Bannon's War Room - Episode 5288： Economy Feeling Effects Of Iran War; No Amnesty And Freeze All Immigration

00:00:00.000 A few moments ago, Trump posted that Iran is doing a very poor job of allowing oil through

00:00:04.640 the strait, adding, quote, that is not the agreement we have.

00:00:08.540 An hour earlier, the president posted, there are reports that Iran is charging fees.

00:00:13.320 They better not be.

00:00:14.660 And if they are, they better stop now, because this is how we do diplomacy.

00:00:19.080 Safe passageway through the strait was actually a key sticking point of the president's ceasefire

00:00:23.620 with Iran.

00:00:24.440 But strait traffic remains at a near standstill, even though Iran still has an upper hand on

00:00:29.880 this crucial shipping route, Trump once again declared victory tonight over Tehran.

00:00:35.400 The contradictions, they just don't stop there.

00:00:37.760 For the first time, we are hearing from U.S. troops, troops who survived Iran's attack

00:00:42.060 on an American military outpost in Kuwait at the start of the war.

00:00:45.920 The March 1st strikes killed six service members.

00:00:49.420 Soldiers who were injured in the drone attack spoke to CBS News, contradicting this version

00:00:54.580 of events from Pete Hexer.

00:00:55.940 every once in a while you might have one unfortunately we call it a squirter that

00:01:01.240 that makes its way through uh and in that particular case uh it happened to hit uh a

00:01:07.180 tactical operation center uh that was that was fortified but um these are powerful weapons

00:01:12.380 one of those injured soldiers said in response quote painting a picture that one squeaked through

00:01:20.780 is a falsehood i want people to know the unit was unprepared to provide any defense for itself

00:01:26.160 it was not a fortified position on their side anderson yeah absolutely you i mean you have

00:01:32.200 a lot of experience in in this region you have seen that time after time well as i said i think

00:01:36.860 really i mean it is their strategy right now and i can't say that it's failing is to make this so

00:01:42.620 untenable for the rest of us that there's pressure on the united states which is just seems to be

00:01:47.360 Well, it is their chief leverage, and ours is an ability to impose punishing strikes on Iran.

00:01:53.480 The president now, he said, quote, I spoke with Bibi, and he's going to low-key it.

00:01:58.060 I just think we have to be sort of a little more low-key.

00:02:00.980 He himself was less so in a social media post shortly before midnight last night about what would happen, he says,

00:02:06.900 if Iran does not comply with whatever agreement emerges from the upcoming talks, which get underway on Saturday.

00:02:13.160 Again, quoting the president,

00:02:14.620 then the shooting starts bigger and better and stronger than anyone has ever seen before.

00:02:20.260 In the meantime, he adds, our great military is loading up and resting,

00:02:23.900 looking forward actually to its next conquest.

00:02:27.180 The conquest in military terms means taking control of land or people through force.

00:02:31.880 That is what the president of the United States now says our military is looking forward to.

00:02:35.460 Trump declares premature victory in Iran.

00:02:37.880 It says the unfortunate truth is that Mr. Trump put himself in this position.

00:02:41.800 Inconsistent rhetoric on the war, claims of victory and unleashing hell to Iran's civilization,

00:02:47.800 raise global fears and undermine support at home and abroad.

00:02:50.380 The next test for Mr. Trump will be whether he takes his two-week ceasefire deadline seriously.

00:02:55.600 So that you can sort of throw into a ball of coverage that is quite similar to that.

00:03:00.660 What's your reaction when you see that, Mark?

00:03:05.600 Well, I don't normally waste my time reading editorial pages

00:03:08.680 because I don't care what about six guys sitting in a skyscraper have to say about anything.

00:03:13.280 The fact of the matter is this.

00:03:15.280 We wouldn't be where we are today but for the fact that this president did something no president has done in half a century.

00:03:21.500 He said enough is enough.

00:03:22.880 We're going to take care of this nuclear issue.

00:03:24.480 We're going to take care of this enrichment issue.

00:03:26.640 They're not going to get to blackmail us.

00:03:28.400 They're not going to get to fund terrorism anymore.

00:03:30.420 They've killed thousands of American citizens and military personnel.

00:03:34.820 We're not putting up with that anymore.

00:03:36.660 They're spreading terrorism all over the world.

00:03:38.440 they tried to assassinate me. We're not putting up with that anymore. We're going to take care

00:03:42.720 of this once and for all. We're not going to push it off to the next generation. My envoy came back,

00:03:47.520 Steve Witkoff. He said they were bragging about the fact that they could have 11 nuclear bombs

00:03:52.040 in 10 days. And I'm supposed to listen to Chuck Schumer. I'm supposed to waste my time with AOC.

00:03:57.980 I'm supposed to care what some editorial page has to say. He's the president of the United States.

00:04:02.400 he knows what he's doing my issue here is they say premature he's sending mixed signals premature

00:04:09.800 uh i don't think he's premature at all and he hasn't sent mixed signals unless he wants to

00:04:15.200 send mixed signals and that's the way he negotiates and so forth so the fact of the

00:04:20.020 matter is this regime is dead the question is whether we let it live whether we allow it to

00:04:25.960 breathe life into it and that's why these negotiations are critical 10 points 15 points

00:04:31.140 Right. How are you going to square that away during these negotiations?

00:04:34.680 And if it's an objective to get there as quickly as possible, you're not going to resolve that.

00:04:41.300 You're not going to come to an understanding. I mean, this will be two weeks of frustration.

00:04:45.420 I'm kind of surprised that the ceasefires lasted as long as it has so far.

00:04:48.720 Right. You know, this is. We've got to remember that the strategic objective was to remove Iran's ability to create a nuclear weapon.

00:05:00.660 That is job number one. And no matter how that's achieved, we need to commit ourselves to that. 0.95

00:05:07.420 But we have to make the case to the American public. And we haven't done that yet.

00:05:11.980 Right. So this should be a time that the administration begins to work on that to justify why we're there.

00:05:18.400 Because, again, as I mentioned to you the last time we were together, once you put boots on the ground, it's a completely different war.

00:05:25.080 This for them is a video game. This is a television series. You know, listen to the Secretary of Defense. We don't have a Department of War people, but it's the Secretary of Defense sitting up here talking the way he talks. These young men and women, what what is their expectation when they go into battle? And, you know, that's not going to be their reality. Their reality is not going to be this clean cut. Oh, yes, we dropped the bomb.

00:05:52.860 things blew up and everybody went scurrying back into their holes. And that's not how it works.

00:05:58.040 The enemy fights. The enemy responds. Well, I don't think we can. When you look at

00:06:03.220 Kaliba or Arachi, these are both revolutionary guards people. They came out of the RRGC.

00:06:11.700 They're not normal people. I think the only normal person you have is Peseshkian, 1.00

00:06:16.140 who's their president. But the rest of them are revolutionary leaders. They've been fighting for

00:06:20.640 40 years against United States. And you've got a picture up there with Vahiti. He's the same one.

00:06:25.280 He runs the IRGC right now, but he's an old revolutionary too. So you're dealing with people

00:06:30.940 who are steeped in believing the United States is the great scene. And we need to go in there

00:06:35.980 and realize this is not a business deal. This is war and we're settling a war. We are the victors

00:06:42.960 and we're going to come in like we are the victors. They are dead men walking. Now, 0.96

00:06:47.640 Are we going to resuscitate them or not?

00:06:50.220 As far as the straits go, that's international waters.

00:06:54.100 They don't get to control it.

00:06:55.660 There's eight countries on the shoreline of that navigable area. 0.70

00:06:59.720 Who says Iran gets to make decisions about what goes on there? 1.00

00:07:03.620 They have to be put in their place. 0.99

00:07:05.860 If it were me, I'm not president, so I'm just projecting.

00:07:09.060 I'd say, here are my 12 points.

00:07:11.800 You surrender or we'll see you in a week or two.

00:07:14.980 And that's that.

00:07:16.120 We're not there negotiating any kind of deal. We're negotiating their surrender. That's my view.

00:07:23.200 This president has been up against the Democrats. He's been up against the woke right. He's been up

00:07:28.560 against the media. He's been up against the U.N. He's been up against NATO and he's doing the right

00:07:34.400 thing. They've had 50 years to figure this out and he's figured it out. And he says no to all

00:07:40.980 these other people. They're wrong. What would we do today, Martha, if they had a nuclear weapon?

00:07:45.900 And they'd control the straits.

00:07:47.700 And there's not a damn thing we could do about it.

00:07:49.800 They'd control the entire oil in that entire region.

00:07:54.000 That whole region would change.

00:07:55.740 With China's presence, with Russia's presence, and so forth and so on.

00:07:59.720 Moreover, they keep threatening us. 0.98

00:08:02.160 These are terrorists. 0.99

00:08:03.760 These are suicide bombers. 1.00

00:08:05.500 They'd be suicide bombers with nuclear weapons. 1.00

00:08:08.320 And they could use those nuclear weapons to kill tens of millions of Americans. 1.00

00:08:12.040 Let me ask you. 0.99

00:08:12.340 Donald Trump's the president.

00:08:13.700 He has to make those decisions.

00:08:15.080 The last, you know, 12 to 24 hours or so, there's been a little bit more optimism.

00:08:19.660 And I know the president himself is hoping that once they are in person in Pakistan,

00:08:24.540 that hopefully they can broach some of the really large daylight between these two different plans.

00:08:30.100 As Nick laid out, the 10 point plan from Iran, the 15 point plan from the U.S.

00:08:34.720 I am told they're expecting the meeting on Saturday with the vice president, Steve Wyckoff, Jared Kushner,

00:08:40.240 to be the first of likely several intense negotiations over that two-week ceasefire.

00:08:46.000 And, of course, they could ultimately extend the ceasefire further if they believe progress is being made.

00:08:52.220 But one thing I just want to point out about Vance himself quickly is that, you know,

00:08:56.040 one, I've been told that his presence here is really meant to lend a certain air of credence to these talks.

00:09:02.220 He's, of course, the president's number two has a lot of the president's full trust to negotiate on his behalf.

00:09:07.680 But also one thing that's been interesting as well from some of my conversations around this is that they recognize Vance is someone that the Pakistanis, the mediators involved in this, but also the Iranians know is someone who is a former anti interventionist person in foreign wars, that he was one of the few people who did not want the president to move forward with strikes, which could also give perhaps a sense of, you know, giving Vance looking more reasonable, perhaps in their eyes.

00:09:33.280 We'll have to see how these negotiations go.

00:09:35.140 OK, look, this is a hot inflation report and the fingerprints of the war in the Middle East are all over this report.

00:09:41.380 So consumer prices surging by point nine percent between February and March.

00:09:45.740 That's triple the rate of the prior month. And that's the highest in any month in almost four years.

00:09:52.660 You got to go back to June 2022 when gas prices were five dollars a gallon.

00:09:57.280 The annual rate ticked up to went up sharply to three point three percent.

00:10:02.800 That was slightly less than expected, but that's the highest annual rate, as you mentioned, in almost two years.

00:10:08.160 In fact, this is the highest annual inflation in any month of either of President Trump's two terms in the White House.

00:10:15.020 This is looking at the trend for inflation.

00:10:17.320 You can see it had been moving in the right direction, had been cooling off.

00:10:20.540 And it's like a straight line up.

00:10:21.360 Yeah, it's going straight up.

00:10:22.660 So why did this happen?

00:10:23.780 Well, obviously, gasoline is a major part of this.

00:10:27.340 The Bureau of Labor Statistics says that three quarters of the monthly increase in prices was driven by the fact that gas prices skyrocketed by 21 percent month over month.

00:10:38.200 That's the most since they started tracking this back in 1967 when LBJ was in the White House.

00:10:45.000 Airfare also went up significantly, a three percent increase in airfare.

00:10:49.360 That's actually less than it could have been.

00:10:51.580 I mean, jet fuel costs have doubled since the war started.

00:10:54.500 So airfare up 3% is not good, but it's actually likely to get worse in the coming months.

00:11:00.360 Tomato prices also up by 15% on a monthly basis.

00:11:04.620 That's the most since 2011.

00:11:06.340 Now, the news isn't all bad here, right?

00:11:08.220 Egg prices, among other things, eggs went down.

00:11:11.060 Overall, grocery prices actually were down between February and March.

00:11:16.360 Unfortunately, though, that's not likely to last, right?

00:11:19.040 Because the war in the Middle East has interrupted the supply of critical materials,

00:11:23.180 including fertilizer and when you combine that and diesel right so you combine all that that's

00:11:28.620 why economists are saying that you could start to see food prices go up now one thing to note is

00:11:33.500 core inflation which economists say is a better underlying indicator of where inflation is really

00:11:38.460 going core inflation only ticked up a little bit okay but that's not likely to last we do expect

00:11:44.860 these other price increases to seep through the rest of the economy uh bottom line here kate look

00:11:49.980 the war is clearly making life more expensive for Americans. And this is likely not over,

00:11:55.600 right? This is not just a March story. We're going to continue to see the impact of the war

00:11:59.860 in the inflation reports going forward, which just means the cost of living is likely to get

00:12:03.980 worse. We're taking out that regime because it's our enemy. We're taking out that regime because

00:12:09.200 it killed our people. We're taking out that regime because they wanted nukes. And if it remains in

00:12:15.100 some form you know it's like a weed whacker the weeds grow they keep coming you might get the top

00:12:20.260 of it in the next level but the weeds keep growing and if we don't get down into the weeds they're

00:12:26.020 going to keep growing friday 10 april the year of our lord 2026 tel aviv levin you got him right

00:12:34.720 there uh making his case we try to do i want to thank denver the real america's voice team in

00:12:40.780 denver of course our own crack team here at the war room because i think these cold opens give

00:12:45.460 the best summary of a range of opinions what people are thinking of course inflation data

00:12:52.780 is out today and we're going to get eric bowling on here and break all that down uh in the fog of

00:12:58.080 war it looks like the team is hitting to islamabad uh to negotiate now there's obviously these

00:13:04.500 questions the 10 the maximalist position of the of uh the iranians and the 10 points which are

00:13:11.480 eight of them are completely unacceptable even to talk about of course our 15 points mark levin

00:13:17.540 would be correct that would be a essentially an unconditional surrender uh there's supposed to be

00:13:23.380 a modified 10 that they have somehow agreed to at least have agreed partly to um and uh we'll find

00:13:31.500 out about that but it looks like the team is going to leave and going to go to islamabad we'll be

00:13:36.620 covering it on the saturday show and even though there's a tenuous ceasefire we're going to cover

00:13:44.680 it on we're going to continue our seven day a week coverage uh at least through the ceasefire

00:13:49.700 so we'll be live on sunday to report on what's going on eric bonley's going to join us a minute

00:13:55.280 we're going to talk about the markets also want to talk about i had philip patrick on last night

00:14:00.180 about this Bloomberg report that central banks hit a tripwire in March and in the first quarter

00:14:06.380 of this year where gold-backed assets actually were increased, actually more than dollar-backed

00:14:14.080 assets. The president's got a repost of a John Solomon, just the news article about a great

00:14:20.120 reset. That would be a reset with the Chinese Communist Party. Thank God, because we certainly

00:14:26.600 need one anyway we're going to get into oil war all of it but we're going to turn our focus this

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00:16:25.000 They are dead men walking.

00:16:27.300 Now, are we going to resuscitate them or not?

00:16:30.020 As far as the Straits go, that's international waters. 0.93

00:16:33.960 They don't get to control it.

00:16:35.460 There's eight countries on the shoreline of that navigable area. 0.70

00:16:39.820 Who says Iran gets to make decisions about what goes on there? 1.00

00:16:43.420 They have to be put in their place. 0.99

00:16:45.480 If we're me, I'm not president, so I'm just projecting.

00:16:48.780 I'd say, here are my 12 points.

00:16:51.580 You surrender, or we'll see you in a week or two.

00:16:54.780 And that's that.

00:16:56.080 We're not there negotiating any kind of deal.

00:16:58.820 We're negotiating their surrender.

00:17:01.540 That's my view.

00:17:03.000 This president has been up against the Democrats.

00:17:05.940 He's been up against the woke right.

00:17:07.940 He's been up against the media.

00:17:09.580 He's been up against the U.N.

00:17:11.040 He's been up against NATO, and he's doing the right thing.

00:17:15.220 They've had 50 years to figure this out, and he's figured it out,

00:17:19.460 and he says no to all these other people.

00:17:21.540 They're wrong.

00:17:22.280 What would we do today, Martha, if they had a nuclear weapon?

00:17:25.740 They'd control the Straits, and there's not a damn thing we could do about it. 0.98

00:17:29.420 They'd control the entire oil in that entire region. 0.87

00:17:33.800 That whole region would change with China's presence,

00:17:37.020 with Russia's presence, and so forth and so on. 0.70

00:17:39.520 Moreover, they keep threatening us. 0.98

00:17:41.960 These are terrorists. 1.00

00:17:42.840 these are suicide bombers they'd be suicide bombers with nuclear weapons and they could 1.00

00:17:48.560 use those nuclear weapons to kill tens of millions of americans it's 47 years i got it i got it i got 0.66

00:17:54.240 it he does make some i actually think mark levin tel aviv levin actually makes some relevant points 0.56

00:18:00.740 i would just like to note to him that the surrender document was the 15 point program

00:18:07.780 we're we're off the 15 point program i don't say that i thought there were many elements of the

00:18:13.940 15 point program that we should stick with that's the white house's position so he got it you got

00:18:21.120 to get your facts straight they've already agreed to that's not they're not negotiating the surrender

00:18:26.240 the reason they're not negotiating a surrender is i keep saying not the reality but the reality in

00:18:32.540 the revolutionary guards mind is that they didn't lose why do you think we're sending a team to

00:18:39.140 islamabad so we got to get serious now what we want out of this and how we get the hell out of 0.95

00:18:44.560 here and let america's greatest ally do whatever they're going to do with whoever they want to do 0.99

00:18:51.900 it with because now this is serious and it's starting to roll into and i've been very adamant

00:18:57.600 let's just keep the midterms away because every day is a major historical day here

00:19:01.940 and we got to get through the day and keep the big picture now the best news i've seen in the

00:19:07.960 last 24 hours is john solomon his team over just the news um has put up a a this uh about um

00:19:16.720 the oil the sanctioned oil which i keep bitching and moaning about and about stopping it and and

00:19:25.260 seizing it and not letting China not let the not let the the regime monetize it and there's an

00:19:33.800 article and then President Trump reposted and said the greatest reset in like world history

00:19:37.860 I'm down with that that's good I like that that that's why I'm saying let's shift the

00:19:43.580 if that's the attitude and that's the negotiating attitude let's take that attitude just go to

00:19:49.400 Beijing don't don't don't deal with intermediaries in Pakistan or even the Revolutionary Guard go

00:19:55.120 right to their sponsors principle to principle anyway there's a lot going on everybody want to

00:19:59.140 say first you know we've we on our starting team on our starting team of the war room

00:20:07.240 over the years we had scott besant russ vote peter navarro dave walsh and people should know dave's

00:20:13.920 got a very big job in the government uh and and and dave bratt who hasn't been on one because

00:20:19.580 dave bratt has got some huge opportunities i think we're going to hear about shortly

00:20:23.800 um and so we've had to restock and and you're doing such a great job here because we can just

00:20:31.860 talk about the evidence has shown up today i don't think it's gonna be too long before they

00:20:36.940 ask bowling to take a uh a 60 or 90 day hiatus from his hit show at four o'clock and and going

00:20:44.480 as an advisor here so walk through because today i just want to in the fog of war we've got um

00:20:51.900 You know, the Mac Daddy, a drudge and Wall Street still saying, hey, there's 10 to 15 ships maybe going through to, you know, through Hormuz, totally controlled by the Iranians, either flagged Iranian flags or oil cargoes for the Iranians.

00:21:08.920 Nothing else going through. 0.72

00:21:10.200 There's still hundreds of ships backed up there.

00:21:12.440 You've got this inflation data.

00:21:15.100 You have the Bloomberg story yesterday about how this is going to have a lasting impact.

00:21:20.440 and we had philip patrick on yesterday but i want you to address it also it's going to have a lasting

00:21:24.840 impact on the dollar because now the world has seen how we're using economic sanctions and going

00:21:31.860 after the currency and you know telling uh uae to seize their assets in the pirate town of dubai

00:21:38.940 and so they've got more gold back assets and central banks now than dollar back and although

00:21:43.540 it should be a massive flight to safety you're not seeing that so i want to take all that and

00:21:48.120 just turn it to you because you've been so dead spot on with how you've been guiding us in this.

00:21:54.340 But I want to specifically talk about this inflation number because you got some people

00:21:58.480 saying, hey, it's not as bad as all that. It's actually OK. You know, egg prices are down,

00:22:03.360 food prices down. You got other people saying, I see the end of the world and it's coming.

00:22:07.640 So, Eric Bolling, make us feel smarter on this Friday morning, sir.

00:22:12.780 Now, you have the smartest audience, bar none of any, certainly any show I may not.

00:22:18.000 The number, that cold open you ran, especially towards the end, where you had the CNN analyst,

00:22:24.840 I guess he's an economist analyst, totally surprised and saying, oh, my gosh, can you

00:22:29.420 believe this number?

00:22:30.660 Stephen, we've been talking about this since I started with you 44 days ago.

00:22:35.640 I said, this is coming.

00:22:36.720 Energy inflation is coming.

00:22:38.020 If you notice, too, that you take that number down.

00:22:40.360 So month over month, from February to March, remember, the war started last day of February.

00:22:45.320 So March is the beginning.

00:22:46.440 Bad news is it's only beginning.

00:22:48.760 The gasoline price when this thing started was about $3.24 a gallon.

00:22:54.580 It's now almost $4.20 a gallon.

00:22:57.480 For the whole 40 days it's gone up.

00:22:59.340 That means inflation will continue to rise for another 40 days.

00:23:03.340 It'll be baked into the next number.

00:23:06.000 And to do a triple, month over month, triple from 0.3% to 0.9% is massive.

00:23:12.940 And here's the worst part of it.

00:23:14.680 All of it.

00:23:15.320 all of it. They have this other number they break out called Core CPI, Consumer Price Index is the

00:23:22.460 overall headline number, which we're triple month over month. But the Core CPI, they pull out food

00:23:29.080 and energy, it was flat. So there's no inflation other than energy, food and energy. I went further

00:23:34.800 and looked, food inflation is flat. Energy inflation is ramping up. It's ripping. And we've

00:23:41.300 Steven, people call me a panic can on the chats.

00:23:45.020 I'm just showing what I know, what I've done for 35 years.

00:23:48.880 It's going to be worse.

00:23:50.060 It's going to continue to be worse.

00:23:51.940 Gasoline's up 25%.

00:23:55.440 Gasoline inflation is the highest it's ever, ever been recorded.

00:23:59.520 Just gasoline.

00:24:00.620 Throw in diesel fuel, which is even higher than gasoline.

00:24:04.580 Prices are going up.

00:24:05.720 As we all know, first the energy goes up.

00:24:09.120 And then everything that you input into a manufacturing process, a refinery, a food processing, a transportation, a trucking company, a rail company, a jet fuel company, those will continue to rise.

00:24:23.000 The prices of those things have to rise because the feedstock, the input is oil and the backside or gasoline and the backside of that, it's inflationary.

00:24:32.120 And people aren't, you know, businesses aren't philanthropic.

00:24:35.020 They're just going to pass that along to the consumer.

00:24:37.240 So my problem is I see CNN, I see CNBC, I see Fox News, totally shocked that this thing, the energy price is ripping our faces off.

00:24:46.800 But if you've been watching the war room, you knew it was coming, even though you may not like me for telling you, but it's coming and I got more news.

00:24:53.120 Two things, two things, and the people that throw out that panic in, they're just not realists.

00:24:59.200 They've got pom-poms up.

00:25:00.420 And what the president doesn't need right now is people with pom-poms, trust me.

00:25:03.780 You need to be able to say, hey, look, this is some real data.

00:25:06.760 this is some real alternatives what's the course of action here because we're the ultimate gold

00:25:11.840 is the implementation of the trump program right uh and the mega program i want to go back

00:25:17.540 isn't the concern here or one of the concerns is that in this month we still with the it's still

00:25:24.440 most of the of what we consumed was on the water or in the refineries at the time so what's happened

00:25:33.880 over the last 30 days and now this you know it's up to 105 or it's back to 90 but it's still

00:25:40.160 double you know when bb went to the white house in you know between christmas and new year's

00:25:46.060 it was around what 50 bucks or maybe it had a four handle in front of it

00:25:50.920 it's that increase it doesn't seem like it's coming down so is that is that a concern

00:25:55.200 go ahead yeah and and late late march late march we talked about this there's

00:26:02.340 Some of the refiners that I talked to said that the last of the cheap oil was hitting our shores right now, or globally hitting shores from transportation, which means even late March, you're going to start to see prices ramp up.

00:26:16.920 So like I said, even if we get oil down to $70 a barrel again, gasoline, diesel, jet fuel prices have to continue to rise because they bought, they purchased very expensive crude oil to input into the refinery.

00:26:29.660 They're not going to take the loss on it.

00:26:31.120 They're just going to pass it on to the retail establishment, the businesses, and that ends up coming out of our pocket.

00:26:38.100 This is technical, but one thing that was very concerning about that number that I haven't heard anyone talk about,

00:26:43.840 consumer sentiment dropped dramatically, which means people are fearful of their wallets, their budgets, because of what they see on the pump.

00:26:55.040 Stephen, everything is tied to gasoline and tied to energy.

00:26:58.800 whether you feel it or not toilet paper wallpaper paint everything has a petroleum input to it

00:27:04.860 or transportation which is tied to fertilizer people are nervous they're scared now all of a

00:27:09.820 sudden so you will see if if the consumer by the way also wages also yeah also the president trump's

00:27:16.380 the wage increases he's gotten for people that's starting to be eaten in inflation i think the

00:27:21.020 real wages are starting to drop anyway president trump the economic plan of president trump

00:27:26.360 and Besson, everybody, Navarro, is all predicated, just like in the first term, is all predicated

00:27:32.920 upon full-spectrum energy dominance, right? Full-spectrum energy dominance. And President

00:27:41.640 Trump's done what he's done on this war. To conclude it, I'm going to ask Eric when we get

00:27:46.740 back, or I'm going to ask it now, he'll give us the answer when we get back. He's made these

00:27:50.560 efforts. We've got to cease fire. Why are the world's oil markets not responding as we had

00:27:57.300 hoped? We want to get this back to $50 a barrel or lower as President Trump has targeted. We're

00:28:05.940 going to take a short commercial break. Economics, capital markets, the war, but we're then going to

00:28:12.340 pivot to the war inside the wire here in the United States. Are we winning, losing, or sitting

00:28:19.000 it out all next in the war room do you owe back taxes or you haven't filed your taxes in years

00:28:27.380 now is the time to resolve your tax matters with the national conversation around abolishing the

00:28:34.660 income tax the irs is fighting back and proving it's here to stay by becoming more aggressive

00:28:41.040 than ever before they're sending out more collection notices filing more tax liens and

00:28:46.900 collecting billions more in recent years. If you owe, the IRS can garnish your wages, levy your

00:28:54.660 bank accounts, seize your retirement, and even your home. If you owe or haven't filed, it's not

00:29:01.220 a question of if the IRS will act, it's a question of when it will act. Right now, Tax Network USA

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00:30:17.000 Here's your host, Stephen K. Vann.

00:30:23.120 I think people, and Eric helped me out here, I think people, because folks want this to end and to have some sort of, if not conclusion, enough that we can move forward.

00:30:35.840 And so this is a fragile truce, I think is the term that people have been using.

00:30:40.300 and president trump has this you know ceasefire that is you know and you still have elements of

00:30:47.640 the uh the iranians because they're very dispersed they're they're not centralized anymore that's

00:30:54.940 their strategy you've also got i this is what i keep harping on you got to be in a room with

00:31:00.540 somebody not just can sign a deal and go in the in front of the media and talk about a deal but

00:31:04.280 that can actually be able to enforce a deal i'm not so sure the guys around those tribesmen

00:31:11.800 around the straits or hormuz are actually part of anybody's program that'll all be found out

00:31:18.940 right there there is a reason that the united states navy is not uh enforcing an open waterway

00:31:29.360 international waterway in hormuz but allowing these guys to still charge uh and you can tell

00:31:36.940 from the bloomberg piece not just our sanctions but also the fact that that element of the iranian

00:31:44.340 revolutionary guard are trying to charge it in uh in um in yuan in chinese currency

00:31:52.900 or if they can't do that crypto and if they're doing crypto you realize they're going to skim

00:31:58.340 it right to themselves even screw the chinese how's that um so president trump's doing what

00:32:05.340 he can do and right now this is fragile i think eric the global commodity and capital markets

00:32:13.680 are kind of in agreement that this is a big kind of catch your breath and uh and and kind of wait

00:32:21.620 and see what president trump can actually hammer out here sir yeah yeah i think you're you're you

00:32:27.520 hit on the head, the markets are ominously quiet right now.

00:32:30.880 And I'll tell you, Steve, we're still sitting at $98 a barrel as we speak.

00:32:35.600 Just think about that for one second.

00:32:37.460 We started this conflict, let's say $55, $60 a barrel.

00:32:41.700 So oil is up 80%.

00:32:43.560 Gasoline, although it feels like it's killing us right now, is only up 25%, diesel up 30%,

00:32:49.760 which means all this crude oil that's up 80%, for most of this war, it's been elevated like

00:32:56.920 this will work its way into the gasoline price and diesel price. So we're going a lot higher.

00:33:01.000 Now, I will also tell you this. You and I both know Donald Trump can get oil back to $50 a barrel

00:33:07.200 or lower. I was there. You were in the White House. I was watching it on Fox and trading.

00:33:14.300 He got oil negative. It didn't go to 20 or 10. It went negative. There was so much. We were so

00:33:21.080 washing oil that people were paying to store their oil. He can do it again. I'm not saying zero,

00:33:27.200 but he can certainly get that $50 handle if and when he finishes whatever the plan is for this

00:33:34.360 Strait of Hormuz, Middle East. This is what I've been saying. Let's just rip the Band-Aid off one

00:33:39.400 way or the other and get back to all live to the above energy strategy, get oil prices down,

00:33:44.960 get inflation down, and let the economy rip and let people really put some money back into their

00:33:49.400 pocket because they vote with their pockets with their wallets with their budgets no doubt about

00:33:54.660 it i i would i'm talking to the best political strategist on the planet right now stephen k

00:34:00.100 bannon am i wrong in any of those assessments well i think it's first things first right i think

00:34:09.120 and people have to have realistic that's why i think tel aviv levin although i do agree with

00:34:14.900 some of his points i just think it's unrealistic right now the surrender document the surrender

00:34:18.960 the instrument of surrender was the 15 points we put out because it was a maximalist strategy

00:34:24.220 hey it's donald trump you know he's you know he's going to negotiate he's going to put a maximalist

00:34:29.320 strategy this even having the meeting in islamabad shows you that it's going to be something less

00:34:34.420 than a full unconditional surrender that's just not going to happen and you have to kind of figure

00:34:37.800 this out as you go president trump you can tell is doing that i keep saying that the central party

00:34:42.920 in this is the sponsor of the revolutionary guard right now uh is the uh is both in weapons and

00:34:50.760 access to weapons and access to cash money uh is uh is uh is the chinese communist party now

00:34:58.280 that's why i think this meeting in may is going to be so big it's going to be principle to

00:35:01.720 principle it's going to be president trump uh in the room with xi and i think that's going to

00:35:06.120 actually uh formed because i don't believe where we sit now you're actually going to get to full

00:35:12.960 documentation even if you get some sort of term sheet coming out of islamabad some term sheet

00:35:19.200 coming out of islamabad i think it's unlikely that we'll ever get some written formal instrument

00:35:23.920 of agreement between the two parties because i think the two parties are just so far apart 0.99

00:35:29.620 I do believe, though, that this issue of Hormuz and how you're going to actually open it up and have the free navigation, have the free flow of oil, Eric, is going to become more and more central every day we go forward, particularly if the Iranians keep playing their games, which is, I mean, you tell me. 0.76

00:35:48.600 The number of ships coming through here is still a small percentage of what it was at its height, and particularly what it needs to be if we're to have a full booming world economy of which the United States is the engine of it.

00:36:02.440 And I think the NATO meeting the other day was pretty, pretty obvious that he didn't, you know, what Secretary General Rute did not come to the sticks right after he said, I had a great meeting with President Trump.

00:36:14.400 We're fully committed to put the Royal Navy, the French Navy, the Italian Navy, the German, all the navies of of Europe down here on picket duty and escort duty with the United States Navy to take our burden of it.

00:36:29.400 I didn't hear that. One of the reasons you didn't hear it is that they ain't got it.

00:36:32.440 right? Because their people are taking the month of August off. They're retiring when they're 50

00:36:38.260 years old. They get full medical benefits. Everything U.S. workers don't have, they got.

00:36:43.860 And why they have it? Because they're not paying for their defense. The United States is paying 0.90

00:36:47.420 for it and manning it with their kids. So we're facing some quite stark realities.

00:36:53.780 What you saw in the numbers today, to get those numbers back in line and to make sure we're back

00:36:59.440 to driving the Trump economic agenda because everything President Trump worked for with the

00:37:04.520 tariffs, with the big, beautiful bill, everything was about driving us back to being a manufacturing

00:37:10.720 hegemon. And then you're clearly going to hit some speed bumps, Eric, as you've defined for this

00:37:16.460 audience, if the predicate for that is full spectrum energy dominance and oil with a four

00:37:23.180 handle in front of it or a five handle in front of it, it doesn't work. Or let's say this, it works

00:37:28.660 differently when you're at $90 a barrel or $100 a barrel, sir?

00:37:34.460 So much to unpack here.

00:37:36.240 The straight is technically partially open, but again, it's maybe 15 vessels per day versus

00:37:42.600 the 150 vessels per day total.

00:37:45.560 They're also being both directions.

00:37:48.440 So it's not just oil coming out.

00:37:49.920 There's vessels going back in.

00:37:51.860 And this is the most important part of it, Steve.

00:37:53.680 The ones that are being navigated through the strait right now are being directed by

00:37:58.560 the Iranian people, IRGC, because they know where their minds may be. 0.88

00:38:05.920 Or they're playing a game of like, we have to tell you how to navigate the strait, otherwise 1.00

00:38:09.560 you run the risk of blowing up.

00:38:11.560 All of this is an upward pressure on oil.

00:38:14.960 Trump, here's another- there's two other things, right?

00:38:17.180 So right now, if you want to extend this for a while, you want to- China does get hurt,

00:38:22.160 we should not forget that china has a reserve uh oil capacity of 1.2 billion barrels they don't

00:38:29.220 that's about a hundred and i think it's 120 days so four months of reserve they can they can last

00:38:35.000 on reserves until things get cleaned up so hurting them yes but you take a long time yo yo hold it

00:38:41.380 hang on hang on hang on full stop let's go and talk about that that's all sanctioned oil correct

00:38:48.580 me if i'm wrong i don't know we sanctioned these people how did that get out and how they have a

00:38:53.820 1.2 billion reserve at least it's that's what the intelligence services are telling us in the

00:38:58.320 in the oil markets but that was all sanctioned that shouldn't be there this is why we've kind

00:39:04.580 of i guess looked the other way i mean you tell me you're the old guy but how how did they have

00:39:08.720 this reserve which i think is roughly 100 days of what they need and how they still getting it

00:39:14.720 how those 15 ships how many are going to the ccp and and and this is how the cc 20 percent of the

00:39:22.300 entire chinese communist party's energy needs in totality i think is from iranian oil iran that's

00:39:30.540 why they're the sponsors of iran they're the biggest financial sponsors of iran and you got

00:39:35.660 this bank you got these banks and financial institutions in dubai the pirate cove uh last

00:39:41.320 time i looked i think mbz ran uae and i think he oversees dubai i don't understand why they're

00:39:47.760 able to use you know dubai banks uae banks to to money launder and get cash from sanctioned

00:39:54.400 countries president trump said yesterday or two days ago a 50 increase in tariffs to anybody that's

00:40:00.500 breaking sanctions with the iranians uh and i assume that's the chinese communist party

00:40:07.080 put a 50 percent tariff on this is also let me for full disclosure in the bloomberg piece and

00:40:13.420 with philip patrick yesterday this is one of the reasons a lot of people saying hey i don't know

00:40:18.900 if we want to be on the u.s dollar anymore not just as has it been losing uh purchasing power

00:40:24.260 because of biden's madness but in the fact that the americans with the swiss system and the ability

00:40:29.340 to go freeze assets of which we did or back the europeans in the ukraine war and now they're

00:40:34.680 doubling down i mean scott besson almost destroyed their currency in january that's why

00:40:39.180 hundreds of thousands or millions a million of them took to the street and 30 000 got killed by

00:40:44.600 the uh by the regime and and and the central banks of the world led by the chinese communist party

00:40:50.000 and places like india are saying hey maybe the americans have too much power so it's not

00:40:54.600 this is not a perfect world but but eric right now when you go back and talk about china and

00:41:00.280 their energy needs, we've somehow looked the other way and let that, all of that oil,

00:41:05.800 100% of a sanctioned oil, is it not, sir? Well, no, not really, Steve, because

00:41:10.800 is it? I don't know. Look at it this way. We have a 750 million barrel SPR reserve when it's full.

00:41:20.340 Biden tapped it. Trump has tapped it twice. Now, we're down to about a quarter of that. We have

00:41:25.900 about 200 million barrel reserve, which is 10 days worth of our oil.

00:41:31.820 China's 1.2 billion, but that's been accumulated over time, and they don't tap into it.

00:41:36.180 They just hold it for an emergency.

00:41:38.080 And I don't even think they've started using that emergency supply right now even.

00:41:42.520 So my point was, they have some cushion there.

00:41:45.580 Also, I'm hearing a lot- China and India are the only two countries that are getting the

00:41:51.900 the uranium oil right now.

00:41:53.300 But those are escorted ships in and out and then sent on their way to India and China.

00:41:57.500 So it doesn't really help the global market, it helps China and India out.

00:42:04.540 The central bank thing is important because, yes, dollar has lost value for the better

00:42:10.200 part of four decades consistently.

00:42:13.120 It gets a little bit of strength in geopolitical turmoil, but it's starting to lose value again

00:42:18.280 And as things calm down, which is higher prices on everything, dollar down, you got more dollars

00:42:23.460 to purchase the same amount of goods.

00:42:25.820 So central banks around the world have reserve gold instead of dollars.

00:42:31.220 And why do you think gold is $4,800 an ounce now instead of $2,000, which it was a year

00:42:35.780 and a half ago?

00:42:37.000 Because central banks are realizing that the dollar is not the place to store your value

00:42:41.220 anymore.

00:42:42.220 You store it in physical commodities like gold.

00:42:44.400 All these things.

00:42:45.400 just tell you one more thing. I hate to say this, but you said something about Biden's horrible

00:42:51.560 inflation was the reason for the dollar. We're knocking on that door, Steve. We're headed in

00:42:58.940 a direction. I don't say it's 9%, but we certainly could see a 5%, which is historically horrendous

00:43:06.000 for the economy. So get it done one way or the other. Either open it, let them play their little

00:43:12.320 stupid reindeer games, or bomb the crap out of them and regime change, civilization change, 1.00

00:43:19.120 if you want. But do one or the other so you can get back to, sorry, it sounds harsh, get back to 1.00

00:43:23.920 a $50 barrel of oil. One more little caveat to a $50 barrel of oil. You're approaching how much

00:43:28.640 it costs for these Middle Eastern countries to pull oil out of the ground, the cost alone.

00:43:32.880 You get it under 50, they don't make any money at all. Another positive to lower oil prices. 0.94

00:43:38.400 well uh eric what's your uh social media we gotta bounce i know you gotta get

00:43:43.960 ready for today we'll do a transition of the four o'clock show uh where do they uh where do people

00:43:50.440 go to get you i'll tell you what just keep watching worm and bowling uh at rabbit four

00:43:55.140 because that's where you learn stuff instead of watching puppy dogs and history on fox learn

00:44:00.860 something. Thank you, brother. See you at four. Short commercial break. Back in the morning.

00:44:15.260 The American health care system is broken, and for most Americans, nothing changes. There's still

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00:45:25.960 allfamilypharmacy.com slash bannon and use code bannon 10 to save 10 percent the health care

00:45:33.360 system is broken your pharmacy doesn't have to be war room here's your host stephen k bann

00:45:41.700 okay we're gonna have patty lyman republican national committee woman from the commonwealth

00:45:50.440 of virginia we had a technical issue just had patty just dropped we're gonna get it back up

00:45:54.520 we're gonna do virginia we're gonna do texas we got some important things to talk about

00:45:58.700 artificial intelligence um i want to go back to eric's thing about the 1.2 billion reserve

00:46:06.440 of the Chinese Communist Party, and they're also hoarding gold like crazy.

00:46:11.140 The $1.2 billion would have been drawn down if the sanctioned oil wasn't getting through.

00:46:16.500 I think what President Trump is telling people now is that it can't be any more games.

00:46:20.340 We put in very tough sanctions, and you could tell some of them are being worked around.

00:46:29.380 it's still very, I think, ill-defined

00:46:33.480 whether the UAE sees the assets

00:46:35.380 of the Iranian Republican Guard

00:46:39.560 and the Ayatollahs.

00:46:42.160 And it obviously is going to have impact

00:46:44.160 on the U.S. dollar

00:46:45.800 and what we do going forward

00:46:46.900 as a prime reserve currency.

00:46:48.000 Like I said, I do believe

00:46:49.760 we need a national debate

00:46:50.980 on being the prime reserve currency

00:46:53.560 and the whole situation

00:46:54.560 with our central banks, all of it.

00:46:56.220 uh because something's not working for the american people however when we have young

00:47:04.260 men and women in harm's way and we're talking about a 200 billion dollar now that might be

00:47:08.980 less because this war came to a looks like it's come to a at least a conclusion somewhat of a

00:47:14.760 conclusion shorter than the original objectives which i think were another couple of weeks

00:47:19.820 or maybe even another couple of months it may not be 200 billion but when you got a

00:47:23.620 you know russ vote's going to get shot he's going to get shredded next week because

00:47:27.240 they've got a budget they're coming forward has a 1.5 trillion dollar

00:47:30.880 um defense spending which i think is half a trillion dollars above the trillion

00:47:36.660 also and i'm not quite sure where even the 200 billion fits in because that has got to be paid

00:47:42.740 for somehow and there's no appetite among democrats or moderate republicans to cut social

00:47:50.080 programs if you think there's a appetite you have 20 traitors right now in the republican party 20

00:47:55.980 that are co-sponsors of one of the most egregious amnesty bills i've ever seen

00:48:01.520 and i've been doing this a while we had rosemary jinx on yesterday about salazar's bill

00:48:07.120 and how awful it is and she calls it the saw bill the screw american worker bill she says

00:48:13.920 one of the worst things she's ever seen and so that's where we are and those are republicans

00:48:18.000 working with Democrats. So the issues that face us here in the country are enormous. This is why

00:48:24.620 President Trump was elected to come back, because people realize in the stolen election of 2020,

00:48:30.400 the illegitimate regime that is Joe Biden, of what damage they did to the country. This is why the

00:48:36.200 mass deportation coalition has been formed. This is why people are coming up now with, and I keep

00:48:42.500 telling people you're going to see more populism and you're going to see nationalism that's going

00:48:48.320 to go to ultra nationalism and what do i mean by that more america first but as importantly

00:48:54.120 something gets lost here in the equation and you see it in some of the statistics today

00:48:59.020 particularly about wages you know president trump's always driven this that real wages

00:49:03.720 always increase and that's why people feel very comfortable when he drives the economy when that

00:49:08.240 starts reversing itself then questions got to be asked hey are we doing enough we focus enough

00:49:13.540 that uh when i say ultra-nationalist that american citizens must come first in everything that's done

00:49:22.620 everything that's done i equate it back to the roman empire the roman republic you had roman

00:49:30.280 citizenship you had a special deal people throughout the world and where you were

00:49:34.460 in the in the world knew you had a special deal wow you got roman citizenship that's pretty special

00:49:41.280 well american citizenship should be far greater than that and it's not american citizens are 0.91

00:49:47.500 screwed every day of the week every day of the week in this in this immigration all the scams

00:49:54.620 we should have a 10-year ban on all immigration people say oh we're legal and it's not legal 1.00

00:50:00.780 it's a scam look at the hb h1bs look at this disaster down in texas where that's just below 1.00

00:50:07.500 right below the islamic invasion issue so you see these fights and the way we're going to win is not 0.95

00:50:15.200 tv ads right it's it's it's it's not when cornyn's done in texas to try to destroy

00:50:21.440 ken paxton and do it on uh and do it on uh on tv this is one of the things in the central fight

00:50:28.740 right now is texas is also the commonwealth of virginia patty lineman now joins me patty we got

00:50:33.900 a couple minutes on this side i'm gonna hold you through um national committee woman you've been

00:50:39.820 the leader one of the leaders of the grassroots movement down there you guys have really taken

00:50:43.580 something that you were overwhelmed i think 10 or 20 points down on this redistricting

00:50:47.800 to basically radically change the composition of the commonwealth of virginia's congressional

00:50:53.380 delegation from 6-5 Democrat to 10-1, and I think ensure that President Trump will get impeached.

00:51:00.600 You guys have fought back now that it's kind of a dead heat, maybe even a little bit up. Walk us

00:51:06.140 through what the grassroots have done, this historic movement in the Commonwealth of Virginia

00:51:10.940 to stop this, ma'am. Thank you for having me, Steve. I'm always happy to be here with my posse.

00:51:17.120 My favorite title is Enthusiastic Member of the War Room Posse.

00:51:21.640 I am one of you guys.

00:51:24.260 We in Virginia, the Democrats, when they had their win, the thing about Democrats, Steve,

00:51:29.880 is that when they get power, they use it and they use it fast.

00:51:33.980 And what they did was shove through a completely illegal referendum to change the Constitution

00:51:40.620 in Virginia, a change that we had changed it in 2020.

00:51:44.300 And we said, we don't want politicians drawing our congressional lines.

00:51:48.680 We want an independent commission to do it.

00:51:50.580 And actually, the Supreme Court of Virginia drew our current lines, and they're quite fair.

00:51:55.040 But they knew that they could do it.

00:51:57.360 They broke every rule.

00:51:58.620 They don't care about rules either, by the way.

00:52:00.740 They broke every rule.

00:52:02.400 We fought it.

00:52:03.100 We still have four viable lawsuits pending, but our Virginia Supreme Court will not rule on any of them.

00:52:09.560 The issue is, is the referendum legal?

00:52:11.740 the Virginia Supreme Court said, we're going to make you do the referendum, spend tens of millions

00:52:17.100 of dollars, hundreds of thousands of hours, and then later we'll decide whether it was legal or

00:52:22.900 not. So we knew we had to win this. And I will tell you, Steve, from the beginning, the Democrats

00:52:29.980 were bragging about the money advantage they have. I think they're at 50 million and counting,

00:52:34.720 and they can always find more money. As we know, they get it illegally from overseas, we're finding

00:52:39.420 out. But I got to tell you, in the polling that we've had done recently, despite the fact they've

00:52:46.740 spent tens of millions of dollars on TV ads, they are not moving the needle in their direction.

00:52:52.600 The needle is moving in the direction of the no vote here in Virginia. And one of the things I

00:52:59.440 think I'm so excited about, Steve, is that, you know, for a while it seemed like we were kind of

00:53:05.200 having a top down approach here in Virginia to our party. But this is a completely ground up

00:53:12.220 grassroots effort. Republicans as a party only survive as a bottom up party. And you know that

00:53:18.380 better than anyone, Steve. And this has been the most revolutionary grassroots record we've ever

00:53:24.620 had in Virginia, ever. Patty, Patty, hang on for one second. I'll hold it to the break. I want

00:53:30.420 people throughout the country, not just the Commonwealth of Virginia, to understand the

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Bannon's War Room - April 10, 2026

Episode 5288： Economy Feeling Effects Of Iran War; No Amnesty And Freeze All Immigration

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