 And because I voted for him, guess what?
00:25:04.840 That means I can hold him accountable.
00:25:07.740 And that means I have a duty to hold him accountable.
00:25:10.860 And so does the rest of the Republicans that voted for him.
00:25:13.860 But guess what?
00:25:14.980 196 Republicans locked arms with all those Democrats and said, no, no, no, we want to keep it going.
00:25:19.640 Mike Johnson, one of the first things he said yesterday is that it's too hard.
00:25:23.080 I can't defund Jack Smith.
00:25:24.860 It's harder than you guys think.
00:25:25.960 He comes up with the main excuses.
00:25:27.660 He can't do it.
00:25:28.260 The House Republicans, every day they're sending a different letter to this person, this person.
00:25:31.460 And now that the war room's all over him about, you know, hiding the 300-page report, not getting on top of this, not framing this jihad against President Trump by the legal system, by lawfare.
00:25:43.280 But President Trump actually came out and said, I think Mike Johnson's doing a good job.
00:25:48.480 My belief is that, look, President Trump's got enough on his shoulders, okay?
00:25:51.400 He's in that frickin' filthy courtroom today, you know, being hammered again and having his defense team trying to put up a defense in a totally rigged situation.
00:26:01.060 Don't take it from me.
00:26:01.820 It's President Trump comes out every afternoon to say it.
00:26:04.100 The Republicans have not lifted a finger to defend him.
00:26:07.480 You've got a federal judge in Florida that's doing it, going to put Jack Smith on trial.
00:26:12.060 You've got an appeals court in Georgia that's stepping into a criminal trial because Fannie Willis is so bad because the Kemp-controlled Senate won't do it.
00:26:20.300 That's right.
00:26:20.600 Right down there.
00:26:21.200 So you've got two – that's two people.
00:26:23.100 That's appellate judges and a federal judge are stepping in here.
00:26:26.940 You've got these things breaking all over the place, but there's no cohesive Jim Jordan at either weaponization or judiciary calling in people, sending subpoenas, et cetera.
00:26:37.140 Your thoughts?
00:26:37.840 Yeah, let me tell you about Jack – let's talk about special counsels.
00:26:40.660 They've only been around for like 25 years.
00:26:42.940 They're not a part of the Constitution.
00:26:45.020 Can we defund them?
00:26:46.200 Oh, yeah, we can defund them.
00:26:47.840 And look at Jack Smith.
00:26:48.780 He's been proven to be a liar in that courtroom.
00:26:51.020 And it's also been proven that the FBI – oh, they tampered with evidence?
00:26:55.240 No, they set President Trump up.
00:26:57.820 The FBI lied.
00:26:59.140 So defunding Jack Smith special counsel is the easiest thing to do, absolute easiest thing to do.
00:27:05.500 And it's a failure, an absolute failure on our entire Republican majority.
00:27:10.080 We haven't done it yet.
00:27:11.700 Seriously, Steve.
00:27:12.720 You know what?
00:27:13.480 Here's the deal.
00:27:14.360 I fight for President Trump probably more than President Trump fights for himself in Washington, D.C., because I'm tired of no one fighting for him.
00:27:21.540 And he should have never been drug in this in the first place.
00:27:24.700 But the inner circle and the speaker's team, they came and they kept peppering him and peppering and peppering him.
00:27:30.640 And they're saying, you've got to say this on behalf of Mike Johnson.
00:27:33.700 You've got to calm her down and stop her.
00:27:35.600 But you know what the reality is?
00:27:37.220 Leave President Trump alone.
00:27:39.000 He is defending himself in the worst attack on any American we've ever seen in history.
00:27:44.340 Political persecution at levels, I hope to God, we never see again.
00:27:48.480 But you better bet it's coming.
00:27:49.600 We're not going to see it again if we step up into the breach.
00:27:52.500 If you have pencil necks, feckless leaders like Johnson is going to come.
00:27:56.140 They're going to roll and they're going to roll hard.
00:27:58.320 This is why it has to stop and it has to stop now.
00:28:01.700 And we're not going to back off this whatsoever.
00:28:04.980 Johnson's got to go.
00:28:06.900 Johnson's got to go and he's got to go now.
00:28:10.000 OK, he can run and hide behind Biden's skirts.
00:28:12.840 It's not going to protect him.
00:28:14.420 Short commercial break.
00:28:15.280 MTG is going to hang around.
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00:29:44.160 Here's your host, Stephen K. Bannon.
00:29:48.080 Okay.
00:29:48.620 One of the things that they throw up at us is that, oh, we're going to lose the speakership.
00:29:52.780 We're going to lose the House if you continue down this path.
00:29:55.980 They show President Trump this polling.
00:29:57.360 He shows it's going to happen.
00:29:58.620 Here's one thing that's going to happen.
00:29:59.900 You're not going to get the base to turn out for these House races if you don't stand up
00:30:04.220 and stand for something.
00:30:05.800 Right now, these 196, you have to go back and explain to people why you passed the Nancy
00:30:10.920 Pelosi budget plus $30 billion, why you didn't secure the border when you look at people in
00:30:15.100 the eye and said you did, why did you fund Ukraine when you said you weren't, on and on
00:30:19.220 and on and on, why you didn't defend President Trump, why is there no organized hearings
00:30:24.660 right now about this vast criminal conspiracy?
00:30:27.100 Congressman Greene.
00:30:28.000 Yeah, that's exactly right.
00:30:29.080 I mean, voters know this.
00:30:30.380 Everybody knows when you walk into the ballot box and you're ready to vote, you check the
00:30:35.140 names that you trust and that have done a good job, and you skip the names that you
00:30:39.560 don't trust, and you skip the names that have not done a good job.
00:30:43.500 You can't motivate me to vote for someone that has failed me.
00:30:46.700 And that's how voters think, and that's how voters vote.
00:30:49.860 And so by failing to uphold our Republican agenda, by failing to not defund Jack Smith, by failing
00:30:57.740 to do nothing about the border crisis, by failing on every single level, but achieving the Democrat
00:31:04.640 agenda, achieving the Democrat policies, funding the Democrat policies, funding the prosecutions
00:31:11.260 of President Trump and January 6th defendants to the point they're committing suicide, that's
00:31:16.380 what Republicans have to run on.
00:31:17.940 And so here's the deal.
00:31:19.440 The lie that they're trying to tell you, by the way, on Fox News, they're telling this
00:31:22.560 one a lot, is, hey, if you throw out the speaker now, it's going to cost us the election.
00:31:27.740 There's no way we're going to win in November.
00:31:30.080 Let me tell you, President Trump, everybody's coming out, and they're checking the top of
00:31:35.460 that ticket, Steve.
00:31:36.260 But how is the House member, how is that representative going to get reelected, having delivered Joe
00:31:43.460 Biden's agenda?
00:31:45.000 That's going to cost us the election.
00:31:47.200 So imagine, we'll have President Trump in the White House, we will have a Hakeem Jeffries
00:31:52.060 Speaker, we already have him right now, but they'll have full control in the House if we
00:31:55.840 don't stand up and fight.
00:31:57.540 Because they're just assuming, the establishment assuming is that MAGA and people are going to
00:32:01.240 turn out.
00:32:01.620 That's not, you have to earn their vote.
00:32:03.400 You have to earn their vote by action.
00:32:05.060 No more hearings at the border, no more hearings about this action.
00:32:08.220 The hearing they want is about the vast criminal conspiracy.
00:32:10.920 Now, they have a plan, and they're cooking on a plan, because, and this is the other thing,
00:32:15.200 let me just say about order and stability versus chaos.
00:32:18.560 If you go along with everything the Uniparty wants, if you go along with everything the cartel
00:32:23.400 wants, as Russ Vogt says, of course, it'll just glide through in the TV shows and say,
00:32:29.080 Mike Johnson is a leader, he's bipartisan, he's so great, he's the unity party.
00:32:34.520 This is what the nation wants.
00:32:35.900 No.
00:32:36.340 No.
00:32:36.740 We got to stop this.
00:32:37.560 Can I say something about chaos?
00:32:38.920 Yes, go ahead, please.
00:32:40.080 Steve, think about this.
00:32:41.220 They're all mad at me.
00:32:42.320 Oh, she's causing chaos in the House.
00:32:44.260 Oh, she's causing drama in the House.
00:32:46.600 You know who, you know who is living in chaos?
00:32:49.320 The American people.
00:32:50.960 The American people are living in drama from Washington.
00:32:54.540 Let's talk about that.
00:32:55.960 Oh, but Marjorie Taylor Greene is causing chaos in the House.
00:32:58.760 Oh, poor pitiful Republicans.
00:33:01.340 Oh, poor, poor little members of Congress.
00:33:04.000 Oh, how hard for them that they actually show up to Washington.
00:33:07.940 It should be easy for these guys, Steve.
00:33:10.600 It shouldn't be difficult.
00:33:12.200 How dare they actually have to fight for something?
00:33:14.820 I mean, didn't they promise to fight for something when they got elected?
00:33:18.540 Didn't they say on their Fox News interviews, oh, I'm going to do this, I'm going to do that,
00:33:22.860 I stand for this, I stand for that.
00:33:24.320 And then, oh, no, no, no, Marjorie, this is too much drama.
00:33:27.240 We can't take it.
00:33:27.940 This is too much chaos.
00:33:29.100 You know what's drama and chaos?
00:33:30.400 Having to scrape up money so you can pay for groceries.
00:33:34.140 You know what's drama and chaos?
00:33:35.560 Racking up credit card debt so you can pay your rent.
00:33:38.200 You know what's drama and chaos?
00:33:39.900 Is Washington, D.C., uniparty lies and BS every single day shoved down the American people's
00:33:47.240 throat while they kick them in the teeth.
00:33:49.500 They literally kick the American people in the teeth.
00:33:52.860 That's the drama and the chaos.
00:33:54.080 And you know what?
00:33:55.160 Members of Congress need to grow up.
00:33:56.960 They actually need to learn how to grow a spine for once in their life and fight for something.
00:34:02.760 Okay, they're moving all kind of, they're trying to do everything and threatening everything
00:34:07.480 to you.
00:34:08.040 Let's go through that.
00:34:08.940 What are they trying to do?
00:34:09.940 Well, you know, there's some people that want to expel me.
00:34:13.100 They want to actually expel me from Congress for wanting to kick out our uniparty Speaker
00:34:18.500 of the House.
00:34:19.840 So that, I mean, I don't know if they're going to do that.
00:34:22.040 I say, go ahead, you know, go ahead and try that one.
00:34:25.400 They want to kick me off committees.
00:34:26.760 They've openly called for that on interviews.
00:34:28.260 Because if they expelled you, you go right back to Georgia in a special election and win
00:34:30.840 with 90% of the vote.
00:34:31.960 You bet I would.
00:34:33.300 You better bet I would.
00:34:35.240 And, you know, they want to kick me off committees.
00:34:36.960 I'm like, oh, what?
00:34:37.580 The COVID committee that's still trying to figure out the origins of COVID?
00:34:40.980 Yeah, go ahead and kick me off of that one.
00:34:42.620 The same committee that won't talk about vaccines and side effects and deaths.
00:34:46.660 Yeah, go ahead and kick me off of that one.
00:34:48.560 You're going to kick me off Homeland?
00:34:49.840 I impeach Secretary Mayorkas on Homeland.
00:34:52.480 I did that.
00:34:53.200 That happened because I forced that vote and told Johnson I wouldn't stop forcing that vote
00:34:58.220 until we impeach Mayorkas.
00:35:00.220 So the oversight committee where we've been investigating Joe Biden.
00:35:03.600 OK, yeah, go ahead and kick me off of that one, too.
00:35:05.940 But these are the things they're talking about coming against me.
00:35:09.960 Primarying me?
00:35:10.920 Oh, that'll happen next election cycle.
00:35:13.100 What are you guys going to do?
00:35:14.080 Raise up a good old establishment Republican?
00:35:16.260 You crushed it last time.
00:35:17.580 Speaking of impeachment, the oversight hasn't done criminal referrals.
00:35:21.260 We haven't pushed the impeachment of Biden, which we have to do.
00:35:24.900 There's no fight there.
00:35:25.900 Yeah, let's talk about that.
00:35:26.260 And all of a sudden, there's nothing about impeaching for Israel.
00:35:28.700 We don't need impeaching for Israel.
00:35:30.160 No.
00:35:30.480 Right now, we have more than enough to impeach this guy on being a crook and being a criminal
00:35:34.580 and on the invasion of the southern border of his high crimes and misdemeanors and trashing
00:35:39.800 the Constitution.
00:35:41.480 Why are we not moving forward with those impeachments?
00:35:43.160 Think about this.
00:35:44.060 They want to impeach Joe Biden for what they impeached President Trump for the very first
00:35:48.640 time.
00:35:49.300 So Republicans would be saying, yes, they would be validating the impeachment of President
00:35:54.400 Trump, which is so wrong.
00:35:56.500 And so they're pursuing this.
00:35:57.840 No, we can impeach Joe Biden on a million other things.
00:36:00.160 We can impeach him on the border, just like we did Mayorkas.
00:36:02.380 We can impeach him on their corrupt family business deals.
00:36:06.200 We can impeach him on many other things.
00:36:08.480 But why we need to move forward on this one, I think it's wrong.
00:36:11.560 I'm not validating President Trump's impeachment.
00:36:14.060 I actually have a resolution to expunge President Trump's impeachment.
00:36:17.360 Which hasn't moved forward, I might add.
00:36:18.780 Hasn't.
00:36:19.360 And at least Stefanik is a co-sponsor.
00:36:22.180 There's, you know, the direction and the decisions by Republicans are absolutely, completely
00:36:29.640 off track.
00:36:30.860 It's unbelievable.
00:36:31.320 Where do people go to get more information, particularly where you're going to go and
00:36:36.640 speak?
00:36:37.180 Are you going to go around the country?
00:36:39.040 What's your travel?
00:36:40.340 Because people love seeing you in person.
00:36:41.960 Thank you, Steve.
00:36:42.520 Well, we're actually stuck in session in Washington doing more uniparty things over the next couple
00:36:48.600 of weeks.
00:36:48.880 So I'll be stuck up there.
00:36:50.420 But I'm definitely going to be hitting the road in Georgia because I'm really worried
00:36:54.740 about the 2024 election.
00:36:56.260 I have to tell you, I'm terrified of it.
00:36:57.760 The Atlanta Journal-Constitution reported that we have 13,500 more registered Democrat voters,
00:37:04.820 new voters in Georgia.
00:37:06.560 Remember, President Trump lost the election in Georgia by less than 12,000 votes.
00:37:10.540 He didn't lose.
00:37:11.160 It was stolen.
00:37:12.140 And the hearings this past week in Georgia were incredible.
00:37:15.200 Everyone did an incredible job exposing the lies from the Secretary of State's office and
00:37:20.400 exposing the fraud and the stolen election in Georgia.
00:37:24.000 And I can't believe it's being just now exposed in 2024 when it happened in 2020.
00:37:29.820 And so I'm going to be, I'm going on the road in my state.
00:37:32.220 We have to win Georgia for President Trump.
00:37:34.100 We have to deliver that victory for him because we have to get him back in the White House.
00:37:38.060 Or guess what?
00:37:39.320 This Jack Smith thing is not going to go away.
00:37:41.660 Imagine.
00:37:42.660 Imagine.
00:37:43.480 That is going to be a reality and it's going to get worse.
00:37:46.180 We're going to continue to press this every day.
00:37:48.480 Social media, where do they go to follow you?
00:37:50.480 You can follow me on RepMTG, any social media account.
00:37:54.180 And if you want to pitch in to help defend me, defendmtg.com, defendmtg.com.
00:38:00.200 Thank you so much, War Room.
00:38:01.660 Congressman, thank you for being here.
00:38:03.140 We got Scott Bessent next.
00:38:04.820 We're going to play a cold open.
00:38:06.080 Congressman Green, thank you so much.
00:38:07.400 Let's play Scott Bessent.
00:38:08.660 We're going to talk money and capital markets now.
00:38:11.920 You make a great point because the Federal Reserve basically choreographed this for everybody, right?
00:38:16.220 There's a reason that the market was expecting six rate cuts at one point because that's what the Fed was signaling.
00:38:22.580 Why?
00:38:24.940 You know, Maria, I'm not sure.
00:38:26.520 Good morning.
00:38:26.960 I thought that the Federal Reserve had, you know, after a disastrous 21, you know, failing the American people on inflation, the Federal Reserve restored their credibility with one of the fastest, if not the fastest, hiking cycle in history.
00:38:46.320 It looked as though they had things under control this fall.
00:38:50.660 Well, inflation was dropping in the November and December post-CFOMC meetings.
00:38:57.540 The statements were very anodyne.
00:39:00.800 And for some reason, Chair Powell needed to come out and play the hero and signal an easing.
00:39:07.060 And, you know, my theory, and it's been borne out, is, you know, he calls this easing in financial conditions, stock market shoots up, credit spreads tighten.
00:39:18.640 And, you know, that reignited inflation and reignited the economic activity.
00:39:25.920 And now, you know, six months later, we're seeing the results of that.
00:39:32.460 I think if he had just stayed the course, things would have been, you know, the conditions would have been much better.
00:39:39.740 And, you know, the other thing we're seeing here is we're seeing this bifurcated economy.
00:39:45.100 And that behavior in the late fall has led to it.
00:39:48.640 Yes.
00:39:49.140 Is, you know, 25% gain in the stock market is great for the top 20%.
00:39:55.940 Interest rates staying high is crushing the bottom 50%.
00:39:59.780 Scott, the way that Secretary Yellen has set up these auctions, is she trying to make stocks go up and keep yields lower?
00:40:09.320 I mean, is that why she's setting up short-term funding versus long-term?
00:40:12.840 Yeah.
00:40:15.140 Yeah.
00:40:15.920 And, you know, again, it's very disappointing, Maria, because Treasury and Fed, the economic positions and administration are risk management positions.
00:40:27.460 Yeah.
00:40:27.960 And she is adding risk, not mitigating risk.
00:40:33.380 And, you know, this is a risky strategy.
00:40:35.060 We now have this EEM kind of equilibrium.
00:40:39.360 And look, you know, over 40 years, I've seen developed markets, emerging markets, and this never works.
00:40:45.960 All right, Scott.
00:40:46.460 She's got a three-body problem here.
00:40:48.180 All right, we've got to jump up.
00:40:49.920 So she's trying to goose financial conditions.
00:40:53.020 Scott, real quick before you go, have you had discussions with President Trump?
00:40:55.620 Let me take this.
00:40:56.880 Hang on.
00:40:57.500 Scott Bessent.
00:40:59.100 We'll play maybe the rest of the Maria in a second.
00:41:02.880 Scott, I want to go back in time because I think people need to set this.
00:41:06.740 I think this was after Thanksgiving in early December, Yellen and the Fed really started working hand-in-glove together, which they've never done before.
00:41:16.700 And this was the financial-industrial complex coming together to save Joe Biden, just like the biopharmaceutical has, the defense industry has, all the big corporatists, the easy-money folks on Wall Street, our tech overlords in Silicon Valley.
00:41:33.980 But tell us what happened in early December that's going to drive us over a cliff, sir.
00:41:41.120 Good morning, Steve.
00:41:42.960 Look, I think the problem with Jay Powell, Janet Yellen is that they are linear in their thinking, and markets in the real world are nonlinear.
00:41:56.940 And what's happened here is they are central planners.
00:42:01.880 Their plan was if we can ease financial conditions, then the economy will be strong coming into the election.
00:42:15.120 Studies have shown that voters tend to gravitate toward how's the economy doing plus or minus two weeks around Labor Day.
00:42:23.860 They thought that they could engineer a boom into Labor Day.
00:42:27.740 And the problem is inflation got in their way, and inflation and consumer expectations are nonlinear.
00:42:37.680 Janet Yellen shortened the issuance for Treasury.
00:42:43.740 And the way for your viewers to think about this is if Treasury is going to issue 10-year bonds, then that puts upward pressure on interest rates, maybe upward pressure on mortgages.
00:42:58.340 If you move it to shorter issuance, you're issuing Treasury bills, which roll every 90 days.
00:43:06.920 And by taking the long issuance out, you take pressure away from the market.
00:43:13.200 And, you know, I can tell you, given the size of these deficits, Janet Yellen does not want price exploration based on market signals.
00:43:23.740 You know, she has a central planner, and central planners do not like market signals.
00:43:29.260 We're going to take a short commercial break.
00:43:31.760 We're going to come back and drill down on all this because this shows you the bind that we're in, the structural bind.
00:43:39.260 Scott Besson, Capital Markets, next in the War Room.
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00:46:14.940 Scott, let me see if I can summarize this, at least part of it.
00:46:21.240 Understanding that what they were selling or thought they had to sell best was Bidenomics.
00:46:25.900 Because it was still back over Thanksgiving last year, Scott, that they were still marketing that.
00:46:30.800 What they wanted to do is make sure they had enough liquidity and juice into the system, into the stock market and others in summer, particularly mid-summer, late summer, powering through Labor Day.
00:46:40.740 Because history tells them when they look at polling, history tells them that that will lead people.
00:46:47.160 It's just the economy, stupid.
00:46:48.440 And then they will therefore be a referendum on the incumbent and vote the illegitimate Biden regime back into office.
00:46:55.260 And so Treasury and the Fed kind of worked on, hey, we think we've got inflation beaten enough now.
00:47:02.280 We can risk it and gamble.
00:47:04.600 And your point is that risk has not paid off.
00:47:09.220 And most importantly, it has not paid off for the bottom 80% of the country.
00:47:14.400 It's maybe to the lords of easy money on Wall Street and the tech oligarchs and guys that own big positions in stocks.
00:47:20.980 But it hasn't worked for everybody.
00:47:23.180 Is that essentially what happened here?
00:47:26.280 Steve, that's a great summary.
00:47:28.860 Way to think about it is we've had when Yellen and Powell eased financial conditions in the fall, we had this massive stock market rally, say up 25% off the bottom.
00:47:42.920 And the top 10% of Americans own 88% of stocks.
00:47:48.840 Think about that.
00:47:50.200 88% of stocks are owned by the top 10% of Americans.
00:47:54.620 Americans in general, 50% of Americans own equities.
00:47:59.360 So that means that the next 40% from the 90th percentile down to 50% own 12% of the stocks.
00:48:08.920 And then the bottom 50% doesn't have assets.
00:48:13.340 They have debt.
00:48:13.960 And so what they, in essence, did was it's a bifurcated economy.
00:48:21.340 You either own assets or you have debt.
00:48:24.520 And they help the asset owners to goose the economy.
00:48:28.280 And they were very happy to let the debt, those in debt, keep paying the higher rates.
00:48:38.140 And they're going to be the ones who are suffering.
00:48:41.500 I mean, we've seen Philadelphia Fed publish credit card data.
00:48:46.760 30-day delinquencies are at 3.5%, which is the highest since they started keeping that sequence in 2012.
00:48:56.400 I want to go to also, and I ask you for a report card, because we're always banging on Powell.
00:49:02.740 I want a report card on Yellen, because she's quite, I think, a dangerous figure here.
00:49:09.580 Give me a report card, because she is part of this working together with the Fed.
00:49:14.120 She took a very high-risk strategy.
00:49:16.340 We're adding a trillion dollars, essentially, of new debt every 100 days.
00:49:20.620 She decided instead of financing this out long, she's just going to continue to roll it.
00:49:26.260 Now, we know one-third of the, I guess, the debt rolls, it's got to be refinanced every year.
00:49:31.220 But this is even making it tougher, right?
00:49:32.940 Because you're selling bills, and it's just a riskier strategy than going along.
00:49:39.000 I mean, it's not riskier for those guys, but for the American people.
00:49:44.040 Exactly, Steve.
00:49:44.940 Steve, and let's unpack that, and then I'll come back and give my grades on Professor Yellen, is let's remember all the way back.
00:49:56.980 This spending by the Biden administration is what set off this inflation, and that was a choice.
00:50:05.580 The other choice that they made is to constrain supply through overregulation or heightened regulation.
00:50:14.140 The reason the Trump economy worked well is you had a demand shock, and the demand shock was met with a supply shock in terms of deregulation.
00:50:24.960 So, inflation really never got above 2.2%, 2.3% is we had a demand shock fueled by government spending, which is still going on.
00:50:37.380 And we are getting a continuous constraint on the supply side by, like, these regulations that keep getting added, you know, almost daily.
00:50:47.380 And it looks like there's a whole group that they want to codify before the November 5th election.
00:50:52.400 So, it's very difficult, if not impossible, for inflation to abate.
00:50:58.220 So, this is a choice.
00:51:00.460 And the administration, led by Yellen, is doing this.
00:51:06.580 And we could have been in a much better place if they had not overplayed their hand in the fall and just, you know, let the market do its job, is Janet Yellen does not believe in market signals.
00:51:21.800 So, as you outline, she is suppressing the long end of the curve by holding back products.
00:51:29.680 So, she is starving bond managers who want to buy 10 years that, you know, and believe me, the government has plenty of debt to issue.
00:51:38.940 They're just issuing it at the very short end, which is very risky.
00:51:44.080 Like, this is, you know, this is EM stuff.
00:51:46.940 I've been doing this 40 years, and it doesn't end well.
00:51:49.840 You know, this is kind of stuff Turkey, Argentina, Brazil does going in an election.
00:51:53.600 It's not what the United States of America does, is the switch to short end is normally during a recession when you are having trouble issuing debt.
00:52:06.400 We are doing this with 3.8 percent unemployment.
00:52:11.120 You know, we are, you know, the stated economic numbers are quite good, but underneath the hood is a mess.
00:52:20.240 Mess, hang on for one second.
00:52:22.380 I just want to hold you shortly through.
00:52:23.800 I know you've got to bounce, but we have a 90-second break.
00:52:27.000 I just want to talk about what Warren Buffett said over the weekend, what Drunken Miller said over the weekend.
00:52:33.920 I want to get your assessment of some of these other smart guys on Wall Street and the capital markets.
00:52:39.380 Scott Besson is with us.
00:52:41.620 We're going to hold.
00:52:42.940 I think Joe Allen is going to join us right after that.
00:52:45.580 Short commercial break.
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00:53:03.260 Scott Besson, back in 90 seconds.
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