BANNON: U.S. IS IN DEEP CRISIS, DEMS SOLD OUT AMERICA
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Summary
The Great America Show is on the air, coming to you all around the world through the airwaves, wires, coaxial cables, and fiber, beaming through space to you wherever you happen to be a freedom fighter.
Transcript
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Ladies and gentlemen, welcome to the Great America Podcast with Lou Dobbs,
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always in the fight for truth, justice, and yes, our American way of life.
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And now, here he is, the Peabody award-winning voice of truth, the great Lou Dobbs.
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Hello, everybody, and welcome to the podcast headquarters of truth,
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justice, and the American way. We hope you're doing great today.
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The Great America Show is on the air, coming to you all around the world
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through the air, wires, coaxial cable, fiber, even twisted pairs,
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beaming through space to you wherever you happen to be. Freedom fighters all.
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I, of course, am coming to you from an undisclosed location.
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It's the nature of the thing, you know, speaking truth within the hearing or eyesight of those in
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power who demand that if we see something, we must say something. So in a strange, ironic way,
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I'm just doing what this increasingly repressive government of ours demands.
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I've seen something, and I'm about to say something. Quite a few somethings, in fact.
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And yes, I'll throw in more than a few opinions as well. As I said, see something, say something
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has become the watchphrase of our increasingly authoritarian and Marxist Biden administration.
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A slight problem does arise because Biden and his oppressive federal authorities may well be the
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object of many of the truths about which we will speak daily and voluminously right here on the
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Great America Show. And you will understand, I'm sure, if we keep our location for the time being
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undisclosed, at least for a while, as best we can. And I urge you as well to be careful,
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my dear fellow citizen, very careful in these dark days in which our government has decided
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to work against us, all our citizens, to weaponize every tool at the disposal of our government
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against us. We, the people, are now the targets of our intelligence agencies, homeland security,
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the FBI and Justice Department, even government librarians wearing Coke bottle glasses are
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emerging from their gloomy, dank archives to harass and persecute the best president ever,
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certainly since Lincoln. No citizen is safe, not even a former president, especially one who may run
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again, say in 2024. Once only the radical Democrats practiced the politics of personal destruction.
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Now, as you know, the Marxist radical Democrats control all of our government. The White House,
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the Senate, the Congress, the permanent bureaucracy, the deep state, and even the Pentagon is in the
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grip of mad woke leftists with stars on their epaulets. These generals and admirals act like they're
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running corporate HR departments rather than commanding our service members, making sure this nation is
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well defended, well-prepared, our troops ready for battle. An obvious example, though, is chairman of
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the Joint Chiefs of Staff, who is an advisor to the commander-in-chief and who has no command authority.
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But Mark Milley chose to call his counterparts in Communist China to pledge to them personally,
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that he would alert the People's Liberation Army and the CCP, of course, in advance if President Trump
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were to order a launch of ballistic missiles aimed at China. An unprecedented act, certainly,
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one that is disgraceful for all of us, but for the military in particular. It's an act which I
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personally believe he should have been fired on the spot. Instead, President Biden kept Milley as his
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chairman as well. Biden, for his part, has revealed, for what he has been all along, Biden is a straight-up
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authoritarian whose Marxist agenda bears almost no resemblance to his campaign positions or rhetoric.
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Biden imperiously declared he's, quote, rejecting, quote, the conclusions of the Army report that the
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military and civilian leaders, by extension, were unprepared for anything approaching an orderly and
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secure Afghanistan withdrawal. Instead, Biden presided over what became a chaotic, disgraceful, and deadly
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surrender to the Taliban, while he abandoned thousands of Americans and friendly Afghan allies.
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His monarchical rejection changes nothing about the disaster that is his legacy. There can be no revision
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of that history. The Biden White House is in obvious deep distress, but consistently authoritarian.
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The administration urges the Justin Trudeau government to use the power of the Canadian federal government
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to shut down the truckers' freedom convoy, those truckers protesting vaccine mandates. All that would
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be necessary would be for the parliament to simply say, no more mandates. I'm sure you notice that Biden
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always comes down on the side of government power and its use against his opponents and the people,
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which are increasingly and clearly the same. Biden's average of all polling approval numbers have this
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week for the first time fallen below 40 percent. It is no coincidence whatsoever that eight radical
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dim governors of bold blue states almost instantly announced the rollback of their China virus mandates,
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including the president's home state of Delaware. More states are following beginning to reverse
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their mandates, their mandates. And the president, of course, calling those rollbacks of mandates
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premature, despite cases of the virus dropping dramatically. Biden has been the tool of the
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Marxist left of his party, and he is beginning, even in his state of mind, to become aware that he's
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increasingly isolated. He's obviously physically and mentally weaker and politically appears
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innovated and incapable of pressing forward with any domestic agenda, while his foreign policy is
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simply incoherent and confounding, where they're trying to preposterously and inexplicably organize
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the so-called quad nations to counter Russia's aggression against Ukraine and Eastern Europe,
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or failing to respect what must be the European Union's and NATO's role of leadership in contending
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with Vladimir Putin, as Putin and Xi Jinping have brought their nations together in a strategic
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alliance aimed directly at the United States. These are dangerous times, to say the least,
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and in such times, it's always wise to turn to patriots, to stalwarts, to friends. And today,
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we have with us Steve Bannon, a great patriot and friend, one of the country's leading conservatives.
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He's a Harvard MBA, an officer in the U.S. Navy, entrepreneur, movie maker, former chief strategist
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for President Donald Trump. And he's the founder and the host of the immensely popular and immensely
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powerful Steve Bannon's War Room Podcast. Steve, thank you for being with us.
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Well, Lou, you've taught me, and you've actually taught Donald J. Trump since you first started coming on
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TV back when I was in the 80s. Everything about the world economy, trade deficits, you've evangelized
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that. So I think we owe you, and this country owes you just an amount of respect and appreciation for
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what you've been doing for, what, 40 years now? I'm not going to add up those years at this point,
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but I certainly do thank you, Steve. That's very nice of you, very kind of you.
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And I think the country is indeed immensely fortunate to have you with your capacity for
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original thinking, for a patriot demonstrating what a conservative is and what an American can do.
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You're just, you know, I think you're one of the treasures of this country. And with that,
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let me turn to a man who is not a treasurer in any fashion whatsoever, and that is Joe Biden.
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He is a man who has become, he's been revealed as a full-on authoritarian, don't you think?
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I think it's a mess. I would like to think authoritarians normally have more of a focus
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program. I just think it's a, it's a, it's just, it's, it's a complete total destruction of our
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country. Look, Lou, you fought this from day one. You warned people about it in, because you've known
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Biden for decades. You warned people about this in the run-up to 2020. You were on top of the,
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the big steel. Elections have consequences and stolen elections have catastrophic consequences.
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And our nation, I think now is in the deepest crisis it's had since the civil war. And I think
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actually deeper than that, as bad as that sounds, I think we're on a global economic and geopolitical
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and financial crisis, all combined with really this feckless, hapless old man who tries to be
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an authoritarian. I mean, it's, it's just, it's a, it's a disgrace all around and only the MAGA
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movement, only the Trump movement can sort things out. You know, I happen, I happen to agree with you
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that, uh, the only, the only group of people in this country, uh, because it isn't the Republican
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party because of the leadership of the Republican party, uh, who refuse to acknowledge that America
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first policies, uh, making America, keeping America great are, is the insistent, uh, initiative
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that has to be present. Uh, that certainly is, that is not in itself, the Republican party because
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of the leadership. Uh, I mean, when we talk about Kevin McCarthy and Mitch McConnell, uh, we're
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talking about acolytes of, uh, uh, of Xi Jinping, it seems, uh, rather than supporters of Donald J.
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Trump. Look, the donor class is, you know, the Republican party is shifting quickly under president
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Trump's leadership into a worker and middle-class party. And the donor class does not want to accept
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that. There's still, there's still this wall street globalist corporation, uh, who are really
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anti-capitalism. They want to, they want a state capitalism model that the Chinese have. And I think,
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listen, you see last week, uh, we announced a $1 trillion trade deficit, a $1 trillion trade deficit
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in one year, uh, which is just not sustainable. It's not even close to be a sustainable $1 trillion
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trade deficit. Plus we've announced now 3 million invaders on the Southern border, uh, $9 trillion
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on the balance sheet of the Fed on top of $30 trillion on the balance sheet of the United States
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government. So on every aspect, you look at this, the uniparty, which just continues to print fiat
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currency because we are the prime reserve currency throughout the world. We have to be used for every
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transaction throughout the world, at least right now. Uh, we are, it's not just living beyond your
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means. It's this, it's insanity right now. We, we, in every key aspect from the trade deficit, from the
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gutting out of our, of our manufacturing base to the infusion of, uh, unbridled, unregulated labor to
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compete with the working class and the, and the minority community in our country, um, to, uh, just a
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financially being out of control. And you see the Fed now is talking about in a panic move, seven,
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you know, Goldman reported yesterday, seven, they think the seven next, uh, free market, uh, open
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market meetings, federal reserve over market means FOMC will have 25% basis points pop for the, that's
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for the next two years. That'll throw us into a major recession. So you just look across the board
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of any piece of data information or evidence. And we're in a jam right now. And this is a,
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this is a constructed crisis. This is a crisis of policy and personnel. And so we're jammed right
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now. And the only thing that can save us is we have to take back the country on November 8th.
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And we have to do it with people that are not Rhino Republicans. Look, the 20, I tell people the 2024
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presidential campaign kicks off Monday in Texas. That's the early voting starts in Texas 2022.
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It's game on. We just can't talk about it. We have to be action, action, action. And that means
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we have to win these primaries with MAGA America first candidates that are then prepared to take on
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these, these radical left-wing Democrats in the fall and, and, and win, and then govern, uh, like
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they mean it and govern with leaders that they need to have in there. And I just don't think it's
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going to be the Kevin McCarthy's and certainly not the Mitch McConnell's. So, um, you know,
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we've got, we've got a lot of work to do, but I feel very good Lou about, uh, who's on our side
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of the football. And I feel very good about the policies of, uh, of president Trump. Look, as you
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know, 18 and 19 were the golden years for the American economy, particularly for working class
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people. Absolutely. So you look, and even with the Chinese communist party, a virus that came in
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here in January, right after the trade deal was signed, even with that debacle, the, if, if Biden
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had only, after they stole the election, if they'd only taken the baton from president Trump and done
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nothing, if he had just stayed in the basement, like he, he, he, he ran for office, if he had just
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had, you know, the limited, uh, exposure he had at his fake inauguration, the economy would be
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okay today, not a catastrophic, uh, implosion. And that's because this is why it's a constructed
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crisis because this is directly retired to their personnel and their policies. And I got to tell
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you the nation right now is in a jam. Yeah. There, there is no question about it. Uh, when you were
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talking about interest rates, James Bullard, one of the fed presidents came out yesterday and started
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talking about a half point move, uh, at their March meeting, a 50 basis point move, uh, in the base rate
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and, and the market sells off, uh, what do these guys think they're going to do job bone it down? Uh,
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it's amateur hour at the fed. It really is. I am very, you know, when I think about the federal reserve,
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uh, the chairs that have, uh, worked before these guys who preceded them, uh, Jerome Powell is still
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after a first term, a first full term is still not as, uh, informed or as aware of the markets and
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sensitive to the markets as he should be or respectful of the markets. He has tried to get
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in front of those markets. And the result each time when any, any fed does it, Alan Greenspan,
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uh, did it as well. Uh, you have to, you have to understand that the fed has a role, but it's a
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role that has to be first to stabilize the economy and not destabilize it. And I'm afraid you're right.
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We could be looking at the, uh, a serious, uh, serious consequence if the fed gets aggressive here.
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Well, look, they, they have two choices. They're going to make a decision here. I think very quickly,
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they're either going to support the wealthy 1% or they're going to try to somehow
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support, uh, you know, cause remember Volcker, let's go back to Reagan and Volcker. Volcker was
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a lifetime Democrat. If it hadn't been for Volcker and president Reagan's monumental ability to
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absorb political pain, because when you get handed a situation like this, it's not,
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there's no easy way up. Biden's created this as people around him have created this.
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And so now the fed to me has two basic choices. They're either going to continue to try to
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have the Greenspan put or this, uh, you know, to try to keep asset classes up high or go after
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inflation, uh, you know, pretty toughly to, cause this inflation, as you know, is much higher than
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the numbers show. Cause they don't calculate that they did back in the seventies. The inflation is
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really in the low teens. That's our working class people getting destroyed right now.
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And you're seeing the polling in Biden's, you know, 50 on a CNN poll, 56% of Americans, 56%
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can't name one thing he's done right. Or one thing they support these numbers make James Buchanan,
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the family of James Buchanan is so loving Biden because Biden is very rapidly becoming the worst
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president of the United States in history because, because of what he's done. So I just think right
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now, Lou, and here's the madness, which you've always warned us about up on Capitol Hill right
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now, where our show is done right, right near the Supreme court, they're talking about bipartisanship.
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You've got Shelby in Alabama and Leahy in Vermont, these two old dinosaurs that are putting together
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an annual appropriation and budget. That's going to have a $1.5 trillion deficit. And for this year,
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it's halfway through in perpetuity, we have a trillion dollars. We're going to be at 40 or
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$50 trillion on the balance sheet and $10 trillion on the fed so quickly. And I got to tell you,
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we are destroying the generation under 40. We are condemning to a lifetime of Russian serfs.
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You've warned us about it. We're in the middle of it. I think the fed is jammed and it's going to be
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quite interesting to see if either solution is going to be very tough. All the easy decisions are behind
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us because Biden shows the easy path of massive federal spending, loose monetary policy, and the
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working people in the United States, the middle class are about to pay a penalty. And I say that if we
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get focused politically, particularly bringing in Hispanics, African-American men into more of this
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worker-based middle-class party, we have a unique opportunity in November this year to destroy the
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Democratic Party as it's currently constituted because it has sold out this country and it's particularly
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sold out the citizens in this country. Yeah, I want to get to that in just a second, but I want to go
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back to something else that your point about the deficits, both balance and trade, the debt, both
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external trade debt, as well as the national debt. We are looking at being a debtor nation in perpetuity
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right now. If this administration had passed that silly build back better spending program, because
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that's all it was. It wasn't an infrastructure program, as you well know. It was pure, wasteful
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spending, untargeted, without purpose, except to, point of fact, destroy the dollar and to destroy
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purchasing power by cheapening money. This is an administration that doesn't know anything about
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foreign policy. It doesn't know anything about domestic policy. It has only one agenda, and it seems to be
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a Marxist. Let's invert the structure of the American constitutional republic, turn it into a Marxist
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structure in which it's not egalitarian. It's looking toward equity rather than equal opportunity.
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And when they say equity, here's the thing. What is Lou Dobbs hammered on for 40 years? Trade deficits.
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Lou, we have, on top of everything else, the fiscal policy of these deficits in perpetuity,
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right? And you've got the massive plans they want to spend, the build back better, the infrastructure,
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all this madness, the American Recovery Act. They've added, I think, $5 trillion to the monetary
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base in the last year. We just had a $1 trillion trade deficit. That has to be financed. They never
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talk about this. Right now, we are indebting the future generations into economic servitude.
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They will never forgive us. That's why we have to take a stand right now. And this is why you can tell
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this election was stolen. This is why Biden's numbers are at historic lows. Because during his
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quote-unquote campaigns in the basement, he never brought up any of this. They never talked about
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these radical plans. They never talked about the radical nature ones. That's why I say the big steal,
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like Donald Trump was providential in 16, right? His second victory in 20, it was kind of
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providential. They stole it. Because now we've seen, this is not the Democrats, you and I, because
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I come from a Democrat family. This is not the Democrats we are used to. This is a radical cultural
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Marxist. But also on the financial side, it's like AOC. They had this radical theory called modern
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monetary theory that came from this French economist. It's this bizarro theory that deficits
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don't matter. That if, in fact, if deficits start to matter, you can just raise interest rates, jack
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them up quickly, and everything will be fine. It is an immature, ill-thought-through, half-baked,
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radical idea that they've embraces their economic program. This is why this country is hurtling
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towards, hurtling towards economic destruction. And nobody talks about the underpinning of that
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is that we've turned from a manufacturing powerhouse. And even in President Trump, when he
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started bringing jobs back, but turned us into an energy powerhouse, the Biden administration has shut
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all that down, a $1 trillion trade deficit. And remember, the trade deficit, you can't wish away,
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that has to be financed immediately. So I just look there and say, if this thing's not stopped in
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its tracks this November, it is game over, because financially, we'll be, the numbers are so large,
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and of such scale, we'll never be able to dig our way out of here. The trade deficit is the largest
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since 2006. It's the largest in that period of time. The inflation rate is the worst since 1982.
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But what people forget when they hear that reference to the inflation rate, that was a rate of just over
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six percent of the Reagan administration, because he was bringing the country forward from the dark
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days of hyperinflation, double-digit interest rates, double-digit inflation, Paul Volcker standing
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strong and tall, and was a guiding light on monetary policy for every administration, Democrat or
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Republican. This right now, seven and a half percent is a tremendous problem, because the left
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has wanted minimum wages to be increased for years. Well, they finally get it, and then they throw it
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away with inflation. They throw away energy independence. Think of the accomplishments that
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were made in the administration. The president you advised, which, by the way, I've got to think that
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he is right now just shaking his head at what these elites, globalist elites, and the Democratic Party
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have done to your legacy in the Trump administration. Well, look, he had full, and it wasn't, it wasn't
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energy independence, which you argued for, for 30 years. Donald Trump gave us full-spectrum energy
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dominance, okay, and look what it did to the economy for working-class people in that great Christmas of
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2019, with real wages, wages of working-class people for the first time in American history,
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up 11 percent, non-college graduates higher than college graduates, blue-collar higher than white-collar,
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working-class higher than the managerial class, with zero inflation, you know, virtually zero
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inflation, and low interest rates. So that's what we've come from, and remember, here's the jam we're
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in today. Let's go back to the early 1980s, what Reagan, you know, inherited, and he had a Fed chairman
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who was a hard-ass in Volcker, but it was Reagan's ability to take and absorb political pain. You remember,
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Lou, 81 to 83, Reagan got crushed every night on TV. Then there was just three networks, right,
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crushed every night because unemployment was up, they caught me because he was, they were ringing
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the, the, there was essentially hyperinflation out of the economy. It took integrity, it took courage,
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it took steadfastness, and it took somebody that understood and totally believed in his ideas.
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We have the exact opposite today. They've created, this is a created crisis by Biden and his regime,
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and now they're in the middle of it, and we're looking at them to make a fix. They're only going
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to exacerbate the problem. Think of, think about this as you're talking. I, I, I wanted to bring this
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up with you, and that is the absence of wise men, uh, wise women, uh, the James Baker of years past,
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Felix Royton on wall street, Pete Peterson, worrying about deficits and debts. We have none of that.
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Now, none of it from wall street, none of it from, uh, from the political, uh, uh, sector.
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This is a period in which we have an absence of leadership period.
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I'd actually argue even worse, not just do we have the wise men of wall street and guys that served
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their country. Remember when I was at Goldman Sachs in the eighties, Mr. Whitehead, it was a co, the firm
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was co-headed by John Weinberg and John Whitehead. John Whitehead had been a boat commander at D-Day,
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a landing craft commander at D-Day, and, and John Weinberg had left Harvard to enlist in the Marine
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Corps and served in the South Pacific in some of the worst battles we ever had. Those were leaders.
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Today, we got Larry Fink and Ray Dalio that have essentially sold the nation out to China.
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Ray Dalio brags about it. Yep. Ray Dalio brags about how China, he likes the China model. He's
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made, Larry Fink is out buying up all the housing stock so that now the rents are going up with
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inflation. He owns a higher. He said, Larry Fink and Ray Dalio personify, uh, and Schwartzman
00:26:24.380
personify the problem we have on wall street with their only thinking about themselves. They only think
00:26:28.920
about the 1%. They're not in it for any collective experience of the American people. Unlike people
00:26:35.580
had worked on the wise men that worked on wall street before the nation, they're out there,
00:26:39.900
Lou, but right now their voices are not, their voices are not being heard. I think this, I think
00:26:45.280
you're going to see a rising generation of people, patriots come forward and say, we can't do this
00:26:49.760
anymore. We're not going to do this anymore. You know, I'd, I'd like to believe you, uh, but I see
00:26:55.160
absolutely, uh, from the democratic party, absolutely no sign of it. Uh, I, I will say something
00:27:00.820
perhaps, you know, really want to argue with me about, uh, the Republicans right now, Mitch McConnell,
00:27:07.440
uh, Kevin McCarthy, uh, the, uh, obvious aspirants for perhaps a presidential run, uh, whether they
00:27:15.180
be Tom Cotton, uh, Holly, uh, Ted Cruz. I don't think they're ready for prime time. Uh, I just don't
00:27:24.960
see the, the metal, the, uh, the vision, uh, or, or the capacity, uh, frankly, that is needed, uh, in
00:27:35.600
the Republican party. And, and it, it worries me greatly because that party is the only hope we've
00:27:41.240
got. Uh, look, I agree with you a thousand percent. Uh, the, the here's, and I keep telling
00:27:47.560
when people come to me, I was from going to rest and look, we've got to focus on 2022, but I said,
00:27:51.280
tell me, please point out to me another Republican in this nation and get 75 million votes or 80 million
00:27:58.200
votes. Donald J. Trump has got not just the capacity, the intellectual capacity, understand
00:28:03.340
that he's got the, he's got the, the work ethic, all that he's also got a set of stones. You have
00:28:09.540
to be so tough and so hard, and that's just not out there. And here's the reason everybody that you
00:28:15.320
just mentioned all comes from the donor class side of the Republican party. They're number
00:28:21.060
one fealty is to big donors. You need people that actually represent working class and middle
00:28:28.020
class people. And I, and I, and I hope that president Trump is able to generate, I see some
00:28:32.960
young leaders coming up. No, it's, it's very tough. Listen, this is why we need Trump to win his third
00:28:38.720
term in 2024. And look, this is asking a guy at that time will be close to 80. You know, Donald Trump
00:28:45.600
served the nation. He, there's no reason he had to run in 15 and 16. He was buying up the
00:28:50.800
finest golf courses in the world. He had a lovely wife, a great family. He he's reaping
00:28:55.740
the benefits of a career of hard work. And, uh, and yet he turns in, in his, you know, in
00:29:01.640
his seventies actually puts his shoulder to the wheel to save the country. Well, he's going
00:29:05.720
to like Cincinnati's, we got to call him back from the plow. There's nobody else. There's
00:29:09.780
nobody else out there that can do it. They're going to be a bunch of us down there, uh, kidnapping
00:29:14.560
him to get him to back to 1600 Pennsylvania. First off, if he ran today, if you put it
00:29:20.520
up today against Joe Biden, it'd be a 40 state suite people. I'm telling you Hispanic. And
00:29:25.180
this is why Texas is so important. Working class Hispanics in the Rio Grande Valley in
00:29:28.900
South Texas, Hispanics throughout the country, uh, African-American males are going to start
00:29:33.640
voting at 50% levels for this new Republican party of president Trump and these policies.
00:29:39.960
And this is how we're going to take the country back. And if we fail to do that, then it's
00:29:44.900
game over because this radical regime that's there in the, in the blue, this is what drives
00:29:50.120
you nuts, given all your years on wall street and the media, the lack of sophistication of
00:29:54.760
the thinking is what shocks me when they sit there and talk about trade deficits or talk
00:29:59.680
about deficits and talk about a monetary policy. And they do it in this very immature way.
00:30:06.240
I'm sitting there going, Oh my God, this is, this is, this is the scariest thing ever.
00:30:09.600
That's the thing that frightens me the most now is that a leadership class, not grounded
00:30:14.360
in lived experience of real humans that are so esoteric in their ideas about culture, but
00:30:21.040
more importantly, in their ideas or concepts of money and power, because we are against
00:30:26.180
some bad hombres, right? The Chinese Communist Party, the Chinese Communist Party is a transnational
00:30:31.200
criminal organization run by killers. These are the hardest, toughest individuals in the
00:30:36.220
world. We've got the Mullahs in Iran. We've got the KGB guys with Putin in, in, in, in
00:30:42.380
Russia. You got Erdogan in Turkey. You got this North Korea regime in Pakistan. You add that
00:30:47.920
together with Venezuela and the problems we've got in South America, you've got a global geopolitical
00:30:53.860
crisis on top of a financial crisis. Yeah. I, I think all of that, uh, is right now what scares me the
00:31:02.320
most. We have a man in the, in the white house who has to be led off a stage after he mumbles through a
00:31:08.680
speech. He has to be led off the stage. He has to be helped down the steps. Uh, his wife has to get him
00:31:16.200
through the audience. Uh, it's, it's, it's, this is a dangerous, dangerous time. And Vladimir Putin is
00:31:24.460
telling all of Europe, not just Eastern Europe, but telling all of Europe that they have to meet his
00:31:29.820
security demands, every one of them, or he will invade Ukraine. And president Biden is saying, uh, to, to
00:31:39.200
reporters, when, when, not if, when Vladimir Putin invades Ukraine, we won't be able to, uh, extract
00:31:50.460
American citizens. He's using the word when now, whether it's advisedly or whether it's just more
00:31:55.960
of his, uh, incoherence, I don't know, but that's the way he's thinking. That's the way he's talking.
00:32:01.200
It's the limitation, another example of his limitations. And it's, it's frightening to think
00:32:06.580
that he is the commander in chief. I think the Lester Holt interview that'll come out over the
00:32:13.600
weekend will shock people. Um, look, Biden right now has given, has given, uh, Putin a free, free
00:32:20.140
option across the board. He's so acted so hysterical. He's driven capital in people out of the Ukraine.
00:32:26.880
So the, the, the, the prime minister of Ukraine, the president of Ukraine is begging the president
00:32:31.300
and I say to shut up, please stop talking hysterically because you're killing my economy.
00:32:37.380
In addition, he's frightened all of our allies, supposed allies who militarily have no, uh, no,
00:32:44.580
uh, wherewithal or interest in taking on, uh, the Russians right now in Russian speaking territories
00:32:50.520
in the Ukraine. And on top of that, the Germans really supposedly the French and the Germans are two
00:32:55.820
biggest allies on the continent. The Germans economy is inextricably linked with Russians right now,
00:33:01.280
particularly on energy, which they're totally beholden to. So in the French over there,
00:33:06.140
kowtowing, it is Biden is trying to stir up a situation there for domestic play. He,
00:33:11.960
but somehow the unit party thinks that the country will come together around some patriotic war
00:33:17.620
in the Ukraine, which nothing can be further from the truth. We've got the Chinese right now.
00:33:23.240
We're, we're humiliated at this Beijing genocide games in Beijing right now. They're, they're,
00:33:29.720
they're planning on invading Taiwan to take over the chip industry and drive us out of the South
00:33:34.200
China sea, which would be, should be 100% of our focus. Yet, uh, we're sitting here thinking about
00:33:40.420
sending combat troops into Eastern Ukraine after just getting out of Afghanistan of which the
00:33:45.920
military's report was Biden completely botched it. So, you know, make that of what you will.
00:33:51.840
Yeah. And, and what I make of it is we're in deep, deep trouble, uh, because we do not have a Republican
00:33:59.800
leadership on Capitol Hill that is any kind of countervailing influence or counterweight, uh, to
00:34:06.420
the, the obscenities, uh, that are being manufactured by the white house, whether it is, you know, talking
00:34:14.140
about India, uh, Japan and Australia joining us together as the quad nations to go blunt, uh, Vladimir
00:34:23.620
Putin's initiatives and, uh, threatened invasion of Ukraine. It's madness instead of supporting NATO
00:34:31.340
and so instead of supporting and giving some heft, uh, to the European union in confronting what is
00:34:38.260
first and, uh, first and foremost, if not solely a European problem with Russia. What do you think?
00:34:45.860
I think a hundred percent it's look, it's a European problem driven by Belgium in the European
00:34:50.960
union. Remember after the fall of the Soviet union, uh, these were, these are nations are inside the
00:34:56.200
Soviet union, but the European union immediately wanted to expand the EU and expand NATO, which is
00:35:02.140
really, let's be honest. America is 85 to 90% of the combat capability of NATO is the United States
00:35:08.860
of America. NATO combined can put together two and a half combat divisions that are ready to fight.
00:35:14.720
It is, it, it, it, it's like the British in world war one, you'll find out your allies, uh, have as much
00:35:22.120
baggage as, uh, as, as upside. And here the Alliance we've, you know, until Trump came, the Alliance
00:35:28.860
had totally atrophy because nobody was paying for their defense. It was Trump that sat there
00:35:32.120
and go, Hey, you guys committed yourself to 2% of your GDP for, um, for defense. You got to start
00:35:39.160
paying that. And that's what drove them crazy. So, no, I think, and, but you talk about the,
00:35:44.440
the weakness of the Republicans on Capitol Hill and too much of the, you know, neocon neoliberals.
00:35:50.720
I think that's the power of your show. And now that your show is daily and things like the war room
00:35:55.160
as more that we expose this and put the spotlight on it, they, they, they, they, they heave too. And the
00:36:01.020
reason is they do not want the people really finding out how weak and feckless they are.
00:36:06.420
The only way to keep these establishment Republicans, uh, heaving too, is you got to put
00:36:12.160
the hammer on them every day until they're replaced. And so right now that's our mission
00:36:16.320
is to, to basically, uh, you know, uh, stiffen the spine of these Republicans right now on a MAGA
00:36:24.680
America first when sweeping victories in, in, in the midterms now, then run the government like it
00:36:30.840
should be run. And I mean, investigations every day as oversight, every committee should be an
00:36:36.020
oversight committee and lay the, uh, lay the groundwork for a Trump sweeping. He wins a
00:36:42.540
presidency for the third time in 2024, uh, in a, in a sweeping 40 state victory. And then we set things
00:36:48.780
right starting in January, 2025. And we got to hold on until then we got to thwart them at every,
00:36:55.000
every effort we have to thwart them. And it's not going to be easy. It's going to be very hard.
00:36:58.640
It's doable, but very hard. Well, the Democrats can, are actually helping us a bit. Uh, you've got
00:37:06.660
AOC who's everyone's, uh, despised, uh, socialist communist, but saying as she did quote,
00:37:15.660
capitalism is not a redeemable system for us after you laugh so hard because you, you know,
00:37:23.440
she has no concept of what she's really saying, uh, a, not a redeemable system for us. What system
00:37:30.100
does she think created three fourths of the world's wealth? It wasn't a communist system and it wasn't a
00:37:35.740
socialist system. It was ours. You know, the reason I like her is that she doesn't hide it. I mean,
00:37:43.940
she's out there. She is an absolute socialist and she doesn't hide it. And I think we need to
00:37:48.920
compare and contrast that for the American people. I actually think the individual running against her
00:37:53.860
in her district could give her a real run for the money this time. And here's the reason is that
00:37:58.380
that's why I say, if we focus in can, we have a unique once a lifetime opportunity to shatter the
00:38:04.200
democratic party, this, this November in the house and the Senate, and that shards her wing,
00:38:10.500
uh, Omar and her and the, and the rest of the squads, uh, wing of the democratic party becomes
00:38:16.640
kind of the green party. This progressive left socialist cultural Marxist anti-American hate
00:38:22.900
America that becomes like the green party in Europe and the Democrats that what's left of the
00:38:27.840
democratic party melds together with the Republican establishment to be some sort of group like the
00:38:31.980
liberal Democrats in the UK and the, uh, ascendant Republican party under Trump becomes the dominant,
00:38:38.560
like 1932. And we have 50 years to govern. And that's why we've got to get very focused on these
00:38:43.600
elections this November, because we have to win with the right people and the right policies. And
00:38:49.140
if we do that, we'll save this Republic. If we don't do that, then this thing is just going to
00:38:54.620
crab sideways. Cause right now we're in dire straits. And when you think that they they're putting up,
00:38:59.620
uh, uh, AOC as their spokesmodel right now, my, my, my recommendation to her is stop talking
00:39:07.240
and go primary Chuck Schumer. If she primary Chuck, this is how bad the democratic party is.
00:39:12.340
If she primary Chuck Schumer today, she would win in a primary and she would be in the United States
00:39:17.660
Senate, uh, by this fall. That's where the democratic party is with someone who's an outright
00:39:23.300
socialist and just told you that this week. Yeah. You know, that's an interesting, uh, people who do
00:39:29.520
are not familiar with New York politics, uh, where in Manhattan, the registration is seven or eight to
00:39:36.640
one in favor of Democrats and across the state, uh, strongly democratic. Uh, I think you're right.
00:39:43.140
I don't think there's a moderate Democrat out there. And therefore I, I, I think she you're
00:39:48.320
exactly right. She just might do it, but I have to just share one thought with you. And that is
00:39:52.940
capitalism is not a redeemable system for us. It would be, if we inverted that we could say
00:39:59.420
socialism is not a redeemable system for us. That tells you how much she feared saying it
00:40:05.600
because the words mean really nothing. Uh, so she's at least saying that there's too much strength
00:40:11.460
around that word. That word still has too much, uh, positive connotation, uh, in the minds and
00:40:16.980
hearts of Americans to just be completely, uh, uh, uh, left wing, uh, uh, flamethrower.
00:40:24.200
Well, this is what you're going to see. I think with these fed decisions, because I say the problem
00:40:28.040
with capitalism in America right now is we don't have enough capitalists, right? Because they've had
00:40:33.560
zero interest rates and really support this, the one, the concentration of wealth at the 1%
00:40:38.180
with the negative interest rates, working class people have, as you know, on their money market
00:40:43.020
accounts or savings account, they get no interest. There's no ability for capital formation for the
00:40:48.680
working class and really the middle class in this country, or at least the lower middle class.
00:40:52.860
I would like to, I believe in a capitalism where everybody's a capitalist. Okay. One of the ways you
00:40:58.560
do that is stop mass illegal immigration. So they don't have to be like crabs in a bucket
00:41:03.480
competing for the lowest level jobs against unlimited labor from all over the world. You
00:41:09.440
got to stop the H1B visas. We need to tightly control our labor markets to make sure that American
00:41:15.760
citizens are getting a fair deal. Then in addition, we got to work through and make sure that people
00:41:20.820
have access to capital. They have access to investments. We have to make a nation of capitalists.
00:41:26.280
That's capitalism thrives when everybody's into the system and thriving with the system. Right now,
00:41:32.220
we have an oligarchy for, of these global corporatists and Silicon Valley, the media oligarchs.
00:41:37.760
Yep. And I know I got, I can't, I can't get off the loop my first time on the podcast without saying
00:41:43.920
I sit there every day, belly laughing when I see John Malone, the great John Malone out there in
00:41:49.760
Denver, the new owner, the new owner of, I've been saying, and now daily mail's picked it up. The new
00:41:55.660
owner of CNN looking at the disaster of the channel that you really made famous back in the
00:42:02.460
eighties and nineties. It's just, I sit there and go, what happened to that news network, what it's
00:42:08.580
become. And now I think you're going to see huge changes because these oligarchs and the media
00:42:13.320
propaganda departments they have at CNN, MSNBC, the New York times, the Washington post. I think all
00:42:19.140
that's going to come crashing down on them. Yes. I, as I think you're right. In fact,
00:42:23.800
I think it already has, but I think of the presidents that CNN has had over the course of
00:42:29.180
the past 20 years. I mean, it's to me just not, it's not, it's, it's inexplicable because John Malone,
00:42:37.340
one way or the other has had influence there. And you talk about a patient investor, a brilliant man.
00:42:42.140
He has been patient watching these fools tear that thing up, but they also made a lot of money over
00:42:49.960
that period of time. What John Malone does now with Discovery and David Zasloff, Dave, I'm sorry,
00:43:00.380
I kicked your name, buddy. They've got a real chance to do something very special because they're both
00:43:07.320
original. They've got a clear slate and some interesting, terrific properties.
00:43:13.040
Well, when Zasloff is a little left wing for me, I actually had some relatives that worked over there
00:43:18.140
at the Discovery site when Malone was the board member and going after Murdoch in Europe with
00:43:22.940
these sports leagues. But as I tell people, when John Malone came out on that interview,
00:43:27.800
I think it was around Thanksgiving, they had him on something and he kind of goes, you know,
00:43:32.760
I kind of like CNN back in the old days. I see, I think he said, he says, I think it was,
00:43:37.140
it really was best when he's back doing news back in the nineties. And I told people, I said,
00:43:43.200
that's like a papal bull. If Jeff Zucker does not get the message that he better scrap that
00:43:48.840
primetime lineup and get back to doing the news like they used to when Lou Dobbs. Lou,
00:43:52.880
I think your show is at seven o'clock every night or eight o'clock every night. Was it seven?
00:43:58.140
Absolutely. Seven. That was, I mean, that was to me,
00:44:02.680
the one show on television that combined Wall Street, capital markets, finance, and politics
00:44:10.520
and what was going on in the world. If CNN doesn't get back to that, they're going to be lost.
00:44:16.580
Yeah. Well, they've got Fareed Zakaria to carry the mantle forward. And so I just marvel at how
00:44:25.760
important John Malone is and how little the business press ever followed it. How little
00:44:30.860
corporate media covered John Malone, because he's a very conservative fellow and a brilliant person.
00:44:39.200
I learned more in an hour and a half discussion with him one time about public finance that I'd
00:44:44.320
been taught in school. So it's, he's one of my favorites. Let me ask you this, because this is one
00:44:50.100
of the critical things we can talk about Russia and Ukraine. You know, to me, I don't think that he
00:44:57.040
will go in now. And my reasoning for that is I believe that he is too much the beneficiary
00:45:01.940
of heightened prices for oil, which is, you know, 50% of his budget in Russia, probably 60% of their
00:45:14.060
exports, something in that order, 60 to 65%. I mean, he has a grand opportunity here to exploit
00:45:22.060
the situation, which may be the reason, in my opinion, that he provoked it. Xi and Taiwan,
00:45:29.240
I think that the United States should be focusing on that to the exclusion, if necessary, of Ukraine
00:45:36.600
and Russia, because that is, that is the hinge point for the future of the entire planet.
00:45:45.760
Look, I think in, in, in Ukraine, you should have the economic partners. You have to have, first off,
00:45:52.200
to me, you have to have a consensus between Germany, France, the United States, and the UK.
00:45:58.160
We don't have that. Number one, we don't have that because Germany is totally beholden
00:46:02.920
to Russian gas. Most of Europe is, but particularly Germany. Right. To me, the Ukraine could be settled
00:46:09.440
by negotiations, diplomacy, economic agreements, etc. You can take the battlefield problem out there,
00:46:19.400
but America under Biden keeps exacerbating it for his own domestic political agenda. In China,
00:46:28.460
it's everything. Taiwan and the South China Sea is everything. And if we lose that,
00:46:33.260
if they drive us out of the South China Sea and out of Taiwan, we will pay for that for the next
00:46:38.580
hundred years. Well, as I said at the outset of our conversation, you and I agree about nearly
00:46:47.240
everything. And I certainly agree with you on that point. And I really, I've been a student of Lou
00:46:52.760
Dobbs. You've schooled me for 40 years, so it's pretty easy to agree to you. You are so self-effacing
00:46:59.120
and modest. No, I'm saying you're, we played when you came on the show the other day, I think a clip,
00:47:04.960
we had dozens. We played a clip on you, I think from the early nineties. And it was like, you were
00:47:09.940
talking about events today. You've been, I tell people, go back and look at Lou Dobbs stuff from the
00:47:16.260
eighties and nineties. He warned us about all of this every night. It wasn't just some thing you
00:47:22.080
talked about once a year. You were hammering every night on the trade deficit, on the rise of China,
00:47:28.040
on losing manufacturing jobs. I mean, it was the, it was really the Trump program. I mean,
00:47:33.720
President Trump is, people should know this, a huge fan. He's watched you every night. But when you're
00:47:40.040
on CNN and then with Fox business, but I mean, all of us learn from you about, look, I came out of
00:47:46.920
Harvard business school and at Harvard business school in the eighties, they were teaching you
00:47:52.360
globalization. They were not, I did not have one lecture. I did not have one course about the
00:47:58.720
dangers of trade deficits. That all kind of shocked me when I started watching this guy, Lou Dobbs. I go,
00:48:03.480
Hey, I just got my union card at supposedly the best union shop on Wall Street. What is this?
00:48:09.400
What is this nutcase Lou Dobbs talking about? Everything was true. As I go around the country
00:48:14.300
working for Goldman Sachs, you can see the manufacturing base in this country, particularly
00:48:18.540
in the upper Midwest. And let me name a couple of states that Donald Trump would win 30 years later.
00:48:24.780
Ohio, Michigan, Pennsylvania, Wisconsin, right? The manufacturing base is being gutted out of
00:48:31.860
our heartland, our industrial heartland. And Donald Trump finally came to power,
00:48:37.780
essentially running on what Lou Dobbs had talked about for 30 or 40 years. Now, here's the thing
00:48:43.440
that we have to understand. It's not about understanding and knowledge anymore. The American
00:48:47.400
people, you and I could go out there and have a conversation with work-class people. They get what
00:48:51.740
you're talking about in two minutes, right? Because they live up. Go to a boardroom on Wall Street,
00:48:57.320
or you go to have an editorial board meeting at the Wall Street Journal or at the Financial Times or
00:49:02.280
the New York Times. They think you're an alien from a different planet. That's the problem we have.
00:49:07.260
The global elites, the World Economic Forum, the Party of Davos have a different set of values and a
00:49:12.540
different understanding than economic nationalists. And this is now the political problem we have,
00:49:20.720
is I keep saying one side's going to win and one side's going to lose. We can't continue on like
00:49:26.020
this. One side's going to win and one side's going to lose. And we're going to-
00:49:29.420
Do you know McKinsey, all of the consulting companies, corporate America, kept preaching to
00:49:38.660
the lobbying class in Washington and the staffs of every congressman and senator that this is not a
00:49:45.700
zero-sum game, this trade thing, this manufacturing thing. And they sold it. They absolutely sold it.
00:49:53.820
But in point of fact, it is a zero-sum game. And the cost of this country has been immense. People
00:50:00.380
have no idea. The millions of dollars have been lost. I had the famous Michael Porter in my second
00:50:06.160
year. Michael Porter was the star professor. This is in 84, I think it was. And the first year you're in,
00:50:12.740
but Harvard Business School was the railhead for the intellectual thinking behind globalization.
00:50:18.780
And Michael Porter was the star. And his book was called Comparative Advantage or Competitive
00:50:24.180
Advantage. And it was a Bible. You had, it was like the gospel according to Michael Porter.
00:50:30.140
And there was no, Lou, this is where, you're the most self-apazing guy. All of a sudden,
00:50:36.380
Lou Dobbs started coming on CNN and he's talking about everyday trade deficit,
00:50:40.560
ripping out the manufacturing heartland. Your biggest fan was my dad. My dad would sit there and go,
00:50:45.740
man, I love, and he was not a Ted Turner fan and not a CNN fan, but he had to watch his Lou Dobbs
00:50:51.520
every night. And because you spoke to people that actually understand what made America great.
00:50:58.760
And you went, and people don't realize this, you went against the orthodoxy of all the business
00:51:03.540
schools, of all Wall Street, of all corporate America. Because I keep sitting there going,
00:51:08.440
how do they employ this guy? How do they get advertisers for him? He's sitting there saying,
00:51:13.140
and you're leading us down the road to perdition, which they were.
00:51:17.920
Well, there was a generosity because it was, you know, I was supposed to be, I believe,
00:51:23.400
just a flea on a dog's back and just another flea. And I think probably that's, you were talking about
00:51:30.840
maybe, you know, I guess I wasn't too clever, but I was sure as hell relentless in my,
00:51:35.120
uh, in my viewpoints. Uh, the fact is over time, uh, the reality is here that we, we talked about
00:51:43.280
years ago. Uh, the fact is it's a damn shame that we didn't have political parties with the guts
00:51:48.880
to understand, to try to understand and take care of the American people.
00:51:53.740
One last thing I want to get into, if you'd go back to Dobbs's career and Reagan and Volcker,
00:51:58.060
it took us 30 years or 40 years to get into this situation. That's why you look at president
00:52:04.280
Trump's first term, the heroic efforts he made, not just against the administrative state,
00:52:09.140
the deep state, but the global corporations, Wall Street, all of it to start to turn around
00:52:12.560
and had those golden years in 18 and 19. We're not going to turn this around in one or two years.
00:52:18.200
This is going to take us a decade of focus politics and grinding it out. And we can get
00:52:25.380
there. And this is the great challenge for this generation that you have the opportunity like in
00:52:30.040
the revolution, like in the civil war, like in the great depression, world war II, this is the great
00:52:34.220
fourth turning in America. We can do it, but there is no silver bullet. There's no magic wand that's
00:52:40.060
going to get waved over it. You saw the, how tough it was for Trump in those years of his first term,
00:52:45.280
his second term. And I want to tell people we take over the house this, this November,
00:52:50.940
Trump comes back with a sweeping victory. It's not going to be that in and of itself. It's not
00:52:55.560
a panacea. It's going to be people and policies in a grind. And every day is going to be a fight.
00:53:02.040
Now, if we stick to our principles and we believe in this country, we understand we've got to deliver
00:53:07.540
that the constitutional Republic with all its, uh, all it's a magnificent industrial power to another
00:53:14.460
generation. We're going to win. But if it's too hard, it's, we're not going to win. And it's, it's,
00:53:19.780
it's going to be a struggle and there's no silver bullet. There's no one election that's going to do
00:53:23.260
it. There's no one policy that's going to do it. It's taken us 40 years, a half a century to get here.
00:53:28.260
It's going to take a long grind to get out, but I know we can do it.
00:53:32.460
I concur once again with you, Steve. And, uh, I don't want to say that we're in a cold war with China
00:53:39.140
and we are, as Steve suggests, we're in a battle for this country's destiny, uh, for the very soul
00:53:45.720
of the country. Uh, and it is not going to be an easy fight because we have put ourselves, uh, at a
00:53:51.760
serious, serious disadvantage. Uh, we do have a great opportunity though, for original minds and great
00:53:59.980
leaders and Steve Bannon, Steve, thanks for being with us here. We appreciate it so much. Uh, and I wish
00:54:05.580
you all the very best, uh, until next time, uh, God bless and God bless America.
00:54:14.960
Join us again tomorrow for the Great America podcast. Stay in the fight. Truth,
00:54:19.380
justice, and the American way will prevail against all enemies, against all odds.