00:00:42.760And so now, all of a sudden, you're going to completely reverse that math.
00:00:47.380And so I don't think it necessarily happens instantaneously with the IPOs, but then there'll be the unlocks.
00:00:53.100So you can see a situation where, okay, maybe go through some kind of rolling top, and then 18 months from now, six months, we'll have to look at the buyback, the unlock schedule.
00:01:06.640But you're going to want to watch those because that'll just be adding equity supply.
00:01:11.540And you're already going to be diminishing the buybacks because of all the commitment to CapEx and the hyperscalers.
00:01:18.780They're already going to be eating into their cash flow.
00:01:20.960So I think that's why tech has dogged it and why it will continue to dogged it, because all the funding, much of the funding for these IPOs is going to come out of existing tech stocks.
00:01:33.980This is the primal scream of a dying regime.
00:01:39.040Pray for our enemies, because we're going medieval on these people.
00:01:44.140I got a free shot on all these networks lying about the people.
00:01:48.440The people have had a belly full of it.
00:03:46.560Yes, and in some ways, it's unfortunately reminiscent of what happened in 2007 into 08 and 09, because you're exactly right.
00:03:54.120You, the American people, you are financing this, whether you know it or not, because you're doing it via your taxes, and then you're also doing it via your 401k.
00:04:02.500So that is Paul Tudor Jones. He is one of the titans of the hedge fund world, one of the most successful investors and traders of all time.
00:04:10.580Not one of us, by the way, ideologically. He had a massive fundraiser for Barack Obama for his presidential run.
00:04:17.920He gave a lot of money to Mitt Romney. So he is not at all MAGA, not America First, but he is brilliant, especially when it comes to financial markets.
00:04:25.440And he's somewhat like Scott Besson. He's a southern boy who went north up to New York City and made an absolute fortune in the capital markets.
00:04:33.000So it's really important to listen to him when he is warning us.
00:04:36.540And that's about as stark a warning as I have heard from somebody of his credentials and his stature in the markets,
00:04:42.520where he is telling us that the risks are rising, particularly for tech.
00:04:46.980Because what he sees is what you see, Steve, which is not just a levered bet, but a levered and concentrated bet, right?
00:04:54.560where we absolutely need AI productivity to soar. Otherwise, this bet goes sour. It goes sour for
00:05:02.060public finance and for the private capital markets. And he's not saying it's going to go sour tomorrow.
00:05:07.100Look, the stock market's at all-time highs. If you watch the extended interview, he talks about
00:05:10.960this being a process. But he sees in many ways what is going on now, similar to what was going
00:05:16.560on during the dot-com bubble. And once the unwinds of these new IPOs, in other words,
00:05:22.820Once these companies IPO and once the unlocks happen, meaning the insiders can sell, he believes that there will be, as they said there, a cascade of selling.
00:05:32.740And the point here isn't, I think, Steve, so much to make a market call, although I find that fascinating.
00:05:37.220It's more about the policy angle here, right, of how this intersects with public policy, particularly when the country is $40 trillion in debt.
00:05:46.720Hang on, hang on, hang on, hang on, hang on.
00:06:35.380We have a highly leveraged bet on the success of massive productivity gains through artificial intelligence.
00:06:48.340And that's going to come up with all the data centers, right, highly leveraged, and the fact that they still have not proven anybody they will do this without mass AI jobs apocalypse for STEM workers,
00:07:02.080particularly people under 30 coming into the job market at the beginning.
00:07:07.460That's what the storm clouds are on the horizon, Steve Cortez,
00:07:11.040is that we have a combination because part of the 2008 was that the smartest guys in the room
00:07:16.540didn't really understand the interlocking nature of these bets they had made in CDOs
00:07:22.940and all these mortgage-backed securities.
00:07:24.640They didn't realize the counterparty risk.
00:07:26.900It was the confusion and the lack of understanding.
00:07:30.420When they kicked Lehman Brothers, they didn't realize Lehman Brothers was the center of the commercial paper market, which is the way corporations keep cash.
00:07:39.480Nobody understood that until 24 hours after Lehman was kicked into bankruptcy.
00:07:44.340The interlocking nature of all of this, particularly the debt instruments and kind of this virtuous circle, one guy gets cash, he buys in the nut, that stock goes up, they do it again.
00:07:52.700And the three-card money of all this, so you have a situation where you have potentially the worst of a dot-com implosion, but this time highly leveraged.
00:08:25.120You make such a good point there, by the way, that those two major crises, right, the dot-com
00:08:30.160bubble and the great financial crisis, the housing crisis, we went into both of those
00:08:34.280crises in a far stronger financial situation than we are now.
00:08:38.140And both of them were terrible and should never be repeated again.
00:08:41.500But the point is, there's no room for error now.
00:08:44.300With $40 trillion in debt and interest rates already rising, there's no wiggle room.
00:08:50.500In other words, there's no room for insurance now. Because, Steve, here's the thing. If we didn't get involved in disastrous overseas wars, and if we didn't have those two policy-induced scandals, both of them were policy-induced, we don't have $40 trillion in debt, okay? We would be in good shape.
00:09:06.760We actually could be talking about how do we pay for health care for our senior citizens for decades to come.
00:09:12.580But unfortunately, when you combine endless foreign wars and those two crises together, what do we have?
00:09:19.600Forty trillion dollars in debt. Are we now facing the next major crisis?
00:09:23.700It's difficult to say. But again, when somebody like Paul Tudor Jones has given us this kind of warning, we've got to pay attention.
00:09:28.840And let me give you even the more benign projection of what's going on.
00:09:33.540simply when he says, because of the capital requirements, you mentioned these data centers,
00:09:37.640which are thankfully becoming very contentious. And a lot of Americans are saying, wait a second,
00:09:42.020you're going to ruin some of the most pristine land in America. You're going to jack up my
00:09:45.140utility rates. You're going to use all of the water. There's a lot of pushback, thankfully.
00:09:49.240But when it comes to the data centers and the massive amount of investment that is required,
00:09:54.020as Paul Tudor Jones said there, that alone is enough to take that capital away from buybacks.
00:10:00.140And buybacks have been so supportive of the equity market, constantly making ever-new all-time highs.
00:10:07.700It's been a snake eating its own tail in many ways.
00:10:09.880Now, I happen to believe buybacks should be illegal, as they used to be.
00:10:12.600But regardless, buybacks have been a foundation of the long-term bull market.
00:10:17.340So I think, Steve, even in the most benign scenario here, you're going to take a lot of that ammunition,
00:10:22.420a lot of that fuel out away from buybacks because it's going to go, it is already going to these data centers.
00:10:28.400And that alone can force a major concession. And the point is there, too, bringing it back to politics, not just about financial markets.
00:10:35.900It's key there as well, of course, but to connect it back to politics in terms of a concentrated bet.
00:10:41.860This country is so reliant on tax revenues from the wealthy who mainly get their their income and their and their appreciation of their wealth through capital gains.
00:10:52.200if you start to decrease that, if that starts to diminish going forward, the receipt side of the
00:10:58.360federal ledger gets even worse. So the point is here, things are getting riskier and riskier,
00:11:04.120even with the market at all-time highs. And what's the answer then? Okay, what's the solution?
00:11:09.020Because I don't want to just talk about the problems. To me, the solution is twofold, really.
00:11:13.480Number one, get out of wars, right? Rack this up. Get back home and focus on Main Street prosperity.
00:11:19.620Number two, in terms of building that Main Street prosperity, particularly real wages for regular folks, immigration enforcement. And what I mean by that is not just getting the illegals out, of course, that's key, but also really clamping down on legal workers coming into this country.0.78
00:11:34.740If we do both of those things, we can start to get real wages rising again.
00:11:38.940We get the political situation far better for us headed into November.
00:11:43.000And I believe we can then start to at least turn this supertanker around that is the federal deficit.
00:11:49.820But there's also, yes, interim, that has to be.
00:11:55.120And particularly this legal immigration scam.
00:11:58.220You know, right now, the White House or other guys are putting out these videos about they walk among us and they're with us.
00:12:04.940Hey, the only aliens I care about right now are illegal aliens.
00:12:08.340OK, if the other guys are walking amongst us, they've been walking amongst us for a while.
00:12:13.520You know, we'll do a meet and greet sometime later.
00:17:20.220they've socialized the risk that's a fancy term for saying it's on your shoulders and they've
00:17:26.860capped the upside they have the unlimited upside that's why these you got all these
00:17:30.200trillionaires bouncing around on government contracts i might add so here's the it's a
00:17:36.920capitalist solution the government's not going to own anything more you the american citizens
00:17:42.980are going to be cut in you're providing the capital your your pension funds are providing
00:17:47.320The equity capital and as the as the CFO that got fired over at OpenAI said, she said, oh, yeah, we're going to need a trillion dollars of the six trillion.
00:17:56.380They think it's probably 10 trillion now. We're going to need a trillion dollars of government guarantees.
00:18:00.100Yeah, that's you also. And your tax money. Very simple.
00:18:03.360We're going to allocate a I don't know. I'll pick a random number.
00:18:07.240Fifty percent of the equity shares we're going to reallocate into a Trump account that you're going to own and your children and grandchildren.0.91
00:18:15.400older so you're going to become a participant if you're going to underwrite the freaking bet
00:18:19.540you're going to participate in the upside of the bet simple yes got a few things got to work out
00:18:26.380but that's about and this is what silicon valley guys the oligarchs hate when i say this they want
00:18:30.460to play you as a chump and talk about a universal basic income so that one-third of the american
00:18:35.340men that happen to be living in your mom's basement you get a check every month for a couple0.97
00:18:39.920thousand bucks screw you we're not they're not going to give a tip not going to be a tip
00:18:44.560that pays off the american people the american citizen is the primary institution in this
00:18:52.920country the citizens of this country over in arlington we spent all day on monday talking
00:18:58.600about our honored dead you think they fought for these oligarchs a handful of these guys to control
00:19:04.600the country is that what they gave their life for all the way back every patriot's grave all the way
00:19:09.840back to the beginning? Is that what Bunker Hill and Saratoga and Yorktown and Valley Forge and
00:19:16.920all the interim fights that they had against the longest odds in the world? Is that what they
00:19:22.740fought for? That one day it would be a worse oligarchy with a more worthless aristocracy0.72
00:19:28.680than what in the hell they said we're fighting getting away from? The answer is unequivocal.
00:19:34.820it's a no. Go ask the honored dead what they think. They get a vote here. Didn't Burke tell
00:19:43.200us that? We owe as much to the past as we owe to future generations. Steve Cortez,
00:19:48.540your closing thoughts on this, sir. Steve Bannon, I love your idea of equity for regular Americans,
00:19:55.460and you're exactly correct that the Trump accounts now are the perfect vehicle. I mean,
00:19:58.980what an amazing idea to think that every baby now born in the United States is going to get
00:20:03.680not just a Trump account and that initial $1,000, which is fantastic, but let's go much further than
00:20:08.180that. You're exactly right. Let's have an equity stake for every one of those infants in the
00:20:13.040United States, every American citizen born here, equity stake in OpenAI, in Anthropic, in Palantir.
00:20:19.100Why do they deserve it? Because it is public money that is both financing these companies
00:20:23.980and public money forms the customers primarily of these companies. So let's give a seat at the
00:20:31.840table to american citizens i absolutely love this idea and we shouldn't ask the oligarchs if they
00:20:38.700want to do it no no no we're not supplicants we're not supplicants we're going to tell them
00:20:42.640that's why elon musk goes crazy when i'm talking about national okay there's a simple this is the
00:20:47.340simple the the simple um framework it's called a piece of the action you're not looking over we're
00:20:54.140not looking to control these companies not good you just want a piece of the action yeah and every
00:21:54.460We got to use Paxson's victory and the grassroots victory there.
00:21:58.240and you know this because CRA is essentially a grassroots, you're like a think tank for the
00:22:02.000action center for the grassroots. We have to use that victory as a forcing function.
00:22:07.240We have to have a confrontation right now with the United States Senate. And you guys have come
00:22:12.780up with a perfect way to at least to frame for the American people, and particularly for the MAGA
00:22:17.840movement, what exactly we have where they take all the privileges for themselves. Can you walk
00:22:22.900through what you guys at CRA have come up with? Yeah, the top line, of course, is that it's
00:22:27.980first, not America first. And we have a Senate that is acting using various processes, the slow
00:22:34.540walk of saving the country or to stall it or thwart the ability to move forward and save the
00:22:41.140country. It doesn't make sense. None of these are constitutionally mandated. We don't have to
00:22:48.420listen to the parliamentarian. We can do recess appointments. We don't have to do blue slips.
00:22:54.180we can get rid of the filibuster. All of those were long ago put in place by the Senate to
00:22:59.840address issues of their time. And those are norms and don't really need to be norms. I think that
00:23:06.040a lot of these things, if you look back historically, maybe some of them made sense
00:23:11.000when both parties were still tethered to the founding. But we have one party now that is
00:23:16.200entirely untethered, in fact, is openly hostile against it, wants to replace it with a whole new
00:23:21.340paradigm and a whole new system, completely untethered to the principles of the founding.
00:23:26.020And I think that we have a bunch of senators now that are hugging norms as if that's more
00:23:30.640important than saving the country. And we saw this with the Save America Act. We had the president
00:23:34.840of the United States. We had conservatives all over the country, 80 percent of the public supporting
00:23:39.980it. And Thune did nothing with it. He sat on his hands on every procedural mechanism that could
00:23:45.900have been done to actually pass it they did a fake talking film i thought that was an elegant
00:23:51.060it's it's it's worse than that it's worse than that because we had you on here we covered it
00:23:58.300for the two weeks they did the performative and god bless mike lee and eric schmidt and others
00:24:02.700that try to do it but we had before it was totally performative because thune wanted to be
00:24:07.820performative right and then just sent the senate on recess is the senate of the united states sir
00:24:13.420Is it the House of Lords? Because they're acting like it's the House of Lords, Wade.
00:24:19.220I think so. I would say it's even becoming less functionally useful in many ways because it's a place where saving the country goes to die and they they pat themselves on the back.
00:24:30.380They're managing the decline of the country. We're 38 trillion in debt. We have a woke and weaponized government.
00:24:35.160Yes, the Trump administration is making great strides and dismantling it piece by piece.
00:24:40.240But this is 80 years in the making. It's going to take more than a year to undo it all. And the Senate has got to be a partner in that. They've got to be a partner in saving the country and stop hiding behind norms.
00:24:50.620Like, why does a single Democrat senator get to tell the president of the United States that he can't put a U.S. attorney in one of their states? Why do we allow the Senate to do that?
00:25:00.560It just doesn't make any sense anymore when the left is actively pushing forward judges that don't even believe in the Constitution, that want to fundamentally dismantle it bit by bit by bit.
00:25:10.080And they rule that way all the time. They basically ignore their own oaths to do it.
00:25:15.100And so in every respect, they're acting as if the Senate is more important than the country and the future of our republic.
00:25:24.500They're acting as if the Senate comes first and not the interest of the American people.
00:25:29.800It's not Senate first. It's America first. And they all campaign on this.
00:25:33.980And then they go in the Senate and they sit on everything and they hug norms and hide their actual responsibility.
00:25:40.340And the voters just sent John Cornyn home. They just sent Cassidy home.
00:25:44.920And either they can start representing the will of the people or they can keep hugging norms and one by one be replaced.
00:25:52.480And I think that the easiest answer for them is to start supporting the president and the American people's agenda to save this country.
00:25:58.980Well, put this chart up that you guys did. President Trump cut the deal with the IRS. Besson talked about it yesterday. Jack Vesovic asked the great question. Scott Besson, one of our former contributors, gave, I thought, a pretty brilliant answer.
00:26:13.680But here, they're all up in arms about this, about everything the president's doing.
00:26:20.000Just a month ago, didn't they set up, as you guys lay on the chart, they set up a fund for themselves of $500,000 each just because of the, and it's not a tiny thing, but Arctic Frost, sir?
00:26:33.200yeah i mean there's a perfect example they want to line their own pockets and then they actively
00:26:39.600grumble and whine about a fund for the american people who have actually been harmed you know
00:26:45.580that i'm not saying that the art of frost is clean and then everyone who did this to the senate
00:26:49.940should be held responsible and go to jail uh but they weren't really harmed it was just a danger
00:26:55.280to the the security of the republic because it's such a gross violation of the separation of powers
00:27:00.660But American people were actually harmed. People have been bankrupted.
00:27:04.940They've had to spend millions of dollars to defend themselves against completely bogus.
00:27:09.540I mean, we've got Jeff Clark. We've got John Eastman on you on and on and on.
00:27:13.960The weaponization of the government has been obvious to everyone and how these senators could try to give themselves five hundred thousand dollars while opposing the federal government,
00:27:25.300making whole American citizens who have been weaponized against
00:27:29.700by the Biden administration, the Obama administration, etc.
00:27:32.680It's just a clear example of the Senate-first versus America-first mentality.
00:29:38.420Cleta Mitchell, there's a couple of things.
00:29:39.900You've got a judge, the guy that sent me to prison, a Trump judge,
00:29:43.340has given a landmark decision yesterday. I want to get into that.
00:29:47.040I want to get into what's happening in Georgia because guys are being subpoenaed in the media and Mark Elias are in meltdown, the workers.
00:29:53.940But you keep your finger on the pulse probably better than anybody on where we are on this war to make sure we have fair, free and fair elections.
00:30:01.780We just had Wade Miller on. I think we need to use the Cornyn defeat, the historic defeat there by by Ken Paxson and the grassroots as a forcing function to confront the Senate right now on Save America Act and other things.
00:30:15.820but Save America Act as a minimum. Tell me about this call. Are we in a war right now
00:30:22.120about fair elections throughout this country, ma'am? We are absolutely at a war and in a war.
00:30:28.860And it is in all these blue states. I just had a, I host a weekly call with election integrity
00:30:36.180leaders from across the country. And let me just tell you what, they need as many members of the
00:30:41.020posse to sign up and help them because they are fighting these election officials in crazy
00:30:46.760blue states. I'll just tell you just briefly, in Washington state, a good Samaritan was helping
00:30:52.540his buddy move houses, and he took some stuff to the dump and finds in the dump a huge box of
00:30:59.600ballots for the Washington state primary, plus a big box of, included in the box are a big
00:31:08.040group of voter registration forms that are sent to what is known as eligible but unregistered
00:31:14.420ebus it's a very big thing that the left started with this organization called eric where your tax
00:31:21.300dollars in your state if you belong to eric if your state belongs to eric are used to try to
00:31:25.560register people to vote and the only way they get their names is because they go to the dmvs to get
00:31:31.040a driver's license and they don't want to register they're not eligible eric requires its member
00:31:36.980states to pay tax dollars, these tax dollars to get them registered. And guess what? The names
00:31:41.860on all of these EBU registration cards that they found in this box in the dump in Washington state,
00:31:47.740China, Chinese, they're Chinese names. And so, you know, look, we spent 20 minutes on it. I'm not
00:31:55.660going to go into detail, but the DOJ should be all over this because this is part of a plot,0.98
00:32:00.180a plan by the Chinese government, by our foreign adversaries to get people who are in this country
00:32:05.940who are not citizens on our voter rolls.
00:32:08.580And of course, Washington state has zero transparency
00:32:11.400because they don't have polling places.
00:33:35.340The Election Integrity Network needs your help because we are in a war.
00:33:39.800And it's why we are trying to pass the Save America Act to fight with these people on just one part of the problem, which is non-citizen registration and voting.
00:34:09.620You're going to lose in Ohio because there's not heat right now.
00:34:12.920If they showed a modicum of not putting the Senate first but America first, you would have tens of thousands of people sign up today and go, yes, I'm going to be all in.
00:34:21.580I want to go. I want to pivot quickly to DOJ is taking action. This thing in Georgia, Mark Elias and Weissman, this crowd in full meltdown, having lost the evidentiary hearing.
00:34:32.280Is it is are they subpoenaing the actual workers down there in the Georgia situation, ma'am, the election workers?
00:34:38.080What the Department of Justice has done is it's subpoenaed the Fulton County Board of Elections for the list, the names of every person who was paid, who was part of the election working staff in 2020.
00:34:53.720and they want the names and the contact information.
00:37:38.700And the president ordered the Postal Service to promulgate regulations that would say, because the post office has all this information, that they would not deliver an election mail to a commercial address or to a post office box or to a place where it is vacant or it is a warehouse or an abandoned house or where they know that the person, because they know who lives there.
00:38:06.560And if that person has moved. And so they're, of course, the usual suspects, the DSCC,
00:38:13.220Democrat Senate Oral Committee, a group of left wing called LULAC. They're a Latin Latino group,
00:38:22.280left wing group. And the NAACP, within 48 hours, they filed suit to block it. The most amazing
00:38:29.780ruling i've seen in 20 years from any federal judge said they didn't have standing i've never
00:38:38.040seen a federal judge hold it actually apply this hang on hang on hang on hang on hang on
00:38:45.400this is what's so monumental about it just hit rewind tell people why this is so huge
00:38:50.900because there are two the federal rules of civil procedure and the state rules some follow it but
00:38:57.700the federal rules of civil procedure state that in order to bring a lawsuit, you have to show that
00:39:04.220you have suffered specialized, individualized injury or that you are in imminent danger of
00:39:14.860suffering an injury for whatever the action is you're trying to stop. The federal courts have
00:39:21.380never applied that rule to left-wing groups and Democrats. They apply it to conservatives and
00:39:28.140Republicans, and they say, oh, you don't have standing. But the courts always give standing.
00:39:33.780They don't even, half the time, they don't even go through how this entity or this group has
00:39:40.440standing. And so this judge basically applied the same rules of standing that the law requires
00:39:46.780that are never applied to left-wing groups.
00:39:51.580So he said, number one, nothing's happened.
00:40:11.620they're required by law to consider those comments.
00:40:13.800There's a whole process that has to happen.
00:40:15.780And these people ran to court immediately. And this is the first judge in all of these cases that have been brought against President Trump and everything he's trying to do, that the people elected him to do. This is actually the first judge that I've seen who've said, you guys don't have any standing and nothing has happened to you. So this case is dismissed.
00:40:36.100that's a very big thing but you know they can come back later i'm sure they will they can come
00:40:43.080back later once the rules are issued or proposed i think that he said these have to be issued and
00:40:49.840then you have to show how you are harmed you individually nothing speculative nothing we
00:40:56.780think this is going to happen yeah but actual danger actual injury this is all going to on
00:41:04.000the appeal court in dc which is all owned by the professionals in the supreme court this is a big
00:41:10.000one cleta we got about social media where they go you're giving us the updates all over the country
00:41:15.580where they go at cleta mitchell on x and go also to uh at ei watchdogs at ei watchdogs because we
00:41:25.500have a very robust uh social media presence on x also on instagram and facebook election integrity
00:41:32.640Network. Go to www.electionintegritynetwork.org. Sign up. Help us fight the battle to save our
00:41:42.820elections from the far left. They have commandeered our elections. We've got to reclaim them.
00:41:50.000Thank you, ma'am. If we don't do it right now on President Trump's watch
00:41:55.540before the midterms and do this, it ain't going to happen.
00:42:00.220This is why the midterms hang in the balance.
00:42:02.440The Trump movement hangs in the balance.
00:47:25.220She's been around the Speaker of the House for a couple of years, and she even said in one of the debates, oh, yeah, I knew about the fraud in 2019 with the Democrats' block meeting.
00:47:35.380Well, why didn't you yell at you, hollered from the rooftops for the people?