Bannon's War Room - Episode 4909： Making The US The Dominant Player To Build Manufacturing

00:00:01.000 This is the primal scream of a dying regime.

00:00:06.000 Pray for our enemies,

00:00:08.000 because we're going medieval on these people.

00:00:11.000 You're just not gonna get a free shot at all these networks lying about the people.

00:00:15.000 The people have had a belly full of it.

00:00:17.000 I know you don't like hearing that.

00:00:19.000 I know you try to do everything in the world to stop that,

00:00:21.000 but you're not gonna stop it. It's going to happen.

00:00:23.000 And where do people like that go to share the big lie?

00:00:26.000 MAGA Media.

00:00:27.000 I wish in my soul, I wish that any of these people had a conscience.

00:00:32.000 Ask yourself, what is my task and what is my purpose?

00:00:36.000 If that answer is to save my country, this country will be saved.

00:00:43.000 War Room. Here's your host, Stephen K. Bannon.

00:00:51.000 Okay, welcome. I can hear the audience now.

00:00:54.000 Steve, why no cold open? Why don't we have Moini Mika cringing over there? 1.00

00:00:59.000 Or whinging, I guess the word, whinging.

00:01:01.000 We're gonna get to all that.

00:01:02.000 We're gonna juggle a little today.

00:01:05.000 The reason is we've got some important folks with breaking news.

00:01:09.000 We're gonna have the Secretary of Treasury, Scott Besson.

00:01:12.000 It's touring a magnet factory down in his home state of South Carolina.

00:01:17.000 As soon as we get the technical issues worked out, we're gonna have the Secretary of Treasury and we're gonna talk about the economy.

00:01:24.000 Particularly if you remember my mini rant yesterday about we made a bet on a supply side tax cut,

00:01:30.000 which is to drive capital investment and to drive production.

00:01:34.000 And where do we stand on that? That's the that bet can't be unwound.

00:01:38.000 So, you know, it's march or die.

00:01:41.000 I happen to think it's actually very smart.

00:01:44.000 That aspect of it, of course, we wanted taxes raised on the wealthy. 0.93

00:01:48.000 But in that, we're also gonna talk about, as President Trump now calls it, the affordability.

00:01:57.000 Which is just, you know, inflation and costs and prices, things like that.

00:02:01.000 We're still with the belief until you get your hands around the deficits.

00:02:05.000 You've got deficits that are growing or deficits that add to the debt.

00:02:09.000 You have to continue to refinance it.

00:02:11.000 It's gonna be a, the reality is it's gonna be a struggle.

00:02:15.000 Energy prices, they've done a magnificent job of getting energy prices down.

00:02:19.000 So anyway, the Secretary of Treasurer will be here to answer all that.

00:02:22.000 Also, John Solomon's gonna be up.

00:02:25.000 He's a little delayed.

00:02:26.000 I believe John's on Capitol Hill right now.

00:02:28.000 I think, I think we can announce, I think he put the story up.

00:02:31.000 30 subpoenas went out, criminal subpoenas on the, on the grand conspiracy case.

00:02:38.000 Cash Patel just doing an incredible job to push this through the system when, you know, we're lacking lawyers.

00:02:44.000 Um, it just, it's just about bodies.

00:02:47.000 And, uh, this is not to point blaming anybody, but we gotta, you know, you gotta staff up.

00:02:51.000 You're just, these people working 20 hours a day and just not staffed up enough.

00:02:55.000 But the, uh, that whole aspect of it is, is starting to get revved up.

00:02:59.000 And so John's gonna join us.

00:03:01.000 Also, shocking news.

00:03:03.000 Fulton County has basically taken the strongly worded letter about the 400,000 ballots and, and, and told, uh, main justice to put it where the sun doesn't shine.

00:03:13.000 So I'm waiting for us marshals to be selected in a warrant, get a warrant and go down season.

00:03:18.000 We're going to get to all that.

00:03:19.000 Can we go ahead and play?

00:03:20.000 We got a, we got a short cold open for, uh, our former colleague, uh, still our friend, but former colleague, uh, the secretary of treasury, Scott Besson, who's down in, in South Carolina.

00:03:30.000 Let's go and play the, let's go and play the, uh, the, um, the clip.

00:03:35.000 I'm willing to go all the way with it and set people ablaze in this conversation, but we should be at least at the start, not insane.

00:03:44.000 This is an off year election in blue states.

00:03:47.000 There was built in advantages for the Democrats that were running as for us, missing messaging.

00:03:53.000 I will take this and not put it on the consultant class.

00:03:56.000 I'll put this on the treasury secretary, Scott Besson, who wants to keep telling people that everything is going great.

00:04:03.000 It isn't, it's not true.

00:04:05.000 It's not true.

00:04:06.000 It's not real.

00:04:07.000 And thank goodness.

00:04:08.000 I heard president Trump finally addressed this yesterday, a subject, at least on radio, we've been addressing for months.

00:04:14.000 Beef prices are out of control.

00:04:16.000 Egg prices are down.

00:04:17.000 Gas prices are down, but you still feel like everything costs too much.

00:04:21.000 Tariffs do increase the cost of things.

00:04:23.000 And the president may love the word tariff, the most beautiful word in the world.

00:04:27.000 It still costs us more.

00:04:29.000 And we feel that it costs us more.

00:04:31.000 So the reality is you have to be addressing those concerns and explaining why you're engaged in tariffs, why these things are happening.

00:04:39.000 That's the stuff that matters.

00:04:40.000 You can't just say everything's fine. 0.99

00:04:42.000 That's Janet Yellen saying that inflation is nothing more than transitory, which was crap. 0.99

00:04:47.000 It was a lie. 0.99

00:04:48.000 It was a fraud. 1.00

00:04:49.000 And when you go down that road, you win the stupid prizes. 1.00

00:04:54.000 Okay. 1.00

00:04:55.000 That's Tony Kaz.

00:04:56.000 Tony is a talk radio host in Indianapolis, Indiana, in a standard stock classic Republican.

00:05:02.000 This is why I didn't want to blame the consultant class who is a lot.

00:05:05.000 The whole thing about the campaign the other day was it wasn't that you lost in blue states.

00:05:09.000 We get that.

00:05:10.000 It was the scale of the loss and across the country and other these districts.

00:05:14.000 And quite frankly, state assemblies and other things that we had been shifting dramatically.

00:05:19.000 Trump, particularly New Jersey, it's points on the by.

00:05:23.000 It was consulting class doing going back with Citrielli talking about tax cuts and talk about, you know, size of government, just issues that are not top of mind right now with residents.

00:05:33.000 And, of course, the disaster of Glenn Youngkin and the destruction of the Republican Party in the Commonwealth of Virginia, which is 100 percent on his shoulders with terrible candidates.

00:05:41.000 No message.

00:05:42.000 Just a joke.

00:05:43.000 And no effort.

00:05:44.000 But in question, you know, Tony, being a standard stock Republican, they hate tariffs.

00:05:50.000 Right.

00:05:51.000 They're the free trade part of the Republican Party that it was kind of turfed out with President Trump in 16.

00:05:59.000 So, Secretary Besson, you're down in South Carolina today.

00:06:02.000 You're touring a factory to show that about capital investment.

00:06:06.000 This is particularly of importance because it's related to magnets.

00:06:09.000 Can you tell us first what you're doing today and what we should look forward to about this?

00:06:14.000 And then we'll get into the to the Tony Katz of it all, sir.

00:06:19.000 Yeah, Steve, great to see you.

00:06:21.000 Great to be back on War Room.

00:06:22.000 And I had two things to show you.

00:06:25.000 One, this is I'm going to be delivering to President Trump in the Oval Office when I get back.

00:06:31.000 This is the first magnet to come off this line here in Sumter, South Carolina.

00:06:37.000 And I will tell you, Sumter is real South Carolina.

00:06:40.000 Where I'm sitting now, this 500,000 square foot facility, which makes these magnets, and we'll come back to the importance of them, used to be a soybean field.

00:06:53.000 And, President, the tax policy has brought this home.

00:06:57.000 And not only these high-precision manufacturing jobs, this is national security.

00:07:03.000 We let China take control of the rare earth, the rare earth magnets. 0.99

00:07:08.000 Now they've got us in a chokehold.

00:07:11.000 And this facility here is the first step towards breaking that chokehold.

00:07:16.000 Later today, I'm going to be going to Boeing.

00:07:20.000 Boeing is going to do a gigantic expansion of their facility in North Charleston, South Carolina, where they make the Dreamliner.

00:07:29.000 President Trump has been going around the world doing these trade deals.

00:07:32.000 And he personally, I believe, has sold more than 1,000 Boeing airplanes.

00:07:39.000 And these are great, high-paying, manufacturing jobs for people in South Carolina.

00:07:45.000 And, you know, Steve, you know, I'll jump into it now.

00:07:49.000 Part of addressing the affordability crisis, there are two sides.

00:07:53.000 Hang on, hang on, hang on, hang on, hang on, hang on, hang on.

00:07:56.000 Let's not get ahead of ourselves.

00:07:58.000 I want to stick with because I want to go back to the importance and the centrality of magnets in our production process.

00:08:05.000 In the Chinese Communist Party, and these are smart, tough guys, you had an interim agreement in June.

00:08:11.000 They kind of backed off that.

00:08:13.000 You were able to renegotiate in South Korea at one-year extension

00:08:19.000 because I don't think people realize our production lines would be shutting down in six or seven or eight weeks.

00:08:24.000 You were able to get that with President Trump using the leverage.

00:08:28.000 We already hear that the CCP is maybe not totally living up to that.

00:08:32.000 But talk to people about how absolutely urgent it is for us to get magnet production and other processed rare earths in the control of the United States of America for our sovereignty.

00:08:45.000 Well, Steve, it's a disgrace that this happened.

00:08:50.000 And the Chinese, you know, started with a plan. 0.99

00:08:53.000 In 1995, they bought up a rare earth magnet facility.

00:08:59.000 They bought it from GM.

00:09:01.000 CIPIUS, the Committee on Foreign Investment in the U.S., said you've got to keep the factory in the U.S. for five years.

00:09:08.000 It was five years and a day.

00:09:09.000 They moved it into China.

00:09:10.000 They've accumulated all the rare earth assets in the world.

00:09:15.000 They have control about 70% of the mining, about 90% of the production.

00:09:22.000 This one German company managed to stay in business as the Chinese cut prices, tried to put them out of business.

00:09:32.000 And now they have stood up this beautiful 500,000 square foot facility in Sumter, South Carolina, and for us to take control of our supply chain.

00:09:46.000 And, Steve, these magnets are in everything, from fighter jets to iPhones to every car to every medical device to machines used for CAT scans.

00:10:00.000 And the Chinese used this as a big negotiating tool in April when President Trump raised the tariffs on them.

00:10:09.000 They tried to roll it out again on October 8th.

00:10:13.000 And, Steve, this is against the entire Western world, not just against the U.S.

00:10:18.000 It's against Europe, Australia, Canada, U.K., Japan, Korea.

00:10:25.000 And through President Trump's leadership and facilities like this, we are going to take back leadership and end this choke point that they have on us.

00:10:37.000 Okay, this gets to the central part of capital investment, capital equipment that drives, you know, bringing things back.

00:10:46.000 The tariffs help companies like the Germans think, hey, let me build something in the United States. 0.99

00:10:51.000 We talked for years in the show when you were a contributor about this being the last shot for a supply-side tax cut.

00:10:58.000 I mean, we made a bet.

00:10:59.000 That bet was on a supply-side tax cut that focused on manufacturing and focused on bringing, you know, investment in capital equipment to return us, coupled with tariffs, to return us to be the manufacturing superpower we are.

00:11:14.000 And I want to get to affordability in a second, but the more important thing than even affordability is jobs and growth.

00:11:21.000 Is the supply-side tax cut, as you envisioned it and executed for President Trump, do you believe it's working right now?

00:11:28.000 Do you see it kicking in?

00:11:30.000 And is it going to hit the targets on growth that you had anticipated, sir?

00:11:35.000 So, Steve, let's take three parts here.

00:11:41.000 First, national security.

00:11:43.000 National security is economic security.

00:11:47.000 So, you know, without economic security, we don't have any of that.

00:11:52.000 And, you know, there is an industrial planning aspect here that this administration, President Trump, came in.

00:12:01.000 He signed an executive order on rare earth right at the beginning, right in the first few days, and that these magnets are now coming off the line.

00:12:11.000 Two, the tariffs.

00:12:14.000 The tariffs, you know, the revenue is great, but I have described the revenue as a shrinking ice cube in terms of the tariff income, because what would happen, the goal is to rebalance global trade.

00:12:30.000 That the US became free trade was not fair trade.

00:12:35.000 We want to get fair trade back.

00:12:37.000 President Trump's used the tariffs.

00:12:39.000 Right now, the tariff income is very substantial.

00:12:42.000 Over time, what will happen is, as we reassure the factories, tariff income will go down.

00:12:48.000 And from facilities like this and companies like this, the income tax receipts and the payroll receipts from these high-paying jobs will go up.

00:12:59.000 So, you know, a successful tariff regime results in reshoring and better balance.

00:13:06.000 So that is, by definition, lower tariffs.

00:13:09.000 And then the third part of that was, as you talked about, the tax bill, which has immediate expensing for factories, immediate expensing for equipment.

00:13:22.000 So we are making the US the best place to build your factory.

00:13:27.000 It is energy dominance.

00:13:29.000 We want to have secure, cheap energy.

00:13:32.000 And then the third part is deregulation, because we had gotten out of the ability to build things in the United States.

00:13:42.000 I had an hour-long meeting with the management here beforehand, and I said, why are we sitting in a former soybean field in Sumter, South Carolina?

00:13:53.000 And they said, you know, Governor Henry McMaster and his team got us all the permits in eight weeks.

00:13:59.000 In eight weeks.

00:14:01.000 And, Steve, I'm walking through the factory, talking to the workers here.

00:14:08.000 Many of them had been seven to 15 years at a Caterpillar factory that had closed, probably because the foreign competitors, they undercut them.

00:14:21.000 And now they're here.

00:14:24.000 There were 800 construction jobs here.

00:14:27.000 There are going to be 300 full-time jobs.

00:14:29.000 But then the owners of this factory think that that could go up six to ten times.

00:14:35.000 And I tell you, Sumter is real South Carolina.

00:14:38.000 It is, you know, it is not fancy Carlton.

00:14:41.000 It is not the mountains.

00:14:43.000 You know, this is God's guns and game times.

00:14:48.000 Mr. Secretary, hang on for one second.

00:14:50.000 We're going to hold you through a short commercial break.

00:14:52.000 The Secretary of Treasury, Scott Besson, on the economic plan of the Trump administration.

00:14:57.000 Next.

00:14:58.000 Let me be blunt.

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00:16:06.000 Hello, America's Voice family.

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00:16:37.000 Mr. Secretary, just mentioned the phrase Gamecock and this being old and real South Carolina.

00:16:44.000 I think particularly for the vast new audience that's joined us over the last, you know, six to nine months, may not be that familiar with your background because you come across as either, you know, so professorial as a professor in the finance department, economics department at Yale, or a Wall Street capital markets guy.

00:17:00.000 What is your background in South Carolina, sir?

00:17:03.000 Steve, my family, they came here over 300, where are we now, 370 years ago.

00:17:11.000 We've been around a long time.

00:17:14.000 I ended up in Little River, South Carolina when I was a kid.

00:17:18.000 Fishing village, 500 people.

00:17:21.000 Now it's part of Greater Myrtle Beach.

00:17:24.000 And as you know, South Carolina is now the number one state for new arrivals on a percentage basis.

00:17:32.000 Everybody wants to move here because it gets to affordability.

00:17:37.000 That, you know, housing, the zoning is not crazy.

00:17:41.000 There are high paying jobs and we're seeing factories like this.

00:17:46.000 So, you know, it's an honor to be back here having kind of done the full loop.

00:17:53.000 Left South Carolina, gone to school at Yale, been on Wall Street.

00:17:59.000 Honored to serve President Trump's cabinet and to be part to see this re-industrialization here.

00:18:08.000 Now, when I heard the irony that you've led this fight and warned the nation about the centrality of rare earth processing,

00:18:17.000 because so much it is just dirt, but you get the processing in the heavy rare earths.

00:18:21.000 You know, the deal you're doing with Australia and things of thinking about Brazil.

00:18:25.000 You get the magnets and the first opportunity we have is in your native state.

00:18:29.000 Talk to me, because here's one of the things we're trying to do at the war room,

00:18:33.000 is make sure people can see the manifestation of these policies.

00:18:36.000 Because sometimes the policy discussions get so esoteric that you can actually see the manifestation in plant,

00:18:44.000 in equipment, in capital, and in workers with high paying jobs.

00:18:48.000 Talk to me about Boeing. You're going to go over to Boeing this afternoon.

00:18:51.000 First off, why does Boeing, Boeing is, I don't care if they're headquartered in Chicago now,

00:18:56.000 but they're from the Pacific Northwest.

00:18:58.000 They've been a Seattle and Pacific Northwest company, I think forever.

00:19:01.000 What in the hell are they doing in South Carolina?

00:19:04.000 They built their second biggest facility in South Carolina.

00:19:08.000 They're going to be expanding it.

00:19:10.000 I believe they have 8,500 jobs there now.

00:19:13.000 The expansion is going to result in a thousand new jobs.

00:19:18.000 It's the Dreamwinders.

00:19:20.000 They do a lot of the painting of the airplanes, the interiors.

00:19:24.000 And again, Steve, this is exactly what the goal has been of President Trump's trade policy,

00:19:33.000 to bring precision manufacturing, high paying factory jobs back to the United States.

00:19:41.000 We need to be able to make things.

00:19:43.000 You can't have a research process that is separated from the manufacturing process.

00:19:49.000 You learn things in the manufacturing process.

00:19:51.000 I did it walking around this factory today.

00:19:54.000 This is super impressive.

00:19:56.000 And they sent these folks.

00:19:58.000 You know, I was talking to many of the workers.

00:20:01.000 Many of them had never been out of the country before.

00:20:04.000 I think they said 10% of them never been on an airplane.

00:20:07.000 They were flown over to Germany, did a 12 week apprenticeship program.

00:20:12.000 And now here they are.

00:20:14.000 And these are, like I said, high paying jobs.

00:20:17.000 And the size of this facility may go up 10x.

00:20:22.000 You know, Tom Peters wrote that amazing book back in the 90s that became really the Bible for so many companies called In Search of Excellence.

00:20:29.000 And it went back to the beginning of Silicon Valley and why American was a tech superpower.

00:20:35.000 It was called management by wandering around.

00:20:38.000 That you had to have research.

00:20:40.000 You had to have R&D right next to the manufacturing facility because you had to be a manager.

00:20:44.000 And particularly the guys working over the development had to be able to go.

00:20:48.000 And this is the core of America's greatness.

00:20:50.000 You had to be going to the shop and you had to kind of fool around with things.

00:20:53.000 That's American greatness right there.

00:20:56.000 Talk to me because people lose the kind of plot here.

00:20:59.000 I want to go back to the supply side tax cut.

00:21:02.000 Why that's focused on capital and bringing capital back.

00:21:05.000 And you kept making the argument.

00:21:06.000 We got one more shot to do this.

00:21:07.000 We got to do it now.

00:21:09.000 Coupled with the trade policies and deregulation.

00:21:13.000 That's mega economics, right?

00:21:15.000 And it's focused on getting the economy growing again after the hit on the pandemic.

00:21:20.000 And, of course, the fiasco of the Biden years, sir.

00:21:25.000 So, Steve, whenever you have capital expenditures, jobs always follow.

00:21:32.000 Jobs always follow. 0.80

00:21:33.000 So we are going to see this capex boom.

00:21:36.000 And again, this magnets facility here, there were 800 or and it's still continuing.

00:21:43.000 There are 800 construction jobs going going on as they're building.

00:21:48.000 You know, those will keep going as this facility gets six, eight times bigger.

00:21:53.000 And every line they add is 300 permanent jobs.

00:21:58.000 So, you know, I just think we are at the beginning of this liftoff that I wish that we could have thrown a switch and the jobs and the manufacturing would have come right back.

00:22:13.000 It is a process.

00:22:14.000 We didn't get here overnight.

00:22:16.000 But I can tell you that your friend there who criticized me that you can be optimistic about the future.

00:22:26.000 The house got burned down and it takes a while to rebuild it.

00:22:30.000 And we are rebuilding it from the foundation of the foundation of this.

00:22:36.000 The concrete that we poured was this tax deal.

00:22:40.000 So we've got the foundation and now we are starting to rebuild our economy.

00:22:45.000 And one of the answers to this affordability crisis, you know, there are two parts to it.

00:22:51.000 Part of it is, you know, stopping the price increases, bringing the prices down where you can for things, you know, like gasoline, like certain foods.

00:23:00.000 But then on the other hand, the real home run is real wage increases, which we saw under President Trump's first term.

00:23:10.000 You know, our hourly workers did better than supervisory workers.

00:23:13.000 The bottom 50 percent of households net worth went up faster than the 10 percent.

00:23:19.000 And, you know, the Wall Street Journal can take a shot at me when I talk about Main Street prosperity.

00:23:26.000 But, you know, I call it parallel prosperity.

00:23:29.000 Wall Street has done well, exceeded everyone's expectations.

00:23:34.000 And, you know, it's called the Wall Street Journal for a reason, not the Main Street Journal.

00:23:39.000 And they don't want everyone to have a fair shot.

00:23:46.000 Part of the deregulation that we've done in Treasury is to help small banks.

00:23:51.000 We've lost half of our small banks since the GFC.

00:23:55.000 You know what?

00:23:56.000 Small banks finance 70 percent of agriculture, 40 percent of small business, 40 percent of real estate.

00:24:04.000 You know, they're your neighbors.

00:24:07.000 They work on a handshake.

00:24:09.000 It doesn't have to, like, go go back to the head office and, you know, New York or Charlotte.

00:24:16.000 So, you know, this is a Main Street revival.

00:24:20.000 And I think we are right in the liftoff phase.

00:24:24.000 And I don't blame people for being mad.

00:24:26.000 I don't blame them for being mad after, you know, what what's happened.

00:24:30.000 And, you know, we are moving as fast as we can on this.

00:24:37.000 I want to go back to CapEx for a second.

00:24:41.000 Particularly people don't know.

00:24:43.000 Most people don't know that when you were coming up and being a wunderkind in high school,

00:24:48.000 your competitor kind of statewide for being a big brain was Ben Bernanke.

00:24:53.000 And Ben Bernanke went to Princeton as a scholarship student.

00:24:56.000 You went to you went to Yale as a scholarship student.

00:24:58.000 And then he became head of the Fed.

00:25:00.000 You went to Wall Street and became a capital markets guy, a hedge fund manager.

00:25:04.000 He had a solution.

00:25:06.000 I'll also point out he worked as a waiter wearing a sombrero,

00:25:10.000 similar to the one that Hakeem Jeffries and Chuck Schumer wear.

00:25:14.000 He worked at South of the Border.

00:25:16.000 South of the Border.

00:25:18.000 I was a light guard on the beach in Myrtle Beach.

00:25:21.000 So we took separate paths.

00:25:24.000 Very.

00:25:25.000 So, by the way, if you've been on Interstate 95, everybody knows about South of the Border,

00:25:29.000 one of the American classic.

00:25:31.000 This issue of CapEx, particularly there seems to be, you know, this is rushed to AI.

00:25:37.000 Everything's got to be AI.

00:25:38.000 We had an analysis on yesterday.

00:25:39.000 I think 40,000 times have been mentioned on earning calls.

00:25:42.000 It's like the dot com.

00:25:43.000 Everybody's got to say AI.

00:25:45.000 But there was a very disturbing kind of interview with the CFO of OpenAI,

00:25:50.000 where she mentioned at the very top of her interview,

00:25:52.000 hey, you know, we're going to set up an ecosystem of private equity, hedge funds, banks.

00:25:57.000 And, oh, by the way, the government will have a role as far as government loan guarantees.

00:26:02.000 Of course, our heads blew up here.

00:26:04.000 And David Sachs did jump in and said it's not going to be a part.

00:26:08.000 Just from Treasury's perspective, we don't really have a role.

00:26:12.000 Well, I realize the Chinese do it different, but that's why we just got to cut them off from the chips. 1.00

00:26:16.000 There's no the American people that the game cocks down there in Sumter, South Carolina, 1.00

00:26:22.000 are not going to be given loan guarantees for the for, you know, Elon Musk and this guy.

00:26:27.000 Now he's got a trillion dollar pay package, sir.

00:26:31.000 No, Steve, they're not going to be loan guarantees.

00:26:35.000 The difference between American AI and Chinese AI is that this is the private sector on its own, unleashed. 0.50

00:26:47.000 People will succeed.

00:26:48.000 People will fail.

00:26:49.000 And the great thing here is a lot of this is being led by the hyperscalers, Google, Microsoft, Amazon, Oracle.

00:26:59.000 And those are the richest companies in the world.

00:27:02.000 So, you know, they don't need government subsidies.

00:27:06.000 They don't need the loan guarantees.

00:27:11.000 And they're borrowing.

00:27:14.000 Some of them borrowed 25, 30 billion dollars in the past couple of weeks in the capital markets.

00:27:21.000 So, you know, no one has to worry about that.

00:27:26.000 Mr. Secretary, I know you got to bounce.

00:27:28.000 I just need you for two minutes on the other side.

00:27:30.000 I just want to address one more time the affordability.

00:27:32.000 As President Trump refers to it now, the affordability.

00:27:36.000 Ever since COVID, millions of Americans have started buying preparedness supplies, especially emergency food.

00:27:43.000 And, hey, that's a good thing.

00:27:45.000 But there's a big mistake most people make with their emergency food supply.

00:27:48.000 They don't have any way to cook it in a real emergency when the power's out or the grid is down.

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00:28:47.000 That's MyPatriotSupply.com slash Bannon.

00:28:51.000 Here's your host, Stephen K. Bannon.

00:28:56.000 Mr. Secretary, in Tony Katz's shot at you, one of the central parts of his argument,

00:29:04.000 and this is why I wanted to keep you over and just take a couple of minutes,

00:29:07.000 because this is still, as you know, particularly among the Wall Street Journal and the elites in the Republican Party.

00:29:13.000 This is going back, I call it from a time that, or land that time forgot.

00:29:20.000 One of the central things about affordability, he's saying that President Trump's redoing of global commerce,

00:29:27.000 as personified by his use of tariffs, right, is central to the affordability issue.

00:29:35.000 Do you see it that way?

00:29:37.000 And can you break it down for us why that's not the case?

00:29:40.000 Yeah.

00:29:42.000 Look, it is, you know, never let facts get in the way of a good story.

00:29:48.000 He seems like he's part of the Mike Pence, let him eat flat screens crew,

00:29:54.000 where we exported good jobs and cheap bobbles got sent in.

00:30:03.000 You know, the real affordability that people care about is, you know, owning a home,

00:30:10.000 being able to make car payments, food.

00:30:13.000 None of that has anything to do with tariffs, Steve.

00:30:17.000 You know, if you look, the increase in prices has been in service inflation.

00:30:24.000 And again, that government jobs or service sector jobs do not result in real long-term wage growth.

00:30:34.000 Real long-term wage growth results from working at factories like I am here right now,

00:30:42.000 moving up the chain and, you know, having the pricing.

00:30:50.000 When your company has pricing room, then they are able to give you the substantial wage growth

00:30:58.000 and you're able to, you know, get a promotion and become a skilled worker.

00:31:03.000 Because, as I said, I couldn't have been more impressed by the folks here from Sumter, South Carolina,

00:31:10.000 who were over in Germany training and, you know, now they're back here.

00:31:15.000 And they're excited.

00:31:17.000 This is a great facility.

00:31:19.000 And again, the one thing that I will agree with them on is that we are approaching,

00:31:28.000 the Trump administration is approaching affordability head-on.

00:31:33.000 The Biden administration and the mainstream media, and I said it on your show for a year during the campaign,

00:31:40.000 gaslighted America.

00:31:42.000 They said it was a live session that wasn't happening.

00:31:46.000 Well, we know it's happened.

00:31:48.000 And as I said that, you know, if I could snap my fingers and fix affordability, we would.

00:31:56.000 But we are laying the groundwork over the next 3, 6, 9, 12 months and, you know,

00:32:03.000 before the end of the president's term to get working Americans back with real wage growth.

00:32:12.000 So it's wage growth and, you know, stopping the inflation and bringing prices down where we can.

00:32:19.000 And, you know, Steve, you mentioned the elections, that a lot of the elections in New Jersey,

00:32:25.000 a lot of it was energy prices that Governor Phil Murphy had put into place.

00:32:32.000 You know, it was this misplaced green energy that caused prices to skyrocket 20%.

00:32:39.000 This administration, if Secretary Burgum, right, even President Trump has been on the phone with the governor of New York,

00:32:48.000 Kathy Hochul, let us put two pipelines through New York and we can lower your energy costs, 0.99

00:32:55.000 we can lower energy costs in New England, and they won't do it.

00:32:59.000 So at Treasury, we're actually going to go through state by state and see where the inflation is,

00:33:07.000 because there are some things that this administration can control,

00:33:12.000 but we can't control the crazy things that states do in terms of, you know, energy pricing or over-regulation.

00:33:20.000 Why is South Carolina the leading recipient of inbound immigration, you know, for Americans,

00:33:29.000 as a percent of the population, because government, Governor McMaster is open for business.

00:33:35.000 This plant here was permitted in eight weeks.

00:33:39.000 So if you want to build things, if you want to create jobs, then you can do it.

00:33:44.000 But there are the blue states out there who are recalcitrant.

00:33:48.000 To make it even worse, and I want to make two more points.

00:33:53.000 To make it even worse, many parts of the tax bill that were President Trump's signature working-class pieces of the tax bill,

00:34:04.000 no tax on tips, no tax on overtime, no tax on Social Security, auto-deductibility.

00:34:11.000 If you buy an American car, many of the blue states are not going to include that in their state taxes.

00:34:21.000 They do not, because they have such Trump derangement syndrome,

00:34:26.000 they want to hurt their own people to keep them from doing well,

00:34:29.000 because those were President Trump's signature policies.

00:34:33.000 Steve, as you know, I am also the IRS commissioner, so I can see the data.

00:34:40.000 What we are going to see here, and maybe this will calm that maniac down a little,

00:34:45.000 is that there are going to be substantial tax refunds to working Americans,

00:34:50.000 because everything the one big beautiful bill did on July 4th is retroactive.

00:34:57.000 People have not changed their withholding for 2025.

00:35:01.000 So we are going to see substantial refunds to working families in the first quarter of 2026.

00:35:09.000 Everyone will adjust their withholding on January 1st.

00:35:14.000 And so anyone who gets tips, does overtime, gets Social Security, or has auto-deductibility,

00:35:24.000 those wages will jump up automatically.

00:35:28.000 So think about the first quarter of this year.

00:35:31.000 $1,000, $2,000 refunds per household, plus all those working-class tax benefits kicking in.

00:35:40.000 That's why I'm optimistic.

00:35:44.000 Are you, one of the theories of the case here underlines this, it was President Trump,

00:35:48.000 and this was the first term too, and you mentioned by 2019 fall and winter was, you know,

00:35:54.000 blue-collar wages rising faster than white-collar wages, and non-college graduates faster than college graduates.

00:35:59.000 It was extraordinary for working-class people.

00:36:02.000 Are you and President Trump comfortable with the full-spectrum energy dominance?

00:36:08.000 Are you there yet as far as other things you're going to do on energy?

00:36:12.000 We're working as hard as we can, but a steep, big part of it is energy transport because the two sides,

00:36:26.000 we talked a little about the AI data center, and the other side is their use of power.

00:36:34.000 And any time you cross the state line in the U.S., unless it's kind of red state to red state, things can get a little dicey.

00:36:46.000 And, you know, as I mentioned, I was at this AI summit in Pittsburgh, and Pittsburgh is going to be one of the AI hubs of the U.S.

00:36:58.000 And that's because of the energy, right, the Marcellus and all the energy resources that are in Pennsylvania,

00:37:09.000 that Pennsylvania lets them be exploited right across the border where Pennsylvania and New York meet.

00:37:17.000 New York is impoverished energy-wise, so, you know, we are doing what we can, but many of these states are a problem.

00:37:27.000 Yeah, and I don't think, particularly in the campaign, we've had Dave Walsh on here now for three years talking about how some of this green new scam, 0.99

00:37:38.000 the net zero carbon that de-industrialized Germany was done in states like New Jersey, right?

00:37:46.000 And they didn't stick the landing on making sure they understand that the radical Democrats did this.

00:37:52.000 Mr. Secretary, we've taken too much of your time. We really appreciate it. I know you're busy today.

00:37:56.000 Make sure you say hi to the folks, all the working folks up there, the Gamecocks and Boeing and also down at the Magnet Factory.

00:38:03.000 Really appreciate you, sir. Where can people go? I know you have the number one comms team in the entire government.

00:38:09.000 Where do people go to get all your latest thinking and your content, sir?

00:38:14.000 You know, I have an X account at Treasury, and then Treasury also runs an X account, and we're very, very active every day.

00:38:25.000 And, Steve, I will go back to my third grade. South Carolina is one of two states that still teaches state history, South Carolina and Texas.

00:38:37.000 I will go back to my third grade South Carolina state history.

00:38:42.000 And I will tell you the reason the University of South Carolina is called the Gamecocks is because General Sumter,

00:38:48.000 we're sitting in Sumter, South Carolina, was called the fighting Gamecock because he was so tough.

00:38:53.000 So a little history, a little economics. Great to see you in the war room crowd.

00:39:00.000 Yes, sir. Thank you. The posse loves you. So keep fighting. Thank you, sir. Appreciate you.

00:39:06.000 Thank you.

00:39:07.000 This, the American economy and the global economy, obviously, I don't need to state the obvious, but I will.

00:39:17.000 Enormously complex.

00:39:19.000 And here you took a shot at really the last shot to really use kind of Reagan-esque,

00:39:28.000 the one part of Reagan, you know, the Reagan-esque supply-side tax cut focus on capital because capital is essential to becoming a man,

00:39:37.000 or returning to be a manufacturing superpower.

00:39:40.000 One of the central tenets of the MAGA movement, to return America to her greatness,

00:39:46.000 you must stop the bleeding of shipping high-quality jobs out to basically lower labor-cost areas,

00:39:55.000 East Asia and South Asia particularly.

00:39:58.000 And this is why some Central America and Latin America, but principally that.

00:40:04.000 This is why now the Frankenstein monster that Wall Street, the corporatists and big tech created,

00:40:11.000 the Chinese Communist Party become a manufacturing superpower, was done by our elites. 0.98

00:40:18.000 This is what led to the managed decline.

00:40:20.000 This was the managed decline of this nation in the rise of the Chinese Communist Party in a form of state capitalism.

00:40:28.000 And this is what the United States and the way it's governed is kind of evolved to.

00:40:34.000 The Chinese Communist Party did not become a open democracy based on freedom, based on liberty, based on free speech, religious, all that exact opposite.

00:40:42.000 More and more controlled by state capitalism and an authoritarian government.

00:40:49.000 This is what you saw, you saw it manifested in the Biden regime, the illegitimate Biden regime, I might add.

00:40:58.000 Illegitimate? Why is the Biden regime illegitimate?

00:41:00.000 Because they stole the 2020 election.

00:41:02.000 We're never backing off that.

00:41:04.000 And if you if you don't believe that, then you actually don't believe one of the core tenets of the MAGA movement.

00:41:11.000 I'm sorry.

00:41:12.000 I'm sorry if I'm hurting feelings of people that some of the people watching in.

00:41:16.000 It's just not.

00:41:18.000 This is why the damage done during those four years is monumental.

00:41:23.000 President Trump had enough to clean up, given the fiascos of Bush, Clinton, Bush and Obama.

00:41:31.000 That was kind of stopped the decline or to try to put a tourniquet on it.

00:41:36.000 Then after the pandemic that was hit that delivered by the Chinese Communist Party, coupled with the storm, the summer of love and the stolen election of 2020 in the four years of an illegitimate regime. 0.91

00:41:48.000 How do we know it's illegitimate?

00:41:51.000 Because you couldn't certify the the stolen the all the stolen ballots that they did.

00:41:56.000 And four hundred thousand of them are sitting down in a warehouse in Georgia and we're still sending strongly worded letters.

00:42:01.000 And Fulton County came back and I'm so glad they did it.

00:42:04.000 They said, hey, take your letter and put it where the sun doesn't shine.

00:42:07.000 So justice.

00:42:08.000 Hey, I got a solution.

00:42:10.000 I'm just tossing it out there.

00:42:12.000 Just get yourself a couple of U.S. Marshals, couple of three U.S. Marshals, get a warrant and go down and seize it.

00:42:20.000 You're the Justice Department.

00:42:22.000 You don't need to send any more strongly worded letters.

00:42:25.000 You don't need to go back into court.

00:42:26.000 You don't need to do any of it.

00:42:27.000 The Trump economic plan is working.

00:42:34.000 I think people have to be we have to do a better job of saying, hey, here's what the plan is.

00:42:41.000 Here's what's happening with it.

00:42:42.000 Here's what's working with it.

00:42:44.000 And it's in jeopardy.

00:42:45.000 Big time.

00:42:46.000 I'll talk about that after a short commercial break.

00:42:48.000 What if he had the brightest mind in the war room delivering critical financial research every month?

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00:43:49.000 I read it.

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00:44:00.000 That's RickardsWarRoom.com.

00:44:02.000 Do it today.

00:44:03.000 Here's your host, Stephen K. Bannon.

00:44:07.000 Stay back.

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00:44:45.000 Senator Tuberville is with us.

00:44:47.000 Senator, thank you for carving out time today.

00:44:51.000 You're a pretty strict guy on tradition and custom.

00:44:56.000 You're a pretty strict guy on the Constitution.

00:44:59.000 You're now because you're much more action-oriented.

00:45:02.000 You're running for governor of Alabama.

00:45:05.000 And as we know here in our audience, so you'd be an amazing governor of Alabama.

00:45:10.000 But this issue of the filibuster.

00:45:13.000 Talk to me about it because you're one of the leading voices now and the president's adamant about this.

00:45:18.000 And I take it this breakfast did not end too well the other day.

00:45:21.000 But talk to us about why a guy like Tommy Tuberville, who's a traditionalist, who believes in customs and traditions and the Constitution, why would you be one of the leading voices in saying we've got to junk the filibuster and we've got to do it now?

00:45:39.000 Well, thank you.

00:45:40.000 See, first of all, it's not the Constitution.

00:45:42.000 And I am a Constitutionist.

00:45:43.000 I believe in this country.

00:45:45.000 That's the reason I ran for this job.

00:45:47.000 I didn't need this job, but I saw the direction we were going.

00:45:50.000 I wanted to come up and put my two cents worth in, Steve.

00:45:53.000 And my dad died in the military, was landed at Normandy at age 17.

00:45:58.000 He loved this country.

00:45:59.000 He taught us to love this country.

00:46:01.000 So it's time to give back.

00:46:03.000 But at the end of the day, this week, yesterday, the Democrats draw a line in the sand.

00:46:10.000 The hell with American people.

00:46:12.000 We're for our party.

00:46:13.000 We got a bump in the polls the other day because of the blue states actually won races that they should have won.

00:46:19.000 And, you know, you look at it and the American people are suffering.

00:46:23.000 You know, military personnel, government workers, some that don't need to be in the government, some that do.

00:46:30.000 Obviously, people that need food stamps, air traffic controllers.

00:46:36.000 We're making it more dangerous.

00:46:38.000 We've got to have common sense here, Steve.

00:46:40.000 We have got to understand what the Democrats are doing.

00:46:44.000 They're playing four corners of basketball against President Trump.

00:46:47.000 They know he's only got three more years.

00:46:49.000 Every day that they stall to allow him to get something done is hurting the American people.

00:46:54.000 77 million people voted for President Trump to change this country back to the way it was.

00:47:00.000 But we're not going to be allowed to do that because it takes 60 votes.

00:47:04.000 We're not going to get one vote out of the Democrats.

00:47:07.000 They've drawn a line in the sand.

00:47:09.000 It's over with.

00:47:10.000 Now, we've got to decide we're boxing a corner.

00:47:13.000 Are we going to do away with the filibuster and get everything done from MAGA for the next three years?

00:47:18.000 Or are we going to just sit back and say, okay, nothing's done.

00:47:22.000 You know, we're not going to vote for 51 votes to have no mail-in ballots.

00:47:28.000 You've got to have a valid ID to vote.

00:47:31.000 You've got to have all those things.

00:47:33.000 We're going to do that with 51 votes if we bust the filibuster.

00:47:36.000 But we're dead in the water if we don't make a decision because who's getting blamed now?

00:47:41.000 We are, the Republicans, because we are in the majority.

00:47:44.000 Let's take advantage of it.

00:47:46.000 Are you, is an underlying conviction of yours in the president is that the Democrats are going to do this immediately?

00:47:57.000 One of the fears is that if you, if you, if you do this, you've opened the path for Washington, D.C. as a state, Puerto Rico as a state, you know, 15, 20 judges on the Supreme Court, all of that.

00:48:10.000 Are you guys convinced that the Democrats are going to do this anyway and that's why you want to be preemptive?

00:48:15.000 Oh, 100%.

00:48:16.000 You know, I talked to Joe Manchin and I talked a whole lot when he was here, Christian Sinema.

00:48:21.000 They saved us.

00:48:23.000 They saved us from, from that happening just a few years ago.

00:48:27.000 They're gone.

00:48:28.000 They've got radicals back in on their side.

00:48:31.000 They've got enough to get it done.

00:48:32.000 So what they're going to do is they're just going to wait us out.

00:48:35.000 And when they take over, you know, it looks like for us as Republicans, you know, we just want the majority.

00:48:42.000 We don't want to do anything when we get it, but we want it.

00:48:44.000 And that's the wrong way to look at it.

00:48:46.000 They elected us, not as senators, as a, as a Senate to look at power.

00:48:52.000 They looked at the Senate to do something for the American people and President Trump.

00:48:56.000 And again, as President Trump says, folks, they're going to vote it in the first day they take over.

00:49:03.000 And it is coming.

00:49:04.000 And if we don't take advantage of it right now, we have no chance of winning.

00:49:10.000 Uh, we might win the Senate or we might win the house.

00:49:14.000 Uh, we might even win the presidency next time the presidency is up, but we're not going to have all three of them.

00:49:20.000 And so we're not going to be able to get anything done.

00:49:22.000 They'll push things through on executive orders.

00:49:24.000 They'll do everything they possibly can to, to bust the filibuster.

00:49:28.000 So, uh, again, I'm a traditionalist and, you know, you know, I'll come up here 60 votes.

00:49:33.000 Hey, that sounds great, but we're in a different country, Steve.

00:49:37.000 This is a different time.

00:49:39.000 We just saw what happened in New York.

00:49:41.000 We lost New York.

00:49:42.000 It will be completely Muslim in three or four years. 0.99

00:49:45.000 That's what they want.

00:49:46.000 They're going to have everything free there for them.

00:49:49.000 And they're just going to spread throughout the country.

00:49:51.000 We better wake up and smell the roses.

00:49:54.000 Um, is it in the Democrats in this, um, is an example of this in the negotiations,

00:50:00.000 even to, to reopen the government that the Schumer is and team have shut down.

00:50:04.000 Uh, they're not moving at all on this trillion dollars that would need to be spent on illegal alien health care.

00:50:11.000 Correct.

00:50:12.000 I just want people to understand this.

00:50:13.000 Everything they've got is about illegal aliens or bringing in, uh, foreigners now and turn them into Americans in like two weeks and let them vote. 0.75

00:50:20.000 This is what happened in New York.

00:50:22.000 Um, are, are they showing any sign that they would ever, uh, pull that out of these negotiations?

00:50:29.000 No, I tell you that, you know, that's, that's all, that's all they're looking for.

00:50:34.000 They're just looking for power.

00:50:35.000 They're looking for votes and every possible way they can get it.

00:50:38.000 And again, it's just, uh, uh, it would be, we'll be back to globalization.

00:50:43.000 Uh, as soon as they get, get power, they'll open up the borders again.

00:50:47.000 Uh, president Trump's trying his best and has done a great job of that.

00:50:50.000 And so is, uh, uh, Kristi Noem and all the people in Homeland Security.

00:50:55.000 Uh, but again, we're fighting with a short stick here, uh, because the American people, they want to be taken care of too.

00:51:02.000 And, uh, we're not taking care of them right now.

00:51:04.000 And, you know, we've ruined our healthcare.

00:51:07.000 We've ruined our education system.

00:51:09.000 Uh, anything we touch like air traffic controllers, the TSA, uh, anything out there, the, the government has ruined it.

00:51:16.000 You know, we don't need to be in air traffic controllers.

00:51:18.000 And president Trump really wants to sell it.

00:51:20.000 He wants to get out of it.

00:51:21.000 He won't, but we've got to redo it because when you, when you put something under the federal government, you don't fund it completely.

00:51:27.000 And that's what's happened with this antiquated equipment we have in the air traffic controllers.

00:51:32.000 And so who in hell would want to buy it now?

00:51:35.000 Who would want to privatize that?

00:51:37.000 So we've got to get it back up to speed.

00:51:39.000 Senator, uh, Secretary Duffy knows that and then sell the dang thing, get it out of the federal government.

00:51:44.000 We can't afford to keep it going.

00:51:46.000 We're growing too much.

00:51:48.000 So there's a lot of the things.

00:51:50.000 Senator, can you just hang on for one sec?

00:51:52.000 Just hang on one sec.

00:51:53.000 We're going to take a very short, like a 120 second, uh, commercial break.

00:51:57.000 Back with Senator Toto in a moment.

00:52:00.000 Okay.

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Bannon's War Room - November 07, 2025

Episode 4909： Making The US The Dominant Player To Build Manufacturing

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