Trump’s Economy Implodes as MAGA World Spirals

Summary

Podcast Summary: Bulwark Takes - "Trump’s Economy Implodes as MAGA World Spirals"

Release Date: March 10, 2025

Hosts: Tim Miller and Sam Stein from The Bulwark

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Overview

In this episode of Bulwark Takes, hosts Tim Miller and Sam Stein delve into the alarming downturn of the U.S. economy under President Trump's administration. The discussion centers on the stock market's nosedive, the implications of Trump's economic policies, and the broader chaos engulfing the MAGA movement. Through incisive analysis and sharp critiques, the hosts explore how these developments are reshaping the economic landscape and affecting both businesses and consumers.

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Stock Market Crash and Recession Fears

The episode opens with a grim update on the stock market. Tim Miller references a CNBC headline illustrating the severity of the downturn:

Tim Miller [01:05]: "Dow tumbles nearly 900 points. Nasdaq suffers worst day since 2022 as recession fears erupt."

Sam Stein questions the authenticity of the accompanying imagery, highlighting the superficial portrayal of the crisis:

Sam Stein [01:37]: "You think that's a stock photo or is that fresh?"

Miller responds skeptically, emphasizing the real decline:

Tim Miller [01:40]: "It's off 9% from what was an all-time high in February. So you know, we’re not in the Great Depression era yet, but the chart's going down."

The hosts express concern over the rapid deterioration of the market, noting it’s moving faster than anticipated:

Sam Stein [03:18]: "This is quicker than I thought."

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Trump’s Economic Policies and Market Reaction

Tim Miller critiques the pent-up economic issues stemming from Trump's policies, particularly the imposition and removal of tariffs. He contrasts the stock market’s performance during Biden's presidency with the current turmoil:

Tim Miller [03:18]: "Joe Biden stock market, when Joe Biden left office on January 20, was really high and it had run really hot... there’s a long way to go down still."

Sam Stein counters by attributing the previous market highs to anticipation of Trump’s return, thereby labeling it the "Trump stock market":

Sam Stein [03:49]: "Everyone's just so excited about Trump coming back... That was actually the Trump stock market."

The discussion highlights the inconsistency and volatility introduced by Trump's economic maneuvers, particularly the erratic implementation of tariffs. Stein criticizes the administration's shifting narratives and inability to maintain economic stability:

Sam Stein [08:27]: "But it’s so illogical because if the tariffs were the panacea, then do the tariffs stop?"

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Impact on Businesses and Consumers

The hosts delve into the tangible effects of the economic policies on businesses and consumers. They discuss increased costs for goods, exemplified by the rising price of lumber and steel affecting the construction industry:

Tim Miller [09:47]: "They're talking, it's like, yeah, this is affecting their planning. ... A lot of this lumber and steel stuff that's coming from Canada, it's costing more right now."

Sam Stein illustrates the consumer impact with everyday examples, such as the scarcity and higher prices of avocados, highlighting broken promises of affordable goods:

Sam Stein [10:27]: "You were promised like goods. Price of goods coming down on day one. ... now they have to adjust and say there’s going to be some pain."

The discussion underscores the ripple effects of governmental policies on both businesses’ operational costs and consumers’ purchasing power.

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Tesla’s Stock Decline and Elon Musk’s Behavior

A significant portion of the episode focuses on Tesla’s dramatic stock decline and Elon Musk’s controversial behavior. The stock plummeted by over 50% from its peak, erasing nearly half of its value since January:

Sam Stein [12:07]: "The high of the stocks was 464.70. So it’s down half, half the price. More than half."

The hosts critique Musk's public rants and off-focus activities, which they argue have further destabilized investor confidence:

Tim Miller [11:11]: "Speaking of stocks go down, among the stocks going down, Tesla and oh boy, it's going down big."

They highlight specific instances of Musk's erratic behavior on social media, which have compounded the company's troubles:

Sam Stein [13:27]: "He's calling Mark Kelly a traitor to the country. And he's doing all this stuff that would, if anyone in our normal lives were ranting like this online, we'd be like, get a grip."

The segment emphasizes the detrimental impact of leadership instability on corporate performance and investor trust.

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Conclusion: A Challenging Economic Future

Wrapping up the discussion, Miller and Stein reflect on the uncertain economic future. They express skepticism about the administration's ability to navigate the ongoing crisis, citing the lack of a coherent economic strategy and the continuous backtracking on policies:

Tim Miller [09:27]: "They rhetorically back themselves into the corner where they're going to need to do it... there's more pain ahead because every time they kick the can, there's another round of pain."

Sam Stein underscores the gravity of the situation, noting that foundational economic data is yet to fully manifest the extent of the downturn:

Sam Stein [04:21]: "The data hasn't even like set in yet. What is the market reaction going to be when you see job losses in a month or when you see GDP flatlined, then it's going to be really bad."

The hosts convey a sense of urgency and concern, highlighting the need for effective governance to mitigate further economic decline.

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Notable Quotes

• Tim Miller [03:49]: "It is quicker than I've thought."
• Sam Stein [08:27]: "If the tariffs were the panacea, then do the tariffs stop?"
• Sam Stein [10:27]: "You were promised like goods. Price of goods coming down on day one. ... now they have to adjust and say there’s going to be some pain."
• Sam Stein [12:07]: "The high of the stocks was 464.70. So it’s down half, half the price. More than half."
• Sam Stein [13:27]: "He's calling Mark Kelly a traitor to the country."

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Final Thoughts

This episode of Bulwark Takes presents a critical examination of the current economic turmoil under Trump's leadership. Tim Miller and Sam Stein provide a comprehensive analysis of market dynamics, policy missteps, and their real-world implications. Through their incisive commentary, listeners gain a clear understanding of the factors contributing to the economic implosion and the challenges that lie ahead for the MAGA movement and the broader U.S. economy.

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For more insightful analyses and political commentary, subscribe to Bulwark Takes and stay informed on the latest developments shaping our world.

Transcript

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[Tim Miller]

Hey everybody, it's Tim Miller from the Bulwark, here with managing editor Sam Stein. You know, it's not a great sign when the Bulwark Channel turns into your weekday market update. If we've got to go over everything that's happening minute by minute on the stock market, I think it's a sign that things have gone awry. And boy have they. Here's the headline from CNBC. Dow tumbles nearly 900 points. Nasdaq suffers worst day since 2022 as recession fears erupt. A nice picture of a trader with his hand on his face.

[Sam Stein]

You think that's a stock photo or is that fresh?

[Tim Miller]

I believe that's a stock photo. No, it's a good, it's a classic stock photo. Yeah, but things are, things are ugly. If you look at the S and p, it's off 9% from the, the what was, what was an all time high in February. So you know, I mean it's not, we're not in, we're not in the Great Depression era yet, but the chart go down, I guess.

[Sam Stein]

Yeah, great.

[Tim Miller]

One thing to say.

[Sam Stein]

Yeah, but you know, I've been, as you know from internal socks, I've been reluctant to jump on market stories because markets go up and markets go down and you try not to over exaggerate one way or the other. But now we're, we're, it's, the trend's pretty clear. I mean the trend's pretty clear at this point. And it's funny in a way because so much of what is happening here as far As I read it, is that the markets, people who invest are like, wait a second, he wasn't joking about tariffs. Like, oh, my God. And like, wait, hold on, Elon Musk. And this, like, ketamine induced doge fest is like, not that well thought out and they may be cutting things indiscriminately. It's like, oh, my God, this is a lot of chaos. And we didn't think about that. And I just want to say I thought about it. I knew this might happen. I'm not like a genius and I don't pretend to be on, and maybe I should have invested monies and hedges or whatever the fuck, but, like, this was a pretty easy one to call. I got it.

[Tim Miller]

Yeah, same. I don't know, again, I would have expected to happen this quickly.

[Sam Stein]

No, this is. I will say it is quicker than I thought.

[Tim Miller]

It's quicker than it's been quicker than I thought. And I guess the other thing that's just worth saying in the interest of fairness, is like the, the Joe Biden stock market. I know that over on Fox they're trying to call this the Joe Biden recession, but the actual Joe Biden stock market, as in the stock market, when Joe Biden left office on January 20, was really high and it had run really hot. And so, like, we have. We can't. And the bad news for Trump and for everybody that's invested is like, there's a long way to go down still to kind of get back to where we were at the beginning of the Biden.

[Sam Stein]

A few points on that. A few points on that. Because, as you know, the reason the stock market was so goddamn hot and high for Biden is everyone's just so excited about Trump coming back. All right, let's be real here. That was actually the Trump stock market. And now that it's back, strange thing.

[Tim Miller]

The stock market went up when Biden was president because they were expecting Trump to become president. And then when he became president, then.

[Sam Stein]

They realized it was. Yes, because they realized that it actually was the Biden market. Like, oh, shit, we got diluted because of Trump. And now it's actually. No, it's fucking bullshit. It's ridiculous. And obviously, I mean, whatever, their spin is so ridiculous and transparently ridiculous. It's very evident that this is because of volatility, because of terror fears, because the fundamentals of the economy don't particularly look strong with Trump because you're seeing public sector layoffs, tens of thousands of jobs that will have profound private sector implications. And I think Your point is actually the last one is the most valid, which is this is not. We're not an inning seven, eight, nine, we're an inning one. And I was talking to someone pretty smart today about this stuff and they're like, look, the data hasn't even like set in yet. Like what is the market reaction going to be when you see job losses in a month or when you see gdp, you know, flatlined, then it's going to be really bad. That's when the stock market really turned bad. And so, you know, I, I hope that's not the case because I genuinely want the economy to do good, but there's nothing that's giving people, I do, I just don't want, I want to, I don't want people to suffer honestly. But there's nothing that's given me particular confidence that they have their shit together. And the reason I say that is because they don't have this together. You had over the weekend, Howard Lutnick being like, we're not going to have a recession. What are you talking about? I would never bet on recession. No chance. And then Trump's asked and he's like, yeah, we may have a recession. I can't rule it out. Are you expecting a recession this year?

[Tommy Tuberville]

I hate to predict things like that.

[Sam Stein]

It's like, well, someone's got to have.

[Tim Miller]

A playbook here, you know, Nobody has a playbook. And I mean putting a crypto scammer in charge of the Department of Commerce probably wasn't the best call. But we'll see. I gotta tell you, I'm yearning for the days of Mnuchin. I miss him like top of the top of the pops compared to the, the economic team Trump's got around him now. It's just a, the, I mean Hassett is a long time clown. JVL wrote a great column on this. If you go to the bullwork on the history of Kevin Hassett, he's always been a con best since everybody was saying good things about. But yeah, saying some really dumb things in his interviews speaking also they have.

[Sam Stein]

Him doing weird like going to like Ukraine and like, it's like just focus on this stuff, you know, like do.

[Tim Miller]

Do this, focus on stabilizing the economy. Speaking of dumb spin, just a few minutes ago, Tommy Tuberville, America's stupidest senator, was on with Larry Kudlow and was asked about the stock market and whether that he has any concerns.

[Sam Stein]

I want to see old ball coach.

[Howard Lutnick]

At the moment, the stock market seems to be in full fledged revolt about that Now, I have not spoken to the president. I don't know if he's watching the stock market about this or not. He paused the Canadian and the Mexican tariffs. But do you think there's an issue here? Do you think there's a messaging problem here? Do you think there's too much uncertainty here? What do you think about this story?

[Elon Musk]

Well, first of all, I don't think President Trump needs to be concerned about it. He doesn't need to look at it. He's our only chancellor. We're leaking oil. This country is leaking oil. We're leaking money. Four years I've been here. It's been going out the door. We've found out now where a lot of the money is going. We'll continue to find that out. But again, at the end of the day, President Trump has told people there's going to be a little bit of pain with this. And there is. That's fine. You know, the stock market's going up and down before it'll come back. But when we start doing these tariffs somewhere around 1st of April, where everybody's got to be on the same level, I think it'll start leveling out and we'll build the country back. We have no chance unless he does tariffs and holds people accountable to what's been going on.

[Tim Miller]

There gonna be some pain here. There gonna be some pain, Sam. I don't remember that during the campaign. There's gonna be some pain. Was that, is that in any of the ads that they did when you're.

[Sam Stein]

Like, when you run the ball, the middle.

[Tim Miller]

Yeah, middle linebacker. Linebacker. And again. But the other thing that is, I think, noteworthy about that clip and Trump last night, I don't know if you saw this on Air Force One either. I did a great gaggle.

[Sam Stein]

Are you worried about a recession? Maria Martiromo asked you, and you kind of hesitated.

[Tommy Tuberville]

I'll tell you what. Of course you hesitate. Who knows is this we're going to take in hundreds of billions of dollars in tariffs and we're going to become so rich you're not going to know where to spend all that money. I'm telling you, you just watch. We're going to have jobs, we're going to have open factories. It's going to be great.

[Tim Miller]

And the plane is landing and, and it's like. And he was asked about the same question about the recessions and stuff. And both him and Tuberville are going, are playing to the April tariffs as the thing that's going to help the economy. They'll like, we need to get these tariffs into place. That's when real, that's when the money's going to come in. That's when things are going to go cha ching so well.

[Sam Stein]

I mean, it's so illogical because if the terrorists were the panacea, then do the tariffs stop? You know, don't keep lifting them. Like, if they're this great gateway to the golden age of our economy, then put them in place and live with the consequences, buddy. Stop lifting them. But clearly they're not because Trump lifts them every single time. And as you know, I'm always taking the under and I'm pretty good right now on my record.

[Tim Miller]

Pretty good right now. I'm feeling good about myself long term.

[Sam Stein]

Okay, fine, we'll see.

[Tim Miller]

We'll see. My point is they rhetorically back themselves into the corner where they're going to need to do it. I guess my point is even if you keep being right, like, there's more pain ahead because every time they kick the can, there's another round of pain because you have. Yeah.

[Sam Stein]

And we're like, yeah. And at some point the, the markets I guess will be like, this is just, you know, we're not gonna swing.

[Tim Miller]

I guess, but there's real impacts. And I was messing with somebody that just does some cross border Canadian, you know, has a business, does cross border Canadian.

[Sam Stein]

Your fentanyl guy.

[Tim Miller]

No, he's not. He's not my fentanyl man. You know, they're talking, it's like, yeah, this is affecting their planning. Yeah. They don't know, of course, happening. Right. Like, and we're in building season. It's the spring now in America. And so, you know, a lot of this lumber and steel stuff that's coming from Canada, it's costing more right now. So it's going to make building more expensive.

[Sam Stein]

I have a fridge full of avocados that I just. You've been stashing that in stashing.

[Tim Miller]

And they're all going back a very limited period of ripeness.

[Sam Stein]

I don't have avocados. The other thing to note is this is because we were promised like goods. Price of goods coming down on day one. There was never Trump on the trail, was never like, oh, you know, it's going to take a little while. You might endure a little pain. A little pain.

[Elon Musk]

There's going to be a little bit of pain with this.

[Sam Stein]

But it, but, but at the end of the day, you're going to be great off, you know, better off. And that was never the promise. The promise was this would all be done within like you know, five hours and godamn, the goods are going to be so cheap and your wages are going to be so high and you're going to be so tired of winning. And that's not the case. And now they have to adjust and say well there's going to be some pain. And this is because Joe Biden is so bad. And it's like that was not the.

[Tim Miller]

Promise that was final topic. Speaking of stocks go down, among the stocks going down, Tesla and oh boy, it's going down big. One day hit of 15 and a half percent. Today it's down to 222. I played for SC cup on the podcast today a video of Dave Portnoy of Barstool, who's a Tesla stockholder ranting about how Elon needs to get back to work because the Tesla stock had been tanking.

[Howard Lutnick]

If you're going to send emails to federal workers and say what have you done for the last five days? I think Tesla shareholders are entitled to ask their CEO Elon Musk, what have you done for Tesla the last five days?

[Tim Miller]

He gave that rant when the Stock was at 280 and you know, it had been at what is that like 360 or something like that. So at 280 is when he did that rant. It's been down, it's gone down to 222 since. So it's going down an additional, okay, call it 30%.

[Sam Stein]

First of all the high high of the stocks was 464.70. So it's re, it's down half, half the price. Right? More than half. He's lost every bit of earnings he had. Yeah, he's had, he's lost every bit of earnings since the election and we talked about this last week, you and I, I mean I, I, I still am perplexed by why the Portnoy position is not more uniformly held, which is he has a fiduciary responsibility to the shareholders company. There should be some sort of reckoning here that they need to have him either relinquish control or get back to work.

[Tim Miller]

And the big shareholders got to be like excuse me, like why are you shit posting Poland right now? Are there other things that we could be focused on? Like I don't know, selling cars, it's nutty.

[Sam Stein]

And like today like I don't want to make this another Elon thing but like Twitter was like hacked relentlessly throughout the day. He's blaming the Ukrainians by the way, as we're recording this. Of course he is.

[Elon Musk]

There was a massive cyber attack to try to bring down the EX system with IP addresses originating in the Ukraine area.

[Sam Stein]

Tesla prices are just absolutely shit in the bed. And he's out there picking fights with Reid Hoffman, being like, were you on Epstein's island?

[Elon Musk]

That lawsuit was funded by Reid Hoffman, who is a major Dem donor.

[Tim Miller]

And also an Epstein client.

[Sam Stein]

And he's calling Mark Kelly a traitor to the country. And. And he's, like, doing all this stuff that would. If anyone in our normal lives were ranting like this online, we'd be like, get a grip. Or sign offline. Like, I think he's overextended. I just happen to think he's overextended. Our guy, Josh Green posted this great reporter Elon Musk's net worth has gone down $145 billion since January 17th. That's a hit. A hit. Like, even Elon is probably not happy with that one.

[Tim Miller]

Who knows? Can he get this I can count anymore.

[Howard Lutnick]

I.

[Tim Miller]

Like, I don't know. He might be struggling to process numbers these days. We'll. We'll. We'll see, though. Who knows? I mean, he just could be totally.

[Sam Stein]

Just a little pain.

[Elon Musk]

There's gonna be a little bit of pain with this.

[Sam Stein]

Just a little pain.

[Tim Miller]

Baby. Little pain. Kill him anyway. The water boy. It's my water boy impersonation. Bobby Boucher. I should not be denigrating Bobby Boucher. Shame on me. To denigrate Bobby Boucher, to compare him.

[Sam Stein]

To one of Louisiana's great football players.

[Tim Miller]

I know. You know, one of. One of our greatest residents of all time, Bobby Boucher. Sam Stein. Thank you for doing this, everybody. Subscribe to the feed. You can get your disaster porn here when it is required. And we'll be back soon.