Episode 4921: Building The Perfect Child; Shocking The World Into Acceptance
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Summary
Learn English with Tim Geithner, the 79th U.S. Treasury Secretary, who delivers a keynote at the New York Federal Reserve s fall meeting on the Treasuries market in the fall. In this speech, he highlights the depth, breadth, and enduring importance of the Treasury Market, and outlines the strategies the agency is using to keep it that way.
Transcript
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Big group. Good morning. It's an honor to be here. To begin with, I'd like to thank the New York Fed
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for hosting this meeting and inviting me to join you. It's fitting that the Treasury Market
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Conference is held each year in the fall. Late fall offers us the opportunity to both look back
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and to look forward. And since the fall of last year, much has changed. November 24 marked an
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inflection point for the nation and its fiscal future. The American people had just elected
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President Trump to put the country on stronger financial footing. The previous administration
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had run up the highest deficit in U.S. history outside of a recession or wartime. As a result,
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inflation had skyrocketed to generational highs. Families watched their hard-earned savings melt
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away as prices of consumer goods climbed even higher. Seeking a course correction, voters
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elected President Trump in a landslide and they gave him a clear mandate to make America affordable
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again. My commitment to that cause, to improving affordability and putting our fiscal house in
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order, is what motivated me to come up from behind my desk in the private sector and to
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enter public service. As a 79th Treasury Secretary, my duty is to serve as the primary caretaker of the
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Treasury market. Maintaining a robust Treasury market and even strengthen it further is essential to
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making America affordable again. That's because Treasury yields set the global risk-free rate.
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Domestically, the risk-free rate sets everything, sets pricing for everything from bank loans and home
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mortgages to stocks and corporate bonds. In that sense, Treasuries are not only the bedrock of the
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global financial system, but also the American dream. Treasury yields have a trickle-down effect on the
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broader economy that determines whether a young family can afford a home, a college student can buy a car,
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or an entrepreneur can get a small business loan. The work we do here directly impacts
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affordability and quality of life out there, which is why we must succeed. The good news is we are succeeding.
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The U.S. Treasury market is more robust and more liquid than it's ever been. The Treasury Department has made
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significant progress in increasing demand and expanding accessibility to U.S. debt. We are poised to make
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even more progress towards this goal in the months to come. The purpose of my remarks this morning,
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twofold. First, to highlight the depth, breadth, and enduring importance of the U.S. Treasury market,
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and second, to outline the strategies we're using to keep it that way. As Treasury Secretary,
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my job is to be the nation's top bond salesman, and Treasury yields are a strong barometer for
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measuring success in this endeavor. By this metric, we're making substantial progress in keeping rates
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down following the spending blowout from the Biden years. In fact, the U.S. Treasury market has been the best
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performing developed world bond market this year. The Treasury market's total returns year-to-date
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are 6%, its best year since 2020. The U.S. 10-year term premium is basically unchanged, while U.S. borrowing
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costs across all other areas of the curve, from two-year notes all the way to 30-year bonds, are down
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year-to-date. Lower Treasury borrowing costs mean lower corporate borrowing costs, lower mortgage rates,
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and lower car payments, which all translates to greater affordability for all Americans. Other
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developed bond markets, by contrast, have had nowhere near the same success. Some countries have seen demand
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for their debt reduced or even dry up, especially at the long end, and they've had to react by curtailing
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sales, but not the United States. We continue to see robust demand at Treasury auctions from a wide
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range of investors, including foreign investors whose holdings of Treasury securities are at record
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levels. This impressive performance comes in spite of the negative rhetoric and doomsaying
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of market pundits, especially this spring. For the past 10 months, the press has been pushing
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a sell America narrative. But the data and the price action have been saying the opposite. Buy America.
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And the market always rewards those who put fundamentals over fear. Suffice it to say,
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the Treasury market remains the deepest and most liquid market in the world, which is a testament to the
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efficacy of the Trump administration's economic policies. Investors around the globe trust the Treasury
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market because of its utility as a safe, liquid and reliable store of value. Treasury securities are
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used for a wide variety of purposes in the financial system, including as a vehicle to finance the U.S.
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government, as a means for the Fed to implement monetary policy, as an asset for global investors,
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as a high quality collateral for a range of different transactions and institutions,
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and is a reference benchmark for a wide variety of other borrowers. Daily trading volume for U.S.
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Treasuries averages around $1 trillion per day, and that's just in cash securities. Volumes and
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associated derivatives represent another major source of liquidity. During periods of market volatility,
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volumes in the Treasury market increased substantially. When markets continue to facilitate
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effective risk transfer despite unexpected events, that is a sign of things working. Having traded many
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different markets across the world throughout my career is moments when markets stop trading that most
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concern me. It is impossible to eliminate market volatility altogether, and that's why our goal must be to
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ensure a robust and resilient market that can withstand volatility when it inevitably arrives. To that end,
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Treasury is pushing several forward-thinking initiatives to strengthen the Treasury market. This includes the
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Treasury Buyback Program, which is an important tool in supporting market liquidity. While the program has been a success so far,
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we continue to look for ways to improve its efficacy. We have already expanded the size of the long-end
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operations in the Treasury Buyback Program and will expand the counterparty set in the first half of next year to
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continue building on the progress we've made. Treasury is also supportive of reforms to the Enhanced
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Supplementary Leverage Ratio, or the ESLR. In its current form, the ESLR risks becoming a consistently binding constraint,
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rather than a backstop to risk-based capital requirements. That can distort banks' incentives to engage in low-risk activities,
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such as Treasury Intermediation. The ESLR must be improved to prevent this distortion. Expanding central
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bank clearing is also key to strengthening market. The SEC is currently leading an effort to expand central
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clearing in the Treasury market, which will enhance resilience, expand netting opportunities, and
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standardize risk management. This effort also supports competition in the marketplace, as several
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central counterparties are launching new business lines to facilitate the expanded clearing activity.
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Okay, we're going to cut highlights of this and come back to it. Why is this important? What does he get,
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what does he say up front? Remember what we've talked about, and then Paul Ryan got into it, I don't know,
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a month or so ago. The way, and I talked about it here, remember the Economist interview I gave?
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The coming debt emergency. The coming, how's the coming debt emergency triggered? The coming debt
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emergency is triggered by what, this is a concept you should write down, a failed Treasury auction,
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where the demand, you know, we get so much debt at the price we want to sell them at, that there's
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resistance in the market or that a Treasury auction, which goes on, I think, essentially every day or
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every couple of days, fails. And that has a chain reaction that you start to quote unquote reprice risk.
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And the way they reprice it is higher. This is what the Charlie Gasparino theory right now,
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why you can't totally get inflation under control, that that 3% and Gasparino has been doing this a long
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time, says that Wall Street and particularly maybe even Treasury and the Fed are signaling that maybe
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3% is their new target. I don't happen to think that, but 3% is not insignificant. Of course, it is
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orders of magnitude lower than the Biden fiasco that started this. But it's, you know, it's not the
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traditional two, which I think is the Fed target. And that 100 basis point or that 1% is a big deal,
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because that rolls all the way through to your credit cards, your home mortgage, all of it.
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In fact, that's one of the underlying beliefs of the 50 year mortgage. I'm not defending it,
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but one of the things they're saying is that with interest rates at a certain height,
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you do get the lower, you do get the lower, um, the lower payment, the lower monthly payment.
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If you got to make that in a car payment and you got to pay credit card debt, if you got three or
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four, two, three, four things you're paying off,
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every couple of hundred bucks you save on that is worth it in the short term. And then you refinance
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it when you get into a better financial situation. I understand you, 50 years is a long time to have
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a, you know, the 50 year mortgage in and of itself is not a solution. Maybe it's a tool in the toolbox,
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particularly for people that want the option, but it's not a solution. I also don't think it was
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presented as a solution. I don't think President Trump ever said, hey, this is going to,
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this is going to solve the affordability crisis in homes. Uh, I think it was another tool in the
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toolbox. I think the way it got put out there by the guy that presented it to him, you know,
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particularly unvetted or not, Hey, this is a package of what we're going to do. And I think
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Benny Johnson and, uh, Andrew, uh, over at turning point, this is one of Charlie's big things about,
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you know, some sort of moonshot or some sort of Marshall plan or something for the affordability,
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and particularly the home crisis. As I said, this generation is nothing but,
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it's nothing but Russian serfs. They're not going to own it. They don't own anything.
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They're not going to own anything. If you treat them like, if they're Russian serfs,
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eventually they're going to do what the Russian serfs did. And not a lot of them signed up for
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the Bolsheviks. They weren't exactly excited with the Bolsheviks, but they kind of, you know,
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they got, they got crushed by the Bolsheviks, but someone gave some muscle, particularly in St.
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Petersburg and Moscow, provided a little muscle because they didn't see an alternative.
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This is why, this is why you got, uh, Zoran in, uh, in Manhattan. You got a Marxist jihadist,
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as I said, the national conservative convention, that this is not the threat to Israel,
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the threat to the Jewish people, principally is not coming from Tehran. And the obsession with that,
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the obsession with that has now a two-state solution. The, the, the, you've got a two-state
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solution with the Muslim Brotherhood financier and the Turks running security and the Muslim
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Brotherhood financiers writing the checks. The threat is in New York City. How did, how do we get
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to New York City? Because kids, and you look at all these things, well, they, they're looking at
00:12:32.020
socialism. They don't like capital. They never had capitalism. They never had capitalism. They've
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had globalism. They have corporatist globalism. That's not economic, that's not a free market
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entrepreneurial capitalism. And the first thing you have to do is protect your citizens.
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Hell, we're protecting industries. That's what tariffs are. I know they don't want to talk about
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it. Is the P, the T word as is based upon the P word. You are protecting certain industries.
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This is why the Republican, this is why conservative Inc. hates it because they're,
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they're, they're all raised on Milton Friedman.
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Being raised on Milton Friedman is, to me, just like being raised on John Maynard Keynes.
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You don't, you don't get actually the entire, you know, you get two sides. You don't really get
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solutions. President Trump's offered you a solution.
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The supply side tax cut to focus on massive investments in, in, in productive capital,
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plant and equipment, coupled with a, a trade policy, commercial relationships with the world
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that you got a choice. You're going to build it here and create jobs, or you're going to pay
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a tolling fee. Take your pick and use the tolling fee, the tariffs as a forcing function.
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But the whole purpose of it is not then to invite the world back in. Hey, you had jobs,
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invite them back in, particularly from Asia, particularly from India and China. Why would
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you invite, why would you invite then massive immigration here on some sort of visa program
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to take those jobs away from Americans? Now, if Scott Besson is saying, oh, well,
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they're only here for a couple of years to just train people. Hey, on this one now,
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I think we're all from Missouri. I think all the numbers got to be put out,
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including the investment of the foreign companies. The best way to make your case is to make your case.
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The theory of it and the, and what you've done so far to execute are, is quite frankly, brilliant.
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Nothing short of brilliant of President Trump's plan.
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Just now, let's show some math. Let's show the projections. And let's show if there's certain
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areas that the American worker in this plan are not up to speed and skills. Nobody faults getting
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up to skills. I got to have Lutnick, Lutnick or the Department of Labor or somebody has got to put
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those numbers out and show, and I think show folks. Short commercial break. Back with the tech bros in a
00:14:57.460
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00:16:38.820
Okay. Like I said, we've got to get, you know, the Kristi Noem comment that we're letting more
00:16:42.740
folks in than ever. I think the focus should be, let's cut it by 50% in 10 years. I'm serious.
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You can do it. Tons of actions you can take to do this. You would free up so many opportunities for
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for kids, not just kids, but adults in the United States. It'd be amazing.
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Also with Scott, if this, if the new program, is that the new plan that's interim basis is just
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to train people up and maybe people in Georgia show me something different or Hyundai shows me
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something different. I don't, and maybe it's true and we're going to dig into it, but I'm not buying
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the fact that the guys down in, the folks down in that plant where they're just to train people
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and they're going to leave. They were kind of off the books and, you know, living like indentured
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servants. This is why the folks down in Georgia started calling people. First, it was kind of,
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you know, health and safety checks, health and welfare checks to go and check in on them.
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Then nothing kind of came together. If that's the issue, particularly as you have this foreign
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capital coming back in. Remember, I'm no fan of foreign capital. We got all these deals lined up
00:17:50.100
with trains of dollars coming in. If the Germans, like the Germans at the, at the magnet plant,
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if you have to do it, then you have to do it. And if Scott's saying it's going to be temporary,
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then hey, temporary. But let's, one thing I take about corporate America, if you ain't on them
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about things like this, they're going to, they're going to have a workaround because they want cheaper
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labor. You people, they, they don't like the Americans attitude. They want cheaper labor
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and they don't want to pay health benefits or retirement. Pretty simple.
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It's a big economic difference, but that's what I'm saying. American citizens got to come first
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here. You want to be the arsenal of democracy. You want to grow families that create young men
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and women that fought in these horrible wars in Iraq and Afghanistan, Vietnam, Korea,
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let's say everything since World War II. You want to create those heroes that you all say,
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thank you for your service. I tell you, don't say thank you for your service.
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Get on a company that's employing foreigners instead of American citizens. Every time you go
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in, you should ask them a question. People in the service, the last thing they need is your thanks.
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They do it for their country. They do it for their comrades and arms in the brotherhood of service.
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They don't need to be thanked. Every day in serving in those positions is a thank you.
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Ask every person that served, you know, particularly most of the time it's in your,
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some make it a career, but the bulk go in for some period of your time in the 20s. I tell people,
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it's the best thing you could ever do. The best thing you could ever do. So the country itself,
00:19:20.820
by providing that opportunity, you're getting a thank you. You want to thank them, make sure their
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family's got a, you know, their dads and moms got a shot to make a little money to raise them up right.
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Okay. Do that. And take the economic anxiety away from it. You want to build a strong country?
00:19:37.060
Do that. Do that. Don't give them a handout. They don't need a handout. What they don't,
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what they, only thing they want is not have the world come in here and compete against them every
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day in their own fricking country that they fought to defend and pay taxes for and built up.
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That's why people are so angry about this and they should be angry about it. Okay. I got to play this.
00:19:56.900
And on top of all that, they're going to make a bunch of genetic babies because they don't want to see
00:20:00.020
you anymore. Let's go ahead and play. Can we go and play Stephanie rule from last night?
00:20:03.700
And then we'll bring some folks in. Let's go and let it rip.
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Well, the race for AI captures all of the headlines. There's another one quietly brewing
00:20:11.140
between Silicon Valley executives, the race to create a bio-engineered human being, a child.
00:20:18.340
The wall street journal has some extraordinary reporting out that a small company backed by none
00:20:22.820
other than open AI chief, Sam Altman has spent months pursuing a secret project for a genetically engineered
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baby. They're working toward creating a child born from an embryo edited to prevent a hereditary disease.
00:20:37.300
Editing genes in embryos in order to create babies is banned in the United States of America.
00:20:42.260
So the company called preventive has been searching for places to experiment where embryo editing is
00:20:48.580
allowed, including the United Arab Emirates. Sam Altman's family office and Coinbase co-founder
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Brian Armstrong are backing this company preventive, which, as you mentioned, is conducting
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preclinical research to attempt to create a baby from a genetically engineered embryo to prevent a
00:21:05.540
hereditary disease. Behind the scenes, the company has told people that a couple had already been
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identified who was interested in participating in the research. Okay. You also report on a plan that is
00:21:19.940
meant to quote, shock the world into acceptance on this. What can you tell us? Uh, Brian Armstrong,
00:21:27.300
the Coinbase co-founder floated a plan to produce this baby in secret. Um, a spokesperson for Armstrong.
00:21:35.540
That's like a horror movie. I will say a spokesperson for Armstrong told us that he floated that plan
00:21:41.380
only in order to point out what a bad idea it was. And he would never suggest that preventive operate in
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that way. Okay. So they're saying it's to prevent hereditary diseases, but where's the line? Where,
00:21:52.420
how far before you get to make sure the legs are long, the boobs are big, the eyes are blue,
00:21:56.740
and they're super smart. Well, another suite of startups that we reported on are doing something
00:22:00.980
slightly different than embryo editing is called polygenic screening. And some of those companies
00:22:05.700
are already moving in that direction. They say that they can give parents who are pursuing IVF
00:22:11.060
insight into their potential child's IQ, height, eye color, and a host of other traits. So that
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parents can choose which embryos to implant based on that information. What's the plan if it doesn't
00:22:21.300
work? If, if the information is wrong, if the information is wrong, if, if this genetically modified
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embryo, if a baby is born and, and something goes wildly wrong. I think that's yet to be seen. Uh,
00:22:34.740
these companies, the embryo editing company preventive, um, for one, it's, it's far away,
00:22:40.260
it says from trying to bring a baby to term with this technology. Today, they were determined that
00:22:45.860
their next child would be brought into the world in what has become the natural way. Your extracted eggs,
00:22:54.740
Marie, have been fertilized with Antonio's sperm. After screening, we are left, as you see,
00:23:02.980
with two healthy boys and two very healthy girls. Naturally, no critical predispositions to any of
00:23:09.300
the major inheritable diseases. All that remains is to select the most compatible candidate.
00:23:15.780
First, we, we may as well decide on gender. Have you given it any thought? Uh, we would want
00:23:20.980
Vincent to have a brother, you know, um, to play with. Of course you would. Hello, Vincent.
00:23:25.860
Well, you have specified hazel eyes, dark hair, and, uh, fair skin. I have taken the liberty of
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eradicating any potentially prejudicial conditions, uh, premature baldness, myopia, alcoholism and
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addictive susceptibility, uh, propensity for violence, obesity, etc. We didn't want, I mean, diseases,
00:23:47.780
yes, but, uh. Right. We were just wondering if, if it's good to just leave a few things to the chance.
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I want to know, how's the company responding to your reporting?
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The company says, again, that it's focused on preclinical research. It's focused on trying to
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prove the safety of embryo editing before it does anything else. It says that it is focused on
00:24:08.900
transparency and that it believes that it will act, uh, with high ethical standards going forward.
00:24:14.740
I don't want to blow your story up and I want to be careful. How did they feel
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about this story getting written, right? There's lots of startup companies that are reaching out
00:24:24.260
to the media. They want their story told. Did they come to you or did you come knocking on their door?
00:24:29.540
No, it's great that you asked that question. We came knocking on their door. Um, when we started
00:24:34.660
asking around about this company, uh, people close to the company, we, we were trying to figure out
00:24:39.540
what the company was doing. A few weeks later, uh, there was a brand new website post on the website.
00:24:44.660
Rather, uh, saying we're preventive and we're here to edit embryos or at least research,
00:24:50.660
research embryo editing. Um, when we went to Brian Armstrong for comment, um, uh, he,
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he tweeted a few days later saying, I'm so excited to be an investor and preventive.
00:25:00.900
Hold on a second. Back this up. You call the company. You asked for a comment. They do not open the door.
00:25:07.460
They do not call you back. And miraculously out of the blue, three days later, he writes a tweet
00:25:13.140
about it. Yeah. I mean, I don't, I don't want to speculate about what kind of conversations were
00:25:19.940
going on behind the scenes, but, um, the, your summary of the timing is correct. The thing that
00:25:24.740
strikes me here is that unlike prior technological revolutions that took place, you know, this
00:25:31.460
particular group, the AI group, the, the tech bros who want to move fast and break things think they
00:25:37.540
know better. And I, and this is a broad categorization than anyone else and that ethics be damned and
00:25:43.860
they will do what they want because they can. It's like Ian Malcolm in Jurassic Park. Just because you
00:25:48.820
can doesn't mean you should. And I don't think they take that to heart. You want to give your child
00:25:53.700
the best possible start. Believe me, we have enough imperfection built in already. Your child
00:25:59.540
doesn't need any additional burdens and keep in mind, this child is still you simply the best of you.
00:26:07.700
You could conceive naturally a thousand times and never get such a result.
00:26:14.260
Brave new world. And that was Gattaca, the movie where I thank my staff for just a brilliant cut.
00:26:18.740
Um, and Stephanie rule in the young report of the wall street journal, let's not bury the lead.
00:26:24.420
Stephanie rule got her out of her. Armstrong, the Coinbase guy with, uh,
00:26:30.260
Altman, two beauties. They were going to shock the world. Their plan was to shock the world into
00:26:37.460
acceptance. Do not lose that phrase. They were going to shock the world into acceptance because
00:26:43.140
they were just going to do it and present you with the fate accompli, a genetically engineered and
00:26:49.380
created baby. You ready for that folks, the, um, the technology, the convergence on the singularity
00:26:59.620
is accelerating at an accelerating rate. You got people that narcissists with no ethics,
00:27:05.380
no morals and no common sense. Half of them on the spectrum, more than half that have unlimited capital
00:27:13.700
now because of the way the capital markets have responded to this. And it's just pure speculation,
00:27:17.860
but they understand big things can happen. Armstrong was going to, if it hadn't been for this young
00:27:23.300
reporter, was going to shock the world into acceptance. How are they going to do that?
00:27:28.100
They're going to present the baby, do it in total secret, and then present it to the world. Remember,
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Okay, so that's the reality of what's going on. Let's talk. We got Ryan Kennedy now from the Florida
00:29:02.180
Citizen Alliance. Ryan, talk to us about what citizens are doing down there. This is particularly
00:29:07.300
about AI and chat GPT, and you've got, we now have, there's a story, I want to think in the New York
00:29:14.340
Times about people becoming romantically involved, adults, I'm talking about people in their 40s,
00:29:19.780
romantically involved with, I guess, chatbots. There's also been, people have been sending me
00:29:26.180
footage of particularly in Japan, people marrying, having marriage ceremonies around these chatbots.
00:29:32.660
Ryan Kennedy, what are you doing to protect young folks down in the state of Florida?
00:29:37.700
Thank you for having me on, Steve. Really, our focus is trying to protect the young kids,
00:29:42.100
just like you said, from access to these chatbots and for their data being sold to the highest bidder,
00:29:49.380
truthfully. So we jumped in because of the scary facts, just as you mentioned in your last segment,
00:29:56.100
amongst others. And what we're trying to do is put some guardrails in place to protect parents' rights
00:30:02.100
to make sure that parents have to opt their child in before they're allowed to use AI in a school
00:30:07.780
setting, to require age verification and ban children from under 18 from using chatbots,
00:30:15.780
and then also to protect their student data and their children's data, make sure that parents are
00:30:22.420
in control of it, and make sure that what's being taught in schools doesn't conflict with what we've
00:30:28.500
already passed here in Florida and with our Western Civilizational Worldview.
00:30:33.060
So walk me through, is this the schools in Florida, is there any guidance at all on this technology
00:30:43.940
No, no. Right now, it's the Wild West here in Florida. School districts are having pilot programs,
00:30:50.500
bringing in AI. It's already on all the devices, obviously, as you know, Steve. Computers, tablets,
00:30:57.300
Chromebooks. So many students have access to these devices, and AI is already being integrated into
00:31:04.740
those devices. So it's the Wild West. There is no clear guidance on what school districts can and can't
00:31:10.740
do. And so we're trying to put some in place, because we believe that minors need to be
00:31:16.180
protected. Our up-and-coming generation need to be protected from the very things that you've
00:31:27.140
This is the reason that they wanted this mandate that no state could ever come up with anything
00:31:31.620
that could slow down the progress. Do you view what you're trying to put in
00:31:36.580
into this as slowing down the development of artificial intelligence, or is it just the
00:31:41.860
applications where it deals with children of citizens of Florida?
00:31:48.820
Well, I think it could serve both. We definitely want it to be setting a stage and a pathway for
00:31:54.420
the rest of the nation to follow. It will protect students, and it will protect minors. And so for that
00:32:00.100
reason, yes, we do believe that it may slow down its development when it comes to the application of
00:32:07.780
children. But really, we are just trying to protect them. We're trying to make sure that
00:32:12.980
children who do not know and don't have a developed brain yet fully don't end up doing something that's
00:32:18.180
going to have a long-term effect. We know with social media, we were so behind on that, and we do not
00:32:24.820
want to be behind on AI. We do not want the effects of AI to impact children like social media did.
00:32:32.980
How could anybody oppose this? Are the tech companies all over you guys right now saying
00:32:36.740
you're a bunch of Luddites and you're going to hurt the economy of Florida? Because if you have these
00:32:41.060
restrictions, AI companies are going to want to pull out or not have their products or services used
00:32:47.940
Well, what we what we've heard so far is that there is some, thankfully, some legislators that
00:32:55.700
want to stand up and who want to do the right thing. We, of course, welcome any kind of conversation with
00:33:02.100
those who want to talk to us, but we want to make sure that our children are protected. That's what our
00:33:07.140
primary focus is in our organization, and that's what we're trying to do with these slate of legislative
00:33:12.980
initiatives. One more time, just give the three legislative initiatives, and then I want to
00:33:20.180
give us your your coordinates on social media, particularly a website somebody can go to and
00:33:24.260
drill down themselves. So what are the three again? Yes, opt in to make sure parents have to consent
00:33:30.580
before their child uses AI in the schools, age verification, and then banning AI chatbots for those
00:33:36.580
under 18. And then lastly, to make sure that the data that is being collected by AI, but also the
00:33:42.660
data that's being put out by AI to responses can comply with all of our state laws here in Florida
00:33:49.860
and our federal laws as well. Have you had a chance to talk to Governor DeSantis or anybody in the in
00:33:56.340
the administration down in Florida? Yeah, so Governor DeSantis says he wants to work on this issue.
00:34:02.900
We haven't talked directly with him, but we have we know he's trying to do something with it.
00:34:08.180
We of course welcome any kind of conversation we can have because again, we want to make sure we
00:34:13.220
protect our children. Ryan, social media website, where do people go? Goflca.org is our website.
00:34:22.980
There you can access all of our information and our Instagram is fl.citizens.alliance.
00:34:28.820
And that's where you can go to find out more information about what we're working on.
00:34:34.740
Thank you, sir. Appreciate you. We'll have you back on as this fight continues because it's
00:34:38.740
going to be a big one. And they're not they're going to look at citizen groups and citizens and
00:34:43.220
say, hey, you guys are just you just was it grist for the mill. Ryan Newhouse joins us. Ryan,
00:34:51.620
you put out a tweet, I think it was last night that walked through about the Republican Party,
00:34:55.860
particularly the traditional didn't just fold, they collapsed. Walk me through. I want to put up if
00:35:01.380
my tremendous production staff here and in Denver, the Real America's Voice can put it up. Walk us
00:35:06.580
through the essence of what you were saying on this, sir. Yeah, thanks, Steve. It's great to be with
00:35:13.060
the War Room Posse. Big fan of you guys and your work. You guys are awesome. So there's a debate going
00:35:18.340
on amongst, you know, you could say Con Inc and the younger generation about the effectiveness of
00:35:24.340
the last 40 years and what we've accomplished or, quote unquote, what we've managed to conserve.
00:35:29.700
And I think, you know, earlier in your segment today, you had you had Scott Besson talking about
00:35:35.300
how we need to make America affordable again. And that's core to what the younger generation is
00:35:39.540
seeing and is concerned with and to the root of this debate. So you see in that tweet, you know,
00:35:45.140
I know a series of statistics and we could cherry pick statistics all day long. We could talk through,
00:35:49.940
you know, what has and hasn't worked from a policy lens. But the the bottom line, Steve,
00:35:55.780
is that at the end of the day, if you go to everyday Americans and you ask them,
00:36:00.580
is life affordable for you? Do you have hope for your future? Are you interested in getting married
00:36:06.500
and having more kids than you can afford? Along the line of that message that Charlie and Turning
00:36:11.000
Point USA and Benny Johnson and others are so good at promoting? The answer is typically,
00:36:15.640
you know, I would like to. But right now it feels out of reach. And that's a problem. And I think
00:36:20.440
that's because Con Inc for a lot of times has simply managed to climb instead of actually engaging
00:36:26.440
in an offensive playbook for the American people. So what do you mean by that? Tell me about this
00:36:31.640
debate between Con Inc. Are they putting forward that they've had a tremendous run of victories and that
00:36:36.680
their their view of the economy? Because they come at it very, this is what I was saying about the
00:36:41.640
political races, particularly in New Jersey, and maybe even Sliwa in New York, although he failed
00:36:48.440
because mainly on culture and crime. In New Jersey, Sittarelli ran a very traditional, it could have been
00:36:55.560
run in the 1980s, 1990s, about tax cuts and about the size of the New Jersey government. Obviously taxes
00:37:02.120
are too high and the government's too out of control there, but he didn't really get to the heart of any of the
00:37:06.200
other issues and particularly property tax and other things. Virginia was the same way. The
00:37:10.600
gubernatorial candidate there kind of ran all on cultural issues that are very important, particularly
00:37:15.400
transgender ideology, but really no discussion. The Con Inc, are they saying they've had a string of
00:37:22.040
victories and we should just go along with what their plan is about free trade in neoliberal, neocon
00:37:29.240
economic and national security policies? Yeah, Steve, that's exactly what they're doing. And if you look at that tweet
00:37:35.240
that I was responding to, it was a series of policy victories, so to speak, on the popularity of
00:37:43.160
homeschooling now. Well, homeschooling has become more popular because our public education system
00:37:47.400
has had a train run through it by cultural Marxism in America. There's a claim in that thread that
00:37:53.800
suggests that because the marginal tax rate is lower, Americans have more prosperity than ever.
00:37:58.200
It's just factually not true. I mean, lower taxes are good, as you're saying, Steve, and we should
00:38:04.520
campaign on those things. But we're kidding ourselves if we don't acknowledge that while we've cut the tax
00:38:09.480
rate since 1980, the dollar has lost three quarters of its value. The median home now costs six times the
00:38:16.760
median income of an American. A new car in America eats up 70% of a household's yearly pay, and tuition for
00:38:24.920
higher education has soared over 1,200%. We've got a nation where two incomes barely buy what one used
00:38:31.640
to and a generation of young Americans who feel like they've been lied to. And because of that, they're
00:38:36.760
seeking an alternative playbook. And that is why the rise of guys like Mom Donnie is occurring.
00:38:44.680
No, this is right. They've never really seen the benefits of capitalism because they've never
00:38:49.160
they've never actually lived under capitalism. This is all corporatism. As you put those statistics out,
00:38:54.920
particularly in the universe of the narrative combat of Twitter, what pushback do you get from
00:39:01.880
Conservative Inc? On those statistics? I haven't received any. Yeah, just when you say that you
00:39:08.120
talk about prosperity of the American family and the prosperity of the individual, given the policies of
00:39:13.800
Bush and, you know, both Bushes when we had control. What pushback do you get from Conservative
00:39:21.400
Inc? I think when you look at the data, you can't really wrestle with it in a way that's legitimate.
00:39:27.880
I think the data is true. It's factual. And because of that, I haven't received a ton of pushback on
00:39:33.480
specific data points. I think you can go out and find them yourselves if you're interested.
00:39:38.040
What is this new generation of kind of populist economic nationalist? What is, you know, what's
00:39:46.600
your primary, what's your one or two things when you talk to young people your age that are capitalists,
00:39:51.640
right, and free market capitalists? What are the couple of things that you guys want most?
00:39:57.560
Yeah. So I think, you know, what my generation wants is to stop measuring success the same way that
00:40:03.880
corporate America measures success. In the United States, we've been measuring success of our movement
00:40:09.400
via GDP and stock prices. Those things are good to an extent, but they're not sufficient. We need to
00:40:15.000
measure for purposes of success, how many families are being formed? Are they strong? Can you have
00:40:21.000
families raised on a single income? Can a young family purchase a home instead of being raised in a
00:40:26.920
high-rise apartment building in an urban sprawl? These are the kinds of questions and measurements
00:40:33.880
that indicate a thriving civilization that people in my generation are more concerned about, rather than,
00:40:39.800
what does my 401k look like right now? And is this a Black Monday for the stock market?
00:40:46.920
Ryan, where do people go on social media to track you down, sir? Some of your Twitter
00:40:52.520
threads are quite, uh, quite impressive. Where do they go? Thanks. Uh, you can follow me at, uh,
00:40:59.800
Ryan M. Newhouse. Uh, that's my handle on Twitter. Thank you, sir. Appreciate you.
00:41:07.080
Make America great again by making families strong again. This is the whole purpose that takes us back to
00:41:13.480
the beginning segment, right? Right now, this generation, um, you know, the family formation is so late
00:41:19.880
because of the financialization we've done. The president has got, uh, some of the biggest
00:41:25.080
folks on Wall Street with him tonight. I think one of the first things we ought to do is like,
00:41:29.560
hey, why don't we get them out of the buying of, of, uh, residential homes for a while? Let that
00:41:35.880
market, uh, settle down because it kind of plays like the great reset that you're not going to own
00:41:41.560
anything. You're going to be happy with it. The private equity guys are going to own the underlying
00:41:45.560
land, own the underline, own the, um, own the structure, own the home. You're essentially going
00:41:50.600
to rent it. So they're going to be able to pay down that mortgage with your rent and then keep
00:41:55.160
the upside as the house appreciates over time. Maybe not the best solution, right? Maybe there's a
00:42:01.160
different way. I'm sure they're going to talk about those types of things tonight. Scott Besant
00:42:05.880
right there talking about the entire apparatus, particularly the financing of these massive deficits
00:42:11.480
that, uh, and this is what this whole shutdown is about. It looks like the Democrats have caved.
00:42:18.280
Now there's going to be big issues about Obamacare, some version of what's going to,
00:42:22.360
what's going to happen. President Trump says he's going to come out with an alternative.
00:42:26.360
But, uh, the two key things is number one, we've got to be able to reinstitute
00:42:31.240
taking apart the administrative state. You can't block Russ vote. I think I can't block Russ vote and
00:42:37.240
these guys from going to work. They've done such a great job so far. We've got to close the
00:42:41.160
gap and these deficits if you're not going to raise taxes or have other revenue streams. Although
00:42:46.120
tariffs looks like it's going to be a big one. Short commercial break back in the warm in a moment.
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Okay, we're going to continue this conversation tonight at five o'clock. Natalie's going to join me
00:44:11.320
tonight like last night. I thought that was spectacular. So we got a lot to go through
00:44:16.440
all day and a lot more of this going on. We'll have a breakdown of Scott, of Scott Besson, also some
00:44:22.680
geopolitics, Ukraine. And the largest aircraft carrier we have is now joining the battle group
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you know, this whole fight about the, you know, 50-year mortgages and, you know, family formation.
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We just had Ryan on talking about that. You know, family formation is coming so late in life now. I
00:46:23.640
think the buyer of first-time home is now 40 years old. Used to be in the 20s, used to be in early 20s.
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If you're lucky enough to own a home, every dream you've ever had is in that home. And particularly
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back into American workers, back into this economic plan. Like I said, we've made a bet.
00:48:04.520
They've done tremendous risk mitigation here. It's going to take a time to grind out. I think
00:48:09.160
that's why they just got to promulgate more and more information. The more and more people understand
00:48:13.240
this, particularly not just MAGA, but the more and more that more traditional Republicans and
00:48:18.600
independents and working class, middle class Democrats, they're going to sit there and go,
00:48:22.600
this is a pretty reasonable bet. And I can start to see this working. What you have to do is track
00:48:26.840
all of it. You can particularly the capital. Remember, this is a program that focused on
00:48:31.320
bringing manual, high value added manufacturing jobs back here to the United States of America.
00:48:36.840
It's not going to happen overnight, but it's happening. And that's why you got to have the workers
00:48:40.120
trained. People got to be ready to go. Everybody understands that. And what Scott threw out on
00:48:44.760
Fox today, I thought was very intriguing. And of course, we're talking to Treasury to get some more
00:48:49.000
details on it. Mike Lindell, you know, there's all kinds of reporting on now. We started off with about
00:48:55.560
the grand conspiracy and how people, you know, there are now people at the Justice Department
00:48:59.960
focused on this. You were one of the targets. You lived to fight another day. More importantly,
00:49:05.400
your company has lived to fight another day, particularly all the hardworking folks in your
00:49:10.440
call centers, which they've tried to shut down and on the factory floor of my pillow. What do you got
00:49:14.920
for us today, sir? I'm in the buying mood. So where do we go? What do we do? What are we buying?
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to the War Room Posse. You guys get them once they're gone. They're gone. We've gotten in so many that we
00:49:51.320
came in the other day. And this is our patented MyPillow go anywhere pillows. And then you have
00:49:58.760
the five separate covers. They all tell stories in the Bible. They've got for your grandkids,
00:50:03.480
whatever, even for yourself, like a Noah's Ark. It tells on the back of the pillow, it's got everything
00:50:08.680
written there, that story of Noah's Ark. And then, but you have the collection of all five. They all come
00:50:15.320
separate, separately in the, in the box. So you have five separate Christmas gifts. It's a great
00:50:20.920
early Black Friday special. So go to mypillow.com forward slash war room. By the way, if you bought
00:50:27.640
these all separately, they'd be $200. You get them for $29.98, all five. And you guys have,
00:50:34.600
we left up the blowout sale on the MyPillows. And then you have our Giza's Dream Sheets as low as $29.98.
00:50:44.760
The famous, our famous Giza Dream Sheets. And you guys, so go there. And then we still,
00:50:49.080
we left up there for the Made in the USA sale. We did leave up the mattresses and the mattress
00:50:55.640
toppers, you guys, to get the, you guys, we left those up with free shipping. So you guys get free
00:51:02.360
shipping on those big ticket items, the War Room Posse. You guys love our patented products that we
00:51:09.240
have. The MyPillow patent is still in our beds and our mattress toppers. And Steve, I want to say one more
00:51:14.280
thing. With the promo code war room, you guys, you can extend your, extend your 60-day money back
00:51:20.280
guarantee all the way to March 1st of 2026. Wow. Promo code war room. Wow. That's a good for,
00:51:28.040
that's six months, five months. Do the math for me. Five months. We'll see you back here. I tell you,
00:51:33.800
I'll ask you the math question at five o'clock. Mike Lindell will be back with us. The Charlie Kirk
00:51:38.920
show follows us. Andrew and the team will be there today. Poso at two. Gruber at three. The great Eric
00:51:46.360
Bowling at four. And you're back in the War Room at 5 p.m. Eastern Standard Time today. Natalie be with
00:51:52.460
me as we break down efforts to, about these visas. What if he had the brightest mind in the War Room
00:52:02.480
delivering critical financial research every month? Steve Bannon here. War Room listeners know Jim
00:52:08.560
Rickards. I love this guy. He's our wise man, a former CIA, Pentagon, and White House advisor
00:52:14.080
with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's Electoral College
00:52:19.900
victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about
00:52:29.720
April 11th, a moment that could define Trump's presidency in your financial future. His latest book,
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Money GPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds,
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algorithm-driven crashes, and even threats to national security. Right now, War Room members
00:52:48.040
get a free copy of Money GPT when they sign up for Strategic Intelligence. This is Jim's flagship
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financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out.
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Go to RickardsWarRoom.com. That's all one word, Rickards War Room, Rickards with an S. Go now and claim
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your free book. That's RickardsWarRoom.com. Do it today.