  The magnetic excitations of the iron pnictides are explained within a
degenerate double-exchange model. The local-moment spins are coupled by
superexchanges $J_1$ and $J_2$ between nearest and next-nearest neighbors,
respectively, and interact with the itinerant electrons of the degenerate
$d_{xz}$ and $d_{yz}$ orbitals via a ferromagnetic Hund exchange. The latter
stabilizes $(\pi,0)$ stripe antiferromagnetism due to emergent ferro-orbital
order and the resulting kinetic energy gain by hopping preferably along the
ferromagnetic spin direction. Taking the quantum nature of the spins into
account, we calculate the magnetic excitation spectra in the presence of both,
super- and double-exchange. A dramatic increase of the spin-wave energies at
the competing N\'eel ordering wave vector is found, in agreement with recent
neutron scattering data. The spectra are fitted to a spin-only model with a
strong spatial anisotropy and additional longer ranged couplings along the
ferromagnetic chains. Over a realistic parameter range, the effective couplings
along the chains are negative corresponding to unfrustrated stripe
antiferromagnetism.
