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- [00:01]
Mantis X Representative
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- [01:01]
Michael Popak
Wednesday is Liberation Day. It's like an Amazon sale day, except the thing you're being liberated from is your paycheck, your wallet, and apparently the economy. Donald Trump threatening another tariff war, a reciprocal tariff war against every country more than 100 or so that have tariffs with the American people. And his callousness extends to. I don't care about you and your personal wallet. I don't care if prices go up if inflation results for my tariff war. Cuz I'm gonna do a tariff war for tariff war sake. Even if I as the president don't understand the ramifications of the tariff war, I do. I'm putting on my Wall street hat. I'm here on Midas Touch Network and on Legal af. Let's dive in. Monday Finance day. Let me explain markets. Markets like traders and brokers, investment bankers, they react in advance of things. They bake into their decision making and calculus before the big event. Wednesday, Liberation Day. According to Donald Trump. I don't know what we're being liberated from. He's already destroyed the tax base of the Internal Revenue Service. Let me just do the math for everybody to run our government. I don't care what size it is to pay on Social Security, unemployment, veterans benefits, Medicare, Medicaid, student loans, and all the things that go into dignity of life. Because we're not a purely capitalist country, no matter how much Donald Trump wants to make us. So we have regulations, we have protections for consumers, you know, for the little guy, the little person, okay? In order for us to have enough money, we have to take in $5 trillion to lay out about $5 trillion. Even if you cut a trillion dollars off by cutting off every social service program that people rely on. You're still short because you can't tariff your way out of wrecking the economic base and the tax base of the American economy. You can't tariff to the tune of $4 billion. $4 trillion. The most you could possibly get in tariffs, the most is a trillion dollars and that's probably double what it really is. It's really more like $500 billion. Well, $500 billion, last I looked, and I'm not a math major, is not $5 trillion. That sounds like we got a multitude, a multiple of 10 delta there difference. But Donald Trump doesn't seem to understand it, doesn't care about it. The callousness of his interview with Christine Welker where he said, well, she said what are you gonna do about the tariffs and the import tariffs on foreign cars at 25%, which is the threat. I don't care. I really don't care. They'll just buy American. Then you don't understand your own impact of your own economic policies because Ford and GM make their cars in Mexico parts. You can't build an American car using American made parts. You can't build an American car making American made parts. There are a high percentage of foreign import, including from Japan and other Asian countries in American cars subject to the tariff. So Ford and GM cars coming across the border are going to be subject to the tariff. So buy American doesn't work. Trump. Now, there's a fair amount of people who don't think that Wednesday is going to be tariff day, but the brokers and traders do. And look at when we woke up this week, look at the world economies and the stock markets and how they're reacting. The Nikkei index, which measures Japanese stock market value, down 4%. The South Korean index down 3%. The French index down 2%. The Footsie for the United Kingdom down 1 and a US economy, sorry. US stock market down 1 1/2 to 2 1/2% at the opening bell, which matches consumer confidence. Consumer confidence down its lowest in more than three years. Manufacturing confidence down to its lowest in more than 10 years. Most major investment banks have increased considerably their prediction of a recession under Trump. Let's just call it what it is, a Trump recession and putting it now at a high of about 40%. Those are odds I don't want to take. Now, let me make it clear, I'm not wishing to have the economy in the tank in order to help the Democrats at midterm. But that's what's happening. I'M just observing and making commentary.
- [05:41]
Dose Representative
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- [07:40]
Michael Popak
So you have Most major banks think we're gonna go into the tank, we're gonna go into a recession. A recession assiduously avoided by Joe Biden. Inflation is not going in the right direction and will boomerang up off the tariff. War tariffs are just another way to get passed on to consumers and end up hitting their wallet and their purse. In fact, most people in new polling, which is terrible for Donald Trump and great for the Democrats, most people think that he's a terrible steward for the economy. More than 60% believe that his economic policies are hurting them, which is a reversal from what the polling was on the day of the inauguration. Remember those days, that golden era when people thought Trump was actually gonna help them? Well, the roles have reversed. Now only less than 1/4 of American voters believe that they are better off Today, economically, with Donald Trump than what they were hopeful about on the day of the election. Day of the election. Sorry, day of the inauguration. More than almost 50% said, we're gonna do better with our purse and our wallets. You're not, and you haven't at all. So, Donald, because Donald Trump doesn't care about your kitchen table economics, your purse and your wallet. He cares about the oligarchs and the billionaires in his cabinet and their businesses. He wants to remove all regulation. He wants to stop the protection of the consumer, stop the protection of workers, federal workers and labor unions. Yeah, he's already done that before our very eyes. Gold. Gold prices. That's where you go when you're about to go into the bunker. That's when you. When you grab all your canned goods from the COVID Covid Times and all your toilet paper and you head down to the bunker in your. In your backyard. Don't you have a bunker in your backyard? You invest in gold because you think when you come up from the apocalypse, that's all it's going to be worth, anything. Gold prices are at $3,100 an ounce. 31. If you need a little extra cash. I'm not doing an ad. Go look for those old gold trinkets in your jewelry box and head down to a gold buyer. You'll do well in the Trump administration. You know, don't have gold because you don't have an economy because of Donald Trump. Well, then you're SOL US dollar down 3.7% against a basket of other currencies. Consumer sentiment, as I said, terrible. Now, let's talk about the contempt that Donald Trump has, the callousness that he has. See, he wants to shrink the federal government down so small that you can drown it in a bathtub. But that doesn't reflect what you and I care about. Medicare, Medicaid, Social Security, veterans benefits, health care and the like. He doesn't care about that. So will he actually not blink on Wednesday and impose those tariffs? He's gonna blink. He's so erratic, which is not helping the world economy or the US Economy either. He's so erratic that we don't know what he's gonna do. And that's not a policy. That's just being erratic. Yeah, we're back on that roller coaster of lurching from one crisis, economic or constitutional, to the next with Donald Trump. Exactly what we didn't want. That's how Biden got elected, by the way. Wait till the calm, cool, collected Democrat runs for president. You don't think they're going to beat this chaos that Donald Trump is creating? The only thing people seem to like, and just barely, and it's not the Democrats or the independents, it's maga by, by large numbers, is immigration policy. Apparently kidnapping people and sending them to El Salvador in the middle of the night without due process is okay with a majority of people, according to polling, although I don't really believe that. But that, that's the only one that he's winning on. But he didn't win the presidency on his immigration policy. He likes to say that he did, but that's not what happened. What he won the presidency on was his policy related to economics. And that's the part that's failing him now. So look, where are we at the end of the, at the beginning of the week? My prediction is he's not going to, he is not going to do the, he's not going to do the tariffs on Wednesday. He's going to pull back from that precipice, but he's going to send the stock market tumbling, the consumer confidence is continue to be in the crapper and the recession we inch even closer to is going to be his, his ultimate undoing. Based on the poll numbers, I'll continue to follow it through the lens of my experience on Wall street right here on the Midas Touch Network. So till 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 @legal AFMTN.