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Steve Bannon: “Silicon Valley is an apartheid state.”

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 38:08

You've allowed, but hang on a second, hang on a second. You've also allowed. And this, you've also allowed the oligarchy of Silicon Valley. Well, let's talk about Silicon Valley. Silicon Valley is an apartheid state. Okay? Within, within. You're one of the most progressive leaders in this country. Right? We just, we disagree probably on everything on the cultural side. (38:08–38:11)

CLAIM

Asserts that Silicon Valley operates as an apartheid state.

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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“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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“President Trump won the 2020 election.”
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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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“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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“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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“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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