Bannon's War Room - May 09, 2026


Episode 5360: The Failure Of Dems Prove No Plan B; Deal Or No Deal In Iran


Episode Stats


Length

54 minutes

Words per minute

170.44662

Word count

9,299

Sentence count

555


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Breaking tonight, Virginia's attorney general has asked his state's highest court to pause
00:00:05.120 their order in validating that new voter-approved congressional map as he seeks a review from the
00:00:10.720 United States Supreme Court. The state court ruled earlier that Democrats violated procedural rules
00:00:16.900 to put that map on the ballot. The ruling essentially erases four Democratic-leaning
00:00:22.220 congressional districts in the state, likely giving Republicans a partisan advantage coming
00:00:26.680 into the midterms. Meanwhile, Tennessee's new Republican map is already facing two lawsuits.
00:00:33.500 One of those suits brought by the NAACP argues the state violated its own laws and constitutional
00:00:39.520 limits in its rush to redraw its map. We do a breaking news out of Alabama where officials
00:00:44.620 there filed papers with the U.S. Supreme Court urging it basically to eliminate or to allow it
00:00:49.760 to eliminate a Democratic-held congressional district.
00:00:52.840 In the year 2052, 2055, 2060, when the country is majority-minority, meaning more black and
00:01:03.680 brown people are going to be controlling the legislatures and the tentacles of power,
00:01:10.480 white folks are going to find themselves complaining about how they're being redrawn
00:01:14.240 into these minority districts that they now put in place today.
00:01:20.400 And they're going to be asking for the relief that generations of black folks
00:01:25.300 fought and sought for 60-plus years.
00:01:30.440 So here we find ourselves now in the undoing of the Voting Rights Act.
00:01:34.320 Here we find ourselves now creating districts where the legislature says,
00:01:39.480 I'm sorry if we want this community of African-American and Hispanics and others to have representation, to have their voice in the state legislature.
00:01:49.640 That's now racist. That's somehow now just bad public policy.
00:01:56.300 This is a blow. Obviously, a lot of effort went into this campaign to to win a vote of the people.
00:02:02.800 And it has been set aside. And, you know, when you look at the whole board with Florida moving and these other states based on the Supreme Court Voting Rights Act decision, you know, Tennessee and Louisiana and now Alabama, maybe South Carolina, you know, the president is in terrible political shape.
00:02:24.440 And on the natural, Republicans would lose the House.
00:02:28.020 This gives them a little bit of more of a cushion, probably nine or 10 Democrats need to win to take the House other than rather than three.
00:02:36.920 And so this was a bad day for Democrats, no doubt about it.
00:02:41.440 I think the proof is in the pudding, right?
00:02:42.940 Because why have we not had an Iranian response yet to the U.S. proposal that was given many days ago?
00:02:49.600 Now, we were supposed to hear a response on Thursday.
00:02:52.020 We didn't. We were then pretty confident we'd get a response yesterday. Marco Rubio said that he was expecting a response from the Iranians yesterday.
00:03:00.360 We didn't get one. And so we're now in three days and Iran still hasn't replied to this U.S. proposal to bring a conclusive ending to this conflict.
00:03:09.980 And I think the fact that we have seen fighting in the Strait of Hormuz, we have seen attacks onto the coastline of Iran over the last couple of days,
00:03:20.340 and we've seen, obviously, an Iranian retaliation, not just to U.S. warships in the Strait of Hormuz, but to the UAE particularly as well,
00:03:30.320 then that's why we're not moving forward in this peace proposal, in these negotiations.
00:03:35.720 And remember this latest proposal that the U.S. has put forward, which essentially suggests that within 30 days, we will come to a conclusive ending of this conflict.
00:03:46.400 In it, there is discussions around lifting the blockade gradually of the straight-up Hormuz.
00:03:51.680 There will be discussions around how Iran's sanctions would be released and their assets unfrozen.
00:03:58.760 There's also talk about how Iran would lift their blockade of the straight-up Hormuz.
00:04:03.860 and critically as well about their nuclear program
00:04:07.680 and very specific details about their nuclear program,
00:04:10.620 which they'd all get into if the two sides actually get around the table.
00:04:14.560 And that first will only be done if this initial pre-proposal gets agreed.
00:04:19.740 And right now, Iran is pretty much staying quiet.
00:04:21.780 In fact, due to the fighting that we've seen in the Strait of Hormuz,
00:04:25.500 they said that Washington is a vermin-like nocturnal scheming.
00:04:31.460 That was from Iran's foreign ministry, and they warned against adventurism and roguish behavior.
00:04:37.860 This was after a U.S. jet fired on two oil tankers, which were heading towards an Iranian port in the Strait of Hormuz.
00:04:46.600 And those two tankers were disabled as a result, as part of the U.S. blockade inside that waterway.
00:04:53.900 So we're in a situation right now where all eyes are on Iran.
00:04:57.600 The ball is seemingly in their courts to come back with a response to this deal.
00:05:03.900 But I think this military action that we've seen extensively over the last few days now just doesn't help us getting to some form of peace proposal.
00:05:12.980 And I just also must mention is that even if they do come back with a response, which won't be completely to apply with what the U.S. has said,
00:05:21.860 this would just be the initial step to then getting to the table to then having
00:05:26.120 negotiations that any sort of peace agreement and deal is still very far off
00:05:31.900 this is the primal scream of a dying regime pray for our enemies because we're going medieval on
00:05:42.880 these people here's not got a free shot all these networks lying about the people the people have
00:05:49.480 had a belly full of it. I know you don't like hearing that. I know you've tried to do everything
00:05:53.220 in the world to stop that, but you're not going to stop it. It's going to happen. And where do
00:05:56.600 people like that go to share the big line? MAGA media. I wish in my soul, I wish that any of
00:06:04.180 these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer
00:06:11.300 is to save my country, this country will be saved. War Room. Here's your host,
00:06:18.400 steven k band
00:06:19.760 saturday 9 may year of alert 2026 it's victory day in russia a little subdued today i think they're
00:06:30.260 worried about uh ukrainian drones and let's give the ukrainians first of the ukrainian people are
00:06:36.040 unbelievable the way they fought the russians and it's the courage and bravery and valor
00:06:39.540 uh their leadership zelensky and the oligarchs are running at some of the worst people on earth
00:06:45.480 but give the devil its due they've got the russian subdued kind of a very subdued victory
00:06:52.440 day parade in moscow which normally has um you know they bring out the missiles everything so
00:06:58.200 uh we'll talk about that a little bit later uh i i want bowling to start the show because i want
00:07:04.840 to find out there we are right there pretty good we'll get it back up good going denver you're on
00:07:09.080 the trigger today um and i do want to report no one on the denver staff was that guy on the runway
00:07:17.960 last night what is that about a guy on a runway trying to flag down a jet about to take off
00:07:22.700 these airports i'm telling you dangerous dangerous dangerous um eric bowling first off
00:07:29.020 you used to have years ago didn't you have michael steel people i remember this is how
00:07:36.400 When I say the Republican Party is controlled opposition and it's a new day for the grassroots, please always remember that Michael Steele was the head of the Republican Party.
00:07:49.080 He didn't speak in ghetto like he does now on MSNBC.
00:07:53.900 He was head of the Republican Party.
00:07:55.940 And Tim Miller, yes, that would be Puka Shell's or Pearl's Tim Miller.
00:08:01.240 That was his chief spokesman.
00:08:03.000 Tim Miller was the communications director of the Republican National Committee, and Michael Steele was the chairman.
00:08:12.800 So when I say there was controlled opposition, because those guys are left-wing Democrats, and they show it every day on MSNBC, but they didn't really change.
00:08:19.640 That's what they've always been.
00:08:21.140 They just faked it, and this is what clowns the Republican Party are to kind of put them as the head guys.
00:08:27.140 Did you ever have him on your show back in the old days, Eric, Michael Steele?
00:08:30.900 Tons of times. I did a show where we would do a political panel before The Five on Fox Digital. Michael Steele was a regular Thursday guest. The guy was, you know, as convincing as could be.
00:08:45.100 and I played a soundbite, I think it was maybe right before you came on last night on the 4 o'clock show,
00:08:51.400 and he literally had the most African-American dialect I've ever heard,
00:08:55.960 even worse than when Kamala brings it out or worse than when Hillary used to bring it out
00:09:01.160 or when Biden says, in chain, it was the worst, and it just blows me.
00:09:06.000 Steve, MSNBC is littered with former conservatives.
00:09:09.760 You look at Nicole Wallace, one of their highest-rated shows, a former Bush press secretary.
00:09:16.560 They like to pick up formers, especially when they like to do it.
00:09:19.100 No, but it makes the point that they were never – it's why the Republican Party's controlled opposition.
00:09:25.860 They haven't really changed.
00:09:27.840 They just got a different venue, and it can all come out now.
00:09:30.720 I'll tell you what.
00:09:31.220 Do we have the – can we have the Michael Steele thing before we talk about the markets?
00:09:35.460 And I got the MSNBC guy there nailed it.
00:09:37.980 Hey, it's three days.
00:09:38.780 We got no one pager as kind of predicted here in the war room.
00:09:42.480 Let me play.
00:09:43.520 I got to play Michael Steele again.
00:09:45.100 Here's why.
00:09:46.020 So many members of the engine room with heads blowing up about Michael Steele.
00:09:51.140 So let's play it.
00:09:52.820 In the year 2052, 2055, 2060, when the country is majority minority, meaning more black and
00:10:03.420 brown people are going to be controlling the legislatures and the, you know, tentacles of
00:10:09.120 power. White folks are going to find themselves complaining about how they're being redrawn into
00:10:14.340 these minority districts that they now put in place today. And they're going to be asking for
00:10:22.360 the relief that generations of black folks fought and sought for 60 plus years. So here we find our
00:10:31.280 This, it's pretty obvious they had no plan B.
00:10:35.860 They never thought the Warren Posse and the grassroots and the MAGA movement would say,
00:10:40.900 no, we're going to put our shoulder to the wheel starting in Texas, and we're going to do the pregame.
00:10:45.440 The pregame is like the April draft for the NFL.
00:10:48.580 We're going to do the pregame and do redistricting.
00:10:51.800 And so I say structure content process on the structure side, we're hammering them.
00:10:58.540 Your thoughts about that, Eric?
00:10:59.540 Yeah, first of all, Michael Steele was, I mean, I think it was Georgetown or Harvard, one of the one of the major universities. He was for 10 years, 15 years on TV. He never had this controlling without the G and white folk gonna really come on, Michael, what is this?
00:11:15.900 As far as redistricting, you know, Politico had to come clean.
00:11:22.320 And I think the headline, I'm pretty sure it's Politico or Axios, come clean and say it's a disaster for the Democrats, something they didn't see coming.
00:11:29.760 They didn't see Virginia.
00:11:31.600 They didn't see that the sand is down here in Florida pushing it forward quickly.
00:11:36.220 And so there is a real feel that, you know, Caroline ran on your show yesterday talking about how we can get to 260.
00:11:44.680 You just got to spend a lot of money. And as she pointed out, I hit her on also with your with your blessing, of course, she pointed out and asked her how much is for for one seat?
00:11:55.600 I mean, I know every state is different. Everyone has different numbers.
00:11:59.280 But when we came to a number, she said it could be upwards of, you know, 30, 35 million dollars for a seat.
00:12:05.120 And she said, just think about that, though. One seat could make the difference between Hakeem Jeffries or whoever may be the Speaker of the House if we retain the House.
00:12:13.780 So, because I'm not sure, I'm not sure Speaker Johnson or Thune should even be around after midterms, but whatever, that's my opinion.
00:12:21.580 So, the redistricting thing that the Democrats thought they were so proud of with Hopkins Jeffries, you know, saying that the Republicans screwed up, I think they were a little, what does George Bush say, mission accomplished, just a smidge too early?
00:12:37.900 no politico had the story i went back to my notes and they had a story i think it was the 27th or
00:12:44.360 28th of how democrats had turned the tables and now they were ascended and this redistricting
00:12:49.760 thing they were going to win and uh lo and behold uh you know reality hit what shocks me is they
00:12:55.740 don't have a plan b i think it's going to be more than 30 or 35 million this is going to come down
00:12:59.740 to a handful of seeds like for instance in virginia we're going to have uh a young man who's
00:13:04.220 running for the state senate in the year after but they're getting ready for the ground game now
00:13:08.620 you have to hold those four seats two of those seats are going to be tough right two of those
00:13:12.640 seats are going to be tough in virginia but we got to hold them now that we got the structural part
00:13:16.120 behind us you've got to actually hold them so it's going to be intense it will come down to
00:13:20.220 seven or eight seats i think and i think you're going to see 50 million dollars because
00:13:24.560 think about it the entire house of representatives which obviously has immense power particularly in
00:13:30.820 disregard because they're coming for trump if they just take it by one seat they don't care
00:13:34.700 the democrats play smash mouth they're not you know if they take it by one seat they're going
00:13:39.020 to roll hard uh eric and so uh it this is going to be quite intense but and we still got a lot
00:13:44.560 to go louisiana we still got one more to pick up uh alabama still one more to pick up south
00:13:49.480 carolina so there's still seats in play like you said could get us to 216 south carolina scares me
00:13:55.360 because i i lived there for three years very very red state and and with the chat with caroline
00:13:59.680 yesterday she said there's there's a lot of you know folks who call themselves conservatives who
00:14:04.000 may not be and that that i think is is fairly common especially you know state houses at least
00:14:08.960 and possibly u.s representatives as well you know just to get to get elected so south carolina if
00:14:14.960 you run as a d you're likely not going to get elected so you run as an art but you're really a
00:14:18.960 d and that scares you know indiana mike pence had a lot of control over indiana and got those folks
00:14:25.440 to push back but she did say well it's going to be another fight for indiana but it's going to
00:14:29.520 happen after the midterms yeah no the uh south carolina georgia the establishment of those
00:14:34.880 republican parties the grassroots will tell you this are infected with bushism the bushes the
00:14:40.960 bush apparatus the carl roe bush apparatus has a lot of say so in the establishments in both south
00:14:45.360 carolina and georgia that's why kemp is kemp is kind of a bush clone anyway short break eric
00:14:51.760 Bowling. We're going to talk about do we have a deal, deal or no deal, next in The War Room.
00:15:00.160 Everyone's focused on how the conflict in the Middle East is raising oil prices, but there's
00:15:04.240 another grim reality to this contention. Oil isn't the only resource being constrained. About one
00:15:11.240 third of global fertilizer trade happens through this region. And with spring planting season on
00:15:17.360 top of us, American farmers are sounding the alarm, with some saying they can't afford to
00:15:22.060 plant their fields. When one piece of the supply chain gets hit this hard, you know what comes
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00:16:22.160 do it today go check it out war room here's your host stephen k bann
00:16:28.420 we had um let me cut that up and play that again on monday we had philip patrick last night
00:16:35.860 talking about the structural changes he thinks
00:16:38.000 and the Birch Gold guys think are coming to the gold market,
00:16:41.140 the still massive purchase of gold by central banks.
00:16:45.180 And he says they ain't buying it for yield.
00:16:47.120 They're buying it just a hold, even at the prices, you know,
00:16:50.660 the prices near an all-time high.
00:16:53.320 He said that is a big deal, and he does not think that will stop anytime soon.
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00:17:20.840 Go talk to Philip Patrick and the team, particularly about these central banks buying gold at all-time rates.
00:17:26.280 Okay.
00:17:26.760 The economic numbers came out yesterday in employment and others.
00:17:30.300 E.J. and Tony is going to join me momentarily.
00:17:32.500 I'll get to bowling also this on his thoughts as a trader.
00:17:35.640 but first off eric i think it's 72 hours we don't have a one pager uh i think we were lighting up
00:17:42.920 some guys last night we hit uh we hit a uh a tanker i think we boarded but uh when the ceasefire is
00:17:49.440 not over the um are the iranians now playing with the united states are they playing games sir
00:17:56.760 i think as we've been talking all along steve i think the iranians are are in it for the long
00:18:04.040 haul. They wanted martyrdom as their greatest sacrifice in the life of 72 versions as they
00:18:08.960 died for the cause, so to speak, taking down the evil giant America and the mini giant
00:18:14.100 Israel. So I believe they're going to continue this. And especially, I don't know where this
00:18:18.540 came from, Steve. Yesterday, the CIA, our CIA put out a report. Why the hell would they
00:18:24.100 do this now?
00:18:25.320 That's the deep state. It's the deep state leaking on Trump.
00:18:30.860 It's amazing, isn't it?
00:18:32.560 Iranians would be capable to hold off the blockade for several months.
00:18:35.480 Where's several months put you?
00:18:36.960 The midterm elections.
00:18:38.100 It's insane that the CIA would be that ridiculous to put this out.
00:18:42.180 You got their report.
00:18:42.920 Hang on, hang on, hang on.
00:18:44.420 Connect Dato.
00:18:45.280 This is a warning shot to Trump.
00:18:47.940 This is a love tap.
00:18:49.140 President Trump said we gave the Iranians a love tap.
00:18:50.920 This is a love tap to President Trump about the Brennan prosecution in South Florida.
00:18:56.260 The deep state, they're Brennan's guys.
00:18:58.420 That's the only reason they would leak this, right, is to put more pressure on the administration and make it look like Trump doesn't know what he's doing, right, and actually say, hey, this is going to last all the way to the midterms.
00:19:09.480 You agree with that?
00:19:11.400 Yes.
00:19:12.120 Yes.
00:19:12.780 Yes.
00:19:13.020 And by the way, you mentioned leaks.
00:19:15.020 This shot looks like a Stephen K. Bannon White House senior advisor.
00:19:19.500 Someone's leaking.
00:19:20.460 Bannon calls him into his office and turns the lights off, put a light on his face, and said, what the hell did you leak for?
00:19:25.820 Look, not only do we believe it, I think there's a concerted effort to undermine Trump and, as you point out, deep state.
00:19:34.000 Faddis would know best about that, being a former CIA operative.
00:19:37.420 He knows what – and I think you would agree that that was intentionally placed right now to give the Iranians some sort of wind in their sails, so to speak, so that they do last.
00:19:46.920 Because the longer it lasts, the higher oil stays, higher oil stays, the higher gasoline stays, the closer you get to midterm elections is a definite drag on certainly independent voters, if not some weak, factless Republican voters.
00:20:01.600 So, yeah, it's it's it feels like it's all intended to take Trump or MAGA down.
00:20:07.720 What about your thoughts now? They're they're going through all kind of perturbation, a bunch of stories coming out.
00:20:13.800 they leave in a couple of days for beijing your thoughts so how's how's the iranian situation in
00:20:20.180 your mind going to play into these talks in beijing well so this is huge i'll get take you
00:20:24.540 through the numbers i call the guys my trading guys and here are the latest three three vessels
00:20:28.700 in the last 24 hours if you take the last few days a few days ago steve we talked there was
00:20:32.920 four vessels then it jumped to 11 the very next day was zero two yesterday and three today so
00:20:38.900 So the traffic is 95% below what it should be.
00:20:42.820 Japan and South Korea remain the most critical countries with this oil really shortage on that part of the globe.
00:20:50.040 China and India are high.
00:20:51.640 Their heat map is at high.
00:20:53.860 Believe it or not, the United States heat map because of the oil blockade is low, low risk.
00:20:58.980 So that's good news.
00:20:59.820 The war premium to transit the Strait of Hormuz has increased the insurance and whatnot 30 times normal rate.
00:21:08.700 So before the conflict, the war premium, small amount to transit, it was 50 to 60 cents per barrel, right?
00:21:16.920 It's up to $15 to $18 per barrel right now.
00:21:21.880 If you can get it through, that's what the insurance companies are going to charge the transporters.
00:21:27.860 If we were to stay fully disrupted for an extended period of time, that could be an $80 increase in barrels.
00:21:35.400 So you're talking $150, $160 if it stayed.
00:21:37.960 I don't think it's going to stay.
00:21:39.300 Something very important with the Russia ceasefire or whatever this is, peace talk, whatever this is going to be, Russia produces 9 million barrels of oil per day.
00:21:47.600 They use roughly half of it, but they export half of that as well.
00:21:51.800 Right now, we're embargoing Russian oil in the world market the way we are with Iran.
00:21:56.180 So you bring those barrels on, those would be very, very welcome relief to the general oil market.
00:22:02.600 Again, Steve, we're not susceptible to the straight, but we're susceptible to the rising tide lifting all oil, crude oil barrel boats.
00:22:11.540 Give me your thoughts on the numbers.
00:22:13.700 You heard the employment number yesterday, the top line number.
00:22:16.880 EJ's got some analysis about the internals, you know, down the food chain a little bit.
00:22:21.660 What are your thoughts?
00:22:23.520 Yeah, so the headline number, the estimates, the economists estimates were 60,000 increase.
00:22:29.760 We had $130,000 or $40,000 increase, which tells you it sounds really good.
00:22:34.620 But as you go into what they're called internals, we look at where the increase in hiring happened.
00:22:42.280 And some people didn't like it.
00:22:43.600 I'll be honest with you.
00:22:44.320 It was pretty limited, but where the limit was, for me, was a very positive sign.
00:22:50.960 Almost all the increase happened in the AI cap spending, capital spending on AI, which in a time where high energy prices are really strangling the AI development, people are making decisions where to go forward with data centers and such because of the high energy costs, rising energy costs, you know, the AI is draining energy resources.
00:23:13.600 So even so, in the last month, we were fully in this war in the last month.
00:23:19.220 CapEx spending on AI projects was most of the driver of the economic number.
00:23:23.800 So yeah, you can say the headline was great.
00:23:25.920 Internals weren't great.
00:23:27.060 But for me, literally the silver lining in this is the fact that because it was CapEx
00:23:32.040 in AI, I'm very, very, it means our economy is resilient, Steve.
00:23:35.860 And don't forget, we had a 2% GDP in the middle of this too.
00:23:38.960 So things don't look as bad yet.
00:23:40.800 You see, the reason I love bowling, you're getting the pure trader mentality.
00:23:45.600 That's the trader mentality.
00:23:46.720 Of course, here in the world, we hate data centers and want a moratorium.
00:23:50.560 I put you right.
00:23:51.460 The scary thing was the CapEx number was massive.
00:23:54.420 Eric, where do people get you on social media and your new show?
00:23:57.520 We'll see you back here on Monday to make us smart about what happened over the weekend.
00:24:00.500 Hopefully, we get the one pager with the 21 points.
00:24:04.880 Two things you've been saying.
00:24:07.580 We don't have any allies in the Middle East, and we're not getting the one-pager.
00:24:12.180 I'm going to see your band analysis.
00:24:14.040 It ain't going to happen.
00:24:14.840 But find me at Eric Bolling, anywhere on social media, 4.5 million people.
00:24:19.480 Love to see you.
00:24:20.400 Love to get your thoughts on what we're doing right here.
00:24:22.920 Steve, have a great weekend.
00:24:24.300 Thank you, sir.
00:24:24.880 I'll be texting you if anything happens.
00:24:27.100 Good.
00:24:27.500 Thank you.
00:24:27.940 Keep me up to date.
00:24:28.740 Eric Bolling, massive social media.
00:24:31.320 His new show is fantastic.
00:24:32.740 Follow Bolling.
00:24:34.660 Yeah, the CapEx number is not good.
00:24:35.960 Although they are reporting that behind the scenes, behind the scenes, it's very powerful.
00:24:43.060 Let's go ahead and play.
00:24:43.660 I'm going to play the cold open.
00:24:44.660 And then after the break, I'm going to bring EJ.
00:24:46.340 Let's go ahead to EJ's cold open.
00:24:48.780 Squawk Box Rick Santelli here live at CME HQ with the big job jobs report for April.
00:24:55.660 65,000 expected.
00:24:58.020 Nay, nay, nay.
00:24:58.940 We are much stronger.
00:25:01.420 115,000.
00:25:02.800 One, one, five.
00:25:03.720 And last month, upward revision from 178 to 185.
00:25:09.480 These are good numbers.
00:25:11.300 Now, if you take the two-month average, we did lose $16,000,
00:25:15.240 so you know it's the month before the last month.
00:25:17.940 And if we look at manufacturing payrolls, they're down $2,000.
00:25:21.980 The reason I'm looking at them, because last month's minus $15,000,
00:25:25.660 positive $15,000 was the best going all the way back to 11 of 23, November 23.
00:25:32.420 but we are giving a little bit back. All right, let's get involved in the earnings.
00:25:36.880 Month-over-month earnings, light, two-tenths. We're expecting three-tenths. Two-tenths actually
00:25:42.620 is now a back-to-back number. Two-tenths, back-to-back to Compabee, 0.1. One-tenth,
00:25:49.580 the end of last year. If we look at a year-over-year perspective, also a miss. 3.6 versus
00:25:55.640 is 3.8. 3.6, of course, actually is better than our last look, which is 3.5. That was the lightest
00:26:03.380 since May of 21. So 3.6 comps back up to the 3.8 level in February. Hours worked. This is important.
00:26:11.980 One would think that AI is going to make a difference here. It is moving up 34.3, 34.2
00:26:19.000 expect. The 34.2 has been a big common number for most of 25. 34.3 was February, January of this
00:26:27.100 year. To find a higher number, you're going all the way back to March of 24. Now, let's look at
00:26:32.620 what I call U3, the unemployment rate. 4.3 last month, 4.3 now, 4.3 expected, no change. 4.4 is
00:26:41.900 the high watermark for the year, and that was in February. To find a lower number, you're back to
00:26:47.140 mid 25 at 4.1 okay uh ej uh we got about a minute before we go to break i'm gonna hold you uh your
00:26:55.540 thoughts particularly the top line number well steve top line number was great all always good
00:27:02.640 to see the jobs uh jobs added beat expectations but the problem is after we get past that headline
00:27:08.600 number as eric bowling was saying so articulately you know the internals of this reporter are pretty
00:27:14.900 ugly for example if you look at not just the survey of businesses where we get that that
00:27:19.860 jobs number from but you look at the survey of households where you ask folks how many people
00:27:25.460 are actually employed that number didn't even go up it actually fell it fell over 200 000 last month
00:27:32.500 now part of how you can have this disconnect has to do with how many uh how many jobs are people
00:27:38.900 actually working in other words multiple job holders what we found in the month of april
00:27:43.380 was that you had a big increase in the number of people who had multiple jobs and sure enough if we
00:27:48.260 look at the composition of what kinds of jobs were created last month full-time employment actually
00:27:55.220 fell all of the net job growth that we saw were part-time jobs so here's here's the story that
00:28:00.580 the data is essentially telling us hang on hang on one second i want to hold you i'm gonna hold
00:28:05.060 go to break uh we got right now i want to give you plenty of runway to walk through ej and tony
00:28:11.300 one of the smartest guys around about labor numbers all next in the world
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00:29:27.260 being ready before you need it go to allfamilypharmacy.com that's all one word
00:29:33.480 allfamilypharmacy.com slash bannon and use code bannon 10 to save 10 percent the health care
00:29:40.880 system is broken your pharmacy doesn't have to be here's your host stephen k bann
00:29:48.980 E.J., there's a lot of, particularly in the engine room,
00:29:55.660 a lot of talk about E.J. Antonio, I think for the first time
00:29:58.520 in four or five years, is making an appearance on War Room.
00:30:02.320 He's not in his traditional nice suit, you know, tie, squared away.
00:30:09.080 You're in a fleece.
00:30:11.060 Is this casual Saturday?
00:30:12.540 Is the Saturday morning show more casual to you now?
00:30:15.660 this is uh this is on the road because i gotta go visit mama and tony for mother's day weekend
00:30:22.140 okay great fantastic response thank you sir this these numbers talk to me about because i'm quite
00:30:29.480 concerned we talk about content we've got structured content processed content uh issues
00:30:36.140 we're facing besant uh navarro jason jameson greer the president everybody's focused on the
00:30:42.320 economy. This is one of the reasons we want to wrap this thing up in the Persian Gulf and get
00:30:46.620 back home. What warning signs do you see? Continue on with your issues about not the headline number,
00:30:54.640 but the internals that are right below that. Absolutely. So Steve, what essentially I think
00:31:00.560 this report is telling us, because look, you got to go through the data and you got to try to
00:31:05.300 basically tell a story that fits every single data point, right? And I think what the data is
00:31:10.940 telling us is that last month people were faced with exploding prices because of the war with
00:31:16.540 Iran. There's just no other way to put it. And as a result, they went out and they got extra jobs.
00:31:22.780 And look, this is something that we saw that happened under Biden, right? When all of his
00:31:26.800 reckless government policies caused prices to go up. Right now, obviously, it's that oil has
00:31:32.180 increased and that's what's causing the higher burdens on folks. So people went out and they
00:31:38.160 got part-time jobs. This is why full-time employment went down, but part-time employment
00:31:43.180 went up and accounted for all net job growth in April. Also with multiple job holders going up
00:31:49.060 again, that's somebody who's already got a full-time job going out and getting another job,
00:31:53.780 a part-time job to try to supplement their income. If you look at the credit data that we got
00:31:59.240 most recently, it shows the exact same thing. People were able to increase their spending,
00:32:05.160 mostly on things like gas and diesel, because they exploded how much they were putting on credit
00:32:11.700 cards. So that's what the data is telling us here. So again, you get beyond the headline number
00:32:16.780 and you see things are not that great. If you look at some of the areas that were good,
00:32:23.320 you saw government jobs continuing to go down. So at least all net job growth is in the productive
00:32:28.420 private sector, not the unproductive public sector. Additionally, we're continuing to see
00:32:33.620 the construction boom. The CapEx spending that is coming in for AI is helping to, again, fuel that
00:32:41.500 construction industry. You're helping to add blue collar jobs there. So good news, at least on that
00:32:47.840 front. So it's not all bad. I don't want to make it sound like it's doom and gloom or anything like
00:32:52.420 that. But I do at the same time want to be a realist. I want the war room posse here to be
00:32:57.260 informed. I want them to know what's actually going on and not just get the rosy talking points.
00:33:02.200 I want to actually continue to be a truth teller here, whether the truth looks good or not.
00:33:07.940 The big, beautiful bill, particularly the supply side part of this of capital spending to expand plant and factory, the green shoots of that in manufacturing jobs.
00:33:19.720 Because we were beginning to see some of that before the war.
00:33:24.220 Is that in hibernation now?
00:33:26.400 Is that still rolling along?
00:33:28.100 Because that is quite important.
00:33:29.920 And when we talk about content, we talk about, hey, you structurally got four seats delivered back to you in the Commonwealth of Virginia.
00:33:38.500 One of those seats is really in play.
00:33:40.500 Another one's kind of in play.
00:33:42.340 You're going to have to win all four of those to make sure that we retain the house.
00:33:47.220 To do that, we have to have a robust economy.
00:33:49.720 Are you seeing that right now as we sit here in the first week of May?
00:33:52.680 well steve what i'm basically seeing is that we're just having to revise down a lot of our
00:33:59.460 growth forecasts for the year because of high oil prices i mean look you know you can debate whether
00:34:05.020 or not the war with iran was was worth it from a geopolitical you know geostrategic or a military
00:34:10.160 point of view those are not my areas of expertise i i can't really give you yeah i can't comment on
00:34:15.380 that all i can tell you is from an economic perspective the war is a massive drag on the
00:34:20.740 economy because one of the cornerstones of the Trump economic boom for both in his first
00:34:26.160 presidency and then also in his second term is low energy prices. Case in point, Steve,
00:34:32.240 if you look at all of the data center projects that were actually started on January 1 of this
00:34:38.180 year, fast forward to today, half of them have either been paused or canceled. Now,
00:34:43.840 what's really amazing, and this goes back to something that Eric Bolling was saying earlier,
00:34:47.620 is that the incredible amount of spending that we are still seeing, despite those high prices,
00:34:53.760 I think is a result of the Trump economic boom. It is a result of the supply side effects of the
00:35:00.240 investment credits that you see in things like the big, beautiful bill. It's a result of the
00:35:04.860 reductions in regulatory burdens that are also decreasing costs that are allowing for these
00:35:10.340 projects to continue to go forward, even in the face of those high energy prices.
00:35:16.280 So again, you are seeing a construction boom, which will in the future then lead to a manufacturing boom because you have to actually build the factories first, right, before they can employ people and before they can actually start producing stuff.
00:35:29.180 So you are setting yourself up for good growth in the future.
00:35:33.420 But again, just the reality on the ground, Steve, I got to be a realist here.
00:35:37.640 The reality on the ground is that these high energy prices are a big damper on the economy right now, and they are slowing things down.
00:35:45.140 So again, you still do have growth. You are seeing some projects go forward, but we just have to acknowledge the fact that you've also seen a lot of projects either paused or canceled because of those high energy prices.
00:35:58.680 And that's why the Persians are figuring out, calculating the pain they're taking.
00:36:03.100 Obviously, a lot of pain militarily and politically.
00:36:06.560 They've been hammered.
00:36:08.060 What they're going to force into the Persian people to stick it out with the pain they're going to try to put on President Trump and the administration.
00:36:14.880 E.J., your analysis is always brilliant.
00:36:17.240 Where do people go, particularly your Twitter feed?
00:36:19.640 You're keeping people up to date.
00:36:21.060 You're kind of the bomber command for the economy.
00:36:24.140 Where do people go to follow you, sir?
00:36:25.880 best place is going to be on x and the handle there is at real ej and tony
00:36:31.860 and tell mama and tony happy mother's day sir
00:36:36.160 i certainly will steve thank you for having me thank you brother uh the spirit the esprit de
00:36:44.600 core now in the grassroots for the victories and we got a lot of news to report out in texas
00:36:49.400 Remember, we're heading down to Texas for the early vote
00:36:53.200 and for this runoff with Ken Paxton,
00:36:57.220 which is all kind of rumors now President Trump may endorse.
00:37:00.020 Hopefully that doesn't happen.
00:37:01.860 Ken Paxton will win if that doesn't happen, particularly on Cornyn.
00:37:05.260 Scott Pressler is going to be here on Monday.
00:37:08.260 Scott has been in both Indiana and the Commonwealth of Virginia.
00:37:11.040 He's heading to Texas.
00:37:12.180 He's going to get us totally up to date on everything he's working on
00:37:15.240 and talk about his new book that's coming out, The Persistence.
00:37:18.100 I want to go now to the Commonwealth of Virginia, Scott Hamilton.
00:37:21.000 Scott's running for a state Senate seat in the upcoming and really, I guess, the next cycle.
00:37:27.060 Scott, tell me what has happened at the grassroots level about this, the decision by the Supreme Court of the Commonwealth, the USA,
00:37:37.080 but also this massive grassroots effort to keep this thing competitive.
00:37:40.500 Are people fired up? Are you going to be able to hold all four of the seats that have basically been put back in play by the Supreme Court, sir?
00:37:50.280 Well, God willing, hopefully we can hold the seats because the Supreme Court of Virginia has handed us a massive victory by keeping the congressional districts in place.
00:38:02.080 And this was a power grab by Abigail Spanberger, Don Scott, and the criminal thug of Louise Lucas.
00:38:10.840 They orchestrated a 10-1 map, and they violated the constitutional process not just once, not just twice, but in four separate occasions.
00:38:21.580 But I read the entire opinion, and the court was spot on.
00:38:25.700 And the main issue that the Virginia Supreme Court has is that early voting began and there was 1.3 million votes that were cast before the first passage of this constitutional amendment on Halloween of 2025.
00:38:42.800 And there are 15 states that require the passage of an amendment in two separate General Assembly sessions.
00:38:50.300 And Virginia, of course, is one of those.
00:38:52.100 And what happened is that you have 1.3 million Virginians who are essentially disenfranchised.
00:38:59.180 They didn't have a chance to cast a vote, whether they support this amendment or not.
00:39:04.300 And, of course, the second passage occurred January of this year.
00:39:08.200 And none of the well, there were special elections for certain members of the House, the delegates and for Senate, particularly for Ghazala Hashmi.
00:39:16.900 You know, we need to find a replacement for her because she left her sentencing serving as lieutenant governor.
00:39:23.780 And, you know, the court ruled that we can't disenfranchise 1.3 million Virginians to pass a constitutional amendment.
00:39:36.120 Talk to me about we haven't had time to cover Lucas.
00:39:39.920 we've we've talked about spanberger and she's a ca operative that you know governs as an
00:39:46.360 authoritarian thug tell me about lucas for a second our audience doesn't know much about her
00:39:50.780 except for the fbi you know she's got a big mouth she's been uh very aggressive and going after
00:39:57.620 trump and maga uh but the fbi raided uh i guess her house and her business who is she and what
00:40:04.620 is she like well i've i've been bumping heads with louise lucas for a while now there was a
00:40:11.660 senate hearing this is back in 2021 so we had former senator amanda chase who was there um and
00:40:20.440 we had you know many other folks were affected by um you know the covid vaccine and and of course
00:40:27.460 um the covid illness that was you know still around at the time we were pretty much in the
00:40:32.820 height of the pandemic. And what the issue was at the time is that there was a bill that Senator
00:40:40.200 Amanda Chase put forth to make it so that pharmacists could not deny ivermectin prescriptions
00:40:48.000 to those who got them from their doctors in the Commonwealth of Virginia. Now, Louise Lucas,
00:40:53.980 instead of hearing those individuals who had lost family members due to the COVID,
00:41:00.560 who did not have access to ivermectin, she was not concerned about any of those voices.
00:41:06.020 What she did is that she shut down the hearing and said, well, we're just not going to do this
00:41:10.680 anymore. And Amanda Chase had a press briefing. We have various reporters over there talking about
00:41:19.400 how Louise Lucas was not interested in hearing about alternative ways to combat this COVID
00:41:26.540 pandemic. And that's just one of the many issues where Louise Lukas has been wrong on. And of
00:41:31.660 course, when Governor Youngkin was in office, you know, she said, oh, we're putting this effing bill
00:41:37.300 in the trash. I mean, she's just a vulgar gangster. I mean, you see it from her demeanor,
00:41:42.460 the way she speaks. And, you know, she even said it's Abigail Spanberger's inauguration party,
00:41:49.560 10 effing one, 10 effing one. She was shouting it several times. And this is kind of woman that she
00:41:55.000 is now um i wasn't surprised that the fbi invaded her um her places of business i mean there's
00:42:01.660 allegations that uh she was selling untested uh marijuana and of course you know since biden's
00:42:08.920 america we've had marijuana that's been laced with marijuana marijuana's been laced with fentanyl
00:42:15.440 and it's caused uh you know deaths in america and to have untested marijuana yeah and you're
00:42:23.880 selling it to people in the Commonwealth of Virginia? I mean, that's a serious problem.
00:42:28.040 There's other issues. Is it Medicaid and Medicare fraud also, I think, potentially?
00:42:36.220 Potentially, yes. Yeah, because she runs multiple senior homes, and that's another issue. And I've
00:42:42.240 also heard, too, that she has had her employees register people with dementia and other severe
00:42:51.260 cognitive disabilities inside of her senior homes.
00:42:55.980 And that's a problem.
00:42:57.560 Philip, we got to bounce.
00:42:59.360 Where do people go to find out more about your campaign, more about you, more about
00:43:02.360 the grassroots in the Commonwealth of Virginia?
00:43:05.200 They can go to HamiltonForVaSenate.com.
00:43:08.900 You can find me on Facebook at Hamilton for Virginia Senate.
00:43:11.720 And you can also go to my ex, which is HamiltonForVA.
00:43:17.120 Thank you and God bless.
00:43:18.820 That ex account's good.
00:43:20.060 If you want to keep up with Louise Lucas, I mean, it's really shocking when you go to Phillips and other accounts to Lois Stallman.
00:43:26.860 You look at all the grassroots people when they look at these Virginia Democrats.
00:43:30.540 It is a thug party. It's a gangster party.
00:43:33.840 They got chop block. Now it's time for us to perform.
00:43:36.300 We've got to hold those four seats in the Commonwealth.
00:43:39.360 Short commercial break back in the warm on a Saturday in a moment.
00:43:42.580 fellow patriots the federal reserve has betrayed america for over a century
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00:44:07.060 He's replacing Jerome Powell, slashing rates, igniting America's re-industrialization.
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00:44:15.280 Government-backed industry plus low rates unleashes super cycles.
00:44:19.720 History does repeat.
00:44:22.040 Gold's already exploding.
00:44:23.800 Miners are up over 400% in the last year.
00:44:26.920 What Rickards is calling Trump's gift is wealth for American patriots, not global handouts.
00:44:34.140 Now it's America's turn.
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00:44:42.260 Go to Insider2026.com.
00:44:44.740 That is Insider2026.com to get Jim Rickards' strategic intelligence newsletter today.
00:44:52.720 Strategic intelligence based upon predictive analytics.
00:44:56.440 It's what chairman and CEO throughout the world read, and you should too.
00:45:01.480 War Room.
00:45:02.420 Here's your host, Stephen K. Mann.
00:45:05.660 we had philip on last night i'll break that down again on monday because it was so
00:45:12.060 fascinating uh philip patrick talking about the central bank still buying gold at virtually
00:45:16.720 record rates for another quarter we just got the first quarter number and this is now an
00:45:21.120 expansion expansion of central banks so i think all of you got to be up to speed on this one of
00:45:26.060 the easy ways to do it text bannon b-a-n-n-o-n at 98 98 98 you get a free guide no obligation
00:45:33.120 for investing in gold and precious metals in the age of Trump.
00:45:37.300 And you get access to Philip Patrick and the team.
00:45:39.080 That is the key thing.
00:45:39.920 It's not the price.
00:45:40.660 It's the process that drives the value.
00:45:42.320 Pattern recognition.
00:45:44.300 Make sure that you dive in and start to learn that.
00:45:47.940 Philip Patrick and his team at Birch Gold will be your guides to that.
00:45:51.660 Okay, I've got a long, a cold open on Nigel Farage.
00:45:54.800 I want to play right now.
00:45:55.620 I've got Peter McIlvaney, Ben Harnwell, probably at the top of the hour.
00:45:59.160 Let's go ahead and play this.
00:46:00.000 I want to get this over.
00:46:00.800 It gets up to speed on what's happened.
00:46:02.120 Raheem Kassam would be with us.
00:46:04.460 Raheem is pub-hopping today.
00:46:08.600 He's going to join us Monday for a complete and total analysis.
00:46:12.220 Nigel Farage and what happened in the UK the other day.
00:46:16.360 Good morning, everybody.
00:46:18.180 I am delighted to be here in the sunshine, outside Havering Town Hall,
00:46:25.280 which I can now say is under new management.
00:46:28.700 Yay!
00:46:32.120 And it's significant. It's our first win of a borough in London.
00:46:36.780 And that, in some ways, goes against the trend.
00:46:39.520 Because the pattern that's emerging over the country
00:46:41.720 is that Labour are being wiped out by reform in many of their most traditional areas.
00:46:48.460 And what you're going to see later on today
00:46:50.980 is the Conservative Party being wiped out in their heartlands, like Essex.
00:46:55.840 So London goes a bit against the trend
00:46:57.580 in that the Conservatives and Labour have held up in some of the other boroughs.
00:47:02.120 But I think overall what's happened is a truly historic shift in British politics.
00:47:08.180 We've been so used to thinking about politics in terms of left and right.
00:47:12.260 And yet what reform are able to do is to win in areas that have always been conservative.
00:47:16.900 But equally, we're proving in a big way we can win in areas that Labour have dominated, frankly, since the end of World War One.
00:47:25.780 At the moment, we're winning one in three of all the seats that are up.
00:47:29.860 But I genuinely think the best is yet to come. I'm very excited about the Northeast results, the Yorkshire results, some more to come in the West Midlands. Essex, we're feeling supremely confident. And that's significant, given that half the shadow cabinet have seats in Essex. So it's a big, big day. It's a big, big day, not just for our party, but for a complete reshaping of British politics in every way.
00:47:57.840 And it all goes to show that over the course of the last two years, since we made that breakthrough in the general election, we have professionalised the party.
00:48:08.360 We've done it at a very, very rapid rate. I'm thrilled and delighted.
00:48:13.780 Do you think reform can coral enough support from the electorate to actually get enough seats in the Commons to make Nigel Farage prime minister?
00:48:23.460 That is a very, very good question. And then you go back sort of historically, the Liberal Democrats had exactly the same problem where they had they had that their voter support was very deep in specific areas, but did not translate across the country.
00:48:38.580 and what we have here is the Farage support base is also, it's centred,
00:48:45.780 although I would say that in his case it is centred,
00:48:48.680 it is a broader swathe of areas in which it does have support
00:48:55.800 which gives it a better chance, but I do take the point you're making
00:49:00.480 and it is indeed an extremely valid one,
00:49:02.580 which is that under our present first-past-the-post system,
00:49:05.660 it is always it was always weighted towards keeping the big parties that say the Tories
00:49:12.060 and the Labour Party in and everyone else out will that change again we have to wait to see
00:49:18.680 there's nothing more divisive than treating the British people like second-class citizens in
00:49:22.620 their own country there's nothing more divisive than what we've got with a policy of open borders
00:49:27.140 a policy of mass uncontrolled immigration scrap trying to scrap jury trials trying to trying to
00:49:32.300 shut down people's free speech. The reason that we at Reform are doing so well today,
00:49:37.100 the reason that we are reshaping the map of British politics is because we've connected
00:49:41.740 with the decent majority of hardworking, taxpaying, law-abiding British people who have had enough
00:49:48.220 of being treated like second-class citizens in their own country. Labour have clearly become
00:49:54.760 disconnected from Britain, Keir Starmer especially. The Conservative Party, the brand is visibly
00:50:01.040 dying. And what's remarkable to me is the reach of reform. It's not just down the east coast of
00:50:08.760 England, Essex and Kent anymore. It's into the northern Labour heartlands. It's into Wales.
00:50:14.300 It's Angela Rayner watching all of those seats in Tameside go reform, where, of course, we ran the
00:50:19.900 Gorton and Denton by-election. That's the legacy of that by-election. But also it's Lisa Nandy,
00:50:25.540 who has been very critical of reform. You know, Lisa Nandy called reform a fascist party not that
00:50:29.940 long ago. Well, Lisa Nandy just woke up and discovered that we just won every single seat
00:50:34.340 but one in Wigan, one of the strongest Labour heartlands. So this is unprecedented stuff.
00:50:39.920 If we're not there, then people are either going to simply stay home or vote for reform
00:50:44.460 in the desperate attempt to get some change. So the idea that you can simply add up the Labour
00:50:50.760 votes and the Green votes and assume that that would make some sort of total, it's just not
00:50:55.140 actually the way that voters think, the way that voters act.
00:50:58.080 But how desperate are you to keep Nigel Farage out of number 10?
00:51:02.520 Well, I mean, we are aiming to keep building.
00:51:05.680 We're seeing increasing number of seats where we are keeping reform out.
00:51:10.880 I mean, we haven't yet mentioned the wonderful results in Wales
00:51:14.480 where we've got our first Senate members,
00:51:16.020 and the second one of those was elected by keeping out a reform potential Senate member.
00:51:21.460 I mean, we're doing great guns. We still haven't got the final results.
00:51:24.020 But in Scotland, we've just won our first constituency seat in Scotland, something we've never done before.
00:51:30.600 And there's going to be some very good Scottish results that we haven't got yet.
00:51:33.980 So our aim is to see, as people are increasingly seeing, that this next election is going to be a struggle between Green and reform.
00:51:41.820 We're the party of hope. They're the party of fear.
00:51:44.280 But the electoral system doesn't work in your favour for that, does it?
00:51:47.640 I mean, you know, Nigel Farage and reform has reached a tipping point.
00:51:51.280 So they're now benefiting from the first-past-the-post system.
00:51:54.580 You're still mired in it.
00:51:55.840 And inevitably, you're going to have to encourage people to vote tactically
00:51:59.620 or do some kind of, you know, shady deals with Labour
00:52:02.340 to try and keep out Nigel Farage, if that's what you want to do.
00:52:05.600 I've only got to name one seat and one parliamentary by-election
00:52:08.900 in answer to that, which is Gorton and Denton,
00:52:11.340 where we told people to vote Green, keep reform out,
00:52:14.360 and that's exactly what happened.
00:52:16.720 OK, Matthew Goodwin, who, you know, we've had...
00:52:19.280 had, I've talked a lot about and with on the show, he's been on Ben Harnwell's also, he's the really
00:52:25.160 one of the populist leaders, professor over there. What he said plays directly to the heart of where
00:52:32.720 America is in politics. Because this is why Brexit was a forerunner of President Trump's victory in
00:52:39.780 2016. The reason we worked so hard in Brexit, Raheem Ghassan went over there and virtually,
00:52:43.380 you know ran it for nigel people are tired of being second-class citizens in their own country
00:52:49.820 that message loud and clear from england will it come to the united states we'll discuss next
00:52:56.520 in the war room
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