The Dan Bongino Show - Ep. 618 This Will Haunt the Democrats in 2018

Episode Date: December 22, 2017

The truth about “trickle down” economics and why democrats love to lie about it. Did you hear the latest fake news story about Trump? Ignore the liberal media propaganda — the biggest tax cuts are going to the middle class. Here’s the evidence. A troubling account of the deep-state war on Trump. Do the Republicans have an advantage on the government spending fight for next year?   Learn more about your ad choices. Visit podcastchoices.com/adchoices

From the kitchen to the laundry room, your home deserves the best. Give it the upgrade it deserves at Best Buy's Ultimate Appliance Event. Save up to $1,000 on two or more major appliances. Shop now, in-store, or online at BestBuy.ca. Exclusions apply. The Dan Bongino Show. Get ready to hear the truth about America with your host, Dan Bongino. All right, welcome to the Dan Bongino Show. Producer Joe, how are you today?

Man, we got a lot of crap to get to, Dan. Joe loves that. He thought that was hysterical how I opened it. He actually emailed me specifically. This is, folks, this guy's nuts. He sends me a cut of my own show where I said, all right, folks, we got a lot of crap to get through today. To tell me how much you like, as if I didn't hear it. I actually said that, Joe. I am the host. It's called the Dan Bongino show. You didn't have to send me the cut.

He sends me the cut. I'm not kidding you, folks. Joe emails me a cut of my own show as if I didn't hear it. He emails it to me like, did you hear this guy? This was so funny. No, I hadn't heard him. It's crazy they found a host named dan bongino to host the dan bongino show dude yeah he loved that we got a lot of but we do have a lot of crap the reason this came up by the way is before the show as always joe and i are always bantering back and

forth and wasting time and joe's like well what are we gonna do today i'm like dude it's the end of the week and i'm telling you I've got 20 things to get to and I don't and I'm in for Levin tonight so please listen to Mark Levin show on the radio marklevinshow.com you can listen I'll cover some stuff if I don't get to it because it's really stacked

one quick thank you we had a record day yesterday yep record day of downloads I mean like blew it out like were we, like 20 or something in the country? Yeah, 25 in the country, politically. Yeah, I mean, out of the what, millions of podcasts? So we blew it out. But one little hiccup, folks, and our apologies.

We did a transfer to a different platform. There's a partnership with Westwood One, Radio Syndicicator and conservative review CRTV now, excuse me. We are iHeart. We will be back there. Don't worry. We missed yesterday. We're going to get that up today. So you can listen to yesterday's show and today. We're also going to be on Spotify. We're already on SoundCloud. Of course, we're on iTunes.

You can listen at Bongino.com. If you are listening on the CR app, though, you're going to have to listen at some point on iHeart, SoundCloud, iTunes, or you can listen up on Gino dot com. I'm pretty sure they're going to stop updating there at some point. Yeah, I think so. Yeah. Yeah. Just FYI for you, folks. All right. Let's get right into it. So really terrific piece today. Let me see. Where do I start by Peggy Noonan? Peggy Noonan is not by any means a big fan of the president. I am. I think he has been, as I said on a Fox hit yesterday morning, deeply consequential and extremely conservative in his first year.

And I think he deserves a heavy round of applause. I'm not suggesting that we idolize any human being, the president included. any human being, the president included. I'm not suggesting either that we don't challenge him if ideological friction happens and he does something we think conflicts with conservative principles. I'm telling you, when you look at the pudding and the proof inside that pudding, this president has been deeply consequential, extremely conservative, and has just blown it out of the park on court appointments, Supreme Court appointments, circuit court appointments, appellate court appointments, Supreme Court appointments, circuit court appointments, appellate court appointments, regulations, now taxes. We've already taken a big step towards getting rid of Obamacare. This guy has been crushing it, okay? If we can get this border wall built, get control of the immigration system, get control over the elimination of Obamacare next

year for a better, more patient-centric system system and push through school choice, we are going to be on the way to the most impactful conservative agenda you have seen in your lifetime. Now, why do I bring this up? Because Peggy Noonan's not a big fan of Trump. She writes a piece in the Wall Street Journal today where she opens up by taking some shots at him. She didn't like the press conference on the South Grounds of the White House. You know, the one Joe Orrin Hatch got up

to speak and Paul Ryan. It was after it had passed out of the House, the tax bill. They did a thing for the press, the dog and pony show on the south grounds. Everybody gets up and speaks and she thinks they spent too much time praising the president. I had no

problem with it at all. I don't know why she does. I'm still kind of confused as to what her point was. It was like, well, they were praising Trump and he liked it. Well, you know, he's the first president to push through major tax reform like this since Reagan. I mean, I don't understand. But whatever. She's entitled to her opinion.

But I lay that groundwork to show you again she's not a Trump acolyte. But she goes into a really important point at the end that um folks i i think is an important one and i i think sometimes me as a conservatarian capitalist gets lost and i'm not lecturing anyone i want to be clear before i say this but the point she makes is this to um business america and I'm talking to real people. I'm not like the Democrats talk about business like corporations, like there's like a Mr.

IBM or a Mr. Apple. Businesses are people. They're just people. They're managers. They're boards. They're shareholders. They're employees and customers. That's all businesses are, are people.

She makes an important point at the end that you're being given right now with this corporate tax cut, a golden opportunity. You're not being given your money back. It's your money. Let's not play leftist verbal games. But you are being given, thankfully, a golden opportunity to really take this economy and run with it. Joe, we could see levels of growth we have not seen since the Reagan years. I mean, it is right there, right in front of us. I just want to echo her sentiment for a minute that please don't blow this. I'm not suggesting you do things for PR and do things to cater to leftist ideology. You should absolutely make sound investments

that work for your customers and your company. I get that. But please don't blow this. If this works, like I think it's going to work and the money that's about to flow back into the United States flows in the one direction I think it's going to, from there, back here, due to the corporate tax rate, we could be looking at explosive levels of growth. Now, think about what I'm telling you here. Folks, at 7% growth, Think about what I'm telling you here. Folks, at 7% growth, we could double the real incomes of Americans in 10 years. Now, that's an extraordinary number and an almost impossible number to hit for 10 years.

We haven't hit even close to that since Reagan, and he only did it once. But think about it. Even at 3.5% growth, a number we're on track to do right now, in your lifetimes and definitely in the lifetimes of your children, in 20 years, we could have real incomes effectively double. Real, not inflation adjusted. Real incomes. Meaning in 20 years, your kids and you, if you're, you know, I'm 43. I plan on working until I'm 63. I think Joe's got 20 years left in him, Romney, right? I mean, Joe's never mentioned to me he wants to retire. No. Yet. If I haven't

driven him crazy enough yet. If Joe's working in 20 years, I know roughly what Joe makes now. I know what I make. Joe, you could be making double that. I could be making double the real income. Meaning, say the average income in America is around, what, $40,000, $44,000 median income is probably a better measure.

I think, yeah. Yeah. You could be making, in today's dollars, $80,000. That would be the median income. Do you understand the national wealth that would be created if this works? Gosh, if you're listening, don't blow this. This is a golden opportunity. If you have the opportunity, two equally effective

investments now between one overseas and one here, and I'm going to get to this in a second. If you can, please bring that money back. Again, I'm not asking you to do anything stupid for PR. I'm just saying this is it. If you can push that, the American businesses, the economic engine of this country, if we can push that growth rate to 3.5%, even 4, in less than 20 years, the real incomes of Americans would be $80,000 a year. That's considered pretty darn upper middle class right now in most areas of the country outside of the big cities. Gosh, let's make this work she makes

that point and you know again she's not she thinks this is going to be and she thinks this is going to be a net good this tax bill for the company she brings up another great point joe too she says the democrats have done such an effective job in in destroying this tax plan through false PR. Your taxes are going to go up. Your taxes are going to go up. This is a gift to the rich. This is amazing, Joe.

50% of the people polled somehow believe that their taxes are going to go up by this plan, even though that is, listen to me, folks, factually incorrect. That is not true. 50% of America are not going to have their taxes go up. As a matter of fact, 95% of Americans are going to have their taxes go down. Okay, Democrat PR nonsense.

Here's their talking point. Oh, man, the polls. Look, 50% of Americans think their taxes are going to go up. Yeah, but that's because of you, because you lied about the tax plan, you hacks. The facts, even according to left-leaning tax organizations, research organizations, 95% of Americans, your taxes are going to go down and go down substantially. Folks, Noonan's point here is that in february this is real this is real you are going to see more money what are the democrats going to say

what are they going to say joe they're going to say you're making this up right it's a scam folks they are so desperate to destroy this thing that at&t wells fargo this nexus company a bunch of companies just announced boeing massive investments back in the united states and in their employee workforce and the democrats are panning it. Think about this pathetic, small, broken, intellectual vacuum of a party that now, pursuant to the tax bill passing, major companies in America are announcing huge bonuses for their employees, $1,000 per person for 200,000 employees in one case. Wells Fargo, Boeing, massive investments back in the United States, and the Democrats, these petty, small creatures, have now been relegated to a small amoeba-like mass of whiny little people who are now going, oh, that's all bad. That's all a PR stunt. Really?

People will die. People will die when they get their $1,000 check. Folks, do you understand how small it's going to make them look next year? Are you seriously, in 2018, going to run against

the $1,000 bonus check? Bada boom, bada bing. There you go. What are you going to do? What are you going to do? What are you going to do? What is your campaign platform going to be? Johnny Jones, 2018. Return that $1,000 check. What are you going to run against next?

Dog adoptions in Korea? Child adoptions in Russia? Feeding the hungry in sub-Saharan Africa well digging in Bolivia what are you going to run against? I mean listen folks I'm not here to give the Democrats campaign advice but is this the best you've got?

That big major American companies have decided pursuant to a solid corporate tax cut to reinvest in the American workforce and the American capital productive capabilities our capital stock and you're seriously running against it now

here's why because I love political strategy I am obsessed with it having run for office myself. Here's what happened, Joe. The Democrats didn't think this thing would pass. Folks, I'm telling you, again, a footnote, hat tip Rush Limbaugh, don't doubt me. As Rush says, don't doubt me in that voice he has.

Do not doubt me on this one. The Democrats absolutely were convinced this would not pass so they figured that unanimously whipping public opinion against it is a bad thing and joe this is critical lying about it in public would have no ramifications why because they didn't think it would pass right So they didn't have to worry about those $1,000 checks, Joe, actually showing up and making them look like darn fools.

They didn't think it would pass. Now they are in a panic because it did pass and it's going to be signed today, tomorrow, or very shortly, and they are going to have to answer to constituents who are going to say, hey, wait. I'm getting $100 more, $50 more on my paycheck.

Or I got a $1,000 bonus. Or my company's hiring again. Or I just got three job offers. What are they going to say? This isn't real? Folks, the media's losing their mind, too. Kim Strassel is a piece of the journal that I like her writing a lot. As you know, I cited frequently on the show.

Kim Strassel writes a piece about how the media now is in a total meltdown, too. Because they are desperate now to frame this thing as a failure against Trump, having learned nothing from the Trump election. Joe, this dude, dude, dude. thing is a failure against Trump having learned nothing from the Trump election. Joe, this, dude, dude, dude, Rob Schneider, YouTube, dude, this is good. This is a quote from Kim Strassel's piece citing the panic in the hack media to cite examples of people who are going to lose by this tax plan. Remember what I told you, 95% of people are going to be winners. Joe, there is no tax plan on the planet where at least some person's not going to lose. None.

Right. Absolutely none. Some person at some point is going to get it. The question is, are the overwhelming majority of Americans and is collectively the country going to benefit from a more pro-growth environment? The answer with this tax bill is unequivocally yes. It's not perfect. It's not even close to perfect. But it's darn good. And even Peggy Noonan recognizes that in a piece. And she's no pro-Trumper. the point that please, if you are an American businessman and you have a couple of opportunities, please make this work because it will destroy every single socialist out there who has insisted under eight years of Obama that bigger government was the answer. They will have nothing left to

say if this thing works and American wallets start fattening up. But getting back to it, here's the desperation by the American media to find someone anywhere who's going to be hurt by this. This is funny. From the Strassel piece. USA Today was so desperate to depict the bill as a tax hike that its analysis of, quote, five household situations, this is great, Joe, This is great, Joe. Included a childless single renter earning $1 million a year, paying $50,000 in state and local taxes, and claiming $40,000 in charitable deductions. The paper triumphantly pointed out that this downtrodden soul would pay, wait for it, $1,887 more in taxes and therefore would have to forego a bottle of,

I don't even know what this is, Chateau Lafitte Rothschild? I don't know, it's probably a joke. I have no idea, I'm not a wine guy. It's probably a joke I don't get. So forgive me. Folks, seriously, that's your example. So the person that's going to lose and we're all supposed to feel awful for is some single dude earning a million a year, paying 50K in state and local taxes because the state taxes the snot out of him, claiming 40,000 in charitable deductions.

And this poor soul is going to lose 1,800 bucks. We should scuttle the entire tax bill where 95% of Americans are going to grow from this. And economically speaking, financially speaking, an American business will proper. Joe, we're supposed to scuttle it because the million dollar renter in New York, who, by the way, is now giving 40,000 in charitable deductions. It's going to lose basically 1000 bucks. Folks. This is insane. This is this is this is utter chaos this is crazy this is legitimately crazy now you would think the media would have learned from their trump experience that hyperbolic

rhetoric on against trump and pro-hillary was not good for your credibility um none of this is happening by the way there's a congressman he's not a nice guy at all he's on the news all the time now and it drives me crazy every time I see him I met this dude and he is a bad guy really I just had to throw that in there he's on right now it's driving me crazy

he's really he was a jerk to me when I saw him I never forget that stuff ever folks this is going to be a good thing this is going to be a good thing was a jerk to me when I saw him. I never forget that stuff, ever. Folks, this is going to be a good thing. This is going to be a good thing, and I'm telling you next year, the media is going to be humiliated again.

Alright, I got more on this too, because there's another just to show you how hyperbolic and crazy the media and liberal response has been to this. You know, I said yesterday, and it's important, and I didn't get to go into detail, and I'm going to get to this in a minute but when your competitors show i don't want to say your enemies because they're not our enemies but i would say in the case of war when your enemy is doing what you want it to do you're probably following the right strategic path you get it

yep you know you want them to do this you want them to get bunched up in a circle so you can surround them and they're doing it. You win. When your competitors economically are panicking about a policy you put out there and they're your competitors, you're probably doing the right thing. Now, I'm going to give you something in a minute that's going to blow your mind to show you how effective I think this tax plan is going to be based on not what we're doing, but what other people are doing in response. Hey, before we get to that, today's show brought to you by our buddies at Filter Buy. Folks, the season's just changed. There's no better time to change your air filter than now. I guarantee you from that fall season, that spring season that just passed, and the spring season coming again, you are going to get a bunch of allergy

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FilterBuy.com. That's FilterBuy.com. Again, set up auto delivery. You'll get an extra 5% off. Okay, folks. On that last note, Europe and specifically the Germans are freaking out. They are freaking out over this tax cut. As I said to you before the read there, before the ad, when your competitors, and I don't

mean that in a bad way. The Germans do a great job with their economy. competitors and i don't mean that in a bad way the germans do a great job with their economy if they would i mean if they could break out of this sclerotic uh uh you know european model they would be a dynamo but they're still doing pretty pretty good they're in a panic over this why they put out a report now showing that let me just read you this quote and i'm going to explain it to you in common sense terms because this means i'm telling you this means a lot for you and your job and your income. There was a study that came out, and the study showed that estimates that the cost of capital, this is from the Wall Street Journal, the pre-tax return that an investment needs to earn to be worth making and finds America has priced itself out of the market.

So this study basically found that America, through its corporate tax rate today, well you know it'll be cut in the new year to 21 it's basically priced itself out of the market makes sense show america basically american taxes are too high right this is what a european study found out in the zw model u.s firms needed a return this is important of around 7.% for an investment to be profitable under pre-reform tax law compared to a European average, EU average of 6% and 5.7% in low-tax Ireland. Folks, what does that mean and why does this matter to you? This is critical. I went to business school. I'm not trying to impress you or anything. Nobody cares. I don't either.

I rarely, if ever, talk about it. But I enjoyed it. I did an MBA at Penn State. I had a great time. We are, right? And one of the things, the takeaway is that every business student, I mean, you don't have to have an MBA to figure this out. It's pretty simple to figure out. You learn about things like opportunity costs and hurdle rates and net present value. And basically, the way companies work now through

these more sophisticated analysis of future projects, Joe, is let's say you own your mousepad factory, right? Like Joe's mousepad factory. And Joe wants to expand his product line into whatever, computers. Joe goes, well, we're doing mousepads. I know I can do computers. And Joe does an analysis and he looks at the future revenue from the product. What he does is he puts together a spreadsheet and let's say he expects his product to last five years. That's the sensible lifeline, economic lifeline of the product, five years, right? Right. He documents out the costs he knows versus the expected revenue. And he does what's called the net present value analysis. And he finds out if presently that net present value is greater than zero or not.

Now, if the net present value of the product is greater than zero, meaning he will make money, he invests in the product line. He may. He may just say, you know what? I don't want to do it. I don't like the risk, whatever it may be. If it's less than zero, if the net present value of the product is negative there's an overwhelming chance he's not going to do the product because you're not going to

build a new computer product in your company joe if you don't want if you want to make money and it looks like you're going to lose oh hell no where'd you get that from i don't know dude that was sharp i did not give joe that that was a completely random producer joe dropped in soundbite due to his own creativity i like i think that's um is that that uh medea play that again oh hell no i don't know what that is who sent us that i don't know i picked it up somewhere on the internet all right we need our listeners that's good stuff you're right hell no it's right you're not going to invest in the product line. Now, why is this important that you understand this in relationship to that quote?

There's a concept called the hurdle rate, semi-related to opportunity costs of money. But the bottom line is this. If you can, if corporate taxes, business tax are one of your biggest expenses. So Joe, as you're documenting out in the future, your expected costs from the product and your expected revenues, one of the biggest components, wouldn't you agree, Joe, of your expected costs are taxes, right? Yeah. It's not a mystery. Everybody pays them.

Right. If that expected cost in the future is now going down dramatically because we just cut taxes in the United States, then the amount you have to make to make the project profitable, the hurdle rate, the expected return on the product each year, the amount you have to hurdle to make it profitable each year, Joe, goes down. Why does it go down? Because your costs are less. Now you don't have to make 7%. You only have to make 5%. That's what this piece says. It says that this is not a study in the United States.

This is a study by our competitors in Germany. They're freaking out because they're saying that rate of return they needed before the tax plan was 7.6%. Folks, that's high. That's a lot. In other words, to build a new product line and hire more people, you had to make almost 8%. Now they're saying that was only 5.7% Ireland where the corporate tax rate's 12.5%. So Joe, simple math here. You have a product line, a computer line. The computer line's projected under the current corporate tax rate to make you 7% a year.

But the hurdle rate for you to make money on the product is 7.6. Are you going to invest in it? No. No. Because it's seven. It's not 7.6. Right. Now, if you take that project to Ireland, Joe, where that rate you need to jump over is 5.7%. Is that project profitable? Yes, it's much more profitable. Yes, it is. Even with this Irish accent. Yes, it is. Of course it is. So that's why companies are leaving. Now, the Germans are in a panic in the European Union because they're saying that this is going to go down now to roughly 6.6% in America, dumping almost two points off that. And products that were previously unprofitable in the United States due to this tax cut are now going to be profitable

and may be built here. Folks, these are not complicated. Now, the spreadsheets and stuff, they work out. Obviously, a lot of this is anticipatory information because you don't know what's going to happen in the future. They may say, hey, we're going to sell 10,000 computers. You sell five. I mean, that's why a lot of businesses that think they're going to get, you know, get into a profitable product line and go out of business. But one of the things that is definitely not going to change is the tax rate. The tax rate is now permanent at 21%. So now whatever project you had before looks a whole lot better in the United States. And just to sum this whole thing up again, build those projects here.

If you can. If you're an American businessman now, do it. Now is the time to do it, to reinvest back in this wonderful, amazing, incredible country and its incredible people. Secondly, Democrats, you blew it. I'm telling you with absolute certainty, like I have never known anything in my life like I know this right now in politics. You blew it. You blew it huge. Because when this thing takes off and those projects now are beat, they're jumping that hurdle that weren't in the past and these factories start up and those bonuses and those wages are going up you may it may be a little bit of a lag time joe we may take a little bit of a bath in 2018 as people digest what's

going on but remember reagan took a bath in his first midterms too and won in 1984 in a mammoth landslide not repeated in modern American history. Reagan won New York, California. He won every single state but Minnesota. And he only lost Minnesota by 3,000 votes because they gave it to Mondale by not traveling there. You guys are in deep trouble. So I'm warning you, politically speaking, at your own peril, be very, very careful with your rhetoric on this thing,

because everything is on tape, everything. And when these workers and this economy starts booming, maybe not next year, although I think it will, but I'm almost certain by 2019, you guys are going to be sitting there and you, I mean, it's going to be one big circle of dopes. You're not going to know what to do. Yet, stupid soup, you're going to be swimming in it because you're not going to have any idea how those sound bites you had about how this dreadful economy, these tax cuts were awful, they are going to be run against you everywhere. Oh, man, I can hear it. Yes, sir. I'm not saying, as I used to say in New York, I'm not saying, I'm just saying.

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Anybody? No. No, not even Sean and Frank at the radio station? You sure? Even though I don't know about their diets. Not even those that hate me, no. Yeah, of course. Yeah, even those that want Joe to die.

Even they haven't told them. They love Joe. Joe's the best. Joe was the anchor of that show. But even if I wanted that, nobody tells them that because it's so stupid, nobody would believe it. Now, I eat a lot of fruits and vegetables. I get bags of carrots.

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I put it in green tea and I add VA to it and I put collagen in there, but that's my thing. Yeah. I mean, some of you may not be able to, but that's, I don't care. Like taste, if I think it's healthy, I don't care what it tastes like. I torture my body all the time for work. Trust me. I don't care what it tastes like. This stuff is amazing. Go pick it up today. Brickhousenutrition.com slash Dan. That's brickhousenutrition.com slash Dan. Go pick it up. It's called Field of Greens. And folks, if you think I'm making any of this up, for those of you who looked at Drudge yesterday, Drudge had a story.

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All right. Fake news alert. Ding, ding, ding, ding, ding, ding, ding, ding. We need a Joe Armacost sounder for that. We do, yeah. I'm going to find one of those for us. Folks, email me. What voice would you rather

Joe do in it? Would you rather do it in like you know that voice you do of the nerdy little kid? Yeah, that guy. Here's my personal preference. I would rather you do it in your game show voice. Like, fake news alert. Fake news alert! Fake news alert! And we get a little sounder after that?

There you go. We need one of those. Here we go. Fake news alert for the day. If you heard this story, you may not have, Joe. We have covered it on your morning show there. That the CDC, the Centers for Disease Control, Trump has banned words over there. He's banned words. You heard this one? Yeah.

This is a doozy. Yes. Trump is supposedly himself, by the way. The media loves fake news. They have banned the words fetus, transgender, diversity. These are banned words. The Trump administration is a totalitarian. He is literally a fascist. He is shutting down dialogue. People are putting duct tape over their mouths in the CDC.

The problem is the problem is the story's not true um again uh the story's not true i mean again uh with the fake news it just it's becoming if not a daily at least a weekly occurrence wouldn't you say joe oh yeah there's a there's another and and the media by the way is for it's foregone all credit but they don't really care the credibility's gone out the window. Here's what happened, folks. Fetus, transgender, diversity, these words weren't banned. They definitely weren't banned by Trump. Here's what happened.

And I'll put this piece in the show notes at Bongino.com so you can read it yourself from the Washington Examiner. If you join my email list at Bongino.com, as always, I will email you this stuff every day. Make my daughter happy. She puts together my email list. I'm not kidding, as always, I will email you this stuff every day. Make my daughter happy. She puts together my email list. I'm not kidding. She loves to see it grow. I get it. I can't be objective in saying that, but she does.

She's 13, and she's so proud of her job there. She manages the email list. All right. The words were not banned, folks. They were suggestions. The suggestions not to use those words, by the way, Joe, did not come from higher ups in the CDC or in the Trump administration. Let me just be clear on that. Donald Trump did not tell CDC or anyone else in the government not to use these words. collaborations amongst the staff at the CDC who suggested that in a congressional inquiry for funds that they not use those words because some Republicans in the House may take those words to mean something not what they meant for the budget appropriation. What does that mean in normal,

non-wonky, non-swamp rat talk? It means this. The CDC needed money. They know a lot of these guys up in the House are conservative. And they, they, they, they, they, they suggested internally that maybe we should stick with hard science and not use politically loaded terms. They did that. But of course, the fake news, hack media, Joe, had a report that the totalitarian, fascist, authoritarian oligarchy in the Trump administration had decided all of a sudden that words had to be banned. The speech police are coming in. And by the way, you use those words, man, they're coming down there jackbooted thugs. They're going to beat the crap out of you. I mean, does it ever end with these people? It was a tactical decision by people within the CDC to avoid politically loaded terms

so they could get more money from Republican members of Congress. Oh, gosh. Joe. Joe. Joe. It never ends. It never ends. It's so easy.

I get up every morning. I'm'm like what kind of stupid are we gonna have to combat today but it doesn't matter because the lies already traveled around the globe six or seven times and i'm absolutely sure that some liberal knucklehead you're going to be dealing with on a college campus is going to tell you that trump bans words and it's not folks the fact that i just gave you the facts and the data on this and what actually, doesn't matter at all. They are absolutely immune to what's going on in the real world.

Totally, completely immune to it. Losing their minds. This has been a fake news alert. Had the story we've done been real, we wouldn't have done the story. Dude, that's good. That's good. You need to write that down. That's funny stuff. You're on fire today. Dude, that's good. That's good. You need to write that down.

That's funny stuff. You're on fire today. Yeah, yeah, I know. I'll forget it too. That's good. We got so much. Joe, you have no idea what's going on behind the scenes with the show, but it's all good, by the way.

We've got big explosive news for next year. I know, I know. We tease stuff a lot and sometimes, trust me, explosive news for next year in a good way. All right, some more stuff I have for next year in a good way. All right, some more stuff I have to get to. Let's see. Oh, just quickly, folks, trickle-down economics. A listener sent in an article from Forbes about trickle-down. I'm going to put an article in the show notes today. It's an older one. It's from Thomas Sowell. It's a national review piece. Folks, I'm only bringing

this up because with this tax cut plan, you're hearing, again, one of the most infuriating things I've had to deal with, with liberal nonsense and the dopey soup they swim in, is the trickle down. This is trickle down. Listen to me. Liberals, listen, please turn this up. Conservatives, you can probably tune out because most of you already know this. Well, don't tune out. It's my show and I like you listening. But for liberals who've never heard this, there is no such thing as trickle down. Now, the words exist. The silly Democrat liberal talking point exists.

The way liberals explain it exists. but thomas soul famous economist famous economist great man legend my ideological mentor whether he knows it or not read all his stuff vision of the anointed greatest book i ever read by thomas soul thomas soul has a a bet out there that he's like i'll give you whatever ten thousand dollars or something if you can show me the econometric or economic theory of trickle-down. In other words, Joe, if you were going to call trickle-down an economic model, you would think someone would have researched it, someone would have whatever, patented the theory, someone would have put a paper out about it,

someone would have titled it, right? Is that fair? Yeah, fair enough. I mean, Keynesian economics, although I disagree with it, it's been the staple of far left economic structure for a very long time. Keynesian economics has actual models, marginal propensity to consume. What is it? One over one minus the marginal propensity to consume versus marginal propensity to save. I forget the exact number, but that's the multiplier. These are actual numbers. These are actual theories. The theories are wrong. They're wrong, but they're actual theories you can point out and test.

I'm challenging anyone, and I'm totally bogarting this from soul, but it's fine because the principle is the same. I'm challenging any of my listeners now to send me some economic journal or an economic paper defining what trickle-down is. I mean an actual model, not your talking points, not what your neighbor said it is, not what Joey Bag of Donuts said it is, not what Tommy Two Times said it was, what the actual theory of trickle-down is. How the money works, how the flows, savings, capital investment, how exactly trickle-down economics. Send me the theory. Send it to me. Now, I am sure I'm going, the idiocracy on the far left is going to send me some nonsense. My friend Joey spoke to a guy named Bobby who knew a professor once who knew a professor who said he knew a guy who said here's what trickle down is not interested don't even send me I will delete it immediately I will not even get past the first sentence send me the link to the economic

paper that lines out and documents what the economic theory of trickle-down is. Now, I'm going to send you a Thomas Sowell paper, not paper, it's a piece. It's super short, but it is gorgeous because it's called the trickle-down myth. And it says exactly what I'm telling you right now. There is no such thing as trickle down. No such thing. It is a made up talking point by the left because it, Joe, you know how Joe, our motto on the show has always been motto.

It sounds too sophisticated. Our guiding principle, Joe and I, and I think what makes our show different is we've always had this, this theory about the show. And this is why Joe and I use analogies a lot. Ask a question and paint a picture. Yes. That's what we do.

We ask questions because you can deny and ignore a statement. It's very hard for naturally inquisitive human beings to deny a question when you pose it to them. And we paint a picture afterwards. trickle down did the same thing trickle down paints a picture trickled down where does money go goes to the top fat cats the monopoly guy with the uh the the monocle and the top hat and the handlebar mustache and that cigarette at the end of the long cigarette smoking stick whatever they call that thing right yeah and it's going to trickle down to the hungry, starving masses who are, to cite Braveheart,

fighting for the scraps from Longshank's table. Yeah, I can see it. You can see it, right? You've been suckered. There is no such thing. Joe knows because we talked about it before, but there is no such thing. Do you understand this is entirely made up there

is no such thing as trickle down now the only reason i'm bringing this up is not to cite the obvious to many but because when your leftist friends now that the tax cut bill is absolutely going to be signed into law anytime they start a debate with trickle down folks time out red flag under the hood for review and the reason i say that is because you can't i my response to them always i can't argue that because i don't know what you're talking about i can just fire back and say um you know what i'm going to talk about event horizon economics how does that sound and you're left to go what you mean like the movie uh i don't know what I mean because there's no such thing. It's the same thing as you citing trickle

down. There's no such thing because it means a hundred different things to a hundred different people. If you cite to me debating the effects of Keynesian economics, I can talk to you about why their multiplier effect is wrong. I know it because the formula is wrong for a number of reasons.

But you cannot cite to me what trickle down economics is therefore i refuse to argue with you because it's not real it's like the term diversity the harp uh you know excuse me to harken back to the story we just talked about diversity means whatever the liberals think it means it doesn't mean anything it means whatever liberals on any given day think it means to hit you as a conservative. Trickle down is the same. Do not argue trickle down because there's no such thing. Now, the piece I'm going to send out in the show notes today, keep it on your computer, keep it on your smartphone, keep the link in that pocket app or whatever, because whenever

they cite it, just send them the piece and make the challenge to them. Okay, here's the Thomas Sowell piece from National Review. Thomas Sowell's willing to pay you a nice sum of money if you could show them what trickle-down actually is. Show them the theory.

They will not be able to do it. All right, that'll be in the show notes. All right, I haven't mentioned this this week and shame on me and I'm really sorry because this is a really important, critical story, folks. And I'm really sorry because this is a really important critical story, folks. And I'm going to wrap up the show with this because it was a damning expose. Now, you all know I am not a fan of Politico at all.

They call it Bull-co for a reason. You can fill in the blank. But Josh Meyer from Politico did a just mind-blowing piece. Now, the piece is 14,000 words. It took me forever. It basically destroyed my entire Sunday night last week when I read it. It's like a short book. But read it if you can.

The piece is about the Obama administration turning a blind eye to the terrorist group Hezbollah while they were drug running and weapon smuggling and basically responsible for killing American soldiers. It is a devastating piece. Now, why would they do that? Well, they allege in the piece, Meyer, the reporter, that they did it because they were so obsessed with the Iran deal. And one of the Iranian, whether tacit or vocal preconditions, was that we back off Hezbollah. Now, folks, without getting too deep into the weeds in the piece, just know this, Hezbollah was making a lot of money running drugs across the U.S. border and in international weapons trafficking and money laundering.

That money was being used to finance basically attacks on the United States in war zones. If a sitting U.S. president turned a blind eye to that, Houston, we have a problem now the typical left-wing echo chamber led by clown ben rhodes the former uh national security apparatchik for obama has fired back and has claimed a number of things about this the first thing they're claiming is that it's thinly sourced folks Folks, this is total, complete garbage and bunk. Thinly sourced? They have named on the record firsthand accounts of people intimately involved in this Project Cassandra to stop Hezbollah from doing this. That was roadblocks were thrown in front of it by the Obama administration. Now, don't you find it slightly odd, Joe, that the Democrats have based their entire Trump-Russian

collusion fairy tale X-Files conspiracy theory on unnamed, off-the-record sources and secondhand information largely? And that's supposedly gold, that this is real. But when you have named on the record firsthand accounts, this story is supposed to be disreg real. But when you have named on the record firsthand accounts, this story is supposed to be disregarded. Don't you find that a little confusing? Yes, I do, Dan. Now, you should. One of the other things that makes me very suspicious about this story as well, not suspicious about its authenticity, suspicious about the attacks on it, I should say, is Obama administration treasury officials, including John Brennan, who was a counterterrorism

official with the Obama administration at the time a lot of this stuff happened. Many of them spoke on the record about legitimizing Hezbollah. And one of them, the treasury official, talked about tamping down investigations on Hezbollah. Folks, this is a huge scandal. And it's a huge scandal because as they fire up their Trump-Russia collusion nonsense and they can find nothing, the evidence building for Obama administration collusion with the Iranians is exploding and it's real. It is real. thing on this what makes me extra suspicious i don't know if you remember this story but jen saki who was the state department a state department spokes uh spokeswoman at the time yeah i remember she got you know where i'm going with this she got into a back and forth with james rosen about when these iranian talks began and ben rhodes and them had slipped one time and said that yeah the iranian talks began in 2011 now why is any of this significant to the story or to you the problem is the original

position of the obama administration to justify talking with the iranians a terrorist uh fascist disgusting regime one of the justifications for talking with them was, well, it happened after this 2013 revolution in Iran where moderates took over. The problem is, 2011, Joe? Yeah. My math, let me see. That's two years before 2013, right?

Did I get that wrong? No. 2013, two years, right? You're right, yeah. Okay, okay, good. We don't need jay's abacus he slipped he slipped the obama administration ben rhodes and their friends who admitted this slipped well jen saki follow this folks i know it's a little difficult was called out by james

rosen in a meeting about this this disparity in information wait did you guys talk to the iranians because they were moderating, which is nonsense, in 2013? Or did you talk to them in 2011 when they were still crazy? They're still crazy now, by the way. This is their talking place. And Psaki cited it as an example of why administrations would lie

to cover up what they perceived as good diplomacy. If this is a little confusing, let me explain to you. The State Department spokeswoman under Obama basically admitted on the stand that they were lying about when the talks with the Iranians began. What happened after that? The tape of that press conference, that snippet of the tape disappeared. It's not a conspiracy theory.

Look it up. It disappeared. They wiped it out folks something stinks with the obama administration and iran and this is on tape it's 10 48 a.m eastern time on friday what is it december 22nd i'm telling you right now, this is not an X-Files thing like the Trump-Russia thing. Something stinks out there. And people in the Obama administration, their biggest fear right now, they thought Hillary was going to go in the White House and cover their tracks, is exposing what actually happened behind the scenes with this Iran deal. Gun running, the scenes with this Iran deal. Gun running, weapons smuggling, looking the other way, cash payments overseas, illicit dealings, lies about when those dealings and negotiations began.

This thing is going to be big trouble. And I'm telling you, the Obama administration officials out there now are sweating over it. And that's why, to sum up the story, there has been such a violent response to this political story exposing just the tip of the iceberg on Iran and Obama. All right, folks, thanks again for tuning in. I really appreciate it. Please check us out at Bongino.com and subscribe to my email list there. And listen, big Merry Christmas. We will do a Christmas show, maybe some rough cuts, light news blend. It won't be recorded on Christmas Day.

Joe and I will decide when to do it. But tune in. Don't miss it. And we're working on an iHeart thing. Please, we will get to it. I promise. We just, Joe and I have so much stuff going on. But we will get to it ASAP.

Thanks a lot, folks. Talk to you next week. You just heard the Dan Bongino Show. Get more of Dan online anytime at conservativereview.com. You can also get Dan's podcasts on iTunes or SoundCloud and follow Dan on Twitter 24 seven at D Bon Gino.