Bannon's War Room - Episode 4078： Mainstream Meltdown Over MAGA Trump Cabinet; Taking Over The Treasury

00:00:00.000 Are you implying that the Fed and the Treasury are working to basically put more, infuse more liquidity into the system to help Biden in his re-election?

00:00:11.540 I'm making two different, or I am seeing the shades of gray.

00:00:18.500 And with Yellen, she is a political appointee.

00:00:22.220 In an editorial or a piece I wrote two years ago, I called her, three years ago, I called her one of America's great public servants.

00:00:31.760 In my letter yesterday, I called her a political apparatchik.

00:00:37.420 And she has crossed the Rubicon and is clearly on a political mission.

00:00:45.480 Because all week long, it's been who's going to be Donald Trump's Treasury Secretary.

00:00:49.620 And even though there are many, many outlandish or unqualified picks, Scott Besson is a super qualified guy.

00:00:57.460 Now, a week ago, when the battle was between Howard Lutnick and Scott Besson, Lutnick's camp was trying to crush Besson because he once worked for George Soros.

00:01:05.900 But the absurdity of that is, if you actually want someone, and I'm not saying you should, but if you want someone from the investment community,

00:01:13.240 anybody who's a true baller has either worked for Soros, Julian Robertson, or Michael Milken.

00:01:18.160 And that's where we are. So the argument that he was once with Soros is silly. 0.93

00:01:21.540 But I want to ask you, Scott Besson is unlikely to buy in to the mega tariffs and the plans that Donald Trump wants.

00:01:30.260 And what we need is a Treasury Secretary who's going to create stability. 0.65

00:01:34.280 So what's going to go down here?

00:01:35.900 Well, we don't really know yet because Besson, like other people in the Trump camp, has talked out of both sides of their mouth on tariffs.

00:01:42.900 On the one side, they say, look, America used to be funded with tariffs.

00:01:48.000 Alexander Hamilton was a tariff guy, so we're going to get funding from tariffs.

00:01:51.740 On the other hand, they talk about it as a negotiation tool.

00:01:54.980 You can't have tariffs as a revenue.

00:01:58.600 In other words, we're going to spend based upon this revenue.

00:02:01.180 If it's a negotiation tool, in other words, we can get rid of it if somebody else is going to lower their tariffs and will create free trade.

00:02:07.320 So we don't really know what they're after.

00:02:09.740 On the other side, I would point out that Stephen Mnuchin, the President Trump's Treasury Secretary, did what was extremely prudent during COVID.

00:02:21.080 You know, he left office on January 19th, January 20th, 2021.

00:02:27.940 There was $1.6 trillion in that account because of the COVID crisis.

00:02:33.860 You know, again, this is a buffer that Treasury Secretary and the Federal Reserve Chair are risk management positions.

00:02:44.540 Are you willing to risk the credibility, the liquidity of the U.S. government to get your president reelected?

00:02:57.040 Wow.

00:02:57.840 There can be very, very different Treasury Secretaries.

00:03:01.120 Some end up being a pillar in the administration that end up advising the president, having a center of power on their own.

00:03:11.040 Others end up just simply doing the bidding of the president.

00:03:14.800 Oh, this is a great point.

00:03:15.980 So we don't know yet.

00:03:18.100 First of all, we don't know what the policy is that could be asked to defend.

00:03:20.600 When you talk about telegenic or not telegenic, I wonder about whether or not this person in that position is going to be somebody who is going to stop or foster the president from taking extra constitutional measures.

00:03:35.320 Well, that's the most important question.

00:03:39.100 He had certain people in his first administration who stopped that from happening.

00:03:43.800 And when you talk about normal, I think, Donnie, what you may mean is that somebody who can stop the president from deploying the military against American civilians.

00:03:53.320 Well, we're going to have to.

00:03:54.300 We're OMB.

00:03:55.060 People should understand that outside the chief of staff, the second most important job in the American government is the director of office of management budget.

00:04:01.620 That coordinates all of federal spending, every program.

00:04:05.120 It's an immense and it's a huge staff.

00:04:06.660 It's a quite complicated but very important job.

00:04:09.540 We've all been told, right, that Francis Collins and Tony Fauci are you can't get to them, that no control over them, no management of them.

00:04:18.160 They had this massive budget.

00:04:19.820 They're like lords of the manor up there in Capitol Hill and nobody crosses them.

00:04:24.440 Russ, what happened during your time at OMB with this part of the medical administrative state in our government?

00:04:31.620 Steve, thanks for having me.

00:04:33.240 That's exactly what I saw.

00:04:34.700 As I saw at National Institute for Health that you could not get them to do reforms.

00:04:41.140 You could not get them to accept cuts.

00:04:43.500 If you propose reforms to them, they would go straight to the Hill and say this is not something that we're willing to accept.

00:04:49.520 They wouldn't send things to the Office of Management and Budget so that we couldn't do the job that we're supposed to do for a president to make sure that anything that they're going to do in an agency aligns with what the president actually believes.

00:05:02.100 This is what the administration, administrative state is.

00:05:05.360 This is what the Imperial Congress does.

00:05:07.560 That's Russ.

00:05:08.520 And he's going to be right there at OMB to execute that plan.

00:05:12.920 A bunch of, some of these people work for him.

00:05:14.340 Now, Donald Trump tapped former NFL player Scott Turner to lead the Department of Housing and Urban Development.

00:05:20.860 Turner is a leader at the America First Policy Institute, a group that, like Project 2025, has been planning for months to overhaul the federal government in a second Trump term.

00:05:31.300 The president-elect named far-right conspiracy theorist Sebastian Gorka to a key national security role.

00:05:37.480 And a five-contributor as his surgeon general pick.

00:05:41.080 Rounding out the list, Trump will nominate Scott Bessett, a billionaire hedge fund executive and top campaign fundraiser, to be his treasury secretary.

00:05:50.900 Back in the days when, I don't know, journalists sort of mattered, right?

00:05:56.280 They still do.

00:05:57.160 Thank you very much.

00:05:57.780 Hold on a minute.

00:05:58.320 I'm sorry.

00:05:58.720 When you say that, that is the greatest gift to Steve Bannon, who wants to destroy all journalists.

00:06:05.160 So I'm going to kick you right out of here.

00:06:06.860 The point I would make is accurate, but I'll let you finish something.

00:06:09.420 When we were to get a hint or a whiff of a conflict, it would blow up into a very big deal.

00:06:16.660 True, true.

00:06:17.440 It is just not the case anymore.

00:06:19.520 I don't know why that is.

00:06:20.640 I don't mean to denigrate journalism.

00:06:22.500 I'm a lifelong journalist.

00:06:23.880 I'm a huge supporter of journalism.

00:06:25.780 But I just don't know where and how it matters anymore.

00:06:29.640 Because people care about, are there problems being solved?

00:06:31.300 If my bread costs less, and I'm not worried about immigration, and I don't feel quite as

00:06:37.020 bad, they don't even know what a conflict of interest is.

00:06:39.380 This is the primal scream of a dying regime.

00:06:46.940 Pray for our enemies.

00:06:48.960 Because we're going medieval on these people.

00:06:52.140 Here's the time I got a free shot at all these networks lying about the people.

00:06:56.420 The people have had a belly full of it.

00:06:58.320 I know you don't like hearing that.

00:06:59.740 I know you've tried to do everything in the world to stop that, but you're not going to

00:07:01.980 stop it.

00:07:02.440 It's going to happen.

00:07:03.480 And where do people like that go to share the big lie?

00:07:07.120 MAGA Media.

00:07:08.460 I wish in my soul, I wish that any of these people had a conscience.

00:07:13.900 Ask yourself, what is my task and what is my purpose?

00:07:17.660 If that answer is to save my country, this country will be saved.

00:07:23.980 War Room.

00:07:24.860 Here's your host, Stephen K. Band.

00:07:27.220 It's Saturday, 23 November in the year of our Lord, 2024.

00:07:34.180 I've got to give a hat tip to the production staff here.

00:07:39.160 Fantastic.

00:07:40.240 The content staff here.

00:07:43.800 Because we don't know how much longer we're going to have them.

00:07:46.080 I think they may step in and actually help save this country by going into the administration.

00:07:50.660 But, wow.

00:07:52.160 That's one of the best, if not the best, cold open I've ever seen.

00:07:55.280 Kind of going down through the years, starting back in February of 2021 with the Russ vote,

00:08:02.680 who came on here to walk through everything related to the pandemic and what President

00:08:06.860 Trump had done and, of course, what Biden was doing and the blockage they got with Tony

00:08:10.740 Fauci, et cetera.

00:08:11.500 Had Scott Besson's first appearance, I think it was January of 2024.

00:08:17.280 First time he started doing media.

00:08:19.720 And, of course, all of it.

00:08:21.680 I'm going to play different parts that we're going to talk about what's important here.

00:08:24.500 The signal, not the noise.

00:08:26.620 But I do want to say one thing.

00:08:28.040 Stephanie Ruhl, if we can get ready to replay that.

00:08:31.480 I start my day after doing my early, early pre-dawn, you know, routine and then catching

00:08:38.620 my news.

00:08:39.080 I start my day with Mika and I end my day with Stephanie Ruhl.

00:08:43.000 I watch her show every night.

00:08:45.040 So, Stephanie, don't worry about, you know, going to give.

00:08:47.340 Yes, overall, the media is the enemy, right?

00:08:52.220 And, you know, you're a hater, although with a small H, not a capital H like Mika.

00:08:59.300 But, you know, and we're kind of sad that MSNBC is getting spun off and we're sad that

00:09:04.900 Rachel Maddow had to take a $5 million cut.

00:09:07.060 She was making, what, $30 million a year. 0.95

00:09:09.380 One night a week.

00:09:11.120 Nice work if you can get it.

00:09:12.760 That's kind of populist, isn't it?

00:09:15.180 We start with Mika and we end with Stephanie.

00:09:18.480 And I actually think that Stephanie may one day, what I would recommend strongly, strongly,

00:09:23.860 MSNBC, get your ratings up.

00:09:25.540 Dump Joe in the intern problem.

00:09:27.920 You know, President Trump, Gates and President Trump kind of went separate ways for a while.

00:09:32.160 Maybe some issues, couldn't get the votes.

00:09:35.080 Joe's deal baggage, Mika. 0.94

00:09:36.760 He's deal baggage.

00:09:38.620 Cut him loose.

00:09:39.800 Get Stephanie Ruhl. 1.00

00:09:40.800 And, you know, have her co-host.

00:09:43.480 Have her be your wingman. 0.99

00:09:44.680 The show's ratings will skyrocket because Stephanie Ruhl is a former investment banker. 0.99

00:09:51.200 You have to have, and to take on the administrative state and the deep state, and to basically get

00:09:58.260 the country back on a correct footing.

00:10:01.880 You need, every administration, you've got to have fire breathers and you have to have

00:10:07.060 steady yetis.

00:10:07.740 You've got to have some people that are just, the stability, organized, going to do it.

00:10:15.140 But you also need those that bring the heat, like a Pete Hegseth, like a Matt Gates, like

00:10:22.640 a Christy Noem, like an RFK Jr., like a Tulsi Gabbard, just to pick some random names.

00:10:29.600 Because the way the government works in the cabinet positions, the cabinet positions, you're

00:10:36.180 essentially helping craft the direction of the government in the direction of President

00:10:41.380 Trump's second term in Trumpism in the age of Trump, because this is where we are.

00:10:46.300 But mainly those jobs are jobs where you're trying to communicate.

00:10:52.460 You're trying to communicate to the American people.

00:10:54.480 You're trying to communicate to our allies.

00:10:56.860 You're trying to connect with media and global media.

00:11:01.080 You're trying to connect with foreign leaders geostrategically so they understand the direction

00:11:05.640 we're going.

00:11:06.640 And you have to make it smart.

00:11:08.040 You have to make it accessible.

00:11:09.240 And that's a very rare gift.

00:11:10.480 And that's why he has something.

00:11:11.920 President Trump, he's the best.

00:11:13.700 This is why I call him a McLuhan-esque figure.

00:11:16.800 What do I mean by that?

00:11:18.000 It's all from Marshall McLuhan, a professor at Washington University out in St. Louis, who

00:11:24.160 became the genius of kind of modern communications theory back in the 1950s with the rise of television

00:11:32.500 coming off of radio.

00:11:33.640 The first two real mass communication apparatus that we had that changed the direction of the

00:11:39.340 world, right?

00:11:40.480 So he's McLuhan-esque in that he knows in modernity, in the modern world, so much of

00:11:48.560 this is mass communications.

00:11:49.960 And it is connecting with, and particularly in a democratic form of government or in a constitutional

00:11:56.640 republic that, you know, goes forward with democracy, which is 50% plus one vote, right?

00:12:05.300 Kind of winner take all, that you have to communicate.

00:12:08.560 And you have to be able to communicate and drive the narrative with your ideas.

00:12:13.320 And then you follow them up with the execution of those ideas.

00:12:16.320 That's what President Trump understands.

00:12:20.060 In this, in the government, and I said that back when Russ first came on here in February

00:12:26.480 of 2021.

00:12:27.640 Russ votes first hit.

00:12:28.820 I'd known Russ for years.

00:12:31.140 Had, he was the deputy with, he had been around and been, I think, chief of staff, I've

00:12:36.140 been on the Hill.

00:12:36.700 So he, I met him when he was Mulvaney's deputy at OMB.

00:12:41.600 The deputy kind of runs the, runs the shop.

00:12:44.420 And OMB was so important to me because as a young naval officer, I came out of the fleet,

00:12:50.780 out of the Pacific fleet, the 7th fleet, off my ship.

00:12:54.940 We were in the, I guess, the North Arabian Sea and Persian Gulf towards the end during

00:12:58.960 the hostage crisis.

00:13:00.280 And I came back as a special assistant.

00:13:02.720 Can we just take that down just one tone?

00:13:06.960 Fine.

00:13:08.160 Good.

00:13:08.680 Right underneath the voice.

00:13:09.480 Perfect.

00:13:12.160 We're going to go out with, we're going to go out with Nicole McGrady, who graced us

00:13:17.780 as a photographer.

00:13:18.720 She came to the Dan Floyd's book open the other day and took some tremendous photographs

00:13:23.440 of Dan Floyd's launch of his photography book.

00:13:26.860 I came back and I came back as a special assistant to the chief of naval operations over in the Pentagon.

00:13:32.980 I showed up, went to President Reagan's inauguration and then showed up for work the next day.

00:13:38.320 It became very evident to me as a young man because the Reagan administration started and

00:13:44.640 they had a young guy named David Stockman in a job called OMB that nobody understood what

00:13:51.380 it was.

00:13:51.740 I think it came up, I think it was a job created, I think in the 60s or 70s.

00:13:55.680 David Stockman essentially ran the government, became the most important guy initially in the

00:14:01.860 Reagan administration.

00:14:04.020 Office of Management budget coordinates everything.

00:14:07.480 And President Trump has announced a, quite frankly, a quite serious team of executives to

00:14:15.080 basically get the finances of this country set and unlock the economic powerhouse that

00:14:21.120 we are, the entrepreneurial economic powerhouse that we are.

00:14:25.040 Office of Management budget, Russ Vogt will return.

00:14:29.800 He was President Trump's OMB director for, I think, the last two years of the administration,

00:14:34.260 first term.

00:14:35.340 Scott Besson is now, is going to be, I think, the 79th Secretary of Treasury, filing in a long

00:14:41.460 line from Alexander Hamilton.

00:14:43.140 Also, Sebastian, Dr. Gorka, frequent contributor on the show, we used to carve out a time every

00:14:50.900 week to have him on.

00:14:52.600 He is Deputy National Security Director for Counterterrorism, where Seb has worked for decades

00:14:57.340 and decades and decades.

00:14:58.400 Short break.

00:14:59.000 Back in a moment.

00:15:00.460 It's obvious.

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00:15:03.240 Most Americans know something is very, very wrong.

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00:16:09.480 Action, action, action.

00:16:11.700 All week long, it's been who's going to be Donald Trump's Treasury Secretary.

00:16:15.020 And even though there are many, many outlandish or unqualified picks, Scott Besson is a super

00:16:21.480 qualified guy.

00:16:22.620 Now, a week ago, when the battle was between Howard Ludnick and Scott Besson, Ludnick's

00:16:27.100 camp was trying to crush Besson because he once worked for George Soros.

00:16:30.780 But the absurdity of that is, if you actually want someone, and I'm not saying you should,

00:16:35.220 but if you want someone from the investment community, anybody who's a true baller has

00:16:40.320 either worked for Soros, Julian Robertson, or Michael Milken.

00:16:43.400 That's where we are. 0.96

00:16:44.100 So the argument that he was once with Soros is silly.

00:16:46.300 But I want to ask you, Scott Besson is unlikely to buy in to the mega tariffs and the plans

00:16:54.100 that Donald Trump wants.

00:16:55.420 And what we need is a Treasury Secretary who's going to create stability. 0.65

00:16:59.440 So what's going to go down here?

00:17:01.020 Well, we don't really know yet because Besson, like other people in the Trump camp, has talked

00:17:06.120 out of both sides of their mouth on tariffs.

00:17:08.060 On the one side, they say, look, America used to be funded with tariffs.

00:17:13.160 Alexander Hamilton was a tariff guy, so we're going to get funding from tariffs.

00:17:16.880 On the other hand, they talk about it as a negotiation tool.

00:17:20.040 You can't have tariffs as a revenue.

00:17:23.760 In other words, we're going to spend based upon this revenue.

00:17:26.280 If it's a negotiation tool, in other words, we can get rid of it if somebody else is going

00:17:30.620 to lower their tariffs and will create free trade.

00:17:32.620 So we don't really know what they're after.

00:17:34.560 Well, I mean, it's the scene in, what's his day, but Bueller's Day Off.

00:17:41.200 Like, you know, anybody, anybody, did this tariff help?

00:17:43.720 No.

00:17:44.240 It pushed us further into a recession or a depression.

00:17:47.340 Yes, but Trump, he loves it on the campaign trail because for people who don't know how

00:17:51.860 it works, you know, it goes back to the America first, made in America.

00:17:55.120 And the question will be, does he really do it?

00:17:57.060 Remember the move, Young Frankenstein, Abbey Normal?

00:17:59.220 Yes.

00:17:59.520 Okay, there's the Abbey Normal ones.

00:18:00.880 We know which one.

00:18:01.380 This is a normal one.

00:18:02.400 This is a solid one.

00:18:03.280 And to your point earlier, the thing about him that maybe separated him from Rowan and

00:18:06.940 the other guy is that he was the most loyal of the bunch.

00:18:09.500 That's coming from you.

00:18:10.480 So that seems to be the thread that's kind of pulling everybody together.

00:18:13.920 I don't know how he is telegenically because that's the other thread.

00:18:16.320 If you look at just about every one of his other picks.

00:18:18.340 Now, Treasury is not out in front as much as some of the other types of picks, but it'll

00:18:23.720 be interesting to see.

00:18:24.260 Okay, if you go to Getter, I think I put up, if you pull that, that the critical path here

00:18:34.300 is that you have the CR.

00:18:36.300 So the government runs out of money on the 20th of December.

00:18:40.200 And there's two schools of thought up, I think, right now.

00:18:44.580 They're looking to kick it into the first part of the Trump, the first, the kicking in the

00:18:51.100 first 90 days of the Trump second term.

00:18:54.040 That would be to kick it past January 20th.

00:18:56.160 So President Trump, OMB, Treasury, all of it, all his cabinet heads have it working with

00:19:01.540 Capitol Hill and the appropriations bills.

00:19:04.320 They're also talking about maybe slipping in an omnibus.

00:19:08.040 Now, this city, everybody's gone, everybody's left and kind of gone for Thanksgiving, the

00:19:13.700 House and the Senate.

00:19:14.520 There are some people working in the transition folks are working.

00:19:18.440 But unless they're doing behind the scenes, and they could well be doing it behind the

00:19:22.720 scenes because there is a school of thought that, and when you hear people say, oh, we

00:19:26.500 want to clear the decks for President Trump, that's Washington talk for we want to get

00:19:30.760 a last payday for our lobbyists, right?

00:19:33.860 We want to make sure the lobbyists get paid the last time before Trump comes in with more

00:19:38.360 serious people about this.

00:19:40.860 So let's assume for purposes of this discussion that it gets kicked into the first 100 days

00:19:48.240 of Trump.

00:19:48.700 So you got to do a budget and you have to worry about what that budget is going to be deficit

00:19:53.720 because there's going to be a tax number that's around, I don't know, four and a half

00:19:58.340 or five trillion, and the spending now looks like, and I think under Biden, is six, six

00:20:03.180 and a half trillion.

00:20:03.760 So you have a gap of one to one and a half trillion dollars.

00:20:08.400 So that's January, December 20th, we run out of money and something has to be done, either

00:20:12.440 an omnibus bill or another CR.

00:20:16.020 On 2 January, actually technically the way the edit said it was in the first 10 days of

00:20:21.100 Trump's administration, technically I believe, and I think this number is correct, that the

00:20:26.520 McCarthy deal runs out essentially on the day after, the first day back from the Christmas

00:20:34.780 holidays, I think it's January 2nd or January 3rd, that we hit the debt ceiling.

00:20:39.020 Now the Secretary of Treasury, which at the time will still be Janet Yellen, can manage,

00:20:45.080 as we said, receipts.

00:20:46.100 In fact, where I first met Russ Vogt, or really shouldn't say met Russ Vogt, but spent time

00:20:50.580 with Russ Vogt, was in May and June of 2017, when we knew that we were going to hit the

00:20:58.740 debt ceiling and have to come up with a new budget on September 30th, we were thinking

00:21:02.860 downrange.

00:21:04.360 Russ Vogt's the first guy that kind of broke down, I talked to him and he came down and

00:21:07.560 broke down what we call the waterfall, because cash is coming in on tax receipts, on tariffs,

00:21:13.000 on fees, on revenues all the time throughout the year.

00:21:15.600 Obviously, there's some big payment times, I guess, around April 15th and other times

00:21:19.880 where you get a ton of cash, but cash comes in the entire time.

00:21:24.040 And to make sure you don't default on government securities, right, you got to pay the interest

00:21:30.460 and sometimes you have to, these things roll over, you have to pay the short-term notes

00:21:33.720 or roll them over and refinance them.

00:21:35.820 You have to apply that cash.

00:21:37.400 It's like you're doing any bankruptcy, right?

00:21:41.980 Or a company that's getting close and getting some financial problems.

00:21:44.960 You prioritize your payments.

00:21:48.000 And Russ walked through the mechanics of how, hey, this is the waterfall, this is how cash

00:21:52.780 comes in.

00:21:53.220 And we kind of worked out a plan that you can go a pretty long time.

00:21:55.340 That's my point.

00:21:57.140 On January 2nd, we don't run out of cash.

00:21:59.440 Now, the government's out of actual money to spend on the 20th.

00:22:03.820 I think that CR will get kicked into the Trump administration.

00:22:06.900 Then he hit the debt ceiling.

00:22:08.580 But you're going to have cash coming in and you can manage that for a while.

00:22:13.080 You know, back when President Trump, I think, hit the debt ceiling under Mnuchin,

00:22:16.020 I think they went three or four months at least.

00:22:18.140 And you can stretch it out.

00:22:20.160 The cash comes in.

00:22:21.580 You can do some very smart things.

00:22:23.780 And, of course, that's part of in this transition when we say you have landing teams

00:22:29.380 and then beachhead teams.

00:22:30.600 Remember, a landing team and a beachhead team.

00:22:32.700 This is one of the things I think the landing team, and I assume once they get these technical

00:22:37.340 details worked out about transition, which I understand I don't think are totally worked

00:22:42.140 out yet.

00:22:43.500 The meetings between this and between Treasury, I think in that handoff, because remember,

00:22:47.720 you've got to relieve the watch.

00:22:49.680 You've got to relieve the watch on January 20th in the relieving the watch process.

00:22:57.780 That will be a big one for Treasury, obviously.

00:23:00.800 And then you've got to deal with the debt ceiling.

00:23:04.460 You're going to have a – because you've got a debt ceiling and then all of a sudden

00:23:07.280 you're going to pass a budget that somehow is going to have at least a trillion dollar

00:23:11.760 deficit.

00:23:13.180 Kobayashi just pointed out that we've added over $2 trillion just in the last 12 months.

00:23:21.360 His tweet the other day laid out it was $2 trillion, and we're on a path at one time

00:23:26.720 of a trillion dollars every 100 days, if you stretch it out.

00:23:32.000 Point is, you're going to have at least another trillion dollars added to the national debt.

00:23:36.780 Now, there was also a report yesterday – oh, it was up on the great Citizens Free Press.

00:23:43.120 And, of course, that's one of the things we go to.

00:23:45.120 I go to, obviously, multiple times a day.

00:23:48.140 If you start with Morning Mika, you've got to keep your eye on Citizens Free Press and

00:23:51.860 Breitbart and Revolver and, you know, the Gateway Pundit, all the great sites that we have,

00:23:57.600 news sites.

00:23:58.120 The projection is you could hit $50 trillion at the end of these four years.

00:24:06.260 That's another basically $12 or $13 trillion.

00:24:09.300 Now, I have not done the back-of-the-envelope math to verify that, but we're on an unsustainable

00:24:14.440 path.

00:24:15.800 And this is what President Trump's walking into.

00:24:17.900 Now, on top of all that, and I think this is April 15th, the tax year when taxes have

00:24:22.840 to be paid, I believe on April 15th or thereabouts, you basically have the reversion of the tax

00:24:33.700 cuts, the Trump tax cuts, that were the fundamental bedrock of the Trump economy.

00:24:40.620 And when people vote, and when people are in the ballot bar, and they did the exit polls,

00:24:47.540 so many working class and middle class people said, hey, I'd like to go back to the economy

00:24:51.740 of 18 and 19, where we had low inflation, we had low interest rates, you had full employment,

00:25:00.940 because I think unemployment was under 3%, or around 3%.

00:25:04.620 You had African-American and Hispanic employment were all-time highs.

00:25:08.420 You had wages for unskilled workers rising at record rates.

00:25:14.940 I think you had, definitely for the first time in history, blue-collar worker rates, wages

00:25:19.980 rising faster than white-collar, non-college graduates higher than college graduates, but

00:25:24.940 college graduates and white-collar were rising also.

00:25:28.460 It's kind of, and what people never give them credit for, Janet Yellen, who was the chairman

00:25:34.460 of the Federal Reserve, was actually taking liquidity out of the market.

00:25:38.540 Remember, we talk about the balance sheet of the Federal Reserve after 2008.

00:25:41.840 They put all this debt on just to force liquidity cash into the system to save the system.

00:25:48.160 It's up to, I think, $8 trillion, and they may have taken it down to $6.5 or $7 trillion now.

00:25:53.980 But Janet Yellen, at the time, President Trump inherited $3.5 trillion, I think it was $3.5 trillion

00:26:01.240 on the Fed's balance sheet that Obama had used and Geithner had used and Bernanke had used,

00:26:08.460 his team had used to infuse the system with cash to avoid a meltdown, a financial collapse.

00:26:15.760 Yellen, in Trump's second and third year, starting the first year, started doing what you call

00:26:24.660 quantitative tightening. She was taking liquidity out of the system. They took almost a trillion

00:26:29.760 dollars of liquidity. That's a headwind. That's a headwind. And you do that so you can start to

00:26:35.300 deflate, so you don't have asset inflation. You don't have some sort of bubble. You try to take the

00:26:41.040 air out of the balloon slowly. And this was President Trump's economic plan. That was all

00:26:48.640 laid in in the first days of 2017, really 2016. The same time we're talking about now for the

00:26:54.400 second term was when the economic plan and the tax cuts and the deregulation were all kind of laid in.

00:27:01.940 And that was the predicate that was laid in in 2017 because it takes a while to kick in. It kicked in

00:27:08.140 the second half of 18 all through 19. And so by Christmas of 19, you were like a house of fire

00:27:14.240 on an economy. And then the pandemic hit, right? The pandemic hit. President Trump was heading

00:27:22.000 towards a roaring reelection in the fall of 2019 because of where the economy was. World peace

00:27:29.080 in an economy that was on fire. Okay. Philip Patrick's going to be with us later. We're going to

00:27:34.500 talk about a lot of these topics. Birchgold.com slash Bannon. End of the dollar empire. Understand

00:27:41.680 that we're the prime reserve currency. And no, Rachel Maddow and your producers, you get it wrong

00:27:46.120 again. We're actually trying to save the dollar. We're saying the elites in this country are destroying

00:27:51.560 the dollar. That's why I call it. Welcome to Thunderdome. These fights are going to have over 0.98

00:27:55.840 budget and money because money is power in this town. The currency of power. Birchgold.com.

00:28:01.640 Check it out. Or Bannon at 989-898-TEX. Short break. Back in the warm in a moment.

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00:29:28.760 TNUSA.com slash Bannon. TNUSA.com slash Bannon.

00:29:37.380 Here's your host, Stephen K. Bannon.

00:29:43.300 Okay. If you look at the getter post, I then call it Welcome to Thunderdome because

00:29:48.740 I gave this speech a year ago in Pinehurst to the Cleta Mitchell had me down and my kid sister

00:29:57.880 let me down for the Republican club there. In the whole speech was the convergence of two

00:30:03.520 things that are going to happen upon President Trump assuming his second term. Yes, called shot

00:30:08.980 back in November of 23, like from the very beginning. We knew President Trump was going

00:30:14.580 to return. He said, hey, here's what's going to happen. You're going to have this financial

00:30:18.860 and economic crisis that's been building and they're exacerbating it. Also, you should know,

00:30:22.800 and I'll have more details next week, but they're playing all kind of games right now.

00:30:28.900 All kind of, and these are deeply serious games with the system to try to chop block Trump.

00:30:35.780 Biden and the administrative state and the deep state, absolutely, Biden, let's set that

00:30:41.160 side, it's kind of irrelevant, him. The administrative and deep state, because they're the enemy here,

00:30:45.640 they are absolutely bound and determined to make sure that President Trump, one, can't govern, and two,

00:30:52.500 his second term is a failure. So when they're sitting up there saying, oh, we have to have unity in one

00:30:57.200 America, it's all crap. It's a bald-faced lie. And you can tell on three, at least three major 1.00

00:31:02.980 components. Number one, what they're trying to do at the southern border to still get as many people

00:31:07.460 through here as possible and cause even more chaos. Okay, number one, including even a nap.

00:31:12.360 Number two is what they're doing financially. They're playing all kind of games right now with

00:31:18.420 America's debt and what's going on. And that's all going to be sorted out. We'll be able to give

00:31:22.680 you more details about that. But stand by that of what they're doing and playing games right now

00:31:27.880 to make sure that President Trump hits the wall right of the box, what I call Thunderdome, right of

00:31:33.980 the box in his second term. And number three is this metastasizing and quite frankly, incredibly

00:31:41.080 dangerous, incredibly dangerous, what they're doing in Ukraine. And of course, the International 0.99

00:31:47.600 Criminal Court has indicted Bibi and I think his war minister, minister of defense also. What's

00:31:57.100 happening in this Ukraine is as scary as it gets because now you have a place where conflict

00:32:04.640 has run rampant in the 20th century. They call that part of Ukraine and Belarus and Russia,

00:32:13.780 that kind of area down by Stalingrad and Kursk with Belarus right there in Ukraine in that part

00:32:19.820 of Eastern Europe all the way running up to Poland. It's called The Bloodlands. There's an amazing book

00:32:25.660 that kind of goes through this. It's called The Bloodlands. And it's just not World War II. It started

00:32:30.040 well before that. It started really with the Bolsheviks and their revolution. And then the 0.53

00:32:37.680 starvation of five million, the murder essentially by starvation of five million Ukrainians by the

00:32:44.700 Bolsheviks in the 1930s. Okay. By starvation in an act of conscious. Over there in the blood

00:32:53.120 lands. And hey, when that place spins out of control, it can spin hard. It's spinning out of

00:33:00.760 control now, egged on by Biden. So those three, those three lines of work, the integrity of the

00:33:06.620 southern border, which they've already obviously initiated and exacerbated an evasion. It's one of

00:33:10.620 the reasons they got tossed by some of the reasons the Rio Grande Valley and South Texas is now MAGA

00:33:16.560 from being blue and then purple. It's now MAGA because those folks are American citizens. They

00:33:23.160 say, hey, we'd like to have a little protection down here. You got all this, what's happening on

00:33:28.780 the balance sheet and this debt. When you're at, you're at 36 trillion and you're adding it like

00:33:33.460 you're adding it and interest is over a trillion dollars and you got over a trillion dollar defense

00:33:37.700 budget to support the American empire. The scale of this called the law of large numbers,

00:33:43.960 right? You can get whipsawed. You can get whipsawed. And just the ability to take corrective

00:33:50.620 action doesn't happen overnight. Just to work its way through the system takes a while. Not simply to

00:33:56.200 make the decisions, make sure the decisions go through the system, but it's like turning an

00:34:00.160 aircraft carrier around. I was on a destroyer. A destroyer is like a sports car. You put the,

00:34:04.020 you put the rudder over, boom, put an engine back. You can pivot like a, you can't do that

00:34:09.080 aircraft carrier. The American economy, the American capital markets and the whole thing

00:34:15.560 at the Fed and the treasury, that's an aircraft carrier. You put the rudder over hard to like,

00:34:21.800 we got to make a course change. It takes a while to kick in. Just does. And then you have this

00:34:27.620 geopolitical situation on the, on the, um, in the Eurasian landmass. That's that side.

00:34:36.600 I've got Thayer coming up because two other very important things. Thayer's coming up. I'm trying

00:34:41.980 to get Dr. Thayer on here for a few minutes at the, um, at the top of the hour. I haven't had time

00:34:48.440 really to drill down on, on a lot of it. We've been accumulating, talking to people behind the scenes,

00:34:53.260 but down at APEC in, uh, in, I think it was Peru, right? Peru with this, uh, with this,

00:34:59.960 this regional meeting that Biden went to was she, she lays out the four red lines

00:35:06.600 that the Americans must agree to. If we're, if we're to have joint co-prosperity to pull a term

00:35:14.620 from world war two or the lead up to world war two, the Japanese called Asia, the co-prosperity

00:35:21.380 sphere before they ran the tables in 1941 to try to control it all. The Chinese are laying at the 1.00

00:35:28.720 same thing for us to be kind of partners in developing the world together. You have to

00:35:32.920 agree to the four things. One of them is Taiwan and that it's a, it's a region. It's a province

00:35:38.740 of China, which means they really have control essentially of the advanced chip design. And

00:35:44.180 we're just going to have to live with it. They won't do a military invasion, but we have

00:35:47.720 to agree that it's just a province, not an independent country. Okay. Number one, number

00:35:52.000 two, and this is the tell and the ticking time bomb. It's the reason we had the new federal

00:35:56.940 state guys run the reasons I was a co-founder of the new federal state of China that Lao

00:36:01.300 Beijing, all this talk of democracy and all this talk of freedom and all this talk of self-determination

00:36:06.200 has to stop inside the Chinese Communist Party. The thing that they fear and they're spending

00:36:11.960 all their time on is the thing called legitimacy. They understand that the United States

00:36:15.580 essentially handed the country after backing, um, the Kuomintang, right? And Chiang Kai-shek 0.93

00:36:22.740 after the war, the war didn't end in China until the civil war played in 1949. And whoop,

00:36:29.300 right out of the box, they said, they said the Korean war, which is all because of the

00:36:34.640 Chinese because we finally ended up fighting the Chinese military. So I would argue that, 0.84

00:36:38.980 Hey, the Korean war is just the tail end of the fighting in World War II. When you really

00:36:43.100 look at it, we handed it over to the Chinese, to the Chinese communists in 1949. Yes, we

00:36:49.800 did. And a guy named Senator McCarthy called him out and laid it out on the Senate floor

00:36:54.280 and General Marshall quit 90 days later. That's called a scout. And of course, the Chinese 1.00

00:37:00.320 people revolted in 1989, the same time the Russian people revolted in Tiananmen Square

00:37:05.720 happened in June of 1989. And six months later, the Berlin wall came down. Nobody ever makes

00:37:10.900 that connection ever. Why do we make it here? Because wait for it, the Russian people in the

00:37:17.300 Chinese people, I'm talking about the everyday Russian peasant surf person there that fought in

00:37:23.780 the trenches of World War II, exactly with Lao Ba Jing, the common man in China have been our allies

00:37:28.720 and are our allies. Their countries are not our allies because they're run by gangsters.

00:37:35.620 Gangsters that quite frankly, we installed. Yes, yes, yes. In 1989, when it was all about the fall

00:37:41.860 in Tiananmen Square and they had these riots all over the bush since Scowcroft 30 days after and said,

00:37:46.900 yo, if you chill here and quit running tanks over, you know, tank man, we can cut a deal and let you

00:37:53.680 in the, you know, because we can let you in the World Trade Organization. We can give you most

00:37:57.800 favored nation status and Wall Street, these wolves on Wall Street to start shipping all these jobs

00:38:02.400 over here because you can pay slave wages. And we like slave wages because we have higher gross 0.95

00:38:08.720 margins. Right? Pretty simple. That means we're going to make more money. And we're going to screw

00:38:16.480 the Lao Ba Jing of America, the common man, and we're going to screw the Lao Ba Jing of China because 1.00

00:38:21.500 they're going to be slaves. But hey, tough break for some swell guys and gals. So right now, 0.95

00:38:26.480 they don't want that democracy. That's the key. You want to get peace and prosperity in the world?

00:38:32.440 Support Lao Ba Jing from overthrowing these, these dictators. And they're worse than Hitler.

00:38:39.400 So you can't ever say anybody's worse than Hitler. Well, hey, the Chinese Communist Party's killed a 0.96

00:38:43.620 couple hundred million of Chinese. Let me repeat that. As much as they did in Korea and some of the 0.98

00:38:49.720 backing they did in Vietnam, although that was mostly the Russians, they've killed a couple hundred 0.99

00:38:56.560 million of their own people, starved them to death. You know, the Great Leap Forward, the Cultural 0.95

00:39:01.280 Revolution, just starving. Mao was sat there all the time to say, let's get some nuclear weapons. Hey,

00:39:06.140 if they kill a couple hundred million of our people, we'll recreate. Not a problem. Got less 0.99

00:39:10.060 mouths to feed. They did the one-child policy.

00:39:13.340 So geopolitically, geostrategically, and with the balance sheet of our country, 2025 is 2024 has been,

00:39:24.980 but 2025 is going to roll in to be one of the most important years in the history of our nation.

00:39:31.020 Because there, the cavalry's finally arrived. Donald Trump is the John Wayne of this. Look at the old

00:39:39.040 John Ford movies. You know, Ford Apache, She Wore a Yellow Ribbon, Rio Grande, the three, the

00:39:45.500 cavalry trilogy. It's John Wayne. Well, that's Donald Trump. I'd actually argue the searchers. He's

00:39:53.620 John Wayne. He's Ethan. It was an Ethan Allen. Not Ethan Allen. Ethan. He's, he's the John Wayne

00:40:02.380 Carrick. The cavalry finally came for the homesteaders. Right? They're under siege.

00:40:10.560 But they're playing games all the time. And that's why these financial announcements of these people

00:40:15.580 with the team around Pam Bondi at the attorney general and the White House counsel's office.

00:40:23.220 And hey, here at the war room, we're going to have to read the show's going to stay the same for you

00:40:28.440 guys at home. But we're going to have to revamp. We know that. Why? A ton of our contributors, people

00:40:32.400 come in here all the time. They're giving you great information. They're going to go in the Trump

00:40:35.500 administration as they should. I tell everybody, hey, run to the sound of the guns. Right now,

00:40:41.300 President Trump needs support. There's plenty of work to do and plenty of billets. There's 4,000.

00:40:47.700 Saddle up. Get up there and support him. Because man, there's a lot of work doing and not a lot of time

00:40:52.240 to get it done. You have to move with urgency. We probably got a year to get stuff done.

00:40:55.480 Probably. A year. Ride to the sound of the guns. Get down there. Get a job. Get to Washington. Get

00:41:02.620 in and do it. And with our production team, too. But we'll be fine. We'll figure it out.

00:41:09.900 Hell, we figured it out. The guys did such a magnificent, men and women here did such a

00:41:13.480 magnificent job during my four months in a federal prison. Didn't miss a beat. Well, now they're

00:41:21.620 back and said, I'll commit to them. I'll be next man up. How about that? We won't miss

00:41:25.840 a beat here. But this is deadly serious. And we pride ourselves on covering this in a serious

00:41:33.420 way. We're not going to chase shiny toys. We're not going to chase shiny ponies.

00:41:40.860 This country hangs in the balance. And don't think that they're sitting there just clapping

00:41:46.540 of President Trump. Why are we talking about the unitary theory of the executive? Write

00:41:51.000 this down. We're in posse. This is nomenclature. Unitary theory of the executive. And you've

00:41:57.500 got all kinds of things that are going to fall off that. This whole thing about the executive

00:42:01.400 can actually put with the House, can put the Senate into recess. Or the impoundment issue.

00:42:07.660 Stay tuned for Russ Vogt and maybe, I don't know, a random guy like a Mark Paoletta, just

00:42:14.360 don't add a random name, over hammering on impoundment. And folks, I know this. They're

00:42:20.600 all on MSNBC saying, oh, they're going to go to, hey, let's roll. Let's go to the Supreme

00:42:25.440 Court. We got the Chevron exemption, deference overturned to take down the administrative state

00:42:32.180 brick by brick. Some of these are going to be challenged. I got it. I think they should

00:42:37.180 be challenged. We need some clarity. This is why it's so important to stop those judges

00:42:41.820 up there on the Hill in the Senate. I'm still not sure. I think we won. We definitely got

00:42:47.580 the four appellate judges that didn't get there. I'm not so sure I count it as a total victory.

00:42:52.380 I'm counting it as a mini victory. But this is where the fight's going to be. Fight's going

00:42:57.680 to be on money and power and geopolitics. You're going to get the woke stuff, all that. I'm not

00:43:02.040 saying those are shiny toys. They're not. And they're important. But that's not the main

00:43:06.940 thing. You got to get the D woke out and change what they tried to do as Bolsheviks to destroy 0.96

00:43:13.040 the customs and traditions. The four olds is what they call it in China. The CCP went after the four

00:43:20.740 olds, our traditions, our customs, all of that. You got to do that. But you got some other work

00:43:25.540 you got to get done or we're going to distinguish our crap sideways. Short break back in a moment. 0.91

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00:44:41.740 Here's your host, Stephen K. Vance.

00:44:48.480 Welcome back. Ethan Edwards, the engine room tells me. I should have remembered that.

00:44:53.700 Ethan Edwards at the searchers. So those are, and Natalie and Mike Benz and Darren Beattie

00:45:03.600 are doing an amazing job talking about the resistance. So there's many different angles of attack

00:45:07.720 as they should. These people have a different philosophy about the country. They have a different

00:45:13.580 philosophy about the governance of the country. Hey, that's fine. It's called democracy.

00:45:17.560 democracy. We're ascendant and we're winning and they've abandoned their voting base. That's

00:45:24.740 where they're all up there every day. And you know what the word is now? Oh, we need more

00:45:27.800 populism. We need, well, hang on. How populous are you going to be when you got, you're controlled

00:45:33.780 by a bunch of left-wing billionaires and you have the credential class all up in the, you know,

00:45:39.120 all these people that get all these phony college degrees and they got to be, oh, they work at marketing

00:45:43.220 companies here and do this. You control the, the, the, the credential class, particularly

00:45:48.180 let's face it, low information, relatively low propensity. Taylor Swift crowd. Didn't work

00:45:55.140 out for you, did it? Nope. Nope. And you have abandoned your voting base because you're just

00:46:02.780 not that into economics and you're certainly not into economics where the working class,

00:46:07.560 the middle class, the people actually put their shoulders to the wheel every day, get a piece 0.92

00:46:11.420 of the action. Pretty simple, pretty basic. And oh yes, like ideas like the underpinnings

00:46:22.300 of the Judeo-Christian West, as far as our values go. And they like the idea of sovereignty

00:46:26.700 and territorial integrity and self-determination, the kinds of things you're shipping tens of

00:46:32.440 billions and hundreds of billions of dollars over Ukraine as a globalist to do. They'd like

00:46:36.240 that here in this Rio, the Rio Grande Valley. And as long as we deliver, and I think you see

00:46:41.020 President Trump putting a team together that will deliver on both security and border security

00:46:46.540 and making sure that some American citizens are taken care of first, not, not foreigners.

00:46:51.740 And they're certainly not people that have come to the country illegally.

00:46:54.500 And this is why it's not the people's fault either. Those folks, by and large, 99% is not their

00:47:01.040 fault. They're invited in. Of course, if you and I were in the same situation, we'd run after

00:47:05.380 El Norte. The people, and it's a crime, were the people that did it, initiated it, conceived 0.94

00:47:12.740 it, initiated it, and exacerbated it. That's a crime. That's a crime. And that has to be

00:47:20.260 investigated. And look, just because Pam Bondi doesn't come at you and in your face like a 1.00

00:47:28.360 Matt Gaetz, don't think she's not tough enough. And the team around her tough enough. And the

00:47:32.740 team coming out of the White House Counsel's Office is tough enough to pursue where it needs

00:47:36.780 to be pursued. There's no retribution here. But there has to be accountability. There has

00:47:41.980 to be accountability. Big piece in the New York Times, they say, hey, the legal whole thing

00:47:46.200 on Democrats are all based on legal strategy. Put Trump in prison. Put the people around

00:47:50.340 him in prison. Put Bannon in prison. How'd that work out for you? How'd send him in prison? 0.63

00:47:55.340 Did that work out fine, Nancy? Yeah, did that work out good? How good did that work out?

00:48:01.340 Trying to put President Trump in prison, how'd that work out for you? Navarro, did that work

00:48:05.520 out well? We won. You lost. Okay? And not only lost. You lost and got blamed for the losing.

00:48:12.180 Got blamed for it. And now you're a pariah on your side of the football.

00:48:19.120 And President Trump comes in here and is trying to, with all this resistance of all these NGOs

00:48:25.840 and outside groups and all this and the administrative state, and that's what the unitary theory of

00:48:31.300 the executive is. It's to say within the executive branch, we have to get something straight and

00:48:35.400 we got to get it straight up front. The Constitution's got three jobs. The guy called the president,

00:48:42.180 is elected to do. He's the chief executive officer of the government. He's commander in chief

00:48:50.120 of the armed forces. The military services report to civilian control, who the people elect.

00:48:57.880 And he's the chief magistrate and the chief law enforcement officer of the United States

00:49:02.840 government. They have not wanted to admit to that since Nixon and Watergate, where they

00:49:08.800 basically hoved off the Justice Department to be their own deal. Because they understood

00:49:16.480 how powerful they had it when they had Kennedy. They had Bobby and Jack. They couldn't go back

00:49:20.340 to that, but they're going to do it their own way. Take it away from the executive and make

00:49:23.660 it a permanent part, a permanent center. Because everything that's come through justice, make

00:49:28.520 it a permanent center of power. We're breaking that. That is the purpose of this exercise.

00:49:33.560 And yes, Weissman and all you guys, you can whine and you can cry and throw your toys out

00:49:37.800 of the pram. That is going to happen because we have hammers, right? Whether that hammer

00:49:43.760 is Todd Blanch or Emil Bovee or the administrative guys or pay a letter over at OMB or Bill McGinley,

00:49:49.960 the White House Council Office, and hundreds and hundreds of more that are coming in and understand

00:49:55.400 what the administrative state is, how you've had a fourth branch of government to essentially

00:50:00.020 enslave, destroy and enslave the American people. This is how you did it. And it's being 0.98

00:50:05.520 broken up. And President Trump is that blunt force instrument that is leaving blunt force

00:50:13.340 trauma on you. And this, we're just the top of the first inning. Heck, I haven't even gotten

00:50:19.060 to the good stuff yet. But these people, they have a different philosophy. They control, they've

00:50:24.540 built an empire and they control that empire. We're kind of the rebel forces or the outlaw

00:50:29.580 forces to do this against the dark star. Hey, and the odds are long still, folks, of whether

00:50:35.100 it can actually be done or not because they still have their grip on the levers of power

00:50:40.340 and the levers of money. So don't think this thing's far from certain. That's what I'll

00:50:44.680 tell everybody. If you want to help out, clearly on the outside, the Warren Posse and others,

00:50:49.820 all these great groups have been outside. But if you got a hankering to help out, there's

00:50:56.120 plenty of jobs. And President Trump needs support, going to need support. Because remember,

00:51:02.520 there's two and a half million employees, civilian employees, bureaucrats, a couple of

00:51:07.180 million in the military, four or five million contractors at levels of kind of mayor and

00:51:11.960 general expertise of what consultants do. I added up that there's tens of me, there's

00:51:16.240 10 million. Other people say there's tens of me. I think it's about 10 million, but that's

00:51:20.180 a lot of folks controlled by 4,000 political appointees, 3,000. President Trump, hopefully

00:51:28.060 with Sergio Gore and the team down there doing such a great job, as many as a thousand or

00:51:33.680 more hit the beach on the afternoon, the 20th of January. I will continue this in the second

00:51:42.240 hour. We've got a lot to do. Philip Patrick's going to join us. Hopefully, Bradley Thayer,

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Bannon's War Room - November 23, 2024

Episode 4078： Mainstream Meltdown Over MAGA Trump Cabinet; Taking Over The Treasury

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