Secrets of Trump’s $500 Million Spirit Scam Finally Exposed!!

Summary

The MeidasTouch Podcast
Episode: Secrets of Trump’s $500 Million Spirit Scam Finally Exposed!!
Date: May 3, 2026

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Overview

This episode of the MeidasTouch Podcast centers on the bankruptcy of Spirit Airlines in 2026 and the political controversy surrounding it. The hosts meticulously dissect how the Trump regime tried to blame the Biden administration for the collapse, the failed $500 million bailout plan, and the ripple effects of Trump's foreign policy—most notably, the catastrophic war in Iran—on the airline industry. Through their signature mix of insight and humor, the Meiselas brothers unravel misinformation, clarify complex antitrust issues, and highlight the historical pattern of Trump’s business failures.

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Key Discussion Points & Insights

The Political Blame Game and Spirit's Downfall

[02:31 - 06:00]

• The Trump administration and MAGA media outlets (like Fox) aggressively blame President Biden for Spirit’s bankruptcy, citing the 2022 DOJ antitrust lawsuit that blocked JetBlue’s merger with Spirit.

• The hosts, referencing their expertise and recent statements from various sources, argue that this narrative ignores critical economic and legal facts.

• Notable Quote:
  "The Trump regime is blaming the Biden administration for the Spirit Airlines bankruptcy because the Trump regime blames Biden for everything." — Political Commentator [02:31]

• The hosts question, if Trump boasts of a "golden age," why are major industries like airlines failing under his administration? The surge in jet fuel prices (a result of Trump's war in Iran) is cited as the real root cause.

Dissecting the Antitrust Lawsuit

[06:00 - 11:30]

• Detailed walk-through of how the 2022 DOJ lawsuit against the JetBlue-Spirit merger operated:

  • The DOJ can’t just “block” mergers—cases go before federal judges, who weigh pro- and anti-competitive effects.
  • In this case, Republican appointee Judge William G. Young blocked the merger, finding it would hurt cost-conscious consumers and reduce competition.

• Notable Quote:
  “To those dedicated customers of Spirit, this one’s for you.” — Quoting Judge Young’s ruling [08:38]

• The hosts point out that Spirit’s own statement blamed “dramatic increases in jet fuel prices” and “no additional funding,” not the blocked merger.

What Actually Caused Spirit's Bankruptcy

[08:40 - 12:00]

• The rise in jet fuel prices after Trump’s escalation in Iran is presented as the critical factor in Spirit’s demise—not DOJ action, and not lack of willingness to merge.

• Caroline Sunshine, a recent Trump defector, is quoted for spotlighting the choice between war spending and saving American jobs.

• Notable Quote:
  “Spirit Airlines only needed $500 million to survive. We've already spent $25 billion on the Iran war. Which one directly improves American lives more?” — Caroline Sunshine (via hosts) [07:22]

• The hosts warn that Spirit’s collapse is likely just the start for low-cost airlines, given economic trends and the aviation sector’s vulnerability to oil prices.

The Trump Regime’s Failed Bailout and Qatar Connection

[12:18 - 14:17]

• The Wall Street Journal reports a failed Trump administration attempt at a $500 million Spirit bailout, torpedoed by opposition from larger airlines and hardline creditors.

• It’s revealed that, paradoxically, Trump accepted a lavish private jet from Qatar at the same time—a move the hosts frame as personal gain over American workers.

• Notable Quote:
  “Donald Trump’s taking a personal plane from Qatar for himself. That money alone could have bailed out Spirit, but no.” — Political Commentator [13:00]

The Broader Industry Outlook and Trump’s Bankruptcies

[14:17 - 17:28]

• Data from airline industry analysts:
  • JetBlue: 75% chance of bankruptcy within the year
  • Frontier: 45-50% chance
  • American Airlines: 2.9-15% chance, much lower
• Citing statements from JetBlue’s founder and leaked internal communications, the hosts highlight systemic warning signs.
• The hosts enumerate Trump’s long string of failed or bankrupt ventures, including Trump Airlines and even the SEC-required disclosures in his current business filings.
• Notable Quote:
  “Entities associated with Donald J. Trump have filed for bankruptcy protection in the past… There can be no assurance TMGT will not become bankrupt.” — From Trump’s SEC filings, read aloud [16:00]

Trump and Duffy’s Evasive Public Statements

[17:28 - 19:48]

• Clips of Trump fielding press questions with vague, deal-making bravado.

  • He claims he’ll act only “if it’s a good deal” and asserts “America First” for creditors.

• Notable Quote:
  “We come first. Hey, you know what it is? USA First, America First. That’s my five. Including with airlines, including with Intel.” — Donald Trump [18:32]

• Transportation Secretary Sean Duffy blames Biden, insisting that bankruptcy is due to the blocked merger, but then concedes Spirit’s financial issues predate the Iran war.

“Golden Age” Rhetoric & Contradictory Claims

[21:40 - 23:33]

• National Economic Advisor Kevin Hassett boasts of an economic “golden age” with surging profits and wage data, contradicting the lived reality of workers at failing airlines.

• Trump, in a Florida speech, claims "$18 trillion pouring in" but still offers no support for Spirit, reinforcing the hosts’ charge that his administration is full of “liars” and “con artists.”

• Notable Quote:
  “More than $18 trillion now pouring into our country from all over the globe. Think of that, think of that… But you can’t give 500 million to Spirit Airlines.” — Donald Trump [23:04], with commentary from hosts [23:33]

The Human Toll

[23:33 - 24:47]

• The episode’s emotional climax features the final address of a Spirit Airlines pilot on their last ever flight.
• Notable Quote:
  “So Spirit… started flying in 1983… 43 years and unfortunately that’s over. So thank you for your support over the years. And onward and upward, right? God bless you all.” — Spirit Airlines Pilot [23:45]

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Notable Quotes Recap (Chronological with Timestamps)

• “The Trump regime is blaming the Biden administration for the Spirit Airlines bankruptcy because the Trump regime blames Biden for everything.” — Political Commentator [02:31]
• “Spirit Airlines only needed $500 million to survive. We've already spent $25 billion on the Iran war. Which one directly improves American lives more?” — Caroline Sunshine (quoted) [07:22]
• “To those dedicated customers of Spirit, this one’s for you.” — Judge William G. Young (quoted) [08:38]
• “Donald Trump’s taking a personal plane from Qatar for himself. That money alone could have bailed out Spirit, but no.” — Political Commentator [13:00]
• “Entities associated with Donald J. Trump have filed for bankruptcy protection in the past… There can be no assurance TMGT will not become bankrupt.” — From SEC filings, read aloud [16:00]
• “We come first. Hey, you know what it is? USA First, America First. That’s my five. Including with airlines, including with Intel.” — Donald Trump [18:32]
• “More than $18 trillion now pouring into our country from all over the globe. Think of that, think of that… But you can’t give 500 million to Spirit Airlines.” — Donald Trump [23:04]
• “So Spirit… started flying in 1983… 43 years and unfortunately that’s over. So thank you for your support over the years. And onward and upward, right? God bless you all.” — Spirit Airlines Pilot [23:45]

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Timestamps for Important Segments

• [02:31] — Antitrust law basics & Trump’s blame narrative
• [06:00] — DOJ lawsuit and Reagan-appointed judge’s role
• [07:22] — Caroline Sunshine’s viral post
• [08:38] — Key excerpt from Judge Young’s ruling
• [13:00] — Trump’s $500M bailout failure & private jet from Qatar
• [14:17] — Industry bankruptcy risk analysis
• [16:00] — Trump’s bankruptcy record via SEC filings
• [17:28] — Trump’s press responses on Spirit bailout
• [18:32] — “America First” quote from Trump
• [21:40] — Hassett’s “golden age” claim
• [23:04] — Trump’s $18 trillion boast
• [23:45] — Emotional pilot’s farewell

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Tone and Language

Throughout the episode, the Meiselas brothers combine sharp, clear legal and economic analysis with biting wit and impassioned advocacy for democratic accountability. They emphasize factual evidence and documentation, frequently using clips and direct quotations from politicians, industry insiders, and public filings.

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Summary

This deeply researched episode interrogates the causes and cover-ups of Spirit Airlines’ bankruptcy. The hosts tear down right-wing talking points blaming Biden, illuminate the real impact of Trump’s war-driven fuel price hikes, and place the event in the broader pattern of Trump-era instability and failed deal-making. The show closes poignantly, centering the human cost by letting a long-serving pilot have the last word.

For listeners new to the story, this episode is a thorough primer on not just the Spirit bankruptcy, but the intersection of corporate deal-making, political rhetoric, and the lived experiences of American workers under Trump’s second term.

Transcript

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[Political Commentator]

antitrust law at one of the top law schools in the country. So I want to share with you my experience and explain why the Trump regime's attempt to blame the Biden administration for the Spirit airline bankruptcy that just took place is completely bogus. And, you know, I mean, it should be obvious, right? But the Trump regime is blaming the Biden administration for the Spirit Airlines bankruptcy because the Trump regime blames Biden for, for everything. But one of the things that they're pushing, this right wing talking point that you see on state regime media, which calls itself Fox and all these MAGA influencers, they say that the Biden administration filed an antitrust lawsuit to block the merger between JetBlue and Spirit Airlines in 2022. And if the merger would have went through, then this bankruptcy of Spirit Airlines would not have taken place in 2026. Trump regime, what I believe would have happened if that merger went through, it would have resulted in both JetBlue and Spirit Airlines, this merged entity, going bankrupt right now under the Trump regime. And I believe that JetBlue is potentially in some very grave financial danger as well. I'm just sharing with you my opinion. And there's a real risk of bankruptcy there. So a merged entity of JetBlue and Spirit Airlines could have resulted, resulted in the combined entity going bankrupt. Now that the price of jet fuel has skyrocketed so much as a result of Donald Trump's catastrophic war in Iran. I think at the most basic level, let me just read for you what Caroline Sunshine wrote. And she's a Fox pundit, she's a big Trumper. But I think she's been very disenchanted by this unlawful and catastrophic war in Iran. And here's what she posted. This is a big Trump support. I think she's moved away from that a little bit. She goes, Spirit airlines only needed $500 million to survive. We've already spent $25 billion on the Iran war. Which one directly improves American lives more? A low cost carrier staying in the market or another war in the Middle East? And now the bankruptcy of Spirit Airlines under the Trump regime now will cost at least 7,500 people their jobs. Spirit Air employed about 17,000 people, but they reduced it to 7,500. And what I fear is that this is a sign of other low cost carriers that may be going bankrupt soon. I'm just sharing with you my opinion. I'm not trying to cause alarm or panic here. It just seems that whether you're talking about frontier or even JetBlue or other low cost carriers. Oftentimes when you see something like this where you have, you know, one of the weakest links go bankrupt first. In this case Spirit Airlines, it's a sign of what's to come. Hold that thought for a second because we'll get back to that in a moment. Let's start now with the antitrust lawsuit that was filed by the Biden administration against this potential merger in 2022 with Spirit Airlines and JetBlue, where Spirit Airlines would have folded into JetBlue. So the Justice Department enforcing antitrust law, they don't just get to decree we think that this merger will harm competition. There's something called the rule of reason that's applied in antitrust law where you look at the pro competitive impacts of a merger, you look at the anti competitive impacts of the merger and you kind of weigh them and you see are there any other ways to do this that would promote competition? Is there anything else that could be done that short of merger like this? And it's a balancing test that courts apply. But when you bring an antitrust case, the Justice Department doesn't just say haha, we block it on our own. They go to a federal court and a federal judge has to hear the arguments and the judge makes the decision. So in this specific case, a federal judge named William G. Young, who was appointed by President Ronald Reagan in 1985, her heard the Department of Justice case where the DOJ said this merger between JetBlue and Spirit Airlines was a violation of antitrust law. There was a 17 day bench trial in late 2023 in Massachusetts. Then on January 16, 2024 this Reagan, Ronald Reagan Republican appointed judge issued a detailed 113 page ruling blocking the merger and finding facts. The airline industry is highly concentrated. A deal between JetBlue and Spirit Airlines would have removed a key structure in reducing prices. It would harm cost conscious consumers who relied on Spirit's low, often unbundled fares. The pro competitive benefits did not outweigh the harms. And the judge said Spirit is a small airline, but there are those who love it. To those who dedicate to those dedicated customers of Spirit, this one's for you. This came from a Reagan appointed judge. Now the reason that Spirit Airlines went bankrupt in 2026 was not because this merger didn't go through which a Reagan appointed judge, a Republican appointed judge, agreed that this merger shouldn't happen. As I noted, imagine if you merge, merge these two entities. Trump launches the catastrophic war. JetBlue is now saddled with its own problems, plus the problems of Spirit. This new entity would have been bankrupt. It would have been extra catastrophic if it was not blocked. But don't trust me or anyone. Just what is Spirit Airlines saying about it all? Well, in their bankruptcy message that all flights have been canceled and Spirit Airlines has been is winding down its operations. Here's what Spirit Airlines wrote yesterday. Spirit Aviation Holdings, a parent company of Spirit Airlines, today regretfully announced the company has started its orderly wind down of operations. All Spirit flights have been canceled. The wind down follows the company's extensive and comprehensive efforts to restructure the business and pursue transactions to strengthen Spirit's financial positions and create a sustainable path forward. Unfortunately, despite the company's efforts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit's financial outlook. With no additional funding available to the company, Spirit had no choice but to begin this wind down. They didn't say, well, because we didn't merge with JetBlue in 2024. No, they're talking about the increase in jet fuel prices right now because that's what did it. The prices went up dramatically and in a way became unsustainable. And without a bailout, they could not continue to exist. So now you have the Transportation Secretary, Sean Duffy, write the following Thank a Democrat. Joe Biden and Pete Buttigieg bragged about blocking the JetBlue Spirit merger, the very deal that could have saved Spirit Airlines. The result? Less competition, customers scrambling, employees losing jobs. You can't make this up. You know, it's all a game game to these MAGA Republicans. For how long do you think you just blame Joe Biden for everything? Y' all are in charge right now. Donald Trump is out there claiming he's brought in $21 trillion or $18 trillion from all of these foreign countries and that tariffs are making the country so rich and that there's a manufacturing boom. Donald Trump says we're in a golden age and everything is great and our deficits being reduced. Now, we all know that to be false. But if you're they're saying things are great, we're in this golden age, everything is amazing, then why isn't that trickling down to all of these industries? Why is it that jet fuel prices are so high? It's because Donald Trump's catastrophic war in Iran, that's the reason and basis for all of this. And so you have Duffy, he not only posts that message, he holds press conferences throughout the day yesterday blaming Biden and he goes. I think it's important to talk about why we are here today. Joe Biden and Pete Buttigieg. It's not what Spirit Airlines is saying. You would have merged them both would have probably been bankrupt right away. But here's what Sean Duffy said at this press conference here. Play this clip.

[Press Conference Reporter]

I'll take your questions in a second. But I think it's important to talk about why are we here today There was a proposed merger between JetBlue and Spirit and Joe Biden. And people to judge along with the Biden DOJ decided that they did not want that merger to take place.

[Political Commentator]

Now Wall Street Journal is reporting that the Trump regime was not able to execute a bailout and to help Spirit Airlines despite Donald Trump saying he was working on it. Here's what the Wall Street Journal reported, our new report reporting on what led to the fall of a Trump Spirit Airlines $500 million rescue plan just prior to the airline being forced to close. A lobbying campaign by CEOs and other representatives of major airlines against such a deal and a battle with creditors. And the CEO of Spirit conceding in a call to Secretary Lutnick they couldn't pull off the bailout. Now Donald Trump is accepting or has accepted a what? Half a billion dollar plane from Qatar. That money alone could have bailed out Spirit, but no, Donald Trump's taking a personal plane from Qatar for himself. You take a look right here about the potential for bankruptcies of other of these low cost airlines, if you will. JetBlue and Frontier are facing the highest risk of bankruptcy. Some of the top airline industry analysts think more Chapter 11s are coming by 2026, 2027, they believe. Currently JetBlue has a greater than 75% chance of a bankruptcy happening. Frontier 45 to 50% Allegiant 36.7% far less. American Airlines 2.9 to 15% chance of bankruptcy. Alaska less than 3% of bankruptcy. JetBlue's founder Dave Nealman says the cost of jet fuel could put the airline into bankruptcy this year, according to remarks he made to his current airline pilots. This on April 15, which were leaked by aviation watchdog John NYC. You know JetBlue's in a really tough spot, said the CEO to his pilots. They really are. You know, I think I told you last week, but when Jamie Baker, who's an analyst for JP Morgan came out with his estimates for for all airlines based on 450 fuel 2 bucks, it showed Jet Buell JetBlue losing $1.3 billion this year. That would probably put them, you know, into bankruptcy. I would assume the cost of jet fuel last week was as high as $4.80 a gallon. That's unsustainable for all islands. That's why I said I think this could be a sign of things to come. James Surwicki agrees. If JetBlue's acquisition of Spirit had been approved, there's a good chance JetBlue would now be headed into bankruptcy as well. Now, I'll remind you that Donald Trump has bankrupted entity after entity in his career. You don't have to believe me. Why don't you believe Donald Trump's SEC filings regarding his social media company, Truth Social? And this is in their disclosure section that they have to file on all of their 10k forms. It's a requirement that you list your bankruptcies if you are the head of a publicly traded company. And here's what the disclosure says. A number of companies that were associated with Donald J. Trump have filed for bankruptcy. There can be no assurance that tmtg, that's Trump Media will also not become bankrupt. This is from Trump. This is Trump's document. Entities associated with Donald J. Trump have filed for bankruptcy protection in the past. The Trump Taj Mahal, which was built and owned by President Donald J. Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, the Trump Castle and the Plaza Hotel, all owned by Donald Trump at the time, filed for Chapter 11 bankruptcy in 1992. THCR, which was founded by Donald Trump in 1995, filed for Chapter 11 bankruptcy in 2000. 2004. Trump Entertainment Resorts, the new name given to Trump Hotels and Casino resorts after its 2004 bankruptcy, declared bankruptcy in 2009. Then it goes on to talk about other bankruptcies, by the way, including, you know, Trump had a failed airlines as well. Trump had a fair a failed Trump Airlines. Here are companies associated with Trump where he had licensing agreements that went out of business. Trump Shuttle Airlines, launched by Trump in 1989, defaulted on its loans in 1990 and ceased to exist by 1992. Trump University ceased to exist by 2011amid lawsuits and investigations. Trump Vodka, what else does it say here? Trump Mortgage, it has Trump Stakes, gotrump.com, trump University and lots of all these other Trump lists. Them all you can read. I'll have a screenshot there. If you want to take the screenshot, you can list them. And by the way, here's what Donald Trump was saying when he was asked before going to Florida where he's golfing and watching golf tournaments. Apparently. Did you decide against bailing out Spirit Airlines? Here's what he said before he left and before Spirit Airlines went bankrupt. Play this clip.

[Donald Trump]

Did you decide against bailing out Spirit Airlines? Well, I guess we're looking at it. If we could do it, we'd do it, but only if it's a good deal. Looking at it. But if we can't make a good deal, no institution's been able to do it. I said I'd like to save the jobs, but we'll have an announcement sometime today. We gave them, we gave them a final proposal

[Political Commentator]

and then another person asked him about Spirit Airlines and you know, what's going on with the lenders. Are you able to figure out this bailout? And here's what Trump said before leaving to go to Florida to watch golf. Here, play this clip here at airlines.

[Press Conference Reporter]

What has been the hold up on a deal?

[Donald Trump]

Are they bothered? We're looking at trying to help them. Something we're not looking to get involved with. But if we can, it's 14,000 jobs. We are. I would say we're driving a tough deal, but it's one of those things. And we'll do it or we won't. We'll have something for you today or tomorrow.

[Press Conference Reporter]

It seems like the other lenders are balking. They think they'll get bumped out down in priority.

[Donald Trump]

Well, they will. We come first. Hey, you know what it is? USA First, America First. That's my five. Including with airlines, including with Intel. You know, we made an intel deal. You know that, right? We made about $40 billion on that. And someday Fox and Peter is going to talk about it, but we helped out intel and we ended up making $40 billion. So we're looking at Spirit, a different, different kind of a thing, but we're looking at Spirit. If we can help them, we will. But we have to come first. We're first. It's America first.

[Political Commentator]

And here's what Sean Duffy said on Spirit Airlines at that press conference where he was blaming Biden. And as we said on the Midas Touch Network, this administration refuses to take responsibility for any of their actions. Spirit specifically cited why they couldn't stay in business. Skyrocketing fuel costs due to Trump's war. And the Trump administration is still trying to blame Biden for everything. You can maybe get away with it February 2025, but it's May 2026. Trump was the I'll make everything cheaper on day one guy, the no new wars guy. You have to own your own actions. So here's the other thing, guys, we'll show the other clip that Duffy said as well. Here, play this clip.

[Press Conference Reporter]

This is Spirit's not the only one who's having financial issues right now. There could be more. I wouldn't just point this out. Once the merger was denied in 2024, Spirit filed for bankruptcy immediately after the denial. And then last August, Spirit again filed for bankruptcy. So Spirit was in dire straits long before the war with Iran. Multiple times they had filed for bankruptcy. Their model wasn't working. They couldn't get to fiscal health. So this was not the impetus. The war was not the impetus for Spirit. Now you've heard that other airlines have talked about requesting a $2.5 billion bailout. I am in continual contact and my team is in contact with all the CEOs of the airlines. I would say that at this point, I don't think it's necessary. They do have access to cash. If they want to come to the US Government, we would be a lender of last resort. If they can find dollars in the, in the private markets, I think that's better for them. If there was a need across the low cost carriers who had made this request, again, there's not $2.5 billion that sit around in Congress that the executive branch can fund a bailout for those airlines. That would have to be a conversation that does happen with Congress and they would have to be be a real need. And so sometimes what can happen is when there's a conversation about Spirit airlines and a potential bailout, if you will, what other airlines see as an opportunity, is this an opportunity for us to get money as well, to help our airline out, not necessarily based on need, but based on opportunity. And I think that's what was happening when the, the low cost carriers put out a request for $2.5 billion.

[Political Commentator]

And then as a reminder, Trump has all of his sycophants, you know, like his national economic advisor, Kevin Hassett was the guy who said buy all the dot com stocks back in 2000 before the dot com bust. This guy's been wrong about everything his whole life. Like he's literally says things do the opposite. And here's what he said recently about the golden age is here, it's visible here, play this clip.

[Kevin Hassett]

As you know that we've had two earnings seasons in a row where basically everything surprising on the upside, that's happening because the golden age that President Trump promised is starting to be very visible in the profit data, but also more importantly in the wage data. If you're a person who has a job where you're making tips or you're making overtime or you're a retiree who thought that Social Security wasn't what you expected. You need to make some more money. All of you got huge tax, tax breaks in the four to $7,000 range because of the big beautiful bill. And so I think that with strong domestic economy, then the question is, is there something about the foreign relations that could upset that? And first, the US Economy is the engine of global growth.

[Political Commentator]

And then here was Donald Trump at this latest speech that he gave in Florida saying that $18 trillion is pouring into our country. So 18 trillion is pouring in, but you can't give 500 million to spirit Airlines. They're liars, they're con artists, they're frauds. And just like Trump's bankrupted everything in his life, he's bankrupting this again here, let's play it.

[Donald Trump]

More than $18 trillion now pouring into our country from all over the globe. Think of that, think of that. Less than a trillion in 4 years and 11 months of 12th month hasn't come out yet. We've long enough. But in 11 months, $18 trillion. So that's 18 times more. But think of it, it's really almost 100 times more if you really multiply it out properly a short time ago.

[Political Commentator]

And I'll just share with you the human toll of this bankruptcy. Just so you can hear the last flight by one of the Spirit Airlines pilots getting very emotional. Made me emotional listening to this here. Let's watch it.

[Spirit Airlines Pilot]

So great conversations. Occasionally a lot of crazy stuff has happened, but. But it's funny as we sit here, I'll speak for myself. I don't remember any of the bad times, just the good months. So Spirit, believe it or not, started flying in 1983, I think it was called Charter Air at the time. And in 1992 had changed his name to Spirit. So we've been in the air since 1983. What is that, 43 years and unfortunately, that's over. So thank you for your support over the years. And onward and upward, right, Go. God bless you all.

[Political Commentator]

There you have it, folks. Let me know what you think about all of this. Hit subscribe. Let's get to 7 million subscribers. Thanks for watching new Midas merch. Head to store.midastouch.com today and get yourself the best pro democracy gear and show your support. That's store.midas touch com.