WarRoom Battleground EP 250： 419-0 Calls For Investigations Into Covid-19
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Summary
In this episode of the War Room Battlefield, we discuss the crisis in Silicon Valley, the failure of the biggest bank in the history of the U.S. to make payroll, and the impending collapse of the Silicon Valley bank.
Transcript
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this is what you're fighting for i mean every day you're out there what they're doing is blowing
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people off if you continue to look the other way and shut up then the oppressors the
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authoritarians get total control and total power because this is just like in arizona this is just
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like in georgia it's another element that backs them into a quarter and shows their lies and
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misrepresentations is why this audience is going to have to get engaged as we've told you this is
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the fight all this nonsense all this spin they can't handle the truth war room battleground here's
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your host stephen k bannon it's friday 10 march year of our lord 2023 what a day uh the 16th biggest bank
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in the country the center of the financial system in silicon valley the second biggest bank failure
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in the nation's history the biggest uh the only bigger bank failed um during the financial crisis
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of 2008 uh 169 billion dollars of non-secured deposits uh they're talking about they can't
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make payroll next week uh if they can't get this thing picked up by one of the banks over the weekend
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they're gonna be looking for a bailout bill ackman's already said he strongly recommends a bailout
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this thing is an unmitigated disaster is a direct result a direct result of biden's uh radical uh
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economic policies unrealized uh losses in its securities but these are government securities
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right government securities losses in government securities 17 billion dollars as peter navarro said last uh
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last uh segment last hour over 600 billion dollars of uh unrealized losses on government securities in
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uh on the balance sheets of banks throughout the country first republic bank also showing trending to
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all the problems that uh silicon valley bank had but uh can't uh tell you uh enough how important this
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is how big a deal this is bat gates joined us last hour peter navarro um as uh the venture capitalist uh
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uh mr juan said this is an extinction level event for startup companies he counts at least a
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thousand startup companies he says the creme de la creme silicon valley bank did have a premier uh
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corporate uh client list um the extent extinction level event if payrolls don't start to get be made
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and he said that it will impact and actually take away dramatically from american innovation over the
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next 10 years i want to bring in natalie winters natalie i i want to go the other massive news today 419
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you talk about something that can bring people together 419 to zero the house voted to direct the
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director of national intelligence to turn over all i mean all information and intelligence about the uh
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about covet uh covet 19 i'm going to get into that with you in a minute but i got to ask about the
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fascinating interview just did with dr malone he said something that kind of chilled me to the
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bones and and and one of the reasons i thought about it struck me is that matt gates just made the
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argument in the last hour he said hey you're going to see next week not just the pressure come from
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the tech community and the startup community it's going to come from dod and the intelligence agencies
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that say hey a lot of these startups are ours this is about national security we're going to fall
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farther behind the chinese communist party then you just had robert malone say when fauci talks and
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particularly when he testifies he sounds like an intelligence officer tell me about that you've done
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more to track fauci and his lies and misrepresentations than anybody what did malone mean by that
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yeah i always joke that i'm the only american on the faro website the only american on the wuhan
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institute of virology website and someone who's probably consumed every single second of testimony not just
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from these congressional hearings but also from anthony fauci and his lackeys the peter dosh acts of
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the world and it's very very interesting um as someone who pays very close attention to the diction and
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syntax that anthony fauci uses when he gets backed into a corner which you can sort of see in that fox
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clip you certainly see in his exchange with rand paul and you see it come out again when he's when he's
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pressed right when he has to defend really frankly the indefensible which is of course that he funded
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gain-of-function research um he really starts to use the same words the same adverbs he loves
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the term unequivocally he loves to really double down and all the statements that he makes are sort
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of redundant so i think on the just the psychological aspect it really is interesting to understand anthony
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fauci as a person um but i think what dr uh malone said really gets to the heart of the issue is that
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it's not just about nih funding money through ecohealth alliance to one chinese communist party
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funded lab it's about a network of labs that are run by the chinese communist party more precisely the
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people's liberation army but on the american side it's not just about the nih it's really about the
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entire federal government all the way to the dod particularly i think that's the most concerning
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but also the usaid and i think ecohealth alliance is a perfect example you know they received 40
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million dollars in funds from the department of defense just in the last few years alone and if
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you really get into the weeds about what these grants are for what they constitute they're always in
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the name of either pandemic prevention in some cases it's uh biological weapons of mass destruction
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in some cases it's actually weapons of mass destruction that they're supposed to combat
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and i think it sort of begs the question which is what dr malone was saying is that is are we
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actually engaging in biodefense research or is it biowarfare research right because it serves it seems
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certainly curious to want to conduct research into how to counter biological warfare attacks with the
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chinese communist party who i would argue if anyone is going to wage biological warfare on the united
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states following their doctrine of unrestricted and unconventional warfare it would be the chinese
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communist party so it's sort of like giving them the kings to the the keys to the castle rather
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and really allowing them to sort of reverse engineer what the united states response to a biological
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warfare attack would be so that's why i think it goes to the question that i asked him right is it
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incompetence or malice and it can't just be incompetence there is a level of nefarious activity going
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on which of course power corrupts and absolute power in the hands of bureaucrats like anthony fauci
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absolutely uh and as anthony fauci would say unequivocally corrupts
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one of the things i still can't get my mind around in this is the you know i realize i can
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see how they would work together and fund this because they think that you know science is the
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temple and we're the unwashed masses what i have a hard time understanding is given uh the the chinese
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press the chinese push to do this and and really making an all-out press to go from level three
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labs to level four labs and and you know the big gap between that how did fauci and and and and
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particularly dosing these guys that their cutouts are representative barrick how did they ever feel
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comfortable that there was competence over there actually to manage this process if there were
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questions enough in the united states and people got to remember it was the obama national security
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council that shut this down because you know they they saw people publishing uh research that was
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from like the university of maryland they go whoa that's like a commuter college what are we doing here
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um and they shut that down in a pretty hard shutdown in uh what in 2014 um how did fauci and
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these guys barrack ever get comfortable with just the competence level that they could actually manage
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a a p4 lab you remember when the lab was first opened the um the consulate i think the consulate
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from wuhan one of the guys from the consulate wuhan who was you know let's say maybe associated
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as an intelligence officer brought someone down from the embassy in beijing and they were so shocked
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by the unprofessional nature of what happened they immediately sent a uh a cable back to the
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state department and supposedly i've seen that was shared with nih and and fauci etc just how would
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they get over the just the competence that the chinese didn't have the technical expertise to manage
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this process natalie well i think the answer to that question unfortunately a lot of the the evidence in
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terms of the genomic sequences of what they were the research they were actually engaging in
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has been you know disappeared by the chinese communist party but as someone who spent most
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of my career focusing on chinese communist party for influence operations and how they go about
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targeting what i would call kind of the achilles heel of america right certain elites they get a
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lot of roi for their money because they will sort of i would say advocate or push for policies that
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are very advantageous to the chinese communist party and having the ccp be able to engage in high
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level bio warfare that was deemed too dangerous to you know carry out here in the united states
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i think that's a policy that would be particularly advantageous for the people's liberation army
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and i think to answer that question i mean use the wuhan institute of virology as an example
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you know this is a group that if you look it's not just about science they have communist youth
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leagues they hold communist devotion sessions they have united a united front work department chapter there
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which really is the kind of main hub of chinese communist party foreign influence operations
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that's been described by mao zedong and even the u.s state department as sort of a quote magic weapon
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to advance communism to advance the chinese communist party's control so i think when you understand that
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scientific research even though they like to hold it up as this kind of you know holy institution right
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this idea it's an untouchable concept scientists the people like anthony fauci you know they're not immune
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from chinese communist party compromise either and i think particularly this is one area that the
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chinese communist party has really launched an assault full force to infiltrate the united states
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when you think about things like the the thousand talents initiative even the hundred talents which
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is sort of the the little sister operation of which the the wuhan institute of virology had programs
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like that in other words in other words the chinese communist party looks as science as sort of a
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conduit and a vehicle to compromise american scientists and there it's no secret it's no
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surprise that so many researchers who work for the national institutes of health particularly those
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hired under the reign of anthony fauci i remember they they had a it was a bombshell story two or three
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years ago where they had to fire thousands of researchers from the national institutes of health
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because of undisclosed foreign ties and 94 of those ties were to the chinese communist party so i think
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when you try to understand right sort of the fog of war how the nih nih niaid could be making decisions
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that are so antithetical to the the advancement of america and really only prop up the chinese communist
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party i think that's a false pretense to assume that the nih and niaid are acting with american interests
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in mind because i would argue that they're not an entirely american entity given the extent of ccp compromise
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now it surprised me but i like your thoughts the house today passes a resolution demanding that uh dni uh
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admiral uh haynes uh immediately release every and all information intelligence dealing with the covet 19
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virus the origins thereof but you know democrats this is 419 to zero you can't get
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post offices approved 419 to zero what's your sense of what's going on and are people because
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there's so many democrats that have defended this and you know said where people are racist and going
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after this what has been the sea changes you've been following this and do you think this will have
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any impact you think this will have any teeth uh on it that the forces admiral uh haynes to actually
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uh cough up all the intelligence that's out there well i think uh joe biden's response to the passage
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of the bill was very interesting he said he hadn't decided yet if he would sign it into law which i
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think is probably no surprise to anyone in the war room posse given the extent of ccp compromise on on
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that family's hands but i think it's interesting because i think you're sort of starting to see
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two narratives unroll with regard to the origins of covid under the umbrella of the lab leak one is
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more of an indictment of the chinese communist party and the other is more of an indictment of american
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intelligence services and american scientific institutions like the national institutes of
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health and while those theories are not necessarily mutually exclusive i think the kind of intel community
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the elites the powers that be are a lot more cagey it's a very sensitive nerve to implicate the national
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institutes of health in the u.s federal government in the origins of covet i think they would prefer to
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sell the chinese communist party down the river first so i think that's just what we need to be
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careful with the development of this narrative that coven 19 was something that was birthed entirely by
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the chinese communist party because i think it's important to understand even not just in regard to
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covid but in regard to just the general chaos that is inflicted on on average everyday americans
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it's the american establishment working in collaboration in cahoots with the chinese communist
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party so even if we take down the ccp which is great and we should uh their american collaborators
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need to go too so i think that's sort of why you're seeing a bit of a sea change i would argue
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um in terms of just whether it's the doe leak the interview with chris ray they're very eager to sell
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out the chinese communist party which is a behavior you don't typically see um from that ilk of you know
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dc bureaucrat um so i think just really watch the narrative sort of shift to totally indict the chinese
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communist party but don't forget that anthony fauci nih niaid dod all these three-letter agencies
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were intimately involved with the creation of coven 19 too i'm going to answer in a second about the
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your take on the response in the mainstream media to redfield's um uh revelations which to me were
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shocking but there's one thing i hadn't had a chance to to talk to you about he dropped a bombshell
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yesterday that i think is the first time in in in sworn testimony and testimony i've ever seen it i've
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heard this from people i've seen kind of documents from people but i've never seen it officially before and it
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went unchallenged if i remember correctly he said yesterday in talking about the timeline he said
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about vouching about what they knew in the conference calls he said we know for a fact it wasn't in
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january in in in 2020 it wasn't even late december that they were actually cases uh in wuhan uh demonstrable
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cases as early as september in september a 19 and maybe even before then i understand the military
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games and all that had you heard before where anybody officially actually put it into the record
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that the uh covet there was there was actual traceable covet cases as early as september 19 in
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wuhan ma'am i don't think that that's ever been submitted to the congressional record but i think it
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validates a lot of reporting that we've done at the war room and other you know outlets in terms of
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the early days of coven 19 because a lot of people who were very very publicly opposed to the lab leak
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people like peter dashak another individual a name that we should all know is a guy named
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james leduck he runs the galveston national laboratory they were in a very very very deep
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memorandum of understanding with the wuhan institute of virology since 2018 where they would work
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on very dangerous pathogens their words not mine um they even had stipulations in the contract where
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the wuhan institute of virology could erase or discard any evidence of what they were doing any pathogens
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they were working with any documentation but this is one of the people who again this was all obtained
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through freedom of information act requests but someone who around that time period said you know i have
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my sources in china who are telling me that coven 19 or that there's this new stars like virus that's spreading
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so i think it's really interesting to contrast what dr redfield said right how these people knew privately
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that this new novel coronavirus was spreading a lot earlier than the public was ever told but yet these
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people were obviously very very very loud detractors of the lab leak theory but remember
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the lab the anti-lab leak kind of brigade right the peter dashax of the world like the anthony fauci
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contingent that whole narrative was really weaponized in the political sense to go against
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donald trump for shutting down travel from china right because they were saying oh that's racist you're
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blaming the chinese communist party when this was just you know a natural event it was just because
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of the bat soup in the wet market so that's why i think it's particularly nefarious the cover-up of
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the date in terms of this you know the early cases of coven 19 because that narrative if you play it
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out to its political implications was really used to attack president donald trump for wanting to shut
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down travel from china which really seems to be the only logical conclusion to a novel outbreak of any
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virus let alone people who knew it was spreading months prior so again it goes back to i think the
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question of is it incompetence or malice and through little snippets little buried leads like dr redfield
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and of course old freedom of information act requests i really think you get the evidence
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and not incompetence you know i i they didn't ask the following questions but what's so stunning
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because if there are demonstrable cases we can actually prove and bring forward in september 19
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that totally rips the narrative of the ccp apart they say that was late uh december it was around
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new year's eve december it was the doctor that eventually you know gave his life and going back
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and working with his patients they didn't really report anything until who until the first week of
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january we know that that's pretty that's been trashful and who came out with no human the tweet no
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human transmission no community spread which we know is a lie but if it can be proved in september that
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totally tears apart the ccp's narrative that's why it it's so incredibly uh explosive and uh
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it just shows you that um we're at the very beginning of i think which will be an investigation that will
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be the uh the most shocking investigation in american history and then when you tie in everything dealing
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with the with the vaccine what has been the response i know we've been all over it because
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you've really led the way here for the last couple of years over with rahim at national pulse
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but what has been the general response to the mainstream media what's your assessment
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of how this explosive testimony i mean fauci came out right away obviously and call him a liar uh but
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what has been and by the way did it on neil cavuto on uh fox and uh you know i haven't had a chance to
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talk to you about this but i didn't think cavuto did a good job of pushing back on fauci but what's been
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the general uh what's been the general response to the mainstream media no of course cavuto didn't
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he just sort of nods along and thinks his hard-hitting question is well do you ever make mistakes
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i could give you a list of probably a thousand mistakes that anthony fauci has made and i would
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love to see him have to answer for every single one but of course the mainstream media is is doing
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what they always do when it comes to their you know dearly beloved anthony fauci but i i do think you
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know i think we're used to the mainstream media outlets burying certain news stories right that's
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sort of a given it comes with the territory but this really is a i hate using the term orwellian
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because i think it's so cliche but i really think it is a proper application of the term in this case
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because if you even search redfield if you search covet if you search you know origins
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it's like dr redfield was yelling in a forest with no one around they didn't even cover it they
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didn't even cover the story to smear him as crazy right the fact checkers didn't even come out to
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discredit what he was saying it was like what he said didn't even happen um and i think again this
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goes i know darren beady said on today's morning show that you know january 6 is really the most kind
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of sensitive nerve of the intelligence communities of the in this case i would argue it's the
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biomedical the pharmaceutical industrial complex but i think that it sort of goes to that theory of the
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case that they really really really do not want to get i would say pushed in the direction of having
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to have a conversation about how various three-letter agencies within the u.s federal government
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were involved in the creation of kobe 19 um again dr redfield should have been on prime time you know
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every single show uh certainly should have been on all the morning shows today um but like i said it's as
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if he didn't say anything but contrast that just real quick with the media response that the department
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of energy story got right that which of course said that the lab leak not intentional but just sort of
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i would say lab leak light right the idea that oh the wuhan institute of virology someone maybe got cut
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and then they went home and they didn't wash their hands properly that that theory is a lot less of a
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severe indictment of the national institutes of health and anthony fauci and the american government
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but even that story got its prime time coverage on every mainstream news outlet um right it really
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broke the news cycle what dr redfield said again former cdc director very influential position
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got basically no time so i think that is again the other evidence that i sort of told you about
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under the umbrella term of the lab leak theory how you have the two competing schools the one is the
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sell the ccp down the river and the other is the you know indict the fauci's and nih's of the world
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by the way and of course when the mainstream media covered the department of energy from the
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national weapons labs they go low confidence it was low confidence um last thing you've done more
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probably than anybody of looking at the influence peddling of the ccp and their involvement in every
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aspect of american life from the financial to the university to the cultural to the political to the
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scientific uh they're already you know we're here it's uh what it's 6 30 6 25 eastern time
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on friday night they're already putting up on the business channels talking about uh
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the potential bailout of silicon valley bank and that hey if we don't act there's a bunch of chinese
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startups or startups with american investors with chinese is our area of cooperation this is where
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we make sure we don't unplug from uh from the chinese economy and the chinese people uh what's
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your assessment is is is silicon valley bank going to be another we're going to find out that you know
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a third of their assets have been lent to ccp companies i can tell you sequoia and many of the
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venture capital firms are just front organizations for the ccp uh right now what's your sense of how
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big how big you know gate says it's going to be national security and in the in the cia and they're
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going to say you got to step in here and bail this thing out because of that how big a role
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do you think you're going to find we're going to find that chinese technology companies chinese social
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media companies have payroll have money have deposits or have relationships with the venture
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capitalists at silicon valley bank man well i think a third is a very very low ball estimate again you
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noted that a lot of my focus has been on chinese communist party influence and infiltration and i'm
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of course eternally envious that you have been sanctioned by the chinese communist party and i
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have not but i'm working to change that um one day one day uh perform 25 that's my goal um but i mean
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sequoia capital is a perfect example but i think what is really interesting is that i would sort of
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describe them as shell companies in the sense that they have the public appearance of not being ccp linked
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not being ccp owned um but when you really dig down into the ties of who are running these companies
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who's running not only the finances but the tech development um it is almost always people who
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have ties to the chinese communist party and frankly even the companies themselves you've seen
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how chinese communist party owned companies tech companies surveillance companies have done very very
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very well in the united states under joe biden you have chinese communist party owned you know drone
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companies partnering with police stations to help surveil americans so no i would not be surprised
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one bit i think a third like i said is probably a lowball i would say probably upwards of a half
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silicon valley is you know all roads lead to beijing but that is all all of the roads
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over over the weekend over the weekend natalie how can people get you on social media uh the site all of
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it where do people track you down what are your coordinates natalie g winters on instagram twitter
00:26:00.320
you can find me on facebook getter and go to war room.org to keep up with the latest stories that
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the wuhan lab now you saw 419 to zero the house basically demanding to the head of director of
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documentation about the covet the 19 origin story okay short commercial break we're going to get back
00:26:53.360
into this debacle on the budget in the silicon valley bank all next in the war room
00:27:02.480
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my best performer year to date is svb financial don't you want this company's a merchant bank with
00:30:10.160
a deposit base that wall street had mistakenly concerned about svb it's the old silica valley
00:30:14.480
bank recently bought one of our favorite research firms boffitt nathanson it's become less dependent
00:30:18.640
upon private equity and venture capitalism offerings wait a second those dried up last year they could
00:30:23.040
come back yes some of the come back here with the stock directly affects an oversold position stock was
00:30:27.840
the fourth worst performer in 2022 i think the fears were not justified it's a very compelling
00:30:32.400
situation hey by the way long-term private equity venture capital they're not going away being the
00:30:37.040
banker to these invest immense pools of capital has always been a very good business stock's still
00:30:42.960
cheap now you have to remember that a stock that falls 66 percent like svb financial did last year
00:30:49.280
it takes it a lot more to recover after losing two-thirds of your value you need a 200 gain to
00:30:54.960
get back to even this is arithmetic some people call it geometry so you could argue svb's nearly 40
00:31:01.440
rally this year is barely a drop in the bucket and that's how i want you to think it i think
00:31:06.320
it's also a good example of why these bounce back moves might be far from over these stocks that have
00:31:11.600
more room to run especially if you think they were driven down to artificially low levels by tax law
00:31:16.800
selling artificial dumping like we saw i've listened to some of the smartest people all day and i concluded
00:31:21.440
that nobody not even the fed knows what happens when the most important bank in silicon valley gets
00:31:26.720
seized by the fdic as was what happened today yeah we left here with no real idea will there be contagion
00:31:34.800
could this be an outlier we just don't know at first blush there was some strength to the market
00:31:40.080
with the weakness contained to the banks and tax as in which banks the next fall and which tech stocks
00:31:45.760
going to get hurt because it has money there which startups will be crushed i mean hey look we just
00:31:50.240
found out this evening that roku had 26 of his considerable 1.9 billion dollar cash word with
00:31:56.480
this company and we know there's never just one cockroach in a bank's kitchen who knows maybe there
00:32:02.880
are companies that trade now or we're going to come public that are just plain done stick a fork in them
00:32:10.240
so by the end of the day we got a nasty sell-off in anything that needs a strong economy banks tax signals
00:32:15.680
because who knows where all that money is and maybe a recession could be caused by this bank
00:32:22.080
yeah their failure what other companies kept their money in the bank it's all unknown but why do we do
00:32:28.160
this want to be something that's not rash but rational let's step back for one moment there's one key
00:32:36.000
way in which this bank failure could actually be good news for all of your stocks now i didn't hear many
00:32:41.040
people off for this view today sure any institution remotely connected svb depositors borrowers venture
00:32:46.720
capitalists is going to be hurt and hurt big time there's going to be some major losses but you know
00:32:51.440
what even with those losses i do not see this as a systemic problem i actually see it as a cool hand
00:32:57.440
luke problem as in what we got here is a failure to communicate svb downplayed it was getting killed on
00:33:03.760
its bond portfolio each time the fed raised interest rates the bank didn't signal that it had too many bad
00:33:09.200
uh loans uh they were backed up in stock uh in startups that haven't been able to come public
00:33:16.240
because there's no appetite for ipos when the feds tightened aggressively it should have been raising
00:33:21.200
money like crazy for months like some of the other banks out there instead it seemed frozen during the
00:33:27.040
headlines see they just pretending that things were okay which brings me to the key question can the
00:33:33.040
fed really keep tightening like crazy before they know how bad the contagion might be from svb's demise
00:33:39.360
i don't think that'd be prudent can the fed really raise interest rates dramatically when it doesn't
00:33:44.240
know what could happen that or now that they've blown a hole in the most vibrant and viable part of the
00:33:49.520
u.s economy tech i don't think so of course there's nothing wrong with the market's negative reaction
00:33:56.000
the last couple days bank failures are bad especially when we have no idea how extensive the collateral damage
00:34:01.040
will be don't want to sugarcoat that but the fed's been fighting against inflation and there's
00:34:05.200
nothing more deflationary than the collapse of a highly indebted bank nothing it would be reckless
00:34:12.240
for them to keep tightening aggressively now that banks are going under jay pal wants to hit the brakes
00:34:17.520
on the economy but he doesn't want to cause an 18 car pile up can you help us understand the game plan
00:34:23.440
moving forward for how you all will actually work on the leverage to get leadership okay right here
00:34:28.640
stop stop stop i don't want those connected um so stop right there uh
00:34:37.040
kramer kramer the first part of that was kramer pitching this stock less than 30 days ago as a buy
00:34:43.920
to go long and everything he said right there remember this is what's happening in washington dc now because
00:34:49.840
they got to get their narrative together and they and they and they don't want the you know pals raising rates
00:34:56.480
this is the out of control um fantasy uh business model we have with the bond market the smart money's been
00:35:07.680
thrown up all over this and you've got these massive losses in the in the bond portfolios and now they're starting to blow
00:35:14.240
uh the bottom out of these financial institutions this is as serious as it gets and no kramer you are
00:35:21.280
wrong this is systemic uh first republic uh peter navar just said silicon valley back had 17 billion
00:35:30.640
so they had 200 billion of assets they had 179 billion of deposits of which 169 billion were
00:35:39.840
um were uh not secured by fdc because their accounts over 250 000 they have a thousand of the premier
00:35:47.360
startups in the country which are not going to be able to make payroll next week it's the second
00:35:51.920
biggest bank value in the nation's history the 16th it's the 16th biggest bank in a premier bank
00:35:57.760
right a platinum bank to the banks the elites not systemic there's 600 billion dollars as peter
00:36:04.560
navarro says wall street journal is reporting 600 billion dollars of unrealized losses on bond
00:36:09.520
portfolios on banks balance sheets right now this is what we've been telling you about the inverted
00:36:15.840
real curve the bond market getting trash and look at the bond market more in the stock market
00:36:21.760
there is a massive problem here the other massive problem is at least the way we viewed it here at the
00:36:27.440
war room is that the california regulators stepped in before uh the fed and why is that why were they
00:36:32.880
slow to react they're slow to react because they do not want to admit they do not want to admit
00:36:38.880
that this comes from the railhead of the biden economic and financial policy we are in an
00:36:46.560
absolute crisis now and if you don't see it right there and next week that's we had gates on the
00:36:51.360
first hour i'm telling you there's no bailout bailout and no talk about any bailout no talk about any money
00:36:57.440
that give them a thousand bucks and say hey hope that hope that works out well in east palestine
00:37:02.720
ohio no discussion of a bailout there for the deplorables but already right now there's already
00:37:08.160
a massive talk about a bailout let's play do i have uh they have yet one the uh the chinese
00:37:14.400
venture capitalist chinese american venture capitalist is that ready to go can i go ahead and play that
00:37:19.040
about the payrolls let me play that the silicon valley bank collapse rattling the startup world one
00:37:24.560
venture capitalist calling this a potential extinction level event for startups that could set innovation back
00:37:30.800
by 10 years or more adding big tech will not care about this they have cash elsewhere all little
00:37:36.800
startups tomorrow's googles and facebook's will be extinguished if we don't find a fix joining us now is
00:37:42.080
gary tan ceo of startup fund y combinator gary welcome okay so this is my question how many of these
00:37:52.080
startups that have been through y combinator for example have their cash tied up at silicon valley bank
00:37:58.800
and over this weekend are going to try to figure out how they're going to make payroll next week
00:38:03.360
do they have to go to investors and say can you front me some cash so that we can stay alive
00:38:08.800
yc has funded about 3 000 active startups right now i would guess that this affects more than a
00:38:14.640
thousand startups and about a third of those startups will not be able to make payroll in the
00:38:19.680
next 30 days uh in the current configuration you know as of this morning rippling uh which many
00:38:25.920
startups use to manage payroll and benefits you know transfers were not being processed by svb for
00:38:31.440
payroll and so that's a really existential threat for companies broadly you know these are founders
00:38:37.920
who are texting me and calling me saying do i need to furlough my workers next week because i do not have
00:38:44.160
other bank accounts you know a google or facebook or even companies farther along with the treasury
00:38:49.120
department they're going to be able to weather this but if svb is your only bank it's actually
00:38:55.840
an existential risk you're going to go out of business if you can't pay payroll and that starts
00:39:00.560
monday okay so okay okay right there by the way jack but so with the great jack but so has been
00:39:07.760
putting up for the last couple hours hey you're the guys that de-platformed everybody and now you're
00:39:11.600
going to sit here and whine about uh oh you need a bailout and this is not small i want to repeat
00:39:17.760
and this is what there's something wrong here i mean deeply wrong it's systemic but also deeply
00:39:23.440
wrong the ceo sold two or three million dollars worth of stock just a couple of weeks ago the cfo
00:39:29.760
sold stock they've got to get all over the situation there's 100 i think 79 billion of total deposits and
00:39:38.160
i think it's 177 billion of 176 billion of total deposits but unsecured deposits which means hey the
00:39:46.320
venture capital companies and these startups and the tech companies have their money there they
00:39:50.720
can't get to it and even fdc remember fdc uh insurance it it's not like they pay it on monday
00:39:57.840
that's a process that takes i don't know six months nine months a year right these companies need cash
00:40:04.240
and it ain't there and bill ackman bill ackman who literally hates the deplorables hates the
00:40:11.360
deplorables has already come out and said if some if somebody can't step in and buy this bank over
00:40:15.760
the weekend and jp morgan's already announced they're not having any part of this because
00:40:19.760
all a lot of those banks got hammered on assets that they bought in the meltdown of 2008 ackman has
00:40:26.160
already said that the government's got to step in here and actually do a bailout your taxpayer dollars
00:40:31.280
to bail out the elites in silicon valley who don't give a crap about you who de-platform you who look
00:40:37.520
down their nose at you who laugh at you when they're making all their stock options and all
00:40:41.040
their warrants everything kicks in your betters your betters all these all these arrogant uh you
00:40:48.000
know digital nomads right that just sit there and mock and ridicule everything you stand for well now
00:40:54.000
they ain't mocking and ridiculing they're going to come to the deplorables like they always do like
00:40:57.920
they did back in 2008 and here's the thing you're going to head they're going to have to prove the case
00:41:02.560
of the contagion there's this going to spread or if it's just not systemic in the fact that these
00:41:08.960
banks and these financial institutions have not been properly managed it looks like first republic
00:41:14.000
bank people are talking about already i think the stock down 60 percent also what he was whining about
00:41:19.200
there is to stop the fed from increasing interest rates to try to stop we're trying to stop um inflation
00:41:26.000
because they hadn't they hadn't figured out the second or third order uh impact of everything they're
00:41:32.240
doing he says oh well we could crush all the financial bank he says we've been talking about
00:41:35.600
that from the beginning what you need is adults in the room we cannot continue to spend and this is
00:41:41.440
the arrogance of them and this is the fact they're not treating you like adults because they're not
00:41:45.360
acting like adults the the budget they just gave you the other day is 6.8 trillion dollars and they
00:41:51.440
put some taxes on there right a couple trillion dollars of taxes but it still leaves what 16 trillion
00:41:57.280
dollars of unfunded deficits the deficits i think this year is when his budget put for is 1.8 trillion
00:42:03.680
dollars and i think that includes i think that includes his uh his tax increases or if it's a
00:42:08.720
trillion four my point is the number is so huge and so epic that almost to beggar uh belief
00:42:16.720
the arrogance of the biden regime and the spending they've done in collaboration with mitch mcconnell
00:42:21.920
the arrogance and the irresponsibility of the federal reserve okay this is what brought us to
00:42:27.680
this moment and this is a big moment this is not some regional bank that does agriculture lending this
00:42:32.880
is not some regional bank that does lending to the mining industry this is not some bank in the south
00:42:38.080
that lends the textile industry this is the premier bank in what is supposed to be the engine
00:42:44.640
of not just american innovation but the american economy silicon valley and this bank with the ceo
00:42:50.960
selling stock over the last couple weeks and and and and what it what did kramer by the way i don't
00:42:56.240
even know how this guy's on television i don't know how the strike lawyers haven't just sued the network
00:43:01.680
uh you know out the union for for the financial vice he said you know they should have been their
00:43:06.640
passive they should have been out raising capital in the last couple of months with to raise capital
00:43:11.600
ought to gotten wiped out they didn't have enough control of their business and quite frankly
00:43:16.880
the fed what the fed was doing what the biden regime was doing was crushing was crushing uh the
00:43:23.600
bond market so what are they going to do go lie to people about that it's absolutely incredible this
00:43:28.880
story is only going to get bigger and here's why it affects you remember you're chairman of the
00:43:32.960
creditors committee and you just had the second biggest bank takeover the biggest bank failure
00:43:38.640
in american history let me repeat that the second biggest bank failure in american history 208 billion
00:43:45.760
dollars of assets it had uh 169 billion dollars of unsecured deposits which are going to say we
00:43:54.480
can't make payroll and the deplorables you're going to bail us out again boris epstein's on the line
00:43:59.920
boris your perspective before he became a uh a lawyer and worked with the president you were a deal guy on
00:44:06.320
wall street how big a deal is this irresponsible failure of silicon valley banks sir so steve honor
00:44:14.800
me with you honor me with the pocket it's a huge deal it's a huge deal because svb was supposed to
00:44:20.240
be sort of a golden child right it's a golden child for all those you know fancy tech fancy
00:44:27.280
venture funds that's what svb was and now it means it shows that the bonanza is finally coming to an
00:44:34.640
end but there's going to be pain there's going to be pain there's going to be a domino effect this is
00:44:40.320
a serious development as you just laid out and again what it says is that our economy because of
00:44:46.240
the absolute responsible leadership of the democrats and the rhinos our economy is in deep deep peril
00:44:52.640
and anybody who's saying that by the way boris boris boris help me out here were there any bank
00:45:00.160
failures during president trump's four years of peace and prosperity were there any bank failures
00:45:04.400
that you remember or particularly a bank failure of this magnitude sir absolutely did did uh did
00:45:12.000
president the president trump have a have a country in full peace and prosperity up through christmas of
00:45:18.160
2019 when the ccp essentially released or allowed to be released or inadvertently released a bioweapon
00:45:25.040
that came to the united states sir president donald j trump had our economy at the strongest that
00:45:32.080
has ever been in our history before the release of and which by the way now you know a year ago we
00:45:38.000
were all conspiracy theorists but now it's accepted by the the even the biden administration
00:45:43.120
and the fbi just released from the wuhan lab so the release of covid and by the way then the president
00:45:48.480
got our economy back to being the strongest in american history after fighting through covid before
00:45:53.280
it was all destroyed by hopeless pathetic joe biden the democrats and the rhinos
00:46:00.240
is there any group in the country that looks down their nose at the deplorables and at the mega
00:46:05.440
movement more than the tech oligarchs in silicon valley sir no absolutely i mean and it's not just scb
00:46:13.200
right look at you know look at the whole issue of the last two years look at facebook look at twitter
00:46:20.400
i mean there's no two ways about it look at you know simon blanklid freedom until the everything
00:46:27.280
that's happened in the last two five ten years has been about the tech oligarchs were so close to
00:46:33.200
the chinese communist party the way that they absolutely deride and disrespect the mega the mega
00:46:39.680
movement president trump and the american people as a whole
00:46:43.120
boris you lived through 2008 you were a street guy you saw how it was created and what what happened
00:46:50.800
in the bottom of the obama administration and the bailouts when they come next week and coming they
00:46:56.080
are because they're going to say it's a national security problem gates was on here a little while
00:46:59.520
ago you know dod's involved you got dod companies you got all these intel companies intelligence
00:47:04.880
companies they're going to say we need to bail out so they can actually make payroll over the next
00:47:10.000
couple of weeks and we got to do it we have to have massive bailout here because you don't want
00:47:14.080
the contagion to spread what would be the appropriate response for us epstein the appropriate response
00:47:21.040
is that the time of errors of irresponsible spending the time of irresponsible propping up is over
00:47:30.640
it's over now if they find some restructuring we are the creditors committee if they find an appropriate
00:47:36.560
restructuring where where svd is able to be put back to normal okay we can consider that but you've
00:47:44.240
got to take a deep look inside and how similar as svd to ftx
00:47:52.080
no this is absolutely it's absolutely incredible uh what would you say uh by the way has anybody you
00:47:59.760
know here the thing has only been dead for a couple of hours you know the body's not even cold and they're
00:48:05.360
calling for potential bailouts you know they got to make payroll all these the innovation a thousand
00:48:10.800
great companies are going to go away and we're going to be 10 years with no innovation do you
00:48:14.880
remember anybody to date has anybody talked about a bailout for the for the deplorables in maga in
00:48:21.360
east palestine ohio sir did you did you catch any of that boris you know i keep looking for it and i
00:48:27.680
haven't found it anywhere what i did find is the fact that the epa the fact that fema and the biden
00:48:34.800
administration all refused to support these palestines support this refuse to stand behind
00:48:41.440
the deplorable so they refuse to stand behind america to these palestines while continuing the
00:48:46.720
order of spending into ukraine and of course doing anything they can to prop up their big tech oligarch
00:48:52.640
fronts boris how does this tie into joe biden just came the other day and says the mega republicans
00:49:00.720
stopping everything he lays down a 6.8 trillion dollar budget with not one cut to any program whatsoever
00:49:08.320
sir what this means steve and you've got to look at everything as a whole picture and it's vital for
00:49:17.040
the policy always signal not noise it's got to be holistic we have a decrepit system we are an
00:49:23.680
absolute house of cards and the the hopeless biden budget including the continued continued absolute
00:49:33.280
destruction of our national economy the destruction of our border the destruction of our energy independence
00:49:41.360
and again the orgy of spending all over the world but specifically on the festering fires surrounded
00:49:47.760
by nuclear reactors in ukraine that is what it ends up in and if anybody thinks that svb is the
00:49:54.000
last one you're kidding yourself ftx svb big time more to come and i hate to say this and i was on wall
00:50:00.800
street at the time that no bank tweet is an attorney if anybody most of us who lived through that we see
00:50:06.240
this and honestly this feels worse steve this feels worse because there's absolutely no adults in the
00:50:13.120
room anywhere big time okay uh i'll be on tim cast live tonight nine o'clock with matt gates 10 o'clock
00:50:20.720
on the royce white show tomorrow morning 10 a.m you got to be here the collapse of the neoliberal
00:50:25.840
neocon order go through detail boris how do people track you what are your coordinates over the weekend
00:50:31.280
steve go question on the shows you're gonna kill it on tim cast no doubt about it and again people
00:50:37.440
this is why we need president trump back in office as soon as humanly possible because these disasters
00:50:41.680
are going to spread he's the only one who can solve it my information boris cp.com is the website
00:50:46.320
hot on boris cp.com hot on getter at boris cp on twitter at boris cp hot on true social at boris
00:50:51.440
the hottest on the ground boris underscore epstein stay strong god bless and shabbat shalom
00:50:55.920
okay uh tim cast at nine royce white at 10 tomorrow at 10 a.m
00:51:06.160
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