Bessent explains Wall Street, the financial press, and Democrats keep being proved wrong—contrasting Canada’s job losses with a blowout U.S. jobs report, calling out FT/WSJ panic, and framing a Red Queen economy that must outrun debt, China, and skills gaps.
Treasury Secretary Scott Bessent tells Steve Bannon that critics in Wall Street, the financial press, and Democrats keep being proved wrong, contrasting Canada’s job losses with a strong U.S. jobs report and citing expansions like Boeing’s Charleston Dreamliner facility. He accuses outlets including the Financial Times and The Wall Street Journal of stoking economic panic to stop Trump, pointing to a report about Norway’s sovereign fund “dumping” Treasuries that he calls fake, saying Norway sought higher-yield U.S. agency securities. The episode frames today’s U.S. situation as a “Red Queen economy,” arguing growth and productivity must outrun debt, China’s rivalry, and infrastructure and skills gaps, while blaming prior spending and inflation for current constraints. It highlights workforce plans including apprenticeships and the new Foundry School using a Stanford-developed advanced manufacturing curriculum tied to the PAX Silica supply-chain partnership, and covers Trump executive orders aiding ranchers and a DOJ antitrust probe into major meatpackers and retailers.
00:00 The Saturday Wrap-Up – Bessent vs Wall Street: They Don’t Understand This Economy
05:30 Creating the Workers for the New Economy
08:54 Taking on the Meat Packing Cartel
