The Warning with Steve Schmidt Steve Schmidt, Malcolm Nance & Ken Harbaugh on the US at war with Iran
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Feb 28, 2026 
Malcolm Nance, retired Navy senior chief and intelligence pro, offers counterterrorism and asymmetric warfare perspective. Ken Harbaugh, former Navy aviator and commentator, analyzes operational and political implications. They discuss sudden US strikes on Iran, questions about decision-making and legality, asymmetric responses Iran may use, risks to service members, and regional strategic fallout.
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War Begun Without Public Debate
- The US initiated strikes on Iran without congressional debate or public hearings.
- Steve Schmidt says the attack began with "a whimper of dissent and a mountain of indifference," marking a sudden entry into a new Middle East war.
Betting Spikes Suggest Insider Knowledge
- Prediction-market spikes minutes before the strikes indicate likely insider knowledge.
- Ken Harbaugh points to thousands of percent increases on Pali Market and Kalshi as evidence of insider trading tied to the White House.
Regime Change Aims Are Unrealistic
- Trump framed the campaign as regime change and destruction of Iran's missile and nuclear capabilities.
- Malcolm Nance calls those aims fantasy, noting Iran's size and that past claims of "obliteration" were false.