Transcript
David Pakman (0:07)
Welcome to the show. It gives me zero pleasure to have to report to you today that the Trump economy is collapsing before our eyes. And the numbers don't lie. Wall street is in a freefall. Layoffs are starting to surge. Consumer confidence has cratered. Inflation has ticked back up yet again. As I record this, the Dow is down another 400 points. Even Donald Trump's favorite metric is. I'm talking about. The stock market is looking like a slow motion train wreck. And the kicker is that it's because of Trump and it's because of Elon Musk. Yesterday, Monday saw one of the worst stock market drops in a long time. The Dow at one point was down a thousand points. This is after being down 700 points the day before. You know, weekend. Last week, The Nasdaq tanked 4.2%, its biggest single day decline since 2022. The S&P 500 broke below what's considered a critical support level for the first time in two years. And even the mega corporations that Trump once paraded as signs of a strong economy, they're not doing well. Apple, led by Tim, Apple, Mike, that's a joke. Microsoft, Alphabet, Amazon, Nvidia, Metta plunging. Tesla down 15% in a single day. We'll talk more about Tesla in a moment. These are some of the biggest drops in years, wiping out hundreds of billions of dollars of market value. And why Trump's economic chaos. The tariff obsession is here and it is back and it is staying. And the damage is showing. The threats to Canada, to Mexico, to China. They have investors panicking. Businesses can't plan. Prices are rising. Uncertainty is dragging down this economy. And even JPMorgan Chase is now warning that there is a 40% chance of a recession this year because of Donald Trump's policies. If we zoom out a little bit and we think about what leads to stability. Predictability leads to stability. Companies rely on stability when saying, how many people do we want working for us? Can we give raises this year? Do we buy more inventory? And what we're seeing is Trump treating the global economy kind of like a reality show cliffhanger, which I believe he thinks he's going to be able to save and take credit for at the last second. But it is costing Americans their savings and their budgets. You know, Trump loves talking about bringing jobs back, but it's not working. Federal job losses are piling up as Doge continues to say, we don't need these people and we don't need these people and we don't need those people. Private sector layoffs hit Their highest numbers in February, going all the way back to the Great Recession of 2008. The latest jobs report, very much weaker than expected. About half of the expected jobs were created. Unemployment ticking up. And now we are seeing the real impact of Donald Trump's anti immigration agenda as well. Because you see industries like construction, like agriculture, even in health care, they are running out of workers. And without workers, businesses cannot function, at least for now. We'll see what AI and robotics do in the future. Tesla, once the darling of Wall street, now the poster child for Trump's economic disaster. Consider the 180 that has happened here. The stock losing more than half its value since December. Sales tanking, investors fleeing. I fled a while ago. As many of you know, Trump's trade war making it worse. And even worse is that Tesla's brand is collapsing, and not just because of Donald Trump's tariffs. Musk has tied himself to the sinking ship of Donald Trump. And consumers are running for the exits. Tesla stores are getting vandalized. Longtime customers like myself abandoning the company. As many of you know, I had a Model 3 and then a Model Y, and I was a Tesla investor because I thought, this is the company moving forward. Electric vehicle battery technology the fastest. I want to be part of it. Then Elon Musk went nuts and the car build quality was really not great. And I got out, as many of you know, with a 1200 and 1600% gain. And the Tesla fanboy said, david, this is the biggest mistake you'll ever make. You'll regret this. Well, I'm not regretting it. And EV sales globally are still going up, but Tesla's market share is going down. We'll talk more about Tesla. When confronted with this reality, with this economic mess that is surfacing, Trump says, well, we're going to have a period of adjustment. We're going to be in a transition period, which is translation for things are going to get much worse before they get better. And Trump is admitting that his economic policies are hurting Americans. Wall street sees right through it and they're running for cover. Trump inherited a perfectly reasonable economy. We are now on the verge of total collapse. Layoffs up, inflation ticking up, consumer confidence and consumer spending down. Stock market in freefall. Recession odds the highest they've been in a long time. Trump's response is more chaos and more bluster and more disoriented confusion. Which, you know, disoriented confusion could be a banned name or it could be the motto of Donald Trump's political career. This is his mess. And I'm thinking how bad does it have to get before it gets better? Let's now talk not about Trump, but about co president Elon Musk. How else do you say it other than Elon Musk is destroying everything that he touches. Everything this guy gets his hands on is turning into an absolute disaster. Let's refresh with Tesla, the company that Elon Musk insists he's still running while simultaneously tanking every business he's involved with and the federal government. Tesla stock is now down 53% since December. More than half of the company's value wiped out in three months. Now, I don't want to be that guy, but let me be that guy for a second. When I sold my Tesla shares, some at a 1200% game G gain, some at a 1600% gain, the Elon fanboys, including some in my my audience, flooded my inbox telling me I made the biggest mistake of my life. No one can touch Tesla. They will dominate EVs forever. Turns out my biggest mistake would have been holding on. Because we see Tesla market share collapsing in Europe, we see Tesla market share declining in the United States. I have to tell you, the build quality of my Rivian puts Tesla to shame. It's. It's like a matchbox toy versus a real car in terms of the difference. And then we go from Tesla to Twitter. Twitter was down most of yesterday. Totally foreseeable consequence of Elon Musk running that business by firing half the engineering staff and then frantically realizing I got rid of people I need, trying to rehire the ones he needed back. Who could have predicted that 22 year old coders with three months of experience might not be able to keep one of the world's largest social media platforms up and running? Completely predictable. Tesla in the toilet. Twitter in the toilet. Twitter. Like Bernie would say, what about Space X? Another rocket crashed just a few days ago. And I know the Musk cultists love to say that's how space innovation works. You got to break some eggs to make an omelet. Sure, failures do happen. That's absolutely true. But we're talking about an increasing number of failures from the company that once looked untouchable. You know, For a while, SpaceX felt like the one Elon company that was not collapsing under its leadership. And now it is literally and figuratively coming back down to earth. Pardon the pun. The financial empire of Musk is looking worse by the day. The market is a fiasco. And the same Musk loyalists who praised him for making the smartest moves in business were not Hearing a word from them other than when they like to say the woke stirs are hurting. Ellen. The boycott of Tesla is illegal. This was the guy who could do no wrong. For a while, Tesla was skyrocketing. SpaceX breaking records. Twitter was still Twitter to some degree, although increasingly crappy. In 2025, the empire is crumbling and for a guy who spent the last few years acting like the smartest man on earth, he's making a lot of bad decisions. And at this rate, I would not be surprised if Elon buys another company and destroys that too. But the theme, Trump and Elon. As Trump has told us many times, he didn't need this. He didn't need to get involved in politics. He was having a grand old time with his gaudy gold plated Penthouse and Mar a Lago and the whole thing. He didn't need this. Neither did Elon. They both, due to ego, believe that this they were the people to fix stuff and they are ruining everything. After the break, Bernie is exposing the real goal here and I know many of you know what it is and it's ugly. It starts with a P. It's not peepee tape. No, it's. But it may or may not exist. We just don't know. It's privatization. So let's take a break. Tensions running very high. We'll be speaking to Ruth Ben Ghiat a little bit later. We have so much scheduled today. I will remind you it is the final days to get a signed copy of my forthcoming book, the Echo Machine. The book will be published in two weeks. If you want a signed copy, why not, right? I mean please, you go to David pakman.com/booksmith. I also have a huge thank you to say. In the last week or so we've really been making a focus of growing the audio podcast for this show. I think it's a real opportunity. All these right wing podcasts do very well. We've got to fight against them. The Matt Walsh's, the Ben Shapiro's, all these people. Okay, 500 of you have left reviews for our audio podcasts on either Apple Podcasts or Spotify. It helps us so much. So if you haven't yet done it, subscribe to the podcast on Apple Podcasts or Spotify. It costs nothing even if you don't listen there, even if you watch on YouTube. Hit that subscribe button. Leave us a review. It is making a difference. I'll give you the updated information soon. Quick break, then we'll hear from Bernie Sanders. Having the right estate planning done a will, maybe a trust is super important. I recently took care of it myself. It's not the most fun thing to do, but it is very important and our sponsor Trust and Will makes it really easy and you can get 10% off at trust and will.com/pacman It's a straightforward process. They walk you through it. All of the documents are state specific. They are legally valid. They are customized to your needs, your care, wishes or nomination, guardians, final arrangements, power of attorney. You're just making sure your family and loved ones avoid a lengthy and expensive proceeding or or that the state ends up deciding what happens to your assets. Trust and Will's simple step by step processes guide you from start to finish, one question at a time. Save your loved ones time and stress by having your documents in one place with bank level encryption with live customer support available through phone, chat and email. Trust and Will is trusted by hundreds of thousands of families and counting. Protect what matters most in just minutes at trust and will.com/pacman and get 10% off plus free shipping. That's trust a nd will.com/pacman for 10% off. The link is in the podcast Notes did you know that an estimated 5 billion plastic, hand soap and cleaning bottles are thrown away every year? 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I've been using the Blueland dish detergent and the toilet bowl cleaner for a while. Couldn't be happier and you'll get 15% off your first order at blueland.com/pacman that's blue e land.com/pacman for 15% off. The link is in the podcast Notes as an independent media program. We depend primarily on your support to do what we do. If you like the show, get the full experience and the pleasure of knowing that you're supporting us by getting a membership. At join pacman.com we do an extra show every day for our members. And you can use the coupon code. It will end soon. All one word. It will end soon. To get about a 50% discount. @join pacman.com Senator Bernie Sanders is exposing the real plan behind Donald Trump and Elon Musk's moves. When it comes to entitlements, what do you do when you want to destroy a government program that people overwhelmingly support? You don't just come out and say, we're taking away your benefits. No, you sabotage the system. You make it inefficient and dysfunctional and slow and frustrating until people start saying, man, this thing really sucks. And then you have the justification that you maybe need to take it private. That is exactly what Donald Trump and Elon Musk would love to do with Social Security. Bernie Sanders laid it out perfectly yesterday, speaking to Anderson Cooper. Let's take a listen. So, I mean, what do you make of his desire to cut entitlements?
