Steve Bannon - Full Interview - All Markets Summit

Steve Bannon joined Donald Trump's campaign for president in August 2016 but Bannon had been pushing the populist cause several years before president Trump became its face and forced for change Benin served as president Trump's chief strategist until August of 2017 when he fell out of favor if you want to say it that way but Bannon continues to advise members of the administration and his populist cause continues to gain momentum worldwide Steve Bannon joins us now and I have to start with the obvious question about the midterms but I want to read a quote that you made not too long ago this is all about an up or down vote the entire Trump package the tax cut the economy so very simply what did the voters tell Donald Trump the Republicans and the Democrats I think there's a split decision look I think it's you know people talk about the division in the country I thought 18 was very positive I thought the left and the progressives that times up movement Tom Styer I think they did the hard work out in the field that the Tea Party did in 2010 I kept telling people that early on I don't think we ever actually got engaged in the house side to make it a referendum I think it's one of the reasons we lost so many House seats I think I think if we had made it a referendum I think it'd have been much tighter by the way I think it's 12 or 13 seats change hands with 47,000 votes so it's tight but I got to tell you the left and the progressive left the time's up movement the resistance Tom stires movement did the hard pick and shovel work that the Tea Party did in 2010 and that's why they want are you secretly happy or upset because you've had a war against Republican establishment Mitch McConnell's still sitting in the Senate yeah no I look we made a rapprochement early on to say everybody's got to come together remember in 2016 one of the first things I did was reach out to Reince Priebus in the establishment the only way we 116 you have to have a coalition right you have to kind of put your differences aside to when you saw that on the left this time I mean there's a broad range of differences on the left and they put them they put them aside I think to win this time here you know after the Cavanagh hearings I was saying good things about Mitch McConnell we just didn't pull off I do believe there wasn't enough focus on the house I kept saying for months and months and months I went on hannity with a hundred days to go said the house is everything but one thing I will tell you when I first left the White House and met with the scene guys that were overseeing the campaign in the house at that time that they were thinking 80 to 100 seats they were they thought at one time it would be much bigger way that this could be like the Tea Party 63 seats in 2010 and so look what 31 33 35 seats it's it's a big number and very quickly after the midterms Jeff sessions is out he is a friend of yours what can you tell us about the transitions we might see within the cabinet there's rumors that I Kirsten Nielsen will be out who else might change in the cabinet and what about Whittaker is there a conflict of interest there well look I met Whittaker when he came in and talked and talked to us in the summer of 2017 right and he went over his chief of staff to to Senator sessions or Attorney General Sessions and I think senator sessions was very happy with the job he did Attorney General look Jeff Sessions is one of the founders of this kind of populist movement right I mean he's been doing this for a long time he was the very first guy to endorse the president recruit him to do that you literally had to bring him in to do it well I I introduced him and made sure he got to know President Trump he came to that decision on his own he spent a lot of time I don't think he did it I think he did it right for Super Tuesday he you know he really spent his time with it I think we look at senator sessions and what he did is Attorney General on executing on the basic program with immigration law and order at the Justice Department I think it's fine but the president gets to choose whether you've got his confidence and I think in certain areas senator sessions didn't I think there are other cabinet positions that just don't have his confidence I think it's natural after a midterm election that you make some changes so I think there's definitely gonna be some changes I think there'll be some changes in the White House also well wait a car mess with Muller do you think that we're going to see conclusion will we see it before December I've been saying this for a long time I think you know Muller has this I've always said he's going to issue reports sometime in late November or in December and then it's a political process now that you have a Democratic House I think that they will use that as to go forward to have to have you know in panel a select committee I think they would I think they were really drill down on it if we had held the house they would not but I looked the investigation has been the investigation I said from day one if you get a special counsel they're gonna have a broad writ that they're gonna they're gonna determine what they've got and go forward but when I hear people like you know Jerry Corsi is for perjury you kind of got to wonder where's the you know where's the big issues that they started to he brought it up Roger stone what's going to happen with him is he spending Thanksgiving with his family well I have no idea but my point on that is that if that's where you're talking about with Roger stone and Julian Assange I mean how serious is this it's you know that this was supposed to look at Russian collusion they're in a lot of stuff I think the biggest focus has been obstruction of justice my point is 26 Russians have been indicted I understand that I understand that but it's it look you know clapper and his books as what it's a hundred thousand Facebook ads up in the Upper Midwest look Moeller's had enough time he's had enough budget he's doing obviously doing a report right now he'll issue that report in the American people will have to decide I want to ask you this what is your relationship with the president cuz he said when you were fired Steve Bannon has nothing to do with me or my presidency when he was fired he not only lost his job he lost his mind you talked to the president these days look I do everything if I gotta talk to anybody I do everything through lawyers if there's guys at the White House I know I think if you look what the president's policies are they're absolutely what we laid out in the campaign is what we've been talking about for years when he said the other day he was a nationalist rally I think really went forward and embraced this kind of economic civic nationalism that is kind of I think one of the big driving forces in American politics you showed that he's I think every action he's taken particularly bet on the economy and about securing our southern border is something I think people in this populist movement couldn't be happier with and by the way I come from a large Irish Catholic family I get called a lot worse than that by my brothers at the dinner table Anthony scaramouche II was dropping the president's name the other day it says he talks to the president from time to time you don't just pick up the phone the president doesn't pick up the phone I thought tonight I want to talk about my conversations with that youth the president you touch but you have conversations with dinners I don't want to talk about that all right when I left the White House I left the White House okay but you all have an independent act do you have conversations with Peter Navarro and with Josh Bolten don't you I don't want to talk about who at the White House have the conversations with but I you know I talked to people at the White House do you have influence over the policy direction no absolutely not I think look this is one thing if you go back and look with the president's accomplished particular in the economy and particularly on things like sovereignty better southern border and if you look at what he's done in this kind of great economic war with China he's got very well thought through you know ideas and I think that's why he's now got a staff of people like Bolton people like Navarro others that are helping to formulate and to sharpen these things this whole idea remember when when President Trump won two things everybody says it's gonna be so trigger-happy he's gonna get us in shooting Wars all over the place and number two the market is gonna collapse right I think maybe even Yahoo Finance with CNBC and others Wall Street was Krugman who said it in the New York Times and New York Times Wall Street Journal people were you know their heads were blown up and you've seen what he's done with calming the markets the strong US dollar the economy so what many people said both about his national security policy and what in in as a leaders commander-in-chief and there's been no one's been more prudent than President Trump about the application of American power and I also think on the on the economy in an Economic Security so in both regards kind of not just the mainstream media but there's hysteria about what Trump is gonna be is wrong that's what you see in the White House I mean these are these are very strong beliefs of the president that he's now articulating through policy and I think that that's why he's got a team now think from placed with Pompeo and in ambassador Bolton Peter Navarre and Larry Kudlow Navarro you know let's talk about Navarro and China because this is key to the financial policy going forward you said the United States is at war with China and you support the administration's trade confrontation with China Navarro economic or economic war but but the Aemon and economic war with us for 25 years look one of the reasons Donald Trump's President I States is that is that when I step into the campaign one things at home was this studies by Pat Caddell that show for the first time in American history that working-class people middle class people believed America was in decline to the level of 70% and they thought the elites were comfortable that we've had a group of least Republicans and Democrats kindest permanent political classrooms a city that has been very comfortable with American decline I think a lot of Americans get it I have friends in Cleveland Ohio a guy I talk about a buddy of mine Pat Carrillo we used to work on old Studebakers together he worked at a steel mill I saw his job get shipped overseas he's back to work has a middle an Indian owned company by the way middle steel in Cleveland but let me ask you the China policy Navarro actually in a speech last week attacked Wall Street he threatened Wall Street was he attacking minuchin because he said stay out of these negotiations what's going on here because Wall Street you know there's trillions of dollars in potential trade that could be impacted by our confrontation with China look go back look at the White House to put out two white papers put a white paper out about what China is doing to suppress the US economy okay this was in June about force technology transfers in intellectual property not theft but the force technology transfers navara speeches CSIS was talk about our defense base and talked about there's so many aspects our defense base that are really dependent upon China in the supply chain what he's laying as the case is that this is as Mike Pence said if you read his speech this is a multi Department focus of the US government finally on what China's been doing China's had at all forces of state confrontation with America is it's deeper than just trade and I think what were Navarro saying if you go back and look at his was a talk I don't think there's a speech he gave I think if you go back and look at the substance of it he said hey this is just not a best some trade deal there's just not going to be some trade off in soybeans that we're gonna get a better trails there's non-tariff barriers this force technology transfers there's this currency manipulation there's many aspects of which the president has been very articulate about the entire time here's the thing China has been running the tables on us for 25 years and what Navarre was highlighting this kind of strategic economic dialogue that that the Henry Kissinger and the Wall Street guys have said oh let's have it they've been tapping us along okay Yeltsin was was over in China just what two weeks ago and was supporting I don't want to say the status quo but was supporting the wall street line on that first thing I worked for Hank Paulson I was in Goldman Sachs he said he's a terrific guy when I was a junior banker Paulson made a very big you're seeing even that element of the establishment Paulson said first many things that President Trump were brought up in this populist economic nationalist movement it brought up is actually correct we have depended upon China's kind of goodwill for too long he says they can't do words we have to have and then he can't then he made a statement I disagree with he said China is not an existential threat to the United States I think if you look at and this is not the Chinese people I think the American people I spend a lot of time in China actually lived in China for a little while and I went in when I was in Pacific Fleet we were all around China the it's the Chinese people I think the American people are very close it is the Chinese Communist Party you have a reckless you have a reckless totalitarian regime and they've been particularly reckless and I would talk to all the people at Yahoo Finance about their financial situation and the elites and Wall Street have kind of gone along with this right and this is what I think Navarre was saying the other day we don't need people coming in here and talking and pushing president Trump to try to do a trade deal when there's many more aspects of this that has to be rectified walk me through help us understand what the end game looks like and what success looks like you said victory is when they give us full access to them to their markets are you talking complete unfettered trade a bit we don't give full access to our markets too so first we have the lowest to the lowest tariffs in the world most open markets in the world if I think the Chinese number one stop the force technology transfers give our companies not just on the business side but on the manufacturing and the intellectual property side full aspects also you've got it you've got to start to unwind these are these state-owned industries the SOS I mean they continue to pour hundreds of billions of dollars into into now now the SOE czar going to be a I'll get 82 million Chinese Communists that's the elite in China how do you get them to unwind the state-owned businesses their economies built on that well that's look this is talking about structural reform that's my point that this is an engagement I didn't say this in president Trump's not saying this is going to take an afternoon this is a long-term plan of real engagement but the engagement has to be at that level she gave a speech yesterday since this morning's Financial Times aware she should see he starts off the speech by saying hey because of current developments we can't get the technologies we want where I have to go back to self-reliance which is a mouse a tongue term and he said it at the state one of the most famous state-owned industries that was developed in 1954 he says we're only going to redouble our efforts of state-owned industries what and by the way when they play this in China they cut out the part about current developments because what it is that the Trump administration has gotten much tougher much tougher helping our companies in Silicon Valley protect their intellectual property and so now and that's why I by the way one thing to keep in mind the entire NAFTA deal president Trump's strategic vision of NAFTA and that's why a populist socialist in Mexico that President helped push it forward was to create a geostrategic manufacturing base to take the supply chain take part of the supply chain back from East Asia and start to bring it back to the western industrial democracies that's why Japan's gonna do a bilateral deal with us that's why career we're gonna get an updated deal with them and that's why the EU that's why Jonker came over and they're gonna do a deal with is this is shifting the supply chain the high value-added manufacturing jobs back from East Asia to the United States and to the West or perhaps to Vietnam and to India I got a a part part of it part of it is that but I also think when you look at risk and I think when when when when CEOs in capital markets start to start to look at this that's why this that's why NAFTA was so important that's why NAFTA had to be the first part and that's why the part in Mexico about point of origin so China could not gain the system just have to ask you because I want to move on to something about economic nationalism which is your agenda with China yes we have the potential for a meeting at the end of this month and then we have the real trade tariffs war whatever term you want to use January does this get worse before it gets better and you should know that the people we interview we've interviewed former Zhan yahoo finance although they're they're being hurt by this they still support the president but my question is will this get worse in January here's what I think I think the president takes a multi you know he takes all aspects of this together I don't think you're gonna see President Trump just do some sort of trade deal right now the Chinese look at us as a tributary state it's one of the reasons they think of what we shifted then we should we should beef and grain and natural resources natural gas soybeans etc very little high value-added manufacturing okay that is the entire point of President Trump's what he's talking about that's why NAFTA was so important he says no a major power has to have a strong robust vibrant manufacturing base in our technology section sector needs to work around that manufacturing base that's why they're I don't think there's any easy solution I do not believe the President Trump as much as you know Treasury secretary minuchin who I've known Stephen for a long time he was a Goldman you know as much as these guys trying to push just focusing on the trade part this is not a trade war when it's written up as a trade war it's wrong it's an economic war that's been run on economic nationalism the core of this philosophy is bringing manufacturing back to the United States I just wanna let you know right now manufacturing is part of the labor force is about eight point eight percent twelve point four million jobs according to the Federal Reserve I mean you had this peak in nineteen forty seven thirty four percent of the labor force was tied to manufacturing but labor or at least manufacturing has become incredibly more productive and the decline in labor and manufacturing labor employment is they would say productivity not the shipping of jobs overseas and then just very simply you look at 2012 the Obama administration the manufacturing jobs that were coming back not much different although 2018 is better when seasonally adjusted it's pretty much the same that's not true our main jobs are coming manufacturing jobs like 30 or 50 thousand jobs were created I think in the third quarter that's on it that's a 12-month seasonally adjusted number but the bottom line is it represents by we go ask your buddy go ask your friend the Studebaker guy in Cleveland if they think the manufacturing jobs his job came back before the president but it came back because an Indian steel magnate bought isg which had bought LTV out of bankruptcy my point is we keep hearing this resurgence of manufacturing and manufacturing as a share of GDP and as a share of the labor force has essentially been the same for several years by the way it's just it's the central part of the tax cut the tax cut was to make our companies competitive with Germany in China his entire focus is bringing high value-added manufacturing jobs back and in the cop out that says hey it's all going to be robots it's all going to be AI that's why China had made in China 2025 China had a strategic plan ten years ago to say we're gonna have a convergence of advanced chip design of Robotics artificial intelligence and maybe genetic engineering but at least those three and we will dominate the West we will dominate manufacturing you've seen now she's making this statement that we have to go back to self reliance why the West is now stopping the intellectual theft but more importantly stopping the force technology transfers manufacture Donald Trump's in the core of economic nationalism is we can't be a great nation and serve our citizens particularly the working class with service jobs it just doesn't work this is why tariffs are more than just about taxes if you read JD Vance and hillbilly lg's which is the finest sociological study of the trump base what JD says all the time he cites these studies for I think it from MIT and Harvard that says there's a direct correlation between the factories that left for China and opioids that jobs are with them and open your addiction this is about dignity and self-worth of our working base and that's why they looked a president Trump president Trump is fun again fight and that's why the wall street guys the wall street guys saying hey just focus on this on the on the trade deal on the tariffs it's not about the tariffs its brother I think having manufacturing in factories that are high-tech and perhaps robotic is not going to put people who I dare I care dearly about in Cleveland Ohio back on a factory line that's what the issue of productivity is about and this resurgence of manufacturing jobs that is the core of your philosophy it's not going to be there to put those people Hillbilly elegy on factory line jobs by the way as your previous speaker said we do through job training getting people skills up the working class in our country is still some of the most productive people in the world Hispanic black white working class lower middle class those people can be retrained and they will do those jobs in manufacturing we just can't sit there and say hey because they have some sort of technology component to it that our people can't be trained that's just not true and by the way who fights for those workers that's where I keep saying don't let this fight I would economic economic nationalism doesn't care about your race your ethnicity your religion your gender your sexual preference what it cares about is that you're a citizen of the United States of America and it's that working class that we have abused we've abused them by an open borders immigration policy that lets them compete with the illegal immigration labor and then because of bad trade deals we're having them unfairly compete with foreign labor the protection of those workers and yes I am more protections the protections of those workers in the lower middle class is the MS that what we have to do make sure that that is vibrant and robust and if we do that we're going to have a Civic Society of which we can have Capital Markets are the most robust capital markets and I've got a wrap-up yeah but why are you aligning you want to create a Labor Party why are you aligning with Republicans who you're at war with the establishment when you should be aligned and you you've talked about this with Bernie Sanders and even maybe Maria sparred over at the Democratic Socialist wouldn't you be more in league with them no because here's the difference the futures populism okay the question before just care if it's right when you're left no I do look there's a there's a fundamental difference between populist nationalism and populist socialism okay what Jeremy Corbyn and Bernie Sanders and ms Cortes and these other folks argue is more state intervention into our lives and into into into the economy what remember right-wing populist I said a CPAC it's it's economic nationalism it's America first national security and deconstruction of the administrative state one of the reasons that Trump's got this kind of animal spirits Unleashed again is not just deregulation but trying to take the Leviathan the Leviathan in this city that all of you know what runs this town and try to take it apart brick by brick the fundamental difference then what right-wing populism and left-wing populist is state intervention what I say is we're in a system now of state control capitalism you've had a tremendous consolidation immediate companies and tech companies and pharmaceutical companies and manufacturing so now you have a handful of goliaths right in bed with big government that's what has to be breaking up the whole purpose of economic nationalism is to give the little guy a piece of the action through better high value-added jobs and wages but also to start to break up and have onto the entrepreneurial Native America first yes why are you so concentrated with the movement in Europe and why are you trying to change and upset the election for the EU Parliament I'm saying it's right or wrong because it's in the best of America strong nations make make great neighbors what you have in the world today is this kind of you have a global populist outbreak okay a national is this kind of thing is really sovereignty sovereignty the states but it's all based upon the citizen so a lot of people have come to me you have this major election next year in the European Parliament you're gonna have all these populist parties and really these sovereigntist parties of these nationalist parties I think gonna really represent I'm there because for nine years I've been working on here develop the tools the polling you know the messaging how you think about that they could all run their own individual parties their own individual countries run their elections I'm there it's kind of a back of a saying hey here's some tools here's some things you might want to think about of how you kind of you know drive voters out to the drive voters to the polls but you know to get to vote but after after this November 6 I think I got to learn some lessons from the from the left one thing I want to say I think this election on November 6 was great people talking about the country being divided the country is divided because we have different two different philosophies of how we honor how we ought to go forward this has happened in America before the best way to do it is at the ballot box and what I admire I disagree a hundred percent with their ideology but I'd like the hustle the grit and determination of the progressive left because quite frankly I think this was one on the ground and it was won by small donors and I think the left showed us and I keep telling people we've got to redouble our efforts if we want to win to 2020 we've got to give 10 seconds Democrats running in 2020 just give me the names real quick here's it with 10 seconds for people Oh Deb Farris a hundred percent all of Cory Booker yes and forty Joe Biden here's the thing they're gonna force Trump to the right the left's gonna pick a left type candidate like like a Cory Booker or or Camilla Harrison like that and Michael Bloomberg is setting up an apparatus today to look for a Mitt Romney type or something like that to look to have a middle part they're gonna look at this election is the election of 1860 we're gonna have two sides on the right they're gonna do the math and think hey we can we can we can we have to wrap it there but Cory Booker is gonna be a guest a little bit on Stephen and I wish I had 20 more minutes with you but thank you Sarah thanks for having

Channel: Yahoo Finance

Views: 8,661

Rating: 4.8507462 out of 5

Keywords: Yahoo Finance, Personal Finance, Money, Investing, Business, Savings, Investment, Stocks, Bonds, FX, Currencies, NYSE, Equities, News, Politics, Market, Markets, Market Movers, Midday Movers, The Final Round, Steve Bannon Interview, Steven Bannon Yahoo interview, Steve Bannon News interview

Id: ux87Lk321_w

Length: 23min 42sec (1422 seconds)

Published: Tue Nov 13 2018