A (21:53)
Notice how he has no mention of the fact that the Attorney General already told Trump, sir, you're in the files. Now. If Trump really wants full transparency, if he's going to be the transparent magnate that JD Van says that he is, then tell Pam Bondi, release everything now. Trump has the keys and now they're hiding behind. Well, he's directed Bondi and Bondi is equivocating. Just put it out. If he's really transparent, what is the holdup here? Now I do think that this thing about Democrats, Democrat billionaires, Trump was a Democrat billionaire when these things were allegedly going on. The big parties with the celebrities, the donations to the Democrats, buddy, buddy with the Clintons. So JD's whole framing here that this is just a left wing problem. Trump's a noble truth teller helping to expose it. The most basic fact check collapses every single one of those claims. And J.D. vance, his job here really isn't to make sense like if and Maria Bartiromo job doesn't seem to be to actually get any sense out of him. What, what Maria is doing is allowing JD Vance to give explanations that don't make any sense. Trump is the guy who's transparent here. All these Democrats seem to have been associated with Epstein. Well, Trump was a Democrat at the time. Trump was told by the Attorney general he's in the files and Trump, if he really wanted this stuff released, they want to Pretend like Trump can't simply override whatever safety mechanisms and review protocols and redactions and all this different stuff. If Trump wanted it done, he goes to Bondi and he goes, listen, Pam, release everything now. Release it all. I want it released by midnight. And if Trump said do it, it would be done. That's not what they're doing. Trump's not being transparent. And weeks ago, Trump threw out this little bit of pablum to the masses. I've directed Pam Bondi to release pertinent grand jury testimony, limiting the scope to grand jury testimony and using the subjective term pertinent. Who decides what's pertinent? So JD Is working really hard here, really hard to try to take the attention off of Trump as potential coconspirator or perpetrator, which, by the way, we don't even know that that's the case. I know every time I say this, people get upset. They go, david, you know about Trump. Until we have the files that say Trump was a client engaged in criminal activities, I am not in a position to say that now. People will write to me about a lawsuit that was, that was recanted. We, we do have to adhere to some, what the facts are as we know them. It's conceivable that Trump is in the files as an associate of Epstein and that that's bad enough and that he was buddy, buddy with Epstein and others who were committing crimes long after he knew what was going on. That, that it could be that if we have evidence of more than. Of course, I will tell you, but it doesn't have to go to the worst case scenario to realize this guy's not being transparent. And J.D. vance is trying to distract from all of it. On the one hand, Trump is now lashing out with the D.C. police federalization and the stuff we talked about earlier. On the other hand, there's another reason that a lot of interference is being run right now and a lot of distraction is being sought, which is what is starting to happen with the economy. And I really want everybody to understand that. Let's talk about it. Donald Trump's 2024 campaign was built on a very familiar set of generic economic promises. We're going to protect American workers, which in some way was like, we're going to stop brown people from taking your jobs, which is of course, not a factual way to kind of present it. We're going to bring down prices. We're going to defend Social Security and Medicare, and America will be put first in every economic decision rather than last. The way Sleepy Joe does. So we are now about seven months into Donald Trump's second term. And the promises that Trump made are sort of colliding with the reality that none of it is looking good, especially for the people who believed Donald Trump start with tariffs. Trump campaigned on the idea that we're going to put in place tariffs. Tariffs will punish other countries like China. American manufacturing will be revived, and it's going to be so good. Now we are starting to see the way it actually happened. Trump's import taxes, which is what tariffs are, have triggered retaliatory tariffs abroad. They've raised costs for American businesses, and they are having a number of deleterious impacts on not only the job market, but also on exports, which we will get to. And it's all going very poorly. Farmers who voted for Trump are losing foreign markets. Manufacturers that depended on imported parts are cutting jobs because the parts cost more and they're losing contracts. You look at prices on everyday goods, inflation is still positive. Trump ran on bringing prices down. To bring prices down, you need deflation. That means when an inflation report comes out, there's a minus sign in front of it. If inflation is 2 or 3%, which, by the way, is fine, that's a, that's a perfectly reasonable inflation rate. Obviously, it's being appended to periods of rising prices. But when, when we hear inflation's 2.8%, that means prices went up 2.8%. Wages are not going up that fast, so prices have not come down. That was Donald Trump's promise. And all of this stuff is, is hitting working class households, farmers, manufacturing and factory workers. These are the people Trump claimed he was going to champion. So that's tariffs. We then have the tax plan. Trump vowed that his tax cut would pay for itself. It's going to generate so much growth, it'll pay for itself. The middle class is going to really benefit. Now, the reality is, you look at how much do you save or lose on taxes based on your income In Trump's tax plan, it's really good for the very rich. It's good for the sort of rich. It's pretty good for the kind of rich. It's not good for lower middle and working class families. That's just what it is. And if we had looked back at Trump's 2017 tax cuts and Jobs act, we would have seen that that's the way it always sort of works out. We then get to Social Security and Medicare and Medicaid. These are programs. Trump said, I'm going to protect these 100% protection, but it's not happening. We saw that the tax bill is going to lead to potentially 12 million people. 10. 10 to 12. 13 according to one. Call it 10. What's a couple million people losing Medicaid? Between you and I, it's going to lead to roughly 10 million people ultimately losing Medicaid coverage. So that's an economic broken promise, and it's a health care broken promise. And every single one of these elements is one where there are people that voted for him because of the promise, and now he's doing the opposite. So when you zoom out, you realize that Trump, to a degree, has lost control of this monster. The global oil markets are going to dictate a lot of the way that things go economically. Third, I guess we would call them second and third party tariff and trade deals. What I mean by that is we tariff China, China tariffs us, fine, but there's another layer which is we tariff China. China goes to Malaysia or to Brazil or to whoever, and they cut the US out of markets. We won't import or export stuff. We're going to make deals with Brazil or somebody else. That fails Americans. That undermines the goals that Trump ran on. Now, later on, we're going to get to an incredible thing. Trump hates trade deficits. He wants us to export more than we import to every country. In fact, Trump. It's a crazy calculation, but one of the ways Trump calculated his tariffs was, I guess, by taking the trade deficit and dividing it by some number and, you know, multiplying by the inverse square, who the hell knows? But the point is, Trump hates trade deficits. Exports are collapsing. Other countries are saying, oh, because of the tariffs that American manufacturers are now facing. American manufacturers are raising prices on the stuff they export to us. We're not going to buy it anymore. And so Trump's very policy, which was to a degree catalyzed by his distaste for trade deficits, is causing trade deficits to grow. So there are people out there, and I'm sympathetic to them, people who voted for Trump out of a frustration with a system they believed was rigged against them. Trump used that populist rhetoric in his first campaign, and he used it this time around. I sympathize with that. A lot of people are dealing with a system that's rigged against them. Rigged. Not in a. In a secret way, just openly. You look at the tax code, you look at all these different things. Yeah, it's rigged in the Bernie Sanders debt definition. But now the policies Trump's enacting will make the problem worse. They will deepen inequality. They'll gut middle class security over what little security there was. And if history is any indicator, the blame shifting is going to be absolutely relentless. The consequences for Americans will be very real. And Trump has executed a complete and total bait and switch. He said, I'm going to protect you. I'm going to bring you prosperity. It's going to be great. And we have policies that benefit the wealthy, punish consumers and they are really risking long term economic damage. Now after the break, we're going to dig more deeply into the export thing because it is such a critical part of what's going on. Make sure you get my daily one hour podcast. It's free. It's on Spotify now with video on Spotify as well. It's on Apple podcasts. It's, it's anywhere you would want it. We'll take a very quick break. Your personal data is everywhere and you might not even know people. Search sites and data brokers are quietly publishing your name, address, phone number, even things like property records, political views. It is not just creepy, it's dangerous because scammers and fraudsters and shady marketers can use this information every day. Our sponsor Incogni solves the problem for you. Incogni contacts the data broker sites on your behalf and forces them to delete your data. The data brokers are legally obligated to comply and Incogni handles the entire process for you. Incogni is now taking this even further with their custom removals feature included in the unlimited plan. They've got their 250 plus sites where removal is automated. But if you find your information anywhere else, you can custom submit that and they will have it removed manually. This is serious protection. Using Incogni can cut way down on the spam calls and the messages that you get. Fewer risks, more control over your identity. Try it risk free for 30 days and get 60% off an annual plan. When you go to incogni.com/pacman. The link is in the description. A pending Supreme Court case could strip our fourth Amendment rights and allow immigration agents to come into our homes for any reason. No probable cause needed. All while Republicans try to twist things so that you think this is all great for America. This should be the biggest story in the US Right now. But it's almost impossible to keep up with the millions of moves that Trump is making every single day. That's why Ground News exists. Ground News is an app and website that exposes the blind spots and spin before it takes control of our opinions. Ground News is the smarter, more reliable way to stay informed when MAGA is banking on us getting distracted. I'm partnering up with Ground News to give you 40% off the same vantage plan that I use, so you'll pay only five bucks a month for all of their premium features. Just go to Ground News, slash Pacman, or use the code Pacman in the app. When you sign up, the link is in the description or scan the QR code. Well, all hell is breaking loose for the economic genius of this administration. Because the thing that Trump has been bragging about since his first campaign, the thing he swore he would fix forever for Americans, America's trade deficit is getting worse. The kicker is that it's happening because of Trump's own policies. Since March, US Exports have not just slowed down, they have plunged. We are talking about billions of dollars in products that American companies used to sell overseas that are sitting unsold. Why? Because the rest of the world is deliberately walking away from the United States. Hedge fund manager Spencer Hakimian summed it up this way. Quote, exports have fallen right off a cliff since March. Countries around the world are responding to the US Trade war by boycotting American goods and services. Another penalty Americans are paying for Trump's tariff crusade. The penalty is not on Trump. Trump's a billionaire. He's fine. The penalty is on you. It's on you in terms of higher prices. It's on you in terms of fewer jobs, and it's on you in terms of a shrinking export market that makes the very trade deficit Trump hates even bigger. Think of that. Trump hates the trade deficit. He says, I want to export more than we import. Why are we importing so much from China? We should export to them. Well, the reason is 50, 60 years of economic policy. That said, we want to import cheap stuff from China. We don't want to pay what it would cost to make all these tchotchkes in the United States. We'll get them from China. And so that's why we import more. And Donald Trump's tariffs are making the trade deficit even worse. You look at Canada. Canada is one of our top export markets. In 2024, Canada bought 28 billion in food products from the United States. Canadian stores are now being pressured. Do not stock, do not sell American food products. 71% of Canadians plan to buy fewer American food products. This year, Trump added a 35% tariff on Canadian imports, which started Aug. 1. When you tax their goods, they don't thank you. They respond in kind. They tax your goods or they stop buying them. This is called a trade war. That's how it works. Europe's going the same way. Europe's Central bank survey found 44% of Europeans are avoiding American products. Tesla sales in Europe are down almost 28%. Now, there is a political cost to buying American, and it goes beyond goods. Tourism is down. The World Travel and Tourism Council says that canceled international trips are going to cost the United States over $12 billion. So that means hotels lose money, restaurants, airlines, small businesses. On the bonus show today, producer Pat is going to talk about the Vegas ghost town situation that's going on and the irony, and it's a sick irony, because people are getting hurt. But the irony is that Donald Trump obsesses over trade deficits like they're a scoreboard. But by blowing up our export market, he guarantees we are going to maintain trade deficits. Now, I am not arguing trade deficits are objectively good and bad. The US Tends to run trade deficits because of how we've organized our economy. We tend to buy a lot of cheaper goods and have moved in the direction of being a service economy. And those are political decisions which you can agree with or disagree with, but that's the way our economy is organized. But Trump treats the trade deficit like a scoreboard. And if foreigners stop buying our stuff, the deficits are going to get bigger, and Trump is making the problem worse. Now, I want to deal with the tariff part a little bit, and hopefully this is useful to people. If it's not, just be like, david, don't talk about this stuff anymore. Even if all the tariffs disappeared tomorrow, we could be talking about permanent or at least semi permanent damage here. Because once consumers switch away from your product for political reasons, they don't just switch back. Habits change, competitors fill the gap. You know, I know so many people, they were genuinely Tesla fanboys. They just loved it. And then all of a sudden, with the political Elon stuff, they went and they said, I'm going to try a Rivian. I'm going to try the Ioniq Hyundai Ioniq, I'm going to check out the Kia EV9 or the BMW I X, or maybe I'll go to a hybrid. And even if Elon were to go, I take back the white nationalist salute and I take back all of it. Even if he did that, a lot of those people are happy with their choices. They're not going to go, oh, I really. I got to go back to Tesla, because Elon changed his mind. And that applies to a lot of different products. So we are going to be seeing what may not be a temporary diplomatic. This may be the new normal. This is a structural decline, not a cyclical decline. We're losing billions in exports, billions in tourism, and what leverage do we have in trade? 90 deals in 90 days became 3 frameworks in 115 days or something like that. This is Trump doing it to the country. We have to hold him politically responsible. That's the question. Will voters do it? Donald Trump has a new target this week. It is one of his oldest enemies, Nancy Pelosi on Truth Social. Donald Trump erupted into one of his trademark rants accusing Pelosi and her husband of beating every hedge fund in 2024. He says they beat all the Wall street geniuses on insider information. And without missing a beat, Trump hall calls her a disgusting degenerate. Take a look at this quote. Crooked Nancy Pelosi and her very interesting husband beat every hedge fund in 2024. In other words, these two very average minds beat all of the super geniuses on Wall street, thousands of them. It's all inside information. Is anybody looking into this? She is a disgusting degenerate who impeached me twice on no grounds and lost. How are you feeling now, Nancy? So let's take this in two parts. I would be fine with a rule banning all members of Congress and their spouses from trading individual stocks. I've said it before. Apply it to everybody. I am fine with that. The public has a right to be skeptical when lawmakers have access to nonpublic information and they make money in the market. I know you could say, well, it's illegal. There's the Stock act plus insider trading laws. And yeah, I get it that it's on paper illegal. If we've learned anything recently, it's that something being illegal on paper doesn't actually stop people unless there's an enforcement mechanism or they believe that they're going to be caught or they get in trouble for it. This is arguably a bipartisan thing. If you are writing laws that affect industry, you shouldn't profit from those laws. The idea that Pelosi is the corrupt, disgusting degenerate and Trump is not, that is like pot calling the kettle black. Trump is not an ethics reformer who wants to clean up Congress. Trump's the guy who spent his presidency using the office of the Presidency as a personal ATM. 1.6 billion he made during his first term. Foreign governments booking rooms at his hotel while seeking policy favor. Son in law walking away with a $2 billion deal with the Saudis and Trump's charity shut down for self dealing as a slush fund. Trump's business convicted on tax fraud, all of it. If Trump really believed that profiting from public office was wrong, he could have started by holding himself accountable. He could have started by holding his family to the same standard he is demanding from Nancy Pelosi. But that's not the point of Trump's rant. The point is revenge. Nancy Pelosi was involved in Trump getting impeached twice. She humiliated him. He has never gotten over it. She stood behind him at the State of the Union and ripped up his speech and the entire thing. She marshaled the votes to impeach him for trying to pressure Ukraine into helping his campaign and for inciting an insurrection on January 6th. In Trump's mind, she can never be forgiven. So years later, she is living rent free in Trump's head. He sees an opportunity to accuse her of corruption and he takes it. And he knows his base is going to eat it up and they're not going to question Trump's actions along these exact same lines. It is the same sort of fake populism that Trump's been selling for years. He goes, oh, the super geniuses on Wall street were defeated. And he pretends to speak for the little guy and he says Pelosi is doing the wrong thing. But look at his policy. He pushes tax cuts for corporations. He makes life harder for working Americans. So I am fine with banning members of Congress from trading stock. I think doing it is actually harder than it sounds. But it can be done, and it should be done. But if Trump wants to have that conversation, he's got to explain why the rules he wants for Pelosi shouldn't apply to him and everybody in his inner circle. Until then, this is nothing more than hypocrisy. And that's why his rants are sounding a little less like strength and a lot more like desperation. You can actually see Maria Bartiromo face fall apart in real time. As Vice President J.D. vance tries to explain Donald Trump's tariff plan, she realizes mid sentence, see the look on her face here? She realizes, dear God, this doesn't make any sense. Listen to what Vance said.