Document Text Content
From: Alain Forget
Sent: 11/18/2016 11:18:14 AM
To: jeffrey E. [jeeyacation@gmail.com]
Subject: Re: interesting
Importance: High
no,interesting to figure out where it is heading... .the funny side it was at the vatican
On Nov 18, 2016, at 12:14 PM, jeffrey E. <jeevacation@gmail.com> wrote:
your view?
On Fri, Nov 18, 2016 at 7:12 AM, Alain Forget - > wrote:
Donald Trump's newly named chief strategist and senior counselor, Steve Bannon, laid
out his global nationalist vision in unusually in-depth remarks delivered by Skype to a
conference held inside the Vatican in the summer of 2014.
Well before victories for Brexit and Trump seemed possible, Bannon declared there was
a "global tea party movement" and praised European far-right parties like Great
Britain's UKIP and France's National Front. Bannon also suggested that a racist
element in far-right parties "all gets kind of washed out," that the West was facing a
"crisis of capitalism" after losing its "Judeo-Christian foundation," and he blasted "crony
capitalists" in Washington for failing to prosecute bank executives over the financial
crisis.
The remarks — beamed into a small conference room in a 15th-century marble palace in
a secluded corner of the Vatican — were part of a 5o-minute Q&A during a conference
focused on poverty hosted by the Human Dignity Institute, which BuzzFeed News
attended as part of its coverage of the rise of Europe's religious right. The group was
founded by Benjamin Harnwell, a longtime aide to Conservative member of the
European Parliament Nirj Deva to promote a "Christian voice" in European politics. The
group has ties to some of the most conservative factions inside the Catholic
Church; Cardinal Raymond Burke, one of the most vocal critics of Pope Francis who
was ousted from a senior Vatican position in 2014, is chair of the group's advisory
board.
BuzzFeed News originally posted a transcript beginning 90 seconds into the then-
Breitbart News chairman's remarks because microphone placement made the opening
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mostly unintelligible, but we have completed the transcript from a on
YouTube. You can hear the whole recording at the bottom of the post.
Here is what he said, unedited:
Steve Bannon: Thank you very much Benjamin, and I appreciate you guys including us
in this. We're speaking from Los Angeles today, right across the street from our
headquarters in Los Angeles. Um. I want to talk about wealth creation and what wealth
creation really can achieve and maybe take it in a slightly different direction, because I
believe the world, and particularly the Judeo-Christian west, is in a crisis. And it's really
the organizing principle of how we built Breitbart News to really be a platform to bring
news and information to people throughout the world. Principally in the west, but we're
expanding internationally to let people understand the depths of this crisis, and it is a
crisis both of capitalism but really of the underpinnings of the Judeo-Christian west in
our beliefs.
It's ironic, I think, that we're talking today at exactly, tomorrow, roo years ago, at the
exact moment we're talking, the assassination took place in Sarajevo of Archduke Franz
Ferdinand that led to the end of the Victorian era and the beginning of the bloodiest
century in mankind's history. Just to put it in perspective, with the assassination that
took place roo years ago tomorrow in Sarajevo, the world was at total peace. There was
trade, there was globalization, there was technological transfer, the High Church of
England and the Catholic Church and the Christian faith was predominant throughout
Europe of practicing Christians. Seven weeks later, I think there were 5 million men in
uniform and within 30 days there were over a million casualties.
That war triggered a century of barbaric — unparalleled in mankind's history — virtually
180 to 200 million people were killed in the 20th century, and I believe that, you know,
hundreds of years from now when they look back, we're children of that: We're children
of that barbarity. This will be looked at almost as a new Dark Age.
But the thing that got us out of it, the organizing principle that met this, was not just the
heroism of our people — whether it was French resistance fighters, whether it was the
Polish resistance fighters, or it's the young men from Kansas City or the Midwest who
stormed the beaches of Normandy, commandos in England that fought with the Royal Air
Force, that fought this great war, really the Judeo-Christian West versus atheists, right?
The underlying principle is an enlightened form of capitalism, that capitalism really gave
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us the wherewithal. It kind of organized and built the materials needed to support,
whether it's the Soviet Union, England, the United States, and eventually to take back
continental Europe and to beat back a barbaric empire in the Far East.
That capitalism really generated tremendous wealth. And that wealth was really
distributed among a middle class, a rising middle class, people who come from really
working-class environments and created what we really call a Pax Americana. It was
many, many years and decades of peace. And I believe we've come partly offtrack in the
years since the fall of the Soviet Union and we're starting now in the 21st century, which I
believe, strongly, is a crisis both of our church, a crisis of our faith, a crisis of the West, a
crisis of capitalism.
"I believe we've come partly offtrack in the
years since the fall of the Soviet Union and
we're starting now in the 21st century, which I
believe, strongly, is a crisis both of our church,
a crisis of our faith, a crisis of the West, a
crisis of capitalism."
And we're at the very beginning stages of a very brutal and bloody conflict, of which if the
people in this room, the people in the church, do not bind together and really form what I
feel is an aspect of the church militant, to really be able to not just stand with our beliefs,
but to fight for our beliefs against this new barbarity that's starting, that will completely
eradicate everything that we've been bequeathed over the last 2,000, 2,500 years.
Now, what I mean by that specifically: I think that you're seeing three kinds of converging
tendencies: One is a form of capitalism that is taken away from the underlying spiritual
and moral foundations of Christianity and, really, Judeo-Christian belief.
I see that every day. I'm a very practical, pragmatic capitalist. I was trained at Goldman
Sachs, I went to Harvard Business School, I was as hard-nosed a capitalist as you get. I
specialized in media, in investing in media companies, and it's a very, very tough
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environment. And you've had a fairly good track record. So I don't want this to kinda
sound namby-pamby, "Let's all hold hands and sing `Kumbaya' around capitalism."
But there's a strand of capitalism today — two strands of it, that are very disturbing.
One is state-sponsored capitalism. And that's the capitalism you see in China and Russia.
I believe it's what Holy Father [Pope Francis] has seen for most of his life in places like
Argentina, where you have this kind of crony capitalism of people that are involved with
these military powers-that-be in the government, and it forms a brutal form of capitalism
that is really about creating wealth and creating value for a very small subset of people.
And it doesn't spread the tremendous value creation throughout broader distribution
patterns that were seen really in the 20th century.
The second form of capitalism that I feel is almost as disturbing, is what I call the Ayn
Rand or the Objectivist School of libertarian capitalism. And, look, I'm a big believer in a
lot of libertarianism. I have many many friends that's a very big part of the conservative
movement — whether it's the UKIP movement in England, it's many of the underpinnings
of the populist movement in Europe, and particularly in the United States.
However, that form of capitalism is quite different when you really look at it to what I call
the "enlightened capitalism" of the Judeo-Christian West. It is a capitalism that really
looks to make people commodities, and to objectify people, and to use them almost — as
many of the precepts of Marx — and that is a form of capitalism, particularly to a younger
generation [that] they're really finding quite attractive. And if they don't see another
alternative, it's going to be an alternative that they gravitate to under this kind of rubric of
“personal freedom."
"Look at what's happening in ISIS ... look at
the sophistication of which they've taken the
tools of capitalism ... at what they've done
with Twitter and Facebook."
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The other tendency is an immense secularization of the West. And I know we've talked
about secularization for a long time, but if you look at younger people, especially
millennials under 30, the overwhelming drive of popular culture is to absolutely
secularize this rising iteration.
Now that call converges with something we have to face, and it's a very unpleasant topic,
but we are in an outright war against jihadist Islamic fascism. And this war is, I think,
metastasizing far quicker than governments can handle it.
If you look at what's happening in ISIS, which is the Islamic State of Syria and the Levant,
that is now currently forming the caliphate that is having a military drive on Baghdad, if
you look at the sophistication of which they've taken the tools of capitalism. If you look at
what they've done with Twitter and Facebook and modern ways to fundraise, and to use
crowdsourcing to fund, besides all the access to weapons, over the last couple days they
have had a radical program of taking kids and trying to turn them into bombers. They
have driven 50,000 Christians out of a town near the Kurdish border. We have video that
we're putting up later today on Breitbart where they've took 50 hostages and thrown them
off a cliff in Iraq.
That war is expanding and it's metastasizing to sub-Saharan Africa. We have Boko Haram
and other groups that will eventually partner with ISIS in this global war, and it is,
unfortunately, something that we're going to have to face, and we're going to have to face
very quickly.
So I think the discussion of, should we put a cap on wealth creation and distribution? It's
something that should be at the heart of every Christian that is a capitalist — "What is the
purpose of whatever I'm doing with this wealth? What is the purpose of what I'm doing
with the ability that God has given us, that divine providence has given us to actually be a
creator of jobs and a creator of wealth?"
I think it really behooves all of us to really take a hard look and make sure that we are
reinvesting that back into positive things. But also to make sure that we understand that
we're at the very beginning stages of a global conflict, and if we do not bind together as
partners with others in other countries that this conflict is only going to metastasize.
They have a Twitter account up today, ISIS does, about turning the United States into a
"river of blood" if it comes in and tries to defend the city of Baghdad. And trust me, that is
going to come to Europe. That is going to come to Central Europe, it's going to come to
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Western Europe, it's going to come to the United Kingdom. And so I think we are in a
crisis of the underpinnings of capitalism, and on top of that we're now, I believe, at the
beginning stages of a global war against Islamic fascism.
"With all the baggage that those [right-wing]
groups bring — and trust me, a lot of them
bring a lot of baggage, both ethnically and
racially— but we think that will all be worked
through with time."
Benjamin Harnwell, Human Dignity Institute: Thank you, Steve. That was a
fascinating, fascinating overview. I am particularly struck by your argument, then, that in
fact, capitalism would spread around the world based on the Judeo-Christian foundation
is, in fact, something that can create peace through peoples rather than antagonism,
which is often a point not sufficiently appreciated. Before I turn behind me to take a
question —
Bannon: One thing I want to make sure of, if you look at the leaders of capitalism at that
time, when capitalism was I believe at its highest flower and spreading its benefits to most
of mankind, almost all of those capitalists were strong believers in the Judeo-Christian
West. They were either active participants in the Jewish faith, they were active
participants in the Christians' faith, and they took their beliefs, and the underpinnings of
their beliefs was manifested in the work they did. And I think that's incredibly important
and something that would really become unmoored. I can see this on Wall Street today —
I can see this with the securitization of everything is that, everything is looked at as a
securitization opportunity. People are looked at as commodities. I don't believe that our
forefathers had that same belief.
Harnwell: Over the course of this conference we've heard from various points of view
regarding alleviation of poverty. We've heard from the center-left perspective, we've
heard from the socialist perspective, we've heard from the Christian democrat, if you will,
HOUSE OVERSIGHT 029047
perspective. What particularly interests me about your point of view Steve, to talk
specifically about your work, Breitbart is very close to the tea party movement. So I'm just
wondering whether you could tell me about if in the current flow of contemporary politics
— first tell us a little bit about Breitbart, what the mission is, and then tell me about the
reach that you have and then could you say a little bit about the current dynamic of what's
going on at the moment in the States.
Bannon: Outside of Fox News and the Drudge Report, we're the third-largest
conservative news site and, quite frankly, we have a bigger global reach than even Fox.
And that's why we're expanding so much internationally.
Look, we believe — strongly — that there is a global tea party movement. We've seen that.
We were the first group to get in and start reporting on things like UKIP and Front
National and other center right. With all the baggage that those groups bring — and trust
me, a lot of them bring a lot of baggage, both ethnically and racially — but we think that
will all be worked through with time.
The central thing that binds that all together is a center-right populist movement of really
the middle class, the working men and women in the world who are just tired of being
dictated to by what we call the party of Davos. A group of kind of — we're not conspiracy-
theory guys, but there's certainly — and I could see this when I worked at Goldman Sachs
— there are people in New York that feel closer to people in London and in Berlin than
they do to people in Kansas and in Colorado, and they have more of this elite mentality
that they're going to dictate to everybody how the world's going to be run.
I will tell you that the working men and women of Europe and Asia and the United States
and Latin America don't believe that. They believe they know what's best for how they will
comport their lives. They think they know best about how to raise their families and how
to educate their families. So I think you're seeing a global reaction to centralized
government, whether that government is in Beijing or that government is in Washington,
DC, or that government is in Brussels. So we are the platform for the voice of that.
"Putin's ... very, very very intelligent. I can see this in the United States where he's
playing very strongly to social conservatives about his message about more traditional
values, so I think it's something that we have to be very much on guard of."
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Now, with that, we are strong capitalists. And we believe in the benefits of capitalism.
And, particularly, the harder-nosed the capitalism, the better. However, like I said, there's
two strands of capitalism that we're quite concerned about.
One is crony capitalism, or what we call state-controlled capitalism, and that's the big
thing the tea party is fighting in the United States, and really the tea party's biggest fight
is not with the left, because we're not there yet. The biggest fight the tea party has today is
just like UKIP. UKIP's biggest fight is with the Conservative Party.
The tea party in the United States' biggest fight is with the the Republican establishment,
which is really a collection of crony capitalists that feel that they have a different set of
rules of how they're going to comport themselves and how they're going to run things.
And, quite frankly, it's the reason that the United States' financial situation is so dire,
particularly our balance sheet. We have virtually a hundred trillion dollars of unfunded
liabilities. That is all because you've had this kind of crony capitalism in Washington, DC.
The rise of Breitbart is directly tied to being the voice of that center-right opposition. And,
quite frankly, we're winning many, many victories.
On the social conservative side, we're the voice of the anti-abortion movement, the voice
of the traditional marriage movement, and I can tell you we're winning victory after
victory after victory. Things are turning around as people have a voice and have a
platform of which they can use.
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Kirk Irwin / Getty Images
Harnwell: The third-largest conservative news website is something to be extremely
impressed by. Can you tell for the people here who aren't within the Anglosphere and they
might not follow American domestic politics at the moment — there seems to be a
substantial sea change going on at the moment in Middle America. And the leader of the
majority party, Eric Cantor, was deselected a couple of weeks ago by a tea party
candidate. What does that mean for the state of domestic politics in America at the
moment?
Bannon: For everybody in your audience, this is one of the most monumental — first off,
it's the biggest election upset in the history of the American republic. Eric Cantor was the
House majority leader and raised $10 million. He spent, between himself and outside
groups, $8 million to hold a congressional district. He ran against a professor who was an
evangelical Christian and a libertarian economist. He ran against a professor who raised
in total $175,000. In fact, the bills from Eric Cantor's campaign at a elite steak house in
Washington, DC, was over $200,000. So they spent more than $200,000 over the course
of the campaign wining and dining fat cats at a steak house in Washington than the entire
opposition had to run.
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Now, Eric Cantor, it was a He lost 57-43, and not one — outside of Breitbart, we
covered this for six months, day in and day out — not one news site — not Fox News, not
Politico, no sites picked this up. And the reason that this guy won is quite simple: Middle-
class people and working-class people are tired of people like Eric Cantor who say they're
conservative selling out their interests every day to crony capitalists.
"That center-right revolt is really a global
revolt. I think you're going to see it in Latin
America, I think you're going to see it in Asia,
I think you've already seen it in India."
And you're seeing that whether that was UKIP and Nigel Farage in the United Kingdom,
whether it's these groups in the Low Countries in Europe, whether it's in France, there's a
new tea party in Germany. The theme is all the same. And the theme is middle-class and
working-class people — they're saying, "Hey, I'm working harder than I've ever worked.
I'm getting less benefits than I'm ever getting through this, I'm incurring less wealth
myself, and I'm seeing a system of fat cats who say they're conservative and say they back
capitalist principles, but all they're doing is binding with corporatists." Right?
Corporatists, to garner all the benefits for themselves.
And that center-right revolt is really a global revolt. I think you're going to see it in Latin
America, I think you're going to see it in Asia, I think you've already seen it in India.
Modi's great victory was very much based on these Reaganesque principles, so I think this
is a global revolt, and we are very fortunate and proud to be the news site that is reporting
that throughout the world.
Harnwell: I think it's important to understand the distinction that you're drawing here
between what can be understood as authentic, free-market capitalism as a means of
promoting wealth that [unintelligible] involves everybody with a form of crony capitalism
which simply benefits a certain class. And we've watched over the course of our
conference, we've watched two video segments produced by the Acton Institute about
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how development aid is spent internationally and how that can be driven away from — it
damages people on the ground but it also perpetuates a governing class. And the point
that you're mentioning here, that I think that you're saying has driven almost a revolution
movement in America, is the same phenomenon of what's going on in the developing
world, which is a concept of government which is no longer doing what it is morally
bound to do but has become corrupt and self-serving. So it's effectively the sa—
Bannon: It's exactly the same. Currently, if you read The Economist, you read
the Financial Times this week, you'll see there's a relatively obscure agency in the federal
government that is engaged in a huge fight that may lead to a government shutdown. It's
called the Export-Import Bank. And for years, it was a bank that helped finance things
that other banks wouldn't do. And what's happening over time is that it's metastasized to
be a cheap form of financing to General Electric and to Boeing and to other large
corporations. You get this financing from other places if they wanted to, but they're
putting this onto the middle-class taxpayers to support this.
"I'm not an expert in this, but it seems that [right-wing parties] have had some aspects
that may be anti-Semitic or racial ... My point is that over time it all gets kind of washed
out, right?"
And the tea party is using this as an example of the cronyism. General Electric and these
major corporations that are in bed with the federal government are not what we'd
consider free-enterprise capitalists. We're backers of entrepreneurial capitalists. They're
not. They're what we call corporatist. They want to have more and more monopolistic
power and they're doing that kind of convergence with big government. And so the fight
here — and that's why the media's been very late to this party — but the fight you're
seeing is between entrepreneur capitalism, and the Acton Institute is a tremendous
supporter of, and the people like the corporatists that are closer to the people like we
think in Beijing and Moscow than they are to the entrepreneurial capitalist spirit of the
United States.
Harnwell: Thanks, Steve. I'm going to turn around now, as I'm sure we have some great
questions from the floor. Who has the first question then?
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Bannon: First of all, Benjamin, I can tell you I could hardly recognize you, you're so
cleaned up you are for the conference.
[Laughter]
Questioner: Hello, my name is Deborah Lubov. I'm a Vatican correspondent for Zenit
news agency, for their English edition. I have some experience working in New York — I
was working for PricewaterhouseCoopers auditing investment banks, one of which was
Goldman Sachs. And considering this conference is on poverty, I'm curious — from your
point of view especially, your experience in the investment banking world — what
concrete measures do you think they should be doing to combat, prevent this
phenomenon? We know that various sums of money are used in all sorts of ways and they
do have different initiatives, but in order to concretely counter this epidemic now, what
are your thoughts?
"For Christians, and particularly for those who believe in the underpinnings of the
Judeo-Christian West, I don't believe that we should have a [financial] bailout."
Bannon: That's a great question. The 2008 crisis, I think the financial crisis — which, by
the way, I don't think we've come through — is really driven I believe by the greed, much
of it driven by the greed of the investment banks. My old firm, Goldman Sachs —
traditionally the best banks are leveraged 8:1. When we had the financial crisis in 2008,
the investment banks were leveraged 35:1. Those rules had specifically been changed by a
guy named Hank Paulson. He was secretary of Treasury. As chairman of Goldman Sachs,
he had gone to Washington years before and asked for those changes. That made the
banks not really investment banks, but made them hedge funds — and highly susceptible
to changes in liquidity. And so the crisis of 2008 was, quite frankly, really never recovered
from in the United States. It's one of the reasons last quarter you saw 2.9% negative
growth in a quarter. So the United States economy is in very, very tough shape.
And one of the reasons is that we've never really gone and dug down and sorted through
the problems of 2008. Particularly the fact — think about it — not one criminal charge has
ever been brought to any bank executive associated with 2008 crisis. And in fact, it gets
worse. No bonuses and none of their equity was taken. So part of the prime drivers of the
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wealth that they took in the 15 years leading up to the crisis was not hit at all, and I think
that's one of the fuels of this populist revolt that we're seeing as the tea party. So I think
there are many, many measures, particularly about getting the banks on better footing,
making them address all the liquid assets they have. I think you need a real clean-up of
the banks balance sheets.
In addition, I think you really need to go back and make banks do what they do:
Commercial banks lend money, and investment banks invest in entrepreneurs and to get
away from this trading — you know, the hedge fund securitization, which they've all
become basically trading operations and securitizations and not put capital back and
really grow businesses and to grow the economy. So I think it's a whole area that just —
and I will tell you, the underpinning of this populist revolt is the financial crisis of 2008.
That revolt, the way that it was dealt with, the way that the people who ran the banks and
ran the hedge funds have never really been held accountable for what they did, has fueled
much of the anger in the tea party movement in the United States.
Questioner: Thank you.
Bannon: Great question.
Questioner: Hello, Mr. Bannon. I'm Mario Fantini, a Vermonter living in Vienna,
Austria. You began describing some of the trends you're seeing worldwide, very
dangerous trends, worry trends. Another movement that I've been seeing grow and
spread in Europe, unfortunately, is what can only be described as tribalist or neo-nativist
movement — they call themselves Identitarians. These are mostly young, working-class,
populist groups, and they're teaching self-defense classes, but also they are arguing
against — and quite effectively, I might add — against capitalism and global financial
institutions, etc. How do we counteract this stuff? Because they're appealing to a lot of
young people at a very visceral level, especially with the ethnic and racial stuff.
Bannon: I didn't hear the whole question, about the tribalist?
"One of the committees in Congress said to the Justice Department, 35 [bank] executives,
I believe, that they should have criminal indictments against — not one of those has ever
been followed up on."
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Questioner: Very simply put, there's a growing movement among young people here in
Europe, in France and in Austria and elsewhere, and they're arguing very effectively
against Wall Street institutions and they're also appealing to people on an ethnic and
racial level. And I was just wondering what you would recommend to counteract these
movements, which are growing.
Bannon: One of the reasons that you can understand how they're being fueled is that
they're not seeing the benefits of capitalism. I mean particularly — and I think it's
particularly more advanced in Europe than it is in the United States, but in the United
States it's getting pretty advanced — is that when you have this kind of crony capitalism,
you have a different set of rules for the people that make the rules. It's this partnership of
big government and corporatists. I think it starts to fuel, particularly as you start to see
negative job creation. If you go back, in fact, and look at the United States' GDP, you look
at a bunch of Europe. If you take out government spending, you know, we've had negative
growth on a real basis for over a decade.
And that all trickles down to the man in the street. If you look at people's lives, and
particularly millennials, look at people under 30 — people under 30, there's 50% really
under employment of people in the United States, which is probably the most advanced
economy in the West, and it gets worse in Europe.
I think in Spain it's something like 50 or 6o% of the youth under 30 are underemployed.
And that means the decade of their twenties, which is where you have to learn a skill,
where you have to learn a craft, where you really start to get comfortable in your
profession, you're taking that away from the entire generation. That's only going to fuel
tribalism, that's only going to fuel [unintelligible]... That's why to me, it's incumbent upon
freedom-loving people to make sure that we sort out these governments and make sure
that we sort out particularly this crony capitalism so that the benefits become more of this
entrepreneurial spirit and that can flow back to working-class and middle-class people.
Because if not, we're going to pay a huge price for this. You can already start to see it.
Questioner: I have a question, because you worked on Wall Street. What is the opinion
there on whether they think bank bailouts are justified? Is there a Christian-centered
[unintelligible] that they think should be bailed out? The crisis starts earlier than 2008.
What was the precedent then? What was the feeling on Wall Street when they bailed out
the banks? How should Christians feel about advocating or being against that?
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Bannon: I think one is about responsibility. For Christians, and particularly for those
who believe in the underpinnings of the Judeo-Christian West, I don't believe that we
should have a bailout. I think the bailouts in 2008 were wrong. And I think, you look in
hindsight, it was a lot of misinformation that was presented about the bailouts of the
banks in the West.
And look at the [unintelligible] it. Middle-class taxpayers, people that are working-class
people, right, people making incomes under $50,000 and $6o,000, it was the burden of
those taxpayers, right, that bailed out the elites. And let's think about it for a second.
Here's how capitalism metastasized, is that all the burdens put on the working-class
people who get none of the upside. All of the upside goes to the crony capitalists.
The bailouts were absolutely outrageous, and here's why: It bailed out a group of
shareholders and executives who were specifically accountable. The shareholders were
accountable for one simple reason: They allowed this to go wrong without changing
management. And the management team of this. And we know this now from
congressional investigations, we know it from independent investigations, this is not
some secret conspiracy. This is kind of in plain sight.
In fact, one of the committees in Congress said to the Justice Department 35 executives, I
believe, that they should have criminal indictments against — not one of those has ever
been followed up on. Because even with the Democrats, right, in power, there's a sense
between the law firms, and the accounting firms, and the investment banks, and their
stooges on Capitol Hill, they looked the other way.
So you can understand why middle class people having a tough go of it making $5o or
$60 thousand a year and see their taxes go up, and they see that their taxes are going to
pay for government sponsored bailouts, what you've created is really a free option. You
say to this investment banking, create a free option for bad behavior. In otherwise all the
upside goes to the hedge funds and the investment bank, and to the crony capitalist with
stock increases and bonus increases. And their downside is limited, because middle class
people are going to come and bail them out with tax dollars.
And that's what I think is fueling this populist revolt. Whether that revolt is in the
midlands of England, or whether it's in Middle America. And I think people are fed up
with it.
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And I think that's why you're seeing — when you read the media says, "tea party is losing,
losing elections," that is all BS. The elections we don't win, we're forcing those crony
capitalists to come and admit that they're not going to do this again. The whole narrative
in Washington has been changed by this populist revolt that we call the grassroots of the
tea party movement.
And it's specifically because those bailouts were completely and totally unfair. It didn't
make those financial institutions any stronger, and it bailed out a bunch of people — by
the way, and these are people that have all gone to Yale, and Harvard, they went to the
finest institutions in the West. They should have known better.
And by the way: It's all the institutions of the accounting firms, the law firms, the
investment banks, the consulting firms, the elite of the elite, the educated elite, they
understood what they were getting into, forcibly took all the benefits from it and then
look to the government, went hat in hand to the government to be bailed out. And they've
never been held accountable today. Trust me — they are going to be held accountable.
You're seeing this populist movement called the tea party in the United States.
Harnwell: Okay, I think we've got time for just one or two more questions for Stephen
K. Bannon, chairman of Breitbart Media, third-largest news organization in the States. I
know you're a very, very busy man, so we're very grateful for the time that you've agreed
to put aside for this, to close this conference.
"I certainly think secularism has sapped the
strength of the Judeo-Christian West to defend
its ideals, right?"
Bannon: I'm never too busy to share with a group that can do as much good as you guys
can.
Questioner: What do you think is the major threat today, to the Judeo-Christian
Civilization? Secularism, or the Muslim world? In my humble opinion, they're just trying
to defend themselves from our cultural invasion. Thank you.
[Question restated by Harnwell]
HOUSE OVERSIGHT 029057
Bannon: It's a great question. I certainly think secularism has sapped the strength of the
Judeo-Christian West to defend its ideals, right?
If you go back to your home countries and your proponent of the defense of the Judeo-
Christian West and its tenets, often times, particularly when you deal with the elites,
you're looked at as someone who is quite odd. So it has kind of sapped the strength.
But I strongly believe that whatever the causes of the current drive to the caliphate was —
and we can debate them, and people can try to deconstruct them — we have to face a very
unpleasant fact: And that unpleasant fact is that there is a major war brewing, a war that's
already global. It's going global in scale, and today's technology, today's media, today's
access to weapons of mass destruction, it's going to lead to a global conflict that I believe
has to be confronted today. Every day that we refuse to look at this as what it is, and the
scale of it, and really the viciousness of it, will be a day where you will rue that we didn't
act [unintelligible].
"The way that the people who ran the banks
and ran the hedge funds have never really been
held accountable for what they did has fueled
much of the anger in the tea party movement in
the United States."
Questioner: Thank you very much. I'm [unintelligible]. I come from Slovakia. This is
actually the source of my two very quick questions. Thank you very much for the work
that you do to promote the Judeo-Christian values in the world. I really appreciate it, and
I also feel that the danger is very high. I have two minor questions, because you have
mentioned, in terms of UKIP and Front National [unintelligible]. From the European
perspective, listening to the language which has become more and more radical from
these two parties, especially before the European Parliament elections, I'm just
wondering what are your plans on how to help these partners from Europe to maybe
focus on the value issues and not with populist? And also it goes in terms — you have
HOUSE OVERSIGHT 029058
mentioned the involvement of state in capitalism as one of the big dangers. But these two
parties you've mentioned, they actually have close ties with Putin, who is the promoter of
this big danger, so I'd like to know your thoughts about this and how you're going to deal
with it.
Bannon: Could you summarize that for me?
Harnwell: The first question was, you'd reference the Front National and UKIP as
having elements that are tinged with the racial aspect amidst their voter profile, and the
questioner was asking how you intend to deal with that aspect.
Bannon: I don't believe I said UKIP in that. I was really talking about the parties on the
continent, Front National and other European parties.