Team,
This extended War Room session with Brother Bannon goes deep into the real economic battlefield—what’s driving inflation, why Americans still feel the pain, and how the Trump administration is attacking every major cost category with the urgency this moment demands. Steve and I walk through the lags in housing, food, and energy, the impact of Biden’s open border on rents, and the structural fight inside the beef and poultry supply chains. We also lay out the larger strategic picture: reversing 50 years of failed globalization, rebuilding U.S. manufacturing strength, and restoring rising real wages for American workers.
If you want a clear, unfiltered breakdown of where inflation actually comes from and how we tackle it piece by piece—this is it.
Watch the video or read the transcript below (but beware, transcript has a lot of typos)
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MSNBC with exclusive reporting that a federal grand jury in Maryland is now
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investigating two Trump administration officials,
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Federal Housing Finance Agency Director Bill Pulte and DOJ pardon attorney Ed
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Martin.
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Now,
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the investigation centers on whether they appointed unauthorized people to help
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with mortgage fraud investigations of California Democratic Senator Adam Schiff and
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New York Attorney General Letitia James.
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FBI agents have begun interviewing individuals about the way in which Bill Pulte,
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the federal housing finance chair,
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and Ed Martin,
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a DOJ official who used to be the U.S.
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attorney in Maryland before he was removed from that office, whether they have improperly
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designated or deputized individuals to participate in investigating alleged mortgage fraud.
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Now,
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Chris,
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you know that these mortgage fraud claims have been seriously criticized and
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questioned by career prosecutors.
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who do not find that the evidence of mortgage fraud by either Letitia James or,
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forgive me,
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Adam Schiff,
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Senator Adam Schiff,
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have any real factual sufficiency to bring charges.
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Nevertheless,
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Bill Pulte has made these referrals and both Mr.
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Pulte and Mr.
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Martin have been pressuring prosecutors offices to bring these cases.
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Now,
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The shoe is on the other foot,
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according to our sources and documents that we have reviewed at MS Now just this
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morning that indicate this has turned around in a way that the Department of
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Justice is investigating the methods used by these two top Trump allies.
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They’re not taking running the country serious.
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That’s what I don’t like.
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I disapprove because...
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We’re inflation.
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Groceries are higher than before.
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Disapproved of how he sends, put ice in the cities and they’re all messed up.
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No one knows who they are.
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They’re snatching people off the streets.
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Don’t like that he’s sending in the National Guards to these cities on the streets.
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of the american people prices of groceries those are the things that immediately
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impact me immigration as much as you know i care about it it doesn’t i have stocks
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thankfully a lot of them but it doesn’t impact my day-to-day life so that’s why i’m
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strongly disapproving um with regards to what he promised on day one he promised to
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lower our groceries where are they now because of job market is really bad and
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housing prices and just inflation in general?
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Here’s what it says about Mark and his law firm and George Soros.
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Three, just in that paragraph there.
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Your response, Mark.
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Right.
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So,
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I mean,
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let’s just start with the fact that in this case,
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as a law firm and as lawyers,
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we represented 13 individuals who are black and Hispanic voters who suffered
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constitutional harm at the hands of the Republican legislature of Texas.
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And so we were vindicating their civil rights,
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their constitutional rights,
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and I am proud that the work that my law firm did to do that.
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I literally have no idea why I would be singled out by name,
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one of my partners would be singled out by name,
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and our connection to the Democratic Party,
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which,
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by the way,
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there are lots of sources you could use to say we’re connected with the Democratic
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Party.
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I proudly represent the Democratic Party, although not in this case.
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In this case, we represented these 13 voters.
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And then...
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George Soros, who, you know, like, I don’t, as far as I know, I mean, he doesn’t vote in Texas.
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I’m unaware of any relationship he has to this case.
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And it just is highly, highly inappropriate, to say the least.
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It is wildly unusual.
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This is the primal scream of a dying regime.
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Pray for our enemies, because we’re going medieval on these people.
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I got a free shot at all these networks lying about the people.
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The people have had a belly full of it.
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I know you don’t like hearing that.
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I know you try to do everything in the world to stop that, but you’re not going to stop it.
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It’s going to happen.
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And where do people like that go to share the big line?
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MAGA media.
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I wish in my soul, I wish that any of these people had a conscience.
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Ask yourself, what is my task and what is my purpose?
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If that answer is to save my country, this country will be saved.
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It’s Thursday, 20 November, year of our Lord, 2025.
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We’ve got a lot to go through, and we’re going to get through it all today.
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It’s going to be a packed 5 o’clock hour and 6 o’clock hour.
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But I’ve asked Dr.
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Peter Navarro to come over from the White House because I want to talk economics.
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They’ve had a bunch of these focus groups up from average marriage,
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a lot of people,
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independents,
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who voted for President Trump,
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some who didn’t,
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but a lot of people that voted for President Trump.
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And so I want to go through...
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Because, and I don’t know what the reason is.
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The second Trump term has a very distinct view of the world.
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and that is that we’re going to reverse what’s happened in this country,
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the globalization,
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over the last 50 or 60 years.
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And the way we’re going to do that,
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through tax policy,
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industrial policy,
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and trade policy,
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that we are going to return America to be a manufacturing superpower,
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okay?
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So we have,
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on one hand,
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the big,
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beautiful bill,
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which is a massive supply-side tax cut that focuses on capital,
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and in your department,
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you’ve been the president’s
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essential trades are now for,
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what,
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12 years,
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10 years,
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since you met President Trump in 2015,
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early 2016,
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so going on 10 years.
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And now that case is before the Supreme Court about the total reorganization of this.
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Just walk through what your guys’ strategy is and what we’re doing to execute on
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that strategy,
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because now the economic part of it is clearly...
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going to become a political issue because this,
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with all the noise and people running around and talking and everything,
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you know,
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this is going to come down to the economics of the country and where the country is
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economically starting in the spring,
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summer,
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and fall of next year.
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The floor is yours, sir.
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Good to be with you, Steve.
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The challenge we face politically is that what we put in motion is going to take
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time and in the meantime
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People are still feeling significant pain in the inflation area.
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And the last thing we want to be doing is to tell people things are getting better
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when they’re feeling pain.
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Did the White House and people sell the Golden Age too early?
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The Golden Age is coming.
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We have gotten the memo.
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And what our challenge now, I think...
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because the American people are reasonable and this audience is as smart as a whip,
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is we have to explain exactly what the inflation chessboard looks right now.
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So let me take a crack at that and go across the various areas.
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The first thing to state is that everything the Democrats do when they become
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attractive in anybody’s mind,
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you have to understand this,
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everything they do is inflationary.
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And whether it’s the fiscal.
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Spending money, printing money.
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Fiscal irresponsibility is certainly at the top of the list.
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But as I’m about to show you the illegal aliens drive up rents.
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When you have over-regulation, that drives up costs.
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When you do a Green New Deal, that drives up not just energy costs, but fertilizer costs.
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Literally everything they do, Steve, is inflationary.
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So when they’re hammering us and blaming us for not getting inflation down fast
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enough,
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people always have to remember where it came from.
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Now, let me give you a couple of examples of the problem of lags.
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It’s a problem of lags.
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So if you look at the rent issue...
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housing, it’s 40% of the inflation, Steve.
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And it hits our people really, really hard.
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We have to be honest about that.
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Here’s a stat for you.
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For every 1 million illegal aliens that came into this country during the Biden
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regime,
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and there were about 20 million overall,
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that raises rents nationally by 1% per 1 million people.
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You’re saying 20% increase in rents?
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Just because of the open border, Steve.
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Now, it’s worse than that.
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And if you want to explain the emergence of Mamdami and these communist mayors in
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blue major cities...
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That would be the communist mayor that’s with the president tomorrow?
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That communist mayor?
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That would be the same communist mayor.
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Is this a factoid that you’re going to slip to president before his meeting?
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This is a fact that is on the table here.
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Point is, if it’s a 20% national average...
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It’s really distributed more among the blue cities.
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So if rents are 30 to 35 percent higher in New York City and Mondomini is talking
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about rent control and people are understanding it,
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the whole frigging thing came because of Joe Biden’s open port policy.
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OK, and it takes.
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In terms of lags,
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it takes a year and a half or two to wring that out of both the inflation and the
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inflation statistics.
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Now, number two, I’ll give you, I love this example, Steve.
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We inherited a food price crisis.
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And I heard somebody in the cold open say, we haven’t done anything.
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Well, let’s look at chickens versus cattle.
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I love this example.
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Chickens, we come in and again, what Biden did was kill over 100 million chickens.
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OK, call it the great chicken slaughter because of a massive overreaction to avian flu.
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Yeah.
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And egg prices and chicken prices went off the charts.
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Now, here’s the good news.
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It’s 45 days, Steve, from egg to broiler.
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in the supermarket, 45 days.
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And we went at that.
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Brooke Rollins and the boss, President Trump, went at that just, like, just right on it.
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And we solved that crisis.
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And both chicken and egg prices are down dramatically.
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But contrast that now.
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With cattle, okay, calve to your hamburger in the meat aisle, it’s a year and a half, okay?
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We’ve been here 10 months now.
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So this one’s taking time.
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And we are on that one coming at it from 16 different angles because you have to.
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One of the big problems,
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Steve,
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is that the middlemen,
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right,
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the beef processors,
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you know what the C4,
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four-firm concentration ratio is in that,
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Steve?
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Do you know this? 85%.
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So you’ve got an oligopoly acting like a monopoly,
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sending stuff upstream to the supermarkets,
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and you’ve got an oligopsony screwing the ranchers down below,
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and it gets worse.
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Of the four, two of them are Brazilian.
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And it’s not just that it’s foreign ownership.
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It’s that the Brazilians are in bed with the Chinese, and there’s decisions they can make.
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You mean between Lula and the CCP?
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China buys something like half of the exports of Brazil in beef and a third or half
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of their soybeans.
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So when stuff starts to happen, these Brazilian middlemen here in the U.S.
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have choices about to make who gets the cattle.
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Right.
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So that can influence price.
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So we’re having to deal with all of that and on top of that drought.
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So that that those are really good examples.
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Now, energy, if you look at energy, we’re killing on energy.
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Yep.
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OK.
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Gas prices are way down.
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Transportation.
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Price of oil is down to 60 percent.
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That’s going to bring down fertilizer prices.
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So we have to do a good job.
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of explaining to the American people what we’re doing and why it’s taking so long.
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I think that’s, look, you’re winning in some of that.
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And look,
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also,
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while you have these massive deficits,
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inflation is only going to come down so much.
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I just think you’re great when you’re putting something out in the FT,
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the Journal,
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the Washington Times.
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Are you going to lay this out for people at some time?
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Yeah, I mean, look, I’m going out on TV and stuff, writing the op-eds.
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Particularly on inflation.
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Yeah, yeah, yeah.
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It’s kind of job one right now, okay?
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To explain to people the actions you’re taking.
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I’ve said this, and you can get cold opens, going on Maria and stuff like that.
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It’s like right up until the election,
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because,
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Steve,
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if we lose that election,
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if we lose the House—
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We’re all going to jail, number one, and the country’s going down the toilet, number two.
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And I think that would be number one, and us going to jail is probably number two.
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The vice president said that today,
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reiterated what I said,
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that just doing your work for President Trump,
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they’re coming after you.
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See about this grand jury in Maryland.
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We’re going to take a commercial break.
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I do want to get to you’ve done affordability.
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But as I said in Axios today, because I had this article, The Big Red Alert, I said, hey,
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We’ve made the bet.
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We’ve got structurally what we’re doing.
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It’s just execute on returning manufacturing jobs.
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And that brings us to the other side of the equation, which is rising real wages.
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Short break.
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I said growth, jobs, and higher wages.
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So I’ve teed you up for after the break.
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You’re a little rusty on being a host.
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Hey, I didn’t grab the mic today.
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Short break.
