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- [00:00]
Michael Popak
Time for me to put on my Wall street hat again and take a look at the crashing American economy. I'm not proud to say it's happening. I don't want it to happen. But when you have somebody in office who's a madman who just refers to a oncoming recession caused by his own failed policies as a period of transition, and I don't like to make predictions. Well, I'll make a prediction. Here on the Midas Touch Network, the markets are roiling because of Donald Trump's incoherent, untethered to reality economic policy, led purportedly by people in his cabinet that used to work on Wall Street. I don't know what happened to them, but I will tell you that the brokers and traders around the world are reacting negatively and the American economy may be sliding into recession. Not my words, those of independent economists at major banks. I'm Michael Popak. You're here on the Midas Touch Network and legal af. I'm gonna put on my hat for working for years on Wall Street. Let me tell you what I am observing. First of all, let's start it off with Donald Trump's comment during a Fox interview with a friendly softball interviewer of Maria Bartiromo, the same person who threw a softball to him along the lines of, well, we know you inherited a mess in the economics from Joe Biden. What is she talking about? Was she on Fox News that she watched the Biden administration. He inherited, Donald Trump inherited a roaring economy. He inherited job creation, job growth, GDP growth, right? He, he. We had robust free trade. We had tariffs where it was important. We had free trade where it mattered. We had increased investment in our infrastructure and our future, in our technology, in our oil and gas production. We had stock market booming. We had prices heading in the right direction at the right time after he inherited. Let's remember, every time a Democrat gets in, they have to inherit an economy that's on life support or worse. Barack Obama takes over when the economy fell off the cliff, we had to do the auto and bank bailout all at the same time. People forget that. And then he turned that economy around and created tens of millions of jobs. Joe Biden takes over from Donald Trump and the economy is flatlined. That's flatlined. He had to pump $3 trillion of stimulus just to defibrillate the American economy and get it back awake. After Covid and Donald Trump's failed policies.
- [02:34]
Maria Bartiromo
This is the person we gave the.
- [02:36]
Michael Popak
Keys of the economy back to. And Donald Trump now in 50 days decides to do you know what would have, I guess, would have been interesting in some sort of weekend retreat by Heritage foundation or a tabletop exercise in the woods. What will happen if we pull out the US from the US Economy? Stop domestic aid, stop foreign aid. All of those having American jobs behind them, all of those having American companies behind them. Let's get rid of billions of dollars of US Investment in the economy all at the same time. We start and lose a tariff war with our three major trading partners in Canada, Mexico and China. Let's do all that at the same time. Let's get rid of the Internal Revenue Service. We don't need to collect taxes. Let's start sharpening our knives and go Social Security, Medicare and Medicaid. Let's take consumer confidence and shrink it to its lowest levels in over a decade. Yeah. And then when we see that maybe all of that at the exact same time, doing everything everywhere all at once may not have been the right message to send to brokers and traders and American consumers who are still struggling, then what do you do, though? You trot out. You. You tried out your treasury secretary, who used to work for George Soros, by the way, and you tried out your commerce secretary, who used to and probably still has a major Wall street company, to say, there may be a recession. No, there won't be a recession on my watch. And then Donald Trump's supposed to be the tiebreaker. Donald Trump is supposed to be the tiebreaker. He's told everybody he's in charge. Buck stops with him. Not that we have any bucks with him, but the buck stops with him. Right. Executive orders after executive order, putting every agency in the executive branch under his greasy little thumb.
- [04:24]
Maria Bartiromo
It's him.
- [04:24]
Michael Popak
He's in charge. All right. Okay, Chief, what do you got to say for being in charge? Will there be a recession? Says Maria Bartiromo. Here's what the President of the United States says, apparently to break the tie between his commerce secretary and his treasury secretary to make the markets feel better. Go. Are you expecting a recession this year?
- [04:46]
Donald Trump
I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing. And there are always periods of. It takes a little time. It takes a little time. But I think it should be great for us. I mean, I think it should be great. It's going to be great ultimately for the farmer, you know, don't forget. I mean.
- [05:11]
Michael Popak
And are the markets feeling any better with his. I don't like to predict Maria, but there's going to be a period of transition. What's the period of transition? Are we transitioning from a period where we had money, we had dignity, we were able to take care of our loved ones, our elderly parents, our children, college, food, rent, the electric bill? Is that it? And now we're transitioning into a period where we don't have those things because of the Trump administration, because he's paying off his campaign debts to those that put him into power by implementing policies everywhere all at once at the same time that make absolutely no sense. They barely make sense in the abstract.
- [05:59]
Maria Bartiromo
Physio, chiropractic and massage therapy are all great resources for when you need them, but going to these appointments every few months does not give me the ultimate results I'm looking for. When it comes to my well being, it's taking daily, even hourly opportunities to move my body that makes the biggest difference. This has only been made possible for me with this episode's sponsor, Uplift Desk. Uplift Desk is at the forefront of ergonomic solutions promoting better posture and health through adjustable standing desks designed to help you live a healthier lifestyle. Plus they have all kinds of accessories to keep you moving throughout the day even if you work for only a few hours at your desk. For me, I love the Bamboo Motion X board. It makes me feel like snowboarding without waiting for the lift. Standing while I work gives me the room to move and helps me get.
- [06:54]
Michael Popak
The creative juices flowing.
- [06:55]
Maria Bartiromo
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- [08:16]
Michael Popak
Let's take the competitive advantage of American, of the American economy that we produce more goods, high quality goods and services than any other country in a volume higher than any other country. And let's cut off all of our financial markets and all of our markets for our exports in a trade war, in a retaliatory trade war where everybody's going to retaliate against us. Let's bind together Europe and European Union against America, both foreign policy and from a geopolitical and economic standpoint. Where's the American farmer going to sell their excess chicken feet to Americans or to the Chinese? We cannot consume all the goods and services that America is prepared to produce and produces in our America first pull in the oars. We got a big beautiful ocean and a Gulf of America approach. What is the Trump Doctrine? I defy anyone to tell me what the Trump foreign policy and tariff economic policy is in one sentence. In comments. I'll take a moment. Tell me what it is because if you're going to tell me he's erratic and he's unhinged and that's a good thing because it unsettles our adversaries. That is the biggest line of crap I've ever heard. All it does is embolden our adversaries. Russia, China, North Korea, they're thrilled by Trump's behavior and conduct. They couldn't have scripted it better themselves, are they? They couldn't have scripted it better themselves. We, because of Trump are being played and are playing into the hands of our adversaries who are taking full advantage of it on a global stage. And now the economy in America is reacting. If what Donald Trump was supposed to be doing when he went on, on, on the Bartiromo show was to calm and quell the markets didn't work. Markets are tanking again as we wake up this morning. Dow Jones and NASDAQ down considerably and have been trending down and crashing down since beginning of February. We're, we're over a month whatever the Trump dividend was when everybody's so excited when he got elected, you know, bitcoin up now it's considerably down by a lot and cryptocurrency, everything he touched turned to, you know what wiped out all the gains already in the, in the stock market. Yeah. And sending out your treasury secretary and your commerce secretary who are, who have competing ideas about the recession and are inconsistent with each other. And then Donald Trump goes out and says, well, I can't make any predictions. I'll tell you who does a good job at predictions. Banks like JP Morgan Chase and Goldman Sachs. And they both doubled their percentages of the chance of us going into a recession. Recession, a recession that our Federal Reserve chairman Jay Powell has said because of all of the policies, domestic and foreign of Donald Trump all at the same time increases the chances of a recession. Immigration policy and the billions of dollars required to execute on it. The tariff war, the attempt to strengthen the US Dollar. That's why the treasury, the treasury notes are, the treasury rate for 10 year notes is down considerably. That's a bad thing. That means it's cheaper. It's cheaper out there to buy. It's also cheaper out there to buy our debt, which is what the Chinese are doing. Right? So we've got all of that going on. Consumer confidence plummeting, manufacturing confidence plummeting. And this is, this is what happens when the Republicans like MAGA get in office. They just wreck it. They just wreck it. And I'm going to continue to follow it here on Legal a effort on the Midas Touch Network. Glad you're here with us. Take a moment, hit the subscribe button here on the Midas Touch Network. Come on over to Legal AF as well. That's our collaborative channel at the intersection of law and politics, legal AF MTN on YouTube. Help us cross that 500,000 subscriber barrier in the next couple of days. We will, with your help, I curate that channel. I do my hot takes here at the intersection of law and politics on Midas Touch full time along with my work on Legal af. And we have the Legal A podcast on Wednesdays and Saturdays at 8pm Eastern time. I got a new podcast on Tuesday nights called POPOC Live. It's me like this, but longer. So join me popoc live, legal AF and Midas touch on 8pm eastern time on their YouTube channel. So until my next reporting, I'm Michael Popak in collaboration with the Midas Touch Network. We just launched the Legal AF YouTube channel. Help us build this pro democracy channel where I'll be curating the top stories. The intersection of law and Politics. Go to YouTube now and free subscribe at LegalAfmtn. That's @legalafmtn.
- [13:34]
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