Episode 5408: Economy Is Held Up By False Hopes; Fighting Back Against Deepstate The Senate

Summary

Podcast Summary: Bannon's War Room, Episode 5408

Date: May 29, 2026
Main Theme:
The episode centers on the precarious state of the U.S. economy, particularly highlighting concerns that recent surges are propped up by “false hopes” and unsustainable bets on artificial intelligence (AI) productivity. The discussion connects financial market fragility with broader socio-political issues, such as pension risk, immigration, Senate gridlock, election integrity, and the challenge of combating entrenched political interests ("the Deep State") in Washington, D.C.

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1. Economic Fragility and the AI Bet

Key Participants:

• Stephen K. Bannon (Host, “B”)
• Steve Cortez (Financial Commentator, “C”)
• Additional Guests: Wade Miller (CRA), Cleta Mitchell (Election Integrity), Mike Lindell

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The Coming Cascade in Tech Equities

• [00:00-01:34]
  The show opens with an analysis of historical bear markets (dot-com bubble, 2008 financial crisis) and parallels with today’s market driven by IPOs and tech buybacks. The hosts warn of a looming “cascade of selling” as buybacks are reduced and IPO unlocks flood the market with new shares.
  • Key Quote:
    • “You're going to completely reverse that math. So...there’ll be the unlocks. You can see a situation where we go through some kind of rolling top, then...unlocks…just be adding equity supply, and you’re already going to be diminishing the buybacks...” — (A, 00:41)
  • Implication:
    • The “rolling top” and later cascade come when IPO lockups expire, increasing share supply while institutions shift focus to capital expenditures (capex), especially for AI data centers.

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Highly Leveraged AI Bet: Public Risks, Private Gains

• [02:24–05:46]
  Bannon and Cortez explain that both government and private sectors are making “highly leveraged bets” on the hope that AI will generate massive productivity gains. Taxpayers and pension holders are at risk, while upside accrues to oligarchs and large investors.
  • Key Quotes:
    • “They’re making the bet and they get all the upside. This is like the bailout in 2008. They’ve socialized their risk. You...are supplying the cash. And when the downside comes...you are the ones that are gonna get wiped out. Steve Cortez, explain that…” — Bannon (03:08)
    • “Not just a levered bet, but a levered and concentrated bet right where we absolutely need AI productivity to soar. Otherwise, this bet goes sour.” — Cortez (04:23)
  • Paul Tudor Jones Reference:
    • Cited as a non-MAGA financial titan warning of increased risks, especially due to the reliance on IPOs and a future “cascade of selling.”

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Comparison to Past Crises and Fiscal Constraints

• [05:46–09:06]
  Bannon and Cortez dwell on the combo-risk: today’s market reflects both the dot-com era’s equity carnage and the 2008 crisis’s leverage—except now, government debt is far higher ($40 trillion).
  • Key Quote:
    • "We have a highly leveraged bet on success of massive productivity gains through artificial intelligence...they still haven’t proven anybody they will do this without mass AI jobs apocalypse for STEM workers." — Bannon (06:53)
    • “There’s no room for error now. With $40 trillion in debt and interest rates already rising, there’s no wiggle room.” — Cortez (08:24)

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Buybacks, Data Centers, and Economic Policy

• [09:06–11:49]
  Cortez highlights that capital is now diverted from buybacks to building AI data centers—projects that are both expensive and increasingly controversial. This draws capital away from boosting markets and creates downside risks.
  • Buyback Critique:
    • Buybacks have artificially fueled stock growth (“snake eating its own tail”), and their decline could prompt market corrections.
  • Calls for Policy Reform:
    • The solution lies in “getting out of wars” and tightening both legal and illegal immigration to improve real wages.

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Socialization of Risk and Call for Citizen Equity

• [11:49–16:25]
  Bannon is critical of proposals like universal basic income, calling for “mass reallocation of equity” directly to American citizens, not government. He says the average American is underwriting risk but missing out on the upside.
  • Key Quote:
    • “We need mass reallocation of the equity, not to the government...the reallocation of shares has to be to citizens of this country. It’s your cash. They’re taking your cash and making the bets, folks.” — Bannon (15:31)

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Bannon’s “Piece of the Action” Proposal

• [16:25–21:32]
  Bannon outlines a proposal for “50% of the equity shares [to be] reallocated into a Trump account,” giving every American and their children direct stakes in the upside.
  • Key Quotes:
    • “If you’re going to underwrite the fricking bet, you’re going to participate in the upside of the bet. Simple.” — Bannon (17:54)
    • “Let’s have an equity stake for every one of those infants in the United States, every American citizen born here, equity stake in OpenAI, in Anthropic, in Palantir…Because it is public money that is both financing these companies and public money forms the customers primarily of these companies.” — Cortez (19:54)
    • “We’re not supplicants. We want to tell them...This is the simple framework. It’s called a piece of the action. You just want a piece of the action.” — Bannon (20:39)

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2. Senate Gridlock and "Senate First" Mentality

Guest: Wade Miller (Director, Center for Renewing America, “D”)

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Senate Obstruction and Deep State Concerns

• [21:32–25:59]
  Miller discusses the Senate’s use of procedural norms (“blue slips,” filibusters, parliamentarian guidance) as tools to block the “Save America Act” and broader America First agenda.
  • Key Quotes:
    • “It’s Senate first, not America first. We have a Senate that is acting...to stall or thwart the ability to move forward and save the country.” — Miller (22:26)
    • “They’re acting as if the Senate is more important than the country and the future of this...republic.” — Miller (24:29)

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Senators' Self-Interest vs. Public Good

• [25:59–27:49]
  Miller points out hypocritical Senate actions, such as quickly allocating funds to themselves ($500,000 each for Arctic Frost) while opposing compensation for Americans harmed by government weaponization.
  • Key Quote:
    • “They want to line their own pockets, and then they actively grumble and whine about a fund for the American people who have actually been harmed.” — Miller (26:34)

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3. Election Integrity Battles

Guest: Cleta Mitchell (Election Integrity Network, “E”)

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Allegations of Foreign Interference and Mail-In Ballot Frauds

• [30:24–33:49]
  Mitchell describes current election integrity efforts, citing boxes of ballots and registration forms with Chinese names found in a Washington State landfill as part of a purported scheme involving ERIC (Electronic Registration Information Center) to add ineligible voters.
  • Key Quote:
    • “In the box are a big group of voter registration forms...ERIC requires...to get them registered...the names on all these EBU registration cards...were Chinese names.” — Mitchell (31:22)
  • She notes similar allegations in Illinois (nursing home fraud) and continuing power struggles in Maricopa County, AZ.

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DOJ Actions in Georgia

• [34:39–36:11]
  The Department of Justice is said to be subpoenaing lists of all election workers in Fulton County, GA, including staff hired through a temp agency allegedly tied to Stacey Abrams. The focus is on potential voter fraud and citizenship status confirmation.

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Landmark Federal Court Decision on Standing

• [36:11–41:02]
  Mitchell analyzes a district court ruling dismissing a suit by left-wing groups against Trump’s executive order on citizenship-based voter registration. The decision is notable for denying standing to these groups—something she says is rare when applied to Democratic/liberal plaintiffs.
  • Key Quote:
    • “The most amazing ruling I’ve seen in 20 years...said they didn’t have standing. The courts always give standing...but this judge applied the rules standard.” — Mitchell (38:43)

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4. Political Campaigns and GOP “Establishment” Critique

Guest: Mike Lindell

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GOP Debate Controversy in Minnesota

• [45:17–49:02]
  Lindell alleges the Minnesota GOP cut off the livestream for a key debate and withheld delegate information to suppress his outsider campaign.
  • Key Quotes:
    • “It’s disgusting...They are blocking anybody that doesn’t go by...I’m not having it. I will win in August. I’m polling number one.” — Lindell (45:17)
    • “These uniparty Republicans, I call them, or RINOs…They’re part of the problem. 100% part of the problem.” — Lindell (47:15)
  • Bannon reinforces the “controlled opposition” criticism, blaming the GOP for Minnesota’s political shift to the left.

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5. Notable Quotes & Memorable Moments

• Bannon:
  • “This is the primal scream of a dying regime...the people have had a belly full of it.” (01:34)
  • “You, the Moocs of the world, you’re supplying the cash, they get all the upside.” (03:05)
• Steve Cortez:
  • “We must get out of wars...and focus on Main street prosperity. Number two...immigration enforcement—not just illegal but legal.” (11:20)
  • “Let’s have an equity stake for every one of those infants in the United States...because it is public money that is both financing these companies and public money forms the customers.” (19:54)
• Wade Miller:
  • “They’re acting as if the Senate is more important than the country and the future of this...republic.” (24:29)
• Cleta Mitchell:
  • “This is part of a plot, a plan by the Chinese government...to get people who are not citizens on our voter rolls.” (31:52)

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6. Timestamps for Core Segments

• Opening Economic Assessment: 00:00–05:46
• AI, Leverage, and Public Risk: 05:46–16:25
• Citizen Equity Proposal (“Piece of the Action”): 16:25–21:32
• Senate Deep State Tactics (Wade Miller): 21:32–27:49
• Election Integrity (Cleta Mitchell): 30:24–41:17
• GOP Intra-Party Conflict (Mike Lindell): 45:17–49:02

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Summary & Takeaways

• The U.S. economy relies heavily on debt and speculative bets on technology—especially AI—putting ordinary Americans’ savings and pensions at risk while rewarding oligarchs and big investors.
• Bannon proposes a populist “piece of the action” solution: allocate shares—or profits—of AI and tech companies back to the citizens underwriting the risk.
• The show attacks both parties’ D.C. establishment, accusing the Senate of prioritizing its own interests over “America First” reforms.
• Ongoing battles over election integrity are presented as existential, with accusations ranging from foreign manipulation to party corruption and judicial bias.
• The episode encapsulates the War Room’s populist-nationalist style: urgent, adversarial toward elites and establishment, and calling for grassroots action.

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For new listeners:
The episode is dense with financial analysis, political critique, and policy proposals on economic, legislative, and electoral fronts. It’s presented in a populist tone, emphasizing citizen ownership, opposition to elite power, and a call for structural change in both Wall Street and Washington.

Transcript

[A]

The bear market of 2001 and 2002 were a consequence of all the IPOs in 99, 2000. And then as they unlocked, you just had this never ending cascade of selling. Cascade of selling. That's a great way of putting it. And we're getting ready. I want to say that the contemplated IPOs the next year are going to be 5, 6% of market cap. So why are we where we are right now? Because we've been retiring 2 or 3% of market cap probably led to less than 2% market cap every year without fail for the past 10 years through

[B]

buybacks and things like this.

[A]

Through buybacks. And so now all of a sudden you're going to completely reverse that math. And so I don't think it necessarily happens instantaneously with the IPOs. But then there'll be the unlocks. So you can see a situation where, okay, maybe we go through some kind of rolling top and then 18 months from now, six months, we'll have to look at the buyback, the unlock schedule. But you're going to want to watch those because that'll just be adding equity supply and you're already going to be diminishing the buybacks because of all the commitment to capex and the hyperscalers. They're already going to be eating into their cash flow. So I think that's why tech has dogged it and why it will continue to dog it. Because all the funding, much of the funding for these IPOs, it's going to come out of existing tech stocks.

[B]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people's not got a free shot on all these networks lying about the people. The people have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.

[C]

And where do people like that go

[D]

to share the big lie?

[C]

MAGA MEDIA I wish in my soul,

[D]

I wish that any of these people had a conscience.

[B]

Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved.

[D]

War Room here's your host, Stephen K. Ban.

[B]

Okay, it is Friday 29th May, the year of our Lord 2026. About to run out of May and get into June and the first half of the year. So Cortez, explain to me, explain to the audience because I mangled his name, I had my Naval fantasy going on there.

[C]

Sure.

[B]

Who this guy is, why he's important, and, and he had something quite profound to say. Because, folks, this is a highly leveraged bet. Our country is making a highly leveraged bet, both as our with the national economy or the federal government spending, and more importantly now with the, with the companies. But let it be known, it's coming out of your pension funds. Take your number two pencil out. They're making the bet, you're supplying the cash. Let me repeat this. They're making the bet and they get all the upside. This is like the bailout in 2008. They've socialized their risk. You, the Moocs of the world, you're supplying the cash, they get all the upside. And when the downside comes, and there shall be a downside, you are the ones that are gonna get wiped out. Steve Cortez, explain that all to us.

[C]

Yes, and in some ways it's unfortunately reminiscent of what happened in 2007 into 08 and 09, because you're exactly right. You, the American people, you are financing this whether you know it or not, because you're doing it via your taxes and then you're also doing it via your 401k. So that is Paul Tudor Jones. He is one of the titans of the hedge fund world, one of the most successful investors and traders of all time. Not one of us, by the way, Ideologically, he had a massive fundraiser for Barack Obama for his presidential run. He gave a lot of money to Mitt Romney. So he is not at all maga, not America first, but he is brilliant, especially when it comes to financial markets. And he's somewhat like Scott Besson. He's a southern boy who went north up to New York City and made an absolute fortune and in the capital markets. So it's really important to listen to him when he is warning us. And that's about as stark a warning as I have heard from somebody of his credentials and his stature in the markets where he is telling us that the risks are rising, particularly for tech. Because what he sees is what you see, Steve, which is not just a levered bet, but a levered and concentrated bet right where we absolutely need AI productivity to soar. Otherwise this bet goes sour. It goes sour for public finance and for the private capital markets. And he's not saying it's going to go sour tomorrow. Look, the stock market's at all time highs. If you watch the extended interview, he talks about this being a process, but he sees in many ways what is going on now. Similar to what was going on during the dot com bubble. And once the unwinds of these of these new IPOs, in other words once these companies IPO and once the unlocks happen, meaning the insiders can sell, he believes that there will be as they said there a cascade of selling. And the point here isn't I think Steve so much to make a market call, although I find that fascinating. It's more about the policy angle here, right. Of how this intersects with public policy. Particularly when the country is $40 trillion.

[B]

Hang on, hang on, hang on, hang on, hang on. Slow down one second. This is a combo. So folks let's walk through this. This account we've had to big league disruptions in the last 25 years in capital markets. We had the dot com implosion in 2000, right. I think it was around March of 2000, the.com implosion in 2000 and then we had the financial crisis that the predicate was late in 2007 but it hit in 2008 crash that still we have not quite recovered from. This is a combo because the dot com implosion was all about equities. These companies were not leveraged up at the time. This was not a levered bet. Right now folks, let me repeat this. We have a highly leveraged bet on the success of massive productivity gains through artificial intelligence. And that's going to come with all the data centers. Highly leverage. And the fact that they still have not proven anybody. They will do this without mass AI jobs apocalypse for STEM workers, particularly people under 30 coming into the job market at the beginning. That's what the storm clouds are on the horizon Steve Cortez is that we have a combination because part of the 2008 was that the smartest guys in the room didn't really understand the interlocking nature of these bets they had made in CDOs and all these mortgage backed securities. They didn't realize the counterparty risk. They didn't realize it was the confusion and the lack of understanding. When they kicked Lehman Brothers they didn't realize Lehman Brothers was the center of the commercial paper market which is the way corporations keep cash. They fund day to day operations. Nobody understood that until 24 hours after Lehman was kicked into bankruptcy. The interlocking nature of all of this, particularly the debt instruments and kind of this virtuous circle. One guy gets cash, he buys another, that stock goes up, they do it again. The three card money of all this. So you have a situation where you have potentially the worst of a dot com implosion, but this time highly leveraged. And guess what? We ain't the country we were then. We now have 40 trillion. The 40 trillion folks is just the face amount, not the contingent on the US dollar which gets up to 100 trillion. And Scott Bessant on that 40 has got to refinance a third of that every year. Cortez make that make sense then to

[C]

me, yeah, you make such a good point there, by the way, that those two major crises, right, the dot com bubble and the great financial crisis, the housing crisis, we went into both of those crises and in a far stronger financial situation than we are now. And both of them were terrible and should never be repeated again. But the point is there's no room for error now. With 40 trillion in debt and interest rates already rising, there's no wiggle room. In other words, there's no room for insurance now. Because Steve, here's the thing. If we didn't get involved in disastrous overseas wars and if we didn't have those two policy induced scandals, both of them were policy induced, we don't have $40 trillion in debt, okay, we would

[D]

be in good shape.

[C]

We actually could be talking about how do we pay for health care for our senior citizens for decades to come. But unfortunately, when you combine endless foreign wars and those two crises together, what do we have? $40 trillion in debt? Are we now facing the next major crisis? It's difficult to say. But again, when somebody like Paul Tudor Jones has given us this kind of warning, we've got to pay attention. And let me give you even the more benign projection of what's going on, simply when he says because of the capital requirements. You mentioned these data centers, which are thankfully becoming very contentious and a lot of Americans are saying, wait a second, you're going to ruin some of the most pristine land in America. You're going to jack up my utility rates, you're going to use all of the water. There's a lot of pushback, thankfully. But when it comes to the data centers and the massive amount of investment that is required, as Paul Tudor Jones said there, that alone is is enough to take that capital away from buybacks. And buybacks have been so supportive of the equity market, constantly making ever new all time highs, it's been a snake eating its own tail in many ways. Now I happen to believe buybacks should be illegal as they used to be. But regardless, buybacks have been a foundation of the long term bull market. So I think Steve, even in the most benign scenario here, you're Going to take a lot of that ammunition, a lot of that fuel out away from buybacks because it's going to go, it is already going to, to these data centers. And that alone can force a major concession. And the point is there too, bringing it back to politics, it's not just about financial markets. It's key there as well, of course. But to connect it back to politics in terms of a concentrated bet, this country is so reliant on tax revenues from the wealthy who mainly get their, their income and their, and their appreciation of their wealth through capital gains. If you start to decrease that, if that starts to diminish going forward, the receipt side of the federal ledger gets even worse. So the point is here, things are getting riskier and riskier, even with the market at all time highs. And you know, what's the answer then? Okay, what's the solution? Because I don't want to just talk about the problems. To me, the solution is twofold, really. Number one, get out of wars, right? Wrap this up, get back home and focus on Main street prosperity. Number two, in terms of building that Main street prosperity, particularly real wages for regular folks, immigration enforcement. And what I mean by that is not just getting the illegals out, of course, that's key, but also really clamping down on legal workers coming into this country. If we do both of those things, we can start to get real wages rising again. We get the political situation far better for us headed into November. And I believe we can then start to at least turn this super tanker around that is the federal deficit.

[B]

But, but there's also, yes, interim, that has to be in particular this legal immigration scam. You know, right now the White House or other guys are putting out these videos about they walk among us and they're with us. Hey, the only aliens I care about right now are illegal aliens. Okay? If the other guys are walking amongst us, they've been walking amongst us for a while, you know, we'll do a meet and greet sometime later. We got a crisis here. Now let's focus on illegal aliens and get Bovino back on the job and start doing mass deportations, mass deportations of illegal aliens now and deportations of the travelers from other galaxies later. We got to deal with, you know, you got to deal with the compulsories, you know, before you get to the freestyle. So aliens, I focus on illegal aliens, mass deportations of them and also stopping the legal immigration scams. You're correct. But the billionaires. And there's a great piece in Axios Day. I'LL address this more this afternoon. And yes, we do get a lot of the tax revenue, obviously. So this is just not a cash game because their solution they're coming up with. And I sent you the New York Post article that I just put up. One third of American men are not even in the job market and they're not even looking for jobs. One third of American men, when we did Memorial Day, the backbone of this nation, and God bless the women from the beginning all the way through, they have been so tough and so magnificent. But the backbone of the hard, tough, dirty work of supporting our freedom has come from our men. And right now, a third of them are not even in the job market. You can't have a country. One of the reasons not in the job market is illegal aliens and and legal H1BS have taken all the jobs. That must stop. It must stop. And let me give you another heads up. All these billionaires talking about they're going to give you universal basic when you get laid off and all your 15 years of education and STEM doesn't amount to anything. You're still living in your mother's basement and they're going to give you universal basic income or Elon, Elon's going to give you super high basic income. Screw you. What we need to do is quite simple. We have a capitalist system with no capital. Scott Besson said it yesterday right there at the podium. 38% of the people have no access to capital markets. 60% have no real ownership. We need mass reallocation of the equity, not to the government. The government doesn't need to own 10% of Intel Americans. The reallocation of shares has to be to citizens of this country. It's your cash. They're taking your cash and making the bets, folks. Either your tax money or your pension fund. And from the banks and insurance companies, all of it. And they admit they're a trillion dollar short. Anyway, let me take a second on this. Cortez. Hang on for one minute. We got Jan, we got Cletus going to join us. Talk about this big ruling on mail in ballots. All of it to come in the war room. The dollar's convertibility into gold ended in 1971. Gold was fixed at $35 an ounce. Well, fast forward to today. And the US dollar has lost over 85% of its purchasing power. Gold, on the other hand, is increased in value by over 12,000%. That's why Central banks are buying gold at record levels. That's why major firms like Vanguard and Blackrock hold significant positions in gold. And that's why I encourage you to consider diversifying your savings with physical gold from Birch Gold Group. But it starts with education. Birch Gold just announced their Learn and Earn Precious Metals event. This free online event rewards you for learning the basics of investing in precious metals. Sign up to get a free silver on your next purchase. Get even larger incentives as you go. The more you learn, the more you can earn. But you must act now, as this special event only runs through April 30th. The dollar lost its anchor in 1971. You don't have to lose yours. Text my name, Bannon B A N N O N to the number 989-898 to join Birch Gold's Learn and Earn Precious Metals event by April 30th. Text Bannon B A N N O N to 989-898 and do it today.

[D]

War Room.

[B]

Here's your host, Stephen K. Bannon. Okay, I commit to you. I'm going to get more organized in this. Maybe tomorrow I'll walk you through it. But I have the solution. It's quite simple. We have a capitalist system with almost no capitalist. Okay, the concentration. The oligarchs are not capitalists. They're in state capitalists and mercantilists, techno feudalists. They're not capitalists. We have a capitalist system with no capitalists. The problem with Bernie and all these guys, they all come up with socialist system. I don't want the government to own anything more. The government owns enough the way to get through this because it's your money. Don't let them convince you it's not your money when I keep saying over and over and over again. It's a highly leveraged bet on productivity increases from AI. You're providing the capital. So stop being a MOOC. This is. Get back to 2008. They've socialized the risk. That's a fancy term for saying it's on your shoulders. And they've capped the upside. They have the unlimited upside. That's why you got all these trillionaires bouncing around on government contracts, I might add. So here's the It's a capitalist solution. The government's not going to own anything more. You, the American citizens are going to be cut in. You're providing the capital. Your pension funds are providing the equity capital. And as the CFO that got fired over at OpenAI said, she said, oh, yeah, we're going to need a trillion dollars. Of the 6 trillion, they think it's probably 10 trillion. Now we're going to Need a trillion dollars of government guarantees. Yeah, that's you also. And your tax money. Very simple. We're going to allocate a. I don't know, I'll pick a random number. 50% of the equity shares we're going to reallocate into a Trump account that you're going to own and your children and your grandchildren. So you're going to become a participant. If you're going to underwrite the fricking bet, you're going to participate in the upside of the bet. Simple. Yes. Got a few things got to work out, but that's about. And this is what Silicon Valley guys, the oligarchs, hate when I say this. They want to play you as a chump and talk about a universal basic income so that one third of the American men that happen to be living in your mom's basement, you get a check every month for a couple thousand bucks. Screw you. You're not going to give a tip. Not going to be a tip that pays off the American people. The American citizen is the primary institution in this country, the citizens of this country. Over in Arlington, we spent all day on Monday talking about our honored dead. You think they fought for these oligarchs? A handful of these guys who control the country? Is that what they gave their life for all the way back, every patriot's grave, all the way back to the beginning? Is that what Bunker Hill and Saratoga and Yorktown and Valley Forge and all the interim fights that they had against the longest odds in the world, Is that what they fought for? That one day it would be a worse oligarchy with a more worthless aristocracy than what in the hell they said we're fighting? Getting away from the answer is unequivocal. It's a no go. Ask the honored dead what they think, they get a vote here. Didn't Burke tell us that we owe as much to the past as we owe to future generations? Steve Cortez, your closing thoughts on this, sir.

[C]

Steve Bannon, I love your idea of equity for regular Americans. And you're exactly correct that the Trump accounts now are the perfect vehicle. I mean, what an amazing idea to think that every baby now born in the United States is going to get not just a Trump account and that initial thousand dollars, which is fantastic. But let's go much further than that. You're exactly right. Let's have an equity stake for every one of those infants in the United States, every American citizen born here, equity stake in OpenAI, in anthropic, in Palantir, or why do they deserve it? Because it is public money that is both financing these companies and public money forms the customers primarily of these companies. So let's give a seat at the table to American citizens. I absolutely love this idea. And we shouldn't ask the oligarchs if they want to do it.

[B]

No, no, no. We're not supplicants. We're not supplicants. We want to tell them. That's why Elon Musk goes crazy when I talk about nationally. Okay. There's a simple. This is the simple framework. It's called a piece of the action. You're not looking to over. We're not looking to control these companies. You just want a piece of the action.

[C]

Yeah.

[B]

And every.

[C]

No, let's just align interest, kids.

[B]

Everybody aligned interest every citizen in this country. Then when you put a premium on citizenship, the whole country comes together and goes, no, no, no, no. Let's get these illegal aliens out of here. And no, I want to kill the H1B person program. A piece of the action. Cortez, we gotta bounce. You're amazing. Where do people go, particularly in your investigative reports, where they go.

[C]

Yeah, please go to ortezsteve on the Twitter and CortezInvestigates.com for all of my information. New articles, new videos up. Please go there. Thank you, Steve.

[B]

Thank you, brother Grace, can you go trademark that right now? A piece of the action. Simple. I'll develop this more. And I will tell you, at the highest levels of these oligarchs, it drives them nuts. And this is what they don't want to discuss. Wade Miller, thank you for joining us. We have another issue. The Senate. The Senate always putting their interest. This is what I say. We got to use Paxton's victory and the grassroots victory there. And you know this because CRA is essentially a grassroots. You're like a think tank for the action center for the grassroots. We have to use that victory as a forcing function. We have to have a confrontation right now with the United States Senate. And you guys have come up with a perfect way to at least to frame for the American people and particularly for the MAGA movement what exactly we have here where they take all the privileges for themselves. Can you walk through what you guys at CRA have come up with? Yeah.

[D]

The top line, of course, is that it's. It's Senate first, not America first. And we have a Senate that is acting using various processes. The slow walk, saving the country or to stall it or thwart the ability to move forward and save the Country. It's, it doesn't make sense. The, you know, a lot of these, none of these are constitutionally mandated. We don't have to listen to the parliamentarian. We can do recess appointments. You know, we don't have to do blue slips. We can get rid of the filibuster. All of those were long ago put in place by the Senate to address issues of their time. And those are norms that don't really need to be norms. I think that a lot of these things, if you look back historically, maybe some of them made sense when both parties were still tethered to the founding. But we have one party now that is entirely untethered, in fact, is openly hostile against it, wants to replace it with a whole new paradigm and a whole new system completely untethered to the principles of the founding. And I think that we have a bunch of senators now that are hugging norms as if that's more important than saving the country. And we saw this with the Save America Act. We had the President of the United States, we had conservatives all over the country, 80% of the public supporting it. And Thune did nothing with it. He sat on his hands on every procedural mechanism that could have been done to actually pass it. They did a talking.

[B]

No, hang on. We had to. Hang on, hang on. It's worse than that. It's worse than that because we had you on here with j. We covered it for the two weeks. They did the performative and God bless Mike Lee and Eric Schmidt and others that try to do it, but we had. It was totally performative because Thune wanted to be performative. Right. And then just sent the Senate on recess. Is the Senate of the United States, sir? Is it the House of Lords? Because they're acting like it's the House of Lords, Wade.

[D]

I think so. I would say it's even becoming less functionally useful in many ways because it's a place where saving the country goes to die. And they, they pat themselves on the back. They're managing the decline of the country. We're 38 trillion in debt. We have a woken weaponized government. Y the Trump administration is making great strides and dismantling it piece by piece. But this is 80 years in the making. It's going to take more than a year to undo it all. And the Senate has got to be a partner in that. They've got to be a partner in saving the country and stop hiding behind norms. Like, why does a single Democrat senator get to tell the President of the United States that he can't put a US Attorney in one of their states. Why do we allow that, the Senate to do that? It just doesn't make any sense anymore when the left is actively pushing forward judges that don't even believe in the Constitution, that want to fundamentally dismantle it bit by bit by bit. And they rule that way all the time. They basically ignore their own oaths to do it. And so in every respect, it's. They're acting as if the Senate is more important than the country and the future of this, our republic. They're acting as if the Senate comes first and not the interest of the American people. It's not Senate first. It's America first. And they all campaign on this, and then they go in the Senate and they sit on everything and they hug norms and hide their actual responsibility. And the voters just sent John Cornyn home, they just sent Cassidy home. And either they can start representing the will of the people, or they can keep hugging norms and one by one be replaced. And I, I think that the easiest answer for them is to start supporting the President and the American people's agenda to save this country.

[B]

Well, put, put this chart up that, that, that you guys did. Senate first. President Trump cut the deal with the irs. Besson talked about it yesterday. Jack Bosovic asked the great question. Scott Bessant, one of our former contributors, gave, I thought, a pretty brilliant answer. But here they're all up in arms about this, about everything the President's doing. Just a month ago, didn't they set up, as you guys lay in the chart, they set up a fund for themselves of $500,000 each, just because of the. And it's not a tiny thing, but Arctic frost, sir.

[D]

Yeah, there's a perfect example. They want to line their own pockets, and then they actively grumble and whine about a fund for the American people who have actually been harmed. You know, I'm not saying that the Arctic Frost is clean, and then everyone who did this to the Senate should be held responsible and go to jail. But they weren't really harmed. It was just a danger to the security of the Republic because it's such a gross violation of, of the separation of powers. But American people were actually harmed. People have been bankrupted. They've had to spend millions of dollars to defend themselves against completely bogus. I mean, we've got Jeff Clark, we've got John Eastman on you, on and on and on. The weaponization of the government has been obvious to everyone. And how these senators could try to give themselves $500,000 while opposing the federal government making whole American citizens who have been weaponized against by the Biden administration, the Obama administration, etc. But just a clear example of the Senate first versus America first mentality.

[B]

Wade, where do people go when we go over cra. We got about 30 seconds where they go social media and over to your site to get more information about Senate first versus America first. Sir.

[D]

Yeah, you can go americarenewing.com we're on all of the social medias AM Renews Center, I think on X. My X handle is at Wade Miller. That simple. At Wade Miller. I'll be putting forward that chart so people can go there and find our chart from the America the Center for Renewing America handles and I want to

[B]

have you back on to go down. We have to have a forcing function. It has to be a showdown with the Senate. Has to be now we're burning daylight and they're killing the Trump movement and the Trump program. Thank you, Wade. Short break, the other room. Here's your host, Stephen K. Ban. Okay, breaking news. President Trump says the U.S. navy is lifting its blockade of the Strait of Hormuz and he is me in the SITUATION Room to make a final determination on the Iran deal. Well, if you lift the blockade, I think you've indicated you're going to you're going to make a deal. Iran. This from President Iran must agree they will never have a nuclear weapon or bomb. The Hormuz Strait must be immediately open. No tolls for unrestricted shipping traffic in both directions. All water mines, if any, will be terminated. We have removed ships caught in the strait due to our amazing, unprecedented naval blockade which will now be lifted may start the process of heading home. Say hello to your wives, children. He's trolling people. Nuclear dust. Anyway, it's up if Grace, Elizabeth and Mo can make sure everybody gets a chance to read it. I'll address this all in a moment, but it looks like he's in the SITUATION Room. He's it's, it's make a decision decision time. But it looks like they've lifted the blockade. I guess that in the North Arabian Sea. Don't know if they lifted that one, but at least on straight of Hormuz, which I think is lifting the blockade in the North Arabian Sea. We'll see all about that. Cleta Mitchell, there's a couple things. You got a judge, the guy that sent me to prison, a Trump judge is given a landmark decision yesterday. I want to get into that. I want to get into what's happening in Georgia, because guys are being subpoenaed in the media and Mark Elias are in meltdown, the workers. But you keep your finger on the pulse probably better than anybody on where we are on this war to make sure we have fair, free and fair elections. We just had Wade Miller on. I think we need to use the Cornyn defeat, the historic defeat there by Ken Paxton and the grassroots as a forcing function to confront the Senate right now on Save America act and other things. But Save America act as a minimum. Tell me about this call. Are we in a war right now about fair elections throughout this country?

[E]

Ma', am, we are absolutely at a war and in a war, and it is in all these blue states. I just had a. I host a weekly call with election integrity leaders from across the country and let me just tell you what. They need as many members of the posse to sign up and help them because they are fighting these election officials in crazy blue states. I'll just tell you just briefly. In Washington state, a good Samaritan was helping his buddy move houses and he took some stuff to the dump and finds in the dump a huge box of ballots for the Washington State primary, plus a big box. Included in the box are a big group of voter registration forms that are sent to what is known as eligible but unregistered EBUs. It's a very, very big thing that the left started with this organization called eric, where your tax dollars in your state, if you belong to eric, if your state belongs to eric, are used to try to register people to vote. And the only way they get their names is because they go to the DMVs to get a driver's license and they don't want to register or they're not eligible. ERIC requires its member states to pay tax dollars, use tax dollars to get them registered. And guess what? The names on all of these EBU registration cards that they found in this box at the dump in Washington State. China. Chinese. They're Chinese names. And so, you know, look, we spent 20 minutes on it. I'm not going to go into detail, but the DOJ should be all over this because this is part of a plot, a plan by the Chinese government, by our foreign adversaries to get people who are in this country who are not citizens on our voter rolls. And of course, Washington state has zero transparency because they don't have polling places. It's all by mail. So that's Washington. We heard a whole report from Illinois about how they cheat in the nursing home and the care facilities. And a group of citizens There is working on fighting that. And then we got a report from Maricopa county where you have the Maricopa County Board of Supervisors, Republicans, only one Democrat, and they are fighting with the recorder who's supposed to control at least half of the election system, that they stripped him of his duties and his budget before he took office a year ago because the voters there stood up and threw out Stephen Richard, the former horrible, horrible election recorder in Maricopa County. He's the one who caused Kerry Lake and Abe Hamade their elections in 2022 and Kerry Lake her election in 2024. So the voters threw him out. And so before his successor, the one the people wanted, Justin Heap, took office, this Board of Supervisors stripped that office of its duties and its budget to punish the people for picking someone that they wanted and getting rid of the bad guy. Now that's just in, that was just this morning in my call and I'm just saying to you, if you are watching or listening, you either need to be out there signing up to help us in person or you need to send money. You need to do one of the two. The Election Integrity Network needs your help because we are in a war. And it's why we are trying to pass the Save America act to fight with these people on just one part of the problem, which is non citizen registration and voting.

[B]

Okay, hang on. People want to sign up. People want to work. You saw this down in Texas, you saw it in the Commonwealth. Virginia, people are prepared to do it, but when they see their leaders. This is why we must force a showdown with thuning these guys in the Senate. If you're not going to have a showdown now, you're going to lose the Senate, you're going to lose in Georgia, you're going to lose in North Carolina, you're going to lose in Maine, you're going to lose in Ohio. Because there's not heat right now. If they showed a modicum of not putting the Senate first, but America first, you would have tens of thousands of people sign up today and go, yes, I'm going to be all in. I want to go, I want to pivot quickly to DOJ is taking action. This thing in Georgia, Mark Elias and Weissman, this crowd in full meltdown having lost the evidentiary hearing, are they subpoenaing the actual workers down there in the Georgia situation? Ma', am, the election workers.

[E]

What the Department of Justice has done is it's, it's subpoenaed the Fulton County Board of Elections for the list the names of Every person who was paid, who was part of the election, working staff in 2020 and they want the names and the contact information. Remember one of the things that the Fulton County Board of Elections did was it hired a temp agency that was owned by Stacey Abrams, Happy faces to work in the elections. And they didn't do anything about confirming citizenship. But the DOJ wants to talk to all these people and ask them questions. So they subpoenaed the list, which by the way is a public record, except that it's found in a lot of different places and it doesn't have all the information that the public part. So they want to be able to actually have a list so they can.

[B]

Is this to people? Fenton and the guys over Judicial Watch have now sued people. Forget Biden administration through backdoor channels. Didn't they give Stacey Abrams, was it $2 billion billion dollars?

[E]

Yes, Abrams, she just started. She started a non profit, non profit and they gave her $2 billion. But I just read two days ago, Lee Zeldin and the EPA what came through the EPA. What does she know about the environment, for goodness sake? And so that they have clogged and she has not gotten that money. But it's taken what, a year and a half to get that done.

[B]

No. Now this gotta be criminal charges. This is what fit into these guys going after. Okay, Judge Nichols over at in the, in the D.C. federal judiciary. Walk us through what he actually opined to the other. He ruled on something obviously going to go to the appellate court. We think it's going to go en banc. This will go to the Supreme Court, but it's got to happen quickly, I believe. Why is this ruling so big, ma'?

[F]

Am?

[E]

Well, this had to do with an executive order, the second executive order that President Trump issued, not the one he issued a year ago, but the one he issued this March in which he directed the Department of Homeland Security to develop a list of citizens in each state who are eligible to register to vote and then to confirm that they are in fact citizens. And he also directed in this executive order that the Postal Service, that the board of Governors of the Postal Service promulgate regulations that remember every time there is election mail. Election mail is treated differently than any other kind of mail. It is supposed to have a barcode that is called an intelligent barcode, and it is supposed to be identified as mail that is coming from the election office to a voter or from a voter to the election office. It's a special kind of mail. And the president ordered the Postal Service to promulgate regulations that would say because the post office has all this information, that they would not deliver an election mail to a commercial address or to a post office box or to a place where it is vacant or it is a warehouse or an abandoned house or where they know that the person, because they know who lives there and if that person has moved. And so they're, of course, the usual suspects. The dscc, Democrat Senate Electoral Committee, a group of left wing called lulac, they, they're a Latin Latino group, left wing group, and the NAACP. They, within 48 hours, they filed suit to block it. The most amazing ruling I've seen in 20 years from any federal judge said they didn't have standing. I've never seen a federal judge hold it, actually apply the rules standard.

[B]

Hang on, hang on, hang on, hang on, hang on. This is what's so monumental about it. Just hit rewind. Tell people why this is so huge.

[E]

Because there are two the Federal Rules of Civil Procedure and the state rules. Some follow it, but the Federal Rules of Civil Procedure state that you, in order to bring a lawsuit, you have to show that you have had, you suffer, you have suffered specialized individualized injury, or that you are in imminent danger of suffering injury for whatever the action is you're trying to stop. The federal courts have never applied that rule to left wing groups and Democrats. They apply it to conservatives and Republicans and they say, oh, you don't have standing. But the courts always give standing. They don't even, half the time, they don't even go through this how this entity or this group has standing. And so this judge basically applied the same rules of standing that the law requires that are never applied to left wing groups. So he said, number one, nothing's happened. There's been no rulemaking announced, no notice of rulemaking. There's a process when any agency makes rules that you, they have to issue a notice, then they have to issue the proposed rules. People have an opportunity to make comments. They have to. Then they're required by law to consider those comments. There's a whole process that has to happen. And these people ran to court immediately. And this is the first judge in all of these cases that have been brought against President Trump and everything he's trying to do that the people elected him to do. This is actually the first judge that I've seen who've said, you guys don't have any standing and nothing has happened to you. So this case is dismissed. That's a very big thing. But, you know, they can come back later. I'M sure they will. They can come back later once the rules are issued or proposed. I think that he said these have to be issued and then you have to show how you are harmed. You individually, nothing speculative, nothing, we think this is going to happen, but actual danger, actual injury.

[B]

This is all going to en banc the appeal court in D.C. which is all owned by the progressives in the Supreme Court. This is a big one, Cleta. We got to bounce social media where they go. You're giving us the updates all over the country where they go.

[E]

Cleta Mitchell on X and go also to EI Watchdogs at EI Watchdogs because we have a very robust social media presence on X. Also on Instagram and Facebook, Election Integrity Network. Go to www.electionintegritynetwork.org Sign up. Help us fight the battle to save our elections from the far left. They have commandeered our elections. We got to reclaim them.

[B]

Thank you, ma'. Am. We don't do it. If we don't do it right now under President Trump's watch before the midterms and do this, it ain't going to happen. This is why the midterms hang in the balance. The Trump movement hangs in the balance. Peter Mitchell, thank you, ma'.

[F]

Am.

[B]

It all hangs in the balance. And guess what you see in Virginia and Texas, the grassroots, the redistricting efforts. When you put your shoulder to the wheel, victory begets victory in the war room.

[D]

War room.

[B]

Here's your host, Stephen K. Ban. We're on fire this morning. Just a a fantastic show. Lots of energy, a lot more going on. The afternoon show is going to be incredible. Insane. It's going to be great. We're we got a lot of presence in THE SITUATION room. Yes. Truth out working on the Iran deal. May have some interim solutions. Looks like he's lifting the naval blockade now. We'll get into all that in the five o' clock show. Charlie Kirk and the team are up next or the Charlie Kirk team is up next for the Charlie Kirk show. Poso2 Gruber bowling. Bolling's actually doing a live show. We're going to try if we can work out the logistics of I'm going to try to do a handoff with him live at about 4:50pm Eastern Daylight Time today and then we'll get right into the war room. We talked a lot about Euro money underwriting this leveraged bet of AI Tax Network usa. Make sure you go to TN usa. They've set up a special hotline for the War on Posse because they're going to give you a totally free discovery call. 866-513-5516. That's 866-513-5516. A ton of Warren Posse members have used this. It's totally free. You're saving hundreds, not thousands of dollars to find out kind of where your actual position is as far as the taxes that you owe the irs. Remember, President Trump's got Scott Besant and as you just heard from Steve Cortez, going to need every penny they get. And no President Trump. The aspiration is to do away with income tax. That's going to be, I don't know, decade in the future. It's not going to happen today. If you owe it, they're going to say you owe it. They're going to figure out how to get their money. This is why tax or USA are the people that you want representing you. But free. No obligation. You get to decide that yourself. See how good they are. 866-513-5516. And of course, Philip Patrick and the team at Birchgold get to know them, pick their brains, ask them. Just ask them a simple question. Just take your phone and text Bannon B A N N O N at 989-898. Answer a simple question, you get the ultimate guy. It's all free, no obligation. But you get Philip Patrick to say, hey, why are the central banks throughout the world this is now spreading, buying gold at record rates. Just ask that question, wait for the answer. Patrick and team Mike Lindell, you know, Grace and Mo and Elizabeth. Our entire team was ready to made a big deal about this. We had all our platforms, we have millions on social media following us. You know, rumble my account over at Getter, the worm accounts everywhere. Millions. We have millions and millions of people on there. And there was no live stream. We had the audience all teed up. Why was there no live stream of the debate last night, sir?

[F]

Yeah, it's disgusting, everybody. The one time they're letting me on the debate stage because I'm not playing their game, they cut the feed. They said an hour before, 45 minutes before we're going live, they said, no, there's going to be no fees. They didn't allow the media to film in there. No filming. It was like, are you kidding me? I mean, this is. They are blocking anybody that doesn't go by. These 2,000 people that think they're going to, that they're going to endorse and vote and everyone else supposed to drop out for 5 million people in Minnesota. They think that they're going to make the choice for them. Well, I'm not having it. I'm going to, you know, I'm here to win. If I don't get their endorsement, so be it. I will win in August. I'm polling number one. And then we found out, Steve, behind the scenes. The delegates have been coming up to me all day long, hundreds of them. And saying, mike, we didn't even know. We didn't hear from you. I said, that's because they won't give me your numbers and your names. They were holding back the 5,000 people delegate this. That I can't have, Mike Lindell can't have because they don't want me. This unit party establishment is disgusting, Steve. But you know what? We're going to win regardless of all the. You know.

[B]

Hang on, Lindell. Mike, Mike, Mike, hang on, hang on. It's not like they got a winning record. Every state official. You got two. Got two radical Democrat senators. You got the worst governor in the fricking country. You got the worst mayor in Minneapolis. It's a disgrace. Is the Republican Party. Aren't they controlled opposition? This is the problem with the woman running against you. She's part of the problem. They're controlled opposition and they let the Democrats run. They've taken one of the greatest states in the union and destroyed it, sir. And it's been on their watch. They are the ultimate in rhinos that don't want to get involved, don't want to be tough, don't want to raise their voice. They just go along. And this is why Minnesota so screwed up and why Minneapolis is so screwed up, sir.

[F]

You're exactly right. These uniparty Republicans, I call them, or RINOs, I mean, you got Lisa Damon that they want. That's who they want. Well, I'm sorry. She's been around the speaker of the House for a couple of years and she's. And she even said in one of the debates, oh, yeah, I knew about the fraud in 2019 with the Democrats blocked me. Well, why didn't you yell at you? Hollered from the rooftops for the people. They've done nothing, Steve. They're part of the problem. 100% part of the problem. The same input is going to give us the same output. They don't like someone coming in that's a businessman with solution and just disrupt their little games they're playing. This is the biggest game in Minnesota, everybody. This GOP endorsement this weekend. They expect everybody to drop out. Then the primary is not till August. By the time you get. You pick your person that's going to run in the general. You got three weeks before you have to. You can vote early in Minnesota. It's all set up for the Democrats. And the Republicans have let this happen. They could have moved that primary to now. It's disgusting. And then you sit and pick your candidate. They've already picked Lisa David. That's what's going down here. But when I get on that stage tomorrow, my whole speech is going to be, you know what? This whole system is corrupt. It's wrong. And we need to change the whole system in Minnesota. How you elect your, your candidates to run against the Democrats.

[B]

Okay, Mike Lindell, we love you, brother. The Warren Posse's got your back. We're waiting for a fight. The Warren Posse fights that matter in this fight in Minnesota with the Republican Party matters because they're losers. They've turned it over to radical. Not just Democrats, to radical Democrats. However, people want to know, what deal do you have for us today, sir?

[F]

Yeah, you guys, where? I told you, the vendor, the vendors we have, they want to. They're taking a cut for all of you to run where the deals collide through the weekend. And the first one is the second annual mega sale with our four flagship products. The products you all love that made us famous. The giza dream sheets. 29. 98 as low as 29.98. The six piece my towel says lowest price in history. 34. 98. Then you have the my pillows. 1498. You got the mattress toppers. 99. 98 as low as 99. Then you have the Memorial Day sale. You guys have all jumped on this. Remember a few more days because of that vendor doing that. Because he wants to. We got to move. These matches made in the USA come right to your front door with free shipping, 50% off, 66 month money back guarantee. But go to the website, mypillow.com war room. And there you see all the sales colliding. You guys get the free shipping on your entire order. While we're doing that for the weekend. 800-873-1062. Call my reps right now. Call my employee owned company promo code. War room team. We're gonna fight on.

[B]

Thank you, bro. See this afternoon Charlie Kirk show next. We're back with eric bowling at 4:50 today. Then at 5:00'. Clock.