THE WAR ROOM WITH STEPHEN K. BANNON EPISODE #4908

Summary

Podcast Summary: THE WAR ROOM WITH STEPHEN K. BANNON EPISODE #4908

Podcast: Real America’s Voice — iHeartPodcasts
Date: November 6, 2025
Host: Steve Bannon
Featured Guests: Mike Davis, Jason Redding Quinones, Philip Patrick
Theme: Political accountability, lawfare investigations, the media’s role, economic instability, and the AI/tech sector bubble

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Overview

Episode #4908 of The War Room with Stephen K. Bannon delves into the latest developments in federal investigations linked to the Trump-Russia probe (Crossfire Hurricane), the indictment/subpoena of former CIA Director John Brennan, and the broader implications of “lawfare” tactics against MAGA figures. Bannon, with his guests, asserts that there is a concerted conspiracy within intelligence, legal, and media establishments against Donald Trump and his supporters, and celebrates what they see as a turning tide of legal accountability.

The episode also transitions to a scathing analysis of the current state of technology markets, particularly the perceived bubble in AI and how the American economic structure benefits corporate elites rather than everyday citizens. Discussions include critiques of government support for big tech, speculation around the role of central banks and gold, and a populist call for economic reformation.

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Key Discussion Points & Insights

1. John Brennan Investigation & “Lawfare”

• Context: News breaks about DOJ grand jury subpoenas connected to John Brennan and the intelligence community’s handling of the 2016 election, with connections drawn to broader efforts targeting Trump and his allies ([00:34]–[02:54]).
• Mike Davis' Perspective: Davis claims a years-long campaign to push for such a grand jury and sees the new moves as vindication for Trump-world, tying together Crossfire Hurricane, the January 6 prosecutions, and the Mar-a-Lago raid ([01:02], [05:54]).
• Media Criticism: Bannon and guests castigate MSNBC, Nicole Wallace, and particularly Andrew Weissman, accusing them of being complicit in a criminal conspiracy and of now “panicking” as the investigations turn ([04:19]–[08:47]).
• Notable Quote:
  • “This is the primal scream of a dying regime. Pray for our enemies because we’re going medieval on these people.” — Steve Bannon [04:19]
  • “If they think this is such a ludicrous legal theory, then they have nothing to worry about… I think they know what they did was the biggest scandal in American history.” — Mike Davis [05:54]
• Legal Mechanism: Davis says the same conspiracy statute (18 USC 241: conspiracy against rights) used against Trump and supporters will now be wielded against Democrats, media, and officials ([11:45]–[12:48]).
• Targeting the Media: Bannon describes how MSNBC and affiliated personalities will be part of the “reckoning” ([10:53], [11:45]), blending legal argument with broad accusations of media complicity.
• Mike Davis on Information: Clarifies public reporting around grand jury secrecy, takes a combative stance against media figures, and doubles down on plans for legal accountability ([09:28]–[12:48]).

2. Economic Turmoil, AI Bubble, & Populist Economics

• Market Instability: Commentary on falling NASDAQ and possible AI bubble, using OpenAI’s chief financial officer's remarks as an example of Big Tech’s overreach and entitlement ([14:19]–[18:32]).
• AI “Hype Cycle”: Bannon compares the current AI mania to the late-1990s dot-com bubble, suggesting that inflated expectations and overinvestments in tech reflect deeper structural economic weaknesses ([17:52]–[30:16]).
• Notable Quote:
  • “Most of the AI… AI hasn't been harnessed yet. AI stocks have run up so high… it’s like the dot com bubble.” — Steve Bannon [18:32+, summary through 30:16]
• Populist Critique: Bannon decries “crony capitalism,” noting that American citizens bear the risk (through bailouts/loan guarantees) but reap none of the rewards, calling for ordinary people to receive equity/share from government-backed ventures ([30:16]–[36:59]).
  • “We have a capitalist system with no capitalists. The tech bros aren’t capitalists, they’re corporatists, they’re oligarchs.” — Steve Bannon [34:44]
• Social Implications: He laments a generational “serfdom,” arguing that young people are denied access to genuine capitalism ([34:44]–[36:59]).

3. Capital Markets, Gold, and Central Bank Moves

• Guest Analysis:
  • Philip Patrick (Birch Gold) describes tech/AI valuations as entirely detached from economic fundamentals; sees the rise of speculative bubbles driven by excess liquidity and Federal Reserve policy ([36:59]–[39:52]).
  • Fiscal Dominance: Discussion of how debt service costs now drive Fed policy — “not growth, but insolvency” ([39:06]).
  • Central Banks Turning to Gold: Central bank gold purchases hit record levels, signaling concern for the dollar’s future and a global return to sound money ([39:52]–[41:44]).
• Notable Quotes:
  • “Every late-stage bubble needs a story… In the 90s it was the Internet; in the 2010s it was crypto; today it’s AI.” — Philip Patrick [36:59]
  • “We’re in an era now of fiscal dominance. Washington is trapped.” — Philip Patrick [39:06]
  • “Central bank money is the smartest money on the planet… They know this only ever goes one way and gold is the solution.” — Philip Patrick [41:24]

4. Tech Elites, AI, and Wealth Concentration

• Criticism of Elon Musk & AI Claims:
  • Bannon and Patrick lampoon claims about robotics (such as “Optimus” from Tesla) saving humanity as indicative of late-stage bubble rhetoric ([42:56]–[47:44]).
  • Bannon: “We are not giving financial advice here… We’re giving you examples of late-stage bubble-ism. When Elon gets his trillion dollar, remember… I want for every American citizen. If Elon can get it, why can’t you get it?” [42:56]
• Populist Ownership Proposal:
  • Bannon calls for ordinary Americans to have equity in major tech ventures supported by public money, framing it as a truly capitalist (not socialist, not Marxist) approach ([42:56]–[46:51]).
  • “Let’s get [young people] bought into the financial structure of the country. You can do that by reallocation. It’s simple. The government should have stakes in this.” [44:40]
• Market Warnings:
  • Warnings that tech and AI companies’ runaway valuations will end in a major correction; central banks, not ordinary citizens, are preparing for the fallout ([47:44]–[48:44]).

5. Closing Notes

• Economic Policy Outlook:
  • Bannon previews upcoming War Room discussions on tariffs/trade and energy policy, reiterating the need for “action, action, action” and encouraging engagement through their platforms and recommended gold investment resources ([48:44]–[49:44]).
• Memorable Sign-off:
  • “We’re trying to teach you how to fish, or better, have you teach yourself” — Steve Bannon [40:20]
  • “We need more people on our side of the football. We need more capitalists. One way to give them capital is not just better wages… Let's get them a little buy-in.” — Steve Bannon [44:40]

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Key Timestamps

[00:34] — DOJ subpoenas and the Brennan investigation
[01:02], [05:54] — Mike Davis on years-long push for investigation
[04:19] — Bannon’s “primal scream of a dying regime”
[11:45]–[12:48] — Statute 18 USC 241 and targeting media
[14:19]–[18:32] — AI bubble, economic turmoil, and tech sector hype
[34:44], [36:59] — Populist critique of capitalism/corporatism; young “serfs”
[36:59]–[41:44] — Economic bubble, central banks buying gold
[42:56]+ — Musk, “late-stage bubble-ism,” and populist calls for shared ownership
[48:44]+ — Pitch for learning about gold, closing remarks, previews

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Notable Quotes (with Timestamps & Attribution)

• “This is the primal scream of a dying regime. Pray for our enemies because we’re going medieval on these people.” — Steve Bannon [04:19]
• “If they think this is such a ludicrous legal theory, then they have nothing to worry about… I think they know what they did was the biggest scandal in American history.” — Mike Davis [05:54]
• “They know what they did was the biggest scandal in American history. They know that they’re going to be held accountable for that. And I think they’re starting to panic. And I think Andrew Weissman should lawyer up.” — Mike Davis [06:43]
• “We have a capitalist system with no capitalists. The tech bros aren’t capitalists, they’re corporatists, they’re oligarchs.” — Steve Bannon [34:44]
• “Every late-stage bubble needs a story… In the 90s it was the Internet; in the 2010s it was crypto; today it’s AI.” — Philip Patrick [36:59]
• “Washington is trapped. It needs cheap money to fund deficits. So the Fed’s going to be forced to print, not because of growth, but because of insolvency. And tech has become the liquidity sponge.” — Philip Patrick [39:06]
• “Central bank money is the smartest money on the planet… They know this only ever goes one way and gold is the solution.” — Philip Patrick [41:24]
• “Let’s get [young people] bought into the financial structure of the country. You can do that by reallocation. It’s simple. The government should have stakes in this.” — Steve Bannon [44:40]

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Tone & Language

The episode, in classic Bannon “War Room” fashion, is combative, conspiratorial, and populist. The tone swings between legalistic outrage (“lawfare” and conspiracy claims), mockery/sarcasm toward perceived political/media enemies, and economic populist advocacy. The hosts and guests use vivid metaphors (“primal scream of a dying regime”), direct insults, and rallying language designed to mobilize listeners.

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In Summary

This War Room episode crystallizes key narratives found throughout pro-Trump, populist right media:

• A framing of recent DOJ actions as long-awaited justice for years of alleged government-media collusion against Trump/MAGA
• A harsh populist critique of the economic status quo, particularly around the tech and AI sector, positioning ordinary Americans as the exploited “serfs” of corporate oligarchy
• A call for reform that gives everyday people actual stakes in the system (“capitalists with no capital”), especially in state-enabled industries
• Economic analysis that predicts a major reckoning in tech finance, a renewed focus on gold, and a return to sound money
• Throughout, the episode delivers memorable soundbites, pointed analysis, and a sense of mission — both in confronting enemies and galvanizing supporters for the battles ahead.

Transcript

[Steve Bannon]

This is an iHeart podcast.

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[News Anchor]

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[News Anchor]

The Justice Department is preparing to issue a series of grand jury subpoenas as part of an investigation into former CIA Director John Brennan and the intelligence community's handling of Russia's effort to help Trump get elected in 2016. President Trump, as well as the Jack Smith special counsel cases a lot there. MSNBC was first to report this news. The investigation is being supervised by the U.S. attorney in South Florida and also invol senior Justice Department staff from Washington.

[Jason Redding Quinones]

My good friends Jason Redding Quinones got confirmed as the U.S. attorney in the Southern District of Florida and Miami. And I've been calling for a criminal probe for the last three plus years since the Mar A Lago raid for a grand jury to investigate conspiracy against rights under 18 USC section 241. For these lawfare Democrats, how they politicized and weaponized intel agencies and law enforcement going back eight years to Crossfire Hurricane to take out Trump, his top aides like Steve Bannon, Peter Navarro, Jeff Clark as supporters on January 6th. I've been very publicly calling for that on your show and 5,000 other media hits for the last three years. There's now a special grand jury that the, that Jason just motioned the court and the Southern District of Florida to open in Fort Pierce that's going to be impaneled in January. I think that sounds like a great place to open up this grand jury on Crossfire Hurricane.

[News Anchor]

So I mean if you mix together Crossfire Hurricane January Six, the Russia attack on the US election in 2016, and I don't know what else was in there, you don't end up with with an indictment of a conspiracy. I mean these are three totally separate with predication that's all been investigated and corroborated and affirmed by some of Trump's current closest allies in his own cabinet serving in national security functions. But what strikes me there is he describes having to do 3,000 hits to arrive at this moment where an actual prosecutor working for Donald Trump is presenting evidence to a grand jury. That's not the way it's supposed to work.

[Legal Analyst]

So let's leave aside that this may be a violation of the grand jury secrecy, like how he knows that there is a grand jury that's been impaneled is not something that I think is supposed to be given to somebody who's not in law enforcement. But leave that aside. So let's just take the three pieces. So the Robert Mueller investigation led to innumerable cases where people were convicted either because they pled guilty or or because they were found guilty by a jury. January 6th led to hundreds and hundreds of convictions, again, either because people pled guilty or because they were found guilty. And that's in front of judges who are appointed by Democrats and Republicans, including judges who are appointed by Donald Trump and Mar? A Lago. That was approved. The search was approved by a judge. There was ample evidence. Even Judge Cannon rejected a motion that this was somehow improper and vindictive. And so it's hard to see how this is going to get off the ground when you have that record of this isn't just the Biden administration or prosecutors saying it, but you have juries and judges blessing each step of this.

[Steve Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Christians, I got a free shot. 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. And where do people like that go to share the big lie? MAGA Media I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved. War Room here's your host, Stephen K. Ban. It's Thursday the 6th of November. Your voter 2025. So a lot to get caught up with today. Let's start with the Viceroy, the great Benny Johnson. Viceroy had you on his show. You laid out the case as you've done so many times. And today, some realities hitting. Brennan's indicted MSNBC has finally awakened to the fact that you've been preaching this gospel for a while and you saw Nicole Wallace. Well, Holland, you've got Crossfire. Hurricane, you have 2020 election, you got J6. That's all separate events. And of course, Weisman, who's had 9,000 9,000 hits on MSNBC alone. He's got. Taking umbrage with your media strategy there, Viceroy. What do you got for us on this?

[Mike Davis]

Well, if they have. If they think this is such a ludicrous legal theory, then they have nothing to worry about. Like Andrew Weissman, who I would argue help participate in this criminal conspiracy, man, amen. Then they, they have nothing to worry about with, with, with any investigation of this. I. Why are they scared of accountability here if they've done nothing wrong or if it's a ludicrous legal theory? I think they know what they did was the biggest scandal in American history when they made up the Russian collusion hoax. They lied to the FISA court. They illegally spied on presidential candidate Donald Trump. They spied on President Donald Trump when they failed to use the Russian collusion hoax to stop him from winning in 2016. They tried to destroy his presidency. They impeached him twice. They rigged and stole the election. In 2020, they chased him out of office. And then when he was about to reveal Crossfire Hurricane as part of a civil lawsuit in the Southern District of Florida, a civil lawsuit from which Magistrate Judge Bruce Reinhardt had recused because of his 2017 Facebook post trashing Trump, then Jay Bratt and the Biden Justice Department went to that same magistrate judge six weeks later and did the Mar A Lago raid to get back these Crossfire Hurricane records. And that led to the lawfare. They know what they did was the biggest scandal in American history. They know that they're going to be held accountable for that. And I think they're starting to panic. And I think Andrew Weissman should lawyer up because he may not be the smartest guy to be out there talking about this case when he could be the target of the grand jury.

[Steve Bannon]

He was comms director for this whole thing. His hands in all of this. Okay. As are executives and producers at msnbc. Lawyer up. Why is the Brennan. Why is the Brennan thing today, the subpoena? Why is this such a big deal, sir?

[Mike Davis]

Well, let me just say this. Before we go to Brennan, let's just talk about Nicole Wallace. I actually worked with her in the Bush 43 White House, and she might be the dumbest human being I've ever interacted with in politics. I mean, she's, she's, she's like, stop on my Nicole.

[Steve Bannon]

I love Nicole Wallace at 4:00'. Clock. We watch it every day. Why are you picking on her?

[Mike Davis]

I hope that Nicole Wallace becomes the spokesperson for the resistance for the next four years because she has an IQ of about 75, and she's the perfect person. They can get Andrew Weissman up there with Nicole Wallace and make them the face defending this law.

[Steve Bannon]

Weissman's different. Weisman's different. He's a bad guy. She's just an innocent victim. She didn't know what she was doing when she was selling the Iraq War.

[Philip Patrick]

Right.

[Steve Bannon]

As a. As weapons of mass destruction. They're now very focused on you, Mike. So watch out. They're rolling hard. They see they're gonna Alinsky you. I can tell that already because now they're freaked out. They're freaked out because of Brennan. Brennan really made this real for them today in a way that Comey's the appetizer for. Comey did not, sir.

[Mike Davis]

Yeah, I mean, Comey was their useful idiots. Right. They found some no longer useful.

[Philip Patrick]

Right.

[Mike Davis]

With Brennan, he's actually one of the key operators behind all of this. And the Brennan ties directly to Obama, and I think that's what they fear. Right. So, look, I'm not confirming or denying anything. I would say this, that I think that NBC and these other outlets are overreporting. What I said. I never said that. This special grand jury that's set up in Fort Pierce for January is investigating Crossfire Hurricane. I said I had been pushing very, very, very hard for that to happen for over three years. And I'll continue to push very hard for that to happen. I would say to Andrew Weisman, when he's throwing up, throwing out Rule 60 on grand jury because he says that, how would Mike Davis know about this grand jury? I would tell Andrew Weisman, you should probably go look at the court's public docket, because the orders on the court's public docket. You clown. So, you know, maybe he had, you know, too many strawberry daiquiris for lunch again today, but, you know, with his umbrellas. No, no, Andrew. Sorry, buddy. It's a public document. So shove 60 right up your ass. But anyway, so justice is definitely coming for these law pair Democrats. They laughed about this before the election. They mocked us for three years. Let's see how much Andrew Weissman snickering over the next three. Over the next three years, when justice is being delivered.

[Steve Bannon]

You know, Mike, MSNBC is being turfed out of 30 Rock. They're leaving the building. They're sending them over to 43rd street near Times Square. They're taking the name away. And I can tell you the guys at NBC just want to be done with it. And they realize, I think huge investigation is going to Come in in the media part of this, Mike, as you know, was one of the strongest elements they had because every night they were leaking. You got Ken Delaney and the spokesman for the FBI. You got, you know, Weissman, the spokesman for the, for the Cabal. Every night they drove this with Rachel Maddow. They put out false information from Shifty Schiff. They lied. They knew they were lying. So MSNBC or Ms. Now, whatever you're going to be next week, you guys are up to your eyeballs in this thing and don't think people don't know that we've been talking about this and working behind the scenes for a long time on this one. Mike Davis, your thoughts?

[Mike Davis]

Well, I would say this, remember that 18 USC Section 241 conspiracy against rights is a very powerful criminal statutes. The it was passed after the Civil War to take down the Klan. Jack Smith, at the urging of Andrew Weissman and others used conspiracy against rights to go after President Trump, his copies supporters to take out maga. So they're going to get a healthy dose of their own Medicine on 18 U.S.C. section 241 conspiracy against rights. I call this the dead chicken strategy. If they want to hear the War Room Posse wants to Google that. And it could go after lawyers, it can go after reporters, it can go after judges. Anyone who conspires to violate the civil rights, the constitutional rights of Americans is subject to 18 USC Section 241, including reporters at MSNBC.

[Steve Bannon]

Mike, you're doing some great writing all around, but I want people to go to Article 3 to get all of it and also your social media. Where do they go?

[Mike Davis]

Article3project.org article number three projects.org you can follow us on social media, donate, but only what you can afford. But the War Room Posse superpower is action, action, action. And our action item for the next three years is to put these lawfare Democrats, especially Andrew Weissman in prison for conspiracy against rights.

[Steve Bannon]

The Viceroy. Thank you very much, Mike. I know you're busy today. Thanks for joining us by phone. Appreciate you always.

[Mike Davis]

Thank you sir.

[Steve Bannon]

Mike Davis, we didn't have time. I'll get to Mike. Hopefully not tomorrow. Monday. He was a, he was a clerk for he clerked for Gorsuch, knows Gorsuch very well. He managed the process of getting Gorsuch approved about yesterday's Supreme Court hearing. It begins the Brennan, the Brennan situation kind of kicks it off. Comey was just an appetizer with the because they were running out of time.

[Jason Redding Quinones]

Right.

[Steve Bannon]

The statute of limitations. Now it starts getting serious and I think you're gonna see some real momentum on this. And they got very serious people on this, and that's why they're so nervous over at msnbc. They're very concerned because they understand this thing's going to roll. It's going to roll hard.

[Jason Redding Quinones]

So.

[Steve Bannon]

And he also saw the judge, I think. Lighten up, Halligan, man. They hate Halligan. They hate her, which is a good sign. It's inverse. The more they hate them, the better, you know they are. Then you know they're getting stuff done when they're hating on folks, you understand that they're being effective. Okay, Philip. Patrick. A lot of turmoil in capital markets today. NASDAQ down, I think, 2%. Why is that, people? I don't know. I think there may be an AI bubble. Remember today, the very first segment I ripped on the chief financial officer of OpenAI that had the audacity to say, well, we really need government guarantees, loan guarantees. We borrow this money. And I said, hey, fine, you give us 50% of the equity for the American citizens. Spread it around. David Sachs comes out right afterwards. Oh, no, no, no, no, no, no, no. No guarantees, no nothing. He don't want any of that equity taken. Now, I got this idea. I think they ought to spread it out to everybody, every American citizen. A piece of the action. Just a piece, a taste. Just get your beak wet. AI on the retreat today on Wall Street. I can't bathe in America's heart.

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[Steve Bannon]

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[Steve Bannon]

Are you on Getter yet?

[Jason Redding Quinones]

No.

[Steve Bannon]

What are you waiting for?

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[Steve Bannon]

Download the Getter app right now. It's totally free. It's where I put up exclusively, all of my content 24 hours a day. Want to know what Steve Bannon is thinking? Go together.

[Jason Redding Quinones]

That's right.

[Steve Bannon]

You can follow all of your favorite.

[Jason Redding Quinones]

Steve Bannon, Charlie Kirk, Jack Posobi, and so many more.

[Ken]

Download the Getter app now, sign up.

[Steve Bannon]

For free and be part of the move.

[Ken]

Well, so John Brennan is one of the key figures in what really is a massive and sprawling investigation as envisioned down in South Florida. And the reason it's down there, and that's new, that that's we're reporting today that the U.S. attorney in South Florida is leading this investigation is because that's where the Mar A Lago search was. And so what they're trying to do here is knit together what they see as an ongoing conspiracy to violate Donald Trump's civil rights that began with the Russia investigation and continued on from Obama administration to Biden administration, and then somehow includes the Jack Smith investigations. It's this unified field theory of persecuting Donald Trump. And John Brennan, of course, was a central figure in the preparation of that 2017 assessment into Russian election interference. And of course, the FBI's Crossfire Hurricane investig. How this all shakes out, Katie, is anyone's guess because, you know, we've not seen any evidence connecting any of these things, let alone any wrongdoing. And in point of fact, as you well know, John Durham, the special counsel appointed in the Trump administration, looked exhaustively, particularly at the Russian interference assessment and at the FBI's Crossfire Hurricane investigation, and found no criminal wrongdoing by John Brennan or any other major figure. But here the Justice Department is trying to take another crack at this, as we.

[News Anchor]

I think what Ken has just postulated is maybe the most reasonable theory I have heard about how the Justice Department could prosecute this. And what I mean by reasonable is that by all accounts, John Brennan left government more than eight, nine years ago. Most of the crimes with which one could conceivably think of John Brennan even being remotely charged with would be time barred. The only way that the Department of Justice could potentially get around that is to charge this overarching conspiracy where the last thing done in furtherance of that conspiracy happened in relatively recent memory. Otherwise, if you were to just look.

[Steve Bannon]

At the facts, of course, yes, yes, lady, just watch War Room. We explained that nine months ago. You're just getting MSNBC's audience going to understand they ain't been paying attention. Better start paying attention. People at MSNBC are going to be indicted, no doubt going to be indicted, part of the conspiracy. And yes, John Brennan is part of the brains of the operation. This is how you go after the deep state. Not to structurally take it apart, but to make sure you put in high relief. Those that have been running these operations against President Trump and the MAGA movement and the country. And the country been at this too powerful for too long. They're about to get their comeuppance. They're going to be hiring attorneys and they're going to be spending millions of dollars and all of their life is going to be focused on this. Keep themselves out of prison. Bolton's going to prison. Comey's going to prison. Brennan's going to prison. Weissman's going to prison. McCabe's going to prison. I could go down the drum list. I got my cheat sheet. Sorry, guys. Trump came back. You never thought that would happen. You tried everything. Bankrupt him, put him in all these false charges, all these false felonies to put him in prison, I don't know, for 300 years, and then finally to try to assassinate him, to attempt to assassinate him. None of it worked. Okay, you remember this morning, this is one of my concerns, one of the reasons I signed this proclamation about getting our arms around AI. Right now they just had an analysis about on these earnings calls. So what happens every quarter? Every quarter, once every 90 days, essentially. Wall street, the CFO, the CEO, normally the chairman, come on in, the biggest research people that own the stocks and shareholders and the public and just listen in. They have an earnings call, they explain the quarterly reports. And they may get away from this system. They may do it semi annually, they may do it annually, but they get on every month and they every three months and they talk about what's going on. There's some stat out there that 50,000 mentions of AI. Every company now is talking about AI. You can see these commercials on TV. IBM's got a commercial they're walking through with the tech people. They're walking through the office with one of these faceless cubicle offices where unfortunately, most of the working public spend their time. They're going through these offices and they're talking to people in the accounting department, the information department, the cio, and they're trying to. And they go, well, is it really helping his productivity? Well, no, not really, but because our data is not all organized and just going on and on, they're very confusing. They make the point that AI hasn't been harnessed yet. And they're trying to tell the companies that are buying this, hey, maybe it's time now to try to think of a way to harness it. Most of the AI, at least now, and this is not to say that AI doesn't have tremendous, tremendous, tremendous potential. But the stocks have run up so high and it's Kind of they're in a virtuous circle. Somebody raises money on this high stock valuations and they buy equipment and then the equipment is given to another guy to service. And it's kind of difficult to understand if you're having double and triple accounting because the whole system and the way it's done is fairly obscure. And the people that are doing this are not really coming out and giving you a lot of pertinent information that can help you decipher and break it down. So that's a lot of top people, the top research analysts and others are trying to understand this and figure out if this is like the dot com bubble of the late 1990s, the mid to late 1990s, when you put dot com on anything and the stock just blew out and you'd have all these people on TV and they were talking essentially was gobbledygook. Didn't make any sense. But the stocks would be on fire. They could buy company, they could use the stock as an acquisition currency. You could buy other companies with it. Remember what it was, The Time Warner AOL was the worst transaction in, I think corporate history. We had Time Warner, this massive media company with all these legacy brands, Warner Brothers Studio, you had hbo, you had Time magazine, you had all the magazine, you know, half the magazines in the country. And they basically did a stock swap and bought it with AOL stock, which AOL shortly thereafter started to crash because people realized it didn't really have a economic model to really create value and make money over the long term. This is one of the concerns today. The one thing we do know, it is blowing out a lot of jobs. You're seeing the beginning of an AI jobs apocalypse. This is why I say it just can't be affordable. Affordability, don't get sucked into the trap. And a lot of people saying, you know, we're mimicking the words of what Ma' Am Domini and others kept talking about this affordability crisis. It's just not affordability. Affordability is about supply, demand, also about inflation, all of it. But you have another part of the equation which is really more in besant, in Trump's wheelhouse, which is growth. We made a bet, the big beautiful bill. You know, far be it from me to say it was just the politicians on Capitol Hill giving a tax break to the wealthy. Far be it for me to say that really the core of it was a supply side tax cut to get investment here, capital equipment and get this economy kick started. Post pandemic, the Chinese Communist Party bioweapon and the Biden, you know, the Biden disaster. So after what, five, six years of that, to get this thing kick started on a growth plan predicated upon the investment in capital, equipment, plant, all of it. That's what the supply side is about. My concern, as you look at it, is, are these stocks too frothy? And is one economic announcement between these companies just adding to the froth? And are they going to back on? Now, what you're also seeing is a. Because that CFO is a smart person, though. She says, oh, I didn't mean to say that. I was talking about creating an ecosystem of private equity and banks and, you know, some sort of government, I don't know, involvement. Yo, lady, you were talking about a loan guarantee by the. By the people of the United States. And this is what the. This is what the elites always do. This is what happened in the collapse in 2008. They always want to set up a system where they socialize the risk. Okay. And they keep the upside. Now, what do I mean by that? That sounds like kind of a fancy term. What they do is they want bailouts or guarantees backed by the full faith and credit of the United States. That would be you all shmendricks in this audience. That would be you. Like Pogo said, was it, we met the enemy and it is us. That's you. You're. You're. You're out of the room and out of the deal. But you're given a guarantee. You're given a guarantee. Just like you bail out all the elites in 2008. You're given a guarantee and what do you get? And they keep the upside. They got all the equity. So I said today, and David Sacks came in right after, says, oh, no, no, no, no, no, no, no, no, no, no, no, no, no, no. He's the czar. He's the czar. So the czar came out and said, no guarantees. Because all I had to do is mention one thing they don't want to talk about. Why the hell are we giving all this government support in creating this vector, creating this sector, right? Creating this sector that's created now trillions of dollars of publicly traded equity value. And the American people got nothing. Here's what you got. You got nothing. Zero. Why is that? That's not capitalism. This is corporatism. This is crony capitalism. This is state capitalism. It can't go on. It cannot go on. This system, I told you, you're going to get a couple things. You're going to get manjoni you know, Manjoni, Mangani. Manjoni. Okay. The guy is shot him. That guy. You're either going to get that. You're either going to get shot in the back, right, by some poster boy, by some fully ripped poster boy that they go gaga over, or you're going to get Zoran. You're going to get either the French Revolution economics and by the way, the DSA released today all their demands. You talk about you're picking on Tucker Carlson for anti Semitism. Look at the dsa. Where's the, where, where's the rjc? Where's Tel Aviv? Levin, since you didn't lift a finger to stop Zoran, of which I said two months ago the national conservatism here I gave the speech the issue for Israel and the Jews are not in Tehran, it is in New York City. They released the DSA comments today, which is the 50% of the apparatus getting elected. Pretty virulent. Pretty virulent. Not good people. Pretty virulent should be dealt with immediately. Short break.

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[Steve Bannon]

Downy rinse fights stubborn odors in just one wash. When impossible odors get stuck in war room. Here's your host, Stephen K. Banner. So the CFO came back and said she was just kidding. David Sack said, oh, we're never going to think about that. But they're trying to socialize it. She would never, she's, she's a brilliant woman. She's CFO of a, you know, a huge tech concern. They're floating it out there. They're just trying to get it out in the ether, right? Saying come back. Well, you know, we mentioned a while ago and of course the ccp, they're always going to revert back to that. You want to stop the CCP from competing. I got an idea to cut them off from capital, cut them off from technology. Don't let Jensen Huang the or Wang Jensen, the agent of influence by the Chinese Communist Party who wants to sell them the advanced chips in the worst way possible. And thank God President Trump said, no, we're not going to do that. And then he said in the, in the headlines that's blazing on the Financial Times of London, which I quote, china will win AI race with America Says Nvidia's chief. So that's not Steve Bannon beating on the guy. Say, why are you picking on him? Well, I'm picking on him because it's another guy over here like Zoran, the Ugandan, who is bound and determined to help destroy this country. Bound and determined to help destroy this country. And that may be okay for you and okay for me, not okay for me at all. And these people got to be called out. This AI thing is leading us not just to what they're doing in the labs, the frontier labs, the four or five frontier labs of driving totally unregulated.

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[Steve Bannon]

You have more regulation in Capitol Hill to open a nail salon or to have somebody braid your hair than you do on all of artificial intelligence. Let that set with you for a second. Working on some of the most dangerous technology. Huge potential upside. Don't get me wrong. Huge potential upside. Although I do think some of the upside is just hyped now. You're seeing big job layoffs. So they're going to have. They're going to have lower labor costs. There's no doubt about that. But what does that mean about really creating value, the creation of value? That's all to be seen, but this market's pretty frothy. I think the earnings like 41 times trailing 12 months or something. 41 times. That's a little high. That's a tad high. I think the historical is 15 or 16 times. This is a tad high. It's like right before the financial crash, the investment banks are leveraged up 25 to 1. They should be like a bank should be 4 to 1. Investment banks shouldn't be no more than 6, 7 to 1, max. Maybe even less than that. These are like 20 to 1, 25 to 1. That's what happened. That's why Goldman Sachs almost went bankrupt. They were over at Solomon Cromwell drafting up the bankruptcy documents when the Secretary of Treasury, Hank Paulson, a former Goldman pardoner, bailed him out. So Sachs comes out right away. We're not going to do it. You know why? Because. And we have to have a discussion about this. We got to get this out there. And the war room will do it. A piece of the action. You're not asking for a lot. You're not socialist. You're not asking for government control. The problem we have in this system, it's not a capitalist system because you bail out, you socialize, you bail them all out on government bailouts or loan guarantees or all this other stuff they got going on here. You know, they Got the corporate guys are back here with their hands out all the time. They want, you know, Marshall plans and they want the weapons labs turned over to them. They got their hands out all the time and they got their lobbyists putting a squeeze on people. Big league, constantly. But you mentioned something like, hey, how about this? How about something for the effort? How about like 50% of SpaceX and people Ben is trying to nationalize. Well, I would nationalize SpaceX but short of that because it's all government contracts, it's all just taken over NASA's launches, it's performing a function, it should be well paid for that function. And maybe even have an entity that makes them some money, some asset value, but not 100% of a company's $400 billion and they own it all. And you own nothing. No, no, no. The problem with the system, we have a capitalist system with no capitalists. We have a capitalist system with no capitalists. Those kids are coming to these, coming to these turning point things and lighting guys up. You know, whether last night it was, you know, Eric Trump. They're lighting up and they're lighting up Glenn Beck and you know, lighting up everybody. And just because they happen to be the hosts and not because it's Glenn Beck or Eric, it's just because they happen to be the hosts, they're lighting them up. These folks, these kids, the ones that voted the other day, they're Russian serfs. They don't own anything and they're not going to own anything. You're not going to have family for your grandparents had my dad and mom were, I don't know, married at like 18 or 19 and had five kids and my mom was a stay at home mom and he was a foreman for the phone company. Right. He could live on a live and have a great life. Not wealthy, but have a great life and I mean a great life and do it on one salary of a blue collar guy. These people got no shot on a couple of salaries. And the women are saying, hey, I'm not so sure about your economic potential, brother. So let me think about this one. And of course they've been, the young women been totally radicalized. You have a capitalist system and no capitalists. The tech bros aren't capitalists, they're corporatists, they're oligarchs. They said they want to have 100% of everything, have you pay for it and the devil catch the hindmost. That's what kind of. And they got this article out, the new MAGA Aristocrats Are you kidding me? Are you kidding me? You have a populist movement and you have a bunch of. Bunch of known guys who don't have nothing, done nothing in the world in their lives of raise some money around these narrow tech stocks, and all sudden they're going to come in, they're going to be the new aristocrats. That's what this country needs. Having done managed decline by the elites in this country, what we need. Here's what we need. A new aristocracy. Why didn't I think of that? That's what we need by a bunch of folks who never done anything in their lives, never been anywhere in their lives, never served the country, never served the military, never done anything in their lives. But they got a stock portfolio, some of these tech stocks of man, they're the geniuses. All people like this are geniuses. In an age of easy money, when the stock market, you bail them out all the time, we're going to see how genius they are when you get a little downturn. And I, I'm just saying it may not happen. I'm not a stock market predictor, but we've had a pretty good run even before the 2008 when I said, hey, let's. Let's dump everything and get out of this thing because it's getting a little edgy. Philip Patrick, my man, you've gone through a couple of three of these as an investment banker. I'm just feeling. I just feel it's so hyped, right. And you're not really seeing the results show up anywhere in any kind of earnings because it's very early, but that's why it's kind of overhyped. And now they're coming out and you can kind of see. Well, you know, we just want to, you know, the government's got to have a role here. It's got to have a role. Not to regulate you, to give you free money, to give you a loan guarantee. You notice they don't say, hey, could you come in and help us think through what's happening here and make sure that there's some guardrails so we're not creating a monster that eats the world? No, they ain't asking for that. No, they want that. They're not going to tolerate that. They don't want anything to do with that. No, no, no. Oh, the Chinese Communist Party. The Chinese. Hey, we can shut the fricking Chinese Communist Party down in a second. First off, you get the Nvidia guy, who's their salesman? He's itching he's all itchy now to get them chips to him. Hey, it doesn't matter if the Chinese come to be good. If the Chinese is going to be fair, it's going to be, are you nuts, dude? How dumb do you think the American people are? At least if you're going to, you're trying to hoodwick them, at least show them the respect to be sophisticated. Don't just sit there and go, oh, it doesn't matter if it's a Chinese company, the Chinese government, yeah, it matters a lot. Matters a lot. Philip Patrick. Sir, more than ever, gold is a hedge. Talk to me about a brother.

[Philip Patrick]

Gold is definitely a hedge. We're seeing that. But to touch on the. I think that it's clearly a bubble. And every late stage bubble needs a story. In the 90s it was the Internet. In the 2010s it was crypto. And today it's AI. But look at valuations across the entire sector. They are completely detached from fundamentals. Even chip makers now admit that they can't meet the unrealistic, unrealistic expectations being priced in. Companies are spending billions now on GPUs and data centers without any clear profit models in mind at all. Meanwhile, we're seeing energy and debt cost exploding. And these are two inputs that you cannot fake. What looks like economic growth is actually overinvestment at the top of the credit cycle. Look at the first half of this year. It was a great example. Expenditure or expenditure on AI related staff. Things like data centers contributed more to GDP than consumer spending, which during normal times is about 2/3 of GDP growth. But the big picture is the one that we talk about all the time, right? U.S. debt is now over 38 trillion, up more than $2 trillion this year. And the Fed's in a tough position. They can't raise rates, but they can't cut without reigniting inflation. We're in an era now of fiscal dominance. Washington is trapped. It needs cheap money to fund deficits. So the Fed's going to be forced to print, not because of growth, but because of insolvency. And tech has become the liquidity sponge, right? AI spending has become the last speculative outlet for cheap credit before it evaporates. You can think of this dot com.

[Steve Bannon]

Hang on, hang on. That is so good. We're going to hit rewind, go back to fiscal dominance. Just walk through and so you're right, it's a little bit of the trap. This is what I was trying to say this morning. Some of the structural elements of the American Economy and how it bolts into the world economy. Hit that. Hit that again.

[Philip Patrick]

For me, Philip, fiscal dominance is the position where it's when direct debt service is driving Fed policy, not. Not fundamentals. And like I said, it's not because of growth but because of insolvency. We're in a tough position and we're stuck in this loop. Like I said, there's a huge amount of excess liquidity out there and tech has become that liquidity sponge. It's like the dot com bubble of the 2020. And yeah, we're in a bad situation. And of course we've seen this in the past, right? When bubbles burst, liquidity flees to safety. Not into more paper claims, but into tangible stores of value. By the way, we got third quarter numbers for gold buying. It's a new record. Air.

[Steve Bannon]

Stop, stop, stop. No stop. From the central banks. It just came out.

[Philip Patrick]

Tell Central Bank's third quarter numbers. 634 tons in total for the first three quarters of this year. It was 220 tons in the third quarter. A 28% increase on the previous quarter which by the way was a record. They're stepping up significantly.

[Steve Bannon]

So about the central banks because the price has been off a little bit. But the central banks, the buying of fiscal gold because you've had. And folks, you gotta understand you're gonna get speculators in here. You're gonna. Because people are seeing there's a chance to easy money, right? And so you just got to kind of define. This is why I always send you over to Birchgold. End of the dollar empire. We're not here to sell you fish dinner. We're here to teach you how to fish or to have you even better teach yourself. Because the best things you learn as you go back and think about life is not something where somebody, somebody a college lecturer lectured you. It's where you really went, whether it's riding a bike or learning anything. Learning how to turn a double play. You have to learn it. You have to do it. You have to think about it. This is what we try to do with the folks at Birchgold is give you access to information that you could do that. Why is it important? I'm going to hold you through the break. Philip. Why is it an important indicator for the audience to understand about the central banks now buying? I don't know. Is this five quarters in a row of record rates of purchase, Sir?

[Philip Patrick]

I mean, listen, central bank money is the smartest money on the planet, right? They understand currency in a way that we do. Not. I think it's very clear. They're looking at our debt position. $38 trillion. We cannot get a handle on deficit spending. The debt's exploding and they know this only ever goes one way and gold is the solution.

[Steve Bannon]

Like I said.

[Philip Patrick]

I bring us back to that Nicholas Taleb interview a couple of months ago where he told the Bloomberg presenter the dollar is losing its global reserve currency. And what we're status, what we're seeing now is a reversion back to the norm. Gold sound money is becoming the norm for central bank holdings and this is a reversion to the rest of history. What we saw from the 80s, this experiment using government debt, it has clearly failed. This is a reverse.

[Steve Bannon]

Philip Patrick of Birch gold. Hang on. We're going to talk a little capital markets, current economics next in the war room Spread the word all through Hong Kong we will fight till they're all gone we rejoice when there's no more.

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[Steve Bannon]

Downy rinse Fights stubborn odors in just one wash when impossible odors get stuck in. As he talks about the future, here's what he said he believes is possible with a future with millions of Optimus robots in production. You know, people often talk about, like eliminating poverty, giving everyone amazing medical care. Well, there's actually only one way to do that and that's with the Optimus robot, with, with humanoid robots, you can actually give everyone amazing medical care. Not sure how we're going to get to that point, but that's what Elon Musk is talking about today at the Tesla shareholder meeting in Austin, Texas. One last note, Melissa. In terms of. Hang on. I can't take it anymore. You dub at a late stage. We are not giving financial advice here. I just want people to know that we're giving you examples of late stage bubbleism. When Elon gets his trillion dollar, remember so many things, the value, the company's got to go up like a hundred times when he gets his trillion dollar warrant package, which is what I want for every American citizen. If Elon can get it, why can't you get it? Hell, you're paying the bills the debt's being run up it's your dollar getting crushed the inflation's hitting you, why do you just get a little something for the action. It could even be. Some of it could be out of the money. American citizens first. It's a whole way to do this. People say it's impossible. No, it's not a dream. The things we talk about. It's not like it's the immutable laws of nature. It's not the second law of thermodynamics that this ownership has to be the ownership. Remember, we're not socialist, we're not Marxist, we're not communist. We're actually capitalist. The problem with our system is we don't have any capitalists. They got all these. They got all these interviews with kids and polls with kids and come back, these kids hate capitalism. They're all socialists. Well, hey, they never had a shot at capitalism. They're at the receiving end of corporatism. The Russian serfs. Did the Russian serfs sit there and did they love capitalism? No, they'd never seen it. And what they saw of it wasn't good. That's who these kids are. And you remember where the Russian serfs led to. That's the Bolsheviks. And that's what you got inthat's what you got in right now in New York City. I kept warning you at that National Conservative. I said, hey, ain't Tehran where your enemy is right now? Your enemy's in the streets of New York. Look at the dsa. Look at the Democratic Socialist Party. Look at DSA of what they want to do with Israel and Jewish people. Look at it. Check it out. We're in dangerous territory. We need more people on our side of the football. We need more capitalists. One way to give them capital is not just better wages. That's income. Let's get them a little buy in to the financial. Let's get them bought into the financial structure of the country. You can do that by reallocation. It's simple. The government should have stakes in this. These guys are grifting off you. They've socialized the risk. You're the sucker that's going to guarantee the loans. You're the sucker that's paying for all the. Everything that underpins it. While they put these little companies together and they make it a trillion dollars. It's all for them. No, it doesn't work like that. Philip. Patrick, now we're talking. And here's, here's Elon scam everything. Every time the reality of the actual operating income model of making automobiles becomes relevant. Day I don't think this company's gonna be worth $3 trillion. He then adds A.I. he throws it. Now it's robots. Robots are going to his pitch. Robots are going to save humanity. Philip, Patrick, you feeling good now?

[Philip Patrick]

Sorry, that was my mistake.

[Jason Redding Quinones]

Sorry.

[Philip Patrick]

That's never felt more underpaid than I do currently. But all joking aside, I think this is a clear signal that things have gone too far. Far. When Elon can ask his shareholders for a trillion dollar paycheck or when Sam Altman can say with a straight face that he needs one and a half or two trillion dollars for AI data centers, you know, money means nothing to these people, right? Things have gone way too far. But I mean, this is clearly late stage bubble ism, right? When everybody stops pretending money means anything, money's meaningless, you know, it's just an absolute disaster. It's cynical and just nonsense. But it's a reflection of.

[Steve Bannon]

Well, yeah, sorry, this, this is one. No, this is when the CNBC guy. Because remember, CNBC is supposed to be cheerleaders for these companies. That's where the companies. You notice the advertising is all from these companies or guys selling you stocks. So they're not going to sit there and tell you the downside when Elon makes the things. Well, medical. All medicine in the future is going to be robots. And they come back to. The guy's eyes are crossed. Well, he didn't exactly explain how that's going to happen, but he's just tossing it out there on the day they got to prove his. They got to approve his. His $1 trillion pay package. Philip, I want people to get to Birch Gold. I want them to learn how to work with you guys. Where do they go?

[Philip Patrick]

Very simple. Birchgold.com Bannon again. Birchgold.com Bannon get the information. A ton of good information. End of the dollar Empire reports how and why to invest in gold. It has never been more important than it is today. And then they can reach me on getterillipatrick.

[Steve Bannon]

Philip Patrick, thank you so much for joining us. Appreciate you. Appreciate all the work you're doing with Birch Gold.

[Philip Patrick]

Thank you for having me.

[Steve Bannon]

Steve, go over and learn. The other thing you do, you take. Just take your phone out. Text Bannon B A N N O N 989898. Get the ultimate guide. It shows you about the IRAs, 401ks, all of it. What they do is they flood the zone with information to make sure that you've got it so you can make rational decisions tomorrow. We've got a great 6 o' clock hour, so stick around. Tomorrow we're actually going to be going between Children's Health Defense also, if we can pull it off. I don't know if we can pull it off because he's going to be at a factory doing a factory tour. But the Secretary of Treasury, Scott Besson, one of our old colleagues here and one of the contributors to the war room, is going to be there and we're going to try to talk about this to both the big beautiful bill and the supply side tax cut to bring capital equipment here, manufacturing back here.

[Jason Redding Quinones]

Right.

[Steve Bannon]

The bed. Plus what's happening in the Supreme Court on the tariff and trade deal, plus the focus on affordability and bringing prices down. Particularly the key, remember, the key is to drive energy costs down by full spectrum energy dominance. Okay, stick around. Second hour is upon us. The right stuff's going to take us out. Want to thank the foams Home title lock right now. And remember, you're lucky enough to own a home. If you're lucky enough to own a home, make sure that every dream you have that's in that home does not turn to a nightmare. What do you do? Hometitlelock.com promo code Steve we were trying to have Natalie Dominguez on today. Didn't pull that off. Maybe tomorrow. Love her. She's done such a great job. Hometitleock.com, promo code Steve make sure that no rogue AI, cyber, a rogue attorney, lawyer, friend of the family, buddy of yours, maybe significant other can get their hands on that title and monetize it. No, no, no, no, no, no, no. That's only for you. Hometitleock.com, promo code Steve Short Break, back for the second hour. Next.

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