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- [00:00]
T-Mobile Representative
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- [00:30]
Market Analyst
So much woo, folks. This is a tough way to end the week.
- [00:34]
Larry Kudlow
If you're long the market, if you're long gold, you're happy.
- [00:37]
Market Analyst
But Dow is losing about 724. The S&P down 113. The NASDAQ down 484. That will do it for us.
- [00:49]
Congresswoman Katherine Clark
Hello folks.
- [00:50]
Larry Kudlow
Welcome to Kudlow. I'm Larry Kudlow. So markets crash over 700 points today.
- [00:55]
Market Analyst
After a bad inflation report, more tariff confusion. Oh, and by the way, Republicans really going to raise taxes that could have done it.
- [01:03]
Congresswoman Katherine Clark
You know, it wasn't so long ago where we would see record breaking stock market numbers when former President Biden was running things. It seemed that every month the GDP was going higher, jobs were being created low, unemployment, energy, independent. And when we used to show you those Fox clips, remember how the hosts like Larry Kudlaw, they were almost like upset that they had to report on the good economic news and they did everything they can to try to spin it in the bad way. Look, Trump is crashing the markets. Trump, Doge and Musk are involved in a hostile takeover of our government. They're coming for Medicaid, they're coming for Social Security. The way they're firing veterans is horrific in and of itself. And then they're doing it so cruelly and cavalierly, just every day it's something else. And you know, as we're seeing the markets tank, like what's this administration? I call them a regime. What's this regime doing? They send JD Vance to like a military base in Greenland. He couldn't leave the base because they're so unpopular in Greenland because Trump keeps talking, talking about conquering it. And so this is, this is what they're doing right now. And JD Vance was asked questions about Signal Gate speaking in Greenland. Like what am I even saying here? And here's what he said, let's play it.
- [02:32]
Larry Kudlow
And now the same American media that covered for the Biden administration after the untimely death and the unnecessary death of 13 brave Americans is really, really interested. And forcing the President of the United States to fire someone because of a signal chat, because of a signal chat, that is not honest behavior from the American media. And if you think you're going to force the President United States to fire anybody, you've got another thing coming. President Trump has said it on Monday, on Tuesday, on Wednesday, on Thursday, and I'm the Vice President saying it here on Friday. We are standing behind our entire national.
- [03:07]
Congresswoman Katherine Clark
Security team celebrating the leaking of our classified information. Let's bring in Democratic Congresswoman Kathleen Clark, Democratic Whip Congresswoman showed you that intro. What do you make of this all?
- [03:20]
Market Analyst
Oh, my goodness. Well, this is what happens when you take a economy and decide that you are going to further rig it against everyday working people and focus everything on taking away people's health, healthcare, veterans benefits, public schools, and give it all to the billionaire class for a tax cut that they won't notice and don't need. And this ping pong of tariff policy, going after our allies like Canada, abandoning Ukraine, taking away, you know, just our place and moral authority in the world. And, and it is just shocking to watch. But of course, we are now seeing consumer confidence at this historic low and we are then seeing the markets react to this tariff policy and we haven't even gotten to April 2nd when we're gonna be seeing even more. And all of this upheaval hits the very people at home who are struggling to buy grocer, make a rent payment, find child care the hardest. And as you said, it is a cruel effect. And it is cruel chaos by design.
- [04:47]
Congresswoman Katherine Clark
You know, J.D. vance is in Greenland, just part of the Kingdom of Denmark, which is part of NATO. And he's there and he is attacking Denmark from a base in Greenland. He was also attacking Canada. This is what they're doing. I'll show you this other clip of this is the message that they're sending today, on Friday to the war. This is how they're showing how strong they are. Here. Let me show you this clip.
- [05:16]
Larry Kudlow
That's what this is about. There is no amount of bullying, no amount of obfuscating, no amount of confusing the issue. Our message to Denmark is very simple. You have not done a good job by the people of Greenland. You have underinvested in the people of Greenland and you have underinvested in the security architecture of this incredible, beautiful landmass filled with incredible people. That has to change. And because it hasn't changed, this is why President Trump's Policy in Greenland is what it is. It's.
- [05:47]
Congresswoman Katherine Clark
It is what it is. I think 85% of Greenlanders do not want anything to do with the United States like this. And this is just what they're. What, they're what? They just go and try to. When he talks about bullying too, it's projection. Right. Because they just go around just trying to bully Canada. Oh, wait, they're united against those. Bully Greenland, bully Europe. Just odd.
- [06:10]
Market Analyst
Yeah. And I mean, these are. Not only is it just bizarre their, their foreign policy, but it is turning it all on its head. And my real fear is it is going to be generations for us to recover our place in this world leadership as a democracy that values the rule of law and this sort of expansion policy. Denmark, Canada, they're now the enemies, the states that we have to draw a hard line with. And you know, we elected this strong man who rolls over on his back for Putin, abandons our democratic ally in Ukraine, and we're sending the vice president and his wife to a contained base in Greenland because the people of Greenland don't want them outside of that base. I mean, what are we doing? And it is all causing, not only us to become a country where people say we can't count on you. We can't count on you to be good economic partners, to be there if we need you for military aid. We don't know what it means to you anymore to say that you're an ally and a trading partner. And all of this again is going to come back and sit and impact the people who have the least defenses to deal with all of what is coming their way. An erosion of our democracy. But just this inability to be able to pay for the basics for their family. And while they're working hard and paying taxes, they are just shifting all of that wealth of hardworking people in this country to people who already have great wealth. And when you're running an economic policy in a government just to increase wealth disparity in this country, these are the results you get. And who is going to be left to join the United States and say, we are here for you. We believe in the strength of your country. We believe in your moral clarity. We believe in the American dream, that you can be in this country and start from the most humble of roots and have opportunity. And you're just systematically taking that away from people. You take your public schools away, your veterans benefit, health care for kids, school lunches, and what are you left with? You're left with a hollowed out middle class and you're left with no opportunity for people. And it's no wonder that we're seeing the overall economy follow hardworking families in this country into desperation about what the future is.
- [09:07]
Congresswoman Katherine Clark
Congresswoman, what's your take on Donald Trump pulling the nomination of Congresswoman Elise Stefanik, who he picked to be the ambassador to the United Nations? That seat was a plus 21 Trump district. And Donald Trump even revealed the reason he pulled the nomination, he said is that he's worried that he would lose that seat in a special election. We saw what happened in Lancaster, Pennsylvania, which that 36 Senate district hadn't gone Democrat since 1889. Guy named James Malone won there. We're seeing things happening across the country that's feeling like the people are getting it. So, first, what do you make of the Congresswoman Stefanic situation? And second, do you see a vibe shift, a mood shift taking place place?
- [09:54]
Market Analyst
Oh, there is definitely a vibe shift and they are seeing it and feeling it, too. And it was a remarkable statement from a president that usually isn't that transparent. But he's seen exactly what we're seeing. He's seeing that down in Florida, one of those special elections is incredibly close when he won that that district by over 30 points, as you noted, the state senator for the first time since 1889, flipping a seat in Pennsylv, and that was preceded by one in Iowa in a very similar situation. And so he is looking at upstate New York, where Lise Stefanik lives, where her district is, that is dramatically impacted by all the harm they're doing to farming communities, the impact from the Canadian tariffs on energy costs in that district and the fact that people of that district rely heavily on Medicaid for health care, which Elise Stefanik gleefully went and voted yes to take a huge chunk of that away from the people of her district. And so they're sending her home. But Elise Stefanik isn't going to save that district from the damage they are doing to the American people and the awakening of voters that they have been had. They may have voted for Donald Trump, but he lied to them and has betrayed them. And so it is a real sign to me that they understand the very real electoral peril that they are in as they move forward. And we are going to continue to draw that contrast, that we are fighting for veterans benefits, for school funding, for feeding hungry kids and seniors in this country. And we are going to do everything to stop them from taking that and further rigging our tax code against the average taxpayer. The 99% of Americans who work for a living.
- [12:04]
Congresswoman Katherine Clark
Congresswoman Catherine Clark, we're going to be following your shadow hearings as well. That's just so people know you're holding these hearings because the MAGA Republicans are refusing to subpoena the right people and actually hold those hearings. We're going to be covering those. Finally before we go, you know, voters out there are saying, look, we want to see Democrats in the House and in the Senate and in general fight. They know you don't control the House or you don't control the Senate. I think they want to see people out there just speaking to the people, talking truth to power, doing anything they can to try to block the dangerous authoritarian stuff that's happening every day. So what's your message? What's leadership's message right now, end of March to the American people, especially those who see their life savings crashing on a day to day basis?
- [12:57]
Market Analyst
Yeah, listen, our message is clear. We share your frustration, we share your anxiety and we recognize the danger and the urgency of this moment. And we are going to use every strategy, every tactic, every pressure point. We have to return the power to the people to make sure that the priorities of hardworking families who are just trying to keep food on the table, make sure they have a roof over their kids heads and that they have a good public school and childcare they can find when they need it and if their family gets sick that that bill doesn't bankrupt them. And we are going to work in many ways to reform, improve, create efficiency in government. There's much work we can do on but we have to protect these fundamentals and this power grab that we are seeing and so called moderates in the House GOP whose allegiance has shifted from the very people that sent them to Congress wholly to Donald Trump. And loyalty tests don't work when you are nominating people to become Secretary of Defense that we've seen play out in a dangerous way to our national security this week. And it doesn't work when we're talking about those fundamental things people need to survive and then be able to build success and wealth for themselves. So we're going to use every tool we have and be in this fight, whether it's in Congress, in the courts or in our communities.
- [14:37]
Congresswoman Katherine Clark
Congresswoman Katherine Clark, thank you so much for joining us. First time on the Midas Touch Network.
- [14:42]
Market Analyst
I know, I'm so excited.
- [14:44]
Congresswoman Katherine Clark
We got it. We gotta have you back. Keep us updated. A lot of our viewers were asking to hear from you as well. So it's great to have you on. I'd love to have you back.
- [14:52]
Market Analyst
Thank you.
- [14:53]
Congresswoman Katherine Clark
Can't wait everybody Hit Subscribe. Let's get to 5 million subscribers. Can't get enough Midas? Check out the Midas plus substack for ad. Free articles, reports, podcasts, daily recaps from Ron Filipkowski, and more. Sign up for free now at midasplus Dot.