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 a