Bannon's War Room - Episode 5464： Brexit 10 Years Later; The Deal Behind The SpaceX IPO

00:00:00.000 It marks the 10th anniversary of Britain's 2016 vote to leave the European Union.

00:00:05.540 Many are still asking that question.

00:00:08.440 At the time, much of the world still lived under the post-Cold War order,

00:00:12.660 globalized, opened, and governed by shared rules.

00:00:15.860 When Brexit's Leave campaign promised to take back control,

00:00:20.260 for millions that slogan answered a growing unease

00:00:23.260 about where that open world was headed.

00:00:25.840 They wanted tighter borders and to reclaim an eroding sense of national sovereignty.

00:00:32.420 In addition, Brexit's leading advocates saw another opportunity to remake Britain as Singapore on Thames.

00:00:40.040 This was a vision of a buccaneering, deregulated, low-tax competitor right on Europe's doorstep,

00:00:46.280 which would strike great trade deals with the wider world and in particular with the United States.

00:00:52.260 But a decade on, that order has come apart.

00:00:55.840 The U.S. elected Donald Trump just months after the referendum.

00:01:00.660 Brexit supporters who cheered his victory as vindication found an uncertain world of trade barriers and a weaker transatlantic alliance.

00:01:10.240 Even Singapore, Britain's supposed model, has warned that this new era would be very hostile for punchy economies built on openness to global trade.

00:01:19.720 And in any case, Britain never built that nimble Singaporean-style economy.

00:01:24.980 Boris Johnson governed as a big spender

00:01:27.120 who briefly pushed the country to its highest tax burden

00:01:30.560 since the end of World War II.

00:01:32.460 The economist argues the real issue is that Brexit lingers like a toxin

00:01:36.620 in the economy's bloodstream,

00:01:38.960 binding itself to long-standing weaknesses

00:01:41.500 from higher energy costs to weak investment.

00:01:45.440 Harder still to measure is the cost of everything else Britain did not do

00:01:49.280 while its politics were consumed by a revolving door of leaders

00:01:53.340 at No. 10 Downing Street and an endless argument

00:01:56.800 over how exactly to leave the EU,

00:02:00.020 knowing every version of that answer would make it poorer.

00:02:03.960 King's College London finds that the share who say Brexit

00:02:07.340 is going worse than they expected has nearly doubled in five years,

00:02:11.800 from 28% in 2021 to 48% today.

00:02:16.820 But while many feel regret,

00:02:19.500 the man who did more than anyone to bring it about

00:02:22.300 is closer to power than ever.

00:02:24.800 Nigel Farage's Reform UK,

00:02:27.240 a revived version of his Eurosceptic UK Independence Party,

00:02:31.460 leads the national polls

00:02:33.000 and swept last month's local elections,

00:02:35.980 eroding the century-long dominance

00:02:38.040 of Labour and the Conservatives.

00:02:40.620 Ten years on,

00:02:42.100 Brexit continues to define Britain's voting lines.

00:02:45.760 Reform has absorbed much of the anti-EU coalition. 0.91

00:02:49.320 Older, more male,

00:02:50.520 less likely to have a college degree, and driven above all by cultural anxiety over issues like 0.52

00:02:57.200 immigration and race. The lesson of the past decade is that there are no clean exits and

00:03:03.460 no clean returns either. As Martin Wolf of the FT argues, a reversal of Brexit would be unrealistic

00:03:10.320 and, he argues, unnecessary. He advocates for a third way, modeled on Switzerland.

00:03:16.400 It would not involve EU membership, but rather a patchwork of treaties to align closely with

00:03:22.760 the bloc on trade, education, science and security. This is far from perfect. Britain would become a

00:03:30.100 rule taker in Europe rather than a rule maker. But with the promised rewards of going it alone

00:03:36.420 still nowhere to be seen, it may be a move worth making.

00:03:40.520 You guys start a war that nobody can save you on this earth. Nobody. You can join force with America. You can join force with NATO. You can join force with the whole Germany. And nobody is going to save you guys.

00:03:55.140 trust me nobody gonna save you guys they can put you on the middle of these with

00:04:01.400 RPG AK-47 they surround you more than 200 billion soldiers and you are on the middle

00:04:10.800 they cannot save you trust me

00:04:13.880 Tuesday, 23 June in the year of our Lord, 2026, 10 years ago.

00:04:23.780 Today, they were beginning the voting for Brexit.

00:04:26.240 We didn't find out about it until, I don't know, about 10 or 11 o'clock in British time,

00:04:34.340 late in the afternoon.

00:04:35.820 Rahim Ghassam, who's over there today with Nigel Farage,

00:04:39.580 going around doing commemorations and celebrations of Brexit.

00:04:43.880 was running Breitbart London for me at the time,

00:04:48.240 and we put our shoulder to the wheel for about a couple of years on this topic.

00:04:53.300 We really ramped it up when the referendum was announced.

00:04:57.960 Nigel Farage said the next morning that Brexit would not have happened

00:05:03.680 unless they had the platform and support of Breitbart London.

00:05:08.920 Why was that? Because why did we even start it?

00:05:10.800 The Daily Telegraph and other conservative outlets started to get what they call wet.

00:05:16.460 They were globalists.

00:05:17.340 They'd bought into the globalist agenda and forgot what national sovereignty was about.

00:05:23.400 There's a lesson here because Brexit has not been implemented in the 10 years.

00:05:30.660 And the bulk of that was under the Tory party.

00:05:32.760 Starmer just won, what, a year or two ago?

00:05:35.620 Overwhelming landslide.

00:05:36.600 But Brexit, through Boris Johnson and trust the entire crowd, the central reason that the British voted for Brexit was not simply the rules and regulations coming out of Brussels.

00:05:53.480 Nigel Farage ran the unofficial campaign.

00:05:55.760 What you did is you had kind of a bake-off to see who would get money from the government to run the pro-Brexit and anti-Brexit campaign.

00:06:03.500 I mean, Boris Johnson won that, and his was all about these regulations and governance from Brussels and Davos, all that, which was very important and struck a chord with the British people. 0.98

00:06:13.080 But the central issue was unchecked immigration, that to get your sovereignty back, you had to actually define who was a citizen and who was not, and you couldn't continue to allow all of these non-citizens to come in and flood the country. 0.98

00:06:30.720 I think, I believe, under the Tory rule, at least from Boris Johnson off of Brexit, I still think there's like 8 or 9 million, 13 million overall for what the Tories did. 0.99

00:06:43.020 But I believe it's 8, 9, 10 million of that have come since Brexit.

00:06:50.120 That's the last valedictorian we had right there was telling you it doesn't matter.

00:06:55.600 It doesn't matter if you close your borders, doesn't matter if you do, if you limit migration, doesn't matter if you start.

00:07:00.720 re-migration, which we call mass deportations, that the battle's already lost, the war's already 0.73

00:07:08.200 lost because you've already allowed too many of the valedictorians into the country? Why is 0.83

00:07:15.240 Nigel Farage sit there and they trash Brexit? Brexit has not been implemented, but put it in

00:07:20.060 historical context. We are, what, 11 days away, and we're going to have a big run-up here on

00:07:26.200 War Room and Real America's Voice for the commemoration and celebration around the 250th

00:07:32.300 signing of the Declaration of Independence. But the signing of the Declaration of Independence,

00:07:37.020 we declared we were independent. We had to fight for that. Then you had a very long

00:07:42.580 war of independence, of which we won because we wouldn't quit. Then you had the building of the

00:07:49.340 nation, the constitutional conveyor. We tried it with the Articles of Confederation. It didn't work.

00:07:56.200 So we then had the Constitutional Convention, had the Constitution, jammed it home, tried to build as a nation.

00:08:04.440 The British relentlessly, relentlessly didn't believe that they had really lost the American colonies.

00:08:11.860 They weren't prepared to give it up.

00:08:14.220 The War of 1812, and I say, and Rahim Kassam supports me on this, the revolution in that period didn't end until the early days of January in 1815.

00:08:24.960 when General Jackson and kind of a ragtag army was put together down in New Orleans

00:08:31.660 and it gave a massive defeat to part of Wellington's,

00:08:36.540 best part of Wellington's army from the peninsula campaign against Napoleon.

00:08:42.860 A army that I might add defeated Napoleon, I believe, in June of that year.

00:08:49.460 So we had a long time to implement our Brexit.

00:08:54.960 It took a while.

00:08:56.940 Here you've had the established order in Britain are globalists.

00:09:01.440 The Tory party's being probably worse than Labour.

00:09:05.780 And what you're seeing here, I know a lot of people are getting, hey, I'm black-pilled.

00:09:08.900 I don't know if I can go forward with this.

00:09:11.840 You know, Tucker yesterday said, I'm not going to support the Republican Party.

00:09:18.360 I think MTG came in at the same time and said she's not going to support the Republican Party.

00:09:21.840 I realize we're going through a very tough phase right now.

00:09:25.900 And people, you know, there is noticeably in certain areas a lack of enthusiasm.

00:09:32.320 When you get out and start working the issues and you see what the alternatives are, you don't find that.

00:09:38.320 People get motivated.

00:09:39.420 But the Republican Party has not wanted to implement any of President Trump's, any of the MAGA solutions.

00:09:48.260 and right now they've convinced the president people around the president with polling have

00:09:53.560 shown him that this is why we're not doing mass deportations more importantly he's going up to

00:09:57.680 the hill tomorrow talk about the save america act the senate is treating president trump as a lame 0.59

00:10:03.400 duck worse than a lame duck at least lame duck they show some respect they're not showing any

00:10:06.760 respect at all what they're enthusiastic about what they're enthusiastic about is uh is merging 0.77

00:10:13.860 the defense industrial bases of israel in the united states what what this phase of this war

00:10:21.580 is showing you more than ever highlighted israel has to be its own independent nation can no longer

00:10:27.780 be a vassal state and a protector of the united states they don't want it they want to fight

00:10:32.360 their own wars god bless you you're you're an independent sovereign nation go fight them

00:10:36.480 we'll work out some agreements to save some weapons and uh and bob's your uncle and go fight

00:10:43.260 go fight in lebanon go fight in syria take on hezbo take any any on anybody you want you're

00:10:48.680 free and independent nation but we can't be involved in it and that is sapping enthusiasm

00:10:55.040 enthusiasm you can tell that also on the persian side now they did make a caveat yesterday that

00:11:00.580 hey the money was going to go in the escrow account it can only be used to buy uh american

00:11:05.220 products or particularly american foodstuffs to feed their starving population you know that may

00:11:12.440 be the case bowling's going to be on here in a minute we're going to go through this but this

00:11:16.540 thing's got to be wrapped up and if we give them access and we do two things so we take away all 0.71

00:11:22.760 the structures and processes that we have conducted economic war against the mullahs 0.55

00:11:30.740 including the carrier battle group we're going to rue that day that that is why that is why 0.84

00:11:37.220 Iran was in such shape that we could do the kinetic part as quickly and as brutally and

00:11:44.900 as efficiently as we did. We have to choke them off economically, and that has to be the case. 1.00

00:11:52.420 Otherwise, we're going to be sucked into this thing for decade after decade after decade when

00:11:57.260 the most important issues are before us or here at home. Right now, you've got a Marxist-Jihadist

00:12:04.760 alliance that is running the tables in places like New York City and Chicago and Minneapolis

00:12:09.980 and Washington, D.C., in Los Angeles and San Francisco and Portland, Seattle, many other

00:12:15.980 the big cities in the country because the big cities have declared themselves sanctuary

00:12:19.360 cities.

00:12:20.460 They will not turn over voting rolls.

00:12:22.460 We just had federal judges yesterday rule that we can't get our hands on the on the

00:12:26.400 voting rolls.

00:12:26.800 Why is President Trump going up to Capitol Hill to talk to the to the senators for this

00:12:32.240 conference the senate the republican conference that say hey we've got to do this so we're not

00:12:36.620 going to have a country in addition you've got all these massive issues massive issues right now

00:12:42.720 before us on artificial intelligence and they're getting more and more dangerous

00:12:46.060 every day and the stakes are getting higher on the economy every day

00:12:51.220 now as you see you know we don't tell you what stocks to pick and what stocks to stay away from

00:12:57.060 But I haven't seen the opening market this morning, but the world's biggest IPO has lost, I think, 20% in value in the last, I don't know, 30 hours as it comes unraveling.

00:13:10.840 Stock markets down on tech sectors, they now realize, guess what?

00:13:15.060 SpaceX comes back and says, hey, I think I need $80 billion worth of debt.

00:13:19.380 I'm going to do it in sequences of $20 billion in tranches.

00:13:23.860 I believe that came as a surprise somewhat, particularly to some of the retail investors that got it in at the end.

00:13:33.880 And the reason is the established order wants to implement the highly leveraged bet as a country and with these companies, the highly leveraged bet on artificial intelligence.

00:13:43.860 intelligence that's given a concentration of power, this kind of techno-feudalism that is

00:13:50.760 rapidly replacing the constitutional republic set up by a revolutionary generation that declared

00:13:59.400 war on the British crown and the British East India Company 250 years ago. Brexit has not been

00:14:07.400 implemented, you know, has not been implemented because the established order in the city of

00:14:12.480 London and the British ruling class did not want it and still don't want it. The MAGA nationalist

00:14:20.520 populist agenda has not been implemented in the United States fully because they fought President

00:14:26.040 Trump every step of the way. And don't think that these House members and Senate members,

00:14:32.700 as soon as President Trump's gone, don't say, oh, my gosh, we really got to implement this

00:14:37.200 program now they're waiting for him to go and in fact the senate right now is trying to show him

00:14:43.120 the door okay short commercial break we're gonna break all of this down including new updates about

00:14:49.080 the chinese communist party and the threats to the united states of america all next in the war room

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00:16:43.580 Just moments ago, President Trump responded to critics over the memorandum of understanding

00:16:47.920 that he signed with Iran. He says the money that the U.S. Treasury will release for Iran

00:16:53.000 is going into escrow, won't be used to buy food and medical supplies exclusively from the United

00:16:57.840 States. It should be noted the money he's talking about here is different than the money from oil

00:17:03.340 that Iran, as of now, can already sell sanction-free for U.S. dollars. Many see that as a

00:17:09.860 huge windfall that Iran can get right now. Also this morning, CNN has exclusive new reporting

00:17:16.440 one of the most dramatic incidents of the war, the downing of a U.S. fighter jet over Iran. Sources

00:17:21.040 say the pilot, who was rescued by special forces, described seeing something before ejecting.

00:17:27.840 a swarm of Iranian drones moving.

00:17:32.080 They have put on some,

00:17:34.620 they've given us some new information on this.

00:17:36.840 Eric Bolling joins us.

00:17:38.340 By the way, can we put up,

00:17:39.500 I want Denver to put up the Axios lead story on Brexit.

00:17:45.980 I think it's very important for,

00:17:47.580 if Grace and Moe and Elizabeth can push this out,

00:17:52.160 I think it's very important to read in,

00:17:54.180 brexit was a predicate to president trump's win in 2016 remember tonight the victory is

00:18:02.260 clear tomorrow was the celebration uh as i said over and over again on the radio show at the time

00:18:07.860 this will lead to this shows you there's a tectonic plate shift and

00:18:11.800 donald trump's gonna you know at that time they had not had the convention um

00:18:17.220 crews and these guys are still trying to fight a rear guard action even president trump getting

00:18:21.900 the nomination although he clearly won in the primaries but i said he won that and also um

00:18:28.500 he will win uh in the fall against hillary clinton and he did um but you see put it in put it in

00:18:36.660 perspective of the plan that has not been implemented he's been held up by the republican

00:18:43.500 party still the republican party and i say if they've got an answer let's see that let's see

00:18:48.060 the answer. They're controlled opposition right now. You ask why the country is in such terrible

00:18:52.580 shape, horrible shape. We were so close to losing the country back then when President Trump stepped

00:18:58.580 in. It's because the Republican Party had been controlled opposition to the big government,

00:19:07.020 progressive Democrats. It wasn't a fight. It was a pillow fight. And the financial situation,

00:19:12.360 I think, is getting worse and worse and worse. Let's get bowling in here. We're going to talk

00:19:15.680 So the president came out this morning, if we can get that true social, he put some more details on what they're negotiating, which I think is necessary because people need to understand the – we have a very strong economic warfare structure in place.

00:19:35.540 We have brought them to the knees.

00:19:37.100 They are losing $400 million a month or $400 billion a month.

00:19:43.300 They are getting crushed, right?

00:19:47.520 Their people are getting crushed.

00:19:48.760 It's horrible.

00:19:50.400 But you can't take those away.

00:19:52.880 You can't just strip off.

00:19:54.860 Now, I understand they have given them a license for August to start selling oil.

00:20:00.560 Now, supposedly the 60-day period's over and we have a signed deal.

00:20:06.420 Until it's a signed deal and it's implemented, no way would I ever take those off.

00:20:09.960 Once you start taking those off, the architecture of that, particularly with partners like France and the United Kingdom, who will backdoor you in a New York second, you have to be very careful about that.

00:20:21.860 But they have the money that we have, the $100 billion in various financial institutions around the world, $50 billion, let's say, controlled or quasi-controlled by the United States, $24 billion definitely controlled.

00:20:34.520 The $6 billion, which, you know, over the weekend we were going crazy.

00:20:38.900 You can't send pallets of cash to them.

00:20:40.280 It is going to – it looks like now if it happens into an escrow account only to buy U.S. foodstuffs to – but I don't understand the logic of feeding a starving population.

00:20:52.760 The more they starve, the more they're going to overthrow the theocracy.

00:20:57.440 I understand that's a – you know, gosh, that's a cruel thing to say, Steve.

00:21:00.760 Look, did you look at Japan in World War II?

00:21:04.120 Did you look at Germany in World War II after what they did to the world? 0.99

00:21:08.300 We did not hold back, trust me. 0.97

00:21:10.980 And we weren't sending pallets of food to them in 1944 and 1945.

00:21:16.240 It was long after it was unconditional surrender.

00:21:19.740 And only when it came to people's attention, they're starving, 0.93

00:21:23.920 and they may flip to be on the Russian side unless we get some food for them. 0.99

00:21:28.440 Bowling, your thoughts about it?

00:21:29.420 You've been following this closely.

00:21:30.220 Then I want to get to the world's greatest stock offering.

00:21:35.320 The one that I might add on this show, both Philip Patrick and Eric Bolling, on the day of the offering, they had been offered stock.

00:21:43.940 And I said, guys, are you going to hit the bid on that?

00:21:46.880 And he'd go, I don't know.

00:21:47.900 I think this price, I'll take a look at it in 30 days.

00:21:51.360 And Bolling might be right.

00:21:52.700 Bolling, let's talk about the deal first.

00:21:54.520 Oil, what's happening in markets, and then we'll get into the IPO.

00:21:59.460 So oil, about flat right now, hovering around $74, $75 a barrel, not really moving.

00:22:05.740 A lot of the traders are waiting to see.

00:22:07.840 You have a situation where President Trump came out yesterday and said 19 million barrels transited the Gulf, I guess, two days ago.

00:22:16.800 That's pretty much unconfirmed.

00:22:18.240 I'm not questioning him.

00:22:19.540 I'll just tell you, Steve, that's not a record.

00:22:21.940 We were transiting 21 million barrels a day on average through the strait.

00:22:27.120 I watched these tanker traffics to the vessel traffics, uh, numbers that get posted.

00:22:32.020 The highest it's gotten to that I've seen is 54.

00:22:35.300 We saw 54 vessels remember in and out that's total.

00:22:39.600 So at the peak, when, when things were moving, 21 million barrels were moving through there a day.

00:22:45.800 There's about 140, 150 vessels per day moving through there, 75 in 75 out.

00:22:50.860 So it's probably he's being told a number that he's – it may be that since they started this conflict, absolutely, but the number can't be a record.

00:23:02.360 I don't want to split hairs here, but the oil market cares about every single barrel that's being actually transited or ones that are talked about.

00:23:09.900 Reuters said Trump said it, and that's where everyone's saying, oh, there must be 19 million barrels that flow through, and that must be a record.

00:23:15.800 None of those are true. Trump did say it, but that's number one, I'm confirmed about the 19. The number 219 doesn't come close to a record. Who cares? A lot of people do care about that. Otherwise, oil, I think, would be even lower. I think they're taking a breath. The traders are taking a breath right now. And you're seeing a major, major meltdown in the technology stocks, mostly through the AI-driven stocks that really kind of –

00:23:41.800 But hang on, before we get to that, I want to go back.

00:23:46.140 But the oil appears to be flowing.

00:23:48.080 I mean, 19 million barrels, 21 million, if it's a record or not.

00:23:52.280 It's flowing.

00:23:52.980 The question is…

00:23:53.980 I don't know how you get 19 million barrels through there with 50 vessels going in and out.

00:23:57.500 That's at most 30 coming out, let's just say.

00:24:00.180 Maybe all came out.

00:24:01.360 That's still nowhere near the 140, 150 that would take, or 75, let's say half of them, 75 coming out.

00:24:08.580 You're two-thirds of what a normal day was.

00:24:10.780 isn't the issue uh to that um not so much even related to navy escorts or destroyer escorts

00:24:18.180 but really the insurance market and what's going to happen here i think you're the one that told

00:24:23.100 me the war risk premium mary's cortez the war risk premium on insurance vessels still very high

00:24:29.340 yeah so we don't it's really who come who drops oil and comes back right we gotta who makes the

00:24:36.340 return trip empty to fill up again? That's going to be where the rubber meets the road?

00:24:43.060 Yeah, it was 800% normal. Most of the time throughout the whole conflict, it dropped to

00:24:49.280 150% the day President Trump announced that it's all clear in the Strait of Hormuz. It's back up

00:24:55.320 to about 390% of normal. So the worst premiums and the insurance premiums are still substantially

00:25:01.160 higher. It doesn't mean it's not going to go away. It doesn't mean that oil won't eventually

00:25:05.480 come out of the straight, but I think the important part here is, what are the Iranians 0.94

00:25:09.520 going to do, Steve? This whole thing is predicated on the Iranians holding their end of the bargain. 0.86

00:25:13.260 They've never done it. I've been doing this for 40 years following geopolitical 0.94

00:25:17.720 oil and movements and promises. They've lied

00:25:21.180 consistently. In the 80s, they lied, and Israel had to come and wipe them out. 0.72

00:25:25.600 Under Barack Obama, they promised to allow our inspectors to come in and see their nuclear

00:25:29.280 sites. Everything they were doing with their nuclear facilities, they lied. They shut us

00:25:33.300 out they didn't even care they'd even shut us out as for the 300 billion dollars that they're going

00:25:38.880 to get or we're going to hold it up or it's going to be an escrow the iranians already said that's

00:25:42.960 not part of the deal they've already discounted that as part of the deal so there's a lot of

00:25:47.860 question marks about what's going on i think i'll be honest with you i've known trump a long time

00:25:51.300 as have you and you know him better than i do but i think he just wants to be in his rearview mirror

00:25:56.060 and he wants to portray a picture of of a win it may be a win i don't know i i would i would say

00:26:01.480 I think China is going to come out smelling like a rose. And so is Iran. So what portray it as a win?

00:26:07.080 Because you got to get to the midterms early on, Steve, on this program, I was saying we need to get this thing done.

00:26:13.260 Day five, day 10, not day 114. I said, we need to finish this because it's going to butt up against the midterms.

00:26:19.340 And to a person, people who are on with me, the audience, oh, bowling, this is bigger than the midterms.

00:26:25.380 Well, it's not. The midterms are going to, if we don't hold at least the Senate, we're going to spend two years just talking about the Trump impeachments.

00:26:35.240 What are we going to get done here? America needs lower prices. We need to drill more oil.

00:26:40.220 We need a House and a Senate to allow Trump to drill oil because that's where not only energy independence.

00:26:46.560 But hang on, but that's not contingent.

00:26:50.980 Look, as you know, I hated how we got into this war.

00:26:54.140 But getting out of it, I'm not in love with this deal

00:26:56.620 because I think it finances a group of bad guys

00:26:59.620 who are never going to live up to it. 1.00

00:27:00.880 So I would just soon pull the chocks, keep the fleet out there, 1.00

00:27:03.420 keep their cash, keep all the architecture 1.00

00:27:06.400 to bring them to the knees that we have.

00:27:08.520 And let Scott Besson go mess with their currency.

00:27:10.620 They're such tough guys, and they can come in

00:27:12.420 and not shake JD's hand or turn their back. 0.99

00:27:15.100 From all this kind of nonsense people looking at, you know, on social media, it's all crap. 0.99

00:27:20.020 We've got the leverage here. 0.99

00:27:21.880 We've got the economic leverage.

00:27:23.460 President Trump admits what brought them to their knees was our economic leverage under no circumstances.

00:27:28.160 And there's no piece of paper that can convince me that they will ever agree to anything and live up to it. 0.98

00:27:34.420 But at the same time, you've got to cut loose Israel. 0.95

00:27:37.940 This whole thing about Lebanon and getting us more involved and stabilizing the region, we don't – the region is not going to be stabilized. 0.96

00:27:44.500 It's not.

00:27:45.740 And the Israelis now think they got a battle plan of how to take care of it militarily. 0.96

00:27:49.440 That's fine. 0.98

00:27:49.940 If they got it, go with God.

00:27:51.560 But we got to cut ties, still sell them weapons.

00:27:55.100 Otherwise, we're just stuck in the square. 0.98

00:27:57.020 Don't allow them to sell their freaking oil on the world market. 0.96

00:28:00.700 That is what they needed the most. 0.98

00:28:02.560 We handed that to a 4-1.

00:28:04.920 And that helps the Chinese Communist Party, which we'll talk about later. 0.95

00:28:07.860 So hang on for a second.

00:28:08.760 I want to talk then about this offering.

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00:28:57.860 And with spring planting season on top of us, American farmers are sounding the alarm, with some saying they can't afford to plant their fields.

00:29:05.040 when one piece of the supply chain gets hit this hard you know what comes next higher food prices

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00:30:07.200 War Room.

00:30:08.120 Here's your host, Stephen K. Band.

00:30:11.640 Okay, given our crack team, do we have the clip?

00:30:16.280 Yes.

00:30:17.620 The one of Cortez declining buying into the offering of SpaceX.

00:30:25.140 Not Cortez.

00:30:26.260 I mean bowling.

00:30:28.040 You don't have that?

00:30:28.940 No.

00:30:29.120 Okay, dig that up for us, see if you find it.

00:30:32.420 So bowling, you know, a couple of weeks ago,

00:30:37.420 I guess when this thing went public a couple of weeks ago,

00:30:39.220 I had you and Philip Patrick on.

00:30:42.120 My oil guy and my gold guy, two hard assets.

00:30:46.460 And as Cortez will tell you, he says,

00:30:48.180 all this talk about the dollar being strong and flight to quality,

00:30:51.100 it's only against fiat currencies.

00:30:53.040 It's the world's tallest midget when you talk about physical assets 0.99

00:30:57.100 like real estate, oil, and gold, I talked to you about this IPO, which I said at the time, 1.00

00:31:04.060 and I'll stand by this. As a young associate at Goldman Sachs in the 1980s, when it was a private

00:31:10.680 partnership and he had joint and several liability among the partners, that means if there was

00:31:16.140 something that went public or some kind of deal went awry, the lawsuits went against every partner

00:31:21.480 in the firm, joint in several.

00:31:23.480 And that's why Goldman Sachs was so rigorous about the deals they did.

00:31:27.580 This is not the post-IPO Goldman Sachs, publicly traded Goldman Sachs, which has a different

00:31:32.020 reputation.

00:31:32.680 But back then, the reason was the partners knew their heads were on the chopping block

00:31:36.980 financially, everything they worked for.

00:31:38.880 So the due diligence and scrutiny on doing transactions was at the highest level on Wall

00:31:45.320 Street.

00:31:45.600 That's why it was the renowned equity house.

00:31:48.120 this thing this perspective for spacex you would have been fired on the spot if you were making a

00:31:55.140 presentation to the management committee you'd have been fired on the spot and you would have

00:31:59.300 been walked out of the building for presenting that it is an abomination and a disgrace so when

00:32:04.620 people sit there and tell about maga and oh maga wants to destroy these institutions and maga wants

00:32:09.420 take out the central bank of maga because just like in the run-up to 2008 the fiduciary the

00:32:17.260 The institutions in our country that should be fiduciaries, the elite institutions that hire from the elite schools in this nation, and people get benefit for being at the McKinsey's of the world and the Goldman Sachs's of the world and the Sullivan and Cromwell's of the world, all those great institutions, those are the folks.

00:32:38.180 I won't say they live in the Hamptons anymore because that's the hedge funds and private equity guys.

00:32:42.720 But you live a charmed life in this society because that comes to responsibility by being a fiduciary.

00:32:51.520 When I talked to you and Philip about that, they were coming to you guys because you've invested earlier in a high-not-worth investor to fill out the round of which then they were going to go to retail investors.

00:33:03.000 And folks, just remember, Wall Street's always giving the best deals to the retail investors.

00:33:10.220 Eric Bolling, your thoughts about this entire thing, particularly as this offering starts to unravel?

00:33:16.100 Yeah, Steve, we were, Philip and I were talking about, I was offered the stock, you know, look, it came out at $165 a share.

00:33:25.160 Leading up to it, I've never seen hype like that in a stock, in an equity, never, ever, ever.

00:33:30.140 And every time it's overhyped like that, it's usually some sort of bust.

00:33:34.940 Even Google had a bust first.

00:33:37.160 Now it's been a monster winter since.

00:33:39.040 But Google, quote unquote, broke its IPO the first day.

00:33:43.280 I think this is going to break the IPO.

00:33:45.180 So tell people, hang on, hang on.

00:33:47.280 Tell our audience that are civilians in this area what that means and why that is such an extraordinary event when it happens.

00:33:54.060 Well, so breaking your IPOs, what they do is they try prior to an IPO, companies private, they want to go public and they want to find the right price that creates enough demand to keep the price up, but not so much that it's so high it gets slammed down after an IPO.

00:34:09.900 So they find a kind of a Goldilocks price for the stock.

00:34:15.400 Google was too high.

00:34:16.920 It came out, I believe it was $80 a share, if I'm not mistaken, traded in the area and then slammed through the number down below.

00:34:24.900 And that's called breaking the IPO.

00:34:26.380 It's a bad sign.

00:34:27.620 No one wants that to happen.

00:34:28.680 So fast forward to SpaceX, a $1.7 trillion valuation for a company that loses billions upon billions of dollars seemed insane.

00:34:38.740 they came out of 165 it went up to 225 Steve and in the trading days between Friday and Monday

00:34:45.940 I'm sorry Thursday and Monday Friday was Juneteenth we didn't trade for some stupid reason whatever

00:34:50.420 so in two trading days it went from 225 down to 147 ballpark that's 900 almost a trillion dollars

00:34:59.740 900 billion dollars of valuation just wiped out so all the people who bought it 170 180 190 200

00:35:06.660 got smoked it's trading 250 i'm sorry 150 right now i don't know is is it is it found a home i

00:35:13.540 don't think so i think you're going to see it go lower that that company steve lost more valuation

00:35:18.740 in two trading days than the entire valuation of tesla or if you took netflix and oracle put

00:35:26.480 them together more than those valuations more than the gdp of turkey saudi arabia and switzerland

00:35:31.720 any of those gdps an annual gdp in two trading days it's for the big boys it's not a it's not

00:35:38.980 a stock that you want to just jump in because everyone said it's going to go higher elon musk

00:35:42.980 knows what he's doing i don't know i i need to see more first i think like i said it's going to

00:35:47.860 break the ipo i believe and you may even be able to buy it under 100 wow let's play the buy it

00:35:53.340 under 100 we don't make predictions here can we play the clip down highly sought after shares

00:35:59.860 Steve. They went immediately. I turned down, I was offered several thousand shares of this. I

00:36:03.980 already have several thousand shares of it. And I turned it down because I think I will be able to

00:36:09.940 buy that space. I'm not saying this isn't going to be a good business plan going in the long run.

00:36:14.660 I believe I'll be able to buy SpaceX stock, SPCX stock under $100 a share before these people get

00:36:23.060 Unlock the 180-day lockdown period.

00:36:25.960 Hold it.

00:36:26.660 Under $100 a share?

00:36:29.600 Yeah, I'll put it out here, Steve.

00:36:30.760 We can go back later and see if I'm right.

00:36:32.740 I just gave you the fight the tape.

00:36:35.000 Look, to me, I don't see the value proposition at all as a business.

00:36:40.360 Here's one of the problems.

00:36:41.600 We're talking about a rigged system.

00:36:44.660 Normally, companies like this go public.

00:36:47.080 They've got to mature.

00:36:48.140 You've got to see if they're hitting their business plan,

00:36:49.760 If the use of proceeds, the money they raised in the IPO is being put to use, you know, a couple of quarters go by, a year goes by, then they're put into what, if they achieve their goals, they're put into kind of these index funds.

00:37:01.320 And putting them in the index funds means that certain money managers have to buy the, or certain funds or something, you've got to buy the index.

00:37:08.480 Here they set it up, I think right away, they qualify.

00:37:11.400 So a lot of you folks out there in your pension funds, you're owners of this baby, you're owners of this baby already, and they did that, and they waived the rules on that so they would have more support for the stock, that people would come in and be forced to buy it.

00:37:27.520 The entire system is rigged now.

00:37:29.300 I'm not saying that this company over the long term may not hit their business plan, but their business plan, read it.

00:37:36.360 It's in the prospectus, and I think I'll get that for Grace at a moment.

00:37:39.160 We'll put it up so people can read at least the business section and the risk section.

00:37:43.560 But they're talking about data centers in space, you know, mining asteroids, bases on Mars.

00:37:49.800 You know, it's fairly futuristic.

00:37:51.740 It almost reads like a graphic novel.

00:37:54.200 But here they've moved heaven and earth, moved heaven and earth to make sure they get this stock out and get the public, get the retail investor.

00:38:03.300 Which nobody's ever looking for the retail investor.

00:38:05.300 So this is why we on the show a couple of weeks ago, President Trump signed an executive order that finally you're going to get access to if you want to X amount of your 401ks or IRAs can be put into private equity funds that are kind of qualified, et cetera.

00:38:19.720 But it gives the little guy the first chance to get a take if he's willing to take some risks and get a piece of what the Goldman Sachs clients, you know, high net worth individuals get every day.

00:38:32.180 But my problem with this IPO is that every financial, every fiduciary institution around kowtowed to Elon Musk, right, because he wanted it done this way, and they all kowtowed to him.

00:38:45.580 This is no different.

00:38:47.040 I'm not saying this is going to trigger a 2000 type 8 financial crisis yet, but this is the same thing that happened in the run-up to 2008.

00:38:55.960 All the Ivy League guys, all the accounting firms, the commercial banks, the big real estate guys, all the investment banks, everybody looked the other – regulatory agencies, everybody looked the other way to make as much money as they possibly can.

00:39:11.800 And right now, we have to face a quite unpleasant fact.

00:39:15.340 As a country and as the business entity inside that nation, we are making a – as I said over and over again, what is my mantra?

00:39:24.940 This is a highly leveraged bet on massive productivity increases in artificial intelligence without concomitant mass layoffs of people or just lack of hiring.

00:39:37.180 That is a hard fact of what's happening.

00:39:40.760 You can see it in this first of the big IPOs and many more are coming, Anthropic, OpenAI, et cetera.

00:39:46.080 Eric Bolling, observations on that.

00:39:48.640 Right. Yeah. The problem with SpaceX is it's more than just an AI conglomerate. They're talking about mining planets, mining in outer space, data centers in outer space. It's very esoteric. It's not real yet. It's not tangible.

00:40:05.240 I'll tell you one more thing too, Steve. They gave a bunch of people a ton of stock like me and Philip, if he took the stuff, the original ones, the original ones were 135. The others were 165. And those are locked up. Those are locked up. They could be locked up for up to 108, half a year. So anything can happen. And you're right. As soon as they opened it up, they had already been approved to go into these index funds.

00:40:27.500 So there's massive buying from the index funds because they needed to keep SpaceX as one of the stocks in the fund because their mandate is to have high capitalization stocks.

00:40:37.780 So they were buyers.

00:40:38.920 There were no sellers.

00:40:40.380 So, of course, it's going to go up.

00:40:41.800 What's going to happen now that the index funds don't need to buy anymore and all the people who've got these shares at 135, 165, 195 are allowed to sell?

00:40:51.960 You're going to blow out the stock.

00:40:53.440 It's going to happen.

00:40:54.560 The buy and hold or don't do it at all.

00:40:57.080 The one thing I will say, when you read the perspective, there is a business.

00:41:01.600 The business is a relatively small, it's the SpaceX business.

00:41:05.240 It's a government contractor.

00:41:07.260 And this is why we had the big fight over Isaacman at NASA.

00:41:11.760 That's Elon's buddy.

00:41:13.480 Elon's got all the NASA contracts.

00:41:14.800 First thing I would do is put all these contracts out once again for bid.

00:41:19.100 Elon Musk controls a government contractor that's got sweetheart deals to get these government contracts.

00:41:24.680 But it's just a government contract.

00:41:25.980 If you look at it, the margins aren't great anyway, but that's the core business they got.

00:41:30.480 It does, I don't know, $10 billion a year, $20 billion a year, something like that.

00:41:34.560 That's the core business.

00:41:35.520 Now, eventually, he's going to merge this with Tesla.

00:41:37.440 There's no doubt about that.

00:41:38.380 You watch.

00:41:39.000 They'll do the old fi-slam-a-jam-a on you to make sure they take care of that dog also.

00:41:45.400 I've already told us that.

00:41:46.420 Yeah, there's speculation that that's going to happen to help prop up the stock.

00:41:51.200 It'll help Tesla as well.

00:41:52.280 Well, if Tesla owners think they're going to get into SpaceX at a price, they'll buy Tesla to backdoor it into SpaceX, and the whole thing will be better.

00:41:59.820 But honestly, Tesla's the only thing that's making money of all of them.

00:42:03.720 SpaceX, the rocket company, is amazing.

00:42:07.340 They're doing things that NASA could never do, but they're still losing money doing it.

00:42:12.180 That's the problem.

00:42:12.740 From an investor, it's not a great play.

00:42:15.200 From a futuristic person who hopes the world gets better, yeah, I think he's on to something.

00:42:20.480 uh where do people go bowling uh if i get my act together we'll do a change or a handover today

00:42:27.020 if i if i got the show organized where do people go for you

00:42:30.640 or eric bowling eric b-o-l-l-i-n-g across all social media i love to love to hear from you guys

00:42:37.220 where do they go get your where they go get your uh your new show you got something up on youtube

00:42:42.500 the edge what's the edge give me give me 30 seconds on the edge edges male performance

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00:42:51.740 We lean into toxic masculinity.

00:42:54.260 We support it.

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00:42:58.420 There's no Mark Milley's worrying about his white privilege with the edge.

00:43:01.820 It's all about dudes, men making better life choices.

00:43:05.860 I'll talk about health.

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00:43:14.320 And it's really male dominated the edge that's on YouTube.

00:43:17.180 but thank you for that. Fantastic. I know it's exploding. So thank you, sir. Appreciate you

00:43:21.800 coming on in the morning, Eric. Thank you, Steve. Chapter is going to join us later in the show,

00:43:28.960 845 War Room. It's a data company that is set up with one purpose, to make sure that you get the

00:43:35.860 best guidance, the best data about available Medicare plans for you or your current Medicare

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00:45:50.080 Here's your host, Stephen K. Bannon.

00:45:54.000 Colby actually joins us from Chapter.

00:45:55.900 So, Colby, how can a data company, how can a company that's set up and came at this from data

00:46:01.240 do a better job than the legion of advisors that are out there

00:46:06.200 that always advertise and they're always there to help people

00:46:08.960 that don't really do it from a data perspective, sir?

00:46:12.960 I like to think about it similarly to how the world has moved

00:46:16.920 from asking the local gas station attendant for directions

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00:46:33.620 health care. So at Chapter, we really focus on providing the best Medicare guidance, using the

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00:46:43.400 One of the things I've gotten from feedback from folks that have used it, and by the way,

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00:46:53.580 is that your package, when you work with somebody,

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00:47:06.740 You get an advisor consultant

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00:47:32.000 there was a new study that came out a few weeks ago

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00:48:00.100 You know, one of the hesitancies of people

00:48:02.380 is that this is such a personal decision.

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00:48:08.680 What's your recommendation?

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00:48:21.480 and this is about my Medicare, you know, maybe I don't want to disclose some of the ailments I've

00:48:26.520 got, et cetera. What's the best way to engage with your consultants and advisors? Yeah, it's a great

00:48:32.200 question. Every one of our teammates is a full-time employee of Chapter. Anyone you talk to will be a

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00:49:26.660 and be there for people when they need it. No, the empathy is important. 845-WAR-ROOM.

00:49:32.880 People, your advisors are manning the phones right now, I take it?

00:49:37.580 That's right. We're here. We're here to help. You can give us a call at 845-WAR-ROOM.

00:49:41.700 And our only job is to make sure you get the best Medicare guidance possible.

00:49:47.040 Colby, thanks.

00:49:47.880 Great feedback so far from Warren Posse.

00:49:49.960 Really appreciate you making this available.

00:49:51.940 Thanks for having me.

00:49:53.300 These founders have a different way of looking at the world, and it pays off big time.

00:49:58.420 Cortez, bond market and equity market.

00:50:00.700 So before I go back to the – because my concern is the lack – we're seeing again the same symptoms we had in the run-up to 2008, which is these fiduciaries kind of looking the other way.

00:50:13.820 But how's the bond market doing, particularly with – obviously, out of Hormuz, there's more oil flowing.

00:50:20.400 It looks like some progress is being made if you believe that the Iranians will live up to their end of the bargain, although the fighting is still intense in Lebanon. 0.68

00:50:28.820 I think it's going to get more intense, and I think it's going to get intense in Syria 0.73

00:50:31.780 and that whole part of the world.

00:50:33.340 What's the bond market telling us?

00:50:35.480 Well, Steve, the bond market seems to agree with your skepticism regarding this fragile

00:50:39.900 piece.

00:50:40.760 Two-year yield, as we speak, is at 4.20.

00:50:44.240 That is a one-year high.

00:50:46.200 And to put that in context, before the war, it was below 3.4.

00:50:50.500 So for two-year yield for near-term interest rates, that is a massive move to go 80 basis

00:50:56.880 points.

00:50:57.220 a basis point is a hundredth of a percentage point. So it has gone from 3.4 to 4.2 in just

00:51:03.900 weeks. That, again, for two-year yield, which doesn't typically move a whole lot, not a volatile

00:51:09.080 market historically, that is a massive move, all of it really because of the war. And so the bond

00:51:15.440 market right now is telling us that they do not believe that the peace will hold. And the bond

00:51:19.780 market is incredibly unhappy with the profligate borrowing and spending, which was already a problem

00:51:24.580 pre-war, but of course, has become much, much worse with this fighting and with the rise in

00:51:29.800 prices all throughout the economy, not just on energy, of course. That's what most people are

00:51:33.820 fixated on. But I always tell folks that oil matters, of course, does. Equities matter.

00:51:38.820 But the bond market matters way more to most people's lives than any other market. Why? Because

00:51:44.200 Treasury yields determine the interest rates on everything you do in your life, from credit card

00:51:48.960 interest to a home mortgage. And it has such a direct, tangible effect upon Main Street prosperity.

00:51:56.140 It's very hard for Main Street to prosper. It's hard for real wages to get going when we have a

00:52:00.600 trend of rising bond yields. Why? Because your pay has to fall higher then to exceed the rise

00:52:06.460 in prices that the bond market is pricing in. And again, these are real prices. These aren't

00:52:10.520 projections from somebody. This isn't the opinion of Steve Cortez or of an economist. This is the

00:52:15.000 biggest market in the world by far, the bond market, especially the U.S. bond market, telling

00:52:20.020 us that the bond investor world says, hey, U.S., if you're going to continue to borrow at this rate

00:52:25.460 with $40 trillion in debt, guess what? You're not the borrower you used to be, America, and you're

00:52:30.800 going to pay us more. You're going to pay the bank, effectively, more interest because you're

00:52:35.200 getting to be a riskier and riskier borrower. That's the sad news. And that's the short term,

00:52:42.780 right tell me the your uh the people's lives are ruled folks by the 10-year treasury anyway

00:52:50.240 cortez hang on we're gonna get into more of this um captain finnell is also going to join us uh

00:52:55.500 update on the main thing keep the main thing the main thing the chinese cameras party

00:52:59.920 what's cortez say price is truth price is truth or as uh the former coach head coach of bill

00:53:10.300 parcells you are what your record says you are kind of cuts to it all birch gold uh end of the

00:53:18.080 dollar empire go to birchgold.com slash bannon not promo code slash bannon you get access to all

00:53:26.220 eight free installments we're working on the ninth remember this what the deal they're working

00:53:31.500 on with the persians right now is all that oil has to be transacted in dollars that's just not

00:53:39.120 something that Scott Besson's adding on realized petrodollar quite important short commercial

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Bannon's War Room - June 23, 2026

Episode 5464： Brexit 10 Years Later; The Deal Behind The SpaceX IPO

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