Summary of "Trump Crumbles on Saturday Morning After Bad News" – The MeidasTouch Podcast

Episode Details:

• Podcast: The MeidasTouch Podcast
• Hosts: Ben, Brett, and Jordy Meiselas
• Episode Title: Trump Crumbles on Saturday Morning After Bad News
• Release Date: April 12, 2025

1. Introduction to Trump's Economic Turmoil

Timestamp [00:30]
Ben Miceli opens the episode by condemning former President Donald Trump's economic policies, highlighting the severe negative impacts on the U.S. economy. He criticizes Trump's decision to continue golfing and vacationing in Florida while the nation grapples with economic instability.

Key Points:

• Economic Decline: Trump’s policies have led to extreme market volatility, a crashing bond market, a weakening dollar, and mortgage rates soaring above 7%.
• Trade War Consequences: The ongoing trade war instigated by Trump has triggered a recession, with detrimental effects on various economic sectors.

Notable Quote:
"Donald Trump is waking up to headlines like this from the usually reliable Wall Street Journal. Trump wants to be impeached again." – Ben Miceli [00:30]

2. The Ill-Fated Trade War and Tariff Exemptions

Ben delves into the specifics of Trump's trade war, emphasizing the unauthorized use of emergency war powers to impose tariffs, which are traditionally under Congress's jurisdiction.

Key Points:

• Tariff Exemptions: The U.S. has excluded computers, smartphones, and other electronics from new tariffs, contradicting previous assurances.
• Media Inconsistencies: Trump and his allies in state-run media, such as Fox News, had previously asserted that products like iPhones would be heavily taxed, a claim now debunked with the exemption announcement.

Notable Quote:
"[...] this morning as the United States published tariff exclusions for specified products that are subject to these exclusions. Notably, and this includes China as well." – Ben Miceli [00:30]

3. Media and Political Reactions

The episode examines the reactions from various media outlets and political figures, illustrating the widespread criticism of Trump's policies.

Key Points:

• Washington Post Analysis: The Post criticizes the tariff exemptions as undermining Trump's economic strategies intended to bring high-tech supply chains back to the U.S.
• Bloomberg's Perspective: Bloomberg highlights China's resilience and strategic advantage in the trade war, noting that Chinese companies have adapted to mitigate the impact of American tariffs.

Notable Quotes:

• "Phones other electronics exempt from new tariffs. Trump administration says the announcement comes after Beijing and China responds [...]" – Ben Miceli [Timestamp not specified]
• "Over the past week, China has already trade war proofed its economy. Companies and consumers will feel the pain from tariffs much less there than Americans." – Bloomberg Report [Timestamp not specified]

4. Economic Indicators Pointing to Recession

Ben discusses alarming economic indicators that suggest the U.S. is on the brink of a recession, attributing these signs to Trump's mismanagement.

Key Points:

• Mortgage Market Freeze: The rejection rate for home mortgage refinance applications has hit its highest since the 2008 Great Recession.
• Dollar and Bonds Decline: The U.S. dollar is plummeting, and treasury yields for 10 and 30-year bonds are reaching unsustainable levels as foreign entities avoid U.S. bonds.

Notable Quote:
"As Spencer Keemian reports, the weekly share of home mortgage refinance applications that were rejected was the highest since October 2008." – Ben Miceli [00:30]

5. Shift in Global Alliances and Trade Relations

The podcast highlights how Trump's trade policies have not only harmed the U.S. economy but also damaged international relationships and alliances.

Key Points:

• China's Strategic Moves: China is capitalizing on the weakened U.S. stance by forging new alliances and promoting free trade, positioning itself as a reliable global partner.
• Impact on Global Markets: Trump's actions have led to a loss of credibility for the U.S. in global markets, encouraging other nations to seek alternative partnerships.

Notable Quote:
"For Xi Jinping, Trump's self-inflicted wound is an opportunity. China can present itself as a better representative of the rules-based international order." – Ben Miceli [00:30]

6. Domestic Business and Tourism Declines

Ben sheds light on the widespread negative repercussions of the trade war on American businesses and the tourism industry.

Key Points:

• Business Impacts: Furniture, toys, apparel, footwear, and sports equipment sectors are experiencing halted orders and diminished demand due to tariff-induced price hikes.
• Tourism Downturn: Arrivals at major U.S. airports have declined rapidly, particularly from Canada, with a projected 20% drop this year, resulting in a $3.4 billion loss.

Notable Quote:
"Trump tariffs on China will soon bring irreversible damage to most American businesses and of course, tourism down travel down into the United States..." – Ben Miceli [00:30]

7. Broader Policy Failures Under Trump

The episode also touches upon other policy missteps by the Trump administration beyond the trade war.

Key Points:

• Public Health Negligence: The CDC is laying off cruise inspectors, endangering public health by failing to manage norovirus outbreaks effectively.
• Environmental Neglect: The EPA plans to stop collecting greenhouse gas emissions data, undermining environmental protection efforts.
• Energy Sector Struggles: The oil industry is suffering under Trump's tariffs, hindering drilling and investment in new facilities.

Notable Quote:
"So the Trump regime, pro measles, pro neuro virus virus. Also Trump's EPA plans to stop collecting greenhouse gas emissions data." – Ben Miceli [00:30]

8. Media Commentary and Guest Perspectives

The discussion incorporates insights from media personalities and guests, highlighting the contentious nature of Trump's policies.

Key Points:

• Jesse Watters' Critique: Watters questions the necessity of tariffs when they lead to inflated consumer prices and job losses.

  Quote [09:07]:
  "Now everybody says, oh, you know, we got these flat screen TVs. Gotta have our cheap flat screen TVs. Okay. Does the guy really need $50 off a flat screen when his factory left?" – Jesse Watters [09:07]

• CNN’s Jennings and Michael: A guest named Michael challenges the notion that high manufacturing costs are acceptable, criticizing reliance on Chinese labor and advocating for change despite potential global isolation.

  Quotes [09:26 - 10:10]:

  • Guest Michael: "Do you want to change it? But we need to change it."
  • Jesse Watters: "So what happens then?"
  • Howard Lutnick: "Great American workers [...] they’re going to have the greatest resurgence of jobs in the history of America."

• Ben's Counterarguments: Ben rebukes the guest's and media's positions, emphasizing the need to resist Trump's policies to preserve national and economic security.

Notable Quote:
"You're putting our own economic and national security future in the hands of our biggest enemy because effectively they use slave labor to build stuff and that makes it better for us. That is terrible." – Guest [09:49]

9. Conclusion and Call to Action

Ben wraps up the episode by urging listeners to engage with the MeidasTouch Network, promoting subscriptions and merchandise that support their pro-democracy stance.

Notable Quote:
"Let me know what you think. That's what's happening this morning in the United States of America and elsewhere. I bend my cells. This is the Midas Touch Network Hit subscribe." – Ben Miceli [11:04]

Overall Insights:

• Economic Mismanagement: The episode presents a strong critique of Trump's trade policies, linking them directly to economic instability and a potential recession.

• Global Repercussions: Trump's actions are portrayed as diminishing U.S. standing globally, allowing rivals like China to gain strategic advantages.

• Domestic Struggles: Beyond the economy, the administration's policies are criticized for undermining public health, environmental efforts, and the energy sector.

• Media and Political Discourse: The podcast highlights the divisive media narratives and political arguments surrounding Trump's policies, advocating for informed resistance to preserve democracy and economic integrity.

This comprehensive analysis provides listeners with a detailed overview of the episode's key discussions, supported by direct quotes and specific timestamps for reference.