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The Great America Show
- February 15, 2022
BANNON: U.S. IS IN DEEP CRISIS, DEMS SOLD OUT AMERICA
Episode Stats
Length
54 minutes
Words per Minute
168.29832
Word Count
9,157
Sentence Count
508
Misogynist Sentences
5
Hate Speech Sentences
23
Summary
Summaries are generated with
gmurro/bart-large-finetuned-filtered-spotify-podcast-summ
.
Transcript
Transcript is generated with
Whisper
(
turbo
).
Misogyny classification is done with
MilaNLProc/bert-base-uncased-ear-misogyny
.
Hate speech classification is done with
facebook/roberta-hate-speech-dynabench-r4-target
.
00:00:00.000
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
00:10:06.780
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
00:11:05.980
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
00:14:05.320
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,
00:16:03.100
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
00:16:55.580
now, Lou, and here's the madness, which you've always warned us about up on Capitol Hill right
00:17:02.580
now, where our show is done right, right near the Supreme court, they're talking about bipartisanship.
00:17:07.320
You've got Shelby in Alabama and Leahy in Vermont, these two old dinosaurs that are putting together
00:17:13.100
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
00:17:41.740
quite interesting to see if either solution is going to be very tough. All the easy decisions are behind
00:17:48.560
us because Biden shows the easy path of massive federal spending, loose monetary policy, and the
00:17:55.320
working people in the United States, the middle class are about to pay a penalty. And I say that if we
00:17:59.720
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
00:18:16.780
sold out the citizens in this country. Yeah, I want to get to that in just a second, but I want to go
00:18:22.500
back to something else that your point about the deficits, both balance and trade, the debt, both
00:18:30.480
external trade debt, as well as the national debt. We are looking at being a debtor nation in perpetuity
00:18:37.380
right now. If this administration had passed that silly build back better spending program, because
00:18:45.800
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
00:19:01.060
purchasing power by cheapening money. This is an administration that doesn't know anything about
00:19:06.820
foreign policy. It doesn't know anything about domestic policy. It has only one agenda, and it seems to be
00:19:13.320
a Marxist. Let's invert the structure of the American constitutional republic, turn it into a Marxist
00:19:22.040
structure in which it's not egalitarian. It's looking toward equity rather than equal opportunity.
00:19:31.440
And when they say equity, here's the thing. What is Lou Dobbs hammered on for 40 years? Trade deficits.
00:19:37.380
Lou, we have, on top of everything else, the fiscal policy of these deficits in perpetuity,
00:19:44.660
right? And you've got the massive plans they want to spend, the build back better, the infrastructure,
00:19:49.440
all this madness, the American Recovery Act. They've added, I think, $5 trillion to the monetary
00:19:54.400
base in the last year. We just had a $1 trillion trade deficit. That has to be financed. They never
00:20:02.580
talk about this. Right now, we are indebting the future generations into economic servitude.
00:20:10.440
They will never forgive us. That's why we have to take a stand right now. And this is why you can tell
00:20:15.740
this election was stolen. This is why Biden's numbers are at historic lows. Because during his
00:20:22.040
quote-unquote campaigns in the basement, he never brought up any of this. They never talked about
00:20:26.480
these radical plans. They never talked about the radical nature ones. That's why I say the big steal,
00:20:32.160
like Donald Trump was providential in 16, right? His second victory in 20, it was kind of
00:20:41.240
providential. They stole it. Because now we've seen, this is not the Democrats, you and I, because
00:20:45.820
I come from a Democrat family. This is not the Democrats we are used to. This is a radical cultural
00:20:51.740
Marxist. But also on the financial side, it's like AOC. They had this radical theory called modern
00:20:57.080
monetary theory that came from this French economist. It's this bizarro theory that deficits
00:21:02.840
don't matter. That if, in fact, if deficits start to matter, you can just raise interest rates, jack
00:21:08.160
them up quickly, and everything will be fine. It is an immature, ill-thought-through, half-baked,
00:21:14.320
radical idea that they've embraces their economic program. This is why this country is hurtling
00:21:20.920
towards, hurtling towards economic destruction. And nobody talks about the underpinning of that
00:21:26.680
is that we've turned from a manufacturing powerhouse. And even in President Trump, when he
00:21:32.040
started bringing jobs back, but turned us into an energy powerhouse, the Biden administration has shut
00:21:36.880
all that down, a $1 trillion trade deficit. And remember, the trade deficit, you can't wish away,
00:21:42.640
that has to be financed immediately. So I just look there and say, if this thing's not stopped in
00:21:48.000
its tracks this November, it is game over, because financially, we'll be, the numbers are so large,
00:21:54.140
and of such scale, we'll never be able to dig our way out of here. The trade deficit is the largest
00:21:59.620
since 2006. It's the largest in that period of time. The inflation rate is the worst since 1982.
00:22:11.940
But what people forget when they hear that reference to the inflation rate, that was a rate of just over
00:22:18.760
six percent of the Reagan administration, because he was bringing the country forward from the dark
00:22:26.000
days of hyperinflation, double-digit interest rates, double-digit inflation, Paul Volcker standing
00:22:31.680
strong and tall, and was a guiding light on monetary policy for every administration, Democrat or
00:22:38.740
Republican. This right now, seven and a half percent is a tremendous problem, because the left
00:22:50.240
has wanted minimum wages to be increased for years. Well, they finally get it, and then they throw it
00:22:56.680
away with inflation. They throw away energy independence. Think of the accomplishments that
00:23:04.700
were made in the administration. The president you advised, which, by the way, I've got to think that
00:23:12.200
he is right now just shaking his head at what these elites, globalist elites, and the Democratic Party
00:23:21.340
have done to your legacy in the Trump administration. Well, look, he had full, and it wasn't, it wasn't
00:23:29.300
energy independence, which you argued for, for 30 years. Donald Trump gave us full-spectrum energy
00:23:35.400
dominance, okay, and look what it did to the economy for working-class people in that great Christmas of
00:23:41.380
2019, with real wages, wages of working-class people for the first time in American history,
00:23:47.560
up 11 percent, non-college graduates higher than college graduates, blue-collar higher than white-collar,
00:23:54.100
working-class higher than the managerial class, with zero inflation, you know, virtually zero
00:24:00.740
inflation, and low interest rates. So that's what we've come from, and remember, here's the jam we're
00:24:08.260
in today. Let's go back to the early 1980s, what Reagan, you know, inherited, and he had a Fed chairman
00:24:15.800
who was a hard-ass in Volcker, but it was Reagan's ability to take and absorb political pain. You remember,
00:24:23.180
Lou, 81 to 83, Reagan got crushed every night on TV. Then there was just three networks, right,
00:24:29.800
crushed every night because unemployment was up, they caught me because he was, they were ringing
00:24:35.440
the, the, there was essentially hyperinflation out of the economy. It took integrity, it took courage,
00:24:42.920
it took steadfastness, and it took somebody that understood and totally believed in his ideas.
00:24:48.440
We have the exact opposite today. They've created, this is a created crisis by Biden and his regime,
00:24:54.820
and now they're in the middle of it, and we're looking at them to make a fix. They're only going
00:24:59.160
to exacerbate the problem. Think of, think about this as you're talking. I, I, I wanted to bring this
00:25:06.680
up with you, and that is the absence of wise men, uh, wise women, uh, the James Baker of years past,
00:25:15.320
Felix Royton on wall street, Pete Peterson, worrying about deficits and debts. We have none of that.
00:25:21.380
Now, none of it from wall street, none of it from, uh, from the political, uh, uh, sector.
00:25:27.920
This is a period in which we have an absence of leadership period.
00:25:33.320
I'd actually argue even worse, not just do we have the wise men of wall street and guys that served
00:25:39.540
their country. Remember when I was at Goldman Sachs in the eighties, Mr. Whitehead, it was a co, the firm
00:25:46.200
was co-headed by John Weinberg and John Whitehead. John Whitehead had been a boat commander at D-Day,
00:25:52.180
a landing craft commander at D-Day, and, and John Weinberg had left Harvard to enlist in the Marine
00:25:56.680
Corps and served in the South Pacific in some of the worst battles we ever had. Those were leaders.
00:26:02.420
Today, we got Larry Fink and Ray Dalio that have essentially sold the nation out to China.
00:26:06.780
Ray Dalio brags about it. Yep. Ray Dalio brags about how China, he likes the China model. He's
00:26:12.300
made, Larry Fink is out buying up all the housing stock so that now the rents are going up with
00:26:17.540
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.
00:50:29.340
I remember it well.
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.
00:54:12.260
Lou Dobbs. Thank you very much, sir.
00:54:13.980
Thank you.
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.
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