THE WAR ROOM WITH STEPHEN K. BANNON, MARCH 16TH, 2026 (EP.5221)

Summary

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Podcast Summary: The War Room with Stephen K. Bannon – Episode #5221

Date: March 16, 2026
Host: Stephen K. Bannon
Notable Guests: President Donald Trump, Rep. Chip Roy (TX), Liz Hoffman (Semaphore), Mike Lindell
Theme: Geopolitical conflicts, U.S. foreign policy, industrial policy, national security, and Texas politics

Overview of the Episode

This episode of The War Room dives deep into America’s position in escalating global tensions—particularly in the Middle East with Iran and Israel—while scrutinizing U.S. strategic posture and domestic political battles. Major themes include the ongoing war in Iran, the balancing act with allies and adversaries, the controversial growth of U.S. industrial policy tied to national security, and the brewing political contest in Texas for Attorney General. The episode is rich with interviews, candid analysis, and impassioned arguments about the future of American sovereignty and security.

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Key Discussion Points & Insights

1. Crisis in the Strait of Hormuz and U.S. Military Operations

Timestamps: 03:10–11:25

• State of the Conflict: The U.S. has destroyed all of Iran’s mine-laying ships, aiming to reopen the vital Strait of Hormuz. Yet, President Trump acknowledges shipowners' hesitancy to traverse the area, highlighting the psychological impact of potential residual threats.
  • Donald Trump (04:38):
    “These ships are very expensive ... They don’t want to take a chance ... we hit every one of their mine droppers ... But it only takes one.”
• International Reluctance: U.S. allies, notably wealthy Gulf states and nations such as China, are slow to participate, fueling debates on America’s traditional role as the world’s policeman.
  • Trump (08:00):
    “I’ve always said ... why aren’t we being reimbursed ... for maintaining the Hormuz Strait?”
• Bannon’s Analysis: Trump’s argument for scaling back U.S. involvement echoes his long-standing complaint that allies aren’t paying their fair share.
  • Bannon (11:25):
    “It’s not our problem ... It’s a great argument now of reassessing the entire strategic situation.”

Notable Quote

“You win a war, but they have no right to be doing what they’re doing. But we’re hitting them very hard, and today is a big day …”
— Donald Trump (05:40)

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2. Middle East Strategy: Hezbollah and Israeli Actions

Timestamps: 09:29–11:24

• Support for Israel’s Lebanon Actions: The episode discusses Israel’s anticipated expansion against Hezbollah in southern Lebanon. Trump suggests the region’s conflict is regionally contained and contextualizes the determination of people who persist amid war.

• The ‘Victory’ Dilemma: Washington grapples with coordinating among allies without letting any one actor—be it the U.S., Israel, or Iran—dictate strategic outcomes unilaterally.

  • Liz Hoffman (10:45):
    “He can say we don’t want to do this anymore, and the Iranians can say, well, then we’ve won. Or he could say we don’t want to do this anymore, and the Israelis would say, well, we’re not finished ... Washington has to tamp this down without letting Iran claim a win.”

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3. U.S. Industrial Policy & Economic Warfare

Timestamps: 12:45–27:20

Pentagon’s Wall Street Recruitment

• Liz Hoffman’s Exclusive: The Pentagon is recruiting investment bankers to create an internal ‘economic warfare unit’—a shift toward aggressive financial strategies to serve American security interests.
  • Liz Hoffman (13:25):
    “The Pentagon is out with a headhunting pitch across Wall Street looking for investment bankers ... trying to get them to come in-house ... to find deals for the Pentagon ... marshal some private sector financing ... $200 billion over the remainder of President Trump’s term.”
• Debate on Industrial Policy: Bannon frames the ballooning Pentagon budget and these new units as a form of state capitalism resembling China’s model, sparking concern over loss of market discipline and potential government overreach.
  • Bannon (19:57):
    “A lot of people are concerned … instead of [China] becoming a liberal democracy ... their form of state capitalism, we are starting to resemble that ... using the Pentagon as our industrial policy.”

Effectiveness and Risks

• Mixed Outcomes: Hoffman discusses the pros and cons of such government interventions—sometimes providing needed capital (e.g., Intel investment), sometimes risking adverse selection or market distortion.
  • Hoffman (21:13):
    “Is the government just providing a long-term purchase agreement … or are they trying to influence day-to-day operations?”
• Capital Markets as an Advantage: Hoffman contends that U.S. dynamism in capital markets, despite the risks, is a global advantage.
  • Hoffman (24:49):
    “The U.S. government … is obviously very good at fighting kinetic wars. But it has just the deepest and most liquid capital markets in the world … it helps us pull out of recessions faster.”

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4. Texas Politics: Chip Roy’s Run for Attorney General

Timestamps: 29:12–48:29

Defending Texas Against “Islamic Invasion”

• Roy’s Platform: Roy argues Texas faces an “assault” from “radical leftist Marxists” and the “advance of Islam,” calling for aggressive legal action against nonprofits and organizations he links to the “Islamification” of the state.
  • Chip Roy (35:12):
    “Texas needs leadership … We’re under attack … the advance of Islam in the state of Texas … This is the Muslim Brotherhood laying out a precise plan to attack our state and our country.”
• Legal Aggression: Roy proposes using the Attorney General’s office to investigate, open books, and potentially strip the legal status of Muslim-oriented organizations, publicly labeling them as political threats rather than religious entities.
  • Roy (39:31):
    “As Attorney General ... use your power to open the books of these nonprofits ... figure out where you can cut the head of the snake off.”

Focus on Education and Corporate Interests

• Textbook Battles: Texas school curriculum, Roy warns, is under threat from Islamic advocacy groups. He vows to leverage the AG’s office to defend against perceived curricular infiltration.
  • Roy (45:49):
    “You gotta expose all of it ... we should not be teaching Islam or advancing Islam ... I would do that. Follow the law, defend the Constitution, but stand up and say that Islam is not compatible with the West.”

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5. Election Integrity Push and the SAVE Act

Timestamps: 48:46–54:36

• Senate Maneuvering: Roy explains the legislative standoff over election integrity, including the SAVE America Act, focusing on issues like voter ID, mail-in ballots, and transgender participation in sports.

  • Roy (48:59):
    “We’re sitting here hoping the Senate will move forward … voter ID ... citizenships, voting … We gotta get this done. Everything is at stake for our kids and grandkids.”

• Call to Action: Bannon and Roy encourage the grassroots audience to lobby Senate Republicans aggressively.

• Mike Lindell’s Perspective: Lindell, well-known for election fraud claims, reinforces the urgency of passing the SAVE Act and shifts to promote ‘MyPillow’ products as a way of supporting pro-Trump activism.

  • Lindell (53:07):
    “Everything we fought for comes down to this. The president and I are in lockstep; this is the most important thing …”

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Memorable Quotes & Moments

• Bannon’s Framing of War Policy (11:25):
  “He’s pretty adamant about, hey, we’ve been doing this for years. Nobody’s paid us, we’re never paid back. I think it’s a great argument now of reassessing the entire strategic situation.”
• Liz Hoffman on ‘Revolving Door’ (24:49): “It’s important to remember that it revolves both ways ... sometimes there’s really smart people in the private sector and we should get the benefit of their expertise in the public sector.”
• Chip Roy on Islamic Organizations (39:31):
  “The Muslim Brotherhood and care, those are just two very notorious examples ... they are waging war with our way of life, and we’re letting them hide behind the First Amendment. This isn’t about your belief system. This is about a political ideology designed to upend ... everything that we hold dear.”
• Roy on School Curriculum Battles (45:49): “We should not be teaching Islam or advancing Islam ... you gotta have an attorney general that’s going to stand up and defend our laws.”
• Mike Lindell’s Rallying Cry (53:07): “The president and I are in lockstep; this is the most important thing because everything comes from our elections. We have to pass this SAVE Act—it isn’t could we, can we, or will we—no, we have to.”

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Segment Timestamps (Highlights)

• Strait of Hormuz, Iran, and Allies: 03:10–11:25
• Israel, Lebanon, and Regional Alliances: 09:29–11:24
• Pentagon Recruits Wall Street (Liz Hoffman): 12:45–27:20
• Texas AG Race (Chip Roy): 29:12–48:29
• Election Integrity and the SAVE Act: 48:46–54:36

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Summary Takeaways

• U.S. military pressure on Iran is ongoing but complicated by international hesitation and the complexities of deterrence.
• There is mounting political rhetoric about demanding more from U.S. allies and perhaps redefining the American role in global security.
• A new, controversial breed of industrial policy is emerging, blending government power with private sector expertise—sparking debate about state capitalism.
• Texas politics reflect a hardening, culture war-infused approach to state security, immigration, and educational priorities, especially regarding Islam.
• The War Room explicitly calls for mobilization around election legislation, with voices like Mike Lindell emphasizing existential stakes for American democracy.

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For further information:

• Liz Hoffman: Semaphore Business, Compound Interest Podcast, Twitter @lizrhoffman
• Chip Roy: Website chiproy.com, Twitter/X @chiproytx
• Host/Show: More content at Real America’s Voice and iHeartPodcasts

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Note:
The episode included segments heavily focused on advertisements and promotions for sponsors/guests (all omitted from this summary per your instruction). Content was presented in the direct, combative, and occasionally conspiratorial tone characteristic of The War Room and its principal voices.

Transcript

[Stephen K. Bannon]

This is an iHeart podcast.

[Liz Hoffman]

Guaranteed Human.

[Stephen K. Bannon]

Hey, it's Bobby Bones. You know Eddie and I recently stopped by.

[Podcast Sponsor/Announcer]

Yeah, in Nashville. It's an incredible nonprofit empowering kids through music education. Thanks to Hyundai, we recorded a special

[Stephen K. Bannon]

podcast episode while we were there. How do you think learning an instrument helps kids with confidence?

[Liz Hoffman]

Learning an instrument allows them to discover a little bit further of who they are and be comfortable with it and then share a little bit about that with others. And if it's done in an environment that is celebrating and championing them, then that confidence can only go up.

[Stephen K. Bannon]

The full episode is out now, presented by the Hyundai Ioniq 9. To donate and learn more about Y

[Podcast Sponsor/Announcer]

mission, just visit yahrocks.org support for the show comes from Public, the investing platform for those who take it seriously. On Public, you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your thesis, not someone else's. Go to public.com podcast and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com podcast paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory services by Public Advisors llc. SEC Registered Advisor. Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures [e-mail] disclosures is we're trying to take some innovative steps to ensure that when we find criminal fraud, we can actually prosecute it all the way to the end.

[Donald Trump]

Mr. President, she wanted one question. She's over here and you guys are over there. Where's your main camera? Is it this one? Which one is the main camera? Okay, good. Nice center.

[Mike Lindell]

Good.

[Donald Trump]

I thought it was that one. Go ahead, Mr. President.

[Liz Hoffman]

Mayor. I was Daily Wired, not CNN. We just wanted to ask about DHS.

[Mike Lindell]

Still not funded.

[Liz Hoffman]

But we reported earlier today that 80% of the primary task force that focuses on investing in terrorism is working without pay. So should that impact terrible decisions?

[Donald Trump]

Terrible. The Democrats aren't paying the Democrats we have a deal. They just said we're not going to pay, we're not going to do anything. And it's terrible. The Democrats are terrible. You know, it'd be nice to get along, but for years this has been going on, not just with me, for years it's been going on. Different ideology, but also different tactics. Here we are, we're fighting big battles with a very tough enemy and winning nicely. And we're not allowed to have security in our country. It's crazy. The Democrats don't want to pay. These are bad people. These are not people that love our country, I can tell you that. Very sick people. Thank you very much, everybody.

[Liz Hoffman]

Thank you, sir.

[Chip Roy]

Thank you, guys.

[Mike Lindell]

Thank you.

[Liz Hoffman]

Press.

[Chip Roy]

Thanks for all the questions.

[Stephen K. Bannon]

Okay, right from the, right, from the Oval Office, the President, United States. Two press briefings today. Tons of news the President's making about the war, about our allies, et cetera. Here's what we gotta do. We've got a cold open. You're in the war room. It is Monday 16th March in the year over, our Lord 2026. We've got a great cold open for you, some great guests and we're absolutely packed for the next, I don't know, one hour and 55 minutes. Let's go ahead and let it rip in the cold. I'll be back with you in a couple of minutes. Iran is a deeply polarized society. It's not polarized. 50, 50, I would say it's probably polari. I don't think the regime has more than 20% popular support. But for dictatorships to survive, you don't worry about the breadth of your support. You need the ruthless devotion of a small minority. And this regime's, the ruthless devotion of the minority in Iran has been reawakened by this. And as they say, there's no factions in foxholes. You know, it's a regime fighting for its survival. It showed last January it's willing to kill tens of thousands of people to stay in power.

[Donald Trump]

And I think they're going to continue

[Stephen K. Bannon]

to have their fingers on the trigger for the foreseeable future.

[Chip Roy]

Now that you've announced that the US has destroyed all of Iran's mine laying ships, why can't the US just immediately reopen the Strait of Hormuz?

[Donald Trump]

Well, we could, but it takes two to tango. We have to get people to take their billion dollar ship and, and you know, drive it up. If, when, when Pepe has his big sugar ships coming around and they cost a billion dollars and we say, I think it's okay. Now, Pepe, take your ship, drive it through the Strait of Hermes. He may say, let me wait a little while, because it takes. It takes ship owners. And, you know, these ships are very expensive. They can cost up to $2 billion. So they don't want to take a chance that, gee, I think. I think you'll be okay. They got to know it so they don't have to set. You know, we don't know if they even set any minds, but the thought that they may have is enough to keep people from saying, we don't need it. Now we are pounding that area, that coast, as you know, left side. We're pounding it, like, really pounding it hard. And again, they may have no mindset. We hit every one of their mind droppers. They call it the mine layers, right? The ships, they're pretty sophisticated ships. Every one of them is gone, but it only takes one. So it's a little unfair. You know, you win a war, but they. They have no right to be doing what they're doing. But we're hitting them very hard, and today is a big day where we're pounding a certain area that has very much to do with the Strait. And I think we'll get it going very soon. In addition, we do have other nations coming in. You need people to watch and people to see. We have other nations coming in.

[Mike Lindell]

Look.

[Donald Trump]

Look what happened in the last two weeks. They weren't supposed to go after all these other countries in the Middle East. Those missiles were set to go after them. So they hit Qatar, Saudi Arabia, uae, Bahrain, Kuwait. Nobody expected that. We were shocked. Some are very enthusiastic, and some are less than enthusiastic. And I assume some will not do it. I think we have one or two that will not do it that we've been protecting for about 40 years at, you know, tens of billions of dollars. Mr. Speaker. So I'll. I'll be reporting that to you in the House and the Senate. And I'll say, why are we protecting countries that don't protect us? And I've always felt that was a weakness of NATO. We were going to protect them, but I always said, when in need, they won't protect us. Now this isn't needed. Need would be one of the big boys. But I will say that we built the greatest military in the world, and we protect people. And if we need their mine boats or if we need anything, any piece of apparatus that they may have because of a situation that they have, they should be jumping to help us because we've helped them for Years stay out of wars. Yep.

[Chip Roy]

If the United States is working to

[Stephen K. Bannon]

secure the Strait of Hormuz for the benefit of other countries like China and our allies.

[Chip Roy]

Allies aren't yet.

[Stephen K. Bannon]

Stepping up to your standard, is the

[Chip Roy]

United States getting back to being the world's policeman?

[Donald Trump]

Look, the United States should not be very much involved. They can on a certain basis. They've been doing it for a long time. But I've always said, I said, if you look back years ago, I said, why aren't we being reimbursed? You know, these are the richest countries in the world. Why aren't we being reimbursed for maintaining the hormones straight. And why are we being reimbursed for that? I've said that for years. You can. Look, go back. They reported on it yesterday. I've been saying. I've been saying a lot of things about the Straits. Number one, I said, it's the one advantage they have, but that's a suicidal advantage because they kill themselves more than they kill the rest of the world. And there are things you can do with time. There are other things you can do, but I think that. I think we're going to have the situation straighten out pretty quickly, and I think we're going to have some good help. And I think we're going to be disappointed in some nations, too. And I'll let you know who those nations are then.

[Stephen K. Bannon]

General Dan Kaine told the President in several briefings that US Officials long believed Iran would deploy mines, drones and missiles

[Liz Hoffman]

to close the strait, Quote.

[Stephen K. Bannon]

Trump acknowledged the risk, these people said,

[Chip Roy]

but moved forward, telling his team Tehran

[Stephen K. Bannon]

would likely capitulate before closing the strait.

[Liz Hoffman]

And even if Iran tried, the US military could handle it.

[Stephen K. Bannon]

Israel is expected to expand its ground

[Chip Roy]

offensive in southern Lebanon to go after Hezbollah.

[Stephen K. Bannon]

Have you discussed that with Israeli leaders?

[Chip Roy]

And does the United States support a

[Stephen K. Bannon]

potential Israeli invasion of Lebanon?

[Donald Trump]

Yeah, I know I did. And I know the Hezbollah is a problem. It's been a problem for a long time, not just now, and it's a certain area because I was with the other night a person whose parents live in Lebanon. This is a very substantial person, wealthy person whose parents live in Lebanon. I said, really? How do you live in Lebanon? Your parents are living. Oh, yeah, they live there. And over the years they've gotten used to the fact that it's being bombed, but they explained to me that it's really a different section of Lebanon. It's a section where Hezbollah is. And they get used to it, I guess. I don't know. I mean, People live in Ukraine. You would think they wouldn't live in Ukraine, but they live in Ukraine. I don't know that I do that, but they live in Ukraine, they live in Lebanon. Hezbollah is a big problem, and they're rapidly being eliminated. Lisa, do you think President Trump could

[Stephen K. Bannon]

declare victory and leave?

[Donald Trump]

What would that look like?

[Stephen K. Bannon]

This is the off ramp. I think so many in the business community hope he's going to take the

[Liz Hoffman]

problem is that there are two other actors here. So he can say we don't want to do this anymore, and the Iranians can say, well, then we've won. Or he could say we don't want to do this anymore, and the Israelis would say, well, we're not finished. So I think the problem for Washington is really how you work with the allies, obviously the Israelis and to some extent the Gulf states, and try and figure out a way that means you can tamp this down without giving the opportunity for the Iranian regime to say, they all chickened out.

[Donald Trump]

Yeah.

[Stephen K. Bannon]

Monday, 16 March, in our year of our Lord 2026, you're the first among equals as allies. The Israelis in the Gulf don't get to go cut their own strategic objectives and keep rolling if you decide it's over. President Trump makes a very compelling both in the morning and the afternoon makes an incredibly compelling argument that it's not our problem. I mean, he's pretty adamant about, hey, we've been doing this for years. Nobody's paid us, we're never paid back. I think it's a great argument now of reassessing the entire strategic situation in which we find ourselves. Let's bring in Liz Hoffman, Semaphore Business, and she's editor of Business and Finance and also the host of Compound Interest, the show, the podcast. Liz, I think we can actually maybe get a solution here on the asymmetric economic and finance warfare we should be fighting every day. Scott Besance showed us the way somewhat back in January. You had an exclusive report talking about, I guess it's an economic warfare unit that's being set up in the Department of War and they're staffing it with some of the most lethal people on earth. That would be investment bankers. Am I correct in reading your article that way?

[Liz Hoffman]

Well, you spent time at a former investment bank, so I will leave the characterization to you. But yes, the Pentagon is out with a headhunting pitch across Wall street looking for investment bankers, particularly those who have deep relationships with private equity firms whose clients are kind of the Blackstones and KKRS and Carlyle's of the world and trying to get them to come in house and build like a little investment banking unit that will go out and find deals for the Pentagon to do to companies to invest in, to take stakes in and then help kind of raise the money and marshal some private sector financing around it.

[Stephen K. Bannon]

This has been kind of controversial. I think the CIA has had a unit, I don't know if the Department of War, but I thought it was somehow associated either with a weapons lab or the Pentagon in some way. Haven't we had this as kind of a start? They were going to put up startup or angel round cash into nascent deals.

[Liz Hoffman]

Yeah, the CIA is at a venture firm about which we don't know that much for obvious reasons, but for a long time. And by the way, people on Wall street have gone into government for years of both parties, this one, for whatever reason in the moment, that it's landing into the kinds of deals that it's going to be doing and ultimately who its client is going to be, just the President of the United States feels a little more like, interestingly coded, I think. Certainly we had a lot of people on Wall street were in Doge, right. Tapped pretty heavily from particularly Silicon Valley venture tech bankers out in California, you know, but, but Gary Cohn went into the first Trump administration. You know, there are people who you'll remember from your days at Goldman, you know, for whom it was like a real act of public service. And this is being pitched really as kind of a once in a career opportunity. You know, the, the documents that I'd seen dangle, you know, correctly, that this is, it's $200 billion over the remainder of President Trump's term. And they kind of say this is this. Exactly. This is more money than you will deploy in your entire career. Which is, which is correct. It's not totally obvious to me where the money from this may be from the ndaa, from the military budget process. The Trump administration, also mostly in the Commerce Department and some other places, thinks it's going to get a couple hundred billion dollars, maybe a trillion dollars through these foreign trade deals to invest. And I think if you squint at it and kind of put the pieces together, it looks a little bit like the sovereign wealth fund that the President has said that he wants.

[Stephen K. Bannon]

Is this. We want to hold you through the break, but we got 60 seconds for short. Is this the beginning of really an official industrial policy? Because people say, hey, funding the Pentagon with over a trillion dollars is really the industrial policy of the United States is this just a fund that accelerates that.

[Liz Hoffman]

I mean, look, we've had real industrial policy for five or six years now, going back to the CHIPS act, the Biden administration, and it has become a bipartisan thing. This idea, as unpopular as the government picking winners and losers may be. And we could all go back and rem what an albatross Solyndra was for the Obama administration. It has become kind of bipartisan policy that we should be more thoughtful about how we're investing.

[Stephen K. Bannon]

Liz Hoffman from Semaphore broke a big exclusive. We're going to take a short commercial break. Chip Roy, running for the attorney general slot in Texas, is going to join us shortly. Short commercial break. Natasha Owens will take us out. We'll be back in the war room on the 17th day of the war in Iran next.

[Chip Roy]

I thank God you're not the boss.

[Liz Hoffman]

What about LA and Riley? It's Charlie too Hard to say.

[Stephen K. Bannon]

What about when you took your shot

[Chip Roy]

and the one you call K?

[Stephen K. Bannon]

Where is your song for justice?

[Podcast Sponsor/Announcer]

Where is Support for the show comes from Public, the investing platform for those who take it seriously. On Public, you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year. You can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your thesis, not someone else's. Go to public.com podcast and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com podcast paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete Disclosures available at public.comdisclosures hey, it's

[Stephen K. Bannon]

Bobby Bones from the Bobby Bones Show. You know, Eddie and I recently stopped by.

[Podcast Sponsor/Announcer]

Yeah, in Nashville. It's an incredible nonprofit empowering kids through music education. Thanks to Hyundai.

[Stephen K. Bannon]

We recorded a special podcast episode while we were there. Check it out.

[Podcast Sponsor/Announcer]

What's the dream for? Yeah, in the next few years we

[Liz Hoffman]

would love to have more consistent programming during the weekend. Our Rock Block program is dependent on funding venues that are available to host band based programming. We would love to extend the camp to a second consecutive week so that kids can go a little bit deeper into what they've created during the first week camp. And we'd love to expand our programming to offer more industry related skills like audio, lighting, production, recording so that kids can be on a track to see where what they may create with an instrument can lead, but also to welcome those that may not want to be on stage but lack the opportunity at school to have an entry point into music.

[Podcast Sponsor/Announcer]

The full episode is out now presented

[Stephen K. Bannon]

by the Hyundai Ioniq 9.

[Podcast Sponsor/Announcer]

To donate and learn more about yeah's mission just visit yarocks.org this episode is brought to you by Spreaker, the platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere. People listen. Apple podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show [e-mail] spreaker because if you're going to talk to yourself for an hour, you might as well publish it. Here's your host, Stephen K. Band.

[Stephen K. Bannon]

Liz, some people, you know, think that this particular we've now announced, I think the President's confirmed we're probably not going to go for a state visit to China for some time. But a lot of people are concerned that although we brought them into the World Trade Organization and we gave them most of your nation status, and at one time there was this big thought that they would be the manufacturing and we would bring them in with the lighthizer deal in May of 2019, they would fold into the economics, the economic order. Of course they tore that up and spit in our face. But a lot of people are quite concerned that instead of them becoming a liberal democracy and Jeffersonian Democrats that their form of state capitalism, we are starting to resemble that. And one of the ways we resemble that is using the Pentagon and a trillion dollar budget as our industrial policy. And that's why something like this makes people quite nervous and the overall $7.5 trillion, it doesn't seem that big a deal, but you put it in perspective, is that when they're trying to recruit people, they're telling them, you'll never have in your life the ability to deploy $200 billion of capital in a couple years. Has this industrial policy, do you think looking at it from a business reporter, finance reporter, has it worked out for us?

[Liz Hoffman]

I think it's early. Take for example the investment in Intel. When that popped, I remember thinking like, oh, guys, I don't know. But it did kind of what it was supposed to do, I think, which is private money came in behind it. It sort of put a floor under the price. It was a vote of confidence in the CEO was in a tough sp and a lot of private money followed. And stocks done well. Still real questions over their ability to manufacture really important chips domestically. The question is like, what are they doing right if they're giving money to things that the private markets couldn't otherwise finance? Like, okay, the government is typically a lender of last resort. Or how you think of it, it could be an investor of last resort. But then you worry like, okay, is this just adverse selection? Or if these deals that are good or promising technologies, the market would do that. There's a lot of money floating around out there. So then it's like, okay, is it trying to get a return for the taxpayer? Right. If we're going to be funding all of these things through the budget process, is it, you know, we were going to give a lot of money to intel through the CHIPS act. And the Trump administration said, well, actually we want some stock in exchange for that. Okay, I don't think as a taxpayer I'm going to get my cut of that in any way, but that's an alternative. But then the real question is, are they trying to influence day to day operations? And I think, you know, the Trump administration between the Department of Defense and the Department of Commerce probably stakes in like 12 or 15 companies now. And my understanding is they haven't really meddled that much. They've done a little meddling at US Steel where they have that kind of actually no economic interest, but this golden share, this kind of vote in the boardroom and that is, you know, it's a union issue, it's a labor issue that they feel strongly about. Okay, is it going to be telling intel what chips to make? If it's buying, you know, you could imagine it's going to buy some, whatever industrial coolant from Blackstone that turns out is like really critical because it's really efficient at cooling data centers, which is obviously being an AI that the Trump administration cares a lot about.

[Chip Roy]

Okay.

[Liz Hoffman]

Is it just providing a long term purchase agreement for that company that can now go out and finance itself in the market? That's like pretty fine and basic. Is it going to say you have to make this thing here? And here's, you know, he's talked a lot about invoking the Defense Production act in other situations and really, by the way, unrelated has massively lit a fire under defense contractors. Right. So what happens if the way that they're running their business doesn't pass musterve? I don't know. Yeah, I mean that's where I was.

[Stephen K. Bannon]

That was the come around they had with the CEO. The six CEOs came in the White House, I think Friday, Friday or Friday a week and got a come round. And I think they were implied. Hey, here's the defensive production. Either you guys step up or we're going to have to put Peter Navarro in charge. I think they're going to focus. The intel's not small, it's 10%. I'll talk later. The audience understands. I think the government shouldn't hold it. I think the government should distribute all those shares to taxpayers immediately. Last question. We're now in the asymmetric phase. The center of gravity of the war in Iran is not Tehran, but it's really the Persian Gulf with our allies, oil, the Strait of Hormuz was when the navy is going to be able to keep it open. Our allied navy is going to help us. But in asymmetric warfare is about economics. You got all the cash sitting in Dubai and the banks, you've got cash, they're monetizing the oil through the Chinese. I mean, there's so many things you can do. Do you see this as really a cover to get some of the smartest, best and the brightest like the CIA did after World War II, and get them into the Department of War as a economic warfare unit?

[Liz Hoffman]

I've never been as squeamish about the revolving door as some other people. And it's important to remember that it revolves both ways. Right. If you're going to care about, you know, what people do when they leave government, then, you know, the flip side of that is sometimes there's really smart people in the private sector and we should get the benefit of their expertise in the public sector. And one way to do that is to incentivize them to spend. And by the way, this pitch is like it was pitched explicitly. This is not a career change. This is come for two or three years, serve your country, do a lot of interesting stuff, make a lot of connections that you can then go monetize when you leave. Look, the U.S. government, the U.S. is obviously very good at fighting kinetic wars. We've learned that repeatedly. But it has just the deepest and most liquid capital markets in the world. And the kind of fracturing of the global order over the last couple of years has balkanized the global economy, but has made the US more central. I mean, the capital markets here are just incredibly, incredibly powerful. And if you're looking around for ways to pressure advantage, that's an obvious one. The flip side of that is we're really reliant on global energy flows. And there's been a lot of talk about, well, we are energy independent US Why is gas more expensive, you know, if we're not importing? And the answer is that it's a global market that is one place that just cannot be bullied. And so we're going to have to deal with the consequences of that. But, you know, we have a lot of money to invest. The US relative to other economies actually invests it relatively efficiently. We get a fair amount of GDP boost for our investment dollars. And you know, that exuberance on Wall street, the. Exactly. The companies whose clients, you know, the, the Pentagon now wants, you know, the bankers to their exuberance, their willingness to take risks, it gets us in trouble. But it is also the reason that, for example, we bounce back faster from 2008 and from COVID than Europe did because they rely on these banks that are sort of commercial banks, very stodgy. They don't have a lot of that capital markets investment DNA and it helps us pull our way out of recessions faster. It is obviously a competitive advantage globally.

[Mike Lindell]

Yeah.

[Stephen K. Bannon]

And those banks are all either have been state owned or just recently went public or have a history of being economic bureaucrats instead of capital markets.

[Liz Hoffman]

And they're very parochial and they stop at borders and it's a problem.

[Stephen K. Bannon]

Exactly. Liz, where do people follow your, where do they follow your reporting? Social media. And how do they get to compound interest?

[Liz Hoffman]

You can sign up for compound interest wherever you get your podcasts. Actually, our episode dropping this week is right on this topic. We spoke to the head of the American Dynamism Fund inside Andrew and Horowitz, the sort of America first defense investment fund. It's a super interesting conversation. You should all listen to it. You can sign up for semaphore [e-mail] I wrote a twice a week newsletter and I'm on Twitter at lizrhoffman.

[Stephen K. Bannon]

Thank you, ma'. Am. Great reporting.

[Liz Hoffman]

Thanks, Steve.

[Stephen K. Bannon]

Folks, load up on that. You got to use your agency. We got this is quite complicated. Not just this war, but what comes after. How do we get to the finish line and what comes after. More on that in the 6 o' clock hour. Joe Allen's going to join me about artificial intelligence. Nvidia announced I think a trillion dollars of backlog on high end chips for the next two years. That'll be a wake up call to people and President Trump sitting there today complaining about, I mean he was bringing up the facts but complaining about AI in this war. What some of the images coming out of the phony images coming out of Iraq.

[Chip Roy]

Okay.

[Stephen K. Bannon]

We're about to head into a quite complicated period over this week, maybe hopefully the next couple of weeks. In the Senate, one of the quarterbacks of all this, particularly related to the constitution and customs and traditions of the Hill, is now running in a runoff for the attorney Generalship of the great state of Texas. Chip Roy joins us. Chip, just take a second. I'm gonna hold you through the break, but just take a second. You're very close to Mike Lee. You and Andy Biggs, a handful of you guys are really the strict constitutionals. This is why you were on rules in the revolt against McCarthy. Where do we stand on this thing? How can you see from the House, how can you see this thing playing out over the next couple of days? Although obviously gonna be in the Senate, but you guys are gonna get a bill that comes back to you marked up or a bill that they sign off on your bill or nothing happens. Sir.

[Chip Roy]

Well, first of all, yeah, partnering with my, some of my best friends in Washington on this deal. Mike Lee, obviously in the Senate, Cleta Mitchell, who you know well, who appears on this show regularly, really, we've been partnering to advance the cause of the SAVE act and then ultimately the Save America act once we added to it voter id. Obviously the President, I think showing his great political instincts, wanted to try to package it in a more robust version, including the mail in ballots which we all support, and the issues involving boys being in girls bathrooms or playing in girls sports and transgender issues. So what you're going to see in the Senate is taking our Save America act, which we passed, taking it over the Senate. We passed it in a vehicle that makes it faster, that is it avoids the motion to proceed clojure vote. It's not technically a Motion to proceed when you're talking about a message, but that's nerd speak. Bottom line is to get on the bill, you can do it with a majority vote, not 60. We designed that in the House. This is all taken a long time to get structured. So you ask what's going to happen? It depends on the fortitude of senators to stay on the bill. So by proceeding to it, moving to this message, we're now going to be debating the topic. That's a good thing. That is a step forward. We're going to have amendments to address the other issues that we want to address. Bathroom sports and mail in ballots and transgender surgeries. So we'll process those amendments with a full tree. That's all. Again, nerd speak to say we will move some of those other issues. And then as this unfolds, we've got to keep the heat up and we've got to keep the heat, keep the heat up on Democrats but also on the weak Republicans who have been saying they don't support it. We're talking about McConnell, Murkowski, Tillis wavering and we're right on that cusp of 50 votes. The American people have to speak out loudly. If we do that, then the trick is to stay on the bill. You don't move off the bill until someone, the leader puts a motion to proceed to something else on the floor. We should say don't do that, stay on that bill. And I'm with my colleagues in the House. We're trying to put pressure in the House to say we're not going to move any other Senate priorities. We're not going to move anything else. Yeah, we process DHS funding, but we got to stay on the bill. That's the trick.

[Stephen K. Bannon]

Yeah, Chip, hang on for one second. Chip is running to be the attorney general of the jewel of the crown of the union, the great state of Texas, next in the world.

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[Stephen K. Bannon]

No.

[Donald Trump]

Oh, boy.

[Stephen K. Bannon]

Yeah, I know my golf swing is off today.

[Donald Trump]

It's just a lesson.

[Mike Lindell]

Who?

[Donald Trump]

Sit up, champ.

[Stephen K. Bannon]

Can't. I think I might have gotten away with something I shouldn't have. What the heck are you talking about?

[Chip Roy]

Okay.

[Stephen K. Bannon]

You see that brand new Hyundai Santa Fe over there? Yeah.

[Chip Roy]

Well, I only paid

[Podcast Sponsor/Announcer]

deals, so.

[Chip Roy]

Right.

[Podcast Sponsor/Announcer]

It almost feels wrong. Get the Hyundai you've always wanted plus America's best warranty at the Hyundai Getaway sales event.

[Stephen K. Bannon]

Finish that bucket of balls on your own.

[Podcast Sponsor/Announcer]

I gotta run.

[Stephen K. Bannon]

Those Santa Fe's come in green, right?

[Liz Hoffman]

Right.

[Podcast Sponsor/Announcer]

I love green.

[Chip Roy]

What?

[Mike Lindell]

No.

[Chip Roy]

What?

[Stephen K. Bannon]

To come back. I paid for the full hour.

[Podcast Sponsor/Announcer]

It's a great day for a new Hyundai at the Hyundai Getaway sales event.

[Chip Roy]

Going on now.

[Podcast Sponsor/Announcer]

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[Chip Roy]

Hurry.

[Podcast Sponsor/Announcer]

Offer ends March 31. Call 562-314-4603 for details. This episode is brought to you by Spreaker, the platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now. I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere. People listen. Apple podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show [e-mail] spreaker because if you're going to talk to yourself for an hour, you might as well publish it.

[Stephen K. Bannon]

We've got good news in Georgia I'm gonna get to in a second on the 2020 election fight in courts. I want to go To Chip Roy, running for the Attorney General in Texas. Explain to the audience. You know, we had your competitor on. Mays was on here a couple days ago and we asked him the same question. Just walk us through. Why are you doing this? What do you think the biggest issues are? What do you think's confronting the folks in the state of Texas? And what are you going to do about it?

[Chip Roy]

Yeah, Steve, I could have stayed in Congress and continued the fight up there as 1 435th of 1/2 of one third of the federal government. But there's a limit to what you can do as an executive in the state of Texas. You can lead. And frankly, right now, Texas needs leadership to carry us forward. We're under attack. We're under assault by radical leftist Marxists, by the Ren Collective, by all of the radical leftists and the Soros funding that are putting criminals on our streets, but most importantly of all, the advance of Islam in the state of Texas. With all due respect to Maze, I have no idea what he said on your show. I wouldn't have seen it. But he's never been a lawyer, he's never practiced, he's never prosecuted a bad guy, he's never been in court, he's never stood before a judge. He's never done a damn thing, Steve. Literally nothing except to use his granddaddy's money to buy power, to buy a seat, to pay to become a state rep, to pay to become a state senator. And frankly, I've devoted my entire life to the cause of freedom, whether it was as Ted Cruz's chief of staff, as a lawyer for Rick Perry, as the first assistant Attorney general, where I was filing important matters in court, as a federal prosecutor, where I was putting bad guys in jail, and now in Congress, where I've been leading the fight on every single issue and you know it. Right. With respect to the SAVE act spending, dealing with the border issue, HR2 leading the fight on every single front. Mays takes his granddaddy's money, goes on TV and spreads lies, says that I'm saddling up the transgender lobby because I dared to try to improve a bill, to try to figure out how to get it through the Senate and the logjam that it is so that we could actually get something done to stop these ridiculous and horrific transgender procedures. The bottom line is we need an actual proven fighter who will stand up and fight. And by the way, somebody who's independently minded, somebody who will stand up and do the right thing. And I think I've proven that over and over again. And if we do not win the battle of Islam, if we don't have a smart constitutional lawyer who can stand up and explain how this is a political ideology, that this is not a religion, this is not something that can hide behind the First Amendment. This is the Muslim Brotherhood laying out a precise plan to attack our state and our country. And they're doing it, and we're not doing anything about it. By the way, where the hell is Mae Middleton then as a state senator and state rep? What has he done in Austin to do anything to stop the continuation of the advancement of all of this? The fact is, I've been throwing my body in front of the train in Washington last year in the big beautiful village, trying to stop expansion of the SIV Afghani program, trying to stop the increase of legal immigration while also trying to halt illegal immigration. And we need a proven fighter who can stand up for Attorney General, get into court, defend Texas, go on offense, and if we're on the minority in the House and the Senate after this fall, and if, God forbid, we have a Democrat in the White House in 29, Texas will lead the Western. The defense of Western civilization. And you gotta have somebody with a proven pedigree to do it, not somebody who needs on the job training.

[Stephen K. Bannon]

You've seen this being a member of the Freedom Caucus, you've seen this over and over again in Washington, trying to move things about the established order, the financial and business interests, the business community, chamber of commerce, things like that, you know, And I would submit that in Ken Paxton's reign as Attorney General, he was fighting the business community and the vested interests as much as he was fighting radical Democrats. And he was fighting radical Democrats in the Biden regime. Every day as we went down, it kind of shifted the show down to Texas. I am stunned at how advanced this. This Islamic invasion of Texas. And that's why I'm so proud of the Prop 10. It is so much farther advanced. We've had Peter McIlveney come in from London a couple times. He says, hey, in the same time frame of how they came to London, it's much more advanced in Texas. And one of the reasons is people are making a lot of money on whether it's halal food or whether it's real estate deals, that they're paying a premium as Attorney General. I mean, it's just not terrorist groups like the Muslim Brotherhood in cair, which obviously you and the governor are going to have to figure out how to really, you know, implement them being terrorist organizations. What you're going to do. It's also now a business community that's making an awful lot of money and sees this as a whole new segment for the economy. How do you intend to. To take that on? If you really want to stop this invasion and then reverse it, you're going to have to do that. So, as Attorney General, you'll be the lead sled dog. What's your. What are your thoughts on that?

[Chip Roy]

Yeah, first of all, you get out publicly and you say it. I've done that, and I've done it many times over. In fact, CARE has been protesting my office because I've led legislation to take away their tax status. I led legislation to vet people for Sharia law. But you got to be willing to stand up and say it. And I did that on the House floor two years ago and farther back than that. In fact, the last substantive conversation I have with Charlie Kirk was on this very topic. But the biggest thing you can do as Attorney General, besides use the bully pulpit to, you know, make sure everybody's aware of it, is to use your power to open the books of these nonprofits and go look at The, I believe, 600 organizations operating in Texas. Amy Mack, our good friend who runs rare. Amy is a warrior for freedom, a patriot out there calling out all of the advancement of the Islamification of Texas and Sharia law and everything that's happening to undermine Western civilization. Amy's brilliant. I had one of her great folks testifying in my committee that I chair the subcommittee of the Constitution that I held a month ago on Sharia law. I've been leading on this issue for a long time, but you got to have somebody willing to do it and somebody willing to go open up the books, follow the money, figure out where you can cut the head of the snake off. Because the Muslim Brotherhood and care, those are just two very notorious examples. There are hundreds of examples of organizations funding this purposeful invasion. In fact, if you go look at the memo from 1991 of the Muslim Brotherhood, they literally talk about how it is a. Basically a quiet jihad, that they're saying that this takeover of North America, of America, of Texas, that is a quiet jihad that they're called to do. They are waging war with our way of life, and we're letting them hide behind the First Amendment. This isn't about your belief system. This is about a political ideology designed to uproot, upend, and destroy everything that we hold dear. Our Judeo Christian values, our laws, our Constitution, our declaration to be supplanted with Sharia, Islamic law, and the advancement of Islam in the west, we must stand athwart it and stop it. And if your goal is to undermine America, then you're my enemy and you need to be removed. And the Attorney General of Texas needs to be willing to say it, needs to have a track record of having done it, and then needs to do it.

[Stephen K. Bannon]

People talk about Epic City, but as we've been up in, in, you know, north of the Dallas Fort Worth of Mex Metroplex, you have a half a dozen things like this, maybe not the scale. How do you intend to stop that? Is this because you're going to force them into court to open their books and see who's financing it, who's partnering with them? Because if people think Epic City is, is, is one and done, they are wrong. These things are popping up all over. Maybe not at the scale of Epic City, but pretty close, sir.

[Chip Roy]

Yeah, first of all, yes, you have to go after Epic City, but it is to some degree, I don't want to say it's a shiny object. It's really important, but it's. It's kind of. Everybody's focus is on that. The fact is there's 300 plus mosques and growing in Texas, more being built in Texas every year than any other state in the union. That's a real problem. And go, let's go back to the corporate interest problem. Like, honestly, this is what really galls me is the state of Texas now for the better part of two decades post 9 11, you know, our country has allowed some 5 million people to be coming to come into the United States from majority Muslim countries. That is a federal issue from an immigration standpoint for sure. But let's not ignore the fact that Texas, Texas corporations, Texas government, Texas leaders generally, that Texas was saying, hey, bring all these people in for labor, we need folks to come in and then do H1BS, diversity visas, chain migration, and all of that was purposeful and it was designed to appease the corporate interests. That's one of the fundamental problems. Texas has too many, too much corporate interest coming in, trying to buy up our state, they're buying up our land, they're buying up our ranches, they're buying up our cattle, they're buying up our meat processing, they're buying up a lot of our businesses, but they're also trading with, you know, bringing people in who aren't Texans. And importantly, go back to my opponent for a second, they're trying to buy election. Like, my opponent spent $15 million of his own money against me running negative ads saying that I'm the devil and that I'm not nearly strong enough for the state of Texas. I raised every dollar that I've ever run on. And you know, my opponent's been doing this for years, buying the seat. Texas is not for sale. Texas should not be for sale. We need people here who have earned it. We need businesses here who are Texan. We need our land to stay with Texans. We need to stop Islam from marching into our state. We need to secure the border no matter who's in the White House. Because you get a Democrat in the White House in 2029, you better damn well have leadership in the state of Texas who will look to the administration, look to the world and say not a soul is coming across our river, declare it an invasion and do something about it. And I don't think we moved fast enough under Biden, my orcas. And God forbid we have a Democrat in 29, we gotta be ready to fight. And with all due respect to my opponent, he's never had to do a single thing in his life.

[Stephen K. Bannon]

Life. You know, we've had two members of the Texas Education Board on the show over last week about this, these hearings they've had and this effort of the Islamic, some of these Islamic entities, not for profits, to try to change Texas school books, Texas history and U.S. history. And of course, you know, Texas, because of the, the printing deals and just how much people think of Texas. It, it, it really, the way Texas education goes in school books changes, I think 26 states. And both of them said at the time, hey, The Democrats have 100% lined up with the Islamicists. But he said also there's a handful of these middle of the road Republicans are just afraid to step in the fray. What are you going to do as Attorney General? Let people know, hey, you can't be afraid here. You got to step into this fight. Because we could, folks, Texas is, this invasion in Texas is much farther down the road and the media has not covered it all, all in this education. These hearings are going to take place in April and these votes are paramount to turning this thing around. As Attorney General, what are you going to do to let people know that you got their back, that cares. Not going to be. I'll come and sue them and put them in bankruptcy and take them to court.

[Chip Roy]

Yeah. First of all, you got to expose all of it, every single bit of it. And that goes back to, of course, not just the non profits and the NGOs and exposing the flow of the dollars There, and then finding that. Finding out where they're in coordination with terrorists and shutting them down, but also tracking and following the dollars that you're talking about. Thank goodness we've got a comptroller coming in who I think is a warrior for freedom in Don Huff finds, I think, his comptroller, he's going to open up the books and look at the details. But you got to have somebody who's willing to take on the Austin swamp. For too long, the Austin swamp has had a stranglehold on where the real Texans are. And we've got to expose all of the money that's flowing. There is a corruption in the entirety of the education system, the amount of money that flows to developers to build fancy schools, and then they cut deals because their dollars are flowing to build the fancy schools. And then you got to make sure that, you know, certain communities are going to be taken care of. And this is where we get into the issues like you're describing. And we should not be teaching Islam or advancing Islam. We shouldn't have schools like Wiley where you've got burkas and the Quran being passed out. And you got to have an attorney general that's going to stand up and defend our laws. Fight to make sure we're using the Deceptive Trade Practices act, fight on constitutional grounds, fight to make sure that our zoning laws are being applied. Fight to make sure that we know where the dollars are flowing and if they're tied to terrorists, knock their knees out from under them. But also go to the legislature and be a voice as one of the statewide elected office holders. Be a voice to say, no more. Not on our watch. We're not gonna do this. And by the way, you've gotta have someone who understands the underpinnings of the Constitution, as chairman of the Subcommittee of the Constitution, as someone who's been on the House Judiciary Committee now for my time in Congress, I've got the background to be able to do that, but also the demonstration of the willingness to stand up and fight again. Where was everybody two years ago, when I went to the floor of the House, I made this pitch and I told people, this is a problem. And a lot of my colleagues kind of yawned. Now it's becoming more fashionable for people to jump aboard the train. And, you know, we. We founded the Sharia Free America Caucus, Keith Self and I. He's a great American. A bunch of my colleagues in the Freedom Caucus, a few not in the Freedom Caucus, have joined that effort. We're trying to shine the light on it, but we're still only around, I don't know, 55 members. I don't know what the latest count is, but, you know, like a quarter of the Republican conference. Where's the rest, right? I mean, and again, where are they in the legislature? We need more of that standing up and announcing this to the people of Texas. And as attorney general, I would do that. Follow the law, defend the Constitution, but stand up and say that Islam is not compatible with the West.

[Stephen K. Bannon]

Chip, hang on one second, one more break. I want people to know where to go to contribute to find out more, your social media, all of it.

[Chip Roy]

Short break.

[Stephen K. Bannon]

Chip Roy, on the other side,

[Podcast Sponsor/Announcer]

Here's your host, Stephen K. Banff.

[Stephen K. Bannon]

Chip, you've been one of the architects of this from the beginning. So we're about to start a journey, I don't know, tomorrow evening or maybe Wednesday about the Save America Act. Can you give us, before you bounce, can you give us some guidance

[Chip Roy]

that we're sitting here hoping that the Senate will move forward with an issue that is an 85% issue with voter ID, with citizenships, voting and then even the other things added mail in ballots and the other issues like trans and, and boys and girls, sport words. It's insane. Like, this is the problem with Republicans. I don't want to listen to Lisa Murkowski babbling about whatever she's saying about Alaska or Thom Tillis crying about whatever he's crying about on his way out of the Senate or Mitch McConnell. He can barely understand what he's saying. I'm a big defender of institutions. And by the way, this is important. If you think the filibuster should be saved to try to stop bad things in the future, then make them talk. Because if you keep an artificial fake 60 vote threshold, I promise you the filibuster will be nuked and then we'll end up getting a PAC, Supreme Court and D.C. statehood shoved down our throats. We need to stand up and fight right now, make people speak. And it's absurd that we're having to pull teeth to get these guys to put it on the floor. But look, we've made progress through the power of the people, through Scott Pressler, through Mike Lee, through Chip Roy, through Steve Bannon, through Cleta Mitchell and everybody who's been fighting, keep it up. Let's put pressure on the Senate. It let's drag them there kicking and screaming. Appreciate the support. If you want to support me. Chiproy.com on my website, on Twitter/x chiproytx c h I p r o y, T X. We've got to get this done. Everything is at stake for our kids and grandkids, and we got to get the SAVE act finished. We got to support the president. We got to finish the job. And then we need Texas to be strong. That's why I'm running for Attorney General.

[Stephen K. Bannon]

Yeah, I don't think. I think outside the grassroots and the grassroots leaders, I'm not sure people really understand the depth of where we are and how this is interconnected. So many things. I'd love to have you back on either at CPAC or after. We'll figure it out. To really take maybe an hour, get you on the six o' Clock show and break it all down. But Chip, thank you so much for joining us here in the world.

[Chip Roy]

All right. God bless, Steve. Keep it up.

[Stephen K. Bannon]

Thank you, sir. Thank you, sir. I'm going to have one tomorrow. The next day, one of the guys, I think from the Wharton Business Project that's talking about. We actually have $100 trillion of debt. Not the, not the 39 trillion you think. And it's a very sophisticated analysis about where we are, but that's connected to the highly leveraged nature we are. This is connected to the artificial intelligence Bet. We'll tie it all together for you here in the war room. That's one of the reasons we tell you go to birchgold.com, the end of the Dollar Empire. Look, I got my hard copy right here, man. Man, it's a beauty. End of the Dollar Empire 7. The first seven installments are in here, the Patriots edition. You go to birchgold.com promo code Bannon. Most importantly, talk to Philip Patrick and the team. Especially since economic warfare, geoeconomics come into fruition in the Persian Gulf, in the Strait of Hormuz, as the President says, hey, we shouldn't have to be doing this. The allies in NATO in Asia should be doing this and getting a little blowback. Like he said, not a lot are signing up. They're not saluting, let's say, when President Trump made the call. Understand why the dollar is the backbone of the world's financial system and why it's under a onslaught. Check it out today. Mike Lindell, I got you here. We want to talk about deals, but first off, you spent, I don't know, 50, 60, 70, $80 million, something like that, that trying to defend this country on election integrity. You've started so many. The, the big groups. You got Matt Mech at the coalition, got Steve Stern's going to be on the show tomorrow to talk about their big call that's going to happen on Wednesday. Just give me a minute as you sit here and we're having to move heaven and earth. We got, we got to get the war and posse, you got to get the Tea Party Patriots. Everybody's got to get to the ramparts your cause of America to put the proverial bayonet in these, you know, put this, put the sharpen in their back to move him along for action. I mean it's a sad situation. It has to happen. But as Chip Roy said, these are 80, 20 and President Trump couldn't be adamant. All day long he's been talking about the war and he's been talking about the SAVE act and he says he needs it and the country needs it. Your thoughts, sir?

[Mike Lindell]

Yeah, Steve, you know, for five years, yes, I probably 70, 80 or millions, I'm probably a good figure. That doesn't count all the lawfare against me. That's just putting money into every place there was fraud and to try and secure our elections and get to paper ballots, hand counting, same day voting, voter id, all these things that we have to have or our country's gone. The president and I are in lockstep, you guys, he knows this is the most important thing because everything comes from our elections. We have to pass this say back it isn't could we, can we or will we? No, we have to. There is no like you say, it's an 80 20, probably even 85, 15. And this is. Does this get rid of the machines to paper ballots and calling?

[Donald Trump]

No.

[Mike Lindell]

But this opens the door to finally getting our election secure. Which if you remember Steve, when I ran for RNC chair, the rnc, they passed a resolution that came out of that when I ran for paper ballots hand counted, no mail in vote or same day voting, voter ID and all this stuff was put in in the summer of 23. And you guys, this is, I can't stress the importance of the SAVE Act. Anybody you know, you got to get the word out there. If you know these centers, if you know anybody, this should be the number one thing talked about in the world right now. And, and that's where it's at. And I've everything we fought for comes down to this. Everybody

[Stephen K. Bannon]

talk, talk to me now about deals. That's what I want to hear.

[Mike Lindell]

Yeah. And you guys in this, you know if we, with my pillow, you know my pillow was attacked huge for this. And when we've, we've relocated now we moved into a new factory. We have three days left to move and we and you can help us out. All the product that we don't want to move twice. These big ticket items, our mattress toppers. Our mattresses. We have the honey 100% made in the USA. These are the best mattress toppers and mattress you will ever sleep on. It's a win, win at the lowest price ever with free shipping right to your front door. Remember, we passed savings of my pillow on to all of you when we were canceled by the box stores and attacked by lawfare. We've just passed the savings on to you so there's no middleman. And now you get the free shipping. It's a win, win, win. Go to mypillow.com forward/war room. The one thing we've done, all these products that were that we're going to go into box stores. Some of them are a couple years old now, but it's our whole line of clothing. We have, we've got slippers, you have shoes, moccasins, you name it. And we're closing them out for the war room posse so we don't have to move them up to 80 off. You guys get here now do all of your shop. And we have almost 300. I think it's 260 items you guys can get now with promo code war room. Let's clean out that factory. And we've got a. You got about four or five days left, you guys. Let's do it now. Promo code WAR800 873-1062. You get one of my, one of my family. We can. We're like a family here at my pillow and you guys have helped protect that family. Buy now with promo code war room. Thank you.

[Stephen K. Bannon]

Okay, Mike, we'll see you tomorrow morning. By the way, John Salma is going to be with us tomorrow. Headline on Justin News just broke. US Intelligence holds secret evidence China's access voter files as Senate ways election security act. Joe Allen. Next hour with Stephen K. Ban.

[Chip Roy]

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