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    HomeBreakingBannon Goes On Mega Rant After Devastating Thursday News

    Bannon Goes On Mega Rant After Devastating Thursday News

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    On Thursday, it was reported that under Joe Biden and the socialist Democrats, the September inflation rate came in higher than expected at 8.2%.

    With a core CPI of 6.6%, it has already hit its highest level since 1982.

    As a result of the news, the S&P 500 fell.

    Real earnings have decreased for 18 months running under Joe Biden. That is TERRIBLE!

    These numbers have a terrible impact on the working poor and middle class.

    The catastrophic economic news dominated Thursday’s episode of Steve Bannon’s show. It was a lengthy tirade against the despots in charge of the nation. Keep in mind this in the upcoming months. Think on what Democrats, Joe Biden, and Jerome Powell have done to your family’s safety.

    The following is a transcript of Steve Bannon’s epic War Room rant:

    This is signal, not noise. This sets the framework for so much that you want to try to accomplish your life, your ability to have that time spiritually, the things that you want to do, to develop yourself, it’s all within an economic framework. And the harder times are, the harder it is just to get by. And particularly people have saved up so much and being able to now enjoy the benefits of it, it gets to be horrific.

    So here’s what it is, what we’re hurtling towards and we’ve talked about this is a credit crisis, not about stocks dropping, it’s not about that’s all coming. But there’s something bigger. There’s a credit crisis and not just credit of corporations. Cortez did an amazing job of talking about investment grade bonds. That’s the best companies in the world. It’s all money good. You buy that and you clip the coupons right. You get the returns right? And they’re never huge because you’re buying a quality credit. What are those now, 20, 30%? You’re getting wiped out in that. The crisis we’re talking about is a sovereign debt crisis. We’re talking about governments, we’re talking about governments that have had this thing called fiscal domination.

    That means the political class spends it, spends and spends and the central banks just print the money. They just print the money, continue to print the money. OK? That game is coming to an end. It’s coming to an end. We’ve warned about this and now you see it’s going to come to an end. And the carnage around that, you know what Steve, what Rick Santelli calls structural issues, structural issues are going to be massive in any bankruptcy. And this is what we’re looking at. A prepackaged bankruptcy.

    More on this story via The Republic Brief:

    A pre-pack in a bankruptcy you have a creditors committee, right? The creditors committee kind of makes the decision. It’s no longer the management team, it’s no longer the shareholders because you’re senior in the capitalization table. The debt comes first and then the equity. So when you have a crisis, a prepack or bankruptcy, the creditors take over the accounts, payable guys and the junk bonds and the senior bank debt that all forms a committee and everyone gets a say… CONTINUE READING…

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