Bannon's War Room - June 12, 2026


Episode 5439： The Rise Of The Trillionaire; Iran Deal Ready To Sign


Episode Stats


Length

55 minutes

Words per minute

173.26

Word count

9,648

Sentence count

514

Harmful content

Misogyny

4

sentences flagged

Toxicity

16

sentences flagged

Hate speech

17

sentences flagged


Summary

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

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.240 Investors are also gearing up for the debut of SpaceX on the Nasdaq tomorrow,
00:00:05.400 which just set the record for the world's largest IPO, raising $75 billion.
00:00:11.080 That is a massive number, but I'm focused on an even bigger one, $1 trillion.
00:00:16.460 Elon Musk is set to become the world's first trillionaire.
00:00:20.700 You see, I'm tongue-tied just saying it when SpaceX goes public.
00:00:23.360 If he were a country, he would be the 22nd largest economy just behind Poland and head of Taiwan.
00:00:30.640 But here's the thing. Despite all of the hype and all of the promises, the actual financials do not add up to actual profit.
00:00:39.320 SpaceX has recorded 13 billion dollars worth of losses since the beginning of 2023.
00:00:44.760 That is according to recent filings in the first three months of this year alone.
00:00:48.520 it lost nearly four and a half billion. Morningstar analysts believe it is worth
00:00:52.760 less than half of its massive $1.75 trillion IPO target. And if you do not like how Musk does his
00:00:59.980 business, well, then tough nuts, kids, because after this IPO, he's expected to retain about
00:01:05.680 82% of the company's voting rights. Thousands of current and former SpaceX employees will
00:01:11.520 become millionaires tomorrow when this puppy goes public. But they and we will be very wise
00:01:17.020 to remember, it is Musk's company and we are just along for the ride. The numbers, we're talking
00:01:23.700 huge numbers. It's selling for $135 a share. Actually, that's the price last night. Remember,
00:01:29.300 the IPO happened already and today you can get your chance to buy shares. It raised $75 billion
00:01:36.780 last night and that values it at $1.7 trillion. That is bigger than Tesla. So this is now going
00:01:45.740 to be already the seventh largest company in the entire world. And then when it starts trading,
00:01:51.620 it could become even bigger. So how big is this company? It makes a ton of money. I mean,
00:01:57.560 $18.7 billion again in sales last year, and that was up 33%. This is a pretty mature company.
00:02:05.640 Remember, this has been going on for a long time. It's just going public. That's the change here,
00:02:10.920 but it's losing a ton of money. It has lost $4.9 billion in 2025 alone. And then in the first
00:02:21.600 three months of the year, it lost another $4.3 billion. Why? What's going on? It's because it's
00:02:27.420 paying for AI. It has spent $12.7 billion last year alone for its AI ambitions. And then this
00:02:38.340 year, just in the first three months, another $7.7 billion. What's going on? Why is it spending
00:02:43.200 so much on AI? I thought it was a space company. Well, it wants to launch data centers into space.
00:02:52.580 Why do that? Why not? Because why not? Why not? Because you get free cooling and you get free
00:02:58.380 electricity in space. And it has the Starlink network. It can beam all that signal back down
00:03:04.060 to Earth. But that's not where the ambition lies. It also wants to set up a colony on Mars. It wants
00:03:10.100 to set up a colony on the moon. And if they do both of those things, Elon Musk makes another
00:03:15.740 trillion dollars. And I said another trillion dollars because congratulations to Elon Musk.
00:03:20.740 He is the first trillionaire. Well, actually, he is worth $970 billion this morning. But as soon
00:03:30.180 as that starts trading, what's 30 billion dollars between friends, he will be the first
00:03:34.680 trillionaire. Axios, meanwhile, has details of what is in the agreement. President Trump says
00:03:40.780 he's ready to sign. According to a diplomat from one of the mediating countries and a U.S. official,
00:03:47.180 the memorandum of understanding would extend the ceasefire for 60 days, including Lebanon,
00:03:53.480 during which time nuclear negotiations would be held. On the Strait of Hormuz, the key waterway
00:03:59.700 would be reopened immediately without tolls with the return to pre-war shipping volumes within 30
00:04:07.040 days. In return, the U.S. blockade would also be lifted. Iran would also be given temporary
00:04:14.180 sanctions waivers to allow it to sell oil for 60 days. Axios reports the tentative agreement was
00:04:21.180 reached on Wednesday night after hours of negotiations between a Qatari mediator and
00:04:26.780 rungs foreign minister with the mediator coordinated by phone coordinating by phone with
00:04:32.060 trump on voice steve whitkoff and jared cush or not how risky is this to the american people to
00:04:39.600 the millions and millions of americans who have 401ks who have retirement accounts who are
00:04:44.040 suddenly going to see this in them well i mean so much of the current stock market and the 401k
00:04:49.480 returns are based on these mega cap companies things like apple meta um you know google um
00:04:55.720 You know, now including SpaceX. And of course, regular Americans do not run these companies.
00:05:01.080 And if you are invested in the stock market, you know, you've got to deal with the founders and CEOs who make these decisions and hope for the best.
00:05:07.780 I mean, SpaceX is predicting, Stephanie, the largest total addressable market in human history.
00:05:14.640 So if they feel that if they feel that Tam, as it's called good for all of us, if they do not, then that's where the problem lies. 0.97
00:05:22.360 of course this i i am so fed up with this administration and their crap i cannot begin
00:05:28.880 to tell you let me read from you sir uh from the intelligence reform and terrorism and prevention 0.88
00:05:35.380 act of 2004 which states quote any individual nominated for appointment as director of national
00:05:42.920 intelligence shall have here's the important part extensive underline it bolded up exclamation
00:05:50.600 pointed, national security expertise, period. That's the description for the job from the
00:05:57.680 United States Congress as that law was passed 89 to 2 and signed into law by George Bush in
00:06:03.980 December of 2004. Then you have Representative Jim Hines, Democrat of Kentucky, excuse me,
00:06:11.080 Connecticut, posting today, I've known and respected Jay Clayton for decades. His intelligence,
00:06:17.220 temperament, and deep commitment to public service will make him a terrific D&I.
00:06:22.000 Had this nomination been made a week ago, lots of pain might have been avoided.
00:06:26.760 I cry BS because the law says he must have extensive national security expertise.
00:06:32.900 When members of Congress violate the requirements of their own law, where are we in this?
00:06:39.020 I mean, what are the American people to think here?
00:06:41.960 And now you've got Democrats going, oh, well, I think, you know, if this had happened a
00:06:45.400 week ago. Oh, gee, I'd be OK. We'd be in a different place. No, we would not, sir. Mr.
00:06:52.080 Hines, we would not be in a different place if this had happened a week ago, because the nominee
00:06:57.080 would still be unqualified. In their version of the deal, they get three hundred billion dollars
00:07:05.040 in reconstruction money, twenty four billion in a cash infusion, half of which will come before
00:07:10.460 the negotiations begin. Remember, Joe, this isn't a deal. This is an agreement to keep talking.
00:07:15.400 an extension of a ceasefire. There's nothing in here, again, the Iranian version, that talks
00:07:20.580 about the missile program or financing or arming terrorist proxies like Lebanese Hezbollah.
00:07:26.040 I mean, this would be an utter humiliation. I could see why Trump would want J.D. Vance to go
00:07:30.860 to a signing ceremony instead of Donald Trump, if this is any pale shade of what this thing is going
00:07:36.340 to look like. Look, I think he knows he's being had. He knows he's been abased by a regime that
00:07:43.080 shouldn't exist by his lights, right? We were going in to do regime change. The Israelis
00:07:47.480 certainly thought we were going to do regime change. We were going to arm the Kurds. We were 1.00
00:07:51.740 going to install Ahmadinejad, a Holocaust denying former president as our preferred satrap. All of 0.99
00:07:58.980 these plans came to dust and he just wants out of it. I think Jonathan is right. You know, he's got
00:08:03.280 buyer's remorse. He thinks he's been sold a bill of goods. He probably has been. And he just wants
00:08:10.140 this thing over and done with. He's already looking at Cuba, right? And, but the problem is
00:08:13.900 he can't, he can't sell this kind of thing. He can't sell it to his base. He can't sell it to
00:08:19.020 the hawks. I mean, can you imagine Lindsey Graham on Twitter? If anything like what I just read you
00:08:23.340 is, is the agreement here. I mean, this makes the JCPOA look like the Iraq war, you know? I mean,
00:08:29.260 Donald Trump ran against Barack Obama saying he just gifted all this money to Iran, pallets of
00:08:34.120 cash. This is pallets of cash, probably with a little crypto action thrown in for the Whitcoffs 0.94
00:08:39.120 And the Kushner's on the side, too.
00:08:41.040 I mean, I don't know how anyone can look at this.
00:08:43.520 And I've been talking not only to hawks in this country who are very pro-war.
00:08:48.120 I've talked to Israeli national security strategists, former Israeli spies who tell me this is a disaster for us.
00:08:53.940 And why is it a disaster?
00:08:55.800 Prior to this war, Israel had freedom of action, right?
00:08:59.080 They get bombed.
00:09:00.140 Iran launches a missile at them.
00:09:01.540 A terrorist blows something up. 0.74
00:09:03.040 They don't ask our permission.
00:09:04.160 They go in and they do what they have to.
00:09:05.820 Now what happens?
00:09:07.200 Donald Trump gets on the phone with every journalist and says,
00:09:10.020 Bibi listens to me.
00:09:11.540 You know, I'm the big boy here. 1.00
00:09:12.860 The Israelis don't lift a finger unless I allow them to.
00:09:16.200 This is not what Israel wants.
00:09:18.120 You know, this war for them, I think, has become like a pair of golden handcuffs.
00:09:21.400 Yes, we helped them bomb Iran. 0.97
00:09:23.480 Yes, we helped them, you know, get rid of at least most of the missile program. 0.98
00:09:27.500 The Iranians took a beating.
00:09:28.700 They've taken a beating with the economic penalties imposed by this blockade.
00:09:32.880 But now the Israelis feel like, you know, they oversold and underdelivered.
00:09:37.980 And, you know, Bibi has a problem, too, at home.
00:09:40.020 Israelis do not feel like they're getting value for dollar for this thing.
00:09:43.300 So he's facing a political revolt in his country.
00:09:49.240 This is the primal scream of a dying regime.
00:09:54.260 Pray for our enemies, because we're going medieval on these people.
00:09:58.120 I got a free shot all these networks lying about the people the people have had a belly
00:10:04.760 full of it I know you don't like hearing that I know you try to do everything in the world
00:10:08.360 to stop that but you're not going to stop it it's going to happen and where do people
00:10:11.640 like that go to share the big line mega media I wish in my soul I wish that any of these
00:10:19.100 people had a conscience ask yourself what is my task and what is my purpose if that answer
00:10:26.360 is to save my country this country will be saved war room here's your host stephen k band
00:10:34.600 okay friday 12 june year of our lord 2026 uh a very big day in american history obviously
00:10:44.360 on the capital market side of which we're going to go through extensively
00:10:47.480 a monumental day. And I think a day that, how do I say this? I think a day that we have to think
00:10:57.520 through the issue of fiduciary responsibility and these great, you know, the established order,
00:11:01.800 the established order is all about fiduciary responsibility and MAGA's irresponsible and
00:11:06.440 Trump's irresponsible, et cetera, et cetera. I made a film, I don't know, 15 years ago,
00:11:12.740 generation zero where i took that and it's i'm very proud of this work because i think it nailed
00:11:16.860 exactly what happened the financial crisis about the major institutions the fiduciaries you know
00:11:22.520 the accounting firms the banks the commercial banks the investment banks the private equity
00:11:26.460 groups everybody that had gone the big law firms the the name law firms everybody that had gone to
00:11:32.000 the um the finest ivy league schools and had the greatest training or part of the establishment
00:11:37.080 They were the ones that absolutely turned the capital markets into a casino, a casino
00:11:44.240 where people made a ton of money, and some folks knew what they were doing was wrong.
00:11:50.380 Other folks were nervous because the math just didn't add up, and you saw the financial
00:11:53.600 collapse, and then the financial collapse. 0.52
00:11:56.080 The established order bailed themselves out, and the American, the little guy in America
00:12:01.740 paid for it, paid for all of it, not just through taxes, but also through what we call
00:12:06.320 negative interest rates. This is, if you remember, if you're old enough to remember, when you looked
00:12:10.720 at your checking account and your savings account, it had zero interest. So you would just put money
00:12:14.620 in and they wouldn't even pay you for it because they were essentially giving that money to bail
00:12:20.420 out the people that caused the financial crisis at no cost. And sometimes they were paying them
00:12:25.920 to take the money and nobody went to jail. I think a couple of appraisers in Las Vegas or in Miami
00:12:31.920 for some condos went to jail after all the commissions and all the studies and everything
00:12:36.760 happened nobody was held accountable and so in the film I called it the casino mentality well
00:12:42.940 that's what you see today I'm not opining on the value of SpaceX and what's happening but if you
00:12:49.840 read the perspectives I was at Goldman Sachs long enough although I was in the M&A department we had
00:12:54.180 to oversee and look at I shouldn't say oversee but work through you know various public offerings and
00:13:00.120 IPOs, et cetera, as people were trying to get financing to wave off hostile takeovers
00:13:06.180 or to maximize value for their shareholders so they could beat off hostile takeovers,
00:13:12.380 et cetera.
00:13:13.420 You read this perspective.
00:13:14.720 I mean, it's science fiction.
00:13:16.900 The thing itself is relatively small and loses a ton of money.
00:13:22.020 And they literally have in there these aspects of asteroid mining and mining on the moon
00:13:28.060 and colonies on the moon and what they're going to do with data centers in space.
00:13:31.380 That all may be true, but they're not businesses today,
00:13:34.180 not even close to being a business.
00:13:35.240 You can't pro forma.
00:13:36.800 The most disturbing thing about it, though, if you look at,
00:13:39.940 because they talk about addressable market.
00:13:41.440 They talk about the market that is addressable by SpaceX for both its AI
00:13:45.320 and for the space products it's got, $26 trillion.
00:13:49.200 There's a very smart guy.
00:13:50.580 I believe he's at MIT.
00:13:52.580 I think he's at MIT that did an evaluation analysis.
00:13:55.560 Because the range of value here, a lot of people are saying it's worth $800.
00:13:58.060 $80 billion to $1.2 trillion. It's going public at, I think, $1.75 trillion today. So people
00:14:06.180 are saying it's, although it may trade up to over $2 trillion, I'll get to that because
00:14:10.920 of the speculative nature. They've led to retail investors who they're always trying
00:14:14.980 to give the best deal. Remember, the best deals, if you're a retail stockholder, they're
00:14:20.400 always thinking of you to give you the best deal. So when they invite you in and give
00:14:23.720 you an allocation an ipo just remember they want the mooks they want the mooks to have the very
00:14:29.760 best deal we're gonna take a short commercial break we're gonna go through the iran deal what
00:14:34.220 you heard there in morning joe is what the hardliners that's not actually the deal that's
00:14:39.740 what the hardliners in persia are putting out so that when the real deal comes out and it's not
00:14:45.760 that it's not giving the 24 billion dollars not doing 300 billion out of the box all that
00:14:50.400 The people there go, oh, no, we can't do this deal.
00:14:53.300 Anyway, we'll get into it.
00:14:54.240 We'll get into all the complexity and FISA, all of it, this morning in the war room.
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00:16:43.620 War Room.
00:16:44.560 Here's your host, Stephen K. Mann.
00:16:51.880 Okay, welcome back.
00:16:53.540 We're going to break down a number of things today,
00:16:55.620 so here's what I strongly recommend.
00:16:57.240 Put a second pot of four-bath coffee on right now.
00:17:01.360 Today is a work day.
00:17:02.300 We're going to connect some dots and work through some things. 0.99
00:17:04.820 It's very important for the cadre that is the woman posse,
00:17:08.900 the leadership of the grassroots movement in this nation,
00:17:11.620 to start to get your head around.
00:17:15.420 We're not going to teach it all today, but we're going to get your head around.
00:17:18.940 One of the reasons that we have the nation we have,
00:17:22.700 and this is because of Hamilton and the people at the beginning,
00:17:27.060 we have the most robust, first off, in the dollar empire over at Birch Gold,
00:17:30.800 we teach you that the U.S. dollar is the backbone of the global financial system and economy.
00:17:38.180 And you can get that at birchgold.com slash Bannon, end of the dollar empire.
00:17:41.880 Get it today.
00:17:42.760 You need to read that.
00:17:44.200 At least have it handy.
00:17:46.180 So you can pull it out.
00:17:51.200 Inextricably linked to that or tied to that is the robust capital markets we have here in the United States.
00:17:56.500 And what do you say?
00:17:57.420 Robust capital markets.
00:17:58.460 We have deep because of our pension funds, and people all over the world want to come and trade and buy shares in our companies and trade.
00:18:06.660 And one of the reasons is we have what's called liquidity.
00:18:09.240 And what does that mean?
00:18:09.800 That's a fancy term for if you have a stock and you own stock in a company and you need to turn it to cash, you can virtually pick the phone up or go on the computer and boom.
00:18:19.740 You can cross a trade with your broker, and you can get out of most of these stocks in normal times.
00:18:24.800 Even if things are bad, market makers will step in.
00:18:27.960 And why is that?
00:18:29.780 Well, people say, well, because we have a tremendous Securities and Exchange Commission,
00:18:34.620 the New York Stock Exchange, the NASDAQ.
00:18:36.360 We have these rules.
00:18:36.860 You have Goldman Sachs and J.P. Morgan and Merrill Lynch and all these institutions of
00:18:42.380 fiduciary responsibilities, huge money-centered banks.
00:18:45.340 And we have all these rules and regulations.
00:18:47.060 Well, look, in London, they got just about the same.
00:18:50.040 In Singapore, just about the same.
00:18:51.780 In Tokyo, it's a little different.
00:18:54.900 It's all a little different.
00:18:55.800 But the big difference is the full faith and credit of this dollar, the full faith and credit of this thing, and the underpinnings of the capital markets in the United States are you, the little guy.
00:19:12.360 It is what Burke told us are the little platoons.
00:19:15.300 It's those civic societies.
00:19:16.460 It's the underpinnings of American life and American culture and American society from the very first as we honor the 250th anniversary of the birth of the republic and what the revolutionary generation did.
00:19:30.780 But even going back to the beginning, going back to, what, 1603 or, you know, what the New York Times encountering the book Revolution, you know, the 1619 Project.
00:19:41.920 They were all just white nationalists and slave owners.
00:19:44.980 It was all built upon a lie. 1.00
00:19:46.120 It's all stolen land, all that crap. 1.00
00:19:48.420 Well, the world doesn't agree with that. 0.97
00:19:51.160 One of the important reasons for this and the important reason for our capital markets, people trust them, is that it's backed up by the American people.
00:19:58.860 when we invest, and this is how, this has been an engine of growth. People talk about innovation.
00:20:02.780 Yes, we have great universities and entrepreneurs, tremendous entrepreneurs. But one of the reasons
00:20:07.340 it's been successful is they've had access to capital. That starts with venture capital and
00:20:12.460 sometimes early stage venture capital, what they call the angel round, venture capital. Then you
00:20:16.460 get to private equity, you do your last private round, then you go public and you access the
00:20:20.920 public markets where pension funds can really get involved and get involved in a big way and
00:20:25.180 retail investors now that takes um fiduciary responsibility of the entire system to make
00:20:33.220 sure that particularly what we used to call aunt daisy in minnesota that the rules are set up so
00:20:38.820 aunt daisy in minnesota doesn't get picked off okay uh we've this has turned into a total and
00:20:45.680 complete casino i think this will have major implications because i think you get you got
00:20:51.240 And every AI company, because they got a narrative and a thing, you know, slap AI on it, it's going to sell.
00:20:58.560 Everybody's rushing to what they call the IPO window because of what's happening in SpaceX.
00:21:04.140 It's going to make it very difficult, very difficult for basic fundamental companies to access public markets.
00:21:12.680 They will still be able to, but I think the price will be higher and there'll be more limited options and a lot more will stay in the hands of private equity.
00:21:20.220 and then we have to see how the speculation goes on this and what happens to it but the
00:21:24.700 when i talk about the addressable market i this professor and he walked through the number so he
00:21:30.240 could do the math while he was talking the 26 tree and they're talking they were saying he said to
00:21:35.160 to basically hit what they say is their market segment and when you add it all up of all these
00:21:41.020 different businesses they're in they would essentially put out out of work every american
00:21:45.500 every American worker in the country. That's kind of the absurd nature. If you read this
00:21:51.140 prospectus, you'll sit there. Like I said, if I had been on the team at Goldman Sachs back in
00:21:56.180 the 1980s when it was a real firm, a private partnership, and remember, and it's a private
00:22:00.960 partnership, the partners are liable, joint and several liability. That means every partner
00:22:06.780 at Goldman Sachs at the time had a piece of the responsibility. In those days, the IPOs were
00:22:15.220 a, it was like going to the Star Chamber. When you walked in and walked through financing and
00:22:20.600 going to the public to get their money, it was like going to the Star Chamber or the Inquisition
00:22:24.620 back in, you know, Spain in the old days. It was a proctology exam, and you better have the answer,
00:22:31.900 and that answer better be tied to what the company's doing. This prospectus they wrote is
00:22:37.380 basically a joke, okay? I'm not saying the stock doesn't trade up today. I'm not saying the stock
00:22:43.120 doesn't trade up tomorrow etc but it's the common sense of what exactly are you financing right now
00:22:49.660 it's one thing to do with tesla now they've merged it kind of all together the spacex thing and this
00:22:55.180 is why i said early on when you go through it most of the stuff is government contracts and
00:23:01.200 that's why this allocation of of shares i'm very serious about and we're working um behind the
00:23:07.540 scenes quite hard quite um feverishly there has to be an allocation of this you can't just take
00:23:14.800 these companies that are on government contracts this was the big fight about Isaacman at NASA
00:23:18.540 because Isaacman is Elon's boy right and basically grants him 90 percent of the 95 percent of the
00:23:26.600 NASA launches and this thing's kind of a little bit of a three-card money because it's all government
00:23:32.420 contracts and now it's going to be pension funds putting in still these things are going to have
00:23:37.000 to have massive loans and capital markets loans to them and the public you the public get get
00:23:43.740 nothing that just can't that the system cannot go on like that the oligarchs may want that the
00:23:50.980 lords of easy money on wall street may want that you're going to have i say this all the time
00:23:54.460 these guys you're going to have two options the two options you've got is you have to make
00:23:59.360 fundamental reforms to a capitalist system that has almost no capitalist
00:24:03.900 85 percent of the american people really don't participate in this 80 percent you can't go on
00:24:10.020 with a system like that you're either going to have mangioni or man or zorhan mandami and mangioni
00:24:15.420 some combo platter of modern day french revolution or you're going to make some fundamental changes
00:24:22.220 and in making those fundamental changes guess what you the oligarchs are going to get diluted
00:24:27.400 there is going to be some dilution in a reallocation or an allocation and their heads
00:24:31.760 rub that socialism? No, I don't want the government to own any of these shares. I don't
00:24:35.300 want the government to own 10% of Intel. I don't want the government to own SpaceX. But if the
00:24:40.300 government, if your tax money is going to go to fund these, guess what? You need a piece of the
00:24:45.380 action. American citizens, not the American government, American citizens. So we got a lot
00:24:50.160 to go through today on that. Also, this deal, Neil McCabe's at the White House. President Trump
00:24:55.080 just put out True Social. I'm so glad he put it out because everything we've heard on this deal
00:24:59.520 for the last, and it started pre-dawn, is $24 billion, $300 billion reconstruction. This is
00:25:06.960 put out, my understanding is, Neil McCabe, by hardliners in Iran who are putting it out,
00:25:14.100 understanding that the deal that President Trump is doing comes nowhere close to this.
00:25:19.120 And so the Iranian people will think, hey, their guy's cratered to the Americans, and we're not
00:25:23.200 going to do this deal. So walk me through, Neil, what the president's saying. You just put a true
00:25:27.120 social up we've got it up right now because what was on morning joe and axios has spread kind of
00:25:34.420 all throughout asia in uh europe uh early in the morning as their markets were open and it um
00:25:41.260 it didn't it let's say this it was not unconditional surrender okay i'll leave it at that
00:25:47.900 and president trump i think enough people got to him and talked to him and showed him clips
00:25:51.320 that he started to get angry and understand this thing would go off the rails uh talk to us about
00:25:56.280 what President Trump just said. You're at the White House. Neil McCabe.
00:26:01.700 Yeah, good morning, Steve. It's almost like if there was a Versailles diner in Tehran,
00:26:06.460 this would be sort of the stuff that they would be putting out to sort of scuttle a deal.
00:26:10.860 The president is dealing with many factions and tribes inside of the Iranian regime.
00:26:19.280 And my guess is that he found people who could hold a deal and the people who got boxed out
00:26:25.660 are the ones who leaked. As you know, on Wall Street, a lot of times the leaks are the people
00:26:30.260 who got boxed out, who are just trying to scuttle something. They actually don't know what's really
00:26:34.820 going on. And so the president is committed to this deal. He's holding on and he put out this
00:26:41.240 truth to sort of tell everybody, relax, I've got control of this and don't listen to these people
00:26:46.660 because they're just trying to scuttle it. Neil, hang on for one second. Neil McCabe's live at the
00:26:51.800 House. Sam Faddis is with me, and Sam is going to help us think through a number of things as Sam
00:26:56.420 Faddis, our resident graybeard, will help us walk through many things, including intelligence,
00:27:03.820 robots, the SpaceX IPO, and most importantly, this deal. As we go to break, let me read this,
00:27:11.360 those of you that are listening to us and don't get the television version. This is from President
00:27:15.680 Trump's moments ago, and I want to refer back to what you heard off of the cold open about the guy
00:27:21.220 just hammering Trump, giving him $24 billion.
00:27:23.240 It's just so much worse than Obama.
00:27:25.420 President Trump, the terms that Iran leaked out to the fake news
00:27:29.460 have nothing to do with the terms that were agreed to in writing. 0.98
00:27:32.780 What they said, including their weak and pathetic statement
00:27:35.720 on having a deal, bears no relation to the truth. 0.99
00:27:39.300 Very dishonorable people to deal with.
00:27:42.220 With them, there is no such thing as dealing in good faith.
00:27:45.740 Amazing.
00:27:46.740 Also, their totally rebuffed drone attack last night
00:27:49.520 against Indian ships leaving the Hormuz Strait is totally unacceptable.
00:27:54.400 They better get their act together and fast.
00:27:58.400 Donald John Trump, President of the United States
00:28:02.520 and Commander-in-Chief of the American Armed Forces.
00:28:07.180 Birch Gold's got a special for you to July 10th
00:28:10.220 to commemorate the 250th anniversary of the founding of this great republic,
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00:28:28.640 qualifying purchase take your phone out bannon b-a-n-n-2-9-8-9-8-9-8 get to philip patrick
00:28:35.220 the team philip patrick's going to be on here in this hour to talk to us but you can talk to him
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00:30:22.800 You will not regret it.
00:30:24.400 I'm not saying when.
00:30:25.500 If the Democrats take the House,
00:30:27.500 and if they take it, I blame a number of things,
00:30:29.560 including the woke right,
00:30:31.980 Tucker Carlson, Megyn Kelly, Piers Morgan,
00:30:36.300 Matt Gaetz, Steve Bannon,
00:30:39.380 and the rest of them
00:30:41.560 for undermining MAGA, undermining the president.
00:30:46.760 Again, you can have a disagreement with the president.
00:30:49.120 We have a disagreement with the president
00:30:50.620 from time to time but we're very respectful about it we understand his positions so we don't attack
00:30:56.460 him or even attack his positions we just state what ours are but 95 of the time it's copacetic
00:31:05.700 and completely copacetic he loves america he's a great patriot and uh we adore him don't we
00:31:13.320 now we have a country that wants to build nuclear weapons and blow us off the face of the earth
00:31:19.400 And I personally am getting sick and tired of people saying, why are we doing this?
00:31:24.000 Why are we doing this?
00:31:25.100 What do you mean, why are we doing this? 0.98
00:31:28.300 You think we just picked Iran out of a hat?
00:31:35.860 They've told us what they want to do. 1.00
00:31:38.200 They've killed Americans for half a century.
00:31:40.660 They've tried to assassinate our president and other officials.
00:31:43.660 They tried to assassinate Ivanka Trump.
00:31:46.220 We're the United States of America.
00:31:48.680 There's Tel Aviv-Levin.
00:31:50.120 Tel Aviv is, and listen, I disagree with this part of it
00:31:53.400 because my understanding is that, as you know, 0.91
00:31:55.900 we're no fan of Bibi here in the Greater Israel Project
00:31:58.720 because that's got us into this mess.
00:32:00.600 We're very much for the defense of Israel,
00:32:03.120 but not the Greater Israel Project,
00:32:04.980 in which Levin and these guys, Benji Shapiro,
00:32:07.000 continue to push and got us into this jam.
00:32:09.660 But my understanding is they weren't including Netanyahu's
00:32:13.000 calling guys in the region saying,
00:32:14.220 hey, what do you hear about the deal?
00:32:15.480 That's not the way, that's not going to be the way to get this done.
00:32:18.900 So President Trump, and I'm going to bring in Sam Faddis.
00:32:22.340 So President Trump, that was a pretty brutal true social,
00:32:26.380 given the intensity of the work that's taken place over the 24 hours.
00:32:29.860 Now, I hate to say that I was right, but I'll say I was right.
00:32:34.420 Yesterday I said it's going to be very tough to get anything signed with these guys
00:32:37.480 because they're always moving the goalposts.
00:32:39.860 They're always, we don't even know who's in charge.
00:32:42.840 this may be one group of guys but the other group of guys leaked this deal
00:32:46.260 and what they leaked this morning and the world's media particularly in europe
00:32:50.100 and asia picked up on it we were giving them 24 billion dollars 12
00:32:53.580 a 12 billion dollar downstroke supposedly their cash 12 billion
00:32:56.780 downstroke at the top 12 billion dollars later when they
00:33:00.420 accomplished some things a 300 billion dollar
00:33:02.980 uh reconstruction fund that you know we would help set up but other people may
00:33:08.300 fund including people in the gulf which i find
00:33:10.620 extraordinarily unbelievable, and on and on and on. And President Trump just had a belly full
00:33:16.500 and put that truth up and said, hey, guys, you better quit messing around. So Sam, yeah, let's
00:33:21.020 put that up right there. In fact, we can do a split screen with Sam because we don't need to
00:33:24.540 see myself. Sam, you, more than anybody, I think out there in all media, had to deal with these
00:33:32.620 guys day to day. Sam Faddis says, over your morning coffee, you're not surprised by this,
00:33:38.020 correct about the, they said this, no, this is what the deal is, et cetera, that finally President
00:33:45.300 Trump said, no more games, I'm tired of this. And his last warning there is you better get your act
00:33:51.020 together and fast. Sam Faddis. Am I surprised? No, I'm not surprised at all. Do I hope to God
00:34:00.480 we're close to a deal? Yeah. Am I betting any money on that? No, I don't think we are close
00:34:05.600 to a deal. Again, I'll be the happiest guy in the world when I'm proven wrong later today.
00:34:10.420 I think we're still being played. I think we have all the issues you've talked about. We're
00:34:14.780 not sure who we're talking to. We're not sure there is any such thing as a single Persian
00:34:19.980 government at this point. And I still believe, honestly, the way these guys think, the pressure
00:34:30.000 is insufficient. But then, of course, there's the whole second phase of this, which is
00:34:34.620 even if you ultimately get them to sign some sort of deal where they purport
00:34:41.140 to have promised all kinds of things, whether that will mean a damn thing remains to be seen.
00:34:50.480 I mean, I would assume default position, even if you hammer them to something you can accept,
00:34:56.180 instantaneously you will discover that they lied to you and they are backsliding and going in a
00:35:03.180 different direction sam is it a combination the president has locks lots he has lots of sticks
00:35:12.920 available and he has a handful of carrots is this going to be and the american people are just going 1.00
00:35:18.320 to have to get because we are where we are folks i don't want to hear any bitching and moaning how 1.00
00:35:22.900 we got here. There will be plenty of time for that later. But given where we are, and we saw 1.00
00:35:28.540 this the other night that when he had this attack of the 49 Tomahawk missiles and all that, all of
00:35:33.680 a sudden, you had this discussion of, hey, we're going to get to a term sheet. And this is just a
00:35:37.500 60-day term sheet to get you to the next phase of this. Should the War Room Posse and the audience
00:35:44.340 just get acclimated to the fact that we're probably, even if there is something signed
00:35:50.980 over the next couple of days in Geneva,
00:35:52.960 that this is going to be a continual process
00:35:55.500 of big sticks and sometimes carrots?
00:36:02.700 This is what I would say.
00:36:05.680 These guys, the center of gravity
00:36:07.860 in this asymmetric, unconventional conflict
00:36:10.540 is the world economy, control over the Straits of Hormuz.
00:36:15.460 It is economic factors.
00:36:16.980 It doesn't have anything to do with the fact
00:36:18.780 that we sank their navy, which was irrelevant to begin with, or we torched their air force,
00:36:24.320 which was irrelevant to begin with. That's not the war we're fighting. We are not hitting them
00:36:29.140 hard enough in the context that I'm laying out for them to feel sufficient pain. We have not
00:36:36.660 closed the border, the land routes between Iran and Pakistan. We haven't closed the rail lines
00:36:42.980 out of Iran. We haven't done anything about the fact that these guys banked months of oil
00:36:48.520 in tankers off the coast of Malaysia. So they're still selling oil to the Chinese every day and
00:36:54.900 making money every day. There's a whole host of, we're not hitting them hard enough. And honestly, 1.00
00:37:01.180 I get it why the president wants to talk to the American people and give them
00:37:04.440 reassurance. That's his job. I understand. But he, as much or more than anybody on the planet knows,
00:37:11.360 there's a time when you're sitting at the table and the perception is you want the deal more than
00:37:16.460 the other guy. And then you're really screwed. As I've said to you many times, I think in effect, 0.96
00:37:22.020 we should have gotten up and walked away from the table sometime back and said,
00:37:25.840 I got nothing to say to you right now. And then just inflict pain. Again, you said,
00:37:30.980 how we got here, that's a topic for another day. We're in it. We have to win. And that
00:37:35.960 we're not pressuring them enough. They don't think they have to quit.
00:37:39.440 when i say we have to win and we're in it um we're going to be here for a while i think people have
00:37:49.120 to get your head around that we're going to be here's why and sam you just alluded to it
00:37:55.360 and help me think this through it's not because president trump the 12-day war he shattered he
00:38:02.700 was right it was total and complete maybe not super complete and maybe not total total as
00:38:09.240 candace you know says i don't know no but i know right so this was i know
00:38:14.660 but what has been substituted in this ill-conceived war is that it's not the nuclear
00:38:24.200 threat anymore they're shattered and my understanding is going to be a 20-year
00:38:27.280 some sort of 20-year agreement that they're prepared to make because they understand it
00:38:32.220 will take them that long to kind of reconstitute it they've substituted the world economy there's
00:38:38.720 chokehold in the world economy and visa their uh their our weapon is the fleet and the blockade
00:38:46.380 and their weapon is the pirates in amman and her moves control that strait and therefore control
00:38:53.800 to a degree the world economy not the united states of america they do and that is substitute
00:38:59.140 for the nuclear weapon.
00:39:01.340 You agree with that?
00:39:03.640 Yeah, and their weapons that they are using
00:39:06.580 to maintain the grip over the Straits
00:39:09.040 are drones you can make in a garage
00:39:12.600 made with Chinese components
00:39:14.240 that every day are flowing across the border. 0.99
00:39:16.760 So I don't care what the count was on the drones
00:39:19.140 at the beginning of the war, it's irrelevant.
00:39:20.940 They've probably made more since the war started
00:39:23.180 than they've used.
00:39:24.640 And speedboats, like 40-foot speedboats like you'd take out on the weekend with your buddies, with a bunch of guys with RPGs and AKs.
00:39:34.980 Useless against the United States Navy.
00:39:37.480 That would be a very bad day, them going up against a destroyer.
00:39:40.740 But, man, against an unarmed merchant ship, those cheap drones and the guys with the RPGs are enough to shut the straits.
00:39:50.120 That's what we're fighting now.
00:39:52.200 This is, mindset-wise, I'm not talking exact tactics and weapons.
00:39:57.540 This is the Vietnam War.
00:39:59.100 You are fighting an unconventional conflict with these guys.
00:40:03.380 We've got to stop talking about the fact that we sank their navy,
00:40:06.400 and we've got to address those issues.
00:40:10.760 And by the way, what the Red Sea showed us, the exercise last summer,
00:40:15.620 that we had a carrier battle group down there, and hey, the Houthis, 0.99
00:40:19.760 you get a lucky shot with these drones you may take out a carrier not take it out but make it
00:40:25.080 inoperative you got to go in the yards are you going to shoot down you could shoot down some
00:40:28.400 some you know some of our fighter aircraft i just want to read again uh and this is president trump
00:40:34.860 yeah put it back up put the true social back up this is president trump who spent 24 hours
00:40:41.660 a day on this thing the terms that iran leaked out to the fake news have nothing to do with the
00:40:49.060 terms that were agreed to in writing. What they said, including their weak and pathetic statement 0.92
00:40:54.280 on having a deal, bears no relation to the truth. Very dishonorable people to deal with, 0.99
00:41:01.920 to deal with, period. With them, there is no such thing as dealing in good faith. Amazing.
00:41:08.780 Also, they're totally rebuffed, droner, type, blah, blah, blah. I want to go back and just
00:41:12.120 read these two sentences again. What they said, including their weak and pathetic statement on 0.98
00:41:18.060 having a deal bears no relation to the truth, very dishonorable people to deal with. With them, 0.99
00:41:24.020 there is no such thing as dealing in good faith. Sam Faddis, given your years of experience dealing
00:41:30.760 with these folks in country, would you agree with the president's statement, sir?
00:41:36.620 Without question. That's just a basic, that's a bedrock principle. And you understand that
00:41:42.440 I can be sitting face to face with you and you can tell me everything in the world. And the
00:41:47.880 second this guy walks out the door, entirely possible he's making a 180 degree turn instantaneously
00:41:56.140 and never intended to abide by his agreement. Sometimes the last thing you say to one of these
00:42:02.880 guys when you make the deal is, and listen, man, I'm going to tell you right now, tomorrow you're
00:42:08.480 going to have thoughts about reneging on this and walking the other way. And I'm going to tell you
00:42:12.660 right now what's going to happen. We're going to kill you. We're going to blow you up. A JDM is 1.00
00:42:17.480 going to come through the roof of your house if you walk away. I don't say that because it sounds
00:42:23.340 cool, because that's the only way you can deal with people like that. Otherwise, the deal is
00:42:30.660 a waste of time, not worth the paper that it's printed on. It does sound very cool. I think
00:42:38.720 President Trump, that's what I'm saying. We've got lots of sticks and a handful of carrots,
00:42:43.500 and so I think it's going to be the plight. Sam, stick around because I want to talk about FISA.
00:42:47.480 FISA in the situation with Pulte and what happened with the with DNI quite important
00:42:58.400 MAGA I think to understand this because I think we have to have a we have to face a very unpleasant
00:43:04.360 reality about when the cornerstones of this entire movement I know Sam Faddis is dealing with this
00:43:11.640 this is the stolen 2020 election election fraud that's happening look in Los Angeles
00:43:15.540 you're not going to take this country back when you have one that you have a you have a state
00:43:21.200 that is the i don't know the fifth or sixth biggest economy in the world it's where all
00:43:26.100 the ai stuff originally originated from the great engine of silicon valley of innovation
00:43:31.040 and the post-industrial revolution that's controlled by radicals who will never give
00:43:36.960 it up you can run a brilliant campaign like a prat who's not maga got that doesn't believe in
00:43:44.180 the core tenants of MAGA, got that,
00:43:45.680 but ran really a Trumpian campaign
00:43:47.620 and essentially at the end of the day,
00:43:50.140 didn't get blown out, but lost
00:43:51.680 and kind of lost, not that close.
00:43:54.300 So you can't contest it.
00:43:56.400 That's a reality we have to face.
00:43:58.840 Philip Patrick's also going to join us,
00:44:00.640 birchgold.com, end of the dollar empire.
00:44:03.720 Easiest way to do is birchgold.com slash Bannon.
00:44:06.320 Get all seven, now eight free installments.
00:44:09.460 We're working on the ninth.
00:44:10.500 Most importantly, talk to Philip Patrick and the team.
00:44:12.320 They also have the special one free ounce in a round, not a coin, but a round.
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00:45:48.560 Call 1-800-958-1000.
00:45:51.560 That's 1-800-958-1000 or visit TNUSA.com slash Bannon for your free discovery call with Tax Network USA.
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00:46:16.780 War Room, here's your host, Stephen K. Bannon.
00:46:21.560 okay i've got nothing we have nothing but original gangsters i've got faddis who got
00:46:28.200 to wrap up with sam's got to go bowling philip patrick this is gonna be amazing um
00:46:32.440 sam faddis before you bounce the drama i have never i've been at this for a while now
00:46:39.840 i have never seen the apparatus absolutely shaking their boots and go apoplectic over
00:46:47.220 the mention of Bill Pulte's name, right? Bill Pulte at D&I to get his hands on the records,
00:46:53.500 particularly where it comes to stolen elections. They completely and totally melted down. Folks,
00:47:00.280 I just want you to take your number two pencil out and understand everything we were saying
00:47:03.480 about the Senate and Levin's down there talking about the Senate and how they're blocking him
00:47:07.360 and Cornyn's threatening him in the New York Times. We can't get anybody passed. We have
00:47:11.840 Meadows on here talking about getting the House to do a recess and we're going to backdoor it with
00:47:16.120 force the Senate to do it, all of that. Jay Clayton is going to be in a confirmation hearing
00:47:24.200 that we're going to cover, a public confirmation hearing for director of national intelligence,
00:47:28.420 where normally the paperwork would take you a year to fill out. He's going to sit in that
00:47:32.180 confirmation hearing live on national TV at, I think, noon on Wednesday next week, and they're
00:47:37.740 going to vote on Thursday to confirm him. By the time our five o'clock show comes on Thursday,
00:47:43.440 Jay Clayton will be the director of DNI. Sam Faddis, the FISA situation and Clayton and the
00:47:51.640 whole deal, this drama you saw played out over the last week. Well, look, on FISA, I think there
00:48:00.620 is a legitimate reason why we need the powers that FISA provides. Provided, here's the but part,
00:48:07.480 provided we fix it in such a way that it cannot continue to be abused and used against the
00:48:14.860 American people. I tell people when I'm speaking all the time, when we talk about intelligence and
00:48:19.520 how the idea of a secret service is incompatible with American liberty, and God bless us, we should
00:48:26.000 never lose that distrust of secret services. We should not be spied upon. We shouldn't accept it.
00:48:32.860 I cringe every time somebody says something like, I don't care if they listen to my phone calls. I'm not doing anything wrong. I'm like, what the hell is wrong with you, man? That's not what we fought for for centuries. And by the way, you don't get to decide what's wrong. They're deciding.
00:48:49.440 So do we need the capability?
00:48:51.640 Yeah.
00:48:51.840 Do we – should we retain it in its current form without making sure that we don't have the kinds of things happen that have happened in the last several years?
00:49:04.720 We should not retain it.
00:49:06.080 If we've got to do without it, do without it.
00:49:07.580 But the deep state – you're 100 percent correct.
00:49:10.120 But the deep state refuses to consider that.
00:49:12.540 They want it exactly like they got it because they can use that quite easily to spy on American citizens.
00:49:16.580 and the American citizens they spy on consistently are members of MAGA, right?
00:49:20.740 People that are populist nationalists, that are anti-globalist.
00:49:24.020 So this is why what's now faded, right, is that,
00:49:28.540 and I'm saying never bring it back.
00:49:30.340 Unless those changes are ever made, don't bring it back.
00:49:32.440 No need to.
00:49:32.900 It's not the end of the world.
00:49:34.620 It's just not the end of the world.
00:49:36.640 I'm with you.
00:49:37.300 If you want to make the changes, don't retain it.
00:49:40.100 Scrap it.
00:49:41.520 Well, midnight tonight goes away, baby.
00:49:43.880 so but the deep state they they tried to have president trump sign an executive order all kind 0.86
00:49:48.340 of all this crap uh clayton and clayton's a good guy but let's let's be blunt he's not a prosecutor
00:49:54.240 head of goldman he's head of uh sullivan and cromo which is goldman sachs is supposed to do 0.51
00:49:59.640 the i'm sure they're the guys all over the prospectus for spacex or at least one of them
00:50:04.720 in the uh in the unranked john foster dulles's old firm right these these are the globalist of
00:50:09.760 the globalist um he didn't do a bang-up job at southern district he was put a southern district
00:50:15.320 and quite frankly the southern district is rotten to the core everybody there ought to be blown out
00:50:20.620 and he didn't get rid of virtually nobody he was intimidated and now they're sending him over to
00:50:25.280 dni if you think that he is going to get into the files on the stolen election of 2020 you're
00:50:31.020 kidding yourself it's not going to happen this is a win for the tom cottons of the world and when
00:50:36.000 they say oh they want to cut dni it's not going after the deep state and getting rid of the deep
00:50:40.180 state element sam they want to downsize the overall the authority so that the cia can be
00:50:45.880 paramount sam fattis sir yeah we just hit the nail on the head that is in fact actually the plan
00:50:52.360 to have a dni that is irrelevant the emperor of the holy roman empire and cia runs the show
00:51:01.140 and the deep state is untouched. Anything that happens otherwise is cosmetic. Look,
00:51:06.600 the whole IC and the CIA at the heart of it probably more as much or more than anybody else
00:51:11.100 is combat ineffective. Let's start with that. I mean, we're in the middle of a war and I think
00:51:15.360 it's pretty frigging clear that the intelligence that we've been, we're being provided to the
00:51:19.240 commander in chief is grotesquely inadequate. Then we have the whole part where the IC has
00:51:26.460 abused, you know, that shouldn't be within 10 miles of Americans and their rights and
00:51:31.680 American domestic politics has been targeting Americans. So this is not a just let's take over
00:51:37.220 a functioning, it's in pretty good shape kind of thing. This has to be dramatic. People have
00:51:45.580 to be fired. Entire chunks of this edifice need to be destroyed. Files need to be opened. So my
00:51:52.720 question is, regardless of who's going to take this position or anything else, are we actually
00:51:59.840 going to do any of that? Because right now, we're not doing that. We have not drained the swamp.
00:52:04.600 We haven't changed fundamentally anything. This is a giant stay-behind program by the D-state. 0.99
00:52:11.100 They go to ground. They dig in. They wait out Trump. Boom. The next thing you know,
00:52:15.960 we'll be on the other side of it. We won't have fixed a blessed thing.
00:52:19.100 amen brother uh sam fetus we're going to get to your robot thing at another time it's a brilliant
00:52:24.260 piece okay and magazine sam you're becoming uh you you you're coming you're running up right
00:52:29.980 back at joe allen getting down on this artificial intelligence and the robots and all that it's
00:52:33.820 amazing to see it uh where do people go to get all your content sir and magazine at substack
00:52:39.840 and magazine.substack.com thank you sir i appreciate you taking this morning and joining
00:52:46.200 fantastic thank you okay um so much okay we're gonna get to all of it bowling and philip patrick
00:52:54.720 gonna join me on the other side tony lyons also gonna be here metaxas huge announcement on the
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00:54:11.200 original gangsters of bowling and philipatrick next everyone's focus on how the conflict in
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