Real America’s Voice: The War Room with Stephen K. Bannon (Ep. 4909)

Date: November 7, 2025
Host: Stephen K. Bannon
Key Guests: Scott Bessen (Secretary of Treasury), Tony Katznan (Talk Radio Host), Sen. Tommy Tuberville

1. Episode Overview

In this episode, Steve Bannon delves into the state of the American economy, "MAGA economics," and current issues around supply-side policies, tariffs, and affordability under the Trump administration. Bannon is joined by Secretary of Treasury Scott Bessen for an in-depth discussion from a rare earth magnet factory in South Carolina, as well as Tony Katznan—a talk radio host offering a critical perspective on messaging and economic realities. Later, Senator Tommy Tuberville joins the show to discuss the Senate’s filibuster debate and the broader cultural and political struggle within the United States.

2. Key Discussion Points & Insights

A. State of the Economy & MAGA Economics

• Manufacturing Resurgence & Supply Chains

  • Bessen celebrates the launch of a new rare earth magnet factory in Sumter, SC, emphasizing its role in restoring U.S. control over critical supply chains and reducing dependence on China (07:24).
  • "This 500,000 sq ft facility used to be a soybean field, and now it's making rare earth magnets—vital for everything from fighter jets to iPhones." – Scott Bessen (07:24)
  • Bessen links these developments directly to "President Trump’s supply side tax cuts, tariffs, and trade policy," touting their success in reshoring jobs and fostering high-tech manufacturing.

• Tariffs, Trade, and Tax Cuts

  • The Trump administration’s tariff regime is defended as both a negotiation tool and a mechanism for industrial policy. Bessen explains that, while initially yielding significant revenue, tariffs should eventually become unnecessary as industries return to the U.S. (12:43).
  • Immediate expensing for factories and equipment is spotlighted as making the U.S. the best place globally to build and invest in manufacturing.

• Main Street vs Wall Street

  • Bessen asserts that the policies are meant to strengthen Main Street prosperity, not just Wall Street. Deregulation—particularly for small banks—is critical, as they finance a significant portion of U.S. agriculture, small business, and real estate (22:23).

B. Affordability Crisis & Political Messaging

• Tony Katznan’s Critique
  • Katznan criticizes the administration for touting economic success ("everything is going great") while Americans struggle with affordability due to rising prices (04:39). He urges greater transparency about price hikes, especially around tariffs and their impact.
  • “This is not Janet Yellen saying that inflation’s transitory—which was crap, a lie, and a fraud. When you go down that road, you win stupid prizes.” – Tony Katznan (05:04)
• Bannon & Bessen Respond
  • Bannon and Bessen reject the claim that tariffs drive the core of the affordability issue. Instead, they credit service sector inflation and Democratic policies for the squeeze on American families (30:54).
  • Bessen notes the coming benefits of tax code changes: “There are going to be substantial tax refunds to working Americans…$1,000–$2,000 per household…That’s why I’m optimistic.” (35:34)
  • Price stability and real wage growth are the key, with Bessen highlighting how Trump's first term saw blue-collar wage growth outpace white-collar wages.

C. National Security & Industrial Policy

• Rare Earth Magnets as a Security Imperative
  • The discussion repeatedly frames rare earth supply as urgent for U.S. sovereignty: “It’s a disgrace this happened. The Chinese started buying up rare earth capacity in 1995…they have us in a chokehold.” – Scott Bessen (09:52)
  • “For us to take control of our supply chain…is the first step towards breaking that chokehold.” – Bessen (09:52)

D. Political Strategy, the Filibuster, and the GOP’s Future

• Sen. Tommy Tuberville on the Filibuster

  • Tuberville argues that Republicans must eliminate the Senate filibuster to enact the MAGA agenda—predicting Democrats would do so if given the chance (46:39).
  • “We’re in a different country, Steve. We just saw what happened in New York. We lost New York. It will be completely Muslim in three or four years. That’s what they want.” – Tommy Tuberville (49:15)
  • He sees Democrats’ focus on immigrants and asylum seekers as an electoral strategy and advocates for swift conservative action before demographics and policy shifts make it impossible.

• Bannon’s Election Claims

  • Bannon calls the Biden administration “illegitimate,” reiterating claims of a stolen 2020 election, and connects this narrative to the urgency of economic and legislative reforms (40:21).

3. Notable Quotes & Memorable Moments

• Opening Rallying Cry:

  • “This is the primal scream of a dying regime. Pray for our enemies because we’re going medieval on these people…The people have had a belly full of it.”
    – Stephen K. Bannon (01:06)

• On Manufacturing & Sovereignty:

  • “You cannot have research separate from manufacturing. You learn things in the manufacturing process…That is the core of American greatness.”
    – Stephen K. Bannon (21:19)

• On MAGA Economics:

  • “Whenever you have capital expenditures, jobs always follow. Jobs always follow. So we are going to see this capex boom…and this is the beginning of this lift off.”
    – Scott Bessen (22:23)

• Democratic Strategy According to Tuberville:

  • “The Democrats draw a line in the sand. The hell with American people—we’re for our party…Every day they stall is hurting the American people.”
    – Sen. Tommy Tuberville (46:39)

• Sharp Media Critique:

  • “The Wall Street Journal can take a shot at me when I talk about Main Street prosperity, but…It’s called the Wall Street Journal for a reason, not the Main Street Journal.”
    – Scott Bessen (22:23)

• Government Dysfunction:

  • “Anything the government touches, like air traffic controllers, the TSA, we’ve ruined it. President Trump wants to sell it. Who in hell would want to buy it now?”
    – Sen. Tommy Tuberville (51:30)

4. Chronological Breakdown with Timestamps

• [01:06] Bannon’s opening salvo: attacking the current regime, discussing media misinformation, and setting up the main topics.
• [04:39–05:59] Tony Katznan critiques the administration’s messaging, focusing on affordability and the real impact of tariffs.
• [07:24–12:43] Scott Bessen tours the Sumter, SC magnet factory, explains reindustrialization, national security, tariffs, and the broader supply-side agenda.
• [18:01–22:23] Bessen details his South Carolina roots, why companies like Boeing are expanding in the state, and the lived impact of industrial policy.
• [22:23–25:34] Affordability and wage growth: “Jobs always follow capex…the house got burned down and we are rebuilding from the foundation up.”
• [26:22–27:29] Discussion of AI, capital investment, and skepticism of private sector-government partnerships.
• [30:54–36:57] Deep dive into the affordability crisis, what’s driving it, and upcoming tax relief for U.S. workers.
• [37:27–39:29] Energy policy, state vs. federal roles, and supply-side solutions for affordability.
• [40:12–44:03] Bannon connects Trump “supply side Reaganesque” policy to restoring U.S. manufacturing dominance and attacks the Biden administration as “illegitimate.”
• [46:39–52:49] Sen. Tuberville joins to discuss ending the filibuster, Democratic strategies, border policy, and legislative urgency.

5. Tone & Language

The episode is combative and urgent, blending policy wonkery with populist bluntness. Bannon and Bessen present as bullish on American manufacturing and critical of establishment economic orthodoxy. Their language is direct—"primal scream," "chokehold," "disgrace," and "Main Street prosperity." Tuberville’s segments are fiery and unapologetically partisan, laced with warnings about cultural and demographic change.

6. Conclusion

This episode provides a deep MAGA-flavored exploration of America’s industrial revival, the mechanics and philosophy behind supply-side tax cuts, and the perceived cultural-political threats facing the country. Listeners are offered a blend of economic argument, policy defense, and explicit calls for aggressive action—both legislative and rhetorical—against what Bannon and guests see as existential threats to the American way of life.

For more detailed economic discussions, direct statements from policymakers, and an unapologetically nationalist populist take on current events, listen to the full episode or follow ongoing updates via @Treasury and the War Room channels.