There Are No Barbarians at the Gate

Summary

Podcast Summary: "There Are No Barbarians at the Gate"

Armstrong & Getty On Demand • iHeartPodcasts
Date: June 12, 2026

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Episode Overview

In this episode, Jack Armstrong and Joe Getty dive deep into the ongoing US-Iran nuclear negotiations—debating the reliability of the purported deal, dissecting media coverage, and drawing historical and philosophical parallels to the current situation. They also discuss SpaceX's record-shattering IPO, U.S. media figures, World Cup soccer, and some lighter topics, all with their signature mix of cynicism, humor, and skepticism.

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Key Discussion Points & Insights

1. The Iran Nuclear Agreement Saga

[01:32–08:22], [15:52–19:53], [19:53–28:05], [33:06–34:37]

• Theme: The episode’s title, "There Are No Barbarians at the Gate," signals the hosts’ concern that threats to American values are now internal—specifically referencing the ease with which “America haters, would-be communists, Marxists” act openly in America.
• Deal Skepticism: Armstrong and Getty scrutinize details allegedly leaked about the US-Iran deal. The Wall Street Journal suggests massive concessions to Iran (billions in funds, US force withdrawal, Iranian control of the Strait of Hormuz) in exchange for hefty promises on nuclear compliance. Both hosts are extremely skeptical about trusting Iran’s word.
  • “They are the most deceptive, dishonest, wily, manipulative negotiators in the modern world.” — Getty, [04:19]
  • “How would [Trump] possibly make any sort of deal where they get the money before we find out if they're being honest about the nuclear stuff?” — Armstrong, [06:47]
• Trump's Motivation: The hosts speculate whether Trump just wants out—craving any deal rather than a good deal.
  • “If your only animating principle ... is to be seen as a great deal maker ... you have to make a deal. You aren't willing to walk away, which is the absolute kryptonite of somebody who's going to negotiate from strength.” — Getty, [09:47]
  • “I have made some bad deals ... that I just wanted to be over with.” — Armstrong, [10:13]
• Media Confusion: Conflicting reports abound. Israel’s position and who really speaks for Iran is unclear. The reliability of news leaks is mockingly compared to “Satan at the crossroads” [03:01] deals.
• Historical Context: The hosts highlight that “giving money to dictatorships never helps the 'little people'” and see the confusion itself as a sign of diplomatic dysfunction.
• Cynicism about Implementation: Even if a deal is signed, both expect Iran to create procedural obstacles, close strategic straits, or renege if inspections are uncomfortable for them.

2. SpaceX IPO: Biggest in History

[14:57–15:52], [17:06–18:07], [28:14–32:49]

• Record-Breaking Moment: SpaceX launches the largest IPO in history, making Elon Musk the first trillionaire (on paper).
  • “Elon Musk has become the first person to cross the trillionaire threshold, at least on paper...” — Armstrong, [17:35]
  • Getty notes the windfall for early SpaceX employees; Armstrong jokes Musk might find his office empty come Monday.
• Speculation, Risks, and Stock Market Mechanics:
  • The episode includes practical advice: IPO first-day trading is volatile, and most big IPOs end lower than they start, so the smart money sometimes waits a few days.
  • Armstrong and Getty riff on the dangers of “amateur investing” on historic IPO days, sharing their own outdated, tongue-in-cheek approach to investing ("I hand write a letter to my financial guy ... put it in the mailbox on a Friday…” – Armstrong, [30:27]).
• Vision for Space Industry:
  • Discussion flows into the future of industry in space, touching on potential manufacturing, data centers, and even pharmaceuticals in orbit. Getty jokes that “space might start to look like the industrial part of town out by the airport soon.” [31:52]

3. World Cup and “Soccer for Poor Nations”

[11:23–13:13], [23:30–23:43]

• World Cup Banter: Mexico wins its opening home match; the US plays Paraguay next.
• “Elitist” Sports Comments:
  • Armstrong jokingly posits that soccer is popular in poorer countries since “all you need is a ball,” while “real football” requires money for gear.
  • Getty retorts: “That is just elitist horror. That is. I think the Marxists may be right. I've switched sides.” — Getty, [12:09]

4. U.S. Media, Privilege, and “Ugly Americanism”

[22:31–23:13]

• Private Planes for Correspondents:
  • Armstrong wonders if big-name journalists fly private. Getty laughs it off: “No, no, no, no, no. They're far too important."
• Chants for Soccer Games:
  • Armstrong: “That's what I would chant at the soccer games. Get a better country.” [23:43]

5. Other News Quick Hits

[16:56–19:08]

• Miscellaneous Headlines:
  • Phil Mickelson is ejected mid-golf round amid allegations
  • New giant In-N-Out in Vegas
  • Trump’s “27 wins over Iran” (Babylon Bee satirical headline)
  • El Niño possibly becoming the “strongest super El Niño ever”
• The hosts lampoon the sensationalist, clickbait nature of modern news and climate predictions.

6. Tech & Philosophy: Sentience, AI, and Weird Linguistics

[35:21–37:47]

• Debate on AI Sentience:
  • Getty reads from a listener suggesting that it’s a leap to assume anything mimicking human behavior is sentient.
  • Armstrong muses about using pain as a benchmark (“Physical or emotional?”) and the limits of detecting genuine awareness in machines.
• Language Oddities:
  • The “Buffalo buffalo Buffalo buffalo buffalo buffalo Buffalo buffalo” sentence is mentioned as a grammatical curiosity.

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Notable Quotes & Memorable Moments

Sharp Critique of the Iran Deal

• "They are the most deceptive, dishonest, wily, manipulative negotiators in the modern world."
  — Joe Getty [04:19]

• “If your only animating principle, the only thing you truly to your bones care about, is to be seen as a great deal maker. That means you have to make a deal. You aren't willing to walk away, which is the absolute kryptonite of somebody who's going to negotiate from strength.”
  — Joe Getty [09:47]

IPO Hype and Risk

• “Elon Musk has become the first person to cross the trillionaire threshold, at least on paper.”
  — Jack Armstrong [17:35]

“Elitist” Soccer Commentary

• “Very popular sport among countries who don't have enough money to buy any other sports gear than a ball.”
  — Jack Armstrong [11:41]

• “That is just elitist horror. The Marxists may be right. I've switched sides.”
  — Joe Getty [12:09]

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Important Timestamps

• [01:32] — Opening statement of concern for American values/“barbarians at the gate”
• [03:01] — “Satan at the crossroads” analogy for negotiating with Iran
• [06:47] — Skepticism over the structure of the Iran deal and Trump's negotiation tactics
• [09:47] — Getty’s analysis of the perils of negotiation for negotiation’s sake
• [17:35] — SpaceX IPO makes Elon Musk a trillionaire (on paper)
• [23:43] — Armstrong and Getty joke about what to chant at soccer games: “Get a better country”
• [31:52] — Space as the future “industrial park” for Earth industries
• [36:14] — The AI sentience debate and “drag queen must have a uterus” analogy

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Tone & Style

The episode features Armstrong and Getty’s trademark blend of irreverence, self-deprecating humor, biting cynicism, and a rapid-fire, talk-radio conversational style. While focused on politics and current events, they frequently shift to satire and mockery—especially of media narratives, government incompetence, and “ugly American” attitudes.

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Final Thoughts

This installment showcases Armstrong and Getty at their best: skeptical, funny, occasionally curmudgeonly, and always willing to lampoon both the news of the day and themselves. The Iran deal is revealed as a morass of leaks, bluster, and confusion, and the hosts use their banter to highlight the deeper issues of trust, political theatre, and public gullibility, while celebrating (and warning about) the high-stakes hype of record-breaking IPOs and the sometimes farcical nature of international sports and media coverage.

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For More:
See Armstrong & Getty On Demand on iHeartPodcasts.

Transcript

[A]

This is an I heart podcast. Guaranteed human turn someday into Right now with Body by Jake Radio.

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Awesome health and wellness tips 24 hours

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a day, seven days a week. Remember, stick to the fight when your hardest hit.

[C]

It's when things seem worse that you must not quit.

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Don't quit. Body by Jake Radio where hope meets momentum. Search Body by Jake Radio and stream it for free.

[C]

Have a great day.

[A]

I Heart Radio.

[B]

Broadcasting live from the Abraham Lincoln radio

[A]

studio at the George Washington Broadcast Center,

[C]

Jack Armstrong and Joe Getty. Armstrong and Getty. And now here's I'm Draw and Getty.

[A]

I did not die on my motorcycle on the way to work today. So that's a good start. Wow, I feel like that's kind of

[C]

a low bar but I like your attitude.

[A]

Like that's a good omen. Not like a good shot of adrenaline to get you ready for work though. Live from Studio C seizing your a dimly lit room deep within the bowels of the Armstrong and Getty Communications compound. It's Friday and we're toiling under the title of the show there are no

[C]

barbarians at the gate. Now hurry up or we'll be late

[A]

for the gladiator match.

[C]

I will explain.

[A]

Wow.

[C]

I tell you, I'll give you a very short explanation. A couple of stories, statistics, polls have come together. America haters are winning. The would be communists, the Marxists are winning in America and they're doing so openly and nobody cares. It is making me insane. But I will shut up now because I am disciplined. No, we must move on at least briefly. Your alternate title, Iran, blah blah agreement, yada yada.

[A]

Yeah, no kidding. Who knows whether this time it's true or not. Wall Street Journal claims to have the details of the agreement which we can go through a little bit later. If they're true, I guess it's okay. The although it still rests on if you can trust them to follow through. And part of the agreement is we pull our military out of there and everything like that and give them a bunch of money. So man it sure be and then

[C]

we'll discuss the nuclear program down the road once the preliminary agreement.

[A]

Well in theory they have to agree to the nuclear stuff. But what does that mean? What does that mean when you're dealing with Iran?

[C]

Yeah, yeah, sure I will. Yeah, I'll hand over the nuclear test to you. Yeah, in about eight months. Yeah, we'll work on it.

[A]

Oh, yeah. I love you.

[C]

No, seriously, really, a lot. Hey, honey. I met Satan at the crossroads at midnight last night. I was out for a walk and. And we came to a deal, and

[A]

I think I really got him.

[C]

I think I really played him.

[A]

So I don't know. Now, somebody from Iran came out, so we're assuming stuff here. We're making some assumptions. We're assuming you're enough of a news junkie who listens to the show to know that Trump made. He canceled his plan to demolish Iran's infrastructure and take their oil and said, we finally have a deal. Decent chance we're gonna sign it this weekend. And he sounded extra serious about it. I was watching Mark Halpern's afternoon news show, and he said he felt like Trump's tone was different. I mean, it had a real. I'm. I'm serious here. Don't do it. It seemed different than his other times to me.

[C]

His other 50 pronounced. Yeah, his other 38.

[A]

I guess it was. Yeah, I think it's 30. Well, this May. This is the 39th. But the 39th one did sound different. It sounded different. It sounded less car salesman. Yeah. And more specific. Here's what has been agreed upon. So there's that, and then somebody from Iran, but you don't know if they have anything to do with anything, announced that. No, we haven't agreed to anything.

[C]

We haven't decided yet.

[A]

Media made a big deal out of that. Whether that person speaks for anybody with any power at all, who freaking knows.

[C]

Well, and if it's the very spokesman of the Ayatollah who is firmly in charge of everything, it's still bound to be deceptive. Hence my Satan at the Crossroads reference. They are the most deceptive, dishonest, wily, manipulative negotiators in the modern world.

[A]

That's all true. But them agreeing to sign something would be a movement, a change from what we've been doing previously. And that's what Trump is saying, is that they're agreeing to sign something now. I was watching Morning Joe this morning, and they said, israel claims that there's no agreement. Well, that's not what I saw. I saw a specific statement from Benjamin Netanyahu, said, yeah, I've seen the details of the agreement, and it's fantastic. The release I saw, that's floating around Twitter.

[C]

Interesting.

[A]

So I don't know why Morning Joe's saying that. If something new happened while I was riding my motorcycle or something. So we'll look into that. That would Be a pretty big deal if Israel says, I don't think there's a deal, that would be a big deal, but I don't think that' what happened.

[C]

Right. On the other hand, and that's what makes this so opaque and difficult to comprehend, is that Benjamin Netanyahu has become an absolute master at making the right statement to not anger Trump, to stay on his good side, to know when to be friendly and when to say, yeah, we gotta bomb Hezbollah in Lebanon. Sorry. So I, you know, who knows what that statement meant?

[A]

So, brief version of it. According to the reporter for the Wall Street Journal, it will keep the Strait of Hormuz under Iranian control. The purported text of the draft agreement with Trump, it will keep the Strait of Hormuz under Iranian control, will promise Iran $300 billion in reconstruction money, in addition to an immediate cash transfer of 24 billion, a suspension of sanctions and the withdrawal of US forces from the Middle East. Also a commitment not to bother Iran about again about missiles and proxies. The US gets in exchange all the nuclear stuff that we'd ask for. In theory, we get inspections anywhere, all the time. They got to get the nuclear stuff out of there, etc. We get all the nuclear stuff we wanted, but they get lots of money and possibly get to charge tolls on Hormuz. That's the Wall Street Journal's reporter. I don't know if they're right or not.

[C]

Boy, I can see all sorts of problems with that deal. Serious, functional problems.

[A]

Yeah. To me, though, and especially with Trump, the art of the deal guy, and that's, you know, people who hate Trump mock that in the book and all that sort of stuff. But he did turn a million dollars his dad gave into several billion dollars somehow. So he's not an idiot when it comes to making deals. How would he possibly make any sort of deal where they get the money before we find out if they're being honest about the nuclear stuff? He surely not.

[C]

Well, and my main sticking points here are the idea that A, they get to control the Straits of Hormuz, which are international waters. I mean, that's just utterly unacceptable. And secondly, okay, so they're gonna turn over all the nuclear material except that the inspectors were belligerent and violated the rules. So now we're closing the strait and we want talk again about how much immaterial we're handing over. And we're not going to open the straight until you come correct us, especially if some weak president gets in next. I caramba.

[A]

Right when we don't when all we, we pull back the troops, the ships, the. All this sort of stuff and then Iran. Yeah, so you're right. Even if Iran agrees straight A, Hormuz is open, so there's no point in getting hung up on whether or not there's an agreement for them to control because that doesn't mean anything.

[C]

We pull every.

[A]

They. They agree. No, straight of Hormuz is open like it was before. We pull all of our stuff. And just like you said. Whoa, whoa, whoa. These snap inspections, this isn't exactly what we agreed to. Straights closed again. But now we've got no planes around or boats around or troops around.

[C]

You caught some of our women with their hair uncovered. This is incredibly offensive. This is a national scandal. We're closing the straight and suspending the inspections. We need to negotiate more.

[A]

Oh, my God.

[C]

It's just so obvious. It's so predictable.

[A]

I hope we're missing something here.

[C]

Well,

[A]

and then also Iran targeted some shipping in the Strait of Hormuz overnight. Now that, you know, similar to what Putin does, that doesn't seem like you're working with somebody who wants a deal when they're continuing to fire off rockets and missiles and bomb stuff and everything like that. But maybe that's some rogue. Who knows?

[C]

I'm gonna go prematurely with our freedom loving quoted the day Theodore Roosevelt. Do not hit at all if it can be avoided, but never hit softly. The worst mistake you can make is to hit softly.

[A]

Yeah, well, we'll get into more of this later and what's being reported and surely Trump isn't going to get played like this, is he?

[C]

Yeah, I don't, I do not share the regard Trump has for himself as a dealmaker. I've not seen it.

[A]

But seriously though, if you're a grown up and you've sold a couple of used cars, you know, you know certain things about making a deal.

[C]

What if. What if your only animating principle, the only thing you truly to your bones care about, is to be seen as a great deal maker. That means you have to make a deal. You aren't willing to walk away, which is the absolute kryptonite of somebody who's going to negotiate from strength.

[A]

Yeah. Or he just wants a deal of any kind. He just wants out of this.

[C]

And I don't live inside his brain. I could be wrong, but it sure

[A]

looks like that I have made some bad deals on things that I just wanted to be over with. I don't care. Yes, yes, this is a bad deal. I just want it to Be over. I want to be done with this particular thing.

[C]

Yeah.

[A]

So that might be where he is. Anyway. We should start the show officially. I'm Jack Armstrong. He's Joe Getty on this. It is Friday, June 12, the year 2026, where Armstrong and getting. We approve of this program.

[C]

If I was living inside Trump's brain, I'd want it to be during those rare moments where he and Melania are.

[A]

What?

[C]

She's a beautiful woman.

[A]

What a weird direction to take this

[C]

conversation about being in his brain.

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I don't know, Michael. You're weird, Joe.

[C]

What, because I'm straight and I like beautiful women? Please. I'm married to one. All right, here we go. Let's begin the show officially now, according to FCC rules and regulations. Here we go at Mark.

[A]

Julian.

[C]

I love when translations do this. He said, Mexico has won, and I am delighted after like 240 words.

[A]

That was from the soccer match yesterday.

[C]

Yes. Mexico in the opening match. Thank you, Dr. Jill. Yes. Mexico triumphant at home.

[A]

Very popular sport among countries who don't have enough money to buy any other sports gear than a ball.

[C]

Wow, wow, wow. That is not the spirit of welcoming that we're hoping for at the North American World Cup, Jack.

[A]

But if all you got is a hard dirt field and a. And something you can make round, you can play the sport of soccer. So it works for the poor countries. Those of us rich countries can have something like football, real football, where you got all kinds of equipment, stuff like that, but it takes some money.

[C]

Wow. That is just elitist horror. That is. I think the Marxists may be right. I've switched sides. You need to be brought down. Kind of putting a damper on this.

[A]

USA plays Paraguay later today. I hope we give it to the Paraguayans.

[C]

Oh, get them on what they deserve.

[A]

Exactly. After everything they've said and done. I couldn't name a single thing Paraguay's ever said or done. Yeah.

[C]

What's their population?

[A]

4 million. Somewhere between 1 and 140 million.

[C]

I don't have any idea.

[A]

I don't know. I don't know. And is it bigger than Uruguay? Smaller.

[C]

What's their capital?

[A]

Paraguay.

[C]

City? Yep. Correct.

[A]

I have no idea.

[C]

It appears they got almost 7 million people.

[A]

Do they really? Okay, well, I hope we beat the pants off them.

[C]

Beat their raggedy patched pants because they can only afford to play soccer in Jack's world.

[A]

That's darn right.

[C]

That's ugly Americanism.

[A]

Okay, we got headlines from Heather. Coming up, clips of the week today. And we'll try to get into the lot of the news. Okay, so stay here. Armstrong and Gettysburg Armstrong and Getty here. For hims, there are all kinds of great weight loss approaches that fit into your world. Out there. They've got them at hims with a wide range of affordable GLP1 options.

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someday into right now with Buddy by

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Jake Radio Non stop workout music and

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expert tips 247 hey.

[A]

Head over to iheart.com search body by Jake Radio and stream it for free right now.

[B]

Awesome health and wellness tips 24 hours

[A]

a day, seven days a week. Remember, stick to the fight when your hardest hit. It's when things seem worse that you must not quit. Don't quit. Body by Jake Radio where hope meets momentum. Search Body by Jake Radio and stream it for free.

[C]

Have a great day.

[A]

Biggest IPO initial public offering in history of investing is today with SpaceX and nobody has any idea for one thing, if the market machinery can handle it, how big it's going to be and how much trading it's going to go. Gonna happen. Gazillions of shares trading back and forth all day long and whether or not their computers or platform algorithm can even handle it. So that could be a problem. And I was just reading there is no typical IPO opening. Anything could happen. Anything could happen. So that'll be fun to watch.

[C]

Yeah, I was reading about the technicalities of it and it seemed a little too complicated really to bring to the show. But there are all sorts of layers of this.

[A]

I want to put all my life savings, every cent I've got into SpaceX. That's how big a believer I am.

[C]

Yeah. First chance you get. Yep. Hey, there's all sorts of stuff going on. Let's figure out who's reporting what. It's lead story with Heather Myers.

[B]

Heather, happy Friday. Joe and Jack, good morning to you. Let's find out how the networks are covering the news, starting with this CNN interim US Iran agreement appears to be taking shape. From the Associated Press, same story. Trump says he is really close to a deal with Iran ahead of a whirlwind weekend. And NBC News tells it like this. Tehran says no final decision as Trump touts imminent deal.

[A]

Yeah, though we don't know what the person saying that are they close to the center of power? Nobody knows. I did just come across somebody, some smart person snarkily saying is this the way a deal would unfold where we're getting like drips and drabs from Axios in the Wall Street Journal and or would it like come out as a very clear here are the concrete things that we've agreed upon when we are Trump.

[C]

He's always anxious to go to speak immediately prematurely sometimes about what's going on have cocked as it were.

[B]

And this story coming to us from ABC News, you touched on this just a second ago. Space X IPO could make Elon Musk the first ever trillionaire.

[A]

Yeah, I think it's more interesting what Joe mentioned, how many SpaceX employees are going to become millionaires today that were there on the ground floor and toiling away and they're going to get super rich today. And then Monday, Elon's going to show up to work and say where is everybody?

[B]

Fill out a job application as we speak for Space x KTLA saying FIFA World Cup 2026 kicks off as fans gather across Los Angeles.

[A]

Actually, it just broke 25 seconds ago. Elon Musk has become the first person to cross the trillionaire threshold, at least on paper. After the blockbuster initial public offering at $135 a share has landed.

[C]

And back to the World Cup, I have a bit of a preview, an introduction to the US Team, the Golden Generation. They're being called Jackal and they're pretty good. We'll see.

[B]

Getting exciting. TMZ reporting. Nancy Guthrie. Search picks up in Mexico after anonymous tip about a grave.

[C]

Yeah.

[B]

From Fox Weather this morning, El Nino officially arrives with potential to become strongest super El Nino ever.

[A]

Everything has got to be the biggest, smallest, fastest, craziest ever, ever, all the time.

[C]

Even the climate's going with clickbait now.

[A]

Yeah.

[C]

Stay in your lane, El Nino, wherever that is out in the ocean.

[B]

News Nation report Phil Mickelson removed from golf club amid misconduct allegations.

[A]

I was gonna ask Joe about that. In the middle of his round, they rode out there and said to him, you gotta leave.

[C]

Wow. Wow.

[A]

In the middle of his round, they told Phil Mickels, one of the greatest golfers of all time, you gotta leave.

[C]

Wow.

[A]

You're no longer welcome here. Yeah.

[C]

He is a highly flawed individual. We're finding out. Is it gambling? Is it malfunctions? Did something with a chick. He did something sexual.

[A]

He did something with some woman who worked there.

[C]

Yeah. Oh, boy.

[B]

From the SF gate this morning, two story, 8,000 square foot in n out officially opens in Vegas.

[C]

Oh, that's cool. We're about out of time.

[B]

Okay, quickly. Babylon B. Trump sets new record by winning war with Iran 27 times in one year.

[A]

Yeah, that's not easy to do.

[C]

Oh, boy.

[A]

We got all the details on as many things as we can bring you. Coming up, Armstrong and Getty. Okay, so Fox has breaking news. A White House official says Iran has agreed to the nuke stuff. Major concessions on the nuke stuff before receiving any sanctions relief. Okay, get into more of the details later. I hope that's true.

[C]

Yeah, certainly. I would love to see a productive end to this. I'm skeptical, obviously.

[A]

Got some good texts. Elon Musk's a trillionaire. But first, we have to do this.

[C]

Yeah. Let's take a fun look back at the week that was. It's cow clips of the week.

[A]

We hit him hard yesterday, and we're gonna hit them again hard today. He said we'll bomb the S out of them. It was just tap, tap, tap. Instead, they're gonna have tap, tap, tap. Bombs dropping on key facilities in Iran. But the streets have been open for a number of months already. And you just didn't know about it. We have a signing soon, and the documents are in pretty final shape. This magic carpet ride continues. Beaut. Got no good. The tip, it's gone. It's gone. It's gone. Bedlam here at the Garden. They can't believe it. We saw the dumbest basketball team in

[C]

the history of civilization. Oh, wow. I get the tickets, the celebrity.

[A]

They give us the tickets.

[C]

We can

[A]

save this. It's possible to land this plane, but right now, CBS News, in my view, is on fire. It's on fire. What is going on? Part of our thesis here is that people do not want their candidates grown in vats. Oh, Pete Hustle. Pete Hustle. Redemption is not just some simple or easy destination.

[C]

It's a journey. What Kind of a creeper.

[A]

Has been on a decade on a platform like Kik. I said none of this well or should stop him from becoming a U.S. senator.

[C]

Becerra himself Is this perfectly amiable but completely unaccomplished establishment non entity consumer prices

[A]

with food and energy included rose 4.2%. You know what I really love? I love the inflation.

[B]

To be fair, I'm not crooked.

[A]

But let's really. Well, you play right into their hands.

[B]

Let's continue.

[A]

You're either crooked or you're stupid. Let's call it quits because I've had enough. Thank you, darling. Have a good time.

[B]

Mr. President, let's please. I traveled all the way to Wisconsin.

[C]

I traveled all its clips of the week.

[A]

I love that.

[C]

Acting like Wisconsin's the outback or like the Yukon.

[A]

What a weird way to respond to that. For Kristen Walker of the. That's your leverage. But I travel all the way to Wisconsin. I had to get on a private plane for an hour and a half. Oh, what? That's your. You can't get up and leave. What?

[C]

Wow. You reckon those big time correspondents fly private?

[A]

I would assume so.

[C]

Or do they just like first class? Very first class, yeah.

[A]

The very least I would assume. Couple of things we got to get to.

[C]

I came all the way to Wisconsin. They got running water and paved streets and everything. Kristen, it'll be all right.

[A]

You're probably.

[C]

Well, I don't know.

[A]

I don't have any idea. I'd be kind of interested in that. Does Christian Walker, Margaret Brennan, when they go to do a new story, do they fly private or first class? You know, United or something? They're not sitting in the middle seat on Southwest, I assume.

[C]

Oh, no, no, no, no, no, no. They're far too important.

[A]

Well, plus they make a lot of money. These people make a lot of money.

[C]

Oh, yeah, I know it.

[A]

I'm with Jack. This texter says soccer's a great sport until you can afford anything else. As a former hockey Ford, a real man sport can be expensive, but get a better country and get some gear. There you go.

[C]

All right.

[A]

That's what I would chant at the soccer games. Get a better country.

[C]

I could. I. I can see the point.

[A]

Oh, somebody texting about. So Elon is now officially the world's first trillionaire because the SpaceX thing has landed. The. The IPO and how soon. How soon it'll be today. But like, how has it not happened already? Bernie, aoc, Elizabeth Warren. Somebody has got to be out about how criminally wrong it is to be a trillionaire. I mean, if you've been blowing the billionaire horn for all these years, it shouldn't be legal to be a billionaire.

[C]

What?

[A]

People are starving. Children are starving in America. They aren't. But God, he's got to get on the trillionaire train now, right?

[C]

Millionaires and billionaires must evolve clearly to billionaires and trillionaires and soon quad zillionaires

[A]

if they're gonna do the whole populist thing. Trillionaire man, that Bernie and AOC got up today figured, ah, this is gonna be a great day. This is so exciting. We're gonna have a trillionaire to complain about. Fox News is reporting this about the Iran deal. I'm hoping this is true. A White House official says Iran has agreed to a deal that would require major concessions before any sanctions relief. The Axios piece that was out earlier that claimed they had the deal from an Iranian official, I think sounded like they were going to get some sanctions relief that Iran claimed for humanitarian aid. Please don't fall for that. That's embarrassing. If you fall for that. If you give them a whole bunch of money because they say because people are hungry, that's just embarrassing. I'm sad for you.

[C]

Right?

[A]

Right, Tomas, you remember, Remember that whole thing? Anyway, Cuba, I mean, look at any of you. So many dictatorship, military leaders, communists over the years, you give them money, they keep it. They don't give it to the little people on the streets. Good Lord. Anyway, this version from Fox, according to the official, Iran's nuclear material would be destroyed and removed, its nuclear program dismantled, and none of its money released until it fulfills. Fulfills its commitments. The official also said the Strait of Hormuz would remain open and Iran would agree to stop the funding terrorist groups. The other version that I'd saw this overnight left Hezbollah out of it and

[C]

said Iran would be in charge of the Straits of Hormuz. So what was that?

[A]

I don't know. So, you know, I want to believe the one I like, but there's no reason to believe this is from a White House official as opposed to Iranian officials or Qatari officials or Pakistani officials, because there's a bunch of people involved in the negotiations. I'm hoping this White House official has the skinny. We'll see, I would imagine, before we're off the air today. It will be solid. What the details are in the thing, I would guess.

[C]

Yeah, maybe. And then there's the unfolding of the actual events and fulfilling of the actual obligations, which is going to be an absolute minefield. Because it always is with Iran.

[A]

But you foresee, though, I mean, Trump was talking yesterday about a signing. JD Vance going to the Middle east and sitting down and I assume with cameras around and somebody from Iran sitting down and signing pieces of paper and

[C]

stuff, I'll believe it when I see it. I think it's possible that whoever's in charge of Iran right now is thinking, all right, yeah, we got to make like we're cooperating.

[A]

That's.

[C]

That's the way to buy ourselves time. Now it's time for. It's like, you know, the first 11, 12 plays of a football game are scripted generally just to try out the defense and see what they're doing and get your offense going. Iran's on to now. We're going to do a draw play and throw to a hook pattern if it's open.

[A]

Trump said the Ayatollah is on board with it.

[C]

Okay.

[A]

Has signed off. Says a lot of stuff now. I'm, I'm hoping it's not a. You said the Iranian officials are thinking this is. We're gonna do. They might be thinking, I don't know what they're talking about. They might be looking at American news and thinking, I don't even know what they're talking about. We haven't made any sort of deal.

[C]

Yeah. I feel like I know nothing.

[A]

You're not as confident as I am. I'm confident something has happened.

[C]

Excellent.

[A]

Wow.

[C]

Wow. There you go.

[A]

I am confident something has happened.

[C]

Yes.

[A]

We. I've been wanting to. We have. We have failed somehow. I've been wanting to get some business person on over the last several weeks to talk about these IPOs. I feel like a lot of people have a lot of questions about this when they're hearing about the three biggest IPOs in history. Investment opportunities coming along. SpaceX, Anthropic, and. And Open AI are all going to happen within a couple of weeks of each other. I don't know.

[C]

That's.

[A]

Yeah, that'd be a good idea.

[C]

Yeah. There you go.

[A]

Hanson, do you think. You think Kelly Brothers could come on today and just tell us about this now? So I was talking to one of our salespeople here, really smart guy, very, very successful guy. And he said, 90 plus percent of the time, these big IPOs, they launch big, and then they're lower a couple of days later, and that's when you want to get in. And I thought, well, if that. I mean, if you know that and it happens 90% of the time, why are people. Why are the. Who are These people that are jumping on them in the beginning, I have no idea.

[C]

I know that. Right.

[A]

That doesn't make any sense to me.

[C]

The trading is extremely volatile. Volatile at the beginning and often the automatic breaks that the markets have have to kick in during these IPOs. So I don't know.

[A]

I was looking at a chart here of some of the biggest IPOs in history and it's all over the place. What happens by the end of the day? Sometimes it's up a little, sometimes, a lot of times it's flattish, but little jiggles all day long and like you said, volatile. So if you're a really big time person and somehow have the mechanics to jump in and out really, really quickly, I suppose you could make and lose money, you know, if you're, if you're doing a lot, because the up and downs all day long are crazy. Look at it. Tesla's Airbnbs, doordashes, Metas, Facebook, when they launched some of the biggest IPOs that have happened in the last couple of years and man, it's quite the rocky ride. It doesn't look like it's for amateurs to jump in on that first day. Buy the dip. Buy the dip.

[C]

I wish I had one of those computer systems. I'm not greedy enough or too lazy to figure out how to do it. Where you have a range. When it hits this price, sell. When it hits that price down below, buy and just do it over and over and over again. Make a few pennies on thousands and thousands of millions.

[A]

I'm way behind. I hand write a letter to my financial guy, put it in an envelope, find a Dear Sirs, put it in the mailbox on a Friday, desirous of

[C]

3 shares of General Motors, probably won't

[A]

go out till Monday, but I'll say I would like to get involved in the SpaceX IPO. And he'll open it later that afternoon.

[C]

Yeah, good luck with that.

[A]

I've been reading all this stuff about SpaceX though the last couple of weeks and it's, you know, I think it was probably being put out by people who wanted you to invest in SpaceX. I mean it was like an advertising platform for the biggest IPO in world history. But man, some of the stuff that Elon is planning with the data centers in space and the building the thing on the moon and, and, and how these, these data centers are going to dwarf anything on Earth and the, the, the, the science behind it because there's no heat. The biggest problem with these data centers is we've all learned the one they're going to put in Utah and the one in Wyoming you were talking about the other day is that they, they get so to cool them down and so much electricity. And practically none of those things exist in space because of the lack of atmosphere and gravity and everything like that. The heat dissipates instantly. You need so much less electricity that can just be just many multiples more powerful than anything on Earth. And man, if that all pans out, SpaceX could be a very, very big deal.

[C]

And it's bigger than that too, because I can't remember if it was the Journal or the Washington Post. I haven't gotten a chance to read the article yet, but they had a big article about how pharmaceutical companies are going to start manufacturing space because it's so much more efficient. I was like, what? Wait a minute, if pharmaceuticals and you know, computing power, it follows that probably many, many industries held. You know, the space might start to look like you're the industrial part of town out by the airport soon. All sorts of factories and storage facilities.

[A]

And I know space is very vast, but is there a.

[C]

So they claim.

[A]

Is there a problem with stuff crashing into each other at some point or are there lanes or gotta have zon. I wonder if that will become a thing at some point.

[C]

Yeah, I keep hearing how in what's the term? Near Earth orbit or low orbit or whatever, we're so crowded with satellites now, it's, it's becoming a problem. But I don't know. I've got a child's understanding of these.

[A]

Talk radio won't go to space. We'll stay right here on Earth talking to you, bringing you information on a daily basis, including Mailbag, which is next.

[C]

Armstrong and Gettysburg.

[A]

Trump posted minutes ago when you're listening to this podcast, you're gonna. I don't know where the story will be when you finally hear this. Trump posted minutes ago the terms that Iran leaked out to the fake news have nothing in all caps to do with terms that are agreed to. These are dishonest people I'm dealing with. Amazing. Blah, blah, blah, giant threat. We'll get into it more an hour too. But I don't know how long it'll take for him to realize he's dealing with liars.

[C]

No kidding. No kidding. Here's your freedom, freedom loving quote of the day. Oh my God. From Sent along by Chris from the Irish economist and commentator Cormac Lucy. It's interesting because there are a number of stories about immigration in European countries that are having very, very serious sociological problems because they've allowed rampant immigration in the news today. We'll get to some of them later on. But but the quote from Mr. Lucy is import the culture, import the consequences. That's true. Mailbag, Drop us a note mailbagarmstrongetty.com Sarah writes, how the F does Iran get to keep its proxies?

[A]

Oh, we don't know now it's so cloudy.

[C]

Like I said earlier, I know nothing. I don't know anything about this.

[A]

Now Trump's most recent like a couple minutes ago Truth Social post, he's saying they're lying about all this. You can't trust them at all. Okay, then why are you trying to make a deal with them?

[C]

Right? And then she says, is Trump as feckless as the Democrats? Bad news for Friday. Please pivot to America 250 and abandon Iran before you ruin my Friday morning. LOL. Thank you, Sarah. Let's see, Jim from Houston writes, the value of any deal with the Iranians is worth exactly the same as the value of those free frequent flyer miles you had with Spirit Airlines. Ouch. Let's see, speaking of the tone of the show, Ryan from Houston writes, can you make this an extra special show? I just put my beloved dog down. So can you make the remaining three hours extra happy or extra Chair smashing angry? I could really use it.

[A]

Chair smashingly angry. That'd be a good liner. Chair smashingly angry.

[C]

Well, let's see. And then Paolo on a couple of things. Number one, the sentience of AI systems, which we were discussing yesterday. We know we're sentient because we're aware of our existence, but I think it's an unsubstantiated leap to assume that anything that convincingly mimics us must also be sentient, as some seems to suggest about AI. If you believe sentience comes from biological processes in the brain, nothing like that happens in a computer. If you believe it comes from somewhere else, then it seems even stranger for it to show up in a computer that's simulating our behavior. What isn't strange at all is to expect a computer to eventually so faithfully recreate human behavior that it is indistinguishable from sentience. I'll bet people start believing some pretty strange stuff at that point. He says. They already do. There are cults and religions formed around worshipping or hating AI. And then here's my favorite part.

[A]

But if it eventually adopts all of our behavior, then how is it not just how is it not in the same realm as our brains?

[C]

It's a question for theologians, Jack. And saints and philosophers or us. Next hour. Stay with us. I like this part. Would such a machine actually be sentient? I don't think there's any way to definitively determine that, but I think such an assertion requires a very high bar of proof, especially since it's easy to demonstrate that the machine isn't doing anything. Anything that can't be explained without sentience. It's a little bit like assuming a very good drag queen must have a uterus.

[A]

How about can it feel pain as a standard?

[C]

Physical or emotional?

[A]

Either.

[C]

But if it's so perfectly good at imitating what what a person would act like if they were feeling. Feeling emotional pain.

[A]

How do you know? As Powell indicated, I do not know that. My chat bots often seem very sad and humbled when I point out that they're wrong about something.

[C]

Perhaps you're easily duped. Here's Scott. He points out that the following sentence but you can't see several of these buffaloes are capitalized buffalo. Buffalo. Buffalo. Buffalo. Buffalo, Buffalo. Buffalo. Buffalo is actually grammatically correct. It means the bison from buffalo that are bullied by other bison from buffalo. Also bully bison from buffalo.

[A]

What?

[C]

Well, get into it. Next hour.

[B]

Armstrong and Gettysburg.