Bannon's War Room - Episode 3842： The Responsibility Of The Fed

00:00:00.000 This is the primal scream of a dying regime.

00:00:06.940 Pray for our enemies, because we're going medieval on these people.

00:00:12.140 I got a free shot at all these networks lying about the people.

00:00:16.420 The people have had a belly full of it.

00:00:18.360 I know you don't like hearing that.

00:00:19.780 I know you try to do everything in the world to stop that,

00:00:21.520 but you're not going to stop it.

00:00:22.460 It's going to happen.

00:00:23.720 And where do people like that go to share the big lie?

00:00:27.120 Mega Media.

00:00:28.020 I wish in my soul, I wish that any of these people had a conscience.

00:00:33.960 Ask yourself, what is my task and what is my purpose?

00:00:37.660 If that answer is to save my country, this country will be saved.

00:00:44.040 War Room. Here's your host, Stephen K. Bannon.

00:00:53.620 Hey, Peter K. Navarro in for Stephen K. Bannon.

00:00:56.800 You are in Steve Bannon's War Room, and we are with the great Kevin Hassett,

00:01:04.760 who was the chair of the Council of Economic Advisors for Donald John Trump

00:01:11.880 during that beautiful first term in which we had zero inflation, almost,

00:01:18.760 and rising real wages and prosperity.

00:01:24.800 Kevin, hey, it's great to see you, my brother.

00:01:26.900 Good to see you, too, Peter.

00:01:28.860 All right, man.

00:01:29.640 So let's get right into it.

00:01:34.220 We've got a sprint now to Election Day.

00:01:38.820 What's your view on the state of the economy?

00:01:42.280 What's your view on what the Federal Reserve chair, Jerome Powell, is going to say at Jackson Hole

00:01:52.620 and where are we going with interest rates?

00:01:55.580 What do you see happening now and then and beyond, my brother?

00:01:58.220 Well, you know, as you know, Peter, something you've been talking about since you were in grad school

00:02:03.220 at Harvard, that if the government prints money and mails it around to people,

00:02:08.300 which is what Bidenomics really was, then you create inflation.

00:02:12.280 And when you create inflation, then the first thing that happens is the price, everything goes up,

00:02:16.640 and then gradually wages adjust, but they don't really keep up.

00:02:19.900 And so real wages go down, and that means real incomes are down and people are upset.

00:02:25.240 Now, that's been the state of the economy for the last couple of years.

00:02:28.780 Real wages are down under Biden by about $2,000 a family.

00:02:32.700 But that doesn't actually even, you know, capture the effect of higher interest payments.

00:02:38.060 So interest rates go up with inflation, and I estimated, doing some math last week,

00:02:42.700 that the typical family that's carrying over debt on their credit cards is paying about $1,600

00:02:47.320 a year in extra interest payment because of the higher interest payment.

00:02:51.240 So if you want, you can say you're about $4,000 worse off under Biden than you were when he started.

00:02:58.620 And so that's the fundamental weakness that's hitting the economy.

00:03:02.840 Inflation hasn't gone back down to target, and the sort of output numbers still seem to be doing okay.

00:03:09.940 They're running ahead of the income numbers.

00:03:11.780 And so the Fed might think that it's going to have to start to cut rates

00:03:15.200 because it's getting inflation close to the target.

00:03:17.680 But I wouldn't do it if I were at the Fed right now because inflation is still too high,

00:03:22.180 and inflation, you know, attacks real incomes, as you know.

00:03:26.900 And if they do it, what does that suggest about the politics of the Federal Reserve?

00:03:34.920 You know, we've got this discussion now about the Fed independence, that the Fed should be left independent.

00:03:42.740 Do you think the Fed right now is independent?

00:03:47.620 And what are they likely to do for the right or wrong reasons in September in terms of raising rates?

00:03:55.520 You know, Peter, you and I have been speaking to President Trump about this all the way back to 2017.

00:04:02.380 And the thing that really stuck in his craw at the beginning was that the Fed started hiking interest rates right after he was elected,

00:04:09.760 before he was inaugurated in the December before, even though inflation was at 1.8 percent.

00:04:16.160 And so inflation was below their target.

00:04:18.380 But in order to try to slow the Trump train down, I guess they started hiking rates, you know, without a lot of evidence that they should.

00:04:24.840 And then, you know, at the beginning of this year, the economy was kind of strong, and inflation was still pretty high,

00:04:31.260 and financial markets expected the Fed to cut rates, I think, six times it was in January.

00:04:39.080 And so that looks to me like a very, very partisan expectation.

00:04:42.380 Now, the good news is the data didn't allow the Fed.

00:04:45.280 Inflation stayed high.

00:04:46.140 That's bad news.

00:04:46.820 But the good news is that the Fed has been kind of data responsive, and the unemployment data have been pretty weak.

00:04:52.440 You follow that closely, too.

00:04:53.980 And so I think that there's an argument that the Fed should cut in September.

00:04:57.060 And so usually what I'm, like, saying, wow, this has to be politics, is because I can't think of a sound economic reason for what they're doing.

00:05:03.620 But I think you could see that with the weak labor market that it might be okay for the Fed to start to cut, even though it's right before the election.

00:05:10.620 So, historically, what we've seen, during the Trump years, they raised rates too fast.

00:05:22.180 During the Biden years, they raised rates, they cut rates too slow.

00:05:29.680 What would they, yeah?

00:05:30.340 They raised rates too slow.

00:05:31.500 They raised rates too slow.

00:05:33.420 Yeah.

00:05:33.800 Okay.

00:05:35.000 So, going back to the Trump years, Jerome Powell takes over from Janet Yellen, the Democrat.

00:05:47.280 When he started raising rates, and we kept telling, speaking out, I don't know if you could speak to him directly, but we were saying, hey, wait a minute.

00:05:57.880 In the Trump economy, there's no inflation here.

00:05:59.960 Why are you raising rates?

00:06:01.040 Do you think what he did back then was designed to hurt Trump politically or simply incompetence?

00:06:11.160 I think that for Jay Powell, it was incompetence.

00:06:14.580 And for Janet Yellen, who really started the hiking cycle right when Trump took office, that it was partisan politics. 0.94

00:06:21.500 And we've seen that, Peter, even lately.

00:06:23.920 Like, I don't know if you've noticed, but Secretary Yellen has been doing political events, campaign events with Vice President Harris.

00:06:32.080 I can't remember a Treasury Secretary out there actually on the stump, stumping with the politician.

00:06:39.120 That's sort of not something that is in the job description for a Treasury Secretary.

00:06:42.820 And so I think that we've seen that she is a kind of more partisan animal than we expected.

00:06:47.580 And if you consider the moves that were made to try to squash the economy when Trump took office, that it all kind of starts to make a little bit more sense than it did back then.

00:06:57.340 So Powell is the chair when Biden takes over his reappointment is looming and he's worried about whether or not he's going to get reappointed.

00:07:14.420 Do you think that factored into his decision not to raise rates quickly enough when inflation started percolating?

00:07:23.320 Or again, is he just I mean, he's not an economist, unbelievably.

00:07:29.280 I mean, what's what's your take of the guy?

00:07:32.020 What would you talk to him?

00:07:34.020 Well, you know, as you know, Peter, I used to come back and talk to you about the lunches I had with him when I was chair of the Council of Economic Advisors and he was chair of the Fed.

00:07:41.820 And I don't think that he's a corrupt or partisan person.

00:07:46.180 I think that the Fed staff is filled with a whole bunch of sort of like you, Harvard trained economists who believe in Keynesian economics and Phillips curves and things like that.

00:07:58.320 And they were surprised by inflation because it didn't make sense to them, even though it should make sense to anyone who is not an ideological economist.

00:08:07.180 So my view is that the Fed staff is a very one sided kind of, you know, Cambridge, Massachusetts trained Keynesians.

00:08:17.180 And that they don't understand that if you have a supply side policy, then that increases supply.

00:08:22.780 So that puts downward pressure on inflation.

00:08:25.080 And if you have a big demand side policy like printing money and mailing it to people and forgiving student debt and, you know, maybe subsidizing new homes as a new proposal from Vice President Harris.

00:08:35.520 Well, then that's going to be inflationary. So I think that in the end, the Powell, the Powell legacy is going to be that he ended up moving late because the staff didn't serve him well.

00:08:47.700 But once he started to move, he actually moved pretty aggressively as one of the more aggressive hike cycles that we've seen.

00:08:52.800 And inflation has gone down. And so I think that he got in there in earnest to address the inflation situation in the end.

00:09:01.440 And, you know, I commend him for that.

00:09:04.180 So this is interesting.

00:09:08.140 So these these these advisers who are advising him, they're they're Keynesian.

00:09:16.120 Does that mean they lean Democrat or are they just Keynesian?

00:09:19.980 Because the other aspect of this is like if they don't understand the benefits of supply side policies with Trump and they start to hike to too quickly.

00:09:31.600 Is it also the case they don't understand that the initial pulse of inflation when Biden took office was some of his mismanagements of the supply chains themselves?

00:09:45.120 Did they not they just don't don't get any of that?

00:09:49.420 Or again, I mean, I I thought that all he was doing, all Powell was doing was was holding back on rate hikes so he'd get reappointed.

00:10:00.420 I mean, that was kind of my take, but maybe that's too simple.

00:10:05.280 Well, I think that what everybody thought at the time, you know, in their defense was that because of covid, there were supply disruptions and the supply disruptions were going to open up and then everything was going to be fine again.

00:10:19.660 And so you can imagine if like we're getting our apples from Canada and there's one bridge from Canada and the bridge is closed.

00:10:26.220 Call that a supply disruption.

00:10:27.760 Then the price of apples on our side is going to go way up.

00:10:30.980 But if you could open the bridge again, you know, then then apples look at the price again.

00:10:35.320 And so I think that that's kind of what people thought was going to happen, that it was a big supply disruption and it was going to turn off.

00:10:42.600 But the problem is that while watching that supply disruption ball, what they weren't watching was the government spending ball.

00:10:49.180 And again, there was all that covid relief money that was passed on a bipartisan basis to offset the terrible shutdowns that Fauci tricked us into doing.

00:10:58.800 And then that created budget space for the Democrats to spend all that money again, even though the covid thing was over.

00:11:04.840 And so so there's a massive, massive explosion in demand and in government spending.

00:11:10.120 And that's where the inflation came from.

00:11:11.820 And the supply disruption thing was was a story that just wasn't as serious as people thought.

00:11:17.580 I think that it was really kind of like like every economic model, even Keynesian models would tell you you're going to get inflation if you spend like that.

00:11:25.560 And so I would say it was kind of like partisan denial more than anything else.

00:11:31.480 So, look, the problem with the Fed is that it's a one trick pony.

00:11:37.980 Basically, it either raises rates to control inflation or cuts rates to push growth out of a recession.

00:11:47.640 Right. So if it puts you, I don't know.

00:11:51.700 The hypothetical here is that let's say you're the chair of the Fed and you're seeing two massive spending bills going through Congress.

00:12:05.200 Do you think the Fed has a responsibility to tell the executive and legislative branches that, hey, you're going to make my job a whole lot harder if you throw all this gasoline on the inflationary fire?

00:12:29.300 Or does the Fed stay passive and then just take what they get in and raise rates?

00:12:35.340 I mean, there was the famous Fed chair when Lyndon Johnson started all the Vietnam War expenditures, who was very activist about, hey, don't do that.

00:12:50.120 What's your view on what a proper Fed chair should do?

00:12:53.660 Right. Well, so, you know, you're a real student of history, Peter, and you'll remember that Alan Greenspan used to testify at the Humphrey Hawkins speeches twice a year up at Congress.

00:13:05.240 And he always let off with you guys need to, you know, not spend too much, have a budget that's kind of mostly balanced, because if you do that, then it'll make it a lot easier for me to control inflation.

00:13:16.320 And so I think that a missed opportunity for this Fed chair is when all of this runaway spending started to happen, that, you know, he could have gone up to Congress and said, you know, if you do this, I'm going to have to lift the federal funds rate to five, six percent in order to get inflation back under control, because you're just going to print inflation.

00:13:34.300 And so you can remember there's like different curves that shift in different directions.

00:13:38.000 We could go to a blackboard. But if the government shifted, you know, demand curve out, then you can shift the supply curve back with Fed policy and end up in a place without inflation.

00:13:50.000 But it's going to cost, you know, the economy quite a bit of growth. And so I think that was a missed opportunity.

00:13:55.680 I think that the next Fed chair, whoever that might be, should basically just be truthful about, look, my job is to control inflation.

00:14:03.640 If you do this, here's how I'm going to respond.

00:14:06.640 And talk about the limits of interest rate policy when fiscal policy, if fiscal policy is out of control, monetary policy, it's going to be very difficult for that to kick in.

00:14:22.400 All right. So we're going to take a quick break here, Kevin. When we come back, I want to dive into the Kamala Harris economic speech and get your thoughts on where she might take America.

00:14:37.800 All right. Hey, Peter K. Navarro in with Kevin Hassett here in Steve Bannon's War Room.

00:14:44.240 We'll be right back. Stay right here.

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00:16:12.440 And what that means, it's a symbol of the pride that comes with hard work.

00:16:22.340 It's financial security.

00:16:24.960 It represents what you will be able to do for your children.

00:16:30.020 And sadly, right now, it is out of reach for far too many American families.

00:16:46.180 There's a serious housing shortage in many places.

00:16:51.200 It's too difficult to build, and it's driving prices up.

00:16:55.500 My administration will provide first-time home buyers with $25,000 to help with the down payment on a new home.

00:17:06.440 A price-controlled chicken in every pot, a pony in a garage for every child in a home.

00:17:20.900 Pretty interesting.

00:17:22.680 All right, Kevin Hassett.

00:17:23.960 You heard Kamala lead with economics in her first major policy address. 1.00

00:17:34.500 Did your eyebrows kind of go up when you heard price gauging, or did that kind of just kind of like, hmm?

00:17:43.400 Yeah, gauging as opposed to gauging, right?

00:17:45.680 What, yeah, I mean, I made a big deal of it, like, at the beginning of the show, because I don't think it was an accident in her head.

00:17:55.860 Okay, so what do we got here with Kamala Harris's economic vision of the future? 0.67

00:18:02.660 What do you hear and see?

00:18:04.040 You know, let's go on, and as you always do, Peter, let's just start with the substance.

00:18:09.540 The substance is that when she was a candidate before, she was pretty much running as a sort of slightly different version of Bernie Sanders.

00:18:18.920 Had a lot of very far-left proposals, like a guaranteed job for everybody and, you know, ending, going carbon neutral, I think it was by 2030.

00:18:31.280 You know, things that were extremely harmful for the economy, ending fracking.

00:18:39.500 And over the last couple of weeks, she's been kind of backing away from that stuff.

00:18:45.360 She hired some pretty moderate campaign advisors like Brian Deese and Gene Sperling, people who had worked in the Obama administration and the Clinton administration in the past, kind of, you know, old hands.

00:18:58.500 And so I think that there was this attempt to signal that she's not really going to be pursuing the really divisive far-left policies that she proposed when she was a candidate before.

00:19:09.300 But then all of a sudden, she puts out her platform, and it's the most left-wing platform that any of us have ever seen.

00:19:17.060 And, you know, the highlight of it or low light of it, of course, is that there's this price setting for groceries.

00:19:24.080 And really, the bill in Congress that it's modeled after, it basically sets it up so that the government can set the price of everything.

00:19:35.180 So if the government decides that a company's charging too much money for something, then they can hit it with an exorbitant fine.

00:19:41.580 And so what would happen over time is that the government would decide what's a fair price, what's not a fair price.

00:19:46.740 And if you charge more than that, especially if you're a Republican donor or something, then they're going to hit you with a big fine and say, you know, that price is wrong.

00:19:55.860 And before you know it, the government's going to be setting prices with her proposal. 1.00

00:20:00.100 And when that happens, you know, the price will be set below the market-clearing price.

00:20:04.600 There'll be more demand than supply, and so there'll be long lines, you know, coupons that you'll have to have from the government so you can buy things.

00:20:13.540 And before you know it, a lot of shops will close.

00:20:16.620 And the shops that will close first will be the shops in minority neighborhoods, sadly, because they tend to be the least profitable.

00:20:23.700 And so it's really, really terrible policy.

00:20:26.640 And the thing is that, you know, I know some folks who are friends of mine who are Democrats, and they're kind of like, oh, she's just doing that to get the base excited, and she's not really going to do it.

00:20:38.920 But if you look at her stump speeches, she spends quite a bit of time bragging about the prices that they already have set, the drug prices, where they had the government negotiate much lower prices on some drugs.

00:20:51.100 And, you know, our friends Casey Bulligan and Tom Phillips wrote an article about how that actually, paradoxically, has cost people their drug benefit in a lot of ways.

00:20:58.700 But the fact is that she celebrates price-setting, having the government price set in the area where she's done it already, which means that she's serious about doing it in the future.

00:21:07.680 And it really is the road to Venezuela.

00:21:10.620 You know, it's just a disastrous economic policy.

00:21:13.360 And the kind of good thing is that even with the liberal media being biased at everything, the New York Times, the Washington Post, just about everybody who is normally a knee-jerk supporter of whatever a Democrat might say has come out and trashed this plan.

00:21:29.000 I mean, that's how bad it is.

00:21:31.240 Do you know who the sponsor is of that bill on the Hill?

00:21:35.960 Yeah, Elizabeth Warren.

00:21:37.200 Elizabeth Warren.

00:21:37.880 Oh, okay.

00:21:39.380 So she's channeling Pocahontas there in terms of the Bernie Sanders, Liz Warren, progressive kind of thing. 0.98

00:21:49.720 I would be remiss in not pointing out that this guy named Gene Sperling, I don't know if you know this, Kevin, but when I was on the campaign trail with the boss in 2016,

00:22:04.540 I actually debated Gene Sperling prior to the debate night when the boss was debating his opponent.

00:22:18.920 They had me do Sperling in the afternoon.

00:22:21.680 And what's interesting about Sperling is, I think you know this, he was the guy that led China into the WTO back in the day.

00:22:33.480 He was there during that, yeah.

00:22:36.100 And he was, they sent him over to negotiate all that stuff and things like that.

00:22:41.060 So he was like, so let's think about this.

00:22:43.260 So the guy who allowed China into the World Trade Organization is now advising Kamala Harris.

00:22:53.820 Denver, can you quick play that housing affordability clip, like the 18-second one for Kevin, if you can.

00:23:02.320 Go ahead and do that if you can cue that.

00:23:05.160 My administration will provide first-time home buyers with $25,000 to help with the down payment on a new home.

00:23:15.860 See, everybody jumped on the price control one, because that's kind of the Econ 101, like, first lesson.

00:23:27.000 What was your thoughts when you saw that part?

00:23:31.900 It's like a $25,000 grant for first-time home buyers.

00:23:35.760 That's another big bill on Congress.

00:23:41.080 Right.

00:23:41.280 Will that work in any way?

00:23:43.120 What's going on there?

00:23:44.080 So it goes back to our earlier conversation, Peter, that these people really just don't understand supply and demand, right?

00:23:52.680 And so the problem with housing in America is that demand has gone up a lot, in part because millions and millions of people have come across the border and they need a place to stay.

00:24:06.960 And so we've had this big increase in demand for places to stay, and the supply can't really adjust, in part because mortgage interest rates are so high, it's really hard to borrow money to do anything like that.

00:24:18.620 And so there's been little supply, lots of demand, and so then the price goes way up.

00:24:25.180 And so what Harris is proposing is to give the $25,000 down payment assistance to a first-time home buyer.

00:24:34.200 And what that's going to do is that when you're bidden to buy a house, then, you know, you're going to have an extra $25,000.

00:24:40.760 The guy that you're bidden against is going to have an extra $25,000.

00:24:43.760 And inevitably, that's going to cause housing inflation.

00:24:46.540 The price of the house will go up by $25,000.

00:24:49.280 And, you know, there could be some supply response, but really the way to get that is what President Trump's proposing, which is to open up public lands around cities and have, like, really easy zoning for the construction of new homes.

00:25:03.760 You need to flood the country with supply of housing, not increase demand.

00:25:09.540 And so it's just really very, very similar to the Bidenomics that gave us right away inflation, throw demand at things and not think about supply.

00:25:17.720 The final thing is that when – I don't know where they got the number, but they have this estimate that it'll be about – it'll create about 3 million homes.

00:25:26.840 You know, I don't know.

00:25:27.860 Peter, you know this data better than I do.

00:25:30.080 But the last I checked, the estimate of the number of illegals that have come into the country is more than 5 million.

00:25:36.360 And so if you think about it, that all the new homes with this really extravagant policy they're proposing under their estimate that are being built aren't enough to house the people they let across the border over the last four years.

00:25:47.720 So to summarize, what you're saying here is that because of the way the housing market's constructed right now and the role that the illegal immigration's playing,

00:26:02.040 that all you'll see is you'll give people $25,000 extra, and they'll have to go buy a house which costs $25,000 extra.

00:26:12.720 So it's like – right.

00:26:16.420 And by the way, they'll have to thereby have to finance a house that's higher and they'll have a higher mortgage.

00:26:27.240 Higher mortgage payment.

00:26:28.520 But it is a transfer.

00:26:29.580 Peter, you own a house.

00:26:30.760 And so if you were to sell the house the day after this policy passes, then Kamala Harris would have given you a check for $25,000 effectively.

00:26:40.840 So it's a transfer to people who own existing homes.

00:26:43.800 Yeah.

00:26:44.180 And then the problem, of course, is that if I've got to move to another house, I've got to pay $25,000 more than I otherwise would.

00:26:54.020 Sure.

00:26:54.220 I mean, that's the other part of it, right?

00:26:56.920 It's like when this high interest rate environment, you've got people in existing homes who might want to otherwise sell to move up for a bigger family or move down because they've got empty nesters.

00:27:10.960 They're not doing that, and that's part of the housing constraints.

00:27:14.740 Hey, can you stick around for just a little bit more?

00:27:18.660 Is that cool?

00:27:19.420 Or you've got to go?

00:27:20.760 Of course.

00:27:21.040 All right, so what we're going to do, come back, I want to talk a little bit about, because what we like to do is contrast Kamala's America with Trump's America.

00:27:31.820 We want to talk a little bit about what Donald Trump's going to do on the economy to turn all of Kamala's mess around. 0.81

00:27:41.320 Peter K. Navarro here in the war room with the great Kevin Hassett, sitting in for Stephen K. Bannon.

00:27:48.360 And so stay right here if you care about your pocketbook.

00:27:54.620 We'll be right back.

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00:29:16.600 Hey, Peter K. Navarro in for Stephen K. Bannon.

00:29:29.440 You are here in the war room.

00:29:30.860 We are with the great Kevin Hassett, my former colleague in the White House, in the West Wing,

00:29:36.440 the former chairman of the Council of Economic Advisors.

00:29:41.580 And we were talking off air about something that I was totally unaware of, but I think it's worth Kevin waxing a little eloquent on this whole thing about where Kamala's policies are coming from.

00:29:59.360 And Elizabeth Warren pops to mind, according to Kevin.

00:30:04.960 So talk a little bit about where she's getting her ideas from and who's controlling this party and how that's rippling through the Democrats who may or may not go to the convention. 1.00

00:30:16.720 Right. Yeah. If you think about it, Peter, if we go back and look at President Biden's campaign in the past, that he ran as, you know, compared to the people that he was running against as a moderate,

00:30:31.340 as a continuation of President Obama's policies, which compared to the proposals of Elizabeth Warren and Bernie Sanders were moderate.

00:30:38.960 And then but he was losing. And then what happened was that right up at the end in the South Carolina primary, all the people who were not way, way left dropped out all at once.

00:30:54.060 And then as if the fix was in. And then Biden ended up getting the nominations and get the nomination.

00:31:02.020 And then with that nomination, you know, he ended up winning the White House.

00:31:06.260 And what did he do? He went in and he let Elizabeth Warren and Bernie Sanders basically run the country.

00:31:12.180 If you look at the people who he placed in agencies, this is inside baseball stuff.

00:31:16.740 But, hey, I live in Washington. I do inside baseball stuff.

00:31:19.100 It's, you know, they're all people who are like Elizabeth Warren staffers and Bernie Sanders staffers and so on.

00:31:24.120 And now what's going on, the really interesting thing is that Vice President Harris doesn't feel like she needs to fake it anymore, fake being a moderate.

00:31:35.720 She's proposing, you know, Elizabeth Warren's price fixing thing, for example. 0.99

00:31:40.640 And it's a signal that really they've decided that they're going to let the left wing of their party run everything and they're going to be explicit about it.

00:31:48.660 And to some sense, we should commend that.

00:31:50.800 Like, it's much more honest, right, than what Biden did.

00:31:54.520 But it is something that the moderates in the Democratic Party, I think, rue.

00:32:01.140 And one of the things that I'm going to be keeping track of is how many of the, say, Senate candidates, Democratic Senate candidates who are in traditionally red states or purple states even bother going to the convention because the convention is going to be a very, very far left celebration of, you know, the victory of the far left over the Democratic Party.

00:32:23.160 But their Democratic Party's power is going to depend a lot on convincing, you know, moderate people in swing states that they're not crazy.

00:32:32.760 And, you know, but if you're out there, you know, bragging about how awesome it's going to be when the government sets the price of everything, you know, then you're probably going to have a problem getting moderate senators elected in swing states.

00:32:43.380 So I think the war room could serve a useful function, keeping track of who's not speaking at the convention.

00:32:51.020 I've got an assignment here.

00:32:52.280 I like the sound of this.

00:32:53.660 Who's not speaking?

00:32:55.780 Tester.

00:32:56.780 What do you bet?

00:32:57.480 What do you bet?

00:32:58.240 He won't be there.

00:32:59.040 Yeah, exactly.

00:33:01.420 Yeah.

00:33:01.700 Exactly.

00:33:03.000 This is fascinating.

00:33:04.260 I mean, I think in some sense the best thing that's happened to the Trump campaign with Kamala Harris is this initial huge surge in her poll numbers to create this.

00:33:19.960 I think she somehow thinks that her rise in popularity is attributable to her rather than simply not Joe Biden.

00:33:32.820 I mean, I think I think pretty much anybody could have stepped in when Biden dropped out.

00:33:39.140 I mean, literally anybody and would have seen the same kind of bounce back.

00:33:45.540 The thing, Peter, the thing about this, though, is that that even Joe Biden in his diminished capacity, you know, he's smart enough to understand that you don't tell the government to set the price of food.

00:33:57.840 Right.

00:33:58.500 Right.

00:33:58.800 Right.

00:33:58.980 Right.

00:33:59.500 I mean, Joe Biden still got enough.

00:34:01.960 Well, my point is that it's hubris.

00:34:06.000 It's like she thinks somehow that the people love her and it's somehow that that empowers her then to go on and do kind of whatever she wants to do.

00:34:19.860 Ergo.

00:34:20.380 I mean, this I mean, to me, the two major strategic mistakes so far and they're big is appointing somebody is equally far left from the California, the Midwest, Minnesota to be her running mate.

00:34:34.680 And number two, leading with economics, which she has a glass chin on and coming out with, I don't know, Venezuelan proposals. 1.00

00:34:46.560 But if you're telling me that that she's a effectively a Liz Warren puppet, just like Joe Biden was, that all makes sense.

00:34:57.300 That's why I have you on the war room, Kevin, because you make sense out of what seemingly is inexplicable.

00:35:03.700 Let's end the segment here with what do you think Donald Trump can do to reverse all of this angst and problems in the economy?

00:35:20.900 What do you see him doing day one, day two through the first hundred days to make all this right, brother?

00:35:27.400 You know, I think that when when we went in and I can remember, Peter, you and I started out disagreeing about a lot of stuff.

00:35:35.720 And we I think we really moved each other's opinions about a whole bunch of things over time.

00:35:41.120 And I really enjoyed working with you.

00:35:42.620 And we ended up with a policy that was, of course, led by President Trump that created prosperity, you know, about sixty five hundred in per family and income growth.

00:35:54.120 When President Trump left office, inflation was at one point eight percent and we gave him the three percent growth that he promised.

00:36:01.480 And everybody said it was impossible.

00:36:03.240 Remember, we we we were told it's the new normal and you'd have to be crazy to think you could have growth of three percent.

00:36:08.480 But but it happened relatively quickly.

00:36:10.780 And I think that if you bring back the policies, especially like the deregulation, the trade policy, the tax policy that gave us that prosperity, then we'll get the prosperity again.

00:36:22.620 The the hard part, of course, is going to be that this Biden spending has racked up an enormous deficit and enormous amount of debt.

00:36:32.300 And the hard part is going to be, you know, getting ahead of the curve on that, which is going to require Congress to work with the president to cut spending a lot.

00:36:42.500 And that's something Congress doesn't like to do.

00:36:44.460 Do you do that?

00:36:45.540 Kevin, can you thread that needle and you put the flaps down now without slowing things down significantly?

00:36:56.840 Yeah, you can't.

00:36:58.100 Because here's how it works, Peter.

00:36:59.700 Like if you look at the deficit situation of the U.S., it's like nobody in his right mind would say, oh, if they continue their current policies, it's going to be fine.

00:37:07.800 Right.

00:37:08.000 You can't conclude that if you look at how much we're borrowing.

00:37:12.520 In fact, the last two years, Peter, we increased the debt by more than the increase in GDP.

00:37:19.100 And so the way to think about that is imagine you're running a business, you borrow 100 grand, you give your wife a job for 70,000, you blow 30,000 in Vegas.

00:37:28.000 The end of the year, somebody said, how's your guy do?

00:37:30.200 And you say, oh, it's great.

00:37:31.200 Our family income went up 70 grand.

00:37:32.840 And you're forgetting that you owe the 100.

00:37:34.580 Right.

00:37:35.160 This is what Bythomics has done.

00:37:36.860 And so we've got this big debt that we've run up, and we've got to get ahead of the curve on it.

00:37:43.580 And if we don't, then basically we won't have money to do things like defend the country that we need to do.

00:37:49.460 But because we've done that and we've run up this big debt, then foreign investors around the world will be looking at the U.S. saying, geez, I don't necessarily want to put my money in that country because their fiscal policy is so crazy.

00:38:01.540 And so if you come in and you cut spending a lot, you could actually create like this euphoria that, wow, the Americans got their act together.

00:38:09.360 And your old friend, Alberto Alicina at Harvard, wrote a bunch of papers that showed that if you come in and you cut spending a lot when you're in a situation this bad, then you could actually make GDP go up a lot.

00:38:22.460 Because everybody's like, oh, now I understand I'm not buying into a banana republic.

00:38:27.180 I'm buying into a country that has its act together.

00:38:29.100 So that's like investment, that's investment-led growth then?

00:38:33.620 Yeah, that's right, which is supply-side-led growth, and it reduces inflation.

00:38:39.940 Yeah.

00:38:43.420 It's, I mean, it is, though, problematic.

00:38:47.420 I wanted to get your take on that portion of the spending that's going into the EV, electric vehicle mandate, and how that is creating a strong incentive for our auto industry to go offshore to Shanghai.

00:39:06.820 Because, I mean, look, Michigan is in play here.

00:39:09.980 The UAW workers got a big paycheck, but I think it's going to be the last paycheck of a three-year negotiating cycle because that industry is going offshore.

00:39:22.400 Am I wrong about that?

00:39:23.820 Or what, and what, how do you, how do you change that?

00:39:26.780 Yeah, there's, so basically, if you're an auto worker and you make a traditional internal combustion engine car, then the plan of these carbon-neutral folks, like Vice President Harris, is to destroy your job.

00:39:42.080 And what's going on is that the traditional car manufacturing jobs are disappearing in places like Michigan, and electric vehicle production is happening, or at least assembly, is happening in places like Tennessee.

00:39:58.720 But when Ford or GM moves their production from Michigan to Tennessee, there's a big difference for the unions in that the union hasn't organized the places where the electrics are being made.

00:40:13.120 And so the electric vehicle push of the Biden-Harris administration is effectively, you know, going to put the United Auto Workers out of business, because they're either going to be importing cars, these electric cars, or assembling them in the South where the union hasn't organized the workers.

00:40:29.980 And so it'd just be stunning to me if there were somebody whose life depends on the auto industry in Michigan.

00:40:36.720 It'd be stunning to me if they were to continue to support these democratic policies.

00:40:41.320 All right, so everyone out there in media land, you heard, I think, that first in the war room.

00:40:50.300 I learned something there.

00:40:51.680 It's like, this is so interesting, Kevin.

00:40:55.480 What you're saying is that not only is the Biden-Kamala Harris spending bill pushing offshore the auto industry,

00:41:06.520 but it's moving it from Michigan to places like Tennessee, and basically Michigan's going to be kind of a hollowed-out version of what it was back in the 2000s when China first got in the WTO.

00:41:24.680 That's fascinating, my brother.

00:41:27.460 I mean, Tennessee wins, Michigan loses, the UAW goes out of business.

00:41:31.260 Just stick that in your hat.

00:41:33.400 Am I got that right, brother?

00:41:34.640 That's amazing.

00:41:35.500 Yeah, and the follow-on effects of these really, really stark policies are really, really stunning.

00:41:41.900 So imagine all the incredibly hardworking families, many of them immigrants that run gas stations, right?

00:41:50.520 Yeah, there you go.

00:41:52.340 We're not going to have any gas stations.

00:41:53.600 So you own a gas station.

00:41:54.680 You spent your life building a store, a convenience store, a gas station.

00:41:58.740 You know, in their plan, 2030, there's no reason for you to be in business anymore.

00:42:05.120 And so the disruption of all that is huge.

00:42:07.580 Yeah, I mean, all EVs are like a little bit of metal on top of a big battery, which is why if China controls the battery industry globally like they do, we're screwed.

00:42:21.480 Hey, Kevin, I always wish you the best, brother.

00:42:26.620 The boss is going to need you if he gets back in there again.

00:42:29.920 So rest now because you're going to be a busy, busy man.

00:42:37.520 And I appreciated your support just before I went into prison there defending the Constitution.

00:42:47.400 And you were a rock there while I was there.

00:42:50.420 And I do appreciate that, my friend.

00:42:52.200 I'm glad you're doing well.

00:42:53.880 Your family's doing well.

00:42:55.880 All right, man, we'll see you next time, brother.

00:42:59.180 Yeah, we'll be back.

00:43:00.040 That's Kevin Hassett, my main man.

00:43:03.220 Peter K. Devaro in Bannon's war room.

00:43:07.080 We'll be back for the grand finale.

00:43:10.300 But, boy, you got your money's worth already today.

00:43:16.960 Debt.

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00:44:15.460 And immerse yourself in information today.

00:44:19.780 Here's your host, Stephen K. Bannon.

00:44:27.920 Hey, Peter K. Navarro in for Stephen K. Bannon.

00:44:31.020 And we had the great Jim Rickerts in last Friday to talk all things strategic geopolitical stuff.

00:44:40.740 If you've seen his war room appearances, Jim has a knack for making the complex simple.

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00:45:17.800 That's RickertsWarRoom.com.

00:45:22.180 Let's go right now to donewithdebt.

00:45:25.860 Tell us about this, Jillian.

00:45:29.180 Tell us about how we can be done with debt.

00:45:32.240 I like the old die broke thing, but donewithdebt might be a good thing, too.

00:45:36.660 Tell me about it.

00:45:38.140 Died, lied, and fried.

00:45:39.560 I know.

00:45:40.080 I've been there, and I've done that.

00:45:41.400 Peter, thanks for having me on.

00:45:42.980 Right now, one in three Americans are completely maxed out on their credit cards, mortgages.

00:45:48.940 You guys were talking about what's that $25,000 going to do, right?

00:45:54.620 Kamala's prompting.

00:45:55.980 Oh, please.

00:45:57.260 So whether it's health, I have cancer.

00:46:01.580 Whether it's trusting the wrong people with your money.

00:46:04.280 A lot of people in my business do that.

00:46:06.460 Thank God I'm not in L.A. and Hollywood anymore.

00:46:08.620 The further west I move.

00:46:09.840 Right now, I'm in Ventura County.

00:46:11.580 That's why it's so sunny and peaceful.

00:46:13.260 You know, people get into trouble financially for a variety of reasons, Peter, and it just builds up.

00:46:21.060 So done with debt, what are they going to do?

00:46:22.560 First of all, don't be afraid.

00:46:24.180 A lot of it is shame.

00:46:25.420 And the other thing that the people on the credit side and the government have working for them is time.

00:46:31.400 That's what you don't have.

00:46:32.660 So every time a letter comes or a phone call that you don't pick up and you've got anxiety and nerves and you're freaking out and your family's having dinner and those phones are ringing, they've got time.

00:46:42.300 It's a roster.

00:46:43.400 You're going to keep your name's going to keep coming up.

00:46:45.740 So don't ignore it because it's just going to get worse.

00:46:48.520 And those fees are going up because they're tallying you.

00:46:51.780 So what's going to happen is you're going to end up in worse debt.

00:46:55.460 Done with debt.

00:46:56.220 What they're going to do, they're going to pick up the phone.

00:46:58.280 They're going to talk to you.

00:46:59.140 They're going to get you on a plan.

00:47:00.440 They're going to stop those nasty calls.

00:47:02.080 They're going to stop all those letters and they're going to put you on a plan.

00:47:05.200 What they do right away is they talk to the insurance or they talk to all the companies out there, the banking institutions.

00:47:10.300 They talk to the credit card companies and they put you on a plan.

00:47:14.240 Some of those places will wipe out your debt completely.

00:47:17.280 I didn't know that.

00:47:18.740 I didn't know that as a public person, as a private citizen.

00:47:23.360 I didn't know.

00:47:24.500 And sometimes it's pennies on the dollar they'll settle for.

00:47:27.880 Otherwise, it's sort of like pound sand.

00:47:29.660 This is what you're going to get because you can't get blood from a stone.

00:47:33.060 And so the bottom line is they work with you to get you out of this hole.

00:47:37.280 A lot of people are in shame about it, right?

00:47:39.900 So I came out publicly because, hey, I'm human.

00:47:42.940 We all have stuff.

00:47:44.740 We all make mistakes.

00:47:45.700 And again, mine was cancer.

00:47:47.580 Bill's, you know, I had two kids I was responsible for, single mom, no help financially from the dad.

00:47:53.860 And it's just like I was in I was just in a living hell.

00:47:57.880 And, Peter, I can tell you there are people out there that will help you.

00:48:00.840 You don't feel it at the time.

00:48:02.280 But if you're sitting there feeling that shame right now, please don't.

00:48:05.640 Done With Debt.

00:48:06.400 All right.

00:48:06.800 So tell us where you want people to go to get this help.

00:48:13.220 Thanks, Peter.

00:48:13.980 Go to Done With Debt.

00:48:14.560 30 seconds here.

00:48:16.400 Yeah.

00:48:16.920 They will help you.

00:48:18.120 Done With Debt dot com.

00:48:19.940 And once you go there, look at the website.

00:48:22.060 See what they've got.

00:48:22.680 They've got the phone number on there.

00:48:24.120 There's going to be a helping hand on the other line.

00:48:26.400 There is absolutely no judgment because we've all been there.

00:48:29.360 And they're going to help you get out of the situation that you're in and put you on a plan.

00:48:33.500 Once more on the website.

00:48:37.180 Done With Debt dot com.

00:48:39.320 Thank you, Peter.

00:48:40.080 Done With Debt dot com.

00:48:41.920 Done With Debt dot com.

00:48:44.240 Check it out.

00:48:44.840 Done With Debt dot com.

00:48:47.200 We'll see you next time and soon.

00:48:50.080 We're going to kick right over now to the great Mike Lindell.

00:48:53.620 He's taking a vacation this week and all expenses paid vacation by the Kamala Harris campaign.

00:49:02.980 Sir, where are you?

00:49:04.380 I am in Chicago.

00:49:05.620 We're going to be live streaming here with our event, my annual event from for the Frank from Frank speech dot com, everybody.

00:49:14.320 And by the way, you should go there.

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00:49:17.680 Get signed up.

00:49:18.420 I'm going to actually, Peter, be shaving my mustache and going in incognito into the DNC.

00:49:23.840 So it's going to be huge, everybody.

00:49:26.960 I'm here with Rudy Giuliani and others for Frank speech.

00:49:30.040 We're going to be live streaming every day from noon to nine o'clock at night.

00:49:33.720 And you guys check it out.

00:49:35.520 Get get over there after the show here.

00:49:37.420 Get get on the email.

00:49:38.480 That's because we're going to send out an email when I head into the DNC without a mustache.

00:49:42.720 And you guys make it all possible.

00:49:44.380 I want to quick get the specials in.

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00:51:27.200 And it's Peter, you can't.

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00:51:34.080 This call it the political prisoner special, everybody.

00:51:37.480 And it's we're looking for them.

00:51:40.320 Listen, you stay safe instead of shaving your mustache.

00:51:44.880 I recommend just wearing one of those river to the sea Palestinian protester masks. 1.00

00:51:49.240 They won't they'll treat you.

00:51:50.760 They'll treat you like a god, brother.

00:51:52.880 You are in the war room with that great patriot.

00:51:55.480 Go to Frank's speech TV.

00:51:58.060 Is that what it is?

00:51:58.860 That's it, right?

00:51:59.520 Yes, sir.

00:52:02.220 Peter Navarro here.

00:52:04.220 In for Stephen K. Bannon.

00:52:05.740 We will see you on Wednesday and Friday of this week.

00:52:09.520 10 to noon here in the war room.

00:52:12.660 You're the best posse.

00:52:13.600 Monday and Friday of this week.

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00:53:32.480 Do not wait.

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00:53:43.480 Heart disease builds over time.

00:53:45.520 Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart.

00:53:50.800 A healthy heart is key to being energetic as we get older.

00:53:54.540 It is never too early to take care of your heart.

00:53:59.440 You see, heart disease sneaks up on us.

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00:54:31.000 If you're going to be part of the posse, you need a strong heart.

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00:54:35.760 How we're going to do that is with Salty.

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Bannon's War Room - August 19, 2024

Episode 3842： The Responsibility Of The Fed

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