In this episode of the S.E.C. War Room, host Stephen Kamb ( ) is joined by Steve R. Ratner ( ) to discuss the latest inflation data, the comments from Fed Chairman Kevin Warsh, and the Iran crisis.
00:00:00.000Viewed the data that came out this morning on CPI, and it was it was positive relative
00:00:06.480expectations. I'm not for cherry picking. I'm not going to show up here and say mission
00:00:11.840accomplished. And what I'd say is there's plenty of work to do.
00:00:17.760All right. That was Federal Reserve Chairman Kevin Warsh testifying yesterday before the
00:00:22.940House Financial Services Committee. His comments coming after the release of a better than
00:00:27.640expected inflation report. Let's bring in former Treasury official and Morning Joe economic analyst
00:00:33.600Steve Ratner, who has charts on yesterday's inflation data and oil prices. And there's a
00:00:39.960lot to cover. Yeah, Steve, really quickly before you get into all of this, Kevin Warsh was a deficit
00:00:45.680hawk in previous incarnations. Then when President Trump wanted him to come on board, he started
00:00:53.780sounding more like a dove. But is there reason to believe right now that sort of that hawk that
00:01:00.620he's always been, a man who understands that the last thing you want is inflation kind of
00:01:06.360getting out of the barn door? Is that who he is again? Yeah, I think so, Joe. I think he was very
00:01:14.280clear in his testimony. And I've been I've been talking to some other Fed officials who say the
00:01:19.220same thing, which is that basically the Fed remains completely committed to getting back to
00:01:24.3802% inflation, which is not nearly where we are at the moment. And that is going to mean higher
00:01:29.320interest rates, probably not at their meeting in July, but later this year. That's what the
00:01:33.900market is now expecting. It's flipped from before the war. We thought interest rates were going to
00:01:38.080keep coming down. Now we think they're going to go up a bit in the course of this year. And the
00:01:43.100Fed remains committed to 2 percent. So, yes, I agree with you. All right. Let's go to your charts.
00:01:49.220The first one looking at inflation and how it's impacting workers, Steve.
00:01:54.100Right. So here's the point. We did get a somewhat better than expected inflation reading,
00:01:59.100as the chairman said yesterday. But to Joe's point, inflation is still running three and a half
00:02:04.620percent above where it was last year, obviously largely because of oil prices and the war. But
00:02:10.260nonetheless, that's where it is. The only the other piece of good news in the number was that
00:02:16.040wages are also up three and a half percent. So essentially, for the first time since the war
00:02:21.060started, consumers are not losing more ground, but they do remain underwater, so to speak,
00:02:27.200relative to where they were before the war in terms of purchasing power. Now, obviously,
00:02:31.520not all consumers are the same. We have obviously people at higher and lower incomes.
00:02:36.260And so the effect of this is different. And so here's a little data point to show you how it works kind of in the real world.
00:02:42.640This is a study by the New York Fed on gasoline purchases.
00:02:46.160And what it shows is that for higher, lower and middle income people, gasoline purchases have been fairly tight and constant until you had the Iran war started.
00:02:56.180And then there's been a divergence here where high income Americans have maintained their roughly their level of gas purchases.
00:03:04.060They've essentially absorbed the higher prices, whereas middle and lower income families have had to cut back on their gas purchases.
00:03:11.060They've had to carpool more, take public transit or otherwise simply just not use their car quite as much.
00:03:16.480So an average, but but definitely different impacts.
00:03:19.940this is the primal scream of a dying regime pray for our enemies because we're going to
00:03:30.080medieval on these people here's not got a free shot all these networks lying about the people
00:03:36.660the people had a belly full of it i know you don't like hearing that i know you try to do
00:03:40.820everything in the world to stop that but you're not going to stop it it's going to happen and
00:03:44.180Where do people like that go to share the big line?
00:04:43.420They're on WASH, but it used to be a deficit hawk.
00:04:47.420You know, we have to face a very unpleasant reality,
00:04:50.860but that's one of the reasons for the war room is to face unpleasant realities,
00:04:54.080and that is the balance sheet of the United States.
00:04:58.860Right now we have a balance sheet that has exploded.
00:05:01.000Now, President Trump had this under control, and then pandemic, I think we had three. And if we could pull that from my getter, I have a chart up there of just deficits we've run. I think the $3.1 trillion, because the massive drop in aggregate demand during the Chinese-induced pandemic, and we've got to start talking about reparations from the Chinese to make us whole there.
00:05:27.080After that, the deficits have never come down.0.57
00:05:29.920This year, we've run a deficit through the first nine months, and this is the Treasury and the Federal Reserve's number, $1.4 trillion.
00:05:36.760I think we're on path to do $2 trillion.
00:05:44.740You're really not addressing the spending because the Congress does not want, through the appropriations process, get their arms around.
00:05:52.520The reason McCarthy got turfed out is he cut a deal on the debt ceiling with Biden that took off any limits on the debt ceiling during Biden's illegitimate regime.
00:06:01.360That's not what you do with the illegitimate regime.
00:06:03.460You put the screws on them and tighten them down.
00:06:06.780The Republican Party embraced Biden as a legitimate winner because they want to be rid of Trump, just like they want to be rid of Trump now.
00:06:15.300And you see this through these phony confirmation hearings, and you see this in what's happening with the intelligence apparatus.
00:06:24.420But it doesn't get us away from the ultimate reality check.
00:06:31.360And for the Defense Department, I love Pete, I love General Cain, all these guys, but it's just not acceptable to come back and say, hey, look, we need a $350 billion reconciliation, and half of that's going to be to the military.
00:06:43.100and the other half will have to throw to social programs to get this through.
00:06:47.240Somebody's got to be a rational thinker here.
00:06:50.160So I've asked Philip Patrick, come on, Philip,
00:06:53.200and we had some good news this week on inflation,
00:06:57.980But just as you see it, particularly vis-a-vis gold as a physical asset,
00:07:03.780just the overall mindset, because right now,
00:07:07.240I just don't see anybody putting a break.
00:07:09.620Every time Russ Vaux tries to go up with a rescissions package,
00:07:12.300He stored it. Now, I think he got a $10 billion package put forward the other day on some social spending of the Democrats.
00:07:19.880But that when you're spending seven and a half trillion dollars, I mean, the basic math is we're spending seven and a half trillion.
00:07:26.380We're bringing in five and a half trillion. And I've told everybody, if you're out there and think President Trump wants to do away with the income tax, he does in the long term.
00:07:36.940That's aspirational. But right now he's given Scott Besson a mandate. Get every penny everybody owes because we need to we need to close the gap between the five and a half and the seven and a half.
00:07:47.500Your thoughts, sir. I mean, that's an understatement.
00:07:52.960Debt and deficit is the biggest problem that we're facing here in the United States.
00:07:57.040An administration that, you know, really focused on getting a grip on it couldn't do it.
00:08:02.840And I think it shows you the problem now is structural and sovereign debt's not simply an American problem.
00:08:08.920This is a problem now throughout the entire developed world.
00:08:12.660I mean, the economy is still growing globally, but it's not growing quickly enough to outrun the promises that governments have made around the globe.
00:08:20.720The IMF predicts, and this is frightening, 3% global economic growth this year.
00:08:26.460But at the same time, public debt now has risen to nearly 94% of the entire world economy.
00:08:33.420The IMF expects within three years that'll hit 100%, which means world governments are
00:08:39.000going to soon owe as much as the entire global economy produces in 12 months.
00:08:44.100And the worst part of all, and I think this is directly related to our position in the
00:08:48.620United States, these deficits are no longer sort of temporary emergency measures, right?
00:08:54.140The governments around the world and the US government as well, we're borrowing during recessions, we're borrowing during recoveries, we're borrowing for entitlements, as you pointed out earlier, defense spending, all of it, and a large portion now, worst of all, is going to interest on the debt.
00:09:10.040Here in America, as you pointed out before, the CBO expects a $1.9, almost $2 trillion deficit this year.
00:09:21.060Historically, that level of spending is associated with wars or very deep recessions.
00:09:27.560And today, it's becoming sort of ordinary government finance.
00:09:31.040And like I said at the beginning, this isn't just an American problem, but we are certainly leading the way.
00:09:37.000Europe is loosening fiscal policy to finance defense and infrastructure as well. But we have
00:09:43.140our own problems at home. And like I said, we're leading the way. The problem is the solution to
00:09:48.180this longer term, right? There's only a handful of options. You mentioned one earlier, which is
00:09:52.980raising taxes. I don't think there's the political will to do it. And ultimately, tax rates would
00:09:58.340have to go to an obscene level to get a handle on deficit. There's spending cuts, which are proving
00:10:04.900politically problematic. There's default, which is not viable for us here in the United States,
00:10:10.600or there's perhaps the most likely option, which is to allow inflation and financial repression
00:10:17.000to ultimately reduce the value of the debt longer term. Any one of those things politically is
00:10:24.260extremely painful. My fear is it's going to be the latter, which is financial repression.
00:10:30.100And what that does ultimately is punish savers and benefits borrowers.
00:10:38.040So it's a very problematic position we're in.
00:10:41.180And if the administration cannot get a handle on deficit spending, which, like I said, is proving increasingly difficult, we are going to see long-term devaluation of the dollar.
00:10:51.380We are going to see inflation being persistent longer term.
00:10:55.220And ultimately, I think we're going to see higher gold prices as a result.
00:10:58.440Well, there's two things. Number one, the study's done. You and I did every month or at least every quarter during the illegitimate Biden regime, we would do about the rolling devaluation or the drop in purchasing price.
00:11:16.360I think we came up in that time at 22 percent. Jeffrey Tucker and others, in fact, I think that the founder of Gravian or one of these video services has sold his business, retired in Spain.
00:11:30.280He went back and did even more original analysis that shows the true purchasing power dropped by 50 percent.
00:11:37.520I want to get to that in the next segment because I want to talk about the drop in purchasing power.
00:11:40.860But you mentioned deficits. One of the most respected economists, I think he's at Harvard, Kenneth Rogoff, wrote this book a few years ago called This Time It's Different. And he went through 800 years of financial history.
00:11:57.680The last 800 years across 66 countries and every time where it hasn't tied directly to a cataclysmic conflict like World War II, which is quickly reversed because of explosive growth that happens at the end of that war.
00:12:16.520And that's only a few times that every time just in a essentially regular economy, you go above 100 percent of total debt to GDP that you never reverse.
00:12:31.460In fact, it always ends in some sort of financial crisis.
00:12:35.260Can you give me a couple? I mean, Rogoff, this book, it's so scary.
00:12:39.540Your palms are sweating about a third of the way through it because he just relentless and boom and giving you the stats.
00:12:45.880And he's telling you that, hey, this is almost a law of nature.
00:12:51.040This is as close to the to finance having a natural law like the second law of thermodynamics, because we always talk.
00:12:58.040It's not the second law of thermodynamics. You can cut spending.
00:13:01.040But he says when you cross 100 percent, it's almost it's virtually no return, sir.
00:13:09.540It's absolutely correct. And you're right. It's simple mathematics. When debt to GDP exceeds 100%,
00:13:15.860GDP, economic growth slows. The more you owe, ultimately, the less you make. And it's a trap.
00:13:22.520And you're right. It is absolutely frightening. The worst thing about it is that governments
00:13:27.020throughout history just make the same mistakes over and over again. And it's ultimately why
00:13:33.480monetary systems typically fail and typically return to gold. It's happened dozens and dozens
00:13:39.680of times in history. So yeah, it's inexcusable given our knowledge of the past.
00:13:48.740Let's take a, by the way, Birch Gold, we're going to talk to you about how you get to Philip
00:13:52.160and the team. One of the ways, the simplest way is always take your phone and just text
00:13:56.420Bannon at 989898. They put you directly in touch with Philip and his team and you get access
00:14:02.140to the ultimate guide for investing in gold and precious metals today.
00:16:52.900War Room. Here's your host, Stephen K. Vann.
00:16:58.000There's also this controversy about public and non-public debt and all that.
00:17:02.300You know, I think I just look at total debt the way I think you must look at is total debt and then to the economy.
00:17:12.660And it starts to suppress growth because one of the theories, remember the theory of the case we had at the beginning is we were going to grow faster than we were adding.
00:17:21.420And we were doing that. Of course, things like this war, when you start to have these type of things like these wars, that's an opportunity cost. That's going to impact growth. And now we're not growing at that pace. And the debt is increasing. And like I said, we had one point, with everything else that's gone on, Philip, we had $1.4 trillion in the first nine months with projections.
00:17:50.500And as we said at the beginning of the fiscal year, in late September last year and the 1st of October, I said, look, I think it's going to be $2 trillion because we're close to it.
00:18:01.760And the reason is we're still working on CRs.
00:18:08.020We haven't passed really appropriations since President Trump's been around.
00:18:11.500We're still dealing with, and you're going to get a CR, folks.
00:18:15.040Take your number two pencil out and write that down.
00:18:16.700You're going to get a CR because they haven't done the hard work on the appropriation side and had those fights and Congress hasn't had the stones to sit there and go, hey, we have to have these cuts.
00:18:27.420The Democrats just want to spend and spend and spend.
00:18:29.720And the Republicans, particularly these hawks, and I'm a national security guy.
00:18:35.900Hell, I served eight years as a naval officer or seven, seven and a half, eight years as a naval officer to in defense of my country to be able to say, I believe in all this, but I don't believe of what is happening now because it's just too much.
00:18:56.040I also want to put it in to historical perspective.
00:19:01.240We, as you know, every day we have tried to have a hit on revolution, talking to this great book that goes through the American Revolution.
00:19:12.160As you remember that clip we play from The Madness of King George, there's a scene where William Pitt the Younger, who has now become the prime minister of the United Kingdom.
00:19:24.320particularly towards the end of the revolutionary war he uh he he one of the reasons he became
00:19:32.400prime minister is the one of the reasons the war even started is that the books were not balanced
00:19:38.340they had taken on so much debt fighting the french in the hundred year war and then the
00:19:42.300the seven year war what we call the french and indian war that they had to figure out some way
00:19:46.860to pay for it they just couldn't sell bonds they couldn't keep borrowing from the same people they're
00:19:50.700borrowing for. The British people were highly taxed. There were going to be more taxed. They
00:19:54.180had to tax the colonies in all these different ways. And that led to the beginning of the
00:19:58.140revolution. The French, the only reason we won the revolution is the French stepped in1.00
00:20:02.640because of their hatred, geopolitically, their hatred of the British. And they stepped in and
00:20:08.060they lent us money, really just kind of had to sign for it. They lent us money. When it came time
00:20:12.520for them to, and the guys of Versailles never paid attention to the books. When it came time
00:20:18.120They had a problem shortly thereafter in the mid-1780s when they had a problem.
00:20:25.500They then called everybody together because they had to start taxing the churches and they had to start taxing the people more.
00:20:31.480And that led to the French Revolution spun out of control.
00:20:54.100It spun out of control that when somebody came, just like Mussolini offered good order
00:20:59.280and discipline, when somebody came that could offer order, they said, hey, look, we'll overlook
00:21:04.100this guy's shortcomings to see what he's got to offer.
00:21:07.640So these types of situations start very early, that traditional politicians have a very tough time of getting their arms around them, but eventually the physics of money hits you.
00:21:23.080And when the physics of money hits you, at that time, you're in a crisis, and it gets very tough to turn.
00:21:30.500I have said on this show many, many times, and one of the reasons I'm so proud that we're partnering with Birch Gold,
00:21:37.160to allow you to learn this yourself, because you have to learn it yourself,
00:21:42.540that the world right now has about $300 trillion in debt, all debt,
00:21:48.420from everything you can possibly count all the way up to sovereign debt.
00:21:53.080And on top of that, we have a highly leveraged bet as a nation on artificial intelligence and the potential productivity increases of artificial intelligence without mass layoffs.
00:22:06.860That's the implied bet of what we're doing in corporate America on top of what the government's already done with debt.
00:22:13.280We are going to have the world is heading towards the world's biggest margin call.
00:22:19.740Right. And when it has the world's biggest margin call, Katie barred the door, because the bastion of stability in the system from the Second World War that was set up.
00:22:33.960Was a dollar empire, was based upon the stability of the U.S. dollar.
00:22:39.900And what did that base that stability upon? The full faith and credit of the United States.
00:22:45.120And what is the full faith and credit of the United States?
00:23:09.740And they've said since the cataclysm in the middle of the 20th century, they left 200 million people dead and the whole world shattered that, hey, these people are good people.
00:23:20.880They came in this fight when they didn't have to come in this fight.
00:23:24.020You know, they took the fight to Europe.
00:23:25.640They supplied all the arms and material.
00:23:28.000Their soldiers, sailors and airmen had beyond courage and bravery.
00:23:33.240They stuck in and they were in fights they didn't have to be in to get stability.
00:23:37.480These people are good and decent people. And yes, the entire system will be based upon their currency because the credit of the world is essentially on their shoulders. Is that not where we stand, Philip Patrick? And now we're teetering over a potential abyss of a $300 trillion margin call globally, sir?
00:23:57.420it's it's unavoidable and i think any student of history as you pointed out masterfully understands
00:24:04.660at this point it's it's almost inevitable the trump administration as we discussed many times
00:24:10.940had an almost impossible task heading into to to you know uh into the new administration
00:24:18.060biden had left them with such a colossal amount of debt huge spending obligations and and ultimately
00:24:25.760a world that started to distrust our policies and ultimately our debt and our currency.
00:24:32.180It made the job very difficult. Fixing it through growth was always going to be a tough task. And I
00:24:38.060think the administration took many steps forward in doing that. However, as you mentioned, spending
00:24:45.160increased as well. Defense spending, tax revenues obviously reduced a little bit with tax cuts,
00:24:50.520which ultimately will pay dividends. But until we can get a handle on debt and deficit,
00:24:57.100we've got a massive problem in front of us. And if you rightly point out, when empires in the past
00:25:03.640have gotten themselves into the position we are today, they haven't managed to get out of it. So
00:25:09.100it's a very, very tough position. It isn't just domestically here. This is a global problem.
00:25:15.960But given that we are the global reserve currency, the lion's share of global transactions,
00:25:22.460the bulk of the world's assets sit here, we as a country have the most to lose.
00:25:27.960We've talked about end of the dollar empire.
00:25:31.200And obviously, we're not hoping for it.
00:25:38.160At the end of the day, if the United States is running $2 trillion annual deficits and
00:25:42.560printing money to meet those deficits, it puts our reserve currency position under threat. As you
00:25:49.220mentioned, it's the full faith and credit, but it's also stability and accessibility, right? That has
00:25:55.760been key for our position to maintain as global reserve currency. And as long as you're printing
00:26:00.620$2 trillion annual deficits, and you have previous administration seizing assets, those two things
00:26:07.100are now out the window, couple that with consistent structural deficits. And I think
00:26:12.460we're heading very fast down a path that we don't want to be heading down.
00:26:20.480I also want to talk, so you got President Trump, and they're trying to do it. He tried to do it
00:26:25.260because he had this huge burden when he came in. But the alternative to him, and maybe do part of
00:26:30.820this after this break, and I want to then talk about how people work with you guys to learn more,
00:26:35.920Because an informed consumer here, an informed investor, is the best investor for physical gold right now.
00:26:44.120The alternative to President Trump is not reasoned austerity or just monetary logic.
00:26:55.420The alternative is, if you look at the Democratic socialists who have all the energy, you know, the Tea Party on the left or the populist left.
00:27:03.740If you actually look at their economic policies, if you actually look at what they are proposing from spending, they are – they literally want to bring the system down because they have no controls whatsoever.
00:27:19.100What they're talking about in New York City is absolutely incredible – it's just crazy.
00:27:23.180What they're talking about in the rest of the country is absurd.
00:27:27.040on a national level. They are not simply open borders and not simply this transgender ideology0.92
00:27:34.780on everything culturally and everything that they're dealing with. Are they the most radical?
00:27:39.460If you actually look at their economic plan and if you look at their financial plan on top of that,
00:27:44.700they're the most radical at all. In fact, if you had to pick what would absolutely tilt the system
00:27:50.600into flying over the abyss it would be as bad as Biden and these people were right for four years
00:27:57.940which were out of control remember the seven and a half trillion dollars we said at the time if you
00:28:01.720pass this stuff you're going to kick off massive inflation um these people even more radical okay
00:28:07.720we're gonna take a short break we got Philip Patrick he's going to tell you how you can work
00:28:11.420with the guys of Birch Gold who also pine on these Marxist jihadist democratic associates uh Birch
00:28:17.600gold take your phone out and text bannon b-a-n-n-o-n and 9-8-9-8-9-8 you get access right
00:28:23.840there you get access to philip or you can go to birchgold.com slash bannon and get uh the um end
00:28:31.380of the dollar empire all the installments there's a physical copy you can get backboarded on that
00:28:35.940but all seven that are in the physical copy are online free plus an eighth and we're working on
00:28:43.220a ninth right now. All of it for you. Short break. Philip Patrick on the other side.
00:28:51.520Everyone's focused on how the conflict in the Middle East is raising oil prices,
00:28:55.240but there's another grim reality to this contention. Oil isn't the only resource being
00:29:01.480constrained. About one third of global fertilizer trade happens through this region. And with spring
00:29:07.680planting season on top of us, American farmers are sounding the alarm with some saying they
00:29:12.780can't afford to plant their fields when one piece of the supply chain gets hit this hard you know
00:29:18.460what comes next higher food prices reduced availability maybe even panic buying that's
00:29:24.500why having an emergency food supply at home makes so much sense and that's where our friends at my
00:29:31.360patriot supply come in right now at preparewithbannon.com that is preparewithbannon.com
00:29:38.260We've set up an entire just site for the war room posse.
00:41:48.800It's anything to solve the birth rate crisis.
00:41:51.780But the family-centered people, the people that want to grow our country and revive the American family, we're much more centered on God being the creator.
00:42:00.460God being the one that determines who lives and who dies and who is born and who is conceived.
00:48:08.360Give me a couple of minutes on that, on what your struggle is against that kind of mindset.
00:48:12.640And I would tell you this. I think it's actually a bigger mindset within conservative economic thinking than populist nationalism and or far more than the pro-family as a as a as an economic unit.
00:48:28.460Terry Schilling. Steve, that couldn't be more true. Our biggest enemies in reforming the
00:48:35.900American economy to be more centered on the American family is not leftist. Well, it is
00:48:41.260leftist for other reasons. It's the right. It's the conservatives. They hear these things and
00:48:47.460they brand it as if, you know, it's unfair for single and unmarried people to subsidize the
00:48:54.520lives and families of others. They didn't make that choice to get married and have children.
00:48:59.860Why should they have to subsidize it? The reality is, Steve, for the vast majority of American
00:49:04.240history, we had a pro-family tax code. We had a pro-family economy that benefited and actually
00:49:10.240recognized the sacrifices that families make so that they can produce the next generation of
00:49:15.980American citizens. But in the 60s and 70s, there was a huge shift. You had the rise of radical
00:49:21.500feminism, which said that the family, literally Betty Friedan said that the family is a comfortable
00:49:26.540concentration camp. And then you had the population control people like Paul Ehrlich, who worked1.00
00:49:31.840around the clock and around the globe to institute anti-family economic policies, as well as anti-family
00:49:39.700cultural policies. Nixon was actually the first president to move forward with changing the tax
00:49:46.980code to level the playing field. Families had a beneficial tax code in the 60s and 70s. He wanted
00:49:54.760to change it so that single people had the same benefits. So once you start treating single and0.90
00:49:59.780never married and the childless equally with those that are actually sacrificing and building a
00:50:04.540future and putting their money, I mean, Steve, you know as well as I do, these kids are expensive.
00:50:09.280It's a sacrifice we gladly take up, but it's also a calling from God. I didn't choose how
00:50:15.720many kids I had. I'm Catholic. I don't do that. My wife and I just are in love and we take whatever
00:50:20.800kids God gives us. We are providing the next generation of American citizens. And I think
00:50:25.500that it's a struggle for the Tammany types. And again, I think you said exactly right.0.56
00:50:30.140Tammany is a brilliant man. He's very smart. He's on the edge. I mean, he's always on the cutting
00:50:35.200front of things. And that's why it was actually a little bit surprising to see him oppose us and
00:50:39.800think we shouldn't need to do anything. We have to save the American family. It is the why for
00:50:44.680why our economy is working at all. But I think the bigger point that I was making is that family
00:50:50.760fills a serious gap in our country. And as the family has declined in America since the 1970s,
00:50:56.880all the way up until today, we've been filling it more and more with leisure, with drugs,
00:51:03.020with counseling, with therapy. Americans have never been more depressed, more mentally ill,
00:51:07.600more afflictions and less driven. And it's because our marriages are through the floor.
00:51:13.580Our average age of first marriage is into the 30s now.
00:51:16.660The birth rates are through the floor.
00:52:56.180One Nation, the massive hit on the Billboard charts.
00:53:01.620Steve Gruber and his team are going to take us out.
00:53:05.040Michael Pack, the great filmmaker, is going to join us in our second hour.
00:53:08.500Another God, may we always be, the home of the brave, and the land of the free, for every battle of love was lost, God bless America, seas of shining sea, one nation of the God, we're united strong and free.
00:53:37.740Most Americans are forced to spend too much money on health care and getting too little in return.
00:53:43.720If you're one of the millions frustrated by traditional health insurance, I want to tell you about America's health share.