Numbers Don't Lie - July 28th, Hour 2

Newt Gingrich, author of Defeating Big Government Socialism, joins to discuss the terrible economic reports out today and what that means for the country. The numbers don't look good.

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Episode Transcript

Speaker 1 (00:00):
And if you want a little come along. If the
technical definition is two quarters of contraction, you're saying that's
not a recession. That's not the take. No, that's not
the technical definition. In terms of the technical definition, it's
not a recession. The technical definition considers a much broader
spectrum of data points. What is exactly the way houses

(00:20):
definition of a recession? Again, we don't We don't define
I'm not going to define it from here. I don't
think we're going to God, don't think we're recession. Freedom
is back in style. Welcome to the revolution. Yeah, where
I'm coming to. You'll sent to saying you a conscious

(00:44):
Sean Show behind the scenes information on breaking news and
more bold inspired solutions for America. This is a special
ada the Sean Hannity Show America Trap Behind Enemy Lines,

(01:08):
Day number three forty eight. At our two Sean Hannity's show,
Toll Free. It's eight hundred and nine one Sean. You
want to be a part of the program. Two big
stories were following today. One just totally completely embarrassing and
humiliating for the country. In the readout of the call
that Joe Biden had with President Sheia China. Those who

(01:31):
play with fire will only get burnt. Chinese State media
quoting she telling Biden. We hope the US side can
see this clearly, and they've been saber rattling in light
of the fact that Nancy Pelosi. They're very angry that
she's going to visit our ally that would be Taiwan now,
when they tried to push back when former Secretary of

(01:54):
State Mike Pompeio was going there, he said, too bad,
I'm going he went. I inter viewed him while he
was there. Then, of course, the economic disaster that we
now have been talking a lot about. We are now
officially in the middle of a recession, and in spite
of the administration trying to change the very definition of

(02:16):
a recession, as GDP growth contracted again this second quarter
like it did in the first quarter, and but they're
still trying to say that it's it's not a recession, right,
and certainly in terms of the technical definition, it's not
a recession. The technical definition considers a much broader spectrum
of data points. You're splitting hairs. I mean, if the

(02:37):
technical definition is two quarters of contraction, you're saying that's
not a recession. Take it's not the technical definition. So
two consecutive quarters a negative growth suggests obviously momentum in
a certain direction. But is that the definition of a recession?
Because the White Houses is playing along that line, it's
more so a rule of thumb, it is not the

(02:59):
technical definition. So Biden citing the unemployment number and comparing
investing money is proof we're not in a recession. Doesn't
sound like a recession to me. Excuse me, it's a recession. Listen.
We have a record job market, a record unemployment of
three point six percent today, we've created nine million new

(03:21):
jobs so far. Just has to become president. Business are
investing in America at record race. That doesn't sound like
a recession to me. The problem with what he just
said there is we have not gotten all the jobs back,
pre pandemic jobs that we've had. And number two, we
are in a recession and they're just the outright lying
to us. And I said this yesterday. My kids. They

(03:44):
might do something wrong when they were young, and I
might get annoyed by it, but then you know, they'd
have a cookie all over their face and I'd say, well,
I told you I had to eat the cookies. I
didn't eat the cookies. They getting a lot more trouble
for lying. I used to tell them, stop insulting my intelligence,
and you're not good at it, so stop trying. Um.
This is what New Game Wage's book is all about.

(04:05):
We've been We're going to be doing a series of
very specific issue oriented strategy sessions right here on this
program on how Republicans win, how do they win in
the Senate and these very in these bellweather states, how
do they take over the House? Are the what are
the issues that will matter most to you the American people?

(04:26):
And it's all part of his new book, Defeating Big
Government Socialism. Really timely. If you're in Woodstock by the way,
on Friday, he's going to be signing books at Foxtail
Bookshop in Woodstock. I know the area. Well, mister speaker,
welcome back to the program. That's great to be I
couldn't help but smile. Given your years in Atlanta, you

(04:48):
know virtually every part of Atlanta. Well, and folks at
Foxtail are delighted to get that shout out from you
because you're sort of a local son. Well, I was
sort of like the local adopt did Sun And unfortunately
I worry more about Georgia than I havent passed years
in terms of electorally. Let me first get your reaction

(05:09):
to President Chief, then we'll go to the economic numbers
that we got today. We knew that this was going
to happen. They're trying to redefine recession. But this saber
rattling of China is real. I mean, you have high
ranking officials saying they're going to reunify with Taiwan very soon.
That means they're going to take over our sovereign nation
that we have an alliance with. Well, look, I mean

(05:32):
the goal has been ever since nineteen forty nine to
have the Chinese communist and recapture what used to be
called Foremost in now Taiwan. And we had a deliberate
strategic ambiguity to say face where basically we said, you
cannot attack the island and at the same time, we're

(05:54):
not going to recognize them as a free and independent country,
but you have to let them alone. And in that framework,
Taiwan became twenty fourth million people, with free elections, free
news media. They produced about sixty five percent the advanced
ship manufacturing in the entire world. And you know, the

(06:17):
really an important player at the same time, I think
a lot of us. I count me in this manage,
you know. Claire Christiansen and I wrote a book on
Trump versus China and looked at ge in some great detail.
I think all of us thought back in the nineties
when I became the highest ranking American ever to visit Taiwan,

(06:39):
we thought that if the Chinese Communists could take over
Hong Kong and let it alone. They were talking at
the time about two systems in one country. We thought
that would be a satanal that they could at least
have a conversation with Taiwan. And of course, as a
tu teritary and dictatorship, the Chinese Communists couldn't help themselves.

(07:01):
So they crushed a freedom in Hong Kong, They crushed
free enterprise. They guarantee that nobody in Taiwan wants to
voluntarily become part of that kind of dictatorship. And that
was I think a huge change in the whole environment
in which we're operating now. I believe, and I want

(07:21):
to say this absolutely unequivocally. Once it became public that
Speaker Pelosi was going to go to Taiwan, she could
not back down. And whatever the American government has been saying,
or the Defense Development has been saying, there's just nonsense.
I mean, you cannot embolden Jijianping, the secretary generally Climnist Party,

(07:44):
by letting him think that he can bully us and
bluff us. And I think that, you know, they have
to go through with this. I personally believe that there
will be some effort by the Chinese Communists to make noise,
but I don't think they're in fact going to do
anything that matters. We were faced with the same problem

(08:06):
in ninety seven when I went because I was scheduled
to give speeches in Beijing and Shanghai, and when they
learned that I was going to go to Taiwan, they
went crazy. And finally Gardner Peckham, who was my National
security advisor, said to him, I actually heard him when
the phone say, look, the Chinese dictatorship does not tell
the American Speaker of the House what his travel plans are.

(08:28):
And he said, if you are sufficiently upset about NUT
going to Taiwan, we have an easy solution. We'll skip China,
We'll does go to Taiwan. Well, at that point, they said,
he said, well, Pop well, now we're not happy, but
we do want you to come and give these speeches
and so forth and so on. And the only concession
they asked for was that I had to go to

(08:49):
Taiwan through Japan. I couldn't fly direct from Beijing to Taipei.
But that's all. Well, I think we're in the same thing.
They would like to run a bluff, they would like
to bluster and be noisy, and they would like to
see a government as we can to buy the administration
back down, but that would be a catastrophe. If you
allow the Chinese communists to think they can bully you,

(09:12):
you are just going to embolden them. You see. Now
there's no option for Nancy Pelosi. She announced the trip
and then the Biden administration tried to pull her back.
But if she doesn't go, now, you're exactly right, it
will embolden the communist Chinese even further. I did a
report last night on television, and others are starting now
to cover it as well, and we've been doing other

(09:32):
reports on this is the massive land purchasing that's going
on by the Communist Chinese. They're buying farms, they're buying ranches,
they're buying, many of them in close proximity to military installations,
very key ones, and we're allowing that to happen. Why
would we ever allow them to buy land in our country? Well,

(09:53):
because I think we have not yet come to grips
with the fact that they are mortal competitor, that they
have a long range plan to defeat us, and that
we've got to get to be as tough and as
smart as they are. There are bills being introduced that
would force the sale of that land and would block
the Chinese Communists from buying land in the US. And

(10:14):
some of that land, as you know, is very close
to American military installations, including our ICBM basis in the
Upper Midwest. So I mean, it is crazy to allow
them to do that. And I think you're going to
see the Congress, certainly. I think when Kevin McCarthy becomes speaker,
you're going to see a bill come through that will

(10:36):
eliminate the ability of the Chinese Communists to buy land
in the US. Quick break more with new King Rich
who's with us his new book By the Way, Amazon
dot com, Hannity dot com, bookstores everywhere, defeating big government
socialism all right, One way to save money is talk
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to get out of the media spin row. Well, you've
come to the right place, all right. More with new

(12:06):
King Rich's book Defeating big Government Socialism. By the way,
if you're in Woodstock in Georgia this Friday, four o'clock,
he will be doing a book signing at Fox Tail
Bookshop in Woodstock. Let me go to the issue of
the economy now for the better part of a week
in anticipation of well, consumer confidence numbers, seventy five base

(12:27):
full basis points of an interest rate hike by the
Fed yesterday. That's the second month in a row that
we've had such a large increase, the first time since
Volker did it in the early eighties. Add to that,
record high inflation, record high gas prices. We're paying still
double what we were paying under Donald Trump, and that's
including the dropping price due to the band aid solution

(12:50):
of releasing the strategic petroleum reserves, by the way, some
of which they gave to China, which is unbelievable to me.
And they're talking about lifting tariffs to China. So I
guess my question to you is now that we are
in a recession. Every definition of every economist I've ever
known as two consecutive quarters of negative growth that equals
a recession. We got the numbers today. We are officially

(13:12):
in a recession, but they're denying it. The fact that
they cite unemployment numbers that are somewhat irrelevant because we
still haven't gotten back to the employment level a pre pandemic,
so it seems like it's a meaningless number to me.
Fuck this is This is a Biden administration which told
us that they withdraw from Afghanistan was a great success,

(13:32):
that everything went perfectly. This is a Biden administration which
sells us that the southern borders under control. This is
a Biden administration which wants us to believe that we
don't have skyrocketing murder rates, you know. And the great
problem I have, of course, is they can say that
we don't have any inflation, but everybody who's listening to
them as going to the gas station and filling up

(13:52):
their car and thinking this is crazy, or they're going
to the grocery store and realizing they can't buy the
food they used to buy because they can't afford it.
So they have this problem that the American people who
live in the real world increasingly understand these people are
just liars. They're just you know, they're out of touch
with reality. You could be generous and say they're not lying,
they're just out of touch with reality and they're crazy,

(14:15):
but I think it's more accurate today. They're methodically trying
to lie this is a recession. We'll see if the
continued infest rates make it a deeper recession. And frankly,
this brand new and here's a another good example of
how they lie. They have a brand new bill that
they agreed to, which I think was a total betrayal

(14:35):
of Mitch McConnell and the Republicans who had agreed to
help them pass the bill on rebuilding our ship making
infrastructure with the understanding that they were not going to
bring up a tax increase, and literally within hours they
had hoodwinked the center Republicans. They're now proposing a tax

(14:55):
increase with mansion support support and they're calling it the
anti inflation bill. That's this plane a lie. I mean,
if you raise taxes on businesses, they're gonna raise what
they charge the customer. If you have the other increases
that are in that bill, you're going to put more
money into the economy. This is a pro inflation, anti

(15:16):
jobs proposal, and they can't describe it honestly because the
country would think they were crazy. You know, I can't
say it any better. All right, now, the last question
and we only have about ninety seconds, and that is
translate all of this, all of this failure. I can't
name a single policy that is successful. And what does
it mean for twenty twenty two in the midterms, especially

(15:39):
in the Senate because Georgia is a tough state now
for Republicans to win North Carolina we got fifty million
dollars strolled at Ron and Johnson. Look, I don't agree.
I think I think what's going to happen is people
are going to look at their wallet, They're going to
look at the gas pump, they're gonna look at the
grocery store, they're gonna look at the murder rate. They're
gonna walk in and they're going to say, I don't

(16:00):
want any more of this. And I think, for example,
when you realize that that Fetterman, the Democrat in Pennsylvania,
took down the American flag to put up the marijuana flag,
how much more proof to need disguise Nutson as a radical?
When you realize that that Warnock in Georgia voted for
every single thing Biden wanted, and I think that all

(16:20):
herschel Walker has to do. I said this to every
Republican candidate. The bigger the election, the more likely you
are to win. The smaller the election, the more likely
you are to have trouble. And I think you know,
if it's the Warnock Biden ticket that's just killing you
at the gas pump, and the Warnock Biden ticket that's
allowing murderers back on the street, etc. Then we're gonna

(16:43):
win almost everywhere I've been through a couple of these.
Nineteen eighty we'd picked up twelve Senate seats, won control
of the the Senate for the first time since fifty four.
As you remember because you were there nineteen ninety four,
we picked up fifty three House seats. We beat people
nobody thought we debat and I think in a similar cycle,
moving in a direction. Despite every effort of left wing

(17:05):
posters to pretend that it's not true, I think the
underlying tide is huge. Will you please make sure that
every single person running for office this year read your book.
It's called Defeating Big Government Socialism. If they would just
follow your mantra, that you just laid out, they'll win.
I agree, but not everybody's following it. And as simple

(17:26):
as it is, they need to listen. It's called defeating
big government socialism. Don't forget. He's gonna new will be
doing a book signing this Friday, four pm. Boxtail Bookshop
is in Woodstock, Georgia. If you're anywhere near the area
or you're on a drive to go see him anyway,
mister speaker, we appreciate you being with us. We will
go with us often throughout the campaign, and thanks for

(17:48):
being on board. Good take care, quick break right back
your calls on the other side. Straight ahead. He gives
you the latest breaking news when he hits the air.
This is the Sean Hannity Show, all right, twenty five

(18:08):
nouns to the top of the hour. A lot of
news breaking today. You know, this denial that the Biden
administration's living is unreal. This readout with the conversation with
President she basically threatening Joe Biden, and we're taking that
from him. Donald Trump wouldn't have taken that from President
I promise you. Unbelievable. I know about conversations because I

(18:31):
had high level sources that told me what those conversations
were like, not very different from the conversation he had
with the Taliban, which is why the Taliban didn't move
an inch or kill a single American for eighteen months,
the last eighteen months Trump was president. It's unbelievable. And
then you know, being told over and over again today
and this has got to be confusing for many people. Oh,

(18:52):
this is not a recessions. It is the very definition
of a recession. Two quarters of two consecutive quarters of
negative economic growth, that is a recession. And for them
to just lie to you about it is it's unbelievable.
You know, I went through this list earlier. Yeah, I
never had any business dealings with my zero experience on Hunter.

(19:12):
We never one time ever talked about his foreign business dealings. Well, sorry,
we now know that Biden met with at least fourteen
and there are pictures of some of them, of Hunter
Biden's business associates while he was vice president in the
Obama White House, which means he lied repeatedly. We also
know a smoking gunn email proves that Tony Bob a

(19:35):
Lynsky was dead on accurate when he said that the
big guy was Joe Biden, and he sat in meetings
with Joe and Hunter talking about barn business dealings. In
other words, he'd be a real whistleblower if anybody in
government ever cared to go after a Democrat. It's pretty unbelievable,
one of Hunter's former business partners, referring to Joe as
the big guy in a panic message. The same day

(19:58):
the Post broke the story of the laptop from Hell
left behind by the President's son. The message, James Gillier,
a former British Special Forces officer who ties to the
UK Intelligence Services, reassured an unidentified person that the revelations
about Biden's a parent involvement in his son's foreign deals
would not be damaging regardless of the outcome of the

(20:20):
twenty twenty presidential election. Unbelievable, although that would be called evidence.
But of course they deny that. They deny. I've never
talked Mayorchas last week saying oh no, no, the borders secure,
that it's not secure, it's anything but secure. Will never
impose a vaccine mandate. They imposed it. You know, the
Taliban isn't killing people in Afghanistan. They were withdrawals. A success,

(20:44):
A success, A disaster, you know, Denying that they're limiting
oil production, that the outright lie about it, Denying that
there's a supply chain crisis, claiming they averted it when
it's still going on today. Denying inflation it's only transitory.
Think we've hit our peak December of this past December,
Joe Biden said about inflation not transitory, and it wasn't over,

(21:06):
didn't peak in December, denying that, you know, everyone predicted
a winner's surge of COVID. They didn't even have tests available,
never mind monoclonal antibodies enough for everybody that needed him.
Denied the Russian invasion of Ukraine was imminent. No one
knows what Putin's going to do. He was, he was
building up his forces forever it was obvious what was
going to happen, you know, embarrassing us repeatedly on the

(21:29):
world stage, denying that he was ever alerted about the
baby formula shortage when we have evidence. He was denying
the mass of spending caused inflation, and now denying we're
in a recession. He's in a state of denial. I
don't even think he knows that today happens to be Thursday,
that's my opinion. All right, let's go do what Mario
is in New Jersey. Mario, what's going on, sir? How

(21:50):
are you glad you called? Hey? Hey, good? How are
you showing? I'm a big good send. Listen to your
show all the time, you know, looking at this recession number,
I mean, that's my business. That's what I do. And
it's that it really is sad that they're promoting this
as a non issue. Now. You know, the definition of recession,

(22:12):
pure and simple, is a contraction of two consecutive quarters.
It's a slowdown in industrial production in the country. But
this has been brought on Sean from years and years
of unintended consequences. For the first part, let's talk about
the federal policy of the Federal Reserve of quantitative easing.

(22:36):
You know that started at the end of the last
great recession we had and the FED. For the listeners,
quantitative easing was the FED going out and buying agency
bonds and basically supporting you know, low interest rates in
the economy. So you had low mortgage rates, low car rates,
and when you look at GDP, that's all tied housing starts,

(22:59):
all those inventories and capital spending well the way, and
I think you'd agree with me that housing is about
to get crushed. Next we're beginning to see the early
signs of it. Well, it's a bubble without a doubt.
I mean when you have I mean thirty year interest
rates on mortgages. Just a year ago, we're below three percent.
So what it did is it cheapened the value of

(23:21):
the currency, you know, when you have low interest rates.
That's the first problem. The second problem is all the
stimulus that the government's done. I mean, Sean, when you
look at M two money supplies, going back pre pandemic,
it was at a fourteen trillion dollar level, and that's
the highest that's ever been since the Great Recession. So
they pumped in stimulus all this time. So now the

(23:45):
you know, the Federal Reserve is looking at you know,
inflation numbers. But what they don't understand is like we're
still sitting at twenty one trillion, where now a twenty
one trillion dollars post pandemic of M two money supplies.
So as you can see, the value of our currency
has cheapened significantly over the years. So now we're at

(24:05):
this we're between a rock and a hard place. Because
you have skyrocket and costs of durable goods. Consumer confidence
is cratering right now. That's why, that's why the administration's
pull numbers are weak. So when you have seven trillion
dollars flushing around the economy, and I really like to
know where that seven trillion dollars went, I mean, you know,

(24:27):
unintended consequences again, the PPP loans, how much of that was?
Really every point you're making is dead on accurate. Here's
the bottom line, though, there are things that they could
do now. I have Biden, I'm sorry, I have Mansion
on tape. I have Obama on tape, all saying you
don't raise taxes during a recession. And guess what, we're
doing the same thing that you know right now. They're

(24:49):
making the same mistake. I can't even believe Mansion went
along with this monstrosity. They're raising taxes. Oh, corporations, as
you know, don't pay taxes. Here's the problem we have
is now the housing market's going to get hit, and
it's going to get hit hard, and new home construction
will stop. It'll come to a screeching halt. Sale of
existing homes will plummet, values will plummet in the process.

(25:12):
And anybody that has that three percent mortgage, thirty year
fixed straight mortgage is never going to give it up
to move to another a bigger home, a different home,
but another neighborhood. So everybody's going to be locked in
from many, many years to come. So I don't see
an easy fix here at all. And the so called
soft landing that they always talk about with a recession,

(25:32):
I don't see any possibility because the one major thing
that they could do that their climate alarmist cultism will
never allow them to do is to go back to
energy independence. They'll never do it. Well, there's a reason
why they won't do that, because it's, like you said,
they have a wing of the party that they're kind
of leaning towards. You know, it is the party, it's

(25:55):
the whole party. You sure, though, if you look at
energy prices as a whole right now, I say sixty
percent of that cost has to do with inflation, because
it's a trickle down as they like to use the
term trickle down economics. Well, when you're paying more for gas,
you're paying more for logistics, you're paying more for energy
that's being consumed by the by the by thesent of

(26:17):
businesses that provide us the vegetables, the fruits and the
meats that we need. So it's all going to be
passed on to the consumer. But the sad part about
an issue on if I could just make this last point.
You know, people like myself, like you, that we were
comfortable in our lifestyles. This recession is recurrently right now
in a mild stage. You know, losing less than one

(26:40):
percent is not big. It's going to stand to be
seen what's going to happen in the future. But you know,
I feel for right now. I feel for those American
peoples that are making fifty thousand dollars a year. They're
struggling to decide whether they put, you know, a decent
meal on the table for their kids or they're eating
cereal for dinner. And that's the part when a guy

(27:01):
that's working hard to support his family is put in
that position, and for the government to come out, the
president to come out and say he hears your paint,
he sits remember sitting and hearing his dad talk. That's
all nonsense at the end of the day, because they're
out of touch. Well, we need we need leadership today
and we're not going to have it. And let me
just conclude this by saying, this killing the poor, it's

(27:24):
killing the middle class, it's killing older people, it's killing people.
I'm fixed incomes. I think everyone gets the picture. Thank
you Mario in New Jersey. Appreciate it. Quick break. More
phone calls coming up, eight hundred and nine four one sean.
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(28:55):
final hour roundup is an act. You do not want
to miss it, and stay two for the final hour
free for all on the Sean Handity Show. I let's
get back to our phones. Eight is a number. Matt
and California. Matt, how are you? How you doing, Sean
good sir? What's going on? Well? Yeah, I'm a contractor

(29:16):
here and I just wanted to give you that perspective
that you know, I think the biggest thing that we
were running up against and I don't hear it being
talked about by politicians, and if Trump gets an nomination,
I hope he starts talking about it is we don't
have enough skilled workers to accommodate all the positions we

(29:36):
need to fill. And then you when you start looking at, okay,
the available workers that we do have, are they strong
enough physically, of age, mentally you know, proficient, and are
they not do they not have a problem with drugs
or alcohol? When you start eliminating all those factors, you're
left with very few people that are qualified to show

(29:57):
up to work, that are responsible, honorable, do what they're told,
can take directions, that are going to do all these jobs. Well, look,
let me tell you something that you're probably not gonna
like to hear, but I'll just tell you the truth
because that's my job. Is this probably isn't going to
be as big a problem in the in the very
near future because look, I have so many friends in

(30:19):
the construction business. Um, they're gonna be you know, with
They're gonna be exceptions. There's Florida is going to do
fair much better than New York and California. Um so
will Tennessee, Souill the Carolina, Soeld Texas. But then Sowell,
Alabama and states like that, others are not going to
fare as well. And what you're gonna because all these

(30:40):
other states are having a mass migration to their states.
But for all the people that couldn't get a contractor,
their contractor is going to be readily available in short
order because new home construction is going to end, and
corporations aren't going to spend money on construction either, and
and sale of pre existing homes is going to end.
So there's going to be They're going to get what

(31:02):
Laurence Summers says they need, which is a very high
unemployment number to to cool down the inflation issue in
the country, but they're still missing the boat when it
comes to energy. You get the last yeah that I mean,
you're still going to have people that need, you know,
termite work and repair work.