Breaking Points with Krystal and Saagar

Episode Summary: 2/20/26 – Epstein Billionaire Wexner Drops BOMBSHELLS, Iran War LOOMS, Dem Tea Party Gains Steam

Date: February 20, 2026
Hosts: Krystal Ball & Saagar Enjeti
Panelists: Ryan Grim, Emily Jashinsky
Guest: Colorado State Senator Julie Gonzalez

Episode Overview

This episode of Breaking Points delves into three explosive and timely subjects:

• The escalating risk of a U.S. war with Iran, including divided sentiments within both political parties and implications for international diplomacy.
• Bombshell testimony and revelations from billionaire Les Wexner, deepening the web of connections between Epstein, intelligence agencies, and high-profile elites.
• The emergence of a progressive "Democratic Tea Party" movement, underscored by an interview with insurgent Colorado Senate candidate Julie Gonzalez.

The tone is irreverent yet deeply analytical, mixing detailed on-the-ground reporting with punchy commentary.

Key Discussion Points & Insights

1. Looming Iran War: Reporting, Reactions, & Political Dynamics

Starts ~[03:15]

• Risk of U.S.–Iran Conflict

  • New reporting from the Wall Street Journal indicates President Trump is considering a limited strike against Iran to pressure them into a nuclear deal, targeting select military/government sites. A larger campaign may follow if demands aren’t met ([04:00]).
  • Massive U.S. military build-up in the Middle East—largest since the Iraq War—is underway ([04:27]).

• Diplomatic Futility & Risks

  • Krystal criticizes the strike plan, arguing such tactics “make no sense” and that forcible pressure would only harden Iran’s position:
    • “If you hit them in any way…they’re hoping that attacks from the US are going to create some sort of rally around the flag, like nationalistic fervor…” ([05:07])
    • Compares the logic to parenting: “If the US throws a temper tantrum and strikes them and Iran rewards that behavior by capitulating…then guess what? That is going to encourage more attacks from the US and from Israel.” ([08:22])

• Internal Iranian Dynamics

  • Hardliners in Iran’s government now vindicated; moderates have been sidelined—raises risk of all-out reprisal ([10:05]).

• Democratic Party’s (Non-)Response

  • Ryan Grim reveals most Democratic leaders are publicly silent but privately content to let Trump “take the blame” for an Iran war they quietly support, believing it may fracture the GOP ([12:24]).
    • “From the perspective of these Democrats, it is a win-win. One, it accomplishes the policy goal that they have of attacking Iran. But also, they think it would be bad for Trump, so his domestic politics would suffer.” ([13:38])
  • Progressives such as Ro Khanna and Thomas Massie are isolated voices opposing war, while other high-profile names (AOC, Bernie) are notably quiet.
  • “The fact that the 12 day war and the Venezuela strikes were seen as these grand successes has basically led to them keeping their mouth shut.” ([21:07], Krystal)

• Conservative/“America First” Silence

  • Formerly vocal right-wing, anti-war voices (Charlie Kirk—recently killed, Marjorie Taylor Greene—out of Congress, Steve Bannon—neutralized by Epstein scandal) have been silenced or sidelined. There’s little organized opposition to escalation. ([23:03])

Notable Quotes

• “You have to have hopes and expectations to be disappointed.” — Ryan Grim ([03:32])
• “Everyone’s just like, ‘huh, yeah, whatever…will see.’ It’s kind of crazy-making.” — Krystal Ball ([22:03])
• “They would like Trump to carry it out for them…for these two reasons: One, it accomplishes the goal…the policy goal…But also, they think it would be bad for Trump, so his domestic politics would suffer.” — Ryan Grim ([13:31])

2. Les Wexner & Epstein: Deep State, Intelligence, and Power Networks

Begins ~[30:29]

• Viral Testimony Highlights

  • Les Wexner, billionaire and Epstein associate, testifies before Congress. His unfiltered, rambling answers worry his legal team; at one point, his lawyer hisses, “I will fucking kill you if you answer another question with more than five words.” ([31:36], paraphrased by Emily)
  • Wexner reveals he hired a house manager who previously ran logistics for the CIA-heavy U.S. Embassy in Rome:
    • “Jeffrey Epstein had the woman who ran the logistics for the US Embassy in Rome…moved her to Wexner’s mansion…” — Ryan Grim ([32:39])
  • The panel explores how the embassy in Rome is a notorious CIA operations hub, suggesting eyebrow-raising overlap between private billionaires, intel networks, and criminal trafficking.

• Rothschild and Financial Networks

  • Wexner discusses working with the Rothschild family in France. He claims Epstein advised major tech billionaires and operated with Swiss banks—known Iran-Contra-era money laundering hubs ([36:29], [39:13]).

• Epstein, Victoria’s Secret, and Modeling Agencies

  • Debate over whether Wexner was a naive dupe or complicit: Emails reveal ongoing communication and financial direction from Epstein even after his conviction ([38:24]).
  • Explicit connection drawn between the modeling world, Wexner’s brands (Victoria's Secret), intelligence agencies, and international trafficking:
    • “Using modeling agencies…to recruit women to come to the US and basically work as mistresses.” — Saagar ([43:06])
  • Trump’s frequent presence at Victoria’s Secret fashion shows is flagged as further evidence of high-level, cross-industry connections ([41:59]).

• Implications & Theories

  • The panel speculates whether Wexner’s casual admissions are veiled warnings—signaling to prosecutors and Congress just how much more he could expose if pushed ([34:40], Krystal & Ryan).
  • Wexner seen as “one of the largest funders of pro-Israel nonprofits in the US,” with Epstein seemingly directing some of that philanthropy ([45:51]).

Notable Quotes

• “To hear…‘embassy in Rome’…that is…the hub of all [CIA] operations in this region…And Epstein suggested to Wexner run his operation.” — Ryan Grim ([32:39])
• “He had his money stolen by Jeffrey Epstein—which is the story he and his lawyers are trying to put forward—or is this someone who knew what was going on?” — Krystal Ball ([38:24])

3. Interview: Julie Gonzalez & the “Democratic Tea Party”

Begins ~[49:40]

• Intro & Candidacy

  • Julie Gonzalez, Colorado State Senator, announces her insurgent primary challenge against incumbent Democrat John Hickenlooper.
  • Gonzalez positions herself as a grassroots candidate opposed to “go along to get along” centrism—framing party leadership as complicit in perpetuating status quo politics ([50:02]).

• Background & Policy Stances

  • Draws from roots in Colorado’s Chicano community, background as an organizer on housing, education, and immigrant rights ([51:55]).
  • Calls for the abolition of ICE, not just reform: “I stand firmly in the abolish ICE camp in order to replace it with a system that provides an actual legal pathway to citizenship, that restores due process, that treats everybody with dignity and respect…” ([53:44])

• Party Power & “Dems’ Tea Party”

  • Critiques corporate influence, calls for a break from Schumer/establishment machine. Admits she’d vote “no” for Schumer as Senate leader ([62:59]). Notes the movement for a new generation of Democratic leadership and grassroots energy.
  • “Chuck Schumer would not earn my vote…there’s a real opportunity for an entire new generation of [Senate] Democratic leadership.” — Julie Gonzalez ([62:59])

• Lightning Round “Purity Test”

  • Won’t take AIPAC or corporate PAC money ([65:27])
  • Supports taxing billionaires & Sanders’ AI data center moratorium legislation ([65:32]–[65:45])

• Analysis by Panel

  • Krystal notes the growing disconnect between Colorado’s progressive electorate and its moderate Democratic leadership, calling Gonzalez’s campaign “particularly interesting.” ([66:02])
  • Discussion of the national context: grassroots anti-establishment surge is gaining momentum in blue states, forming the backbone of a “Democratic Tea Party.”

Notable Moments & Quotes (with Timestamps)

• Democrats on Iran:
  “They would like Trump to carry it out for them…one, it accomplishes the goal…the policy goal that they have, of attacking Iran. But also, they think it would be bad for Trump, so his domestic politics would suffer.” — Ryan Grim ([13:31])

• Wexner’s Testimony, CIA “Easter Eggs”
  “Jeffrey Epstein had the woman who ran the logistics for the US Embassy in Rome…That is the hub of, like, all [CIA] operations in this region…” — Ryan Grim ([32:39])

• Billionaire Caution:
  “If you keep pushing me, you keep prosecuting me, I might accidentally reveal a lot more.” — Ryan Grim ([34:40])

• Dem Party Soul Searching:
  “We can have nice things if we’re willing to fight for them…If you’re sick and tired of having to vote for someone who doesn’t align with your values, that’s why primaries matter.” — Julie Gonzalez ([66:39])

Important Timestamps

• [03:15] Main show opening; Iran situation introduced
• [04:27] Details of potential U.S. strikes on Iran
• [12:24] Ryan Grim on Democrats’ private logic re: Iran
• [21:07] The silencing of antiwar factions on both left & right
• [30:29] Introduction of Les Wexner’s Congressional testimony
• [32:39] CIA, Rome embassy, and Epstein logistics connection
• [36:29] Wexner’s Rothschilds connection and advisor role
• [38:24] Ongoing Wexner–Epstein connections (post-conviction)
• [43:06] Modeling agencies, trafficking, and high society
• [49:40] Julie Gonzalez interview: insurgent progressive campaign
• [53:44] Gonzalez’s abolish ICE stance, border insights
• [65:32] Lightning round: campaign funding purity test
• [66:39] Final summary of Gonzalez’s campaign and progressive uprising

Episode Takeaways

• War With Iran?
  Both parties play a dangerous and cynical political game behind the scenes, with consequences for millions. Antiwar voices are marginalized on all sides.

• Epstein Network Deeper Than Ever
  Wexner’s testimony signals unsettling, deep roots between intelligence, finance, fashion, and power. The elite circles around Epstein remain underexposed—and potentially dangerous to those who speak out.

• Dem Tea Party Rising
  Julie Gonzalez’s run illustrates a genuine grassroots insurgency against business-as-usual Democrats in blue states. The anti-corporate, pro-justice “Democratic Tea Party” is now a real force.

For Further Listening

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• Follow @BreakingPoints, @krystalball, and @esaagar for updates and upcoming interviews.

This summary captures the critical political, investigative, and social themes of this explosive episode, providing a roadmap for both new listeners and long-time fans.