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Steve Bannon: “At Treasury...a very smart analysis about M and A and about…”

Featuring: Steve Bannon, Former White House Chief Strategist | National

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 45:17

It's the work you're doing in that populist base. But why isn't he pushing back? He brings someone in from the treasury, puts a Commerce Secretary that only reinforces. First off, At Treasury...a very smart analysis about M and A and about the oligarchs. I think, look, with Gil Slater, Andrew Ferguson, I mean these are one notch down and Maybe not as well known as Lina Khan, but they're in the same. (45:17–45:24)

CLAIM

Asserts that there is a smart analysis at the Treasury regarding mergers and acquisitions and oligarchs.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Steve Bannon

“I think the top 3% consume almost 50% of what's going in the country.”
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“There's 2 trillion on the audit. I think there's 2 trillion assets they can't put their hands on.”
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“Our trade deficit in I think in January alone was a record trade deficit. I think it was $100 billion.”
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“Between 1998 and 2005 we lost 5,000 small manufacturers and a couple of million jobs because we shipped it all to China.”
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“Goldman Sachs got bailed out. AIG, no corporate guys ever went to prison on the worst bailout.”
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“The Federal Reserve's balance sheet went from $880 billion to I think, four and a half [trillion].”
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“We will never pay off one penny of the face amount of the debt as we increase this now about every hundred days of another trillion dollars.”
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“Our national security right now is $1 trillion. And we are, I think at about a trillion two to a trillion four in interest payments alone.”
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“President Trump won the 2020 election.”
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“No one in American history has the system ever come after [a person] like [it did with Trump].”
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“We as a Republican Party are the working class party and viewed as such.”
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“In 17, I was a big advocate of raising the rates on the upper bracket and doing more to the lower bracket of corporations.”
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“Today the House will approve the Biden Kamala Harris spending for this year.”
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“The House has not gotten their act together to get these single subject appropriations bills done.”
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“I've been a big proponent that Those programmatic have to start in the Defense Department.”
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“We're at a trillion dollars now. And that's one of the reasons of this post war international rules based order.”
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“You have to do programs and billets to get, to get the budget deficit to 3 and a half percent of GDP.”
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“The inflation number went from 2.2% to 4.2% and it really didn't even get mentioned in the business press.”
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“You have to finance now essentially a third of the debt every year.”
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“I think President Trump's hemisphere the shift to hemispheric defense, which is from Greenland to the Panama Canal.”
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“I think there should be significant cuts to the Defense Department.”
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“There's a lot of MAGA on Medicaid.”
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“If we went back to pre Covid spending.”
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“We don't have a revenue problem. We have a spending problem.”
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“The bond market has turfed out more governments than howitzers.”
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“The Italians are probably close to a sovereign debt crisis.”
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“President Trump wants to go back to more external revenue. That's part of the tariffs he looks at.”
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“Over the last three or four weeks you've had almost a trillion dollars. I think it's $800 billion from Honda, from Siemens, from Apple, it…”
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“On April 2nd, you're going to have reciprocity and tariffs and in India and Canada.”
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“Kids from California are not going to be on carrier battle groups [in the Red Sea] to keep the Suez Canal open.”
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“Biden in entire four years was $1.7 trillion of capital investment back here from, I think companies.”
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“Trump's almost at a trillion dollars in four weeks.”
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“We did the most significant tariffs we've ever done on the Chinese Communist Party in President Trump's first term.”
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“The tariffs didn't increase prices.”
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“You've concentrated wealth so dramatically here since the financial crash of 2008.”
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“Corporate America is my enemy number one. They're the leader in the WOKE movement in this country.”
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“One of the reasons I hate allowing them to do stock buybacks is they game the system to drive up stock prices.”
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“Silicon Valley is an apartheid state.”
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“The financial crash, Geithner and Bernanke went to a classic Wall street bailout.”
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“We had the greatest concentration of wealth until the pandemic happened with the 1%.”
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“We wouldn't pursue antitrust, we wouldn't pursue FTC or the Justice Department [against tech companies].”
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“They are now about digital platforms and rent. They're rent seekers.”
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“We're going to have a massive problem about unemployment [due to AI].”
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“Silicon Valley comes...we need a $500 billion bailout because of the Sputnik moment.”
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“We need to take control of all the national labs.”
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“We first thing we need is Lina Khan and we love you got Rid of her.”
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“She's a neo Brandeisan after Louis Brandeis, which always warned against the concentration of private power.”
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“The hardcore populist wing of the MAGA movement really wants to target Silicon Valley, break them up.”
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“Their Damascene moment was 11pm Eastern Standard Time on 5 November, when Pennsylvania was called for Trump.”
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“No one's ever written a $250 million check when they know.”
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“He backed it on the least sexy aspect, which is backing grassroots going door to door.”
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“I laid out this concept at CPAC in 17, that it was going to be...populist economics and economic nationalism, America first, national…”
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“The administrative state that's kind of anti democratic.”
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“We have to get control of federal spending. If we don't, we're never going to get rid of inflation.”
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“No country's ever come back economically that its debts above its GDP.”
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“No nation, a national security has ever survived as a major power when the interest payments on their debt go above what they pay for…”
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“If you want to have a shot to get the three and a half, four percent growth, you got to have a supply side tax cut.”
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“I want them to go back to the old rates and they have to pay the old rates.”
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“I'm all for increasing taxes on the, they will have a tax increase if President Trump doesn't extend it.”
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“Germany had this maniacal...fetish on [carbon zero]...They've de-industrialized themselves.”
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“The beginning of the kinetic part of the Third World War has got to be stopped.”
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