Bulwark Takes Podcast: "Scott Bessent Is LOSING IT!"

Host: Tim Miller & The Bulwark Team
Episode Date: October 16, 2025

Overview

This episode dives deep into alarming recent statements and actions by Treasury Secretary Scott Bessent, focusing on his rhetoric around "left-wing groups" following the assassination of Charlie Kirk. Host Tim Miller critiques Bessent's use of national-security style frameworks to justify targeting domestic political opponents, drawing chilling parallels to post-9/11 government overreach. The episode also highlights Bessent's questionable international financial moves—specifically a massive Argentina bailout. The tone is urgent, skeptical, and often incredulous, with Miller warning both left and right listeners about the dangers posed by these developments.

Key Discussion Points & Insights

1. Scott Bessent’s Rhetoric on Domestic Extremism

• Bessent’s Drastic Framing:
  • On the Charlie Kirk Show, Bessent likened Kirk’s assassination to a "domestic 9/11," suggesting Treasury would target the "financial networks" of "radical left organizations" (02:31).
• Tim Miller’s Dismay:
  • Miller finds this comparison "madness" and deeply un-American, emphasizing there’s no evidence of a larger left-wing conspiracy behind the murder (02:33–05:13).
  • Quote:

    "It is not a domestic 9/11, okay? And the fact that Scott Bessent is supposed to be the calm-headed one [...] and saying he’s going to use the powers of the Treasury Department to go after the bank records of people on the left under the auspices of some kind of war on domestic terror [...] There’s nothing, there’s no comparison." (05:13)

• Slippery Slope to Authoritarianism:
  • Miller warns this security state approach threatens freedoms for all Americans—reminding listeners of post-9/11 overreach, particularly against Muslims (04:21–04:24).
  • MAGA listeners are urged to oppose expanding federal powers they're now cheering for:

    "MAGA folks, I just encourage everybody to listen to this and say no, like this is not what you want. You do not want federal government declaring emergency powers to go after your bank account, okay?" (06:30)

2. The Content and Logic of Bessent’s Threats

• Describing Evidence-Free Surveillance:
  • Bessent claims Treasury is compiling lists of groups with "hundreds of the same umbrellas," "lasers for police," and unclear funding—drawing an ominous parallel to international terrorist financing (06:59–08:15).
  • Miller’s response:

    "The Treasury Secretary said [...] Charlie Kirk's death is like 9/11. And we're looking at groups that oppose the government [...] Those are the rantings of a madman." (08:17)

  • No actual evidence of group coordination or involvement is cited, only speculation.
• Explicit Targeting of Protest Movements:
  • On CNBC, Bessent claims the "No Kings" rally is the “farthest left, hardest core, the most unhinged in the Democratic Party” (10:11)—a bizarre description, as Miller points out these are peaceful, suburban protests (10:49–11:18).
  • Quote:

    "These are not violent. They're very nonviolent rallies. The one I went to in New Orleans was super peaceful and chill and very NPR tote baggish. Like this is. This person is out of touch." (11:04)

3. The Argentina Bailout Scandal

• Bessent’s Financial Maneuvering:
  • Miller reads Bessent’s quote about a $20-billion additional support line to Argentina, on top of currency swaps—totaling $40 billion—with private/sovereign fund involvement (12:10–12:36).
  • Miller questions the motivations and hints at corruption, suggesting ties to Bessent's associates in Argentina.
  • Quote:

    "What? Who wants this? There's a $20 billion bailout for Argentina. [...] I mean, the corruption here is insane. It is not America first, it goes against what MAGA wants." (12:36)

4. The Broader Threat: Corruption & Abuse of Power

• From “Reasonable” to Radical:
  • Miller underscores that Bessent was once considered a stabilizing voice in the administration. His shift to populist paranoia and questionable deals signals a major threat to governance and civil liberties (13:49–14:09).
  • Quote:

    "If the reasonable, relatively people in the administration are now fully on board for the corruption agenda, fully on board for this demagogic effort to target political foes using every lever [...] we're in for a rocky ride." (13:52)

Notable Quotes & Memorable Moments

• On the Kirk Assassination vs. 9/11:

  "Charlie's death is like a domestic 9/11." (Scott Bessent, 02:31)

• Miller’s Response:

  "It is not a domestic 9/11, okay? [...] There's no evidence was involved in any of those groups. It's lunacy. It is un-American we should all be worried about this." (05:13–05:52)

• On Government Overreach:

  "You do not want federal government declaring emergency powers to go after your bank account, okay?" (06:30)

• On Protesters:

  "These are not violent. They're very nonviolent rallies. The one I went to in New Orleans was super peaceful and chill and very NPR tote baggish." (11:04)

• On Treasury Overreach and Corruption:

  "If the reasonable, relatively people in the administration are now fully on board for the corruption agenda, fully on board for this demagogic effort to target political foes using every lever [...] we're in for a rocky ride." (13:52)

• On Bessent’s State of Mind:

  "Dude’s got to cool off and take a walk around the block and realize that there is not some cabal of people in this country coming for him." (09:16)

• Closing Appeal:

  "Scott Besant, take a breath, drink some tea, and let’s try to dial it back, because you’re losing your mind here. This stuff is cuckoo for Cocoa Puffs." (14:09)

Key Timestamps

• 01:59–02:31: Bessent equates Charlie Kirk’s assassination with 9/11.
• 06:23–06:45: Miller warns libertarian right and left about security state overreach.
• 08:15–09:16: Miller details Bessent’s “compiling lists” of political opponents.
• 10:07–11:18: Bessent’s remarks about the “No Kings” protest.
• 12:01–12:36: Miller shares Bessent’s Argentina bailout announcement.
• 13:52–14:09: Summary on the gravity of Bessent’s radicalization and the threat to American political norms.

Tone & Takeaways

• The episode is biting and urgent, mixing sarcasm with serious warnings.
• Bessent is portrayed as out of touch, power-drunk, and threatening to foundational American liberties and norms.
• Listeners are urged—across the political spectrum—to resist government overreach and question the motives behind seemingly populist rhetoric and massive financial deals.
• The Bulwark warns: if even the supposed moderates are acting this way, the country is heading “for a rocky ride.”