Podcast Summary: "And, This is Steve Bannon" on This is Gavin Newsom

Release Date: March 12, 2025

In this compelling episode of This is Gavin Newsom, Governor Gavin Newsom engages in a robust dialogue with former White House Chief Strategist Steve Bannon. The conversation delves deep into pressing economic and political issues facing the United States, ranging from tariffs and tax policies to national security and the influence of Silicon Valley. The discussion is marked by candid exchanges, strategic insights, and a shared commitment to fostering honest debates without demeaning one another.

1. Introduction and Setting the Stage

Governor Newsom opens the discussion by acknowledging the tumultuous global landscape, highlighting challenges in markets, tariffs, and potential government actions.

• Gavin Newsom [00:00]: "... everything happening with the markets, everything happening with tariffs, everything happening with CR&A potential government."

Steve Bannon responds with his characteristic forthrightness, setting the tone for a frank and unfiltered conversation.

• Steve Bannon [00:42]: "Don't, don't be giving terrorist stinker. I don't want to start off with you giving it stinkai already."

2. Economic Populism and Tariffs

The conversation swiftly moves to the topic of tariffs, where Bannon emphasizes his commitment to protectionist policies aimed at revitalizing American manufacturing and supporting the working class.

• Steve Bannon [00:50]: "I'm a tariff guy... I want to convert you to be a tariff guy also."

Newsom counters by discussing the complexities of tariff implementation, referencing President Biden's tariffs on aluminum and steel and the lack of backlash from Democrats.

• Gavin Newsom [01:34]: "... Biden tripled tariffs on aluminum and steel, of which is getting a lot of attention in this country today as it relates to Canada, and Democrats weren't screaming and yelling about that."

Bannon outlines his vision of economic nationalism, advocating for subsidies to the grassroots level and opposing elitist influences from sectors like Wall Street, Silicon Valley, and Hollywood.

• Steve Bannon [02:50]: "... subsidiarity. We believe in bringing power back to the grassroots level... anti elitist."

3. Defining Populism and Its Application

The duo delves into the essence of populism, with Bannon articulating his belief in grassroots empowerment and the need to prioritize American citizens over globalist agendas.

• Steve Bannon [02:56]: "We're very anti elitist... our most important resource we've had, ever had, which is the American working man and woman."

Newsom echoes the sentiment of personal agency being pivotal in shaping the nation's future, contrasting it with a victimization narrative often seen on the right.

• Gavin Newsom [04:38]: "... it's decisions, not conditions, that determine our fate and future."

Bannon disputes the notion that populism stems from grievances, attributing it instead to a desire for reality-based leadership and effective decision-making.

• Steve Bannon [05:10]: "... I think it's reality... they did try to, they did try to put him in prison for 300 years."

4. Tax Policy and Economic Strategy

A significant portion of the discussion focuses on tax policies, particularly the disparities between tax cuts for the wealthy and the middle class.

• Gavin Newsom [07:25]: "... extending the tax cuts that disproportionately favor the wealthiest. And you are making the point that it should disproportionately focus on the middle class and work."

Bannon advocates for maintaining supply-side tax cuts for the lower brackets and corporations while opposing extensions for the highest earners.

• Steve Bannon [09:16]: "... transactions on the upper brackets shouldn't get it and even some of the corporations shouldn't get it if they're just going to do stock buybacks."

He underscores the importance of reducing the national deficit through a combination of tax strategies and spending cuts.

• Steve Bannon [09:30]: "... we can get to the sunlit uplands of really having back to the American plan."

5. Government Spending, Deficit Reduction, and CR

The conversation shifts to federal spending and the ongoing CR (Continuing Resolution), with Bannon expressing frustration over the lack of progress in single-subject appropriations bills.

• Steve Bannon [10:22]: "... it's going to be a bitter pill to swallow for us because we have argued this is the whole reason Kevin McCarthy... didn't deliver on the single subject appropriations bills."

Newsom highlights the challenges of balancing budgetary constraints with existing policies, particularly in defense and social programs.

• Gavin Newsom [12:48]: "Locking in the Biden era budget or at least extending it and kicking it out. It's the last thing I expected to see coming from, you know, your side of the aisle or at least the mega movement."

Bannon emphasizes the necessity of making programmatic cuts, especially within the Defense Department, to achieve deficit targets.

• Steve Bannon [13:44]: "... have to have programmatic cuts. I was a naval officer for eight years..."

6. National Security and Defense Strategy

Bannon presents a strategic reorientation of the U.S. defense policy, advocating for a hemispheric defense model focused on the Pacific and American heartlands.

• Steve Bannon [16:09]: "... the trillion is one of the reasons of this post war international rules based order... have allies that really pitch in."

He critiques the current defense expenditures and calls for restructuring the Pentagon to prioritize national security over expansive global commitments.

• Steve Bannon [17:30]: "... President Trump's hemisphere shift to hemispheric defense... that's our defensive barrier."

Newsom acknowledges the importance of national security but expresses concerns about the feasibility and immediate impacts of such strategic shifts.

• Gavin Newsom [19:31]: "... I wonder about Japan and South Korea and that relationship. I worry about the nature of our broader influence."

7. Silicon Valley, Tech Oligarchy, and Industrial Policy

The dialogue takes a critical turn towards Silicon Valley's influence and the concentration of power within the tech industry. Bannon accuses the tech giants of creating a "techno-feudalist" system that undermines traditional capitalist principles.

• Steve Bannon [38:34]: "Silicon Valley is an apartheid state... techno feudalists... digital serfs that serve the platforms."

Newsom counters by defending California's progressive stance, highlighting the state's corporate presence and innovative contributions.

• Gavin Newsom [38:08]: "... California has more corporate headquarters than any other state in America... dominates in the innovative space."

Bannon underscores the need to dismantle oligarchic structures within the tech industry, advocating for antitrust measures and greater regulatory oversight.

• Steve Bannon [43:08]: "... these guys are very dangerous... we have to break them up."

8. The Role of Elon Musk and Future Strategies

Bannon discusses the potential involvement of influential figures like Elon Musk in advocating for reforms within the tech sector and fostering a more accountable administrative state.

• Steve Bannon [43:18]: "He was a big believer in human agency... they have an apparatus and I don't care if AOC or Gavin Newsom or Bernie Sanders walks into the Oval Office."

Newsom pushes back, expressing skepticism about Musk's motives and the feasibility of his proposed interventions.

• Gavin Newsom [49:16]: "He hasn't done that. There's a recklessness to what he's doing."

9. Closing Remarks and Future Outlook

As the conversation draws to a close, both participants reflect on the critical juncture at which the nation stands, emphasizing the urgency of addressing economic and geopolitical challenges.

• Steve Bannon [56:25]: "... we're living in history every day... we have to stop the kinetic part of the Third World War."

Governor Newsom expresses appreciation for the candid exchange, underscoring the importance of continued dialogue across differing political spectrums.

• Gavin Newsom [56:25]: "I really enjoy this conversation... Appreciate your advocacy."

Key Takeaways and Notable Quotes

• Economic Nationalism and Populism:

  • Steve Bannon [02:50]: "We're very anti elitist... the American working man and woman."

• Tax Policy Debate:

  • Gavin Newsom [07:25]: "... extending the tax cuts that disproportionately favor the wealthiest."
  • Steve Bannon [09:16]: "... the upper bracket shouldn't get it and even some of the corporations shouldn't get it if they're just going to do stock buybacks."

• Government Spending and Deficit Reduction:

  • Steve Bannon [13:44]: "Have to have programmatic cuts... starting in the Defense Department."

• National Security Strategy:

  • Steve Bannon [16:09]: "... the post war international rules based order... have allies that really pitch in."

• Silicon Valley Critique:

  • Steve Bannon [38:34]: "Silicon Valley is an apartheid state... techno feudalists."

• Future Economic and Geopolitical Challenges:

  • Steve Bannon [56:25]: "... we're living in history every day... stop the kinetic part of the Third World War."

Conclusion

This episode of This is Gavin Newsom offers a rare and insightful conversation between two influential political figures with differing perspectives. Governor Newsom and Steve Bannon navigate complex issues with a blend of agreement and contention, providing listeners with a nuanced understanding of the current political and economic landscape. The discussion underscores the necessity of bipartisan dialogue and strategic policy-making to address the nation's multifaceted challenges.