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- [00:00]
Ryan Newhouse
This is an iHeart podcast.
- [00:06]
Scott Bessant
Big group. Good morning. It's an honor to be here. To begin with, I'd like to thank the New York Fed for hosting this meeting and inviting me to join you. It's fitting that the Treasury Market Conference is held each year in the fall. Late fall offers us the opportunity to both look back and look forward. And since the fall of last year, much has changed. November 24th marked an inflection point for the nation and its fiscal future. The American people had just elected President Trump to put the country on stronger financial footing. The previous administration had run up the highest deficit in U.S. history outside of a recession or wartime as a result of inflation had skyrocketed to generational highs. Families watched our hard earned savings melt away as prices of consumer goods climbed even higher. Seeking a course correction, voters elected President Trump in a landslide and they gave him a clear mandate to make America affordable again. My commitment to that cause, to improving affordability and putting our fiscal house in order, is what motivated me to come up from behind my desk in the private sector and to enter public Service. As the 79th Treasury Secretary, my duty is to serve as the primary caretaker of the treasury market. Maintaining a robust treasury market and even strengthen it further is essential to making America affordable again. That's because treasury yields set the global risk free rate domestically. The risk free rate sets everything, sets pricing for everything from bank loans and home mortgages to stocks and corporate bonds. In that sense, Treasuries are not only the bedrock of the global financial system, but also the American dream. Treasury yields have a trickle down effect on the broader economy that determines whether a young family can afford a home, a college student can buy a car, or an entrepreneur can get a small business loan. The work we do here directly impacts affordability and quality of life out there, which is why we must succeed. The good news is we are succeeding. The US treasury market is more robust and more liquid than it's ever been. The Treasury Department has made significant progress in increasing demand and expanding accessibility to U.S. debt. We are poised to make even more progress towards this goal in the months to come. Purpose of my remarks this morning? Twofold. First, to highlight the depth, breadth and enduring importance of the U.S. treasury market. And second, to outline the strategies we're using to keep it that way. As Treasury Secretary, my job is to be the nation's top bond salesman. And treasury yields are a strong barometer for measuring success in this endeavor. By this metric, we are making substantial progress in keeping rates down following the spending blowout from the Biden years. In fact, the US treasury market has been the best performing developed world bond market this year. The treasury market's total returns year to date are 6%, its best year since 2020. The US 10 year term premium is basically unchanged, while US borrowing costs across all other areas of the curve, from 2 year notes all the way to 30 year bonds are down year to date. Lower treasury borrowing costs mean lower corporate borrowing costs, lower mortgage rates and lower car payments, which all translates to greater affordability for all Americans. Other developed bond markets, by contrast, have had nowhere near the same success. Some countries have seen demand for their debt reduced or even dry up, especially at the long end, and they've had to react by curtailing sales. But not the United States. We continue to see robust demand at treasury auctions from a wide range of investors, including foreign investors whose holdings of treasury securities are at record levels. This impressive performance comes in spite of the negative rhetoric and doom saying our market pundits, especially this spring. For the past 10 months the press has been pushing a Sell America narrative, but the data and the price action have been saying the opposite. Buy America and the market always rewards those who put fundamentals over fear. Suffice it to say the treasury market remains the deepest and most liquid market in the world, which is a testament to the efficacy of the Trump administration's economic policies. Investors around the globe trust the treasury market because of its utility as a safe, liquid and reliable store of value. Treasury securities are used for a wide variety of purposes in the financial system, including as a vehicle to finance the US Government, as a means for the Fed to implement monetary policy, as an asset for global investors, as a high quality collateral for a range of different transactions and institutions, and is a reference benchmark for a wide variety of other borrowers. Daily trading volume for U.S. treasuries averages around 1 trillion per day, and that's just in cash. Securities volumes and associated derivatives represent another major source of liquidity. During periods of market volatility, volumes in the treasury market increased substantially. When markets continue to facilitate effective risk transfer despite unexpected events, that is a sign of things working. Having traded many different markets across the world throughout my career is moments when markets stop trading that most concern me. It is impossible to eliminate market volatility altogether. And that's why our goal must be to ensure a robust and resilient market that can withstand volatility when it inevitably arrives. To that end, treasury is pushing several forward thinking initiatives to strengthen the treasury market. This includes the Treasury Buyback program, which is an important tool in supporting market liquidity. While the program has been a success so far, we continue to look for ways to improve its efficacy. We have already expanded the size of the long end operations in the treasury buyback program and will expand the counterparty set in the first half of next year to continue building on the progress we've made. Treasury is also supportive of reformed to the enhanced supplementary leverage Ratio or the eslr. In its current form, the ESLR risk becoming a consistently binding constraint rather than a backstop to risk based capital requirements that can distort banks incentives to engage in low risk activities such as treasury intermediation. The ESL ESL R must be improved to prevent this distortion. Expanding central bank clearing is also key to strengthening market the SEC is currently leading an effort to expand central clearing in the treasury market which will enhance resilience, expand netting opportunities and standardized risk management. This effort also supports competition in the marketplace as several central counterparties are launching new business lines to facilitate the expanded clearing activity.
- [08:29]
Steve Bannon
Demand we're going to cut highlights of this and come back to it. Why is this important? What does he get? Was he say up front remember what we've talked about and then Paul Ryan got into it, I don't know a month or so ago the way and I talked about it here. Remember the Economist interview I gave the coming debt emergency? The coming how's the coming debt emergency triggered? The coming debt emergency is triggered by what? This is a concept you should write down a failed treasury auction where the demand we get so much debt at the price we want to sell them at, that there's resistance in the market or that a Treasury auction which goes on I think essentially every day or every couple of days fails and that has a chain reaction that you start to reprice risk and the way they reprice it is higher. This is what the Charlie Gasparino theory right now why you can't totally get inflation under control that the 3% and Gasparino has been doing this a long time says that Wall street and particularly maybe even treasury and the Fed are signaling that maybe 3% is their new target. I don't happen to think that but 3% is not insignificant. Of course it is orders of magnitude lower than the Biden fiasco that started this. But it's not the traditional two which I think is the Fed target and that 100 basis point or that 1% is a big deal because that rolls all the way through to your credit cards, your home mortgage, all of it. In fact that's one of the underlying beliefs of the 50 year mortgage, I'm not defending it, but one of the things they're saying is that with interest rates at a certain height, you do get the lower, you do get the lower payment, the lower monthly payment. If you got to make that in a car payment and you got to pay credit card debt, if you got three or four, two, three, four things you're paying off. Every couple of hundred bucks you save on that is worth it in the short term. And then you refinance it when you get into a better financial situation. I understand 50 years is a long time. To have the 50 year mortgage in and of itself is not a solution. Maybe it's a tool in the toolbox, particularly for people that want the option, but it's not a solution. I also don't think it was presented as a solution. I don't think President Trump ever said, hey, this is going to be, this is going to solve the affordability crisis in homes. I think it was another tool in the toolbox. I think the way it got put out there by the guy that presented it to him, particularly unvetted or not, hey, this is a package of what we're going to do. And I think Benny Johnson and Andrew over at Turning Point, this is one of Charlie's big things about some sort of moonshot or some sort of Marshall Plan or something for the affordability and particularly the home crisis. As Vice said, this generation is nothing but, is nothing but Russian serfs. They're not going to own it. They don't own anything and they're not going to own anything. If you treat them like, if they're Russian serfs, eventually they're going to do what the Russian serfs did. Not a lot of them signed up for the Bolsheviks. They weren't exactly excited with the Bolsheviks, but they kind of, you know, they got crushed by the Bolsheviks. But some of them gave some muscle, particularly in St. Petersburg and Moscow provided a little muscle because they didn't see an alternative. This is why you got Zoran in Manhattan. You've got a Marxist jihadist, as I said, the National Conservative Convention, that this is not the threat to Israel and the threat to the Jewish people principally is not coming from Tehran. And the obsession with that, the obsession with that has now a two state solution. You've got a two state solution with the Muslim Brotherhood financier and the Turks running security and the Muslim Brotherhood financiers writing the checks. The threat is in New York City. How do we get to New York City? Because kids, and you look at all these things. Well, they're looking at socialism. They don't like capitalism. They never had capitalism. They never had capitalism. They've had globalism. They have corporatist globalism. That's not free market entrepreneurial capitalism. And the first thing you have to do is protect your citizens. Hell, we're protecting industries. That's what tariffs are. I know they don't want to talk about it is the T word is based upon the P word. You are protecting certain industries. This is why the Republican, this is why Conservative Inc. Hates it because their they're all raised on Milton Friedman. Being raised on Milton Friedman is to me just like being raised on John Maynard Keynes. You don't get actually the entire, you know, you get two sides. You don't really get solutions. President Trump's offered you a solution, the supply side tax cut to focus on massive investments in productive capital, plant and equipment, coupled with a trade policy, commercial relationships with the world that you got a choice. You're going to build it here and create jobs or you're going to pay a tolling fee. Take your pick and use the tolling fee, the tariffs as a forcing function. But the whole purpose of it is not then to invite the world back in, hey, invite them back in, particularly from Asia, particularly from India and China. Why would you invite, why would you invite then massive immigration here on some sort of visa program to take those jobs away from Americans. Now if Scott Bessant is saying, oh they're only here for a couple years to just train people on this one now I think we're all from Missouri. I think all the numbers got to be put out, including the investment of foreign companies. The best way to make your case is to make your case. The theory of it and what you've done so far to execute art is quite frankly brilliant. Nothing short of brilliant of President Trump's plan just now. Let's show some math. Let's say that, let's show the projections and let's show if there's certain areas that the American worker in this plan are not up to speed and skills. Nobody faults getting up to skills. I got to have Lutnick, Lutnick or the Department of Labor or somebody has got to put those numbers out and I think show folks. Short commercial break. Back with the Tech Bros.
- [15:02]
Scott Bessant
In a moment.
- [15:05]
Wall Street Journal Reporter
Fellow America's Voice family.
- [15:07]
Steve Bannon
Are you on getter yet?
- [15:08]
Scott Bessant
No.
- [15:09]
Stephanie Ruhle
What are you waiting for? It's free, it's uncensored and it's where.
- [15:12]
Wall Street Journal Reporter
All the biggest voices in conservative media are speaking out.
- [15:16]
Steve Bannon
Download the Getter app right now. It's totally free. It's where I put up exclusively all of my content 24 hours a day. Want to know what Steve Bannon's thinking? Go to Getter.
- [15:25]
Tech Commentator
That's right.
- [15:26]
Scott Bessant
You can follow all of your favorite.
- [15:27]
Steve Bannon
Steve Bannon, Charlie Kirk, Jack pos and so many more.
- [15:31]
Scott Bessant
Download the Getter app now.
- [15:33]
Stephanie Ruhle
Sign up for free and be part of the movement.
- [15:37]
Steve Bannon
Okay, Like I said, we got to get, you know, the Kristi Noem comment that we're letting more folks in than ever. I think the. The focus should be, let's cut it by 50% in 10 years. I'm serious. You can do it. Tons of actions you can take to do this. You would free up so many opportunities for kids. Not just kids, but adults in the United States. It'd be amazing. Also with Scott, if the new program is that the new plan, that's interim bases, is just to train people up. And maybe people in Georgia show me something different or Hyundai shows me something different. I don't. And maybe it's true and we're going to dig into it, but I'm not buying the fact that the guys down in, the folks down in that plant where they're just to train people and they're going to leave, they were kind of off the books and living like indentured servants. This is why the folks down in Georgia started calling people first. It was kind of health and safety checks, health and welfare checks to go and check in on them. Then nothing kind of came together. If that's the issue, particularly as you have this foreign capital coming back in. And remember, I'm no fan of foreign capital, but you got all these deals lined up with trillions of dollars coming in. If the Germans, like the Germans at the magnet plant, if you have to do it, then you have to do it. And Scott's saying it's going to be temporary, then. Hey, temporary. But let's. One thing I'd tell you about corporate America, if you ain't on them about things like this, they're going to have a workaround because they want cheaper labor. They don't like the American's attitude. They want cheaper labor and they don't want to pay health benefits or retirement. Pretty simple. It's a big economic difference, but that's what I'm saying. American citizens got to come first here. You want to be the arsenal of democracy. You want to grow families that create young men and women that fought in these horrible wars in Iraq and Afghanistan, Vietnam, Korea. Let's say everything since World War II. You want to create those heroes that you all say, thank you for your service. I tell you, don't say thank you for your service. Get on a company that's employing foreigners instead of American citizens. Every time you go in, you should ask them a question. People in the service, the last thing they need is your thanks. They do it for their country. They do it for their comrades in arms in the brotherhood of service. They don't need to be thanked. Every day in serving in those positions is a thank you. Ask every person that served, particularly most of the time. Some make it a career, but the bulk go in for some period of your time in the 20s. And I tell people it's the best thing you could ever do, the best thing you could ever do. So the country itself, by providing that opportunity, you're getting a thank you. You want to thank them, make sure their families got a, you know, their dads and moms got a shot to make a little money to raise them up right. Okay, do that. And take the economic anxiety away from them. You want to build a strong country? Do that. Don't do that. Don't give them a handout. They don't need a handout. What? They don't. What they only thing they want is not have the world come in here and compete against them every day in their own fricking country that they fought to defend and pay taxes for and built up. That's why people are so angry about this and they should be angry about it. Okay, I got to play this. And on top of all that, they're going to make a bunch of genetic babies because they don't want to see you anymore. Let's go ahead and play. Can we go and play? Stephanie Rule from last night. And then I'm going to bring some folks in. Let's go ahead and let her rip.
- [19:04]
Stephanie Ruhle
While the race for AI captures all of the headlines, there's another one quietly brewing between Silicon Valley executives. The race to create a bioengineered human being. A child. The Wall Street Journal has some extraordinary reporting out that a small company backed by none other than OpenAI Chief Sam Altman has spent months pursuing a secret project for a genetically engineered baby they are working toward creating a child born for from an embryo edited to prevent a hereditary disease. Editing genes in embryos in order to create babies is banned in the United States of America. So the company called Preventive has been searching for places to experiment where embryo editing is allowed, including the United Arab Emirates.
- [19:49]
Wall Street Journal Reporter
Sam Altman's family office and Coinbase co founder Brian Armstrong are backing this company, Preventive, which, as you mentioned, is is conducting preclinical research to attempt to create a baby from a genetically engineered embryo to prevent a hereditary disease. Behind the scenes, the company has told people that a couple had already been identified who was interested in participating in the research.
- [20:15]
Stephanie Ruhle
Okay. You also report on a plan that is meant to, quote, shock the world into acceptance on this. What can you tell us?
- [20:24]
Wall Street Journal Reporter
Brian Armstrong, the Coinbase co founder, floated a plan to produce this baby in secret. A spokesperson for Armstrong.
- [20:33]
Stephanie Ruhle
That's like a horror movie, I will say.
- [20:36]
Wall Street Journal Reporter
A spokesperson for Armstrong told us that he floated that plan only in order to point out what a bad idea it was, and he would never suggest that Preventive operate in that way.
- [20:45]
Stephanie Ruhle
Okay, so they're saying it's to prevent hereditary diseases, but where's the line? How far before you get to make sure the legs are long, the boobs are big, the eyes are blue, and they're super smart?
- [20:56]
Wall Street Journal Reporter
Well, another suite of startups that we reported on are doing something slightly different than embryo editing. It's called polygenic screening. And some of those companies are already moving in that direction. They say that they can give parents who are pursuing IVF insight into their potential child's iq, height, eye color, and a host of other traits so that parents can choose which embryos to implant based on that information.
- [21:18]
Stephanie Ruhle
What's the plan if it doesn't work?
- [21:21]
Wall Street Journal Reporter
If the information is wrong?
- [21:23]
Stephanie Ruhle
If the information is wrong, if this genetically modified embryo, if a baby is born and something goes wildly wrong, I.
- [21:31]
Wall Street Journal Reporter
Think that's yet to be seen. These companies, the embryo editing company, Preventiv, for one. It's far away, it says, from trying to bring a baby to term. With this technology today.
- [21:42]
Steve Bannon
They were determined that their next child.
- [21:45]
Ryan Newhouse
Would be brought into the world in.
- [21:46]
Steve Bannon
What has become the natural way.
- [21:50]
Gattaca Narrator
Your extracted eggs, Marie, have been fertilized with Antonio's sperm. After screening, we are left, as you see, with two healthy boys and two very healthy girls. Naturally, no critical predispositions to any of the major inheritable diseases. All that remains is to select the most compatible candidate. First, we may as well decide on gender. Have you given it any thought?
- [22:17]
Steve Bannon
We would want Vincent to have a.
- [22:20]
Ryan Kennedy
Brother, you know, to play with.
- [22:22]
Gattaca Narrator
Of course you would. Hello, Vincent.
- [22:25]
Steve Bannon
Hi.
- [22:27]
Gattaca Narrator
You have specified hazel eyes, dark hair and fair skin. I have taken the liberty of eradicating any potentially prejudicial conditions. Premature baldness, myopia, alcoholism and addictive susceptibility, propensity for violence, obesity, etcetera.
- [22:43]
Ryan Kennedy
We didn't want.
- [22:45]
Steve Bannon
I mean, diseases. Yes, but.
- [22:47]
Mike Lindell
Right.
- [22:47]
Steve Bannon
We were just wondering if it's good to just leave a few things to chance.
- [22:51]
Stephanie Ruhle
I want to know, how's the company responding to your reporting?
- [22:56]
Wall Street Journal Reporter
The company says again that it's focused on pre clinical research. It's focused on trying to prove the safety of embryo editing before it does anything else. It says that it is focused on transparency and that it believes that it will act with high ethical standards going forward.
- [23:13]
Stephanie Ruhle
I don't want to blow your story up and I want to be careful. How did they feel about this story getting written? Right. There's lots of startup companies that are reaching out to the media. They want their story told. Did they come to you or did you come knocking on their door?
- [23:27]
Wall Street Journal Reporter
No, it's great that you asked that question. We came knocking on their door when we started asking around about this company, people close to the company, we were trying to figure out what the company was doing. A few weeks later, there was a brand new website post on the website rather saying, we're preventive and we're here to edit embryos, or at least research research. Embryo editing. When we went to Brian Armstrong for comment, he tweeted a few days later saying, I'm so excited to be an investor in Prevention.
- [23:59]
Stephanie Ruhle
Hold on a second. Back this up. You call the company, you ask for a comment, they do not open the door, they do not call you back, and miraculously, out of the blue, three days later, he writes a tweet about it.
- [24:13]
Wall Street Journal Reporter
Yeah, I mean, I don't. I don't want to speculate about what kind of conversations were going on behind the scenes, but your summary of the timing is correct.
- [24:22]
Tech Commentator
The thing that strikes me here is that unlike prior technological revolutions that took place, you know, this particular group, the AI group, the tech pros who want to move fast and break things, think they know better, and this is a broad categorization than anyone else, and that ethics be damned and they will do what they want because they can. It's like Ian Malcolm in Jurassic Park. Just because you can doesn't mean you should. And I don't think they take that to heart.
- [24:50]
Gattaca Narrator
You want to give your child the best possible start. Believe me, we have enough imperfection built in already. Your child doesn't need any additional burdens. And keep in mind, this child is still you. Simply the best of you. You could conceive naturally a thousand times and never get such a result.
- [25:12]
Steve Bannon
Brave New world. And that was Gattaca, the movie. I want to thank my staff for Just a brilliant cut. And Stephanie Ruhl and the young reporter at the Wall Street Journal. Let's not bury the lead. Stephanie Rule got her out of her. Armstrong, the Coinbase guy with Altman, two beauties. They were going to shock the world. Their plan was to shock the world into acceptance. Do not lose that phrase. They were going to shock the world into acceptance because they were just going to do it and present you with the fait accompli, a genetically engineered and created baby. You ready for that? Folks? The convergence on the Singularity is accelerating at an accelerating rate. You got people that narcissists with no ethics, no morals and no common sense, half of them on the spectrum, more than half that have unlimited capital now because of the way the capital markets have responded to this. And it's just pure speculation, but they understand big things can happen. Armstrong was going to, if it hadn't been for this young reporter, was going to shock the world into acceptance. How are they going to do that? They're going to present the baby, do it in total secret and then present it to the world. Remember, they did the goat, what, 30 or 40 years ago. And kind of in the world, we've kind of banned this. In fact, the Chinese in China, they put a guy in prison for 10 years. Not because he was doing these experiments, because he was dumb enough, according to the ccp, to talk about it at a conference. The Maha Make America Healthy Again. We're having a conference over there. They're close to the press. We get some people over there. Some stuff's a little edgelord, let's say, short. Commercial break. Back in the War Room in a moment. Here's your host, Stephen K. Ban. Okay, so that's the reality of what's going on. Let's talk. We got Ryan Kennedy now from the Florida Citizen Alliance. Ryan, talk to us about what citizens are doing down. And this is particularly about AI and ChatGPT. And you've got. We now have. There's a story I want to think in the New York Times about people becoming romantically involved adults. I'm talking about people in their 40s romantically involved with, I guess, chatbots. There's also been. People have been sending me footage, particularly in Japan, people marrying, having marriage ceremonies around these chatbots. Ryan Kennedy, what are you doing to protect young folks down in the state of Florida?
- [27:51]
Ryan Kennedy
Thank you for having me on, Steve. Really. Our focus is trying to protect the young kids, just like you said, from access to these chatbots and from their data being sold to the highest bidder. Truthfully. So we jumped in because of the scary facts, just as you mentioned in your last segment, amongst others. And what we're trying to do is put some guardrails in place to protect parents rights, to make sure that parents have to opt their child in before they're allowed to use AI in a school setting, to require age verification and ban children from under 18 from using chatbots, and then also to protect their student data and their children's data, make sure that parents are in control of it and make sure that what's done, being, being taught in schools doesn't conflict with what we've already passed here in Florida and with our western civilizational worldview.
- [28:47]
Steve Bannon
So walk me through it. Is this the schools in Florida? Is there any guidance at all on this technology in the Florida school system at all?
- [28:59]
Ryan Kennedy
No, no. Right now it's the wild west here in Florida, school districts are having pilot programs bringing in AI. It's already on all the devices obviously as you know Steve, computers, tablets, Chromebooks. So many students have access to these devices and AI is already being integrated into those devices. So it's the wild west. There is no clear guidance on what school districts can and can't do. And so we're trying to put some in place because we believe that minors need to be protected. Our up and coming generation need to be, need to be protected from the very things that you've mentioned on your show so many times.
- [29:41]
Steve Bannon
This is the reason that they wanted this mandate that no state could ever come up with anything that could slow down their progress. Do you view what you're trying to put into this as slowing down the development of artificial intelligence? Or is it just the applications where it deals with traffic children of citizens of Florida?
- [30:02]
Ryan Kennedy
Well, I think it could serve both. We definitely want it to be setting a stage and a pathway for the rest of the nation to follow. It will protect students and it will protect minors. And so for that reason, yes, we do believe that it may slow down its development when it comes to the application of children. But really we are just trying to protect them. We're trying to make sure that children who do not know and don't have a developed brain yet fully don't end up doing something that's going to have a long term effect. We know with social media we were so behind on that and we do not want to be behind on AI. We do not want the effects of AI to impact children like social media did.
- [30:46]
Steve Bannon
How could anybody oppose this? Are the tech companies all over you guys right now saying you're a bunch of Luddites and you're going to hurt the economy of Florida because if you have these restrictions, AI companies are going to want to pull out or not have their products or services used in the state of Florida.
- [31:03]
Ryan Kennedy
Well, what we've heard so far is that there is some, thankfully, some legislators that want to stand up and who want to do the right thing. We, of course, welcome any kind of conversation with those who want to talk to us, but we want to make sure that our children are protected. That's what our primary focus is in our organization and that's what we're trying to do with these slate of legislative initiatives.
- [31:30]
Steve Bannon
One more time, just give the three legislative initiatives and then I want to give us your coordinates on social media, particularly a website somebody can go to and drill down themselves. So what are the three again?
- [31:41]
Ryan Kennedy
Yes, opt in to make sure parents have to consent before their child uses AI in the schools, age verification and then banning AI chatbots for those under 18. And then lastly to make sure that the data that is being collected by AI, but also the data that's being put out by AI responses, comply with all of our state laws here in Florida and our federal laws as well.
- [32:06]
Steve Bannon
Have you had a chance to talk to Governor DeSantis or anybody in the, in the and the administration down in Florida?
- [32:12]
Ryan Kennedy
Yeah. So Governor DeSantis says he wants to work on this issue. We haven't talked directly with him, but we have. We know he's trying to do something with it. We of course, welcome any kind of conversation we can have because again, we want to make sure we protect our children.
- [32:30]
Steve Bannon
Ryan, social media website. Where do people go?
- [32:33]
Ryan Kennedy
Go. Flca.org is our website. There you can access all of our information. And our Instagram is FL Citizens alliance, and that's where you can go to find out more information about what we're working on.
- [32:48]
Steve Bannon
Thank you, sir. Appreciate you. We'll have you back on as this fight continues because it's going to be a big one and they're going to look at citizen groups and citizens and say, hey, you guys are just, you just. Was it grist for the mill? Ryan Newhouse joins us. Ryan, you put out a tweet, I think it was last night that walked through about the Republican Party, particularly the traditional didn't just fold, they collapsed. Walk me through. I want to put up if my tremendous production staff here and in Denver, the Real America's Voice can put it up. Walk us through the essence of what you were saying on this, sir.
- [33:25]
Ryan Newhouse
Yeah, thanks, Steve. It's great to be with the war room posse. Big fan of you guys and your work. You guys are awesome. So there's a debate going on amongst, you know, you could say, Connie, and the younger generation about the effectiveness of the last 40 years and what we've accomplished or quote, unquote, what we've managed to conserve. And I think, you know, earlier in your segment today, you had, you had Scott Bessant talking about we need to make America affordable again. And that's core to what the younger generation is seeing and is, is concerned with and to the root of this debate. So you see in that tweet, you know, I know a series of statistics and we could cherry pick statistics all day long. We could talk through, you know, what has and hasn't worked from a policy lens. But the, the bottom line, Steve, is that at the end of the day, if you go to everyday Americans and you ask them, is life affordable for you? Do you have hope for your future? Are you interested in getting married and having more kids than you can afford along the lines of that message that Charlie and Turning Point USA and Benny Johnson, others are so good at promoting. The answer is typically, I would like to, but right now it feels out of reach. And that's a problem. And I think that's because conning for a lot of times has simply managed decline instead of actually engaging in an offensive playbook for the American people.
- [34:44]
Steve Bannon
So what do you mean by that? Tell me about this debate between Khan Inc. Are they putting forward that they've had a tremendous run of victories and that their view of the economy, because they come at it very. This is what I was saying about the political races, particularly in New Jersey and maybe even Sliwa in New York. Although he focused mainly on culture and crime in New Jersey, Citarelli ran a very traditional, it could have been run in the 1980s or 1990s about tax cuts and about the size of the New Jersey government. Obviously taxes are too high and the government's too out of control there. But he didn't really get to the heart of any of the other issues in particularly property tax and other. Virginia was the same way. The gubernatorial candidate there kind of ran all on cultural issues that are very important, particularly transgender ideology, but really no discussion. The Con Inc. Are they saying they've had a string of victories and we should just go along with what their plan is about free trade and neoliberal, neocon economic and national security policies?
- [35:46]
Ryan Newhouse
Yeah, Steve, that's exactly what they're doing. And if you look at that tweet that I was responding to. It was a script series of policy victories. So, so to speak on, you know, the popularity of homeschooling now. Well, homeschooling has become more popular because our public education system is how to train run through it by cultural Marxism in America. There's a claim in that, in that thread that suggests that because the marginal tax rate is lower, Americans have more prosperity than ever. It's just factually not true. I mean, lower taxes are good, as you're saying state Steve, and we should campaign on those things. But we're kidding ourselves if we don't acknowledge that while we've cut the tax rate since 1980, the dollar has lost 3/4 of its value. The median home now costs 6 times the median income of an American. A new car in America eats up 70% of a household's yearly pay, and tuition for higher education has soared over 1200%. We've got a nation where two incomes barely buy what one used to and a generation of young Americans who feel like they've been lied to. And because of that, they're seeking, you know, an alternative playbook. And that is why the rise of guys like Mamdani is occurring.
- [36:58]
Steve Bannon
No, this is why they've never really seen the benefits of capitalism, because they never. They've never actually lived under capitalism. This is all corporatism. As you put those statistics out, particularly in the universe of the narrative combat of Twitter. What pushback do you get from Conservative.
- [37:16]
Ryan Newhouse
Inc. On those statistics? I haven't received?
- [37:20]
Steve Bannon
Yeah, just when you say that, you talk about prosperity of the American family and the prosperity of the individual. Given the policies of Bush, of Bush and, you know, both Bushes, when we had control. What pushback do you get from Conservative Inc.
- [37:37]
Ryan Newhouse
I think when you look at the data, you can't really wrestle with it in a way that's legit. I think the data is true, it's factual. And because of that, I haven't received a ton of pushback on specific data points. I think you can go out and find them yourselves if you're interested.
- [37:53]
Steve Bannon
What is this new generation of kind of populist economic nationalist? What's your one or two things when you talk to young people your age that are capitalist and free market capitalists, what are the couple things that you guys want most?
- [38:11]
Ryan Newhouse
Yeah, so I think, you know, what my generation wants is to stop measuring success the same way that corporate America measures success in the United States. We've been measuring success of our movement via GDP and stock prices. Those Things are good to an extent, but they're not sufficient. We need to measure for purposes of success. How many families are being formed? Are they strong? Can you have families raised on a single income? Can a young family purchase a home instead of being raised in a high rise apartment building in an urban sprawl? These are the kinds of questions and measurements that indicate a thriving civilization that people in my generation are more concerned about rather than what is my 401k look like right now? And is this a Black Monday for the stock market?
- [39:00]
Steve Bannon
Ryan, where do people go on social media to track you down? Sir, some of your Twitter threads are quite impressive. Where do they go?
- [39:11]
Ryan Newhouse
Thanks. You can follow me at ryanmnewhouse. That's my handle on Twitter.
- [39:18]
Steve Bannon
Thank you, sir. Appreciate you make America great again by making families strong again. This is the whole purpose. Takes us back to the beginning segment right. Right now, this generation, you know, the family formation is so late because of the financialization we've done. President has got some of the biggest folks on Wall street with him tonight. I think one of the first things we ought to do is like, hey, why don't we get him out of the buying of residential homes for a while, let that market settle down. Because it kind of plays like the great reset that you're not going to own anything. You're going to be happy with it. The private equity guys are going to own the underlying land, own the structure, own the home. You're essentially going to rent it. So they're going to be able to pay down that mortgage with your rent and then keep the upside as the house appreciates over time. Maybe not the best solution. Right? Maybe there's a different way. I'm sure they're going to talk about those types of things tonight. Scott Besant right there talking about the entire apparatus, particularly the financing of these massive deficits. Thatand this is what this whole shutdown's about. It looks like the Democrats have caved. Now there's going to be big issues about Obamacare, some version of what's going to happen. President Trump said he's going to come out with an alternative. But the two key things is, number one, we've got to be able to reinstitute, taking apart the administrative state. You can't block Russ Vote. I think I can't block Russ vote. And these guys from going to work. They've done such a great job so far. We got to close the gap in these deficits. If you're not going to raise taxes or have other revenue streams, although Tariffs looks like it's going to be a big one. Short commercial break. Back in the warm in a moment, here's your host, Stephen K. Band. Okay, we're going to continue this conversation tonight at 5 o'. Clock. Natalie's going to join me tonight. Like last night, I thought that was spectacular. So we got a lot to go through all day and a lot more of this going on. We'll have a breakdown of Scott Bessant, also some geopolitics. Ukraine and the largest aircraft carrier we have is now joining the battle group down in down off of Venezuela. So that thing is we got to walk through that. So, so the audience is fully up to speed on what's going on. All Family Pharmacy, like I said, Maha is having this conference today. The Claire Dooley I think is going to do some reporting maybe back in the studio this afternoon. Also about what's going on with the Make America Healthy Again movement, which is predicated upon medical freedom. All family pharmacy. So allfamilypharmacy.com, that's all one word, All Family Pharmacy. These are one of the leaders in medical freedom. How do they do that? Well, they provide basically doctors so you can get certified people to check out your medical needs and then get approval. And They've got over 300 product offerings of your medicine, antibiotics, hydroxychloroquine, ivermectin, all of it and much, much more. What you do is go to all Family Pharmacy. Bannon 25 through today is still their kind of Veterans Day, their Veterans Day special. Want to make sure everybody gets access to this. What we love about these guys, once you go to the website, it's pretty in depth about all their different offerings they've got for you and how they hook you up with a connect you with the doctor. So it's good in all 50 states. AllFamilyPharmacy.com promo code is Bannon25. You get a 25% discount on your orders. So go take charge of that today. If you believe in medical freedom, if you want alternatives and here we're always trying to give you a range of options, go check it out. Think you'll like these folks. Very easy to work with. Home title lock. Also, you know, this whole fight about the, you know, 50 year mortgages and you know, family formation. We just had Ryan on talking about that, you know, family formations coming so late in life. Now. I think the buyer of first Time home is now 40, 40 years old. Used to be in the 20s, used to be in early 20s. If you're lucky enough to own a home, every dream you've ever had is in that home. And particularly financially and just the way the American economy works up to, you know, 80% of your, maybe 90% of your net worth is tied up in that home. That is your retirement package. You may not have put a lot of cash away, you may not have gotten into gold a couple of years ago, all although there's still plenty of time to get into gold, if you understand gold through Birchgold. But on the home, remember, they're the worst people in the world. Looking at the equity in homes and residential properties in the United States because it's trillions of dollars and the system that protects you is fairly rudimentary. That's why Natalie Dominguez and the team at home, title lock, go check it out with them. Get experts to give you advice on what to do. Here it's just pennies a day to protect yourself because with AI and remember, artificial intelligence is accelerating at an accelerating rate. Cybercrimes are accelerating at an accelerating rate. Why they're going up against old systems. So that's why you got to protect yourself. Hometitleoc.com, promo code Steve, talk to Natalie Dominguez and the team they make themselves. They hired Natalie just basically to do this a couple years ago. It's been tremendous. I think the company just really appreciates the fact people come in and ask a bunch of questions because once you ask a bunch of questions and get the answers, you're going to sign up. Hometitlek.com promo code Steve we're going to get back into visas, back into American workers, back into this economic plan. President Trump, like I said, we've made a bet. They've done tremendous risk mitigation here. It's going to take a time to grind out. I think that's why they just got to promulgate more and more information. The more and more people understand this, particularly not just maga, but the more and more that more traditional Republicans and independents and working class middle class Democrats, they're going to sit there and go, this is a pretty reasonable bet and I can start to see this working. What you have to do is track all of it, particularly the capital. Remember, this is a program that focused on bringing high value added manufacturing jobs back here to the United States of America. It's not going to happen overnight, but it's happening. And that's why you got to have the work workers trained, people got to be ready to go. Everybody understands that. And what Scott threw out on FOX today I thought was very intriguing and of course we're talking to treasury to get some more details on it. Mike Lindell, you know there's all kind of reporting on now we started off with about the grand conspiracy and how people you know there are now people at the Justice Department focused on this. You were one of the targets. You lived to fight another day. More importantly, your company has lived to fight another day, particularly all the hard working folks in your call centers which they've tried to shut down and on the factory floor of my pillow. What do you got for us today, sir? I'm in the buying mood. So where do we go? What do we do? What are we buying?
- [46:27]
Mike Lindell
Here's what we're doing. Everybody we're going to have for this is exclusive. These sold out last year. It's our five pack. It's a five. These are all go anywhere my pillows. They're all for Christmas. For you've got five Christmas gifts in one for 29.98. It's the lowest price in history. We're going to offer it just to the war room posse. You guys get them. Once they're gone, they're gone. We've gotten in so many that we came in the other day and this is our patented MyPillow Go Anywhere pillows. And then you have the five separate covers. They all tell stories in the Bible they've got for your grandkids, whatever for yourself like a Noah's ark. It tells you on the back of the pillow it's got everything written there that story of Noah's Ark. And then but you have the collection of all five. They all come separate separately in the in the box. So you have five separate Christmas gifts. It's a great early Black Friday special. So go to mypillow.com war room. By the way, if you bought these all separately they'd be $200. You get them for 29.98.
- [47:33]
Stephanie Ruhle
All five.
- [47:34]
Mike Lindell
And you guys have we left up the blowout sale on the my pillows. And then you have our Giza's dream sheets as low as 29.98. The the famous our famous keys of dream sheets. And you guys so go there and then we still we left up there for the Made in the USA sale. We did leave up the the mattresses and the mattress toppers you guys to get the to take you guys we left those up with free shipping. So you guys get free shipping on those big ticket items. Left those up with free shipping. So you guys get free shipping on those big ticket items, the Warm and Posse. You guys love our patented products that we have that the My Pillow patent is still in our beds and our mattress toppers. And Steve, I want to say one more thing. With the promo code, war room, you guys, you can extend your. Extend your signature 60 day money back guarantee all the way to March 1st of 2026.
- [48:29]
Steve Bannon
Wow.
- [48:29]
Stephanie Ruhle
Promo code war room.
- [48:30]
Mike Lindell
Wow.
- [48:31]
Ryan Kennedy
Wow.
- [48:32]
Steve Bannon
That. That's a good. For what? That's six months. Five months. Do the math for me. Five months. See? We'll see you back here. I tell you, I'm gonna ask you the math question at five o', clock, Michael. And they'll be back with us. The Charlie Kirk show follows us. Andrew and the team will be there today. Poso at 2, Gruber at 3, the great Eric bowling at 4. And you're back in the war room at 5pM Eastern Standard Time today. Natalie, be with me as we break down efforts about these visas, about the situation.
- [49:05]
Ryan Newhouse
This is an I Heart podcast.