He argues that the conjunction of people in the military who are directly engaged in defense establishment and the arms industry is new in American experience.
He says that we must "guard against the acquisition of unwarranted influence whether sought or unsought by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes."
The irony is that Eisenhower, a Republican, would be considered a leftist today or worse yet a paranoid crank like Ron Paul. His warning has not been heeded and the executive branch of the US, the president, now has power to deploy the military into armed conflict without explicit congressional approval or a formal declaration of war.