Bannon's War Room - February 27, 2025


Episode 4300： Keir Makes His Plea To Trump At The White House; Witnessing A Judicial Insurrection


Episode Stats


Length

57 minutes

Words per minute

177.6893

Word count

10,146

Sentence count

807

Harmful content

Misogyny

4

sentences flagged

Hate speech

10

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Stephen K. Bannon is in the War Room with Brian Glenn Thrush and Steve Kamb as they discuss the White House's new rules regarding access to the President's press pool. They also discuss the ongoing efforts to get a Continuing Resolution passed, and the impact it could have on the economy.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 About 30 seconds up, but I do want to ask you about the response you're hearing from your fellow journalists with Trump in the White House now dictating which journalists can access Donald Trump.
00:00:10.680 Yeah, look, this is a big deal. I understand that a lot of Americans probably don't care too much and don't feel sorry for reporters when they shouldn't.
00:00:17.160 It's not about us. It's about them in a way, because what's happening now is the president of the United States is saying the first time in generations that he gets to decide who is inside the pool that gets closest to him in terms of asking questions.
00:00:28.820 That's never been in my lifetime anyway. I've been covering this going back to 1996, the prerogative of a president, Republican or Democrat.
00:00:36.420 Now he's saying he chooses. And if he doesn't like your coverage, they've made very clear and barring the Associated Press, you could be expelled from that pool.
00:00:43.820 So now we have a government organized, government run, government controlled press pool.
00:00:48.880 And that's that's an issue of great concern, not just to to mainstream publications, but to publications on the left and right, which which have a lot at stake as well.
00:00:57.060 So it is it is very concerning. And, you know, again, one more indication of where this administration under Trump's leadership wants to head.
00:01:04.900 You just talked about how important the work that Elon Musk is doing is if you pass a continuing resolution, won't that just refund all the programs that he says he's cutting that are full of waste, fraud and abuse?
00:01:14.900 No, look, you can. That's why I say you add anomalies to a CR. You can increase the spending. You can decrease the spending.
00:01:21.780 You can add language that that says, for example, the dramatic changes that have been made to USAID would be reflected in the ongoing spending.
00:01:29.520 It would be a clean CR mostly, I think. But with some of those changes to to adapt to the new realities here.
00:01:36.600 And the new reality is less government, more efficiency, better return for the taxpayers.
00:01:42.220 And I think that's something everybody should welcome.
00:01:46.400 This is the primal scream of a dying regime.
00:01:50.240 Pray for our enemies, because we're going medieval on these people.
00:01:56.660 I got a free shot. All these networks lying about the people, the people have had a belly full of it.
00:02:02.900 I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it.
00:02:06.940 It's going to happen.
00:02:08.240 And where do people like that go to share the big line?
00:02:11.620 Mega media.
00:02:12.540 I wish in my soul, I wish that any of these people had a conscience.
00:02:18.460 Ask yourself, what is my task and what is my purpose?
00:02:22.160 If that answer is to save my country, this country will be saved.
00:02:28.560 War Room. Here's your host, Stephen K. Bannon.
00:02:35.920 Thursday, 27, February, year of our Lord, 2025.
00:02:39.280 25, you're in the War Room, a lot going on in the White House today, on Capitol Hill, throughout the country.
00:02:45.900 President Trump just put out a true social, talking about the tariffs that are going to come next week to Mexico and Canada,
00:02:52.480 specifically talked in Mexico about the fentanyl, about the war with the cartels, all of it.
00:02:59.480 Another big day at the White House today.
00:03:00.980 Sir Keir Starmer, the Prime Minister of the United Kingdom, arrives, and there will be a lot of talk about the NATO,
00:03:11.460 a lot of talk about the follow-on visit the next day.
00:03:14.540 Ukraine, the Ukrainian war, particularly bringing peace to that part of the world.
00:03:19.300 Also, the rapprochement of the United States and Russia.
00:03:23.400 All of it.
00:03:24.080 The President, I think, is also going to sign some executive orders.
00:03:26.900 So, another packed day.
00:03:30.300 Brian Glenn joins us.
00:03:32.140 Brian, you spent part of the day on Capitol Hill, obviously, and I'll get back to it in a second.
00:03:39.660 You saw Caitlin Collins and Speaker Johnson finally talking about what War Room's been talking about for months,
00:03:46.120 the 14 March deadline in this end-of-year CR.
00:03:50.360 We'll drill down more in a second.
00:03:51.940 Brian, the schedule of events today, Sir Keir and the British come in the afternoon.
00:03:58.220 Walk us through what's going on at the White House.
00:04:01.400 Yeah, good morning, Steve.
00:04:02.920 A little bit later this morning, Stalmer and the press from the U.K. will make their arrival here.
00:04:10.000 Just outside the West Wing, they'll meet briefly with the President.
00:04:13.620 And then at about 1220, they'll have a bilateral meeting in the Oval Office.
00:04:19.140 And then a little bit later, at 2 o'clock, they'll have a much bigger press conference in the East Room.
00:04:24.520 And from what I understand, a lot of the focus, Steve, is on Ukraine.
00:04:29.680 And obviously, Stalmer is very much for U.S. support as far as providing security aid after the ceasefire, if you will,
00:04:38.740 the ending of this war.
00:04:41.400 And, of course, President Trump has not guaranteed that.
00:04:44.420 And, of course, they'll talk about mineral rights and all kinds of stuff, maybe even tariffs,
00:04:48.780 as that seems to be hitting the headlines this morning.
00:04:51.960 So it'll be a busy day here.
00:04:54.000 And, you know, what, Steve, we're 38, 40 days in this administration,
00:04:57.780 and we've seen just about everyone heads of state come through here.
00:05:01.760 Well, Sir Keir is going to be there for, number one, he's committed 30, I think, 30,000 combat troops to a peacekeeping force.
00:05:11.040 That's essentially three, roughly three divisions.
00:05:13.380 The British don't have it. 1.00
00:05:14.360 They don't have the finances to underwrite it.
00:05:15.960 They don't really have the troops to do that.
00:05:18.260 So he's a lot of big talk, just like Boris Johnson was.
00:05:21.560 The British have been big talkers in this Ukraine war, and it's one of the reasons such terrible destruction. 1.00
00:05:26.860 President Trump's pretty adamant about the mineral deal.
00:05:30.080 So there's no American security guarantee.
00:05:32.240 This is absolutely central.
00:05:33.120 If you look at the deal, there's no American investment.
00:05:36.740 There may be some companies come over there, but no U.S. government direct investment and no security guarantee.
00:05:42.780 Sir Keir, you're 100 percent correct, Brian, is going to be there to try, just like Macron the other day,
00:05:47.580 as Macron tried to confuse the situation, try to talk President Trump into being part of some peacekeeping force or backup.
00:05:54.140 President Trump's response yesterday, Brian, as you know, was saying, hey, if American companies are over there, that'll be a security guarantee enough.
00:06:04.320 Kind of implied that the U.S. would step in if there was any problem.
00:06:07.420 So those are all huge issues.
00:06:09.280 In the cabinet room yesterday, he threw down that the EU, which the British broke off with from Brexit, he says the EU was set up to challenge the United States, to cause problems for the United States.
00:06:20.460 And he says, listen, I'm thinking about a 25 percent tariff on all the goods that come from the EU.
00:06:25.580 That would obviously – Great Britain's not part of that.
00:06:29.420 But President Trump reiterated this morning, Brian, on a true social that – and I think next Tuesday is when he's going to do the State of the Union also,
00:06:37.900 or the first time is kind of the update on where the country is not officially a State of the Union.
00:06:43.720 But President Trump said, hey, unless Mexico steps up to the plate, the 25 percent tariffs are going in, and he's not happy where discussions with Canada are going.
00:06:52.440 Any thoughts on that, sir?
00:06:53.580 Yeah, no, you're right.
00:06:56.740 And, you know, I think he's playing, once again, leadership.
00:07:00.480 He's not threatening.
00:07:02.340 He's just saying, hey, look, this is what's going to happen.
00:07:04.980 And also, you could add 10 percent on top of that, Steve, to China.
00:07:08.580 He's going to impose an additional 10 percent of already the 10 percent on China.
00:07:13.820 So I do want to make a mention.
00:07:16.240 Zelensky will be here tomorrow, so that should be interesting.
00:07:19.760 We'll see, as he comes at the end of the week, does he sign the minerals deal?
00:07:24.080 Did we get that done?
00:07:25.340 What do the talks look like after today when he leaves?
00:07:30.100 So much at this White House.
00:07:32.200 So much going on.
00:07:34.000 I hope, Brian, you know the president pretty well.
00:07:38.460 He's a great deal guy.
00:07:39.420 He says, hey, he lives for deals.
00:07:40.660 He's done deals all his life.
00:07:41.760 I hope a conditioned precedent for Zelensky being allowed in the United States is that the deal is either signed or going to be signed.
00:07:49.380 I hope it's no happy talk and he's going to try to pull, which he's already trying to pull, a bunch of other conditions.
00:07:54.280 But I think Zelensky is here, should consider himself, be lucky to be here.
00:07:58.320 We're no fan.
00:07:59.400 And I would consider tomorrow he signs this deal.
00:08:02.060 It's ritual humiliation, let's say.
00:08:05.060 Brian, you're so Sir Keir shows up right afternoon.
00:08:11.460 Real America's voice be covered and alive.
00:08:13.200 As you know, we wait for the dignitaries to show up on the West Wing.
00:08:17.800 There'll be a color guard, secure, be there.
00:08:20.220 It looks like 1220.
00:08:21.740 Some sort of bilateral meeting, called a bilat in the Oval Office.
00:08:25.020 I'm sure the president will make time for a press avail today.
00:08:30.180 Brian, if you're in there, I know you're tossing a question.
00:08:32.200 Then later at 2 o'clock, there'll be a joint press conference.
00:08:36.680 So this is a relatively short meeting as they've got it.
00:08:39.800 I think the president's – I'm not saying he's doing this out of courtesy, but he's kind of heard these pitches before.
00:08:45.120 He wants to reestablish we are – we have a special relationship next to France, one of our oldest allies, and obviously most important allies in the 20th century.
00:08:57.300 But it's going to be a relatively quick meeting.
00:08:59.480 I think we'll get plenty of access to the president today.
00:09:03.060 And, Brian Glenn, we hope you keep your streak running, that you're the first guy called – you're the first person called in the East Room.
00:09:11.240 Just, hey, I'm not – you know, you're on DiMaggio's streaks.
00:09:14.020 Not that we're counting.
00:09:14.940 Not that we're noticing, right?
00:09:17.040 Somebody get Rob Siegel in the phone so I can get a heads up about this press conference.
00:09:20.120 Yeah, and there's no bets in Vegas on that.
00:09:22.620 There's no prop line.
00:09:24.040 There's no prop line in Vegas on that as well.
00:09:25.800 No lie.
00:09:26.880 But I will say, yeah, but the Oval Office, that meeting is only scheduled for about 20 minutes before they break.
00:09:32.580 I think they're going to have lunch and then later meet at 2 o'clock.
00:09:34.860 Now, 2 o'clock ought to be pretty good.
00:09:37.260 I love those press conferences.
00:09:38.540 He'll go for probably an hour in the East Room as he normally does.
00:09:42.120 But, you know, it's interesting to think how many world leaders we've seen here.
00:09:46.420 Brian, I love both of them.
00:09:47.200 I love the press avails in the Oval.
00:09:51.140 I love the – in the Cabinet.
00:09:52.440 And this is why I played Peter Baker at the New York Times as the start.
00:09:56.440 We can't reinforce how important it is.
00:09:58.040 When you see the Cabinet Room yesterday, the president going over an hour and 20, you see the different types of reporters there.
00:10:03.340 You see the press avail.
00:10:04.760 Hopefully it will take place in the Oval today.
00:10:06.620 That press pull is now not just a mainstream media that's attack, attack, attack, attack, attack, give misinformation.
00:10:13.640 Now it's been opened up.
00:10:14.740 You've got Newsmax.
00:10:15.740 You've got Real America's Voice.
00:10:16.940 You've got The War Room.
00:10:18.080 You've got Daily Signal, The Blaze, Breitbart, Daily Caller.
00:10:23.740 So it's opened up many to the podcasters.
00:10:27.240 I think it's a breath of fresh air, better questions, sharper questions,
00:10:32.540 and questions of people that are trying to extract from President Trump information on what's happening,
00:10:38.080 not just snarky attacks.
00:10:40.380 And I think it's just been fantastic, sir.
00:10:43.060 Well, if I sent Cameron a video that maybe in the break you guys can ingest and take a look at,
00:10:50.060 that is the head of the WHCA on MSNBC now.
00:10:54.620 He's a new host on that MSNBC.
00:10:56.980 He left Politico.
00:10:57.720 You should play that, and that sets the tone of the why I think Karen Levitt made that excellent idea
00:11:04.640 and the decision to remove their authority in that briefing room.
00:11:08.520 It's comical what this gentleman, this he-him, is saying.
00:11:13.280 How long?
00:11:13.700 Let's play it.
00:11:14.040 I'll let you guys look at it in the break.
00:11:15.360 Okay, hold it, hold it, hold it.
00:11:16.660 Brian, since you've done some producing here today, it's great.
00:11:19.440 Let's go ahead and play the clip, and we'll have Brian comment.
00:11:21.940 He has a hard time running against Vice President Harris because she's a black woman.
00:11:26.600 You remember, Ashley, when he would tussle with the women that would ask him questions,
00:11:33.460 our colleagues on the White House beat?
00:11:34.900 Reporters.
00:11:35.300 With reporters.
00:11:36.360 You know, he held his kind of most angry self for black women, right? 0.97
00:11:40.880 If they asked him a question, he would have the worst things to say about them.
00:11:44.700 So you're seeing that, right?
00:11:45.640 I can think of three off the top of my head.
00:11:46.780 Right, at the top of my head.
00:11:48.120 And when he talked about Joe Biden got worse, Harris was born like that, right?
00:11:53.000 That's different.
00:11:53.580 And that's a dog whistle to folks to say, you know, the white guy just got older and
00:11:57.460 it got worse, but the black lady was born dumb. 1.00
00:11:59.380 That is the kind of thing that Donald Trump is saying and selling the folk.
00:12:04.260 Man, that hate coming right out there, Brian Glenn.
00:12:07.500 They can't control it.
00:12:09.420 The hate coming out.
00:12:10.460 That's your White House.
00:12:11.980 He's a new host on MSNBC.
00:12:14.800 I'm pretty sure he's going to join the weekend crowd and take over the kind of this.
00:12:18.400 Go ahead.
00:12:18.840 Well, I can say maybe he's Boy Reed now.
00:12:23.140 I don't know.
00:12:23.740 Maybe they've replaced him a little bit.
00:12:25.620 So Joy Reed would do Boy Reed on that.
00:12:29.020 And, you know, we'll see how long that show lasts.
00:12:31.440 No one's watching that.
00:12:32.520 You know, he's one of the senior guys.
00:12:34.100 He's one of the senior guys from Politico, but no, but no fan of President Trump.
00:12:37.440 So that's exactly the White House.
00:12:40.020 Senior White House, I think, for Politico.
00:12:42.020 I think he's going to get a new job, new show on MSNBC.
00:12:44.960 So it'll be pretty amazing.
00:12:48.100 Brian Glenn, anything else?
00:12:49.660 A big packed afternoon.
00:12:51.240 Brian Glenn will be there.
00:12:52.520 Natalie will be back here at 5 today.
00:12:54.540 She's going to be reporting live from the White House.
00:12:56.700 We'll get it all from her.
00:12:57.940 Brian Glenn throughout the day.
00:12:59.860 Brian, what's your social media?
00:13:02.760 Yep.
00:13:03.200 Hit me up at Brian on True Social, at BrianGlennTV on Instagram and X.
00:13:08.640 And as always, thanks for having me on, Steve.
00:13:11.080 We'll see you back here later, probably tomorrow.
00:13:13.080 Thank you, brother.
00:13:15.900 Appreciate you.
00:13:17.220 E.J. and Tony, the financial numbers, economic numbers came out.
00:13:21.200 Job numbers came out today.
00:13:22.360 I asked E.J. and Tony, but I'm going to replay the Caitlin Collins.
00:13:27.560 Finally, CNN woke up to the fact of the CR.
00:13:31.860 Speaker of the House Johnson, a very interesting response on some of the inside baseball that's going on.
00:13:37.840 We'll break all of that down next in the War Room.
00:13:41.260 Like I said, active day on Capitol Hill, active day at the White House.
00:13:46.460 On Capitol Hill, I hope they are now focused on the work at hand, and that is the CR.
00:13:52.860 I've noticed kind of a sea change here in the last, I don't know, 24 hours.
00:13:56.640 So people realize, hey, the big fight right now is to keep the government, President Trump's government open.
00:14:02.140 How are you actually going to do that?
00:14:04.080 Because people are not enamored with the end of the year CR, but there may be reasons for that.
00:14:08.580 The White House, I think, is organizing their strategy to focus on that.
00:14:13.280 Now they've got this budget resolution done for the reconciliation, which is really about the taxes, and we'll talk more about that.
00:14:21.820 E.J. and Tony's going to be here.
00:14:23.720 Jim Rickards is going to be here.
00:14:24.820 We're going to get a lot into geopolitics and capital markets.
00:14:27.520 President Trump, and that's why this week you had France, you had England, and you've got Zelensky tomorrow.
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00:16:40.180 Here's your host, Stephen K.
00:16:42.400 Bannon.
00:16:42.740 Okay, the fight's on many fronts.
00:16:47.820 We're going to get to the economics in a second, but the legal and particularly the federal courts are huge. 0.78
00:16:52.120 We're bringing in Josh Hammer.
00:16:54.180 Josh, and if Denver can put up, you put up a tweet last night that had attached a, I guess, a ruling or a declaration from the chief justice.
00:17:04.360 Walk us through.
00:17:05.560 Can you read that, your tweet?
00:17:07.480 What did you say?
00:17:08.580 What do you mean?
00:17:09.520 And why is this important in this overall fight for President Trump to get his agenda implemented?
00:17:14.100 Yeah, Steve, so great to be back with you, first of all.
00:17:17.580 So last night, Chief Justice John Roberts of the United States Supreme Court basically stepped in for the first time, from what I can tell, to finally swat down one of these lower court judicial insurrectionists who was trying to bring the entirety of the Trump administration to a halt.
00:17:33.140 So what I put on X was I said, Chief Justice Roberts to lower court judicial insurrection FAFO, which I'm not going to say a bad word on air, Steve, but F around, find out.
00:17:43.160 That's basically what it's saying there.
00:17:44.780 And this is what many of us have been calling for for weeks.
00:17:47.680 So let me just kind of lay the scene briefly here.
00:17:50.520 What we're seeing is not just judicial activism, Steve.
00:17:53.960 I used the words very carefully there.
00:17:56.040 I mean, this is a full-on judicial insurrection, going back to the very first days of this administration in power.
00:18:01.660 By the way, those of us with a long enough memory to remember the first Trump administration, this is nothing new.
00:18:06.080 So the first Trump administration from 2017 to 2021 faced, by my count, I believe it was 65 so-called nationwide injunctions, which, by the way, is more than the first 44 presidents of the United States combined, literally in all of American history, faced there.
00:18:19.960 So they basically picked up in January just last month as if they hadn't lost a beat over the past four years.
00:18:26.140 So whether it's a judge in Washington state or Ohio or Washington, D.C. or Florida, Hawaii there, the notion that you can issue a TRO, a temporary restraining order, and thereby try to bring a federal executive branch policy, an executive order to halt there, it's completely anathema.
00:18:44.680 It's bat crap crazy.
00:18:46.260 See, that's not how the separation of powers works at a very fundamental 35,000-foot altitude view.
00:18:51.740 The judicial power of which Article III, Section 1, Clause 1 of the Constitution speaks, Steve, is the power to render a judgment in a case or controversy, a.k.a. to rule on the parties before you in court.
00:19:04.220 The notion that you can then bring the entire executive branch to heel, well, Thomas Jefferson, for instance, he famously described this in an 1804 letter to Abigail Adams as making the judiciary a despotic branch.
00:19:16.880 This is what Abraham Lincoln railed on and on against.
00:19:19.820 He famously, in his first inaugural address in March of 1861, said that the candid citizen must confess that he who allows the final decisions in constitutional law to be decided by that eminent tribunal,
00:19:32.140 he was referring to the Supreme Court, but the judiciary in general, he said that that would be to basically allow us to cease to be our own rulers there.
00:19:39.740 So this is all coming to a halt, and it's about time that the Supreme Court finally, finally, finally swat away.
00:19:46.080 Now, this exact case that Chief Justice Roberts stepped in last night, it's from Washington, D.C.
00:19:51.160 It's from a district court judge by the name of Amir Ali.
00:19:53.640 And the so-called temporary restraining order in question basically would purport to require the Trump administration to continue the slush fund of all foreign contracts and contractors, billions, billions of dollars when it comes to the State Department and USAID.
00:20:09.620 The problem, Steve, there's a lot of problems here.
00:20:11.820 There's all what I just said.
00:20:12.820 But even on these specifics here, you can't even issue a temporary restraining order when it comes to an executive order in the first place.
00:20:19.940 That's actually not how administrative law works.
00:20:22.080 If you want to kind of go there, you need a final agency action from, let's call it the State Department there.
00:20:27.400 That didn't happen here.
00:20:28.660 They're trying to sue just an executive order.
00:20:30.660 So it's wrong on the actual substantive underlying law as well.
00:20:34.000 But the broader point is the more important ones, I think, which is I think, I predict, and I really hope that this is going to be the beginning of a more active SCOTUS, of a more active nine justices on the Supreme Court that are going to get more involved in patrolling and policing this lower court judicial insurrection, which they have every power in the world to do.
00:20:53.920 The Supreme Court of the United States is the only court in the country that is literally established by the Constitution.
00:21:00.380 So it's the only one that is required.
00:21:01.980 All the other lower courts basically just exist at Congress's discretion there.
00:21:05.580 And it's kind of implicit in that understanding there and that hierarchy and that structure that SCOTUS has the power to swat down all of these lower court administrative stays, temporary restraining orders, preliminary injunctions, whatever legalese they want to call it there.
00:21:18.400 They can and they must get involved when these lower courts exceed their legitimate jurisdiction.
00:21:23.600 The big question, and I'll end on this, the big question here is when will SCOTUS hear a direct challenge to the entire practice of these so-called nationwide injunctions in the first place?
00:21:33.640 These so-called nationwide injunctions are completely unconstitutional.
00:21:37.400 It is not part of the judicial power of Article III.
00:21:40.120 It is an illegitimate remedy there.
00:21:42.200 And it hamstrung the Trump administration the first time around.
00:21:44.960 And I fear, Steve, my fear is that unless and until SCOTUS directly weighs in on this and the DOJ, the acting solicitor general of the United States, Sarah Harris, they can get that cert petition nicely teed up, God willing.
00:21:55.700 But unless and until SCOTUS cleanly rules that the lower courts cannot do this, they cannot bring the entirety of the executive branch to a screeching halt with one puny little one-paragraph order in some random judicial chambers out in Hawaii, whatever there, unless and until they do that, we risk letting this whole second Trump administration get away, I fear.
00:22:14.360 So as we've been looking at this in the legal front, and particularly in federal courts, very, very important, we have said that they should go for X because the front line, these radical left-wing judges, and you said they're beyond activists.
00:22:29.900 This is a judicial insurrection.
00:22:31.920 Take your number two pencil out because Josh Hammer just gave you the overall construct, a judicial insurrection by these front-line federal judges.
00:22:40.840 We've always said expedite appellate review and then get on the emergency docket immediately because of the appellate review, particularly if it's in Washington, D.C., you're going to lose.
00:22:50.120 A lot of these appellate courts are just as bad as the front-line judges.
00:22:54.220 Get on the emergency docket.
00:22:55.820 For the personnel issue dealing with this special counsel, the Supreme Court passed, and that's why I was starting to get concerned of Mike Davis and your guys' theory that the Supreme Court is going to be the arbiter of this.
00:23:08.580 And in that arbitration that they're going to come down on the side of the Constitution and the unitary theory of the executive, which is obviously the intellectual construct that the Trump administration is doing.
00:23:22.520 Why have they gotten involved in the slush funds or the money side of it?
00:23:26.840 Why have they avoided taking any action, at least today to my understanding, on the personnel side?
00:23:32.120 Good question.
00:23:34.240 I don't have a great answer to that, unfortunately.
00:23:36.260 So the Hampton-Dellinger litigation.
00:23:38.920 So Hampton-Dellinger, the head of the Office of Special Counsel, Trump tries to fire him on February 7th.
00:23:44.440 The district court issues another one of these TROs, these temporary restraining orders, essentially purporting to mandate that he keep his job on February 12th.
00:23:53.800 It had a two-week expiration date.
00:23:56.260 The judge extended that TRO yesterday because I guess nothing matters anymore, frankly.
00:24:02.040 But in those two-week interim period, both the D.C. Circuit and the United States Supreme Court refused to alter the TRO.
00:24:09.620 So they did have that opportunity.
00:24:10.840 Now, it's worth noting that the D.C. Circuit ruling, when they heard it in that procedural posture, it was over a vociferous dissent from Judge Greg Katzis, who was an excellent Trump nominee on the D.C. Circuit the first time around.
00:24:22.320 It will probably be a SCOTUS shortlister this time around as well.
00:24:25.340 When it reached the U.S. Supreme Court this past weekend, there were two dissenting votes.
00:24:31.240 Justice Gorsuch wrote what I thought was a compelling dissent, where he basically said that this entire notion of this remedy, what I was talking about, the notion that a district court can issue a so-called temporary restraining order, and commanding you in this case that you have to rehire Hampton-Dellinger, is nuts.
00:24:47.500 It's absolutely nuts.
00:24:48.340 So SCOTUS should have stepped in and made a substantive ruling just this past weekend.
00:24:52.460 But I do think that their hand is going to be forced here sooner rather than later there.
00:24:56.440 The good news, and I agree with my colleague Mike Davis on this, is that I do think that the votes are absolutely there on the current Supreme Court to finally uphold unitary executive theory, as the left-wing media likes to call it, otherwise known as just basic common sense, right?
00:25:09.700 I mean, Article II of the Constitution says the executive power.
00:25:15.940 Yeah.
00:25:16.780 Just basically the basic Constitution, right?
00:25:20.620 Yeah, exactly.
00:25:21.120 I mean, Article II says the executive power shall be vested in a president of the United States.
00:25:24.820 It's not vested in the vice president.
00:25:27.080 It's not vested in the secretary of state.
00:25:28.960 It's not vested in the dog catcher, the White House coffee boy, whatever.
00:25:33.120 No, it's vested in one person and one person only there.
00:25:35.600 And specifically when it comes to Hampton-Dellinger, by the way, there's a very similar parallel track litigation going on right now involving a woman by the name of Gwynne Wilcox.
00:25:43.480 Gwynne Wilcox is a Democrat nominee to the NLRB, the National Labor Relations Board.
00:25:48.080 She was fired.
00:25:48.900 Very similar thing here.
00:25:49.980 So whether we're talking about the office of the special counsel, which is where Hampton-Dellinger purports to work, or whether we're talking about the National Labor Relations Board, where Gwynne Wilcox purports to work, we're talking about these so-called independent agencies, which is an entire creature of FDR-era New Deal jurisprudence.
00:26:07.020 It's all fabricated.
00:26:08.220 It's all made up.
00:26:09.040 And specifically, there's a 1935 SCOTUS precedent called Humphrey's executor, which was the first time that the Supreme Court upheld the legitimacy of this there.
00:26:18.400 But I'm pretty confident, Steve.
00:26:20.640 I'm typically pessimistic about all things judicial branch related.
00:26:23.720 I'm actually optimistic about this one.
00:26:25.180 I really do think that there are five votes on the current court when that case is finally heard to directly overturn Humphrey's executor.
00:26:31.700 I get a little weary, a little wary about this court when it comes to kind of the so-called culture war issues, when it comes to sovereignty, when it comes to race, things like that there.
00:26:41.060 When it comes to bread and butter, structural constitutionalism, separation of powers, federalism, that's when the John Roberts court is at its absolute best.
00:26:48.460 So I actually do feel pretty confident that this is going to end up going the correct way and that Trump will be vindicated when it comes to both Hampton-Dellinger and Gwynne Wilcox.
00:26:56.540 But it is taking a little longer than it should, frankly.
00:26:58.520 Can I hold you – can I hold you through the break?
00:27:04.720 You bet.
00:27:04.880 Because I want to ask you – I want to go back.
00:27:06.480 President Trump signed an executive order the other day specifically about these independent agencies.
00:27:11.580 So we come back.
00:27:12.900 The two things, the reauthorizations because none of these – all the – even the cabinet, EPA, FBI, all of them are supposed to be reauthorized I think every five or ten years.
00:27:23.860 The military makes sure that they're never out of authorization.
00:27:27.180 They do a National Defense Authorization Act every year.
00:27:30.760 It's the reauthorizations of these.
00:27:34.080 Also, the independent – I mean why did the president feel he had to go out and actually put an executive order out to basically say the independent agencies actually report to me?
00:27:42.900 Hang on.
00:27:43.320 I want to get the answer after the break because the left, if you watch TV every night, they're saying we're hurtling towards a constitutional crisis.
00:27:52.080 I kind of agree with Josh.
00:27:53.360 I think it's pretty straightforward, right?
00:27:55.600 We're going to get – we're going to have to slug this out at the Supreme Court.
00:27:59.560 But I agree with Josh Hammer.
00:28:00.960 It's pretty straightforward.
00:28:02.140 It's common sense and I think a direct reading of the Constitution.
00:28:06.460 Birchgold.com, end of the dollar empire.
00:28:08.980 EJ is going to be here about new labor numbers that are out talking about the economy.
00:28:14.340 People say it may be softening.
00:28:16.820 We're going to find out the factors that are converging about the global economy in the economy in the United States of America
00:28:23.560 and where precious metals fits in as a hedge in times of turbulence and turbulence we're going to have.
00:28:29.820 Speaker Johnson on Caitlin Collins last night kind of gave it up a little bit about the CR.
00:28:36.740 Birchgold.com slash Bannon.
00:28:38.560 Go check it out today.
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00:30:07.240 Here's your host, Stephen K.
00:30:10.680 Bannon.
00:30:11.040 I got so carried away with the Natalie Winters honor.
00:30:19.300 Who in the hell is Michael Ube?
00:30:21.640 It's Ube Shabender. 0.99
00:30:25.780 Yes, sir.
00:30:26.580 Is that your nom du jour?
00:30:27.920 I mean, you really are a spook. 1.00
00:30:29.800 There's a spook here in the war room.
00:30:31.800 You were recruited right off of college campus.
00:30:33.560 You spent your professional career there.
00:30:34.940 I was.
00:30:35.400 Actually, I was.
00:30:36.500 And I went to Georgetown.
00:30:38.200 But...
00:30:38.560 I went to Georgetown also when it was a Catholic university.
00:30:41.960 Or barely a Catholic university.
00:30:44.120 Went to Georgetown, the School of Foreign Service.
00:30:47.040 School of Foreign Service.
00:30:47.820 So did I.
00:30:48.280 Proudly Arizona State for my undergrad.
00:30:51.060 Okay, Arizona.
00:30:51.800 Oh, yeah.
00:30:52.480 I love Arizona State.
00:30:53.680 Mike Crow's a buddy of mine.
00:30:55.100 Although a huge left winger.
00:30:58.420 We're going to come back to you in a second.
00:30:59.560 Philip Patrick, speaking of universities, a professor at the University of Arkansas talked to you about the end of the dollar empire.
00:31:06.900 And I'm really proud of this because, as you know, your staff, yourself, yours truly here, Stephen K. Bannon and the war room got together and worked on this for many years.
00:31:16.560 I think we started three years ago at the end of the dollar empire.
00:31:18.920 And what we wanted to do is make, really make capital markets and particularly debt deficits, all of it, accessible to people that hadn't had a chance to go to college, but to make it at a level that was college level.
00:31:32.580 And I guess the finance professor said, hey, we've read this thing and we would love to incorporate this into our curriculum, sir.
00:31:40.000 It's absolutely correct.
00:31:41.360 He made it, in fact, mandatory reading for his class.
00:31:45.120 And he asked if you and I would be happy to go and talk to his students and help educate.
00:31:51.920 And quite frankly, I've had that feedback consistently from many different people talking about how educational, how informative, and specifically how it talks up to people, not down.
00:32:04.660 So I would agree vehemently.
00:32:07.500 And, you know, it's getting the traction it deserves, Steve.
00:32:11.800 Well, you ought to get to him.
00:32:14.400 We want to definitely figure out how we can work that out and do other places, too, because we're one of our big causes here is to make sure that working class and middle class folks, that the finance system in our country, the political economy is understood along with the geopolitics of it.
00:32:29.680 And this is why it's a good – you can go to birchgold.com right now, slash Bannon, and get it all for free, all six installments, including the latest, which is Modern Monetary Theory, which is a theory coming out of France that's going to blow your head up, folks.
00:32:46.460 But, hey, ideas have consequences.
00:32:49.940 Two of the consequences we're seeing of this is in this posse – we're going to have to make a decision here in the next week or so of where to put our effort on this because the budget resolution last night – and we understand what President Trump is doing.
00:33:04.300 He's trying to get some gap for these tax cuts, but I think the math shows, Philip, that ultimately we get up to 125 to maybe 135 percent of debt to total – to GDP.
00:33:17.140 And on the 14th, we're hurtling down like a train to the CR or to whatever is going to happen on midnight.
00:33:26.620 What are your thoughts?
00:33:27.820 You're pretty conservative when it comes to finance.
00:33:32.500 And here we have this massive Keynesian stimulus that we still – I mean, President Trump mentioned today, hey, I want to get to a balanced budget.
00:33:39.340 I want to use the doge cuts.
00:33:40.580 I want to use the cabinet restructurings.
00:33:43.420 And I want to use tariffs.
00:33:45.020 I want to use all these different elements, but he wants – he aspires to a balanced budget, but we're a long way from there, particularly with the budget resolution we signed off last night, sir.
00:33:54.860 Yeah, we are, and we knew this would be the biggest task from the beginning is trying to close that gap.
00:34:01.500 And as we've been seeing, Trump and the team are being more than inventive, right?
00:34:06.820 They're trying to come up with ways.
00:34:08.400 They're looking at external revenue.
00:34:10.100 They're looking at doge.
00:34:11.320 They're looking at tariffs.
00:34:12.500 These are the decisions that need to be made.
00:34:14.620 But it is a Herculean task to close that gap.
00:34:18.560 And that's what I've always said.
00:34:20.900 Look, we're going to continue to run deficits.
00:34:23.160 But President Trump and the team need time to make fundamental changes to grow the economy out of it.
00:34:29.960 And the big question is, will we get that time?
00:34:32.620 We're going to continue to amass debt.
00:34:34.440 What we're looking at with doge, I think, is enough to mitigate the loss of revenue from the tax cuts, but I don't think it begins to close the gap.
00:34:44.520 So it's going to be interesting to see how it shakes out.
00:34:48.240 I think the one thing we can't have is sort of another continuing resolution.
00:34:52.140 We can't lump in all this spending.
00:34:54.580 We need to start working through and, like I said, closing the gap.
00:34:58.140 But it is going to be a very, very difficult job.
00:35:01.040 I don't think doge alone can do it.
00:35:03.480 I'm not sure tariffs will do it.
00:35:06.220 So we're going to need time.
00:35:08.840 That's the key.
00:35:10.080 Good news is sort of borrowing rates on U.S. government treasuries are dropping in this climate.
00:35:15.640 So it's taking a bit of the pressure off.
00:35:17.780 But it's a sign that people are moving to risk off, which means there's big economic concerns.
00:35:23.500 So a lot to work through, and we trust the team to do it.
00:35:28.360 But the question is, are they going to get the time?
00:35:30.520 That's the big one.
00:35:32.480 Are those rates dropping because you saw the consumer confidence report that came out of the business conference had a pretty big drop?
00:35:40.980 Also, Zero Hedge had a couple of great charts up about people's anticipation of inflation, where they thought inflation was going to go, not where it will go, but where they thought it was going to go.
00:35:51.040 So is that making the business environment softer?
00:35:55.400 Is that why rates are coming down a little bit?
00:35:58.460 Is that the bond market thinks there may be a recession or a mini recession or at least maybe flat growth, sir?
00:36:04.540 Yeah, certainly.
00:36:05.620 I mean, the consumer confidence report was a big one.
00:36:09.060 It was the third consecutive monthly decline, the largest since August of 2021.
00:36:14.640 Worse, as you hinted, they found that inflation expectations have also risen sharply.
00:36:19.900 And it's no surprise, right?
00:36:21.720 Eggs have never been more expensive than they are today.
00:36:25.300 Obviously, President Trump's been in power for marginally over a month.
00:36:29.740 So I don't think he can take responsibility for that.
00:36:32.420 But this is what we said at the beginning.
00:36:34.680 President Trump is inheriting an absolute nightmare.
00:36:38.680 And this is the reality of it.
00:36:41.160 You know, they were revising numbers down.
00:36:43.380 There were arguments that we started an official recession in the last quarter of last year.
00:36:48.620 But I certainly think we're going to have some things, whether it's a mini recession or a big one, to iron out this year.
00:36:55.340 And that's when President Trump's job begins.
00:36:57.880 But again, no surprise.
00:36:59.960 This is the stuff we knew President Trump was going to have to work through.
00:37:03.520 And they're beginning to do it.
00:37:06.860 What do you think President Trump, I mean, he's got Elon Musk like an unguided missile, which I think is powerful in this regard, into the administrative state, particularly in these audits or finding out whether there's waste fraud, abuse or what I call leakage.
00:37:20.880 What do you believe has to happen to convince the capital markets that this administration is serious about making significant cuts to federal spending so that whether it is external revenue coming from tariffs or this new regime, tariff regime, which is supposed to kick in next week on March 4th, 25 percent to Mexico, 25 percent to Canada.
00:37:47.520 This is massive, given the size of their trade with them.
00:37:51.600 What do you think he has to show in order to convince the capital markets he's serious about getting to a balanced budget?
00:37:58.200 He said it twice today in the cabinet meeting in front of the media.
00:38:01.020 But what actions do you think they're going to have to see to make sure they see that this is serious to get our deficits at least under a trillion dollars to start with and hopefully down to some sort of balanced budget?
00:38:13.260 Well, I think we're seeing the actions, right?
00:38:15.120 And like I said before, I think President Trump is showing how serious he is to sort of close that gap.
00:38:21.800 But I think what we need to start seeing is results, right?
00:38:25.380 There's a big difference.
00:38:26.280 And I'm not talking about President Trump here, but, you know, there's a big difference between hypothetical spending cuts and actual spending cuts, right?
00:38:34.300 It's easy to get everyone to agree to cut spending on something in the future.
00:38:40.580 But to take dollars from, you know, any congressman's district, that becomes more and more difficult.
00:38:46.880 We've seen this time and time and time again.
00:38:48.980 And I think when we start to really push through with spending cuts, we're going to start to see resistance.
00:38:54.180 So we need to just start making progress, start closing that gap.
00:38:59.140 The more it closes, the more confidence in the U.S. will increase, confidence in the dollar will increase, and that will buy President Trump time.
00:39:07.480 There's a lot of things being touted.
00:39:09.560 I think Judy Shelton was proposing zero-yield trust bonds that are convertible for gold.
00:39:15.860 So there's some good ideas.
00:39:17.240 Obviously, she's not part of the administration.
00:39:19.000 She's being touted potentially for the Federal Reserve.
00:39:22.460 There's a lot of good ideas coming out of the administration and potential appointees.
00:39:27.400 But we need to start seeing results because if 12 months from now, U.S. national debt's at 40, 45, 12 months after, there's nothing the administration can say.
00:39:39.900 I love Julie Shelton.
00:39:42.280 Talk to people about, you know, gold as a hedge because we're going to go through some turbulence, folks.
00:39:48.600 Just the cutting of the budget is going to cause turbulence.
00:39:51.640 MSNBC, the New York Times, every day they're going crazy just on what Elon Musk is doing now.
00:39:57.400 And that's not really fundamentally taking this thing apart brick by brick, program by program, billet by billet.
00:40:05.020 Your thoughts about the driving factors of gold.
00:40:08.440 Look, we've had a hell of a run with you guys over the last couple of years.
00:40:11.800 I think it was $1,100, $1,200, now over $2,900.
00:40:15.740 But it's just not the price of gold.
00:40:18.800 It's the dynamics underneath it.
00:40:20.540 What do you have to say about that?
00:40:22.440 I mean, listen, gold is a reflection of the value of currency.
00:40:25.420 That is why it is so important to get off our fiscal house in order.
00:40:29.360 Because if we don't, if global demand for our debt starts to wane, the sky is the limit for gold's price, right?
00:40:36.340 You know, we talked about Rickards in the past talking about gold at $10,000 an ounce.
00:40:40.540 That's not a position we want to be in.
00:40:43.120 But it is a realistic possibility if we don't get a handle on the problems.
00:40:48.640 Gold is moving, right?
00:40:50.160 It's hit its 10th all-time high of 2025 so far.
00:40:54.720 We've been averaging a new high every five days this year.
00:40:58.700 We're up 12% this year, 40% last year.
00:41:02.360 I mean, this is the climate that people buy precious metals.
00:41:05.420 I have never seen stronger fundamentals.
00:41:07.520 We talk about eggs being at the highest price ever in history.
00:41:11.880 We talk about a world running away from the dollar.
00:41:14.640 We're talking about the BRICS de-dollarizing. 1.00
00:41:17.280 We're talking about, I mean, you know, a potential recession on the horizon.
00:41:21.840 You know, these are the underlying fundamentals that drive gold's price.
00:41:27.440 And like I said, I've never seen them stronger than they are today.
00:41:30.420 It's going to take President Trump and the team time to get through these problems.
00:41:36.640 And precious metals, I think, at least as a hedge, is where we need to be.
00:41:41.060 Look at central bank gold demand.
00:41:42.840 It peaked.
00:41:43.540 We had the biggest quarter in history in the last quarter of 2024.
00:41:48.760 It is not slowing down.
00:41:50.480 And we expect that to continue.
00:41:52.300 And we expect gold's price to continue to rise.
00:41:54.740 Any updates on the situation with the Bank of England, sir?
00:42:01.440 Look, it's still flooding out of the Bank of England to New York.
00:42:05.140 More than 20 million troy ounces, about $60 billion just since Trump's been in office.
00:42:10.520 Again, it's a coincidence.
00:42:14.360 Demand in the U.S. still very, very high.
00:42:17.480 We don't think the Bank of England now will default.
00:42:20.920 It's still delayed.
00:42:21.860 It's about eight weeks, so it's technically still a technical default.
00:42:25.920 We think they're going to fulfill whether they beg, borrow, or steal.
00:42:29.420 They're going to fulfill because the alternative is a disaster.
00:42:33.700 But it's just a reflection of demand increasing.
00:42:36.680 And it is.
00:42:37.360 It's increasing domestically here in the United States.
00:42:40.020 But it's everywhere.
00:42:41.120 China's central banks, Russia's reserves right now are facing sky-high domestic demand.
00:42:46.680 Paper gold funds now have set their biggest net inflow since the pandemic.
00:42:52.640 So demand right now is at all-time highs.
00:42:55.740 And like I say, we expect it to continue.
00:42:58.260 Hopefully, this stuff with the Bank of England will iron out over the next few months, and
00:43:02.700 things will start to settle down a bit there.
00:43:06.240 Where do people go to get you?
00:43:07.860 A working relationship with Birch Gold is what folks need.
00:43:10.140 So where do they go to contact you and your team, Phil?
00:43:13.120 Well, very, very simple.
00:43:15.080 Birchgold.com forward slash Bannon.
00:43:17.780 Again, Birchgold.com forward slash Bannon.
00:43:20.980 Get End of the Dollar Empire series for sure.
00:43:24.440 Read it.
00:43:25.220 Soak it in.
00:43:26.020 Learn it.
00:43:27.240 We have a guide on how and why to invest in gold under a Trump administration and just
00:43:35.420 lots of good free information.
00:43:37.780 So I encourage everyone out there, get that information, get reading, and they can reach
00:43:43.000 me at Philip Patrick on Getter.
00:43:48.560 Fantastic.
00:43:49.220 Philip Patrick.
00:43:50.200 And I can recommend to everybody, go.
00:43:53.120 Birchgold.com slash Bannon.
00:43:54.880 Enter the Dollar Empire.
00:43:55.800 We'll make contact with Philip and his team.
00:43:57.600 Philip, thank you so much.
00:43:58.500 Taking time away from a trading day to join us on the West Coast.
00:44:03.580 Short break.
00:44:04.240 Back in the morning.
00:44:04.660 What if he had the brightest mind in the war room delivering critical financial research
00:44:13.020 every month?
00:44:14.660 Steve Bannon here.
00:44:15.680 War Room listeners know Jim Rickards.
00:44:17.360 I love this guy.
00:44:18.800 He's our wise man.
00:44:19.800 A former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital
00:44:25.460 markets.
00:44:25.900 Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number
00:44:34.640 itself.
00:44:35.820 Now he's issuing a dire warning about April 11th, a moment that could define Trump's presidency
00:44:41.260 in your financial future.
00:44:43.420 His latest book, Money GPT, exposes how AI is setting the stage for financial chaos, bank
00:44:49.820 runs at lightning speeds, algorithm-driven crashes, and even threats to national security.
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00:46:10.300 E.J.
00:46:10.960 and Tony, back to my question.
00:46:12.680 How do they, first off, how do they have such a big miss on inflation?
00:46:17.180 And then I want to ask you, what does this portend for the economy that President Trump
00:46:22.020 is dealing with, sir?
00:46:23.020 Well, Steve, unfortunately, we're not able to get the price of every single thing throughout
00:46:29.540 the entire economy in a timely manner, and then also compare that with what people are
00:46:34.800 actually buying.
00:46:35.700 So these GDP reports, they don't just measure the price of everything that people are selling,
00:46:41.560 but it's also all weighted.
00:46:43.620 It's a weighted average according to what people are buying.
00:46:47.060 So as people buy more of one thing and less of another, it's going to change how much one
00:46:51.380 price counts versus another.
00:46:53.100 So again, it's very difficult to collect all that data.
00:46:55.600 There's a lot of surveys involved.
00:46:57.400 And so you do typically have some revisions, occasionally even large revisions.
00:47:02.380 But what stands out over the last several years is what we were talking about earlier,
00:47:06.940 how consistently the inflation numbers have had to have been revised worse.
00:47:11.800 And so that points to something wrong in the data itself, which does periodically happen
00:47:17.060 and does need to be corrected.
00:47:18.960 Whether it's the method, methodologies, maybe it's how the data is being collected, the models
00:47:25.100 that are being used.
00:47:26.180 Again, whatever the case may be, clearly something is wrong and something needs to be corrected.
00:47:30.980 And the Bureau of Economic Analysis falls under the Department of Commerce.
00:47:35.120 So I think this is definitely something the new Commerce Secretary needs to take a look at,
00:47:39.460 just like the new Labor Secretary needs to be taking a look at the Bureau of Labor Statistics, 0.51
00:47:44.040 which is in that department, obviously, because the BLS is the ones that put together the consumer
00:47:50.260 price index, for example.
00:47:51.780 And there are clearly problems with that price index as well.
00:47:55.260 Again, something is wrong with the numbers here when you so consistently get such large revisions
00:48:01.920 and they're all in the same direction.
00:48:03.940 What does this mean for where we stand?
00:48:08.020 I'm going to play the Caitlin Collins.
00:48:09.560 And E.J., do you have a hard out of 11 or can I keep you for a few minutes into the next block?
00:48:15.760 No, no.
00:48:16.040 I'd be happy to stay longer.
00:48:18.980 Okay.
00:48:19.400 So I'm going to deal with the Caitlin Collins in a second.
00:48:21.540 But let's go back.
00:48:22.180 In the context that now you have the reconciliation, and the reconciliation people just understand
00:48:28.180 that's really dealing with the extension of the tax cuts.
00:48:30.960 It's a whole lot of smoke and mirrors and that, but we'll deal with that.
00:48:34.580 But the CRs, we preach the gospel of the CR, that it's got to be addressed to fund the government
00:48:39.740 for the rest of the year.
00:48:41.300 In your mind, as an economist, where do we really stand with what President Trump inherited
00:48:47.640 as you see the economic battlefield in front of us?
00:48:50.620 It feels like less a battlefield than a minefield, frankly, what President Trump has inherited.
00:48:57.820 I mean, it is difficult, Steve, to, I think, to get across to people just how bad the economy
00:49:04.480 is because what the economy actually looks like today and what people's lived experiences
00:49:09.180 is just simply not matching up with what the data say.
00:49:12.720 There's just too many problems, again, with the data.
00:49:15.200 Going back to what we were just talking about, right?
00:49:17.680 There are things wrong with the data themselves, and this, I think, is why President Trump won
00:49:23.120 such a great victory in November, right?
00:49:27.980 Where you had him winning the popular vote, every swing state, a huge electoral majority.
00:49:33.720 It's because the media was not successful in telling people, don't believe your lying eyes
00:49:38.480 and don't believe your empty wallets.
00:49:39.960 Everything's fine.
00:49:40.960 So we are staring down the barrel of more inflation, courtesy of the Fed's interest rate cuts last
00:49:47.140 year and relatively loose monetary policy.
00:49:49.880 Let's not forget the monthly, if we look at the monthly inflation reports, the annual inflation
00:49:55.020 rate that comes in every month, that has gotten worse each month since the Fed started cutting
00:50:00.520 interest rates.
00:50:01.220 So clearly, we have more inflation coming down the pike that the president will have to deal
00:50:05.800 with.
00:50:06.300 We have all of the messes internationally that the president is already dealing with, especially
00:50:11.080 in places like the Ukraine.
00:50:13.280 We have a banking crisis, which still really hasn't gone away.
00:50:17.340 The Fed just papered over it with things like emergency lending programs, but that is still
00:50:22.300 very real.
00:50:23.120 We have a commercial real estate sector that is in absolute turmoil.
00:50:26.940 The housing market is a disaster.
00:50:29.200 We just got pending home sales numbers this morning that were down to a record low.
00:50:35.360 Pending home sales today are about 30 percent below where they were in 2001, not 2021, 2001.
00:50:43.780 So here we are essentially a quarter century later, and the housing market is 30 percent less
00:50:49.240 activity today than it did back then.
00:50:51.980 That's a disaster, even before you factor in things like population growth, for example.
00:50:57.040 So, again, what this president has been handed is an absolute dumpster fire, frankly, of an
00:51:03.080 economy.
00:51:04.020 Things are terrible.
00:51:04.980 The deficit is exploding.
00:51:06.740 It's the worst start ever to a fiscal year in terms of that deficit.
00:51:10.880 Started in October, ran through January.
00:51:13.600 The worst four-month start ever to a fiscal year.
00:51:17.640 And at the same time, you have a Treasury secretary in Scott Besson, who is a master of sovereign
00:51:23.920 debt markets.
00:51:24.560 And he's going to need, I think, every ounce of his mastery and expertise to really unwind
00:51:29.820 the disaster and the mess that he was left by Janet Yellen in terms of rebalancing the
00:51:36.140 Treasury's portfolio, in terms of trying to get the yield down on the 10-year Treasury note,
00:51:41.200 trying to get the interest payments down on the debt.
00:51:43.360 Those interest payments are already over $1.2 trillion a year.
00:51:47.500 I mean, Steve, if you give me an hour, I could fill it, I'm sure, with all of the negative
00:51:52.400 aspects of this economy that President Trump has inherited and that he's going to have
00:51:56.600 to deal with.
00:52:01.060 Add on top, the only one you missed, we had a record trade deficit in the month of December.
00:52:06.420 And they're saying, oh, that's people trying to get ahead of President Trump's tariffs.
00:52:09.200 No, that's absolutely incorrect, is that we're purchasing too many manufactured goods from
00:52:14.280 overseas.
00:52:15.060 Full stop.
00:52:16.920 I'm going to keep E.J.
00:52:17.900 and Tony.
00:52:19.700 We're going to talk about this CR.
00:52:21.640 We're also going to talk about Peter Navarro's been on CNBC talking about the tariffs.
00:52:25.760 President Trump reiterated this morning.
00:52:29.000 On the 4th, in the evening, he'll go up to address the nation from the nation's capital.
00:52:34.580 Earlier in the day, he will, as he says, hit Mexico and Canada, two of our largest trading
00:52:43.780 partners with 25% across-the-board tariffs and, oh, by the way, a 10% tariff on the Chinese
00:52:50.380 Communist Party.
00:52:51.900 Everything coming from China.
00:52:54.860 Geostrategically, geoeconomically, there are decades in which nothing happens and there
00:53:01.320 are weeks in which decades happen.
00:53:03.120 Ladies and gentlemen, you're living through one of those weeks.
00:53:07.220 The Prime Minister of the United Kingdom to the White House right afternoons.
00:53:11.260 Zelensky's there tomorrow.
00:53:12.620 President Trump doing it all.
00:53:15.360 You'll find out how and why and what next in The Word.
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