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wealth that they took in the 15 years leading up to the crisis was not hit at all, and I think
that’s one of the fuels of this populist revolt that we’re seeing as the tea party. So I think
there are many, many measures, particularly about getting the banks on better footing,
making them address all the liquid assets they have. I think you need a real clean-up of
the banks balance sheets.
In addition, I think you really need to go back and make banks do what they do:
Commercial banks lend money, and investment banks invest in entrepreneurs and to get
away from this trading — you know, the hedge fund securitization, which they’ve all
become basically trading operations and securitizations and not put capital back and
really grow businesses and to grow the economy. So I think it’s a whole area that just —
and I will tell you, the underpinning of this populist revolt is the financial crisis of 2008.
That revolt, the way that it was dealt with, the way that the people who ran the banks and
ran the hedge funds have never really been held accountable for what they did, has fueled
much of the anger in the tea party movement in the United States.
Questioner: Thank you.
Bannon: Great question.
Questioner: Hello, Mr. Bannon. I’m Mario Fantini, a Vermonter living in Vienna,
Austria. You began describing some of the trends you’re seeing worldwide, very
dangerous trends, worry trends. Another movement that I’ve been seeing grow and
spread in Europe, unfortunately, is what can only be described as tribalist or neo-nativist
movement — they call themselves Identitarians. These are mostly young, working-class,
populist groups, and they’re teaching self-defense classes, but also they are arguing
against — and quite effectively, I might add — against capitalism and global financial
institutions, etc. How do we counteract this stuff? Because they’re appealing to a lot of
young people at a very visceral level, especially with the ethnic and racial stuff.
Bannon: I didn’t hear the whole question, about the tribalist?

“One of the committees in Congress said to the Justice Department, 35 [bank] executives,
I believe, that they should have criminal indictments against — not one of those has ever
been followed up on.”

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