Given the headline-a-day approach of Donald Trump, it isn’t easy to understand what is happening on any particular day. The “shock and awe” approach confuses matters even further. Odds favor that this represents political pyrotechnics and brinkmanship, but one never knows with the President.

Underneath all the folderol and bluster is that the new administration has yet to settle on a set direction. Threatening to annex this or that seems to give the uncertainty away. With the continuing resolution negotiated by Speaker of the House Mike Johnson, Trump has yet to reveal any substantial legislation or programs. He has relied on executive orders and political theater. He does have Elon Musk gallivanting in various agencies, but even this act is beginning to fade. Instead of being the great assault on the administrative state, it is now labeled by some Trump allies, such as Jim Jordan and Kristi Noem, as a mere “audit.”

It is also a reflection of the conflicts within the ranks of MAGA. Populist campaigns are direct, passionate, and deliciously vague. Mostly it consists of sound and fury signifying nothing. But there are many different points of view in the Trump coalition. Stephen Bannon represents the Populist wing of MAGA, supporting tax cuts for the middle and lower classes rather than for those he describes as the “broligarchs” or the billionaires from Silicon Valley.

Bannon also is a protector of Social Security and Medicare. Although he could not deliver the millions of dollars for Trump as did Musk, he is the driving force behind MAGA. Bannon brings many strengths to any struggle between himself and his detractors. One is his unswerving loyalty to Trump. Unlike Charlie Kirk, director of Turning Point USA, he never considered Ron DeSantis as an acceptable alternative. Moreover, Bannon served four months in jail for a misdemeanor for refusing to accept a subpoena by a congressional committee investigating Trump. Bannon also served his time with honor, taking time to instruct fellow inmates in civics and writing. He does not lack in guile or courage. Given this steadfastness, he is critical of Musk whom he dismisses as a Johnny-come-lately. As well, Bannon labels Musk, and other Silicon Valley barons as “techno-feudalist.” But he is shrewd in agreeing with the Musk audit while trying to undermine the ambitions of his rival. Musk is a plutocratic version of Huey Long after Franklin D. Roosevelt assumed office in 1933.

As with Musk, Long attempted to cash in a favor rendered at the Democratic convention in the previous year. Trying to foist his Share Our Wealth Program on FDR, Long tried to convince the press he was decisive in his role as kingmaker. This eventually led to a political separation and finally an open feud. As with Roosevelt, Trump is second to no one and prefers Musk to be on tap and not on top. Bannon seems to understand this deeply having been dismissed in 2017 for allegedly trying to eclipse Trump.

This gives Bannon an edge over the whimsical Mr. Musk. Bannon is disciplined and savvy in the ways of what he calls “The Imperial Capital.” He can support traditional conservatives such as Russell Vought in the Office of Management and Budget, the populist Robert F. Kennedy Jr. for Health and Human Services, Tulsi Gabbard for Intelligence Director, and Kash Patel for FBI director. So far, Bannon is batting a thousand in his picks. If he wins, MAGA wins a complete victory over the old GOP.