Bannon's War Room - July 24, 2025


Episode 4657： President Trump Inspects Fed's Over Spending


Episode Stats

Length

54 minutes

Words per Minute

176.3955

Word Count

9,534

Sentence Count

836

Misogynist Sentences

1

Hate Speech Sentences

2


Summary


Transcript

00:00:00.000 I think I'm in a lot of very expensive work. There's no question about it.
00:00:04.320 And Tim has been with me for a long time and you're in charge of the committee.
00:00:08.980 Indeed. One of the reasons why we wanted to see it was the overruns of the expenses.
00:00:12.660 We wanted to figure out why.
00:00:16.160 So we're taking a look and it looks like it's about 3.1 billion.
00:00:20.900 It went up a little bit or a lot. So the 2.7 is now 3.1.
00:00:26.940 I'm not aware of that.
00:00:28.000 Yeah. It just came out.
00:00:30.120 Yeah. I haven't heard that from anybody in the Fed.
00:00:33.640 Yeah. It just came out.
00:00:38.040 I noticed that at about 3.1 as well.
00:00:40.420 3.1. 3.2. This came from us?
00:00:43.240 Yes. I don't know who does that.
00:00:48.220 You're including the Martin renovation. You just added.
00:00:50.240 That's our entire capital.
00:00:51.340 You just added in a third building is what that is. That's a third building.
00:00:54.940 Well, I know. But it's a building that's being built.
00:00:57.120 No, it's been. It was built five years ago.
00:00:59.540 We finished Martin five years ago.
00:01:01.680 It's part of the overall work.
00:01:03.760 It's not new.
00:01:04.680 So we're going to take a look. We're going to see what's happening. And it's got a long way. Do you expect any more additional cross-sell runs?
00:01:14.880 Don't expect them. We're ready for them. But we have a little bit of a reserve that we may use. But no, we don't expect to be finished in 2027. We're well along, as you can see.
00:01:26.060 What would you do with a project manager who would be over budget?
00:01:29.560 Generally speaking, what would I do? I'd fire them.
00:01:34.440 Do you think this issue, Mr. President, gives you coerce to do that?
00:01:36.740 Well, I'm here just really with the chairman. He's showing us around, showing us the work. And so I don't want to get that. I don't want to be personal. I just would like to see it get finished.
00:01:47.500 And in many ways, it's too bad it started. But it did start. And it's been under construction for a long time. It's going to be a real long time. Because it looks like it's got a long way to go.
00:02:00.860 Yes, sir.
00:02:01.320 So.
00:02:01.820 Mr. President, are there things the chairman can say to you today that would make you back off some of the earlier criticism?
00:02:08.360 Well, I'd love him to lower interest rates.
00:02:11.380 Other than that, what can I tell you? The country is doing really well.
00:02:15.020 I just briefed the chairman on the deal we've made with Japan. Japan is putting up $550 billion in order to lower their tariffs a little bit. That way they have a little bit lower tariff.
00:02:25.300 And they also opened their country to free trade, which nobody thought was even a possibility. And we get a zero tariff in the free trade. We don't pay tariffs.
00:02:36.440 And they're going to pay 15 percent on everything they send into our country. So it's great.
00:02:41.400 But they put up, as you could call it, seed money. Let's call it seed money. You could call it anything you want. But it's a total of $550 billion.
00:02:51.980 So nobody thought any of that was possible. And it's wonderful. And we're doing pretty well with the European Union, likewise. And we have some others.
00:03:02.060 They're all really big. And our country is going to make a lot of money. We would be helped if interest rates would come down. But we're going to see how the board rules on that soon.
00:03:10.100 And I'd love to see them come down a lot. But we have a country that's thriving. We had a dead country one year ago. Today, we have the hottest country anywhere in the world. And we'll get this one finished.
00:03:22.020 Thank you.
00:03:23.020 Mr. President, you said they didn't classify documents by camera.
00:03:25.440 The President Trump Yeah, that's a terrible thing. I have great respect for Tulsi and the documents they found on President Obama. Frankly, it was an Obama thing.
00:03:35.920 But it was the people that worked under him also, working with him. And no, it's a very, very serious thing. Thank you very much.
00:03:41.800 Mr. President, thank you, Mr. President. Thank you, everyone.
00:03:47.260 This is the primal scream of a dying regime. Pray for our enemies. Because we're going medieval on these people.
00:03:57.280 The President's not got a free shot on all these networks lying about the people. The people have had a belly full of it.
00:04:03.040 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. It's going to happen.
00:04:08.620 And where do people like that go to share the big lie? Mega media.
00:04:13.380 I wish in my soul, I wish that any of these people had a conscience.
00:04:18.460 Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved.
00:04:29.000 War Room. Here's your host, Stephen K. Vance.
00:04:32.400 Thursday, July, 24 July in the year of our Lord, 2025. I'm going to ask the first part of that to be, we're kind of doing this on the fly.
00:04:43.120 The President just finished the tour over at the Versailles on Connecticut Avenue.
00:04:52.160 And for people in this city, in the imperial capital, see what they've done over there to what was called the temple on this construction.
00:04:59.260 It looks like, you know, you're building Versailles. People can't really understand the scale of it.
00:05:04.940 You saw President Trump there. It's $2 billion and now another billion overrun. Who knows?
00:05:09.920 I wanted a lot more of the first part. The inspection seemed like it was pretty fast.
00:05:15.560 I think it started at about 4 o'clock, 410, and of course ended at about 445, 415, took questions from the press.
00:05:24.900 You've heard of Alpha and Omega? This is Alpha and a Beta.
00:05:31.000 This is an Alpha dog. And I don't know what pal is, but man, he's a beaten man.
00:05:38.060 Whoever on his staff told him he had to do this, you're supposed to be an independent agency.
00:05:41.720 I guess if the President says, you show up, you show up.
00:05:46.500 But you can take a look at pal and see he's not enjoying this.
00:05:51.040 This is one of the most brutal photo ops in the history of Washington, D.C.
00:05:55.940 Let's go ahead and play. I want to replay the first part of this because it's so good.
00:06:00.080 President Trump went over, like he went to the Kennedy Center to inspect the building, see what in the hell is going on here?
00:06:05.700 Why is this, you know, now he says $3.1 billion. But it was also to kind of see pal and say, hey, and President Trump answered, I'm not going to fire you,
00:06:17.320 but I want you to drop interest rates 300 percent, excuse me, yeah, 300 basis points, excuse me, 300 basis points.
00:06:26.740 Let's go ahead and replay the beginning of that.
00:06:29.160 I think I'm in a lot of very expensive work. There's no question about it. And Tim has been with me for a long time and you're in charge of the committee.
00:06:38.660 Indeed. One of the reasons why I wanted to see it was the overruns of the expenses. I wanted to figure out why.
00:06:45.820 So we're taking a look and it looks like it's about 3.1 billion. It went up a little bit or a lot. So the 2.7 is now 3.1.
00:06:56.060 And I'm not aware of that. Yeah, it just came out.
00:06:59.720 Yeah. I haven't heard that from anybody from the Fed.
00:07:03.700 Yeah, it just came out.
00:07:08.120 Our notes added about 3.1 as well. 3.1. 3.1. 3.2. This came from us?
00:07:13.280 Yes. I don't know who does that.
00:07:18.300 You're including the Martin renovation. You just added.
00:07:20.300 That's our entire capital clean. Yeah, you just added in a third building is what that is. That's a third building.
00:07:24.940 It's a building that's being built. No, it's been. It was built five years ago.
00:07:29.540 We finished Martin five years ago. It's part of the overall work.
00:07:33.800 So. So we're going to take a look. We're going to see what's happening.
00:07:39.700 And it's got a long way. Do you expect any more additional cross overruns?
00:07:44.940 Don't expect them. We're ready for them. But we have a little bit of a reserve that we may use.
00:07:50.700 But no, we don't expect to be finished in 2027. We're well along, as you can see.
00:07:56.500 What would you do with a project manager who would be over budget?
00:08:01.620 Generally speaking, what would I do? I'd fire him.
00:08:04.560 Do you think this issue, Mr. President, gives you co-ops to do that?
00:08:08.120 Well, I'm here just really with the chairman. He's showing us around, showing us the work.
00:08:12.440 And so I don't want to get that. I don't want to be personal. I just would like to see it get finished.
00:08:18.420 And in many ways, it's too bad it started. But it did start.
00:08:22.300 And it's been under construction for a long time.
00:08:26.700 It's going to be a real long time because it looks like it's got a long way to go.
00:08:31.080 Yes, sir.
00:08:31.240 Mr. President, are there things the chairman can say to you today that would make you back off some of the earlier criticism?
00:08:38.520 Well, I'd love him to lower interest rates.
00:08:40.680 Other than that, what can I tell you?
00:08:43.540 The country is doing really well. I just briefed the chairman on the deal we made with Japan.
00:08:47.720 Japan is putting up $550 billion in order to lower their tariff.
00:08:52.320 And the way he described that is an upfront payment. We'll have to deconstruct that.
00:08:58.460 But right there, not alpha and omega, right, which is from Holy Scripture, but alpha and the beta.
00:09:09.720 That was one of the worst photo ops I've ever seen.
00:09:14.360 And, of course, Powell, no, it's 3.1. No, it's 2.7. No, it's 3.1.
00:09:18.200 Hey, and he gives it. Nobody at the Fed's told me that number.
00:09:21.180 Not that a number at the Fed would ever be wrong.
00:09:24.580 Far be it from any number coming out of the Federal Reserve to be wrong.
00:09:29.240 And, of course, Trump hands hands him up.
00:09:32.220 I think it's 3.2.
00:09:34.940 Then they start arguing about it. Is that a building? No.
00:09:37.060 It's a building that was completed five years ago.
00:09:39.120 That's not what you want to be doing on global television, Secretary Powell.
00:09:43.500 Just take it, fold it, move on.
00:09:46.420 Don't get into a debate because you're not going to win.
00:09:49.100 Again, President Trump's really over there, I think, to talk about interest rates again.
00:09:54.400 He made a pretty thoughtful description of what he wants to see and how important he thinks it is to lower interest rates.
00:10:05.020 It's 300 basis points.
00:10:07.440 Far be it from President Trump going to overshoot the target to try to get the deal he wants, right, to drag it his way.
00:10:13.100 I don't think we're going to be seeing a 300 basis point rate cut anytime soon.
00:10:17.820 But I think he's putting the guy on notice.
00:10:20.400 He wants, they're talking about 25 basis points in September, maybe another 25 basis points in December.
00:10:26.140 He wants more, and he wants to be more aggressive.
00:10:28.260 And he makes a very compelling argument to get there, of course.
00:10:32.740 I think Pulte was with him.
00:10:34.020 We're going to have Brother Fish back on here as soon as we get him up.
00:10:38.760 He's been a big critic of the Federal Reserve and a big, is he up right now, a big, a big, he's been observing all of this.
00:10:49.600 And, of course, I think Pulte actually made it over there.
00:10:53.500 Brother Fish back.
00:10:54.560 Thank you for joining us, particularly the day the president's doing a tour of the Federal Reserve.
00:10:58.640 First off, can you just walk your audience through your bona fides here?
00:11:02.680 We're going to talk a lot about the Fed, a lot about President Trump's economic plan and this kind of historic trip.
00:11:07.600 I think it's the only third time in the history of the republic that a president of the United States has gone to the Fed.
00:11:12.980 Once it was FDR, I believe this is correct, FDR to actually, you know, inaugurate the building.
00:11:19.480 The buildings, this building, a very famous building, was built during his term.
00:11:24.580 And then I think Jerry Ford went over there because a buddy of his was a governor or something.
00:11:30.360 But I think this is only the third trip, so pretty important.
00:11:33.600 Pretty important.
00:11:34.260 Can you walk the audience through, since this is your first appearance, what your background is and why you have become a Fed observer, sir?
00:11:43.280 Well, good afternoon, Steve.
00:11:44.380 It's an honor to be here on War Room with you.
00:11:46.820 I run an investment firm called Azoria.
00:11:50.340 We have an anti-DEI ETF that strips the woke out of the S&P 500.
00:11:54.660 It's called SPXM.
00:11:56.060 And I've spent the last 10 years, prior to starting Azoria, working as an interest rate options trader.
00:12:03.520 And so my job was literally to follow every word of the Fed, to build out my own economic models, to anticipate what the Fed was going to do next, and then to try to capitalize on those ships.
00:12:14.580 And I've got to tell you the truth, Steve.
00:12:15.880 When I look at the Fed today, I barely recognize, I can barely understand what's going into their decisions.
00:12:22.140 Let's not forget, this is a Federal Reserve that cut interest rates right before the 2024 election by 50 points, the largest cut in over four years.
00:12:31.860 And now will not cut rates, even though inflation is lower today than it was when that pre-election cut happened.
00:12:39.360 It's lower today than it has been in four years.
00:12:42.040 And under President Trump's leadership, inflation has had five consecutive, lower than expected, better than expected inflation prints.
00:12:49.020 And so when I look at the housing market, when we've got new home sales, the lowest since 1995, when we've got mortgage originations down 76% compared to President Trump's first term, that is something you lay squarely as the responsibility of the Federal Reserve.
00:13:06.880 And so Jerome Powell has a responsibility here, which is to look at the real economic data, poor inflation, mortgage origination, home sales, the employment picture, and bring rates down.
00:13:17.860 I'll leave it at this point, Steve, which is the Federal Reserve's own models agree with President Trump and disagree with Jerome Powell.
00:13:26.000 The New York Fed has what's called a natural rate model, which anticipates, projects where interest rates would be in their natural setting.
00:13:34.120 Those rates are more than one full percentage point lower on a natural basis than the artificially high rates today.
00:13:43.100 And so President Trump is going to keep delivering, whether it's on the big, beautiful bill or new foreign investment from Japan or elsewhere.
00:13:48.440 But the truth is that Jerome Powell has a responsibility here to look at the data and to lower rates accordingly.
00:13:55.200 James, can you hang on for one second?
00:13:56.900 I want to get into some details that the audience wants to know about natural rates.
00:14:00.700 They also want to know about what an interest rate optionist trader does and why you know these models backwards and forwards.
00:14:06.480 We're going to take a short commercial break.
00:14:09.060 We'll be back in a moment.
00:14:10.560 We're going to start at the Fed with money.
00:14:12.680 President went over the day in a historic tour to see where, you know, he watches the taxpayers' money like it's his own.
00:14:21.120 He wants to know why it's $3.1 billion to build the Versailles on the Connecticut Avenue.
00:14:27.080 He's kind of shocked.
00:14:27.840 I'm sure he'll be up in True Social tonight giving more observations.
00:14:31.780 But he also had a chance to talk to the media about a lot of things, but principally about his Japanese deal, the economy, why he thinks a 300 basis point cut makes sense.
00:14:43.000 We're going to put that to James Fishback.
00:14:44.860 Short commercial break.
00:14:45.760 We're going to be back in a moment.
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00:16:27.760 Hello, America's Voice family.
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00:16:58.560 Okay.
00:16:59.020 Go up on Getter.
00:16:59.980 I can use it and I'm a moron.
00:17:01.880 You'll be able to use it because you're not.
00:17:04.100 It's the easiest social media out there.
00:17:06.160 And we put up a lot of great content.
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00:17:13.000 Let's go check it out.
00:17:13.600 Putting up great news all the time.
00:17:14.700 James Fisbach, speaking of news, we have breaking news even as we speak.
00:17:19.840 Very serendipitous that you're here.
00:17:22.560 Walk us through what just broke across the tape, sir.
00:17:26.240 We just heard from the federal judge in our lawsuit against Jerome Powell that we filed this morning.
00:17:31.780 Just as a reminder.
00:17:32.340 We filed a lawsuit against Jerome Powell for breaking federal law by holding the Federal Reserve's rate-setting meetings behind closed door that contravenes the Government and the Sunshine Act of 1976.
00:17:43.740 We asked the federal court very simply to block next week's Fed meeting from happening in secret.
00:17:49.400 We just heard from the federal judge she handed down the order, which is that there is going to be an emergency hearing on this on Monday afternoon at 2 p.m. in the D.C. federal courthouse.
00:18:01.820 This is Judge Daryl Powell, appointed by President Obama.
00:18:06.480 She has immediately ordered the Federal Reserve's attorneys and our attorneys to meet for a hearing on Monday at 2 p.m.
00:18:14.240 right before the Fed is set to meet on Tuesday.
00:18:18.180 Our temporary restraining order would block Jerome Powell's Federal Reserve from meeting behind closed doors.
00:18:24.160 Steve, you and I have, I think, see eye to eye on this.
00:18:27.040 We have concerns that what Powell may be doing is politically influenced.
00:18:31.120 And the American people, whether they voted for President Trump or voted otherwise, deserve to know what the government is doing in their name with their money.
00:18:39.440 And we're going to bring that all to light.
00:18:41.020 And so federal hearing in this emergency injunction against Jerome Powell in D.C. Monday at 2 p.m.
00:18:47.660 It just came across.
00:18:49.740 James, so this is huge.
00:18:52.300 That law was passed as a whole thing to have transparency in the government post Watergate.
00:18:59.260 But the Fed's been meeting in private, in fact, the Lords of Easy Money.
00:19:05.140 Yes.
00:19:05.940 You know, this great book that was written.
00:19:07.760 And Chris went back and looked at 10 years because they keep their they keep their minutes secret for a decade.
00:19:14.760 He had to go back.
00:19:15.620 That's right.
00:19:16.680 And so it's an amazing book by going back.
00:19:19.840 They haven't they have they ever had these Fed meetings that anybody ever implement the sunshine rule at law.
00:19:26.060 And did you think it was a long shot when you first thought of this to go do it that way?
00:19:37.160 Just lost him.
00:19:38.020 OK, let's get him back up in a second.
00:19:41.440 Wow.
00:19:41.800 So they went back to law that was kind of I think it's one of these post Watergate reform of government laws and in suit for T.R.O.
00:19:50.740 And of course, Beryl Howell, that battle axe, she said, let's have a hearing on it.
00:19:56.240 So they're going to have a hearing on Monday for the the closed door meeting.
00:20:00.740 I think all the means have been closed door.
00:20:02.360 I don't ever remember I don't ever remember these the meetings being otherwise.
00:20:10.560 Remember, you go back to Lords of Easy Money, where I said, if you read that book and there's there's another book out about the end during the pandemic,
00:20:17.520 what the Fed did to basically infuse the government, the economy with an additional trillion dollars, not even authorized by President Trump.
00:20:26.140 I said, you read these two books and you'll have a you'll have a revolution in this country.
00:20:30.620 It's just absolutely amazing what goes on.
00:20:34.560 And what the author did in in Lords of Easy Money, he basically goes back and reconstructs from the financial crisis of 2008 and reconstructs all the boards of the governor's meetings.
00:20:49.800 And these meetings are talking about the Open Market Committee and all that.
00:20:52.520 And he reconstructs it from the minutes because he could finally get to them in 2000, I guess, 2018 and 2019, because that was over a decade.
00:21:01.320 They're kept secret up until then.
00:21:04.300 President Trump today at the Federal Reserve really to see Powell and say, once again, I want, you know, but I want loans.
00:21:13.660 I want interest rates at 300 basis points lower, which is a pretty big, a pretty big shocking.
00:21:18.380 You know, that would be a quite a that would be really a dramatic drop.
00:21:25.540 James Fishback right there, who specializes in this and models, this says that if you look at their model the way it should be, the natural interest rates,
00:21:33.840 it should be at least 100 basis points or one one point lower, which is President Trump started off with that he should.
00:21:40.480 James, given the sunshine laws, you've been around, everything's been in secret, I believe.
00:21:46.840 What got you the idea to use that law to actually wedge this thing open, sir?
00:21:53.380 Well, Steve, it was really about using the overturn of the Chevron Doctrine in the Loper-Bright case that we were able to, of course, win because of President Trump's appointees on the Supreme Court.
00:22:04.560 And so what Chevron Doctrine is the war room audience will know very well is it over it gave federal agencies like the Fed deference.
00:22:12.320 It allowed them to tell the courts how they wanted to interpret federal law and regulations that apply to them.
00:22:18.080 The Supreme Court overturned that.
00:22:20.240 And so that is a massive tailwind for our case against Jerome Powell.
00:22:23.340 And, I mean, this was asking for a TRO is a long shot by any stretch of the imagination, in any sense, Steve, you know this.
00:22:33.300 But as a conservative in Washington, D.C., forget about it.
00:22:38.280 What we just heard from Judge Beryl Howell appointed by President Obama is that she is now moving forward with an emergency hearing on our TRO.
00:22:47.140 If we are successful at that hearing, Steve, on Monday, this will be the first Fed meeting in nearly 50 years, a half century, that is open to the public.
00:22:58.620 The public deserves to know what the Fed is doing during those deliberations.
00:23:03.180 Because when I talk to folks, a woman stopped me the other day in the airport, Steve, and she said, President Trump is doing a great job, but Jerome Powell is too late.
00:23:10.860 Jerome Powell's job isn't making any sense when he's keeping rates near 20-year highs, despite the fact that inflation is now at a four-year low.
00:23:20.220 We're going to get back to your model and natural laws.
00:23:22.620 I want to stick with this for a second.
00:23:25.140 Tell the audience what will take place if you're not using deconstruction, the administrative state, the Chevron exemption, all that.
00:23:32.620 If you're not able to actually open this up, what normally happens at these Fed meetings, and why do you believe it's so important for us to actually see how the sausage is being made?
00:23:46.320 It's so important because in that room, there are 19 people who are deciding the cost of how much you pay on your credit card, whether you can afford a mortgage.
00:23:56.480 If you can't afford a mortgage, you can't get a home.
00:23:58.080 If you can't get a home, you may not be able to start or grow your family.
00:24:02.000 You're a small business owner.
00:24:03.160 You're a farmer.
00:24:03.760 You want to expand your cattle ranch.
00:24:05.680 You can't do that if interest rates are near 20-year highs, and that's the predicament that we're currently in.
00:24:10.020 Let's talk about the way things are right now, Steve, which brought Azoria, the investment firm that I founded and run, that brought Azoria to bring this case against Jerome Powell in federal court today.
00:24:19.740 Today's meeting, the meeting that is set to happen next Tuesday and Wednesday at the Federal Reserve.
00:24:25.440 The minutes, the full transcript of that meeting, what was said and by whom, would be delayed, would be withheld by the Federal Reserve until January 2031.
00:24:38.240 Imagine if the Federal Trade Commission or the FCC was creating new laws and regulations and was not releasing the deliberations for half a decade.
00:24:48.920 The Federal Reserve is arguably the most important economic body in the country.
00:24:54.220 They're the least transparent by far and the least accountable by far.
00:24:58.840 And so, Steve, even though this lawsuit is entitled Azoria Capital versus Powell, we bring it on behalf of every American who deserves to know what the Federal Reserve has been doing behind closed doors because none of it makes sense.
00:25:12.580 It doesn't make sense when Jerome Powell is cutting by 50 points right before the election what looks like a political attempt to help Kamala Harris.
00:25:21.540 Inflation is lower today, closer to the Fed's target, and he refuses to cut rates at the four meetings that have happened so far this year, likely because Donald J. Trump is the 47th president of the United States.
00:25:32.980 Chris Leonard, who wrote the book, Lords of Easy Money, went back.
00:25:37.440 The book is such a revelation because you couldn't see the minutes, you couldn't see the transcripts until a decade later.
00:25:43.620 You're absolutely correct.
00:25:44.700 What are you guys going to argue on Monday?
00:25:47.480 What is your basic argument to the judge?
00:25:50.240 If it hasn't been done in 50 years, doesn't precedent override the sunshine laws, sir?
00:25:58.840 It's a great question.
00:26:00.200 It is a really good question.
00:26:01.400 So our immediate argument would be, you've been breaking the law for the last 50 years.
00:26:05.360 It doesn't give you an excuse to break the law again.
00:26:07.860 The second is that Azuria, as an investment firm, has unique standing in this case that others may not have.
00:26:14.080 And that is that we run an investment firm.
00:26:15.820 We have an anti-DEI ETF, Steve.
00:26:17.840 It's called SEXM.
00:26:19.520 It's available on any brokerage account.
00:26:21.480 Because of that ETF and our forthcoming Golden Age ETF, both of which infest in the U.S. Treasury market,
00:26:27.240 we are an active participant in the sort of open market operations and asset purchases that the Fed does.
00:26:33.760 So when the Fed sets interest rates and doesn't disclose what sort of policy thinking went into that decision,
00:26:40.000 we are harmed.
00:26:41.180 And we would argue we are irreparably harmed by that sort of opacity, by that secrecy.
00:26:46.680 And so our argument is that we have unique standing, the Chevron doctrine has been overturned,
00:26:52.400 and that this meeting in particular comes at a time where the public, Republican and Democrat,
00:26:57.980 is rightly concerned that monetary policy under the leadership of Jerome Powell, or lack thereof,
00:27:03.560 is being unduly influenced in a way to undermine the duly elected president of the United States.
00:27:09.300 That, in turn, hurts millions of Americans.
00:27:12.680 Mortgage rates, Steve, they're at a 24-year high.
00:27:15.960 Credit card rates are at a 25-year high.
00:27:18.740 New mortgage origination is down 76%.
00:27:21.320 New family home sales are down to the lowest level since 1995.
00:27:27.420 All of this lays at the feet of Jerome Powell.
00:27:30.680 I think he's a good guy.
00:27:31.700 I've met him a couple times when I was a macro trader attending these econometric conferences.
00:27:36.260 But I've got to tell you the truth.
00:27:37.480 It's not that rates are simply too high.
00:27:40.100 They are artificially too high.
00:27:41.740 The natural rate models that we've built at Azoria, that we look at from the New York Federal Reserve,
00:27:46.740 suggest that rates are at least 100 to 175 basis points too high.
00:27:52.100 And that President Trump coming out and saying that rates should go 300 lower,
00:27:55.620 that is perhaps a negotiating strategy.
00:27:57.580 But we believe rates do need to be a lot lower, a lot faster.
00:28:01.000 James, can you hang on for one second?
00:28:02.500 I just want to hold you into the next.
00:28:04.300 The audience is loving this.
00:28:06.140 So I want to make sure we break down and get some analytics here on the rates and the natural rate and all that.
00:28:13.720 And what you did as a options trader in rates.
00:28:16.600 Short commercial break.
00:28:17.420 We're going to be back in the war room on Texas Monday.
00:28:19.640 We're going to go to Texas Monday.
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00:28:25.400 Short break.
00:28:25.920 What if he had the brightest mind in the war room delivering critical financial research every month?
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00:29:43.220 So, James, hit rewind for a second.
00:29:45.020 President Trump has been hammering this, and yes, I do believe the 300 basis points.
00:29:48.600 He believes that, but I think he also knows, knowing his negotiating style, he's trying to drive Powell to a point.
00:29:57.140 Walk us through this concept.
00:29:59.580 Vots or the gaggle.
00:30:01.140 Okay, hang on for a second.
00:30:02.420 Yeah, let's go right to Russ Vogt at the sticks.
00:30:05.660 We'll come back to James Fishback.
00:30:06.960 It's very clear.
00:30:07.260 Interest rates need to come down.
00:30:10.500 The country is exploding, and there's this one part that could allow it to go even higher, that's have relief for families that want to get new mortgages.
00:30:20.620 Very, very important.
00:30:22.340 We're going to keep asking the questions.
00:30:24.080 A lot of still things that we could have done better, a lot cheaper.
00:30:29.580 We kind of got, you know, we've seen the paper now.
00:30:34.500 We kind of get to see the tunnels, the atriums that didn't exist before, and we're going to continue to ask those kind of questions.
00:30:42.340 Russ, you guys have avoided linking the idea of lowering interest rates to the president's scrutiny of this project, but the president's talking about them both at the same time.
00:30:50.980 You're talking about them both at the same time.
00:30:52.720 How much does the administration's concern about this project have to do with frustration that J-Pow won't do what the president says he's doing?
00:30:59.600 I think he's, the president's a builder.
00:31:02.380 I mean, we've learned, the three of us have learned more in this afternoon, seeing him on a job site, going around and talking about how he would have done things differently, the expensiveness of something.
00:31:15.020 And you just can't take that away from someone.
00:31:17.440 Bill's the same way.
00:31:18.200 And so we want this to go, we want this thing to get done cheaply, and we want to make sure the taxpayers have as much information about what the state of the facts are.
00:31:30.340 Is the president saying he'll back off?
00:31:33.100 From what you were told and what you saw today on the ground, do you believe that there is fraud happening there like the president's election?
00:31:40.540 We're taking a look.
00:31:41.540 Look, Senator Scott's going to continue to have a major document request that either went up tonight or,
00:31:48.200 or earlier this week, or last night and earlier this week, we still have questions that we want answered.
00:31:55.320 We want the facts, but we're taking a look at it, and that will continue.
00:32:00.120 But I think what was helpful about today is that we got to see on the ground, when you see something on paper, what's that referring to,
00:32:07.720 and the extensiveness of what they really embarked on, really digging out an entire new basement, a tunnel.
00:32:16.340 You know, we don't have a tunnel here between our buildings.
00:32:20.620 They have atriums that never existed before, just the extent to which they put up wood on all of the panels,
00:32:28.280 the extent to which air condition was flowing throughout the job.
00:32:31.020 There's a lot of things about this that I think would raise questions,
00:32:35.120 and we're going to keep working at it and do this in a very deliberative approach.
00:32:39.640 So the president said that he would fire a project manager who went over budget like this.
00:32:45.880 Do you believe this is cause for Jerome Powell's removal?
00:32:49.540 You guys have always tried to make it this metaphysical conversation about the Fed, and it's not.
00:32:54.860 The president has policy views.
00:32:57.320 He wants lower interest rates.
00:33:00.160 You are asking him about tariffs.
00:33:02.460 You're asking him about all sorts of things.
00:33:03.920 He gets to talk about lower interest rates.
00:33:06.200 At the same time, he gets to talk about his opinions about how he would do a building cheaper.
00:33:11.060 The headquarters is three buildings.
00:33:26.800 The two that are still in progress are the Eccles and the one that's next door to it with the tunnel, right?
00:33:33.440 That is a $3 billion and counting project that started at 1.8.
00:33:38.580 It is massively overrun.
00:33:40.620 It's massively overrun if you take just the two buildings, nearly $1 billion of cost overrun.
00:33:47.080 So, again, we've got a lot of questions.
00:33:50.120 Those questions were not satisfied, but we certainly have a better sense of what's going on.
00:33:54.200 How was the president personally?
00:33:55.560 How did the president personally ask him to do this almost historic tour, given how rare it is for a president?
00:34:02.600 And also, did this tour today do anything to change dynamic or improve the dynamic between the Federal Reserve Chair?
00:34:10.620 The president is a world-class builder, and when he learns that his team is going to go and do a tour of the Federal Reserve that's literally like three blocks down, he's going to want to be a part of it.
00:34:21.800 And we were thrilled that he wanted to come along.
00:34:23.860 How was Jerome Powell's demeanor?
00:34:27.880 Did you find him to be open in your inquiries?
00:34:31.440 Did you find him to be cordial?
00:34:33.900 How would you describe it?
00:34:34.800 I mean, much of it was on television.
00:34:36.220 I think they had good conversations, and some of it we weren't privy to, and were able to really go through the tour and get a sense of what each other were looking at.
00:34:48.900 The question right now is about the price tag of these renovations.
00:34:54.180 Do you know for certain right now how much this has cost to do these renovations?
00:34:58.280 No, I don't know for certain.
00:34:59.400 I'm going off a third-party information that's been released, and that information search is going to continue.
00:35:08.760 We still want to get to the bottom of the plans that were submitted and how they have changed.
00:35:16.020 Those never came back into the National Capital Planning Commission.
00:35:20.140 I don't even think they know the costs.
00:35:22.020 I don't even think they know the costs.
00:35:23.240 The $3.1 billion is important.
00:35:25.840 There's a cost overrun.
00:35:26.780 You can look.
00:35:27.200 These are the Fed's own internal documents that were FOIA'd and are published online.
00:35:30.780 It went from $1.8, $1.9 to $2.5 and down to $3.1 for the capital expenditures within their own budget for the total renovation and build of the complex.
00:35:39.740 So the chair is really splitting hairs there when he's saying, well, that's this building.
00:35:43.540 Okay, if you take that building out of it, it's still an inflation from $1.4 billion to $2.5 billion.
00:35:48.820 There's no way around it.
00:35:50.020 The cost overrun is massive.
00:35:51.500 That's our own document.
00:35:53.100 Does the president find fraud through this investigation?
00:35:56.560 Does that mean the president then would fire Chair Powell?
00:35:59.660 We are where we are, which is we want the lower interest rates.
00:36:03.940 The president, that is his policy view.
00:36:06.240 He thinks it's vital to the country economically.
00:36:09.380 And we're also on a host of issues, this one being one that is front and center today,
00:36:15.100 trying to do things cheaper on behalf of the American taxpayer.
00:36:17.980 And there's a lot of ways you could have done this differently.
00:36:20.620 If the Fed cuts rates, is the president going to drop this inquiry?
00:36:24.960 If the Fed cuts rates, will he drop the inquiry?
00:36:26.980 This is, he's approaching this as a builder.
00:36:30.040 We want to get this done.
00:36:31.720 So we want a project to get done unrelated to interest rates.
00:36:36.060 That's what's important.
00:36:37.720 You know, it's on the National Mall.
00:36:40.420 It needs to get done as soon as possible.
00:36:42.960 And we can't have the situation where this is hanging over the country's head.
00:36:46.180 Did you realize that the president would have the power to fire a Fed Chair if he chose to?
00:36:53.000 Or is that unclear?
00:36:53.840 I think the president every day almost at this point answers that he's not really thinking about that right now.
00:36:59.900 I mean, how many press conferences this week has that question been posed to the president?
00:37:03.940 The reporting has been that the administration was reviewing it, looking at it for the Washington.
00:37:06.740 I think he's a builder.
00:37:08.160 He cares about the cost.
00:37:09.280 The costs have gotten out of control.
00:37:11.120 And then separately, you know, we run, the president runs Fannie Mae and Freddie Mac.
00:37:15.920 In his first term, people were able to buy a mortgage for 3%.
00:37:19.380 These days, after Biden's inflation and what happened with rates, now you're looking at 7% mortgages.
00:37:24.880 So this is of great concern to the president.
00:37:27.360 But I view them very differently as two different things.
00:37:30.060 You can't help be a builder and be the president of the United States and see these cost overruns and not ask a bunch of questions.
00:37:35.440 Is the president trying to pressure Chair Powell to lower interest rates?
00:37:39.840 Is that what this is about?
00:37:40.780 I mean, he stood right next to him and said, I think rates should be lower.
00:37:43.940 At the same moment, you guys are there investigating the Fed.
00:37:46.820 Is this a pressure campaign?
00:37:48.200 Again, you can answer it the same way many different times.
00:37:51.940 The president has a policy view about lower interest rates that, as Bill said, are vitally important to the country economically and for the pocketbooks of the American people.
00:38:02.000 And he is a builder that looks at largesse and just automatically starts to think about what he would do in that situation.
00:38:10.940 I think the Fed learned a lot today based on those conversations.
00:38:13.400 We certainly learned a lot.
00:38:14.580 And it's going to inform the questions that we're going to continue to ask to get to the bottom of it.
00:38:18.460 I think the extent to which the degree to which they had to build down into the basement and really essentially jack the entire building up to do some of these things.
00:38:38.400 I mean, remember, this was a building that was renovated between 1999 and and over a three or four year period.
00:38:45.760 So the notion that, you know, this it's never seen any kind of renovation since the 1930s.
00:38:52.740 There's more to that story.
00:38:54.820 And so that and that's still in there.
00:38:58.360 They're still at the very beginnings of that renovation.
00:39:01.760 So this is a long way to go.
00:39:04.080 But that's what I was.
00:39:05.980 Thank you.
00:39:07.060 Given the concern on the cost here, and that is exactly what y'all have been talking about, what the president's been talking about.
00:39:12.500 Who was responsible for giving the president accurate information about what the cost is?
00:39:16.500 Because Fed Chair Powell was correcting him online.
00:39:19.600 No, he wasn't.
00:39:20.480 What the president pulled out of his pocket.
00:39:22.100 No, the president pulled out of his pocket a page from the FOIA request of the Fed's own internal documents that is available on their website.
00:39:30.780 So do you think there's a third going here saying he's wrong?
00:39:33.460 No, what the president is saying is the entire construction project that's going on, which is a build and renovation project over the last number of years, is currently at $3.1 billion.
00:39:44.640 And what the Fed chair was saying was, no, no, you have to take one of the buildings out of it.
00:39:49.040 Well, no, it's all one project on the whole complex.
00:39:53.300 Why do you disagree with that if the building was already done and it's not part of what your issues are right now?
00:39:58.240 I don't know what you're saying.
00:39:59.800 If you go back and look, and the president's looked at the forms, they're right there.
00:40:03.160 You can see every single year, they put out the FOIAs for every single year.
00:40:06.560 And every single year, the numbers have gone up for this project.
00:40:09.600 I think what the Fed chair is doing is splitting hairs in that moment to try to drive down the top line costs for what we're talking about.
00:40:24.640 And yes, we believe our numbers are accurate.
00:40:26.940 Go ahead.
00:40:27.480 They're their numbers.
00:40:28.860 Again, the president was citing their numbers from their forms that they have published.
00:40:34.740 We did not FOIA it.
00:40:35.860 It's available right now on the Fed's website.
00:40:37.780 Okay, so James, let's go ahead.
00:40:40.040 Go ahead.
00:40:40.480 Go ahead, right here.
00:40:41.340 You're saying that you want to see this project sped up and go faster.
00:40:44.280 What are the specific actions you intend to take next?
00:40:46.600 Does that mean you're not going to halt the project?
00:40:49.080 And who will have the ultimate decision over the next steps?
00:40:51.660 The president said that, you know, we are where we are.
00:40:54.120 The project has to be done now.
00:40:55.480 It would be nice if they don't have more cost overruns.
00:40:58.200 But, I mean, building's got a long way to go.
00:41:00.240 And at this point, it's just kind of got to get done.
00:41:02.420 Spilling's got a long way to go.
00:41:03.960 It's got a long way to go.
00:41:04.900 You're saying that concerns about interest rates and the cost of this renovation are two separate things.
00:41:09.460 But are you concerned about the message it sends to markets to have the president visiting the Fed, something that hasn't happened in 20 years,
00:41:15.800 and publicly saying on television lower interest rates that this erodes the independence?
00:41:20.520 No, I think the market should like it.
00:41:22.560 You have a president who's engaged.
00:41:23.920 He's a builder.
00:41:24.540 And he also understands interest rates.
00:41:26.020 Remember, building and construction is also very much tied to interest rates.
00:41:29.520 This is a president who understands interest rates better than any president before.
00:41:32.520 He's crushed inflation in his first term.
00:41:35.160 We had 3 percent mortgages.
00:41:36.740 Now we have 7 percent mortgages.
00:41:38.800 Costs have doubled.
00:41:40.000 People can't afford mortgages because of the last four years under Biden.
00:41:43.320 And so we need to get these rates down.
00:41:45.080 We can get rates down.
00:41:46.480 And that would have a booming effect on the housing market and the mortgage market.
00:41:49.940 And as for the market reaction, I mean, this is not a new concept.
00:41:53.500 This is a very public discussion.
00:41:55.000 The market continues to go up.
00:41:56.580 The revenue of the country continues to go up.
00:41:59.060 There was a budget surplus last month of $28 billion.
00:42:03.380 Just yesterday or two days ago, the president announced a huge trade deal with Japan.
00:42:07.500 I mean, let's stop speaking in hypotheticals.
00:42:09.320 Let's just look at what's happening.
00:42:10.800 This conversation is being had in public.
00:42:12.760 The market is reacting every day.
00:42:14.420 The market is going up.
00:42:15.760 The job numbers are improving.
00:42:17.540 Every economic indicator is going in the right direction.
00:42:19.940 And if we can just look back to last year, go back to last summer, every Democrat that's now silent was calling for the interest rates to be lowered.
00:42:27.320 Every single one of them.
00:42:28.260 Now they're completely silent now that President Trump is in office.
00:42:31.860 But one year ago, they said the rates are too high and they were calling for it all the way leading up until the election.
00:42:37.340 The economy is markedly better now than it was then.
00:42:40.460 So our question would be, where are the Democrats on this?
00:42:42.960 Mortgage rates are too high.
00:42:44.400 Credit card interest rates are too high.
00:42:46.240 All loan rates are too high.
00:42:47.560 They felt that way a year ago.
00:42:48.940 Everything is better now.
00:42:50.360 Why don't they feel that way today?
00:42:51.420 It doesn't make any sense.
00:42:52.620 The Democrats own the high rates and they own the mortgage rates.
00:42:56.840 And them not coming out and saying we need lower mortgage rates.
00:42:59.120 Bill Paltty from the Trump administration.
00:43:02.280 You got James Blair as the head of the political group inside the White House, the West Wing.
00:43:07.820 He's hammering the media.
00:43:09.940 And, of course, the great Russ Vogt making a very compelling argument about.
00:43:14.800 And, by the way, I'm going to comment when we get back.
00:43:17.200 My pal, yo, dude, you're the head of the Federal Reserve.
00:43:20.460 You've got to have the basic understanding of the math.
00:43:23.020 Pretty good screw-up or misdirection play if the guys are right.
00:43:26.680 And I think as I've checked it, they're right.
00:43:28.220 Short commercial break.
00:43:29.040 Back in the warm in a moment.
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00:44:45.860 They are.
00:44:46.660 There's a very ambiguous argument.
00:44:47.960 Well, we're not really sure with tariffs.
00:44:49.260 Well, I don't know how you're not sure with tariffs.
00:44:51.020 The president talks about it every single day.
00:44:53.520 The plan is very transparent.
00:44:55.420 And what the president predicted would happen with tariffs is happening.
00:44:58.540 Money is coming into the country.
00:45:00.200 Prices are not going up.
00:45:01.720 Inflation is not going up.
00:45:03.360 We run it again.
00:45:04.200 We ran a surplus last month.
00:45:05.980 It's just it's a very arbitrary argument, I think, in our view that they've been making to keep rates where they are.
00:45:12.400 Last question.
00:45:13.320 You've been focused on this particular project in the Federal Reserve, but it costs for the United States to build infrastructure more than any other comparable nation in the country and the world.
00:45:23.360 Are you looking into a system-wide problem or is this just a one-one project look?
00:45:27.440 We always can.
00:45:29.400 We're very interested in infrastructure.
00:45:31.620 The president's always been an infrastructure president.
00:45:34.280 Those policy processes like NEPA reform are always a part of our deregulatory agenda and priorities.
00:45:41.020 There is something unique about this project and some of the decisions that were made that has caused a kind of a different level, a heightened level of concern that we're going to keep asking questions about.
00:45:53.960 And, you know, I only expect that to continue.
00:45:56.260 But thanks, guys.
00:45:56.780 Does Congress need to act on that issue?
00:45:59.100 On what?
00:45:59.700 On changing the way that the federal government spends money to build things?
00:46:04.460 We're always in working in conjunction with Congress.
00:46:07.380 They just passed one big, beautiful bill, all sorts of things that allow us to have cheaper energy, lower, a better tax regime.
00:46:17.820 You know, our view right now with this project is that there are things that can certainly be done better.
00:46:24.580 And we still want to get to the bottom of unanswered questions that we have.
00:46:28.840 Thank you, guys.
00:46:29.680 Thank you.
00:46:30.900 James, can I start?
00:46:31.880 Amazing.
00:46:32.680 Bill Pulte, James Blair, the political director of Pulte.
00:46:36.140 And, of course, the Grace Ross vote.
00:46:40.120 The reason we played that in its entirety was to see a confrontational press and what amazing staff they have over there that will not back down.
00:46:49.000 Those three guys right there are just, hey, here are the facts.
00:46:51.960 No brag, just fact.
00:46:53.420 We've got James Fish back up for this block.
00:46:56.840 James, you heard the back and forth.
00:46:58.460 Walk through the mathematical argument why you and the president of the United States are correct and Jerome Powell is wrong, sir.
00:47:06.140 I'd be honored to, Steve.
00:47:09.120 The mathematical argument is actually one that's not necessarily mathematical in nature.
00:47:13.720 I want to bring up Jerome Powell's own speech from Jackson Hole.
00:47:17.200 That's the annual policy conference.
00:47:19.600 It was entitled Natural Amongst the Stars from August of 2019.
00:47:23.980 This is the Jerome Powell that President Trump appointed, the one that I respected.
00:47:28.920 And what he said was the natural rate is not a precise mathematical formula, but you judge the natural rate by how the economy is responding to interest rates.
00:47:38.620 So, for example, if mortgages are higher than normal, if you're seeing larger than normal home activity and origination activity, that would suggest that the interest rate is below that level.
00:47:51.320 But if you're seeing only home sales in 30 years, that would suggest that rates are too high versus natural.
00:48:04.520 If you are seeing mortgage originations down 76% in the past four years, that would suggest that interest rates are above the natural level.
00:48:13.960 They're artificially high.
00:48:15.040 And so what we do at Azor is we've built out this econometric model to better understand the economic outcomes.
00:48:22.380 If they are below the baseline, we then say that the natural rate is far lower than the artificial rates that are currently being set by the Federal Reserve.
00:48:32.460 I want to make it very clear.
00:48:34.500 Jerome Powell is the Anthony Fauci of economics.
00:48:38.260 He is wrong.
00:48:39.460 He is smug.
00:48:40.620 And he is completely non-transparent and unaccountable.
00:48:43.520 That's why my investment firm, Azoria, brought this federal case against Jerome Powell this morning in D.C. federal court.
00:48:51.020 And that's why we just learned 30 minutes ago that a judge appointed by, of all people, President Barack Obama, has ordered an emergency hearing on our TRO, on our temporary restraining order, Steve.
00:49:03.460 That order, if we are successful, we'll know on Monday afternoon, would block Jerome Powell from holding next week's Fed meeting behind closed doors.
00:49:12.420 Americans from all walks of life deserve to know how and why the Fed is choosing to keep interest rates near 20-year highs, even though President Trump is delivering the lowest inflation in four years.
00:49:27.080 James, social media, where do people go to find out more about your investment fund and more about this case?
00:49:33.060 Yes, investazoria.com is the place to go.
00:49:38.020 Our investment fund, Steve, is an anti-DEI ETF.
00:49:41.840 It buys the same stocks as the S&P 500 funds that we all know and love, except it removes the 38 stocks, Nike, Starbucks, Airbnb, Intel, that have doubled down on disastrous DEI quotas that our research at Azoria shows drives massive stock underperformance.
00:49:59.560 So the math is simple. When you have a portfolio and you kick out the stocks that underperform, you are poised to outperform.
00:50:07.180 What we are seeing is folks sell their S&P 500 ETFs and buy SPXM instead.
00:50:14.460 It is a better way to be long President Trump's golden age stock market without having any exposure to the DEI laggers and losers that hold back our portfolios.
00:50:24.060 James, thank you very much. Great maiden voyage here in the war room.
00:50:28.680 The timing was exquisite. Thank you so much, sir. Look forward to having you back on.
00:50:32.880 My pleasure, Steve. God bless.
00:50:35.620 James Fishback, bringing the heat as only he can.
00:50:40.380 President Trump, historic today, only the third time in the history of the Republic.
00:50:44.980 I think you know why.
00:50:46.220 Mike Lindell, you're loose. I keep hearing reports that you're loose in D.C.
00:50:49.860 Before we got, we don't have Lindell. Oh, I had him, dropped him. That's okay.
00:50:56.660 Next hour, next hour, we're going to have, we've got Todd Blanche is on his way back from the prison down in Tallinn, Nasty, where he met.
00:51:08.920 I think they actually went over to the U.S. Attorney's Office.
00:51:11.400 I'm not sure they met in the prison itself.
00:51:13.400 We're going to get a, we'll do a report on that.
00:51:15.240 Also, Tulsi Gabbard, understand that they are looking for right now, they are looking towards this task force to start putting up a couple of U.S. attorneys.
00:51:26.180 People need to be indicted. People need to be perp-walked. People need to be prosecuted.
00:51:31.520 What's happening? We're getting to all that in the next hour.
00:51:35.500 Also, we've tracked down Mike Lindell. Mike Lindell is back in Washington, D.C.
00:51:39.080 We've been hearing great reports all day.
00:51:40.460 Make sure you go check out the end of the dollar empire, birchgold.com slash Bannon.
00:51:46.740 Seven free installments. We're working on the eighth post-Rio.
00:51:51.560 Look at the analysis between fiat currency and gold, right?
00:51:56.660 You also take it to your phone and text Bannon, B-A-N-N-O-N at 989898 to get the ultimate guide, which happens to be free,
00:52:04.340 for investing in gold and precious metals in the age of Trump.
00:52:07.600 I've got something up on Getter. Maybe I'll pull that for the next hour.
00:52:11.820 It's the Chinese Communist Party getting out of bonds, getting out of bonds and getting into gold.
00:52:18.560 Kind of record rates. Part of their de-dollarization movement.
00:52:23.580 Okay, short commercial break. The 6 o'clock hour is going to be on fire.
00:52:28.200 Stick around in the war room.
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