Name: WSJ Opinion: Does the U.S. Have Enough Missiles for War With Iran?
Uploaded: 2026-03-02T21:31:00Z
Duration: 13 min 41 s
Description: WSJ editorial board member Kate B. Odell speaks to Bradley Bowman of the Foundation for Defense of Democracies about the viability of the U.S. war plan in Iran.

https://www.barrons.com/client

Topics

Memberships

Tools

Customer Service

Network

Newsstand

For Business

For Education

For Advertisers

Account

About Barron's

bolded

unBolded

“We don’t see technology undermining our existence, we see technology helping us,” says Max Hollein, the CEO of the Metropolitan Museum of Art.

https://m.wsj.net/video/20260325/2a63586d-e782-4dc5-be2e-df80e32a8ed2/1/hls/manifest-hd-wifi.m3u8

Museums in the Age of AI

Max Hollein, the CEO of the Metropolitan Museum of Art, tells Barron’s Andy Serwer why more people are donating to museums and cultural institutions.

https://m.wsj.net/video/20260325/f1104bdd-a20a-46e0-917c-9292190d83a5/1/hls/manifest-hd-wifi.m3u8

The Changing Landscape of Philanthropy

Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

https://m.wsj.net/video/20260320/d4b49c1b-42b9-4eaa-b914-6f227f593d6c/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO Is Going All In on Gold

Max Hollein, the CEO of the Metropolitan Museum of Art, discusses philanthropy, artificial intelligence, museum security, and more.

https://m.wsj.net/video/20260319/1835a4d4-fe5e-422f-b02f-a35b4f6a7272/1/hls/manifest-hd-wifi.m3u8

This CEO Runs One of the Biggest Museums in the World

Jonathan Steinberg, founder and CEO of Wisdom Tree, sat down for an interview with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260312/4427cde3-1850-4fbf-92bc-ec8c7f47f1ae/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO on ETFs, IDing Macro Trends, and More

As remote and hybrid work continues, Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, tell Barron’s Andy Serwer how the firm is adapting to office design post-Covid.

https://m.wsj.net/video/20260310/9eee4aa4-a86b-4762-9860-8fe7dce15ef3/1/hls/manifest-hd-wifi.m3u8

Redesigning the Office As a Destination, Not an Obligation

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, discuss how their leadership model works for their company.

https://m.wsj.net/video/20260310/69de6812-eedd-4c37-8d4c-33823d11fd03/1/hls/manifest-hd-wifi.m3u8

Co-Leading and Collaborating at Gensler

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, sat down with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260306/da75551e-1f3b-4bb6-9d48-1d7eb40aee2a/1/hls/manifest-hd-wifi.m3u8

Gensler Co-CEOs on Nvidia, AI, and 'the 20-Minute City'

At Barron's

"Your 9-5...is just not going to do it," Nick Magguilli, personal finance expert, said on Barron's Streetwise podcast.

https://m.wsj.net/video/20251216/e6897805-d131-4cc4-9c59-ca03b0c0b958/1/hls/manifest-hd-wifi.m3u8

How to Scale Your Net Worth

TJ Thornton, Head of Global Research Product Marketing at BofA Securities, talks to Jack Hough about his favorite stocks outside of AI.

https://m.wsj.net/video/20251210/f9c1a95c-5a0e-4349-9fe4-73b3ac53bfb8/1/hls/manifest-hd-wifi.m3u8

BofA’s Favorite Non-AI Stocks

Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

https://m.wsj.net/video/20251210/8e164ff7-1500-4c2f-8713-e891c640a0f4/1/hls/manifest-hd-wifi.m3u8

Evaluating Investing Opportunities Beyond AI

Steve Quirk, chief brokerage officer at Robinhood, breaks down the value of tokenizing stocks in different markets.

https://m.wsj.net/video/20251126/f86d65ea-bd8b-4777-b6b0-80f7bb12027e/1/hls/manifest-hd-wifi.m3u8

Unpacking Tokenization for Everyday Investors

Jack Hough talks to Steve Quirk, chief brokerage officer at Robinhood, about trends in retail investing.

https://m.wsj.net/video/20251126/a9cbdcc6-f060-4fc9-a15e-396924e25946/1/hls/manifest-hd-wifi.m3u8

How Robinhood Reshaped the Trading Landscape for an Entire Generation

Streetwise host Jack Hough sat down with strategist Scott Wren to discuss how the AI-fueled market run stacks up against the dot-com boom.

https://m.wsj.net/video/20251111/bd2e1a5b-1a6e-4543-8133-dcc63f69b5dc/1/hls/manifest-hd-wifi.m3u8

AI vs. The Dot Com Bubble

Bank of America’s Haim Israel shares what’s next for Nuclear Energy development.

https://m.wsj.net/video/20250930/ab4fc336-af44-4af2-8e40-9ae6f04a445e/1/hls/manifest-hd-wifi.m3u8

The Outlook For Nuclear

Jack talks to Lyft CEO David Risher about growth potential in the company.

https://m.wsj.net/video/20250929/ae62b70e-912b-4ce7-ae63-1b2652628bae/1/hls/manifest-hd-wifi.m3u8

Lyft's Ride to Profit

The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

https://m.wsj.net/video/20250911/9c85e132-d710-4458-9467-aa69d4f25ae0/1/hls/manifest-hd-wifi.m3u8

Dividends and Capital Appreciation

Barron's Streetwise

“They don't want to wait for the advisor to hand them the performance report,” says Mollie Colavita, CEO of J.P. Morgan Advisors. “They want to consume on their terms and then have a conversation about it with you.”

https://m.wsj.net/video/20260310/eafd1ea2-90cf-4e84-89ec-38bf035de8c0/1/hls/manifest-hd-wifi.m3u8

Clients Want Direct Access to Information When They Want It

Interviews with top wealth management professionals about topics including compensation, hiring, marketing, next-gen, and more.

Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

https://m.wsj.net/video/20260311/f79ee94f-8475-4cea-97a7-5c3dcdc6ea53/2/hls/manifest-hd-wifi.m3u8

The Benefits of Having a ‘Personal Board of Directors’

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses the importance of financial advisors adopting a CEO mindset in their practice.

https://m.wsj.net/video/20260310/d371a9d3-65fe-414e-bade-5b3ed915d16d/1/hls/manifest-hd-wifi.m3u8

Why Advisors Should Think and Act Like a CEO

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses how new AI tools are being rapidly adopted by advisors, resulting in improved efficiency and enhanced client relationships.

https://m.wsj.net/video/20260310/595b6817-9225-4f9a-8ae8-b391eeed555b/1/hls/manifest-hd-wifi.m3u8

How AI Tools Can Help Streamline Advisor Workflows

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says that “listening to everybody’s ideas will help make the team great.”

https://m.wsj.net/video/20260224/400c8545-54da-42c8-89a5-e62f8d0ecf8d/1/hls/manifest-hd-wifi.m3u8

‘Leading With Empathy Is the Most Important Thing’

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, discusses activities that are not work related that encourage mingling and engagement across different roles.

https://m.wsj.net/video/20260224/2d52248b-c26d-45c4-b0bf-cf5786f9e9c2/1/hls/manifest-hd-wifi.m3u8

Ways to Foster a Friendlier and Fun Team Culture 

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says her team hosts activities, including nature walks for women, who often become friends and sometimes business partners.

https://m.wsj.net/video/20260224/743c8742-df59-4b75-8c6d-e272e7e366cb/2/hls/manifest-hd-wifi.m3u8

Be More Intentional About Business Development

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says COOs must ensure that compliance, human resources, business development, marketing, and team culture are all in sync.

https://m.wsj.net/video/20260224/f894db37-780d-4063-8455-46acc418d2ad/1/hls/manifest-hd-wifi.m3u8

How the COO Role Is Similar to Being an Orchestra Conductor

Nancy Daoud, CEO of Opus: Advice First, a private wealth advisory practice of Ameriprise Financial Services, says that alts have become “one of the most important components of portfolios in more recent years, probably in the last eight to 10 years.”

https://m.wsj.net/video/20260210/0f15cdfa-d2c2-466d-9a75-7f02d1b92ddb/1/hls/manifest-hd-wifi.m3u8

The Growing Importance of Alternative Investments

Barron's Advisor The Way Forward

A “willingness to roll up your sleeves and understand the issues that your clients are facing, not just from an investment perspective,” is common among the industry’s most successful, says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260319/318adb2f-a888-4f30-b182-c791e27f98ab/1/hls/manifest-hd-wifi.m3u8

Best Advice for Someone Considering Wealth Management as a Career

Kelly Gaur, a Mercer Advisors regional vice president, says she was drawn to working for a registered investment advisor partly because they generally offer a more personalized, modern approach to wealth management.

https://m.wsj.net/video/20260318/5575e9ca-0b48-4fb9-8e43-82aae1b3e3fc/1/hls/manifest-hd-wifi.m3u8

The Appeal of Working for an RIA

“The best client development professionals are those who have served clients in some capacity,” says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260318/c1638929-6b21-4573-9deb-4f78e1ffa1d7/1/hls/manifest-hd-wifi.m3u8

Client-Facing Experience Can Help Advance Your Career

The Mercer Advisors regional vice president discusses her business development role and tips for breaking into the industry and gaining valuable experience in a non-advisory capacity.

https://m.wsj.net/video/20260318/f2c2c9a5-cb67-4167-a48b-7fe4a9285615/1/hls/manifest-hd-wifi.m3u8

Kelly Gaur: Tips for Pursuing Non-Advisor Roles in Wealth Management

“You want to make sure that everybody's excited and prepared and that you're all pulling the rope in the same direction,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/20285ef5-c115-435f-9291-e4f2d5b166a9/1/hls/manifest-hd-wifi.m3u8

A Successful Transition Requires Honesty and a ‘Heavy Lift’

Young advisors considering a succession plan should maximize engagement with clients because “it can take a long time to gain that trust and build those relationships,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/236fdaa2-5acb-48e9-b16d-e20b58846487/1/hls/manifest-hd-wifi.m3u8

Succession Planning and Establishing Trust With Clients

The Carson Wealth managing director and wealth advisor says his decision to partner with the firm was driven by the need for increased capacity for holistic services and a clear succession plan for his retiring father.

https://m.wsj.net/video/20260305/33bb1217-c8be-4358-ba17-6238cbab6fa1/1/hls/manifest-hd-wifi.m3u8

Nate Fisher: Lessons Learned From a Successful Partnership

As trust grows, advisors tend to spend less time discussing investments and more time on clients’ families and well-being, says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/d2d3903a-994f-4ae7-82be-706929930b3d/1/hls/manifest-hd-wifi.m3u8

Trusted Advisors Focus Less on Investments, More on Clients' Lives 

Serving tech founders is a full-time, long-term effort that often requires significant upfront work before a successful, revenue-generating relationship is established, says Katie Partridge, a Morgan Stanley private wealth advisor.

https://m.wsj.net/video/20260219/abc63bad-4c7a-474b-b4a8-b4feae461375/1/hls/manifest-hd-wifi.m3u8

Landing Founders as Clients Requires Patience and Hard Work

Barron's Advisor Next Generation

The capture of Venezuela’s Nicolás Maduro and Middle East tensions are reshaping oil supply expectations. The U.S. is intervening in energy markets in decades-unseen ways. Experts break down what’s next for oil, gas and energy stocks.

https://m.wsj.net/video/20260212/9779ec13-602a-4a38-bb73-495ff464a24f/1/hls/manifest-hd-wifi.m3u8

Oil and Gas in a Volatile World

For the first time in decades, U.S. power demand is rising - driven by AI data centers, EVs and electrification. Utility and clean-energy stocks are climbing, but costly buildouts threaten affordability. We explore what’s next for the power trade.

https://m.wsj.net/video/20260212/81a81fdd-47b4-44f6-93d1-7597a7fab032/1/hls/manifest-hd-wifi.m3u8

The Gold Rush in Electricity

Will Nvidia and other technology companies keep powering the stock market in 2026? We'll speak with two veteran money managers about their views on tech and their favorite stocks for the coming year.

https://m.wsj.net/video/20251212/5683d7a0-ed1f-4e3c-b913-bb3367ea3abd/1/hls/manifest-hd-wifi.m3u8

Finding Bargains in a Pricey Market

Explore what could go right for investors, and what could go wrong, in a year that will see the AI trade evolve, the Fed's leadership change, and global competition for resources increase in this 2026 Outlook.

https://m.wsj.net/video/20251212/573f5954-c4ab-43e9-804d-f1ea93fbb70c/1/hls/manifest-hd-wifi.m3u8

Meeting the Challenge

Stocks are expensive, risks abound, and AI is about to change the world. Other than that, building a calamity-proof retirement portfolio should be a cinch. Tune in as two veteran money managers size up the markets and share their investment ideas.

https://m.wsj.net/video/20250211/17a5e7d6-7c36-44b0-a35e-bf5ac3a24194/1/hls/manifest-hd-wifi.m3u8

Saving for a Sunny Day

Research shows that people greatly underestimate the healthcare costs they’ll face in retirement. Learn from experts how to estimate those costs, prepare for potential long-term care needs, and manage healthcare expenses in retirement.

https://m.wsj.net/video/20250211/e7c022d9-badf-4e95-8e7c-0b6fce9f7823/1/hls/manifest-hd-wifi.m3u8

Are You Fiscally Fit?

Surging power demand, new energy sources, and growing competition have spurred the utility industry to become more innovative than ever before. Our panelists will unpack the changes afoot and explore what lies ahead for companies, customers, and investors.

https://m.wsj.net/video/20240917/001ea098-1fcc-4da5-9f0e-a3b149bbb2fb/1/hls/manifest-hd-wifi.m3u8

Not Your Father's Utility

Modernizing America's grid will take creativity and money -- lots of money. Learn how players across the power sector can achieve their electrification goals and serve new customers without breaking the bank for consumers.

https://m.wsj.net/video/20240917/bd6bd43a-bb07-4b7f-9d1c-6ae04220bea9/1/hls/manifest-hd-wifi.m3u8

Ready for a Revamp?

The launch this year of Bitcoin ETFs has made it easier for investors to buy and trade the cryptocurrency. But is that a wise move, and if so, how much crypto should you own?

https://m.wsj.net/video/20240529/cbb77f15-ef70-445d-85ae-5f02c24ea1ef/1/hls/manifest-hd-wifi.m3u8

Investing in Cryptocurrencies

Barron's Roundtable

Whether you're leading a transition, building a scalable team, or just trying to stay ahead of the curve, this episode will give you practical insights to lead smarter and grow stronger.

https://m.wsj.net/video/20251010/fd26d60b-d1e6-409b-b51b-101da4aaa368/1/hls/manifest-hd-wifi.m3u8

Next-Gen Leadership Meets Smart Innovation

Electric vehicles sales are growing but not at the pace some expected. Some would-be buyers worry about the range of EV charging, and others are swayed by politics. But innovators from Detroit to Silicon Valley still envision a dramatic shift in how we get around. What’s going on and what’s next?

https://m.wsj.net/video/20240603/5784fa60-791c-47ad-9740-42e4553de5c4/1/hls/manifest-hd-wifi.m3u8

Forces Shaping EV Adoption and the Future of Driving

Success in improving the power grid to accommodate the electricity demands of the future will be a boon for companies doing the work and utilities that succeed. Explore the investing risks and opportunities.

https://m.wsj.net/video/20240522/2b825c69-2687-4d88-923b-0c8f523a2f67/1/hls/manifest-hd-wifi.m3u8

How to Invest in Initiatives to Bolster the Power Grid

Joanna Rotenberg, Fidelity's president of personal investing, discusses ways to make investing more accessible and how to bolster your own financial security.

https://m.wsj.net/video/20231025/8ad733df-ac90-41fd-9655-7761b3e0532c/2/hls/manifest-hd-wifi.m3u8

Mind the Gap: Demystifying Investing

Reshma Kapadia sits down with Cozy Wittman of College Inside Track to discuss how to tackle all things college, from what admission officers are seeking today, to navigating the different ways to funding higher education and evaluating the ROIs.

https://m.wsj.net/video/20230515/b7229011-05cc-42ec-9c16-1d7752ec668d/1/hls/manifest-hd-wifi.m3u8

Decoding the College Search and Financing Puzzle

Nicole Webb, financial advisor and SVP at Wealth Enhancement Group, shares ways to navigate the real estate market this spring whether you are a first-time buyer, a retiree downsizing or someone who is relocating or looking for a second home.

https://m.wsj.net/video/20230424/93eb00e1-caf0-4e83-9fc7-b502a57dc546/1/hls/manifest-hd-wifi.m3u8

Pro Tips on Buying and Selling a Home

Reggie Fils-Aimé, former president and COO of Nintendo of America, joins Barron's deputy editor Alex Eule to discuss his unlikely rise to the top, and the risks he took once there to beat the odds and achieve success.

https://m.wsj.net/video/20220630/61e2296d-ab1a-4216-ae65-24676447c616/1/hls/manifest-hd-wifi.m3u8

How Nintendo's Former President Disrupted the Gaming Industry

2050 Wealth Planners co-CEO Lazetta Rainey Braxton, Sequoia Financial Planners vice president Elizabeth Scheiderer, and MoneyZen founder Manisha Thakor offer tips on how to prepare for recession, inflation, caregiving needs.

https://m.wsj.net/video/20220617/a71025ce-518b-49b9-b098-21417863f8ce/1/hls/manifest-hd-wifi.m3u8

Financial Advice for the Inflation-Weary

Families and advisors have a lot to navigate when it comes to generational wealth transfer. Add sustainable investing to the list. Examine strategies to help close the generational divide. From the Dow Jones Energy & Sustainability event series.

https://m.wsj.net/video/20230210/85cbf3f9-b5ab-4bfa-93c6-f8e8a247d386/1/hls/manifest-hd-wifi.m3u8

Sustainable Investing and the Wealth Transfer

Barron's Events

Level Up

Barron's Explains

Back to Business

Great Investors

MarketWatch

Video Center - Barron's home

WSJ editorial board member Kate B. Odell speaks to Bradley Bowman of the Foundation for Defense of Democracies about the viability of the U.S. war plan in Iran.

https://m.wsj.net/video/20260302/cc2594f5-3a92-4ad9-ae6b-5987a8b98d1f/1/hls/manifest-hd-wifi.m3u8

WSJ Opinion: Does the U.S. Have Enough Missiles for War With Iran?

We're covering every aspect of the US engagement in Iran this week, but there's really one element of it that I wanted to drill down and talk to you about. One of the arguments in the administration has been that we're going to run out of air defense interceptors, we don't have enough munitions for this, and we're really getting bogged down and distracted from our larger threats in Asia Pacific. So, I'm wondering, if you could walk me through, do you buy that argument and maybe explain how Iran is actually quite ensnared in our larger competition, for instance, with the Chinese Communist Party.

Let me start, maybe if I can, with the biggest picture and then zoom into your very specific and welcome question. The biggest picture being what you just said, and that is Iran's cooperation with other members of what we've been calling here at FDD, the Axis of Aggressors. It's my view that the United States confronts the most dangerous geostrategic moment we've seen since 1945. That's not my idea, that first came from the National Defense Strategy Commission a year and a half or so ago. One of the things that makes this geostrategic environment so dangerous is that our adversaries are cooperating in unprecedented ways. Again, don't take my word for it. Look at the testimony of General Caine, the Chairman of the Joint Chiefs of Staff, last summer. He said that we're seeing unprecedented cooperation between China, Russia, Iran, and North Korea, basically across all major domains of power. So I've been overseeing and leading, here at FDD, a 20-month or so research project, looking in just that. From January 1st, 2019 to December 31st, 2025, we documented 616 instances of security cooperation among those four adversaries across five categories of cooperation, weapons development, weapons proliferation, intel sharing, military exercise, and military exchanges. Pretty much everywhere we look, the slicky-boy move of the Chinese Communist Party is they're helping the other three, namely North Korea, Russia, and Iran, with dual-use support. And the reason they're doing that is they wanna help their Axis partners, our adversaries, our enemies. They want to hurt America and our partners and they wanna tangibly help their defense industrial bases and their means of their aggression, but they wanna avoid the consequences.

Can I ask you real quick about one specific example that we saw in the press recently, which was a potential deal to sell rather sophisticated anti-ship missiles to Iran from Beijing? I mean, this would pose a direct threat to US aircraft carriers and destroyers of Iran similar to kind of the larger threat where we've just... everyone's discussing in the Pacific to keep US assets out of the Pacific. So, is that one example of this growing coordination, where if we hit Iran a year or two years from now, where we might face a much tougher adversary and this really is an opening to pull apart that Axis a little bit?

Yes, yes, you know, so... Well, yes, in that there, I saw the news, we're still digging into that as details to confirm, but let's be clear. China's support for the Islamic Republic of Iran so far, other than buying Iranian oil, right, which provides the Islamic Republic of Iran the revenue by which they build their ballistic missiles, work on their nuclear programs, support terrorism, and oppress/murder the Iranian people, a lot of that is Chinese money paying for Iranian oil. The primary means that they've been supporting them is through this dual use. So if China crosses that threshold that you just described and goes from dual use to finished weapon systems, that would be a major step, a major significant step. They've hesitated to do that because they're afraid of American sanctions and they're afraid of European sanctions. And so, that's why up to this point, we haven't seen that, but here's the dynamic to understand. Everyone focuses how most of the Axis cooperations happen in the bilateral domains, not multilateral. And they say, "Therefore, it's not an axis." We could talk about that, but that misses the point, because Russia has been helping not only Iran's nuclear program for years, but they're also been helping, recently, Iran's space launch capabilities. And so Russia's support for Iran's space launch capabilities should matter to Americans because when Iran is able to put satellites in space, they're able to look at our bases more closely, they're able to conduct more precise attacks, which means more threats to our troops and our allies and partners.

Right, and I think you're painting a good picture here about how this web is all connected and we can't simply seal off regions of the world and deal with them on their own.

Yep, yes.

But I do think, you know, the Americans hear the argument, "Okay, well, we are running short on these air defense interceptors. We've used them, a lot of them, in Ukraine and in the Middle East." And you and I, I think, have both looked into that issue deeply and have been saying that the US needs to expand its production of these weapons to be prepared for whatever might come. I'm wondering if you can talk a little bit about THAAD interceptors and Patriot interceptors, which are definitely being called upon this week to take down Iranian incoming fire.

Yeah.

First of all, should our shortages of those weapons constrain us from striking Iran? And then, second, what's out there that we can do to increase production of these weapons in a relevant timeframe that isn't years and years away?

Absolutely. You're asking me about one of my favorite topics. I'll try to be concise. There's a nuanced picture here, and I'll try to answer your question. Let's start with THAAD. This is the concerning part. All this is truthful, this is the concerning part, and then I'll give you some of the reasons why I think the truth of what I'm about to say is being misused, misunderstood, or mischaracterized by some. So THAAD, what is THAAD? For your viewers, it's... THAAD, it's an acronym. It stands for Terminal High Altitude Area Defense System. America conducts air defense using a layered system, just as Israelis use a layered system. At the top tier of that system is THAAD, and it works with Patriot and then it works with other systems as part of that tiered US air missile defense structure. So, just some quick history in terms of Irani and ballistic missiles. So we saw the first direct war since 1979 between Israel and Iran in April of 2024. During that conflict, Iran launched approximately 120 ballistic missiles toward Israel. In October, they launched 200 ballistic missiles. In the 12-Day War, they launched more than 500. Are you seeing the trend? 120, 200, 500. And now, we are in this war, and we've passed that 500 ballistic missile mark in about two to three days. Not 12 days, two to three days. So, Iran is sprinting to increase their ballistic missile production capacity reconstituted after the 12-Day War, so that they can try to overwhelm American-Israeli air defenses. So, let's be clear on that. But now, let's talk specifically about THAAD. So they launched over 500 ballistic missiles during the 12-Day War, according to open-source unclassified reporting, that me and my colleague, Ryan Brobst, published in an op-ed last year when we called for urgently procuring more THAAD interceptors, unfortunately proving impression, if I do say so myself. We launched about 150 THAAD interceptors during the 12-Day War, 150. I'm telling you right now, not in the worst war of the 21st century against China in the first island chain. I'm talking about in a 12-day conflict with the Islamic Republic of Iran, the United States of America expended roughly a quarter of our THAAD interceptors. Now, if you're a patriotic American that thinks we're awesome like I am, you might say, "How the heck did we get to that point?" Did you know, do you and your viewers know, that in the fiscal year 2026, Trump administration budget request that they asked for only 25 THAAD interceptors? 25. I just told you that we used over 150 in the 12-Day War, and then you add reconciliation to that, it was 12. So a total of 37. Here's what makes that number extra frustrating, because I did our homework, as you'd expect me to, and you know what industry was capable of producing this year, fiscal year '26, they were capable of producing 96. So, we got problems in the United States. One of the problems is insufficient defense production capacity. One of the reasons for that and one of the main continuing problems is that the Pentagon consistently, across administrations of both parties, has failed to buy more. If you don't buy enough, the production capacity withers, your arsenals wither, and it's not there for you in a crisis. The good news, here's the good news, going to the good news, I try to be an optimist, is that since then, the Pentagon is part of the Arsenal of Freedom effort. They've put out contracts worth billions of dollars to buy more of these interceptors. And the people that pay the most for this lack of foresight are our service members who are standing between us and those who wanna hurt us. So those who would want to take these facts that I just laid out and say, "Well, you know, we shouldn't be going after Iran." Well, here's a problem. This is not some tangential concern. We're talking about the world's worst state sponsor of terrorism, refusing to relinquish its interest in nuclear weapons, working at least indirectly toward the eventual deployment of an ICBM, continuing to support terrorist groups, continuing to try to exterminate the world's only majority Jewish state, and has the blood of hundreds and hundreds of Americans on their hands. This is not someone else's concern, this is America's concern. And if you wanna weaken our adversaries and make it more Americans safe, you cannot ignore when the world's worst state sponsor of terrorism is refusing to relinquish its interest in nuclear weapons. Yes, we're gonna continue to expend air defense interceptors. Yes, we don't have enough. But no, I'm not concerned of running out of them in this war with Iran, but I am concerned about how depleted it will be when we're done and the degree to which we would be prepared for a worst-case scenario in the Baltics with Russia or in the first island chain in China. That is why we, as a country, should be spending more on defense and sprinting to procure the maximum quantity the industry can produce right now, demanding that they tell us plans for double tripling, quadrupling their production capacity and filled into those forces as quickly as possible.

To your point, we're leaving capacity on the table. But also, I mean, my reporting around Capitol Hill is that, you know, the Pentagon came to Congress with a late request for extra money for munitions, and some of it remains unfunded. So there's still more, we could still be making more of a sprint than we already are. I don't think there's enough appreciation for things like multi-year contracts, working more with allies and co-production, buying long lead time parts and books. I mean, there's a lot the United States could do to improve that picture. And my last thought is, too, just... You know, if our adversaries think that the United States isn't willing to use these, use these missiles, then the number in the cupboard is it doesn't matter. And so, this show, this willingness to accept risk for an important outcome in Iran seems to be also just an essential feature of deterrence.

So multi-year procurement, that was a focus of our Arsenal of Democracy Report. And so what we've had is an authorization by the Armed Services Committees to use multi-year procurement for munitions. But what we've also sometimes had are the appropriators who failed to appropriate the associated money.

Right.

And sometimes, as you know well, sometimes the reason is, is because the Pentagon can't show X percentage of savings. But just like, you know, you use Amazon Prime speed delivery to get something quickly because you need important, sometimes speed is more important than 2% cost savings. And so, that's my friendly message to the appropriators. A quick comment on the Precision Strike Missile, I talked about it's not just how many missiles they have and how many defense interceptors they have, it's how much we're taking out their missiles, their launchers, and the archers. And I just wanna highlight something kind of exciting and interesting. Me and a colleague in 2023 called for the deployment of the Precision Strike Missile. This is a ground launch system that is a replacement for the ATACMS that has deeper range. And so we call for the deployment of that into the Middle East so that we could target, hit more things in Iran. Well, according to analysis by others that we've confirmed, we've now seen the Precision Strike Missile used in these attacks against Iran. And that's really a good thing. One of the main reasons why I believe it's a wise investment, not charity, to support Ukraine is because I think Ukraine's fighting all members of the Axis and their interest... Their enemy is our enemy and their interests are our interest, broadly speaking. But also, because what happens, Ukraine matters in the Pacific. That's because deterrence, going to the point that we're making about Iran, is not hermetically sealed to one region or another. That why? That's because deterrence is based on perception, not your perception or mine, the perception of our adversaries. Perceptions of what? Perceptions of our military capabilities and our political will to use it. And if we have big muscles but aren't willing to throw a punch, then our muscles don't matter as much. And so if we're not willing to take the fight to Iran for the reasons we've described, then what do we think the Chinese Communist Party is gonna conclude about our willingness to deploy thousands of Americans to fight in the Pacific, to defend our interest and to defend Taiwan, thereby making the aggression more likely. So, what we do and don't do in Ukraine, what we do and don't do with Iran, affects decision-making in Beijing that can have war-and-peace, life-and-death consequences.