How many of you are familiar with i had breakfast with him this morning. Here is what he told me. There comes a time in his life when he is figuratively tapped on the shoulder and asked to do a great and mighty work unique to him. No. Thats church hill. The reasonable man adapts himself to the world. The unreasonable man adopts the world to himself. Well open up the floor to some q and a, questions, not sermons, thats my job. And he wants a relationship with this room here. And if youre not willing to build a relationship with steve bannon and the movement that he is creating you should leave now. If you want to make America Great again and create opportunities for minority opportunities this is the train you need to ride. The train is leaving the station. Get your ticket. Lets bring out my buddy, steve bannon. Come on. [ applause ] thank you very much for having me today. I am here to open a discussion that some of you have been at my others. The central part of economic nationalism depending upon you and depends on us empowering the black and Hispanic Community with one thing, access to capital. This entire movement that im very fortunate to be part of it is programs that stop the destruction of the black and hispanic working class. It is alsoo srt to build businesses around american capital. I will go from from very general down to the specific. I think we have to have an adult conversation about what our is. There was a very important speech given in china. This was before President Trump arrived for his visit. And he outlined in three and a half hours i think its a 68 page speech the basic Economic Program of china and the position in the world. What they basically said is this economic war they have been at with the United States of america is essentially over and they won. Over the last 30 years and by the way, the we specific and impact in your life is directly related to the Economic Situation between the United States and china. His speech in addition Brown University which is no right wing, no. It did an analysis. The global war on terror in 17 years has cost us 5. 6 trillion, okay . 7,000 dead and 52,000 casualties. I think the present value for the wounded alone is almost a trillion. I want you to think about what your country would be if we had 5. 6 trillion. That was invested in baltimore and st. Louis and South Central l. A. And detroit. 5. 6 trillion over the last 17 years. Think of the people in your community, people in your family that have served in these wars. By the way, a war that in afghanistan we just had that annual budget process. 70 billion allocated for overseas operations. 50 billion allocated to afghanistan. With the troop increase and that was 5 billion, what would baltimore be like if for just one year we took 45 billion and invested it in baltimore . What would st. Louis be like if for just one year we wouldnt withdraw from afghanistan, we took 45 billion and invested in st. Louis, we took 45 billion and invested it in detroit or cleveland or my hometown, richmond, virginia. You would have a renaissance of these cities, correct . I think the out of pocket cash alone in afghanistan has been 850 billion. Are we ever close tore victory today . 850 billion. He laid out this program. You have to remember, the elites in this country both republican and democrat, wall street and in technology supported this. They said china as it has become more democratic and more free market. Its not. It is an authoritative dictatorship. We have this fetish for free trade. It is this concept that came out of the think tanks over there. It is a radical idea. You know, im accused all of the time of being a protectionist, of being an economic nationalist. We are trying to protect american industry. The reason is they protect their industries. You cannot understand the situation youre in and the lack of capital that you have until you understand the international situation. We are jamestown to their great brita britain. We have a trade deficit analnual annually. It is cattle and hogs and wheat and copper and tin and oil and gas and boeing jets and apple products. We dont do that anymore. With limited Market Access our companies are forced to make everything over there. The jobs are over there. The force Technology Transfer is not stealing their technology. The force Technology Transfers, the demands of our hightech companies to give them their technology in order to enter china is 3. 5 trillion over the last ten years. Okay . 350 billion a year. They demand the rules are enforced. They say we have jobs created. Jobs at mcdonalds and service jobs are not manufacturing jobs. Think when baltimore was great and detroit was great and st. Louis was great. It was manufacturing jobs that made it great. You can support a family and the community has other money with other Service Industries around it. You cannot support an advanced economy. The elites will tell you that because they dont care. Its both republican and democrat. It is both Silicon Valley, wall street, hollywood they do not care about you. Thats not me saying that. Thats not me. The facts are incontrovertible. Look at the financial crisis of 2008. Financial crisis of 2008. I think my numbers may be wrong. I am the executive chairman, so it might not be totally accurate. Isnt it twothirds minority was wiped out . Twothirds minority was wiped out. Community banks were we vis rated. Every reform that was put in made it harder to access. Did the Minority Community cause the biggest financial crisis in the history of country . Absolutely not. By the bay, what happened on the financial crisis . The day after i think when secretary of treasury went and saw secretary bush they became a Bank Holding Company with two lines. They boar refree from the feds and make how many tens of billions of dollars a year . Did anybody in this room get that bail out . Was the sba recapitalized because of that . Did private equity come into your community . Absolutely not. The solution, what was the solution . Not just the bail outs. It was the liquidity by the central banks. So if you own real estate or you own stocks it has been the greatest run you have ever had. You know who predicted that . A guy named donald trump. All of the elites in the media, they say why are they so angry . If youre not angry you dont have a brain. Right . This system is rigged. It is rigged because of if youre out of the room youre out of the deal, right . How did wall street get bailed out . By the way, president obama had three commissions. He had three separate commissions. They all came back with who should be held accountable. The justice department, i dont think theres been one share of stock, not one penny of bonus, hasnt been one guy in jail. How did that happen . Ill tell you how it happened. They dont think you have any power, right . The guys that had power got bailed out. Think about it for a second. Just do the math i just talked about. You have had the rise at china since 2 lathe late 1990s. The clintons and bushes told us if you lead him into wto, if you let him get into the entire rules based post War International order that the United States underwrites everything would be fine. Guess what . Thats not a small mistake. Thats a massive mistake. If you read all of the papers they had no intention of doing that. They have their own set of rules where they have an absolute closed economy while the United States has an open economy. The 3. 5 million toppled coupled with 5. 6 trillion for fighting the war on terror. Everything you see is progressive. It is just noise. It is just noise. The real action is what takes place behind the curtain. Why are seven of the nine richest around washington d. C. . Why for the First Time Since the development that washington d. C. Has a higher per capita income than Silicon Valley . It is the greatest creator of wealth in mankinds history. It is because if thats not the 4 trillion, cash they got to play with too. We got 20 trillion. Thats tiny. The liabilities, any where from 60 trillion to 200 trillion. The global stock market, i think it was on friday, they reached the total ago ri gat was 100 trillion. How much of that has gone to the middle class of that country . You know, j. D. Advance wrote this book about the White Working Class in the upper midwest states around his family. You folks know that. We are losing a civilization. We are losing a Civic Society that has been built over many generations. Thats why trump won. When i came to the campaign 16 points down double digits. All of these numbers were horrific. It didnt matter. Twothirds onethird. Here is the fundamental difference. They are comfortable by managing our decline because they are going to make just as much money on the way down as they made on the way up and they have control. And here is the bet trump made. The working men and women in this country are not comfortable with that. They are not comfortable with the declining america. They are not prepared to see to kline that that it is going to be a power in 30 years, right . Life in this country will be radically different. He is not about to do that. He is not prepare today do that. The campaign was basically run on three simple principals. We are going to stop and limit legal immigration. Here is the reason. You cant save the black and hispanic and White Working Class while you have unlimited illegal immigration. Im a capitalist. I believe in i went to harvard and went to goldman sachs. I believe in supply and demand. What the guys on wall street want, they want more labor and competition with our citizens. I get it. Higher operating margin, higher stock price. It is destroying Civic Society. It is destroying the health care m is. They dont have to pay for it. The workers in this country pay for it. The bad trade deals are stopping illegal immigration is the same thing. Why are we so add mat about the visas . We turned the Elementary Schools over the stem. Your kids cant even learn art or history anymore. Every day is getting ready for the test. Science, technology, engineering and math. You know why . Those are the jobs of the future. I went to Virginia Tech. You go to Virginia Tech today, what is it, twothirds are asian students . Black and hispanic kids cant get in there. Its not the asian schools fault but they are paying full freight. A black or hispanic is paying say 15 thousand dollars. Its a scam. Its a total scam. Our kids are no dumber, they are just as smart. They need the opportunity. If you dont get in the engineering schools you cant go Silicon Valley. They say we have to have these visas because we need these geniuses. I think it is 102,000 or something. I said youre paying a lot of money. Its a scam. What they want is a high they want lower labor costs. They want American Kids to have to come peepete on a global bas. American kids can compete. For a job in the United States under dpsz written by america, America Capital and american protection, that job should go to a kid from america. [ applause ] im a capitalist. The folks that built this, not everything was net present value. Not everything was about return on investment. They understood we were building the Civic Society. The reason we won world war ii, it was those that built an Industrial Power house that could defeat the military on japan. That was built over decades by american labor. And we have forgotten it. Wall street has forgotten it. It is the American Worker and the american entrepreneur that has gotten stiffed. And if you look at President Trump just economic national itch. You wont hear it with mainstream media. You wont read in the Financial Times of london. They globalists. What i said is all about prowrestling. It is irrelevant. The big fight in this city is one fight between the globalists that run it and nationalists that want to take it back. With nationalists its not its crazy. You hear it from mainstream media. They are trying to draft off and get free media time. This is about American Workers regardless of your race, regardless of your ethnicity, regardless of your gender or sexual preference. American workers have to have some rights and those rights that they dont have to compete unfairly with the world. Thats the revolution we are talking about. Thats what the wall street times, i just got back from london. They are afraid to death of this. They realize that when the american working man and american entrepreneurs take over it will be a different deal. Lets talk about some math. 3. 3 growth in the latest quarter. He has gotten lowest black unemployment in 17 years and overall lowest employment of 17 years. I realize those numbers are not perfect. We are not talking about all great jobs. At least the first thing is get people back to work, get labor forced participation up. The key stats to look at are wages. Look at wages and agriculture. Particularly at the lowest level are starting to increase. Why . You finally starting to restrict illegal labor from competing against American Workers. Why is this happening . The animal spirits had been unleashed. It is a 20 year high . Overseas investments. Economic nationalism is telling germany and china and japan that tariffs are coming. Thats why they are investing here. They are not going to do us any favors. Number one was to stop and mask illegal immigration. Number two is bring jobs back. Number three is get us back from the pointless wars. It is on the 5. 6 trillion. On the jobs youre not going to wave a magic wand and the jobs come back. You saw that in the trip to china. It will take tough enforcement. President trump has this 301 which is to enforce u. S. Trade laws so that china cannot demand our technology for access to the market. I think its maybe the single most important thing he has done. If you look at his plan and this is before the tax cut. 3. 3 to 3. 9 . Is the tax cut perfect . No. Okay. Its just not. Paul ryan had this theory of border adjustable taxes and export credits and really flipping comp rat finance and really taking the advantage away from leverage, let you 100 write off capital investment. That went nowhere. I thought it was fantastic. It would take many years for people to understand it. Lets be honest, this is not so much tax reform. I think its a pretty significant if not massive tax cut. It is weighted to the corporations. Its the last of the big reagan Corporation Tax cuts. That will be an axel rant to an economy thats already starting to see the Green Sprouts of economic nationalism and it will add to that. That increased profit blt will lead to more investment. It will lead to more jobs. I realize its not perfect. I dont think its fundamental tax reform. I think its coming in the future. I think President Trump at least in the senate and house are trying to get something done that can be significant. I believe it sets us up to really look at fundamental tax returns going forward. One of the things im most pleased about, to fight hard so that the taxes for the entrepreneurs start to look at what it is for the Global Corporations and i think its not perfect. Its certainly not perfect but its much better than it was. If we could get it passed i think it would be much better in the future. Let me get specific about what i think has to happen and what im asking you and trying to enlist you guys to help me. I dont have all of the answers, right . Directionally i can see where this has got to go. Directionally i can see where the American People want it to go but i think a number of things have to happen. I think its like a five point program. The first is access to capital. We have to get real about recapitalizing the Community Banks. We need to same type of bail out that wall street got to the Community Banks. And i have told them i think since the last talk i gave, i think theres seven charters going through of Community Banks. Im committed to work with any group that wants to start up a Community Bank that will land into minority communities. Im prepared to bring access to do that. Also, we have to start to incentivize private equity. If we will keep carried interest, some how we have to get and this is the process to incentivize private equity to invest in minority businesses. One of the things we have to do and by the way, one of the regulations that came up after the financial crisis, as bad as it was for the big banks it killed the small entrepreneurs. It literally killed people trying to lend to black and hispanic entrepreneurs. I think what President Trump has done is deconstruction of the administrative state. It is a more entrepreneurial environment for people just like yourself. I think its essential. I also think the new market tax credit, look, it is 5 billion. Its a rounding error. Did i just say that we are spending in afghanistan this year your tax money has gone up 50 billion. We are begging for the new market tax credit which makes total sense . Have we lost a sense of our priorities . Have we lost a sense of our priorities . The reason they hate me and the reason they are over in scotland, they are all spitting ton floor when im talking. Here is the scam. It is this fetish they have for international rulesbased liberal order. It is a series of commercial relationships, trade deals, cap hall markets and security agreements. And what it is from western europe to the gulf where we under write their security to the indian ocean to the South China Sea will underwrite their security to korea and northwest pacif pacific. Every trade deal we are upside down on. I hear the wall street journal and Financial Times say he doesnt know what im talking about. Tell that to the folks in wisconsin and michigan to jobs that went overseas. You want to solve the Opioid Crisis . I have a solution for you. Lets bring the jobs back to america and well solve it. You want to solve the inner city problems . Put capital to work, bring manufacturing jobs back and those will go through a renaissance. It is not the people thats the problem, its the system that is the problem. We underwrite i was there and some guy that used to run nato, he says here is the problem. He says we have your allies and we do this. We have regional responsibilities. You have global responsibilities. I said thats the problem. The eu is the size of the United States of america. It has about 350 million people. It is economy like 15 trillion. Their mind set is they will put a minute numb and they can feel free combat divisions to protect them from the russians. They need another nine of kids in your community. My daughter i was a naval officer. Twothirds of my crew black and hispanic. My daughter is a west point grad and army officer. She served in iraq. She left her last command, sergeants reported to her. Twothirds of them were black and hispanic. Average combat tour is five or six. That security around the world is your money and your kids. She here is the question. They are up there with john mccain and giving a shiney city on the hill. Its all fine. Lets talk about facts. Here is the facts. You underwrite it and make sure it stays safe. You have to beg the rest of the countries to throw a little in. The time for begging is over. What donald trump has laid out, no more big deals like this. Well have a deal with japan and a trade deal that works. Everybody says all of the geniuses said he shouldnt mention that during this time. Whats a better time to bring it up . None of it works and here is why with. Silicon valley and wall street are making just as much money shipping those jobs over there. The manage decline of our country works for the elites. Who it doesnt work for is the working men and women in this country. It is as obvious as the nose on your face and the solution is obvious. Working men and women and entrepreneurs need somebody on their side of the football that is prepared to fight and not back down. Thats what donald trump came along with. Is donald trump perfect . No. He is not perfect. He is a very imperfect instrument. Its not just clintons. He went after the establishment. Thats why he is so hated. [ applause ] he is the first to admit he is a very imperfect inare strewment but he is a Blunt Force Instrument that is starting to shatter this and at least have a conversation where you can have this. The other part is what i call infrastructure for success. This plan that we are going to need your voice on is to come. Trust me, if youre not in the room for that one youre not going to be in the deal for that one. It could be a bill that transforms this country. It is going to be hotly contested. Part of this Foundation Im setting up is to make sure that we have the best thinking from back and hispanic entrepreneurs, to make sure your voice is going to be heard. If its not heard you will be dialled out. The other part is the infrastructure for success. You know, one thing that my grandfather went to third grade. My dad is a high school graduate. The point is it doesnt matter. They had they could get a trade. They could learn a trade. You know, we lack tradesmen today. [ applause ] and the last is this continuation of deconstruction. Remember, im a populist and im proud of it. Decisions have to be pushed down more to the level of people. Look at globalization. It was all made by the geniuses in new york and shanghai. How did that work out for working men and women . The reason is that the elites took care of themselves. Now, everybody says bannon, why are you worried about the globalization . Youre not thinking about the advances in technology. We have to start to correct the problems with globalization. We have to be like the chinese. It works for the chinese, you know why . They think about china first. You want to come into china you play by their rules. You dont play by your rules. Thats what we have to start doing. You come to the United States youll play by rules that work for citizens of this country. Its going to work for workers in this country and companies but its got to work for the workers in this country. What we have had is decade after decade. Lets talk about technology before i wrap up. In your lifetime we are going to have the convergence of the silicon ship, Artificial Intelligence and bio technology. The decision that mankind is going to have to make in the next 10, 15, 20 years are going to be some of the most important decisions that man has ever made. Its not me saying this. Its all of the geniuses in Silicon Valley. You can see the developments are coming. I have one question for you, are you comfortable seating those to the scientific managerial elite that have run this world for this thing called globalization . Are you comforting over your charn and grandchildrens fifth on the same institutions . Im not. The working men and women in this country are not either. Here is why. They do not believe in the decline of this country. They believe the best days are ahead of it. As soon as their voice is heard, as soon as they are in the room. Im committed to you and this foundation and Everything Else i do, there is nothing else more important in my life and nothing else more important than american life. I want to thank you for having me and ill now take some questions. [ cheers and applause ] [ applause ] yes, sir, you right there. One of the things i wish you would address are the fake Minority Business Program that is were created because of what happened to black people. Now everybody benefits from those things except black people. What republicans should do is to focus more on the demand side when it comes to business because the truth is nobody does business with black people. So just trying this once. Try the name two black famous entrepreneurs that dont have anything to do with entertainment. You cant name them. We dont participate in technology. We dont participate in finance. It means we dont have the opportunity to develop our dm communities like other people have. Without access to customers youre not going to have anything and thats where we are today. I wish you guys would look more at that and the president would go after these fake minority pass through deals where black people get nothing and they talk about minorities a lot, which everybody is a minority. We need to do something about black people getting business so that we dont have to beg for things and we can take care of our own people. So you just signed up for a task force for me, okay . No seriously. I want to say one thing, my parents home is on the north side of richmond. When the white flag came to its the north side is is black working class and middle class neighborhood. Ill tell you one thing. You can go around my neighborhood and never see a starbucks. You never see a blockbuster. You never see any of the national franchises. Its Economic Analysis and they dont go there and thats wrong. Enough just grit and determination. If we take care of two things. Number one, making sure in the stem programs we start to get young black and hispanic kids into engineering schools and jobs in Silicon Valley. Expertise and technology will build up. We have a lot of failures. Like 6 out of 10 fail, one make it is good. If we get capital and get the expertise, the customers will km. One of the things is trying to set up task forces to set up the administration. Thank you so much. My name is george pharrell. We endorse donald trump before any other black group. Thank you for your strategy and your movement and having the bravery but the passion to come out here and address that. And youre right, we do need access to. Capital. E we need to have more companies go public. But the question is, i like this. The question is donald trump has not hired enough blacks in positions we need him to be in. Thats one of the weaknesses that we have. Can you open that door to get him to put more blacks and hispanics into that position. Tr people who put our names on the line. We have made a difference with the president. Its inexcusable. Theres no excuse for it. You cant defend it. Heres why. That will be the van guard. Were not going to turn this country around. Were not going to do it. You understand the responsibility you have on your shoulders. Its not going to happen. Were going to have two things in this country. Were going to have either a process pous free america that takes its place with america first. Were not saying come home. Thats why i came today. You men and women are vital. Shes not going to go to flint, michigan. These are the problems that have to be solved. If we dont solve these, were kidding ourselves. If we dont solve these problems, if we dont have access is to technology, jobs by black and hispanic kids f we dont stop the unfair competition against hispanic and black working class men and women, if we dont get capital to black and hispanic. Entrepreneurs, if we dont do those three things, were not going to sort this country out. Trust me, you see what the cultural mark sis on the list where they have this going. Theres no doubt about that. We either get this sorted now or get it sorted with you folks. A big parking lot of what im trying to do in this foundation is to make sure you have a voice to hammer that every day. The team thats putting together those Development Funds around seven cities across the u. S. I want to talk to you about that. Anything i can do, people tell you im a tireless worker, right . Sometimes i get a little heated. But if you didnt get heated, you guys see it, if it didnt drive a rational man crazy, youre not rational. I have a very important question for you. Im from harvard. From my research i find like a harvard. 90 of the liberal people, the student lost the identity for the next generation. Do you have any plan to help the next generation, all understand and safeguard. That is a problem we have to sort out and fight for that. Heres a way we get it going. We show were prepared to fight for their jobs and their future. Were not going to let unlimited competition from around the world take their birthright. Remember, think about all the folks that came before you. Think back to four jgenerations before you. All the hard work and grit and determination that it took to get here. Remember we owe as much to the past as we owe to the future. We can go on some thing of american patriotism. Hopefully that will come. Lets show these kids something fundamental. Were prepared to fight for their jobs. Were not going to let the world destroy their economic future. Lets just become a no protectionism is called the p word. Not supposed to use it. Manufacturing jobs come back to this country. Theres no magic wand to wave thats going to be okay. I was a skeptic until i heard your comments this afternoon. So thank you for that. Thank you for coming. I put together a strategy that would help black and hispanic sbrentrepreneurs actua be able to use capital they already have and invest it in their business to leverage other capital and to grow their companies. How can people like e me work with you. For everybody in the audience, were going to set up task force. People that know me will tell you. Were in this to get action. One thing i pride myself is i get results. And so i want to work. Thats why i came today. Were going to work together. Aim a street fighter. Im proud to be a street fighter. This country needs somebody to fight for it. People in this country, workers in this country need somebody to fight for them. I fought for trump and judge moore. And ien dont know what the outcome is going to be. But we backed off the republican establishment that was prepared to toss this seat to the democrats. They would rather play their games than let the people of alabama have a decision. Whatever the outcome is. Whatever jones or moore, at least now we have a little bit sorted. That the republicans are backing a republican candidate. The democrats are going to back a democratic candidate. This thing of the establishment putting the knife in everybody that wants to fight for the national agenda. So its just one thing. Im prepared to put my shoulder to the wheel for you guys. If youre in a fox hole, bannon is not a bad guy to have with you. Give them a round of applause. Just hang tight. Were taking you live to the Senate JudiciaryCommittee Witnesses and todays hearing are the acting director of bureau of alcohol, tobacco and firearms and assistant fbi director for the air force secretary and the pentagons