WarRoom Battleground EP 725: Senate Advances Trump’s CR, Democrat Party Collapses Because Of Schumer, Biden’s Fake Economy Crumbles

Summary

WarRoom Battleground EP 725 Summary: Senate Advances Trump’s CR, Democrat Party Collapses Because Of Schumer, Biden’s Fake Economy Crumbles

Release Date: March 14, 2025

In episode 725 of WarRoom Battleground, host Stephen K. Bannon delves into the latest political and economic upheavals shaping the United States. The episode features insightful discussions with key figures, including Congresswoman Becca Balint, Alex DeGrasse, Spencer Morrison, Boris Epstein, Ed Dowd, John Lechner, and Kevin Dolan. Below is a comprehensive summary of the episode's main topics, enriched with notable quotes and attributions.

---

1. Senate Advances Trump's Continuing Resolution (CR)

Steve Bannon opens the discussion by highlighting a pivotal Senate vote.

• Quote: “Republican bill to fund the government through September has passed a key procedural vote. This is what inspired Donald Trump's thank you post to Chuck Schumer.” (00:05)

The Senate voted 62 to 38 to advance the CR, with ten Democrats joining the majority of Republicans in support. The final passage of the bill was anticipated later that day, averting an immediate government shutdown.

---

2. Democratic Party's Internal Conflicts and Collapse

The conversation shifts to the internal strife within the Democratic Party, particularly focusing on Chuck Schumer's leadership.

• Congresswoman Becca Balint shares frustrations from her caucus: “This funding bill is not a clean CR. It allows Musk and Trump to continue to wreak havoc on Social Security, Medicaid, Medicare.” (01:18)

Balint criticizes the bill for granting excessive powers to Republicans and underscores a lack of cohesive communication and strategy from Leader Schumer. The episode portrays the Democratic Party as fragmented, with varying ideological factions from Blue Dogs to Progressives unified only in their discontent with current leadership.

---

3. Return to Department of Justice and Trump's Legal Battles

Steve Bannon discusses Boris Epstein's triumph in the ongoing legal battles associated with former President Trump.

• Boris Epstein: “President Trump with an absolute powerhouse speech, crushing weaponization, crushing lawfare and ringing in what is a new day in law enforcement and the American system of justice.” (10:48)

Epstein emphasizes the successful defense against what he terms as a "fake news witch hunt," marking a significant victory for Trump and his team at the Department of Justice.

---

4. Economic Analysis: Deficits, Recession Risks, and Immigration

Ed Dowd and Alex DeGrasse provide an in-depth analysis of the U.S. economy, government spending, and immigration's impact.

• Alex DeGrasse: “Illegal immigration... is a total distortion of our economy. The multipliers on bringing legals in and giving them rental accommodations and stimulus... was just a massive, massive fraudulent spend.” (24:34)

Dowd presents his econometric model predicting a deep worldwide recession in 2025, attributing economic instability to unsustainable government spending and high deficits.

• Ed Dowd: “Tariffs are not likely to increase the cost of goods, not in the short term. And they're actually going to drive down prices in the long term.” (36:54)

The discussion underscores concerns over the $2 trillion deficit and critiques Biden's economic policies as creating a "fake economy."

---

5. Reshoring and Tariffs: Economic Impact

The episode explores the strategic importance of reshoring manufacturing and implementing tariffs to bolster the American economy.

• Ed Dowd: “Tariffs are not the bogeyman. Right. The price difference between American products and Chinese products is on average like 4%, which means that you could put a 1,000% tariff on Chinese goods. It's not going to raise the cost of goods by double or 10 times.” (36:54)

Dowd argues that tariffs will incentivize domestic manufacturing, leading to increased efficiency and lower long-term costs due to technological advancements and higher productivity.

---

6. Foreign Conflict: Russia and Ukraine Battle in Kursk

John Lechner provides a detailed analysis of the ongoing conflict between Russia and Ukraine, focusing on the strategic significance of the Kursk region.

• John Lechner: “The Ukrainians are retreating in some cases... they aren't currently fully surrounded by the Russians in the region of Kursk.” (41:14)

Lechner explains Russia's intent to secure a peace deal that favors their terms, ensuring Ukrainian forces are expelled from key territories to maintain Putin's image as a strong nationalist leader.

• Steve Bannon: “President Trump looked like he reached out and was trying to get something done. He came back with the maximalist, I need all territory.” (44:40)

The discussion highlights the complexities of achieving a ceasefire and the likelihood of continued violations amidst entrenched militaries on both sides.

---

7. Natalism Movement and Future Demographics

Kevin Dolan introduces the concept of natalism, advocating for increased birth rates to sustain economic growth amidst declining populations.

• Kevin Dolan: “All Western countries are facing a situation where our degrowth, our decline is completely incompatible with economic growth.” (48:02)

Dolan emphasizes that sustainable economic growth relies on either population growth or technological advancement. He argues that the natalism movement empowers individuals to achieve desired fertility rates, ensuring demographic stability.

• Kevin Dolan: “If everyone in America achieved what they say they want in terms of their family size, there would be no demographic issue and we would have a very stable population.” (49:31)

The movement seeks to address demographic challenges by supporting family growth initiatives rather than coercive measures, promoting societal and economic resilience.

---

8. Closing Remarks

Steve Bannon wraps up the episode by reiterating the importance of grassroots involvement and strategic policy shifts to navigate the current political and economic landscape. The discussions underscore a critical juncture for the United States, with significant implications for governance, economic stability, and international relations.

---

Notable Quotes:

• Steve Bannon: “This will rip your heart out. This is soul crushing. What happened today, Alex DeGrasse.” (04:49)

• Congresswoman Becca Balint: “Leader Schumer was not communicating well with our leader. And we took some really tough votes.” (01:18)

• Ed Dowd: “Tariffs are not the bogeyman... Tariffs are going to reshore our factories and make us richer.” (36:54)

---

Conclusion

Episode 725 of WarRoom Battleground presents a robust analysis of impending political shifts, economic challenges, and international conflicts. Through expert commentary and strategic insights, host Stephen K. Bannon provides listeners with a comprehensive understanding of the forces shaping the current and future state of America.

Transcript

[Steve Bannon]

Republican bill to fund the government through September has passed a key procedural vote. This is what inspired Donald Trump's thank you post to Chuck Schumer. The Senate voted 62 to 38 to advance the bill. Ten Democrats joined all but one Republican in voting yes. Final passage of the bill is expected later today.

[Congresswoman Becca Balint]

Do you think Democrats ever actually had.

[Steve Bannon]

Leverage in this fight?

[Alex DeGrasse]

What leverage? What leverage do we have? Keep showing up at every night fight with a casserole, you know, and they have these cheesy paddles and then, you know, pick your fighter cheeseball stuff, you know, you, you know, where's your messaging, you know, and if you think now you're tough to shut the government down, then what's, how do you get back back in? Because millions of Americans are going to be impacted. A lot of them aren't even going to get paid, but they all get paid. You know, what's the exit ramp? How do we re even restart the government?

[Steve Bannon]

Why?

[Alex DeGrasse]

Because it's going to be under the terms Trump and the GOP And Democratic.

[Steve Bannon]

Congresswoman Becca Balance of Vermont. Congresswoman, why do, why are so many House Democrats mad at Chuck Schumer?

[Congresswoman Becca Balint]

Well, and I do want to say it is across the ideological spectrum in my caucus, from Blue Dogs to Progressives, people feel like this was a moment that was a test for all of our leadership and not to blink and not to cave. And this funding bill is not a clean cr. It's not a clean continuing resolution. It allows Musk and Trump to continue to wreak havoc on Social Security, Medicaid, Medicare. It gives them a blank check to be mucking around in things they shouldn't have their hands in and trying to claw back money that we as Congress have already dedicated. And so I want to be really clear that the statements that have been made by, by me and others from my caucus are representative of the caucus as a whole. And we also felt like Leader Schumer was not communicating well with our leader. And we took some really tough votes. And this was such a show of strength and togetherness on the part of House Democrats. And I felt like what we saw from Leader Schumer was, was disorganization on his part.

[John Lechner]

Is it time for new leadership in the Senate?

[Steve Bannon]

Next question.

[Alex DeGrasse]

Posted this bill.

[Steve Bannon]

Senator Chuck Schumer is from your state.

[Congresswoman Becca Balint]

He clearly has a different view of this than you.

[Steve Bannon]

He is not saying, let's go back to the negotiating table.

[Congresswoman Becca Balint]

He's saying, let's take this vote. So do you.

[Steve Bannon]

Have you lost confidence in him?

[Congresswoman Becca Balint]

The fact that you guys see this so differently.

[Steve Bannon]

Next question. Leader Jefferson, let me go back to my colleague's question. Can you clarify what you mean by showdown versus shutdown? Wow. And we came to show you that congressman from New Hampshire was the most rational. You came and show the screaming, yelling, complete, total meltdown. Hakeem Jeffries just, hey, give. Next question. I'm not even going to address having his back because it's so far out of league. A full surrender. Take your number two pencil out and write down clawback money. The impoundments and rescissions are coming. Remember, the hardest part we had, as hard as it was, it's Biden's numbers, the $2 trillion deficit. But this one that stuck in our crawl was all the work done on Doge to date. You're basically financing that to the end of the year unless somebody has the stones to do impoundments or rescissions and other things that they're working on. And trust me, folks, those are coming. And she knows it. She says right there, that call back the money. So he made the decision. He said last night on Chris Hayes, it was about the courts. And that's why we spent the first hour of the show going through this historic battle now, the legal battle that President Trump. And that's a triumphant return to the justice department today. Alex DeGrasse joins us. Alex, you have your hand on the pulse of the House, but also the Senate. This is a such a huge defeat for the Democrats. I mean, they're finally getting some traction. They got these town halls, they're yelling and screaming. You know, Bernie Sanders is now back. He's relevant. You know, Rachel Maddow, every night they're showing this resistance. They're getting a little bit of traction in the courts. Finally they got that guide on. And then this is what rips your heart out. This is soul crushing. What happened today, Alex Degrasse.

[Spencer Morrison]

Sort of in the weeds behind the scenes, is that Hakeem Jeffries apparently was sort of caught off guard. And so if they were coming into this with Schumer's plan, where they were gonna fold, they would have most likely given some more leeway to the more conservative moderate members who now are on record not voting to support basic things like border security and other political issues that will be used Republican ads against some of these members. So I've heard they're really pissed. New York is sort of the heart of it. You saw Gillibrand and Schumer. I don't know if you guys have put up the count, because it just happened. Ten Democrats Voted to put this thing through both New York. They're talking about AOC primary and Schumer. I mean, people are melting down, especially in the House, because they're caught holding the bag, essentially. Steve, that makes sense. I know it does.

[Steve Bannon]

Hang on. But I want to connect the dots here. That the House actually. Hakeem Jeffries actually got the guys united. I mean, Jared golden from Maine, too, because he's in a tough district, but he had the rest of the house because normally 50 or 60 of these house guys vote to make up the votes in the House Freedom Caucus.

[Alex DeGrasse]

Right.

[Steve Bannon]

Who always vote no. The dynamic was here quite differently. And Hakeem Jeffries had everybody set to basically fight. And that's where all these town halls and got all these people fighting. Schumer never really read anybody into the plan. Right. This thing, everybody thought kind of going down, that this is going to be united, front and fight. And then he kind of pivoted in the last 48 hours. Is that why they're really steamed? They got caught by surprise by Schumer's fold?

[Spencer Morrison]

Yeah. I mean, Schumer, to his credit, he's sort of a slick operator here in D.C. and I think they knew the polling we were looking at polling for them to be on the side of not shutting down the government for essentially. I mean, it is a clean cr. This show has been hammering it. Right. We understand what it is. So it's almost like not bad for them in many regards, but they are living in fantasy land. They can't even do the basics. So the fact that he folded was eye opening. It's horrible that they made the Democrats walk the plank. Is the term that we call it in politics, walking the plank. You take a vote that you didn't need to take in theory, and I think you're gonna start seeing. You saw President Trump put out the statement praising Schumer. He knows what he's doing. I mean, he's trolling with these people. No one does it better. They're absolutely melting. You see everything playing out on social media because they don't have a strategy. They're leaderless. The polling has never been worse. They're in the gutter. I mean, some of this stuff is manufactured among the base, the town halls. They've got the energy. These people are kind of coming back again. The same people you mentioned, Maddow this, that it's just not the same as 2017. I think Schumer knows that, and he knows if they were to go into a shutdown, they would implode because President Trump would gut many of the unnecessary parts of the government, I'm sure, and Republicans would take a hatch to this stuff, and then they have no guardrails at that point. So he's, he just gave an interview to Annie Carney that I was reading right before this, and he says, look, I'm the only guy that, you know, I'll take the bullets. This is what we had to do. We would have got buried in a shutdown. And he's frankly right.

[Steve Bannon]

Actually, one of the things, also, Fetterman said the quiet part out loud because they didn't have a plan, says, what's the, what's the end game? What's the off ramp for us if we vote to shut this thing down? And Trump keeps hammering, because this is the thing that's got him shocked in every time and even sometimes in President Trump's first term, but always for Republicans, as soon as there's any resistance, the Republicans always fold. President Trump right now, whatever your vertical is that he's working on. And this is why the triumphant return to DOJ Day, for him to say, hey, look, we're only starting cleaning this mess up, but we're going all in. Is that Trump? And any resistance? It's all gas and no break. All gas and no break. And that's what the Democrats have never seen this before. So Fetterman was saying, if we do do this, tell me what our solution is. Trump guts us over the next four weeks. How do we actually have an off ramp to actually reopen the government? Because Trump's just going to be Trump. I mean, is that basically their theory of the case behind the scenes?

[Spencer Morrison]

Yeah, that's the theory. I mean, they wouldn't be able to survive a shutdown. You know, Schumer, I think, played around with this once when President was, when President Trump was in the first term, if we remember, it didn't last that long. For whatever reason, Democrats, just when they enter the shutdown, they implode. I mean, I just, I think too much of their base is tied to the government, you know, and tied to getting paid. And people start freaking out. And so they can't. They're beholden to that. So I think what you've always said, Steve, is we have a ton of leverage on the shutdowns. So, I mean, that's just something to think about as we go forward in general as Republicans. But the polling's on our side. I mean, their image of the Democrat party is like 25% in battleground seats. It's like even less 20. I mean, no one has seen numbers like this. And you don't really see the media talking about it. And it's unbelievable. In my lifetime, we've never seen anything like it. The Republican Democrat brand is a disaster.

[Steve Bannon]

Disaster. And it's gonna even get worse cuz they're not fighting for people. That's what's killing them. Before I let you go, because this audience is everything. This is what's brought us the victory to get Trump back here. He's got the right to life, guys, their freedom. Just across the board, Wisconsin, one more time. How important? Wisconsin. You're the guy that basically saved the republic by getting this audience involved years ago in redistricting, which everybody said these redistricting things are all an insider's game. We proved that political muscle of the grassroots can do it. I tell you what, stay right there. I've got Boris Epstein calling from over at a prominent building on 1600 Pennsylvania Avenue. Boris, today your team actually not only won, but it was amazing to see him there at the podium talking. Give us your thoughts, particularly some of the dark days of 21, 22 and early 23, sir.

[Boris Epstein]

And you know what? Some are 24 too. Stephen, don't forget we had a trial in 2024. The fake news absolute witch hunt of a trial in New York, which President Trump and the team had to persevere through. It was an honor to be there. President Trump with an absolute powerhouse speech, crushing weaponization, crushing lawfare and ringing in what is a new day in law enforcement and the American system of justice. It was great to see Tom Blanche in Mobile, of course, the Attorney General of the United States, Pam Bondi. It was a big day. And it's another moment for us to look back and see how far President Trump has brought this country in just a short 50 plus days.

[Steve Bannon]

Boris, Julie Kelly brings up today that a year ago you guys were down in front of Judge Cannon on the documents case, actually in court. If you had pitched this particularly because you had to put together a great team, but kind of a makeup team because all the big law firms shut us out. If you had pitched this to a Hollywood producer that hey, here's the story, and at the end they're all going to be at the Justice Department running the Justice Department, and Trump's going to walk in triumphant, you would have got thrown out of the room. What are your thoughts on the arc of this journey?

[Boris Epstein]

I believe that in the end, President Trump has had fate and God behind him. I think the American people see what it is to have a real leader. And that's why, as you know, Steve, from that moment that I called into this show on January 20, 2021, from Joint Base Andrews, when President Trump took off for Florida, I told you then that I was confident that President Trump will be back in the Oval Office. I was confident that the bad forces in America would be defeated. I've stayed confident throughout. I'm proud of the team that President Trump has led that defeated lawfare, defeated the greatest weaponization of justice, not just America, but world history. There's never been a lawfare campaign such as the one that Todd, Blanche, Amel, Beauvais and so many more lawyers defeated and working together under the leadership of President Donald J. Trump. As you said, Hollywood won't believe it, but we did throughout. And again, it is a moment of pride, it is a moment of honor, and most importantly, it's a moment of patriotism.

[Steve Bannon]

Last thing, President Trump today also, I think, energized everybody by saying, hey, he's not going to rest until all of this is set right, that this will he. It's not about him, but he's going to make sure, with the work that that team does at justice, at Main justice, and then the US Attorneys and all of it, and with confirmation of a new set of judges, that he's going to set things right. And this will never be allowed to happen again. No matter the political beliefs or persuasions of any president or his administration, this will never be allowed to happen again. Am I correct in that, sir?

[Boris Epstein]

No doubt about it. America is back. The American justice system is back. American democracy is back. And all because of the overwhelming victory, the huge mandate given to President Trump by the American people. We've rescued our country, I must be honest, from the absolute edge of a cliff, because that's where the radical lunatics and Democrats were driving it. President Trump is now in full control. You're seeing everything he's doing on every single part of the spectrum, from the economy to foreign relations, national security, ending wars and again, ending weaponization and lawfare success unlike anything this country's ever seen. And that's why everybody's energized, everybody's optimistic, even the Democrats can't deny the power, can't deny the strength. It was an honor for me to be there today and to be a small part of the team.

[Steve Bannon]

Now, since you're such a big shot, I haven't had enough opportunity to say, you're coming in hot on social media. What's your social media, Boris?

[Boris Epstein]

I am coming in Hot. It's Boris ep. It's Orusep on Twitter. Orris Getter Boris at Truth Social and coming in hot on the ground. Boris underscore Epstein. Stay strong. God bless. It's a new day in America and Shabbat Shalom.

[Steve Bannon]

Boris Epstein joins us. Thank you very much, sir. Great job. Historic job. Let's go back. We got for. We have a, we have a few more minutes for Degrasse. Okay, fine. He's going to join us. He's going to get that camera right? And then join us back. Historic day. President Trump, if he had been a movie script folks, and for you that have been with us for four or five years, you understand that against the longest of odds in that entire team that we followed so closely through all those trials and all those indictments, from Atlanta to New York City to Miami to Washington, D.C. all of it, those folks today are running the Justice Department. They're the senior leadership of Main Justice. Do you understand? Because the way that the progressive left, and this is why it started with Wilson, right, went through FDR all the way to the Watergate, the way they understood that they could get control of is through the lawyers. You know, I came from Wall street and then from Hollywood. And in Wall street, you obviously have these huge white shoe law firms. You're going to let me know as soon as degrasse is ready. I don't want to slow him down. I know he's got to be somewhere that they run. You know, obviously the capital markets and investment banking have lawyers. In Hollywood, it's lawyers all over the place. And it's very legal out in LA and very litigious. But they don't actually run the city like they do the Imperial Capital. It is the law firms, the big law firms that run the, run the Imperial Capital because most of these guys are lawyers. And that's what President Trump, he just knows and he's just, he's had this pickup team. They won and now they're in Main Justice. And when you see Weisman, these guys tonight, there'll be a full, there'll be trauma on MSNBC tonight as they go through this. Alex DeGrasse joins us. Alex, you were the one that brought to this audience, first time ever, a grassroots audience on a national basis to say, hey, look, there's this thing called redistricting. It's done at these state legislatures and these courts and you've got to get involved. I just want folks one more time before the early voting in person starts next week. We get everybody up on the Ramparts how important Wisconsin is. And on. They got all these issues with Wisconsin. They got, they got voting issues, they got second amendment issues, they got right to life issues. And for the state of Wisconsin, this couldn't be huge bigger, but this has national and therefore global implications about. It's a 6 to 2 right now, congressional delegation and she's on record, I think she's sending out emails on fundraising. The focus is get it to four to four to pick up two seats. And if they do that, folks, we're gonna have a dogfight anyway. People should just understand that. But this is gonna be, it's gonna be quite tough. Alex Agrash, your thoughts on Wisconsin, sir?

[Spencer Morrison]

Yeah. So, you know, rewind back every 10 years we do the census, then we do redistricting two years after that. So it was 2022 where the posse stepped up Florida. Boom, boom. We go down the list, we got it done. That's what delivered us the House. There's no doubt about that from a structural point of view and what's held it. But what's really bizarre is that the Democrats are so weaponized and so ruthless like they are on every front, that they're able to somehow claim that they can redraw Wisconsin's lines in the middle of the 10 year term for these maps. So it's just frankly, bizarre and illegal, I would argue. And so they're open about it and blatant. They would steal the republic right from us if they had the opportunity to. Opportunity to. It's going to be $100 million on the table that we can even count. That's not counting the untrackable money that the Democrats are really Pros at through LLCs and all these. Arabella, you know Natalie Winters is always talking about it. This thing is the whole ball game, frankly. Over the next two weeks, we need everyone to dig deep. Get your list. 10 people you can call from anywhere across the country. If you're in Wisconsin, you got to get involved. You got to donate your time, your money, whatever. We can spread the word. It's a turnout race because it's sort of at an odd time. Not many people are paying. It will be who wants it more. The posse's gotta come up big because we will have the opportunity to clean the rolls. Everything that we wanna do will get done if we flip the court, of course.

[Steve Bannon]

Alistair Grass. I know you gotta go tonight on something very important, religious oriented. Alistair Grass. We're very proud of you, young man. Thanks. Social media, sir. Where do people go to follow you?

[Spencer Morrison]

Degrasse81 on X getter Truth. I can't stress Wisconsin enough. Thank you Steve and thank you for the posse, for all of and I love when people come up at the airports and want to talk about it, how they were involved. It's great. So thank you guys.

[Steve Bannon]

Thank you bro. Thanks for the update. Massive win from President Trump today. The government stays open and I'm telling you, remember what the congresswoman, congressman from New Hampshire said, hey these guys are going to call back money. Wait for it starting hopefully as early as next week. We'll get you up to date on tomorrow's show. Okay. Ed Dowd, one of the smartest guys I know from Wall street. You've put together I guess you're econometric model for 2025. I want to take a few minutes and hey, we're going to give it to you with the bark on. Folks, this is Ed's working through some numbers. So Ed, walk us through how you what you anticipate happening. You know Scott Besson saying, hey look if we just kept spending money everything be fine but we can't. Ray Dalio saying we could have a sovereign debt crisis. We got to cut the spending. What do you say? Talk to me about your thoughts about the economy.

[Ed Dowd]

Yeah.

[Alex DeGrasse]

So thank you, Steve. Yeah. We issued a US economic report, Dangers of a Deep Worldwide Recession in 25. It's available for sale to institutional high net worth individuals, family offices and RIAs. It's an institutional quality product. But I want to give your viewers a sense as to what we're talking about. Bottom line, the government spending really supported the economy for the last few years and it was primarily government spending, illegal immigration and I guess funding. What we're finding now is funding a bunch of NGOs to enable the illegal immigration. And that's all going the other way. Without the government spending we probably would have dipped into a recession. I have one chart, the second chart that I gave your, your producer shows exactly what I'm talking about. It's got the PMI and the GDP growth. There it is. If you look to the right you can see that the gap between GDP and PMI. PMI has been below 50. And so we've been in a recession essentially in the real economy. And the GDP was floated by $2 trillion deficits, government spending and illegal immigration. And that is unsustainable. That's why Donald Trump was voted in. The middle class was already in a recession and the legal immigration was disrupting the societal fabric of the country. And I want to point out to your viewers, the numbers are huge. Legal net immigration is a million a year. We blew that out. We have 10 million border encounters we know about. It's probably 15 to 20. That's a total distortion of our economy. The multipliers on bringing legals in and giving them rental accommodations and stimulus, not to mention the logistical monies given to NGOs to get people here and set up. It was just a massive, massive fraudulent spend, in my humble opinion, because obviously they broke the law to do this. And that's basically what Scott Bessen is talking about. It has to be reversed. That's why Donald Trump was elected. And unfortunately. Go ahead.

[Steve Bannon]

Yeah, hang on. I just want to make sure analytically, because you're an analytical guy, you're a numbers guy. You're showing. What we've been saying is that the Biden, with this massive deficit, this Keynesian infusion, that if you took out the government spending and you took out the illegal aliens which came, and obviously if you have more people, you're going to have higher gdp, we would have been in not just a recession, maybe a pretty significant recession. During Biden's thing, it was all just printing money that kept it afloat and had any kind of phony nominal economic growth. Correct. Is that what your model shows?

[Alex DeGrasse]

Yeah. And let's go back to a couple of years ago, I came on your show and told you we were predicting a recession for the end of 23, beginning of 24, as were. We were among a lot of notable economists, and we got it wrong. And we were wondering, how did we get it wrong? Have the laws of economic fundamentals changed? So we reverse engineered it, and this is what we've discovered. And obviously this was not sustainable. And Trump was elected to basically eradicate this. It's going to bring, unfortunately, some economic pain. And more importantly, what a lot of people aren't talking about is how the illegal immigration kind of held up the housing market. And they didn't necessarily buy new homes or starter homes, but they were renters, and that flowed through the system and held up housing prices, which are stagnant to dropping now. And we have a chart I'd love to show that's kind of a money chart for us, a nugget in our report that we're selling. If you want to put up the next chart, I'd appreciate it.

[Steve Bannon]

Yeah. And what does this chart tell me?

[Alex DeGrasse]

This chart shows building permits in red, annual housing stock growth and population. And the dotted line is illegal immigration. And you can see the big dip was due to COVID deaths, excess deaths. And you can see that permits, new permits are already rolling over and that's a great lead indicator for housing prices. And you can see the massive influx of illegal immigrations to the housing stock. Granted, they didn't buy homes, but they supported the housing market. As we reverse all this, we're going to have a 2008, 2009 housing crisis. We're going to have one internationally as well. We detail that in our report and it's coming and there's nothing you can do about it. Demographically, the millennials are peaking out in their prime purchasing age Group in 2026. So this is endogenous to the US economy. There's nothing we can do about it. We just have to live with it.

[Steve Bannon]

Ed, I want to hold you through the break. And man, oh man, the last 30 minutes of the show, the last 22 minutes of the show is going to be on fire. I've got John Lechner on, on the surrounded Ukrainian army in Kursk. Spencer Morrison's here about to reverse the lies about tariffs. Ed Dallas, I need to Ed Dalt about Ray Dalio saying we're going to have a sovereign debt crisis. And I've got Kevin Dolan is going to be on here to talk about a very important conference coming up in Austin, Texas, Neo Rodeo to understand it's going to be wild, but we're going to get it all done. You know why? This is a triumphant Friday. These don't happen that often, folks. Birch Gold when Ed Dowd comes back, this is, you know, I'm trying to get Philip Patrick on because there's some underlying issues with gold as a hedge. Gold's on Fire is not supposed to actually act like this. It's supposed to be a hedge and a store of value. Birchgold.com War Room or Bannon, actually, that would be me. You get the end of the dollar empire, including the sixth free installment. They're all free, but she gets a six free installment. Modern monetary theory, the idea that broke the world. And Ray Dalio would agree with that. He doesn't agree with War Room on much. Short commercial break. An entire all star team next. You don't go out and buy a life jacket when the boat is already sinking and you don't buy gold when the economy has already collapsed. Clearly others are heeding this advice as gold hit an all time high. The first part of 2025, multiple times. It's not too late for you. The company I trust to help you diversify into physical gold is Birch Gold. The company I buy my gold from. Birch Gold specializes in helping you convert an existing IRA or 401k into a tax sheltered IRA and physical gold for no money out of pocket. Just listen to this 5 star review quote knowledgeable, helpful, non pressure, end quote. That's what you get with Burt's Gold and that's why I've endorsed them for so long. Get your free info kit on Gold by texting the word Bannon B A N N o N to 989-898. There's no obligation, just useful information with an A plus rating from the Better Business Bureau and countless five star reviews. Text Bannon B A N N o N to 989-898 and let the experts at Birchgold help you secure your financial future today with Gold. How well do you sleep at night? Real peace of mind comes from knowing your family is prepared for anything. My Patriot Supply, America's most trusted name in emergency preparedness, is offering a time limited discount on the bestselling three Month Emergency Food Kit. Now this is the basic the three Month Emergency Food Kit. This isn't your typical survival food. Each kit provides over 2000 calories and 100% of the recommended value of 12 essential vitamins and minerals daily for 90 days with delicious meals and extras including chicken, beef, fruits and veggies. We're talking quality meals that last up to 25 years in storage and still taste like home cooked. The pandemic taught us how quickly store shelves can empty. Don't wait for the next crisis. Your three Month Emergency Food Kit includes free shipping, a disaster replacement warranty and 24.7us based customer support. This special discount is available for a limited time only. Visit my patriotsupply.com now to secure your family's future with a hundred dollar discount. If you order by 3pm they'll ship your order within the same day so you have peace of mind right away. Get my Patriotsupply.com by going to my Patriotsupply.com do it. Do it today. Use your agency. Action action action. The April 15 tax deadline is coming and it's coming fast. Do you have unfiled tax returns? Can't pay the irs. The IRS is more than aggressive and the more aggressive than ever. And the longer you wait, the worse it gets. Wage garnishments, bank levies, even property seizures are all on the table. You need to get ahead of this. You need to get ahead of it today. But going up against the IRS alone is a big time mistake. Take my advice. Call the experts at Tax Network usa. They know the system. They have an edge, a preferred direct line to the irs. They know which agents to deal with and which ones to avoid whether you owe $10,000 or $10,000,000. Their genius strategies are designed to quickly settle your tax problems in your favor. Tax Network USA's attorneys and negotiators have already resolved over $1 billion in tax debt. Let me repeat that. They've already resolved over $1 billion in tax debt. Tax Network USA can help you, too, but you need to move. You need to move fast because April 15th is already here. Remember, if you get that letter, don't put it in the drawer. It just metastasizes. Talk with one of our strategists today. It's totally free. Stop looking over your shoulder. Stop the anxiety. Stop the worry. Put it all behind you. Call Tax Network USA at 1-800-958-1000, that's 800-958-1000 or visit tnusa.com Bannon that's Tax Network USA. Go to tnusa.com Bannon War Room here's your host, Stephen K. Band. Folks, we are going to need you. The reason we had these victories today, whether they're Catholics in Morristown, New Jersey, or whether there's President Trump triumphant return to the Justice Department or whether it's Schumer surrendering, it's because of you and your ability to have to man the ramparts. Hometitlelock.com makes sure that you're not wrapped up in somebody monetizing your title to your home, your real asset. Right. You've heard Dal say how hard it is even to get in a house. If you got one, make sure you keep it home. Title lock, the million dollar triple lock protection 24,7 coverage. If anything happens in the middle of the night, anytime, boom, you get an alert and then you got $1 million restoration program to back you up. Natalie Dominguez and the entire team there already standing by to talk to you about this. What do you do? You go to hometitlelock.com steve25 do it today. Hear what they have to say at home. Title lock to make sure you can still man the ramparts. We don't have time to play it because we are pressed for time. Ed Dow, we're going to have you on next week on the MORNING show to walk through this in more depth because it's pretty shocking. It reinforces something we've been saying about this out of control government spending that Scott Bezen says that he and Trump are going to take on and that's what this whole thing today on the CR was. It all ties together but one thing Ray Dalio has said, brother, and you just tweeted it out about a supply demand mismatch about selling, you know, I don't know, 10 or $12 trillion in government securities this year to refinance this 36, $37 trillion debt is Ray Dalio tell us in so much Wall street jargon that we're going to have a sovereign debt crisis.

[Alex DeGrasse]

Sir, I don't believe we're going to have a sovereign debt crisis. I think bank of Japan is first up for that. And you know, look, I'm bullish on long term treasury yields. They're going lower and prices are going higher. If we're right on our U.S. economic report, yields will go down. The Fed will have to cut. And I think Scott Besson, due to this restructuring of the economy will get a recession. Not because we, you know, his policies caused it. It just couldn't go on and it had to stop because no one wanted to bring in, you know, 3 to 4 million illegals every year. That just destroys the culture. So we're going to see yields go lower and he's going to be able to turn, turn out the paper on a long term basis. I have no doubt in my mind we'll see long bonds and 10 years a lot lower. When this is all said and done.

[Steve Bannon]

We'Re going to put Ed Dowd on the sales desk. Ed, where do people go over the weekend on social media to learn more about your report? We'll have you on back next week. Where do folks go?

[Alex DeGrasse]

People can go to financetechnologies.comPH instead of an F to buy the report. Again, it's priced for institutional investors, high net worth and people that have a lot of assets of other people's money to manage. You can also follow me on Twitter owdEdward, d o w d Edward and getterdwarddowd.

[Steve Bannon]

Your stuff is on fire, sir. People gotta follow you on social media. You're putting up great stuff all the time. Thank you, Ed. Appreciate you.

[Alex DeGrasse]

Thank you.

[Steve Bannon]

Steve Spencer Morrison. An integral part of this is tariffs. That's all they're doing now. The dow came back 600. I think it added a trillion dollars in market cap today. So everybody take a deep breath. But it's just relentless lies and misrepresentations. I understand your book is getting a broad reading inside the executive office building and the White House. Reshoring is the book. It's a must read now. The timing is Exquisite. I want to give Gray Delaney and the team over there at Kalamo just incredible about the timing. But when they hear it all day long, and we had Rickards on this morning says it's relentless. When you say every show, every business show, msnbc, cnn, people don't know what they're talking about. They're saying this is nothing but a cruel tax on the poor. These tariff people, these are all billionaires who want these tariffs. What is your response, Spencer Morrison?

[Ed Dowd]

Well, the reality is is that the media parrots what they're told to talk about. This is a top down talking points from the elites, whether they're from Wall street or more broadly. The reality is that the academy that's coming up with these talking points is disconnected from reality. They're mistaking their economic theories for economic realities. Things like comparative advantage are based on false presumptions rather than on historical evidence. So part of the reason that all of the evidence, and I mean all of it coming out of the mainstream media is wrong is because the theories that they're basing their comments on are completely wrong. And then the second issue is that the financial interests that prop up a lot of these news rags, they're corrupt. Economic globalization and offshoring has created enormous amounts of wealth and profit, but that profit hasn't gone to the American people. It's been going to a select few, the people that own the system.

[Steve Bannon]

Right.

[Ed Dowd]

It's going to the empire's corrupt elites. And I'd just like to talk very briefly about the reality of tariffs. Tariffs are not likely to increase the cost of goods, not in the short term. And they're actually going to drive down prices in the long term. In the short term, you're not going to see much impact because Americans can just buy American and they're not going to pay the tariff. Right. The price difference between American products and Chinese products is on average like 4%, which means that you could put 100%, you could put 1,000% tariff on Chinese goods. It's not going to raise the cost of goods by double or 10 times. You're going to buy the American good, it's going to raise the cost to the American good, which is a couple of percent. So tariffs are not going to. They're not the bogeyman. Right. The other thing that's really important to remember is that tariffs are going to reshore. Our factories and manufactured goods are subject to the law of what's called increasing returns. That means the more goods you make, the cheaper the goods become. Right. So If America were to make more goods in American factories, we're actually going to lower the cost of goods in the long run. And that's going, you know, so tariffs, you know, on a five to ten year horizon, they're going to lower the cost of goods, they're going to make us richer. And the third point that I just need to make here, the only way, the only way that goods go down historically is when we increase productivity, when we invent and when we innovate and we implement new technology. And you know what the best catalyst for that is? The best catalyst is high labor prices, right? So when we reshore our factories from places where labor is basically free, like China, we're going to reshore those factories, bring them here, and there's going to be a really big economic incentive to invest in new technologies which is ultimately going to bring the cost of goods down in the long run. And that was the historical paradigm for hundreds and hundreds of years, people were innovating and making factories more efficient. When we shipped the factories abroad, the factories actually got less efficient because they didn't care about investing in labor saving technology. So when we reshore the factories, we're going to have more technology, more innovation and that's going to make goods cheaper, not just for us, but it's going to be cheaper for everybody. Ultimately the world prospers when America prospers. And the only way to do that is to reshore our factories.

[Steve Bannon]

Man, it is so amazing. That pitch you have is incredible. And the book is now I know, being read widely in the executive office building and in the West Wing. The book, where do we get It? Spencer? It's a must read, particularly for today's economy. Where do people go?

[Ed Dowd]

Thanks, Steve. I really appreciate it. The book, it's available on Amazon. I hear it's sold out right now. So if you go, I think you can still get it directly from the publisher. So if you go to Calamo, I think it's calamopress.com, you can get the book directly from them or just wait till next week. We should have some more books coming.

[Steve Bannon]

And I love it. Dude, Warren Posse stuff. People love this book at every level and it is exquisite timing. Social media, where they go.

[Ed Dowd]

Spencer, I'm available on X. It's real SP Morrison. You can also check out my work on the National Economics Editorial and I have a column on American greatness on Unblaze Media. Thanks a lot Steve. And just God bless you for getting this message. Thank you, Doug.

[Steve Bannon]

No, it's you brother. We just provide the platform. You're the man. Incredible work and incredible way you've thought it through. Thank you, Spencer. Love you, brother. God bless. John Lechner here earlier in the week and once much of this debate going on, death is our business. He talks about the mercenary armies of Russia, but he also talks about people who are to the right, the ultra nationalists to the right. I know this sounds odd if you watch mainstream media, Putin actually might be described as a moderate, given some of the stuff's going on. We only got about five minutes, John, but I gotta ask you a point blank question. Putin saying, hey, look, you know, this army the Ukrainians are in, Mother Russia have gotta go, right? Talk to us about that. Are they really surrounded? Is this gonna get even more violent? Is there some way to negotiate this out? And do you think this peace deal is predicated upon this? Particularly as Putin's got guys that are even more nationalist than him. These ultra nationalists in Russia serve.

[John Lechner]

Yeah, thanks for having me on again. I think from what I've been hearing on the ground, the Ukrainians are retreating in some cases. It's chaotic, but they aren't currently fully surrounded by the Russians in the region of Russia that they went into, which is called Kursk. But for Putin and for the Russians more generally, look, we're going into a peace deal. Usually when you go into these negotiations in a war, one side is in a stronger position than the other, and they're going to look to take as much advantage of that as possible. And that's what the Russians are looking to do for Putin, as you mentioned, his biggest fear is to the folks on the right of him. Right. That's where you have the Russian nationalists, the right wing, which has a degree of support within Russia's security services. It's important for him to portray himself as sort of the savior of Russia who is solving this problem for them. And in order for him to do that, he has to be able to sell whatever he's bringing back from a peace deal as victory to the Russian public. Right. And one thing that would certainly not constitute a victory is if you Ukrainians still hold actual Russian territory. And so what I think you're looking at right now is an effort by the Russians to get the Ukrainians out of the Kursk region so that they're more ready for a ceasefire that's even more on their terms than it was beforehand.

[Steve Bannon]

This, this is of the entire war. This is the, I think, the most brilliant stroke of Zelensky and his military command. This is sacred space in Mother Russia, this is Kursk, is the largest tank battle in history. I think they had 6,000 tanks, 2.2 million men, even probably more than Stalingrad. And that's. You're talking about two of the biggest battles in mankind's history. For the Ukrainians to get up there and get close to taking that territory, it was looked at as an affront to the Russian people and particularly the Russian ultra nationalists, was it not, sir?

[John Lechner]

Oh, absolutely. I mean, this was something that was an incredible affront. I mean, for the guys who fought in Wagner, the guys that I interviewed for my book, again, this was an existential thing. The last time Russia had been invaded by any force within its kind of traditional territory was, like you mentioned, in World War II. And that war has, as it does for Americans, but also for the Soviets and the Russians, an incredible historical resonance. And so it is important to Putin, therefore, that he be seen again as the strong nationalist leader, as sort of the leader of the Russian nationalist movement. And that can't work as long as the Ukrainians are still in Russian territory.

[Steve Bannon]

Got about two minutes. Tell me, how do you think this develops over the next 72 hours till we have you back on early next week, how do you think this develops? Because I think people, you know, his position, President Trump looked like he reached out and was trying to get something done. He came back with the maximalist, you know, I need all territory, we need all this. I mean, it was like, up in your grill, and you kind of thought, well, I guess we're not going to get a ceasefire. What are your thoughts, sir?

[John Lechner]

Well, look, it's going to be a long process, no matter what. I mean, even if, and I know there's a lot of folks who served in the military before, so they'll know this. I think even a ceasefire itself is something that is going to be very difficult to achieve, because this is a long front at this point, with two humongous militaries, mostly filled with conscripts, so people who haven't fought as professional soldiers, but were drafted or conscripted at some time, and they're facing off against each other. There's no trust. And so there's absolutely going to be violations as well. And I think the Russians have even alluded to it, that neither the Ukrainians nor the Russians will fully be able to control what's happening along that front. It's not like the movies on World War II, where an armistice is declared and people come up from the trenches, right? There's still a lot of fear. There's still so much kind of that is uncontrollable along that front line. And so there's going to take some time to even figure out what sort of enforcement mechanisms we can have for a ceasefire as well. But the violations will absolutely be there no matter what.

[Steve Bannon]

Ian Bremmer confirmed to me today that his calculation, 850,000 plus dead and wounded in the Russian army alone. Incredible. The scale of this is almost incomprehensible. John, your book is a must read if you want to understand really what's going on in Russia today. Where do people go to get it? And are you going to do any more signings, book signings where people can get to meet your.

[John Lechner]

No book signings, unfortunately, next week. But you can go order Death Is Our Business on Amazon or visit your favorite bookstore. It's in all the stores.

[Steve Bannon]

Death Is Our Business. John Lechner, you will not put this book down. It reads like a novel. John, thank you so much for making us think this thing through this weekend. Appreciate you. See you next week.

[John Lechner]

Thank you, sir.

[Steve Bannon]

Death Is Our Business and reshoring. You can get smart on two incredibly important topics for President Trump and our movement. And I'm so proud that the reshoring is actually sold out, at least from his first printing. Do we have Kevin Dolan? Kevin Dolan joins. Kevin, describe you've got a big conference coming up in Austin, Texas. It's controversial. I know it's good because the Guardian's already gone and, and said you people are the worst people on earth, but Terry Schelling and others are gonna be there, say you're pretty good folks. Tell us, what's the name of your organization? What's the conference? When's it gonna be and how can people participate or watch it or whatever?

[Kevin Dolan]

Sir, it's wonderful to be here, Steve. Thank you. It's natal conference2025natalism.org and yeah, I mean, frankly, the media's got this completely wrong. It's a non partisan issue. Pretty much everybody wants to have families, they want to have kids and grandkids. And the challenge of our time is not sort of being, but. Hang on.

[Steve Bannon]

Dolan. Dolan. Dolan. Dolan. Dolan. Dolan. Hang on, hang on, hang on. I understand you're some crazy Mick, but dude, we got 8 billion people in the world. Your promotion is we need more babies. Am I correct on that? We need more babies. Don't we have enough? We got eight. Don't we have eight billion people? Why do we need more babies, brother?

[Kevin Dolan]

Your prior guest spoke about the bank of Japan facing a sovereign debt crisis. And the Japanese have been, they've had impeccable game for pretty much that entire time. They're working really hard on productivity. They're working really hard on educating their kids in stem. But the bottom line is there's only two ways an economy can grow. It can grow through population growth, or it can grow through technological advancement. And basically, what every Western country in the world is facing right now is a situation, our degrowth, our decline is completely incompatible with economic growth. And what that means is that all sorts of. I mean, the way that your mortgage is priced, the way that your 401k is priced, the way that the dollars in your checking account are valued, all of that is based on systems that are predicated on leverage, that require the promise of future growth to make capital markets work. And so this is a collapse that's coming for every rich country and almost every poor country, actually. And so it's going to be. It's going to define the2030s. Basically, how nations and communities handle this issue is going to define the 2030s. And so that's why we're.

[Steve Bannon]

And let me guess, so this is going to divide the 2030. Natalism is what, the movement to people to have more babies, to have bigger families. Is that what it is?

[Kevin Dolan]

Well, essentially, it's just about making sure that people can have their desired fertility. I mean, if everyone in America, if everyone in Europe achieved what they say they want in terms of their family size, there would be no demographic issue and we would have a very stable. It doesn't have to be like infinite. Everybody having nine kids, it's 2.1 is what you need for replacement. And if everybody were achieving what their desired fertility is, we would be there, it would be stable. There'd be no problem. The issue is that people are not actually achieving what they want. And that, I think, is how this has been mischaracterized in the media, is that this is something that we have to push on people or force on people. And that's not it at all. It's about empowering people. It's about helping people get what they want.

[Steve Bannon]

Okay, I want to go. We're going to have you back on tomorrow. We're going to restructure the thing. I want to have this, the conference is when is it limited to people who can come? Is it going to be streamed? What's your website? How do people get more? We want to get our audience smart. These people are into the details, they're into the receipts. So where they go?

[Kevin Dolan]

Yeah. March 28th and 29th in Austin, Texas. Yeah, it's natalism.org, you can check it out there and you can get on the mailing list and get updates. We have all the videos from last year live on YouTube at Natal Conference. So you can check that out there. And it won't be live streamed, but we will be posting the videos shortly after the conference. So go ahead and check that out.

[Steve Bannon]

Okay. And your social media, where do people go to find out more about you and your movement?

[Kevin Dolan]

Yeah, so natalism. Org on exit. Sorry, on X is the. Is the URL.

[Steve Bannon]

Thanks.

[John Lechner]

Thanks, Steve.

[Steve Bannon]

Kevin, thank you so much. We look forward to having you tomorrow. It's amazing. Absolutely amazing. Birch Gold today goes over 3,000 trillion dollars added to the stock market. Turbulence. Turbulence. Turbulence. Heard that doubt. Take out your phone and text Bannon B A N N O N at 989-898 and get and sign up for the ultimate guide for the purchase of gold and precious metals in the era of Trump. And folks, we are in the era of Trump, so do it today and you get access to Philip, Patrick and the entire team. Just so much amazing stuff. I want to thank the production team Denver, my production team here. What a show. Wow. That was two hours of pure energy. Like President Trump showing. We're gonna be back tomorrow 10:00am Eastern Standard Time for our Saturday show. My favorite show of the week. And I will commit to you, guaranteed. We're gonna be on fire. We're gonna leave you now with the right stuff off a masterpiece book by Tom Wolf, a brilliant movie by Philip Kaufman and Academy Award winning music by Bill Conte. We'll see you Tomorrow morning at 10am when you will be back in the war room. Are you a yo yo dieter? You diet, lose weight, but gain it all back plus a few extra pounds for the effort. Then later you lose it again and regain it again. And on and on and on. I think I resemble this. It's dangerous. Studies show that you can increase your risk of heart attack, stroke, type 2 diabetes and other health problems. Breaking free of your yo yo diet pattern is a main reason doctors created Lean. Lean is a supplement, not an injection. And you don't need a prescription. The science behind Lean is impressive. It studied natural ingredients target weight loss in three powerful ways. Lean helps maintain healthy blood sugar. It helps control appetite and cravings. And it helps burn fat by converting fat into energy. Listen, if you're tired of losing weight and gaining it back, if you want to lose meaningful weight at a healthy Pace Lean was created for you. Let me get you started with 20% off when you enter Bannon 20 that's B A N N O N [e-mail] that's code Bannon [e-mail] Bannon 20 that's20akelean.com lose it and keep it off.

[Kevin Dolan]

Human really trying to fill this gap of quality supplements and of course, the beef liver being our flagship product. For those who don't know, beef liver is loaded with highly bioavailable ingredients such as vitamin A, B12, zinc CoQ10, etc. And because it is 100% grass fed and natural, your body is able to absorb these nutrients far better than taking any other synthetic multivitamin or any other synthetic vitamin in general. So we have some other amazing products, but if you'd like to check us out, you can go to sacredhumanhealth.com and cheers to your health.

[Steve Bannon]

700,000Americans every year. Yes, heart disease is the number one killer every year, year in and year out. Heart disease builds over time. Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart. A healthy heart is key to being energetic. As we get older. It is never too early to take care of your heart. Heart. You see, heart disease sneaks up on us. You can start in your 30s and when this happens, you're at serious risks by the time you turn 60. If you want to take care of your heart and those you care about, please go to war roomhealth.com that's war room health.com all one word war roomhealth.com use the code war room at checkout to save 67% of your first shipment. That's code war room at checkout to save sixty seven and do it again. War room health all one word war roomhealth.Com go there today. You need if you're going to be part of the posse, you need a strong heart. You need a lion's heart. How we're going to do that is with salty. Go there, do it today, check it out.