the state's finances. be sure to washington wash journal live wednesday morning. join the discussion. >> next, we'll hear from former white house chief strategist steve bannon. he spoke at an event organized by the black americans for better future. a super pac that aims to get more african americans involved in the republican party. >> so, i'm going to introduce to you guys your speaker, but my friend. some of you have heard me ask this in the past. there are a lot of new folks here. how many of you all consider yourselves reasonable people? most of you all. you all are the wrong people. [ laughter ] how many of you all are familiar with george bernard shaw, the british play right? yeah, i had breakfast with him this morning, and here's what he

told me to tell you. to every man there comes a time in his life when he is figuratively tapped on the shoulder and offered the chance to do a great and mighty work, unique to him -- that's church hill. the reasonable man adapts himself to the world. the unreasonable man adapts the world to himself. therefore, all progress is dependent upon the unreasonable man. michael jordan was unreasonable enough to think that he could play in the nba even though he got cut from his high school team. jesus christ was unreasonable enough to think through him being lifted up, all men could be forgiven for their sins. barack obama was unreasonable enough to think he could do a good job for black folks, but he failed, but i digress. donald trump and steve bannon are two of the most unreasonable people in the world. steve bannon is unreasonable enough to think that the black

vote, the black business community, the the latino, asian business community, has value. this guy is busy as heck all over the world, but yet he made a commitment to come to address us, not to give a speech, but to open a dialogue. and when he talks to you today and then we're going to open up the floor to some q & a, questions, not sermons, that's my job. and he wants a relationship with this room here. and if you're not willing to build a relationship with steve bannon and the movement that he's creating -- and he's asked me and each of you to be involved in -- then you should leave now. but if you want to make america great again, if you want to create more opportunities for minority entrepreneurs, then this is the train you need to ride, and the train is leaving the station. get your ticket because steve bannon is the conductor. so, let's bring up my buddy, steve bannon. [ applause ]

>> come on, give him some love, give him some love. [ applause ] >> thank you. does this work? thank you, thank you very much for having me today. thank you. >> we love you. >> thank you. thank you. i'm here today to talk and open a discussion as some of you have been at my other discussions with black and hispanic entrepreneurs. the central part of economic nationalism depends upon you. it depends upon us empowering the black and hispanic entrepreneurial community with one thing, access to capital. this entire movement that i'm very for ttunate to be part of that i'm starting is going to

have as a central thesis of it programs that stop the destruction of the black and hispanic working class, and also empowers the black and hispanic entrepreneurs to start to build businesses around american capital. now, i want too talk a few minutes today, and i'm going to go from the very general down to the specific. and i think we have to have an adult conversation about the situation, what our country is. over the last couple of weeks, there was a very important speech given in china at the 19th party congress. this was before president trump arrived for his visit. and that was by president xi. and he outlined in 3 1/2 hours, i think it's a 68-page speech, the basic economic program of china and its geo strategic position in the world. and what they basically said is

that this economic war that they've been at with the united states of america is essentially over, and they won. over the last 30 years -- and by the way, the effect and impact in your life is directly related to the geopolitical and the geo economic situation between the united states and china. over the last couple of weeks, president xi's speech -- i'll get to that in a second. in addition, brown university, which is no right wing, you know, it's no breitbart, right? it's not a right wing news site or conservative news site. brown is a quite liberal university, the watson center i think it's called. did an analysis. the global war on terror, in 17 years, has cost us $5.6 trillion, okay. 7,000 dead, 52,000 casualties. i think the present value for the wounded alone is almost a

trillion dollars. 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 this annual, you know, the budget process. $70 billion allocated for overseas operations, $50 billion allocated to afghanistan. now, with the troop increase, and let's say we paid for the troop increase, that was $5 billion. what would baltimore be like if for just one year we took $45 billion and invested in baltimore? what would st. louis be like if for just one year we wouldn't

withdraw from afghanistan, we'd pay for the troops. we took 45 billion of the 50, and invested in st. louis? we took 45 billion, invested it in detroit or cleveland or my hometown richmond, virginia? you'd have a renaissance of these cities, correct? i think the out of pocket cash alone in afghanistan has been $850 billion. and in 17 years are we ever closer to victory today than then? $850 billion. president xi laid out this program -- you've got to remember, the elites in this country, both republican and democrat, wall street and in technology, supported this. they said china, as it got wealthier, has become more democratic and more free market. it's not. china is a confucius m

mercantilist. we have this fetish for free trade. it's this concept that came out of europe and the think tanks over there and the political system. it's a radical idea. you know, i'm accused all the time of being a protectionist, of being an economic nationalist. i am, you know why? we're trying to protect american industry. and the reason is they protect their industries. [ applause ] you cannot understand the situation you're in and the lack of capital that you have until you understand the international situation. we're a tributary state to china. we are james town to their great britain. we have a $500 billion trade deficit annually with china. and by the way, you know we ship them to keep it at $500 billion, it's cattle and hogs and wheat

and copper and tin and oil and gas. oh, and boeing jets and apple products. excuse me, we don't do that any more because 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 our technology which they do all the time. the force technology transfers, the demands of our high-tech 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 and we have not broken -- that's a mercantilist system. they play by the rules and the demands of the rules are enforced. in the united states, total free trade. they say, hey, we have jobs created. jobs at mcdonald's and taco bell and service jobs are not manufacturing jobs. think when our cities -- think when baltimore was great, and

detroit was great, and st. louis was great. it was manufacturing jobs that made it great. because in a manufacturing job, you can support a family. and the community has other money with other service industries around it. you cannot support an advanced economy on service jobs. the elites are going to tell you that, right? because they don't care. and it's both republican and democrat. it's both silicon valley, wall street, hollywood, and the imperial capital of washington, d.c., they do not care about you. and that's not me saying that. [ applause ] >> that's not me. the facts are incontroveeable. look at what president trump inherited. look at the financial crisis of 2008. financial crisis of 2008, i think -- my numbers may be wrong. may not totally be accurate. i am the executive chairman of breitbart so it may not be totally accurate. [ laughter ] >> kidding.

i think two-thirds of minority net worth was wiped out. two-thirds of minority -- it was wiped out. the community banks were completely eviscerated. every form of access to capital and every reform that was put in made it harder to get access to capital. did the minority community cause the biggest financial crisis in the history of the country? absolutely not. by the way, what happened on the financial crisis? my old firm goldman sachs, the day after i think when hank paulson, secretary treasurer went and saw president bush, i think it was two days later became a bank holding company with the stroke of a pen and lines. you bankers know this. they borrow free from the fed at zero interest rates. they make how many tens of billions of dollars a year? did anybody in this room get that bailout? any community bank get a bailout? was the sba recapitalized because of that? did private equity or venture capital come into your community?

absolutely not. the solution to the financial crisis, what was the solution? not just the bailouts. the bailouts is the thing on the top. it was the liquidity infusion by the central banks. they were going to inflate their way out of here by inflating assets. so, if you own real estate or if you own stocks, it's been the greatest run you've ever had. and you know who predicted that? a guy named donald trump. what was it, like 2011? trump says if you own real estate now, you're going to go on a great run. he saw what was happening. but if you're a worker with a high school education and real dollars, you know you haven't had a raise since 1972. all the elites and the media all day long, they say why are these people so angry, why is bannon angry? if you're not angry, you don't have a brain, right? [ laughter ] >> this system is rigged. and it's rigged because if you're out of the room, you're out of the deal. right?

how did wall street get bailed out? by the way, president obama, he had like three commissions, and i'm not faulting president obama with this. president obama had three separate commissions. they all came back with who should be held liable, who should be held accountable. the justice department, i don't think there is one guy at a bank, i don't think there's been one share of stock, there hasn't been one penny of bonus, there hasn't been one guy in jail. how did that happen? i tell you how it happened. because they don't think you have any power. right? the guys that had power got bailed out. now, think about it for a second. just do the math i just talked about. you've had the rise of china, particularly since the late 1990s, early 2000 when democrat and republicans, the clintons and the bushes told us, if you give them most favored nation treatment, if you let them into wto, if you let them get into the entire rules-based post-war international order that the united states underwrites, everything would be fine.

well, guess what? that's not a small mistake. that's a massive mistake, right? they had no intention of doing that. if you read all the papers of president xi and all the guys around him, they had no intention of doing that. they have their own set of rules. where they have an absolute closed economy, where the united states has a totally open economy. where they have forced technology transfer. if you have just do the math, the 3.5 trillion in forced technology transfers toppled -- coupled with $5.6 trillion for fighting the war on terror -- by the way, that's not our entire defense budget. that's what, $10 trillion. what would this country look like if $10 trillion was reinvested in this country? what would it look like if you guys had a piece of that? what happens if black, hispanic entrepreneurs had half a trillion dollar to invest? this would be a totally different country. right? so, how did it happen? here's how it happened.

the elites in this country have made out like bandits. stock market all-time high. president trump says you have 401(k), he's absolutely correct. the stock market rise under prip has been fantastic. workers have benefited from it. that's not the point. the point is that the elites are quite comfortable, this is both -- regardless of political party. to me, political parties don't matter any more. everything you see on cable tv, our good friends at msnbc, and cnn and fox, everything you see in the foreground is pro wrestling, okay. it doesn't matter. it's just noise. it's just noise. the real action is what takes place behind the curtain. why are seven of the nine rich est counties in this country around washington, d.c.? why for the first time since the very many of the silicon chip that washington, d.c. has a higher per capita income than

silicon valley? and silicon valley is the greatest creator of wealth in mankind's history. it's because that's not the $4 trillion federal budget you have. it's all the off balance sheet, cash they got to play with, too. remember, we have $20 trillion face amount of debt. that's tiny. the contingent liabilities depending on what your a smk assumptions are, 3 trillion to $200 trillion. the global stock market the other day i think on friday, they reached the total aggregate amount of value in the global stock markets reached i think $100 trillion. was i correct i saw $100 trillion? how much of that has gone to the middle class of this country? how much has gone to the working class in this country? here's the scam and here's what economic -- remember, economic nationalism does not care about your color, your race, your ethnicity. it doesn't care about your religion. it doesn't care about your gender. it doesn't care about your sexual preference.

that's all irrelevant. you know what it cares about? only one thing. you're a citizen of the united states of america. [ applause ] >> remember, illegal immigration and the trade deals are two sides of the same coin. it's to suppress the wages of workers, right? the terrible trade deals are to have unfair competition among our workers, right? that's what it is, the whole thing is because it's made cheap over there. you don't need to tell the people in ohio. they know where the jobs went. the jobs went to asia. this wasn't the second law of thermo dynamics. there is no law of physics that said that had to happen. that is human agency, made that decision. it was going to happen and it went. you know, j.d. vance wrote this book called hill billy, white

working class in the upper states. j.d. pointed out to me the study done at m.i.t. and harvard that talked about the opioid crisis. there is a direct correlation, a direct correlation between the factories that left, the jobs that left, the workers left behind, and the opioid addiction crisis. you folks know that. you go out in these communities in the upper midwest. we're losing a civilization. we're losing a civic society that has been built over many generations. that's on our watch. that's why trump won. when i came to the campaign, i think it was mid august, 16 points down, double digits in the battle ground states. all these numbers were horrific. we had a talk. it didn't matter. the underlying numbers, two-thirds, one-third thought the country was on the wrong track. but the most important number, a guy named pat gadell gave me,

75% of the american people thought america was in decline. and here's the fundamental difference. the elites are comfortable with that. they are comfortable by managing our decline. because they're going to make just as much money on the way down as they made on the way up. okay. and they have control. and here's the bet trump made. the working men and women in this country are not comfortable with that. they're not comfortable with the declining america. they're not prepared to seed to china that it's going to be a hedge power. life in this country will be radically different. he's not about to do that. he's not prepared to do that. the campaign was basically run on three simple principles. number one, we're going to stop mass illegal immigration, and limit legal immigration. hea

hears p here's the reason. you can't save the black, hispanic and white working class while you have unlimited illegal immigration. i'm a capitalist. [ applause ] >> i believe in -- i went to harvard business school and worked at goldman sachs. i'm a real capitalist. i believe in supply and demand. what the chamber of commerce and what the capitalists and 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. okay. it's destroying civic society because it's destroying the education system. it's destroying the health care system, but they don't have to pay for it. the workers in this country pay for it. the bad trade deals, the stopping illegal immigration is the same thing. hb 1 visas. why are we so adamant about hb 1 visas? the stem program, we turned the elementary schools over to stem,

science, technology, engineering and math. you know this. your kids can't learn art and history any more. they're always -- every day is getting ready for the test. science, technology, engineering and math. you know why? that's the jobs of the future. there is one big problem with that. where are they in the engineering schools? i went to a state engineering school, right. i went to virginia tech. you go to virginia tech today, i don't want to get the wrong number. two-thirds are asian students. black and hispanic kids can't get in there, and here's what it is. it's not the asian students' fault. but they're paying full freight. and a state kid, black or hispanic, is paying the $15,000. it's the huge -- it's that arbitrage that the universities want. it's a scam. it's a total scam. our kids are -- they're no dumber. they're just a smart. they need the opportunity. thank you don't get in the engineering schools, you can't go to silicon valley. silicon valley says we have to have these hb 1 visas because we

need these einsteins, we need these geniuses. it's interesting. the average pay on the hb 1 visa is $102,000. man, you're paying einstein not a lot of money. it's a scam. what they want is -- they want lower labor cost. they want american kids to have to compete on a global basis with the world. by the way, american kids can compete. but for a job in the united states of america, underwritten by america, american capital and american rule of law and american protection, that job should go to a kid from america. [ applause ] and i realize your operating margin is not going to be as high, but there are other things than return on equity. i'm ape capitalist. but the folks who built this country in the early 19th and 20th century, not everything was net present value. not everything was about return

on investment. they understood we were building a civic society. the reason we won world war ii, it was those people in the 19th and 20th century that built an industrial power house that could defeat the nazis, defeat the fascists, defeat the military in japan. that was built over decades by american labor. and we've forgotten that. this city has forgotten that, wall street forgot it. it's devil catch the hind most. it's the american worker and the american entrepreneur that's gotten stiffed. if you look at president trump's program, just economic nationalism, you won't hear this from the mainstream media. you won't read it in the wall street journal or the financial times in london they're globalists. what i said in the foreground it's all about pro wrestling. it's irrelevant. the big fight in this city is one fight, between the globalists that run it and the nationalists that want to take it back. and with nationalists --

[ applause ] >> it's not eth know nationalism. it's not ethno -- it's crazy. you hear that from the mainstream media and the cranks on the right, the far-right drying to draft off and get free media time. this is about american workers regardless of your race, regardless of your ethnicity. regardless of your religion, regardless of your gender or your sexual preference. american workers have to have some rights, and those rights, they don't have to compete unfairly with the world. that's the revolution we're talking about. that's where "the wall street journal" financial times of london -- i just got from scotland talking to 50 guys over there. they're afraid to death over this. they took me to china, i talked about it over there. they're afraid to death of this. because they realize that when the american working man and american entrepreneurs take over, it's going to be a different deal. and that's president trump -- look at the program he set up already. let's talk about some math. i think it's what, 3.3% growth.

3.3% growth in the latest quarter. the new york fed projects in the fourth quarter this year 3.9% growth. he's got lowest black unemployment in 17 years, i think lowest hispanic unemployment in 11 years, overall lowest employment of 17 years. i realize those numbers, unemployment numbers are not perfect. and we're not talking about all great jobs. but at least the first thing is get people back to work. get labor force participation up. the key stance ts to look at ar wages. look at wages and agricultural and construction particularly at the lowest level are starting to increase. why? you're finally starting to restrict illegal alien labor from competing against american workers. why has this happened? the animal spirits of capitalism have been unleashed. business confidence is, what, at 20-year high, investment is up 10%. overseas investments, economic

nationalism is telling germany and china and japan that tariffs are coming and new trade deals are coming and quotas are coming, and that's why they're investing here. they're not going to do us any favors. by the way, the second part of that, the number one was to stop mass illegal immigration and limit legal immigration. number two is bring jobs back. number three was get us out of these pointless foreign wars that have sucked the lifeblood out of us. [ applause ] >> on the $5.6 trillion. on the jobs, you're not going to wave a magic wand and the jobs are going to come back. theerz n they're not going to come back easily. you saw that in the trip to china. it's going to take tough trade negotiations and tough enforcement. 301 is to enforce trade laws so china cannot demand our technology for access to the market. i think maybe the single most important thing he's done in this administration, it's done

tremendous things. but if you look at his plan -- and this is before the tax cut. 3.3 to 3.9% before the tax cut. now, is the tax cut perfect? no, okay, it's just not. you know, paul ryan had this theory of border adjustable taxes and export credits and really flipping corporate finance on a set of the last 50 years and make -- take the advantage away from leverage, give it to equity, let you -- 100% writeoff, capital investment. period zero. that plan went nowhere. i was a big proponent of that plan. i thought it was fantastic, but it would take many years for people to understand it so it went by the wayside. let's be honest. this plan is not so much tax reform. i think it's a pretty significant if not massive tax cut. and it is weighted to the corporations. it's kind of i think the last of the big reagan tax cuts. the theory is that is going to be an accelerant to an economy

that's already starting to see the green sprouts of economic nationalism and it will add to that. that increased profitability -- i don't need to tell entrepreneurs that, will lead to more investment. that reinvest will lead to more jobs. i realize it's not perfect. i don't think it's fundamental tax reform. i think that's coming in the future. but i think president trump at least in the senate and the house are trying to get something done that can be significant. and i believe it sets us up with a growing economy to really look at fundamental tax reform going forward. one of the things i'm most pleased about this, and this is guys like bernie marcus and the job creators network and entrepreneurs like yourself, to fight hard so that the pass through, the taxes for the entrepreneurs start to look at what it is for the global corporations. and i think it's not perfect. it's certainly not perfect, but it's much better than it was. if we can get this passed it will be much better in the future. let me get specific about what i think has to happen and

what i am asking you and trying to enlist you guys to help me because i don't feel all the answers, right? directionally i can see where this has got to go. directionally i see where the american people want it to go. but i think a number of things have to happen. number one, and i think it's like a five-point program. the first is access to capital. we have to get real, real about recapitalizing the community banks. we need the same type of bailout that wall street got to the community banks. [ applause ] and i've told raynord, the last talk i had with black and hispanic entrepreneurs. there are seven charters going through community banks. i told him, i'm committed to work with any group that wants to start up a community bank that will lend into minority communities. i'm prepared to work and hopefully bring, you know,

access to capital to do that. community banks to me are central to this. also, we have to start to incentivize pretex incentivize private equity if we're going to keep carried interest, somehow we have to get -- and this is a process we have to work through to incentivize venture capital, private equity and the hedge funds to invest in minority businesses. one of the things we have to do right away -- by the way, all the regulation that came up after, after the financial crisis, as bad as it was for the big banks, it killed the small entrepreneurs. it literally killed the community banks and killed people trying to lend to black and hispanic entrepreneurs because the paperwork alone -- i think what president trump has done, what i call dee construction of the administrative state. what that is is to try to get to a more entrepreneurial, a more entrepreneurial environment for people just like yourself. and so i think that's absolutely central. i also think the new market tax credit, the things in the

senate, look, it's $5 billion. it's a rounding error. did i just say that we're spending in afghanistan this year your tax money, $50 billion, and we're up there begging for $5 billion 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? by the way, you have to understand something. the reason the financial times and the "wall street journal" hate me and the reason i'm over in scotland and they're spitting on the floor when i'm talking -- [ laughter ] >> no, but here's the scam. it's this fetish they have for the international rules-based post-war liberal order. and that is a series of commercial relationships, trade deals, capital markets, and security agreements. and what it is from western

europe -- we basically underwrite their security -- to the gulf -- we underwrite their security -- to the indian ocean, where we underwrite their security, to the straits of ma lanka, and territories we underwrite their security, to korea and japan and the northwest pacific, which we underwrite their security. every trade deal we're upside down on. and i hear "the wall street journal" and the financial times in london is going to say bannon doesn't know what he's talking about. negative trade deals are fine, that's a growing economy. tell that to the folks in ohio and pennsylvania and wisconsin and michigan that jobs that went overseas. [ applause ] you want to solve the opioid crisis? we have to take on -- you want to solve the opioid crisis? i have a solution for you. let let's bring those jobs back to america and we'll solve it. [ applause ] you want to solve the inner city problem in this country? i have a real solution for you. put capital to work. bring manufacturing jobs back and those cities will go through a renaissance. it's not the people is the

problem. it's the system is the problem. we underwrite -- i was there and some guy that used to run nato stood up and said, mr. bannon, scottish guy, nice guy. he said here's the problem. we've got, in nato, we're your allies and da tada tada, we do this, we have regional responsibilities. you have global responsibilities. i said, ship mate, that's the problem. the e.u. is the size of the united states of america. it has about 350 million people. it's economy is like $15 trillion. but their mind-set is they have their deal. they'll put as minimum as possible. they can field three combat divisions to protect them from the russians they need another 9. of kids in your community. my daughter -- i was a naval officer on the destroyer. you know, half two-thirds of my crew, of the guys in my division, black and hispanic. my daughter is a west point grad and army officer.

[ applause ] she served in iraq with the 101st airborne. she left her last command. she had 15 noncommissioned officers, sergeants that reported to her. two-thirds of them black and hispanic. average combat tour is five or six, okay. that security around the world is your money and your kids. [ applause ] here's the question. here's the question, and they're up there with john mccain and all the democrats and they're giving you a shining city on a hill. fine. but let's have a partners discussion and talk about facts. here's the facts. you underwrite it and your kids put their lives on the line to make sure it stays safe. and you & you've got to bag the rest of these countries and throw a little in for the effort. the time for begging is over. [ applause ] what donald trump has laid out, hey, no more big tpp deals, no more deals like this. we're going to have a bilateral deal with japan, we're going to

have a trade deal with korea that works. all the geniuses on morning, he shouldn't mention this during the korean situation with south korean trade. what's a better time to bring it up? we're $50 billion a year upside down on a deal that is supposed to be the best deal ever. none of it works. and here's why. silicon valley and wall street are making just as much money shipping those jobs over there. you've got to understand something. the managed decline of our country works for the elites. who it doesn't 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's prepared to fight. and not back down. >> yes. >> that's what donald trump came along with. is donald trump perfect? no, he's not perfect. he's the first guy to admit highs not perfect. he's a very imperfect instrument. it's not just the clintons. the other 16 guys who beat in the republican party, he went

after the establishment. that's why he's so hated. [ applause ] he's the first to admit he's a very imperfect instrument. but he's a blunt force instrument that has started to shatter this, at least have a conversation where we can have this. the other parts of this have got to be the infrastructure. what i call infrastructure for success, this $1 trillion infrastructure plan that we're going to need your input on and your voice in is to come, i think that will be the big fight in '18. trust me, if you're not in the room for that one, you're not going to be in the deal for that one. that could be an infrastructure bill that transforms this country. and it's going to be hotly contested. and part of this foundation i'm setting up is to make sure that we have the best thinking from black and hispanic entrepreneurs, to make sure your voice is going to be heard because if it's not heard, you're going to be dialed out.

the other parts of the infrastructure for success. infrastructure for success is just as important. the intellectual structure for success. my grandfather, smartest guy i ever met, went to the third grade. my dad graduated from high school. not even sure if my mom graduated. i think she did. it doesn't matter. they could get a trade. they could learn a trade. you know, we lack trades men today. it's the technical schools. that's what president trump is doing such a job trying to recapitalize those, and to understand you don't need a college education to have a great career and a rewarding career and a job that can actually support a family so your wife doesn't have to work two other jobs to support the family. [ applause ] and the last is this continuation of deconstruction. remember i'm a populist and he

can neconomic nationalist. decisions have to be pushed down to the people. this globalization thing was made by the jean yugses in london and new york and shanghai and davos. how did that workout for the bank of new yorking m working men and women? the reason is the elites took care of themselves. now, everybody says bannon, why are you worried about globalization bringing jobs back? you're not thinking about technology, 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're nationalists. they think about china first, right? and devil take the hind most. you want to come to china, you play by their rules, you don't play by their rules. that's what we have to start doing. you come to the united states, you're going to play by rules that work for citizens of this

country. [ applause ] it's going to work for workers in this country and companies, but it's got to work for the workers in this country. and what we've had is decade after decade. let's talk about technology before i wrap up. in your lifetime, we're going to have the convergence of the silicon chip, convergence of robotics, the convergence of artificial intelligence and technology. the decision mankind is going to have to make in the next 10, 15, 20 years are going to be some of the most important fundamental decisions that man has ever made. it's not me saying this. this is, you know, elon musk and all the geniuses in silicon valley. you hear it every day. if you read the journals and you see what's coming, you see the developments are coming, you see the convergence going to take place. i have one question for you. are you comfortable seeding those decisions to the

scientific technocratic managerial elite that have run this world for this thing called globalization? are you comfortable with that? are you comfortable turning over your children and your grandchildren's fate on the same people, in the same institutions that made the decisions in globalization? well, i'm not, and i'll tell you another thing. the working men and women in this country are not either and here's why. they do not believe in the decline of this country. they believe that the best days of this country are ahead of it. as soon as their voice is heard, as soon as they're in the room. and i'm committed to you and this foundation and everything else i do, there is nothing else more important in my life and there is nothing else more important in american life. i want to thank you for having me and i'll now take some questions. [ applause ]

>> i can take some questions. yes, sir, you right there. >> hi, my name is robert from chicago. one of the things that i wish you would address are the fake minority business programs that 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, no, the truth is nobody does business with black people. so, just try this experiment once. try to name two black famous entrepreneurs that don't have anything to do with entertainment. you can't name them. we don't participate in

technology. we don't participate in finance. the places have created wealth which means we don't have the opportunity to develop our communities like other people have. at the end of the day, you can have access to capital, but without access to customers, you're not going to have anything, and that's where we are today. i wish you guys would look more at that and the president would go after these fake minority passthrough deals these companies do where black people get nothing and they talk about minorities a lot, which everybody is a minority except a straight white nonveteran male. we need to do something about black people getting business so that we don't have to beg for things and we can take care of our own people. >> so you just signed up for a task force from me. seriously. i'll be honest, i don't know enough about the issues. that's why we have to learn and work together. i'll say one thing. my parents' home is in the north side of richmond. we've lived there almost 70

years. when the white flight took to the suburbs we stayed behind. it's predominantly the north side of richmond is black working class, middle class neighborhood. but i'll tell you one thing. wuk you can go around my neighborhood and never see a starbucks. you never see a block buster, you never see any of the national franchises, right? it's quite evident that they've made some sort of demographic or economic analysis and they don't go there and that's wrong. i do disagree with you on one thing. i think there is enough entrepreneurial spirit, enough savvy and enough just grit and determination that if we take care of two things, number one, is making sure in these stem programs we start to get young black and hispanic kids into engineering schools and then jobs in silicon valley so that the expertise and the technology expertise will buildup, coupled with access to capital. and we're moniacal about that. we're going to have a lot of failures. remember, most entrepreneurs fail. like six out of ten fail, i

think it's one out of ten. if we get capital and get the expertise, i think the customers will come. by the way, look, one of the things we're trying to do is set up set a task force to help talk to the president and other people on capitol hill of the administration what is needed. >> thank you, so much, mr. bannon. my name is george ferrell. i'm with a group called black pack, we do blacks for trump. you've seen our famous guy behind trump. we endorsed donald trump almost before any other group called black pack. i want to thank you for your strategy and movement and having the bravery to come out here, maybe not bravery but passion to come out here and address that. you're right. we need access to capital and need more black companies go public like the museum in baltimore. the question is -- >> i don't know, he's on a roll.

i conned of likind of like this. >> donald trump has not hired enough blacks in positions we need him to be in. that's one of the weaknesses we have. can you open the door to get him to put more blacks and hispanics into positions? for people who put our names on the line, it kicks back at us so we can't say we made a difference with the president. >> it's inexcusable. no excuse for it. you can't defend it. here's why. it didn't take any courage for me to come up here today. you know why? if we don't help the situation with black and hispanic entrepreneurs that will be the vanguard we're not going to turn this country around, we're not going to do it. you understand the responsibility you have on your shoulders, right? it's not going to happen. we will have two things in this country. we will have either a prosperous free america that takes its

place with america first, where it's in this vital national security interest. we're not saying come home. we're not isolationists. we want to be engaged in the world on america's terms what's in the vital national security interest of the united states will be in the vital national security interests of our allies. not protectora test s. you are vital, what i said on the campaign. >> yes. >> i said, let's go to mexico and see the president and go to flint, michigan. she's not going to flint, michigan. she's not going there. we have to solve these problems. if we don't have access to technology, jocks by blabs by b hispanic kids, if we don't stop

the unfair competition, if we don't get capital to black and hispanic entrepreneurs, we don't do those three things we won't sort this country out. you see where the cultural marxist on the left has us going. we will have a revolution in 10 or 15 years. no doubt about that. we either get this sorted now and get it sorted with you folks or we won't get it sorted. by the way, it's totally inexcusable. i hope and i think there's action being taken place to solve that. but a big part of what i'm trying to do in this foundation is make sure you guys have a voice so we can hammer that everyday. [ applause ] >> i have time for two more questions. >> you mentioned the development funds that will be coming online and ryan is part of the team

putting together those development funds around seven cities across the u.s. we'll definitely be following up with you on that. i just wanted to bring that up and say i'm working on that as well. oh. sorry. thank you. i was actually on the trump campaign as well. thank you for all you've done and helped out. >> thanks. by the way, the development bank situation in rainer, i want to talk to you about it. anything i can do -- people will tell you, i'm a tireless worker, right? sometimes i get a little heated. by the way, if you didn't get heated, you guys see it, if it didn't drive a rational man crazy then you're not rational. yes, sir. we have time for one more question. i'm really -- the reason i have to get on a plane to alabama for judge moore. >> i have another question for you. >> by the way, that's -- go ahead, sir. >> i fully support your american identity because i'm from

harvard, kennedy school. from my research i find, researching china and research china and the u.s., the question is we found in like harvard, 90% of liberal people vote for hillary, student lost identity for next generation, that's a key problem for americans. i wonder, do you have any plan to help our next generation people, all to understand and safe guard our identity and keep america first? >> this is a question about our education system and where it's gone teaching patriotism and everything like that. that is a problem we have to sort out and we have to fight for that. >> yes. >> here's the way i think we get it going. we show those american kids that we're prepared to fight for their jobs, we're prepared to tight for their future, we're not going to let unlimited competition from around the world take their birthright. >> yes.

>> remember, think about all the folks that came before you, think about two, three, four generations before you, all the hard work and grit and determination it took to get here, right? remember in burkes the rtheoreme as much to the past as future. hopefully it will come. let's show these kids we're prepared to fight for their jobs and we're not going to let the world come and destroy their economic future. let's run it economically like china runs it, right? let's become -- i know protectionism, it's called the p-word, right, not supposed to use it. all i want to do is make sure that manufacturing jobs, not service jobs, manufacturing jobs come back to this country. there's no magic wand that we're going to wave and it's going to be okay.

>> one last question. yes, sir. >> mr. bannon, i'm a former 33 year economic development professional. i was a skeptic until i heard your comments this afternoon. so thank you for that. >> thank you for coming. >> i have put together a strategy that would help black and hispanic entrepreneurs actually be able to use capital they already have and invest it in their business to leverage other capital and grow their companies. how can people like me work with you? >> to everybody in the audience we will set up task force, people that know me will tell you, i'm not a guy that will have a task force for some committee just to have a paper. we're in this to get action. one thing i pride myself, i get results, right? i want to work with you, that's why i came today, i want to meet you guys and we will work together. i want to say one more thing before i go, judge moore and alabama. i'm a street fighter and i'm proud to be a street fighter.

this country needs somebody to fight for it and people in this country, workers in this country need somebody to fight for them. i fought for trump and i fought for judge moore. i don't know what the outcome will be. i tell you one thing we backed off the republican establishment that was prepared to toss this seat to the democrats. you know why? they would rather play their games in washington, d.c. than let the people of alabama have a decision, okay? whatever the outcome is, 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 cabinet. this thing of the establishment putting a knife in for everybody that wants to fight for a nationalist agenda is wrong and has to end. what i'm committed to you today is one thing. i'm prepared to put my shoulder to the wheel for you guys. people will tell you if you're in a foxhole, bannon is not a bad guy to have with you.

thank you. [ applause ] >> okay, give him another round of applause. no, no, come, come. he's got to go. hold on. stay tight, hang tight. hold on. tomorrow on capitol hill, the senate judiciary committee examines the regulations regarding firemen sales and background checks. scheduled to testify officials from the ati, atf and air force here on c-span3. the afternoon the house rules committee meets together to consider a short term spending measure as well as other

legislative proposals also live beginning at 3:00 p.m. eastern. >> by the time i came back to the district or shortly there after both of my uncles were sent to prison, they were convicted, one, sexual assault and the other, armed robbery. for the part of my childhood i can remember, it was my mother, her two sisters, my grandmother and my cousins in the house on 13th street. >> sunday night on c-span's q&a, tiffany wright, senior associate at the law office of will mer hale talks about growing up in washington, d.c. and her time as a clerk for supreme court justice sonya societomayor. >> i think the pool for justices is really small. if you were a viable candidate you went to a really great school and you have impressive people willing to speak up for you in the form of recommendation letters. you clerked for one of a very

small number of judges that routinely feed clerks to the court. for a person of color, particularly african-american or latino to get into that pool, there's so many obstacles to that it becomes a real problem. i think it hurts because the perspective of diverse law clerks is so important. every one of my clerkships, there was a case where i felt like i saw something, because of my life experience, that someone else didn't see. >> q&a, sunday night 8:00 eastern on c-span. next, former hillary clinton presidential campaign chair, john podesta, talks about what he thought happened in the 2016 election. this event hosted by duke university, is about an hour and 15 minutes. >> you came to hear my friend, john podesta, who for decades now, h