Trump Loses It as US Economy Crashes during War!!!

Summary

The MeidasTouch Podcast

Episode Title: Trump Loses It as US Economy Crashes during War!!!
Air Date: March 14, 2026
Hosts: Ben, Brett, and Jordy Meiselas
Main Theme:
A deep-dive, with signature brotherly banter and fervent pro-democracy commentary, into the Trump administration’s management of the US economy amid its war with Iran. The episode dissects the global economic collapse triggered by Trump’s actions, the chaotic state of current US governance, and the unraveling of domestic and international trust.

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Key Discussion Points & Insights

1. Trump’s “Death Trap” War and Economic Collapse (03:40)

• The hosts argue Trump has unleashed an “economic death spiral,” echoing his history of bankrupting casinos now at a national and global scale.
• The US’s unlawful war with Iran is cited as the trigger for this catastrophe, compounded by mismanagement and alienation of allies.
• Treasury Secretary Scott Besant’s nervous Sky News interview demonstrates the administration’s panic:
  • He is interrupted mid-interview by a call from Trump, visibly shaken, then struggles to maintain composure (06:12).
  • Quote: (Host) “He looked like he saw a ghost... things are going down that are deeply, deeply worrisome.” [05:00]

Financial Warnings:

• Bank of America compares market conditions to the pre-2008 crisis.
• Reports predict lasting negative effects on the US economy and credit due to Trump’s war.

2. Trump’s Allies Spin the Crisis (07:09 – 09:51)

• Besant claims that closing the Strait of Hormuz and requiring military convoy for oil tankers was always “part of the plan.”
  • Hosts counter by pointing to self-defeating US tariffs and lost allies.
  • Quote: (Host) “Why would you tariff the entire world and turn all your allies against you? That makes no sense at all.” [07:18]
• Besant’s past predictions of 2026 as an economic “banquet” are mocked, contrasted with current bleak data.

3. Chaos in Leadership and Policy (09:51 – 16:42)

• Key Trump appointees like trade rep Jameson Greer and envoys Steve Witkoff and Jared Kushner are described as inept and corrupt, partying while the nation implodes.
• Greer dodges questions about stolen tariffs, defends giving “windfall” refunds to companies as if it were a bonus rather than restitution (12:58):
  • Quote: (Greer) “If they get this windfall, they should pass it along to their workers as a bonus...” [13:08]
• He hand-waves the Iran war’s impact, predicting it will be resolved “in weeks,” which hosts cast as delusional (13:52).
• Agriculture Secretary Brooke Rollins signals yet another bailout for farmers, due to skyrocketing fertilizer prices (15:44):
  • “No big announcements yet, but it is coming. This president is convicted, he is resolute. He will stand with our farmers...” [16:16]
• The hosts ridicule the endless bailout cycle, while noting that basic needs remain unaffordable.

4. Blame and Propaganda: Shifting Responsibility (16:42 – 20:34)

• MAGA-aligned Republicans like Ron Johnson and Scott Besant blame Democrats (specifically “Schumer’s shutdown”) for the economic downtown, despite Republican control and Trump’s policies.
• The Labor Department’s leadership is accused of corruption and distraction (video of Trump dancing to “YMCA”), ignoring actual wage and price stagnation.

5. Global Trust Shattered (20:34)

• Economist Justin Wolfers explains that even a short war may cause irreparable damage to trust in US stability.
  • Quote: (Wolfers) “The rest of the world will remember what happened. People will have to plan their businesses understanding... the president could start a new adventure that disrupts the world.” [20:46]
  • He compares official predictions of a brief war to historic underestimations, e.g., Iraq.

6. Trump’s Attacks on Independent Institutions: The Fed (21:56)

• Trump persistently pressures and attacks Federal Reserve Chair Jerome Powell, and has launched a criminal investigation to force him to lower interest rates.
• A DC judge quashes this as harassment, declaring the only “crime” is displeasing the president.
  • Quote: (From the judge’s order) “There is abundant evidence that this subpoena’s dominant, if not sole purpose, is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed chair who will.” [22:41]
• Rather than step away, Trump (and lead prosecutor Jeanine Pirro) vow to appeal, echoing patterns of escalation seen in tariffs, war, and pandemic response.

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Notable Quotes & Memorable Moments

• Host (Ben): “Donald Trump has walked right into a death trap of his own making. A global economic catastrophe. The same way Donald Trump bankrupted his casinos, he's doing it now with the United States economy.” [03:40]
• Sky News Interview Moment: Besant visibly rattled after Trump call, highlighting the administration’s instability. [06:16]
• Brett (paraphrasing): “They always make a bad decision into a worse one, a catastrophic decision, then a bankruptcy.” [Around 23:30]
• Justin Wolfers: “Almost every time the US has gone into war, it is dramatically underestimated how difficult it is to win and how long it will take.” [20:58]

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Important Segments & Timestamps

• 03:40 – Trump’s economic “death spiral” and war against Iran explained
• 06:12 – Besant interrupted live on air by Trump call
• 07:09 – “Always part of the plan”: Besant’s defensive talking points
• 09:07, 09:51 – “Banquet” promises mocked, Bank of America and S&P warnings
• 12:34 – 13:33 – Jameson Greer on tariffs, refunds, and economic “windfall”
• 13:43 – 14:33 – Greer predicts a brief, painless war
• 15:44 – 16:42 – Brooke Rollins hints at farm bailouts amid soaring costs
• 17:05 – 17:32 – Republicans try to blame Democrats for the economy
• 20:34 – 21:56 – Justin Wolfers on shattered global trust
• 21:56 onward – Judiciary and Fed clash explained; Trump’s legal tactics dissected

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Episode Tone & Approach

• Combines sharp political analysis, biting satire, and irreverent brotherly banter
• Firmly pro-democracy, anti-Trump, with a sense of urgency and frustration
• Deep concern for US/global stability, ordinary Americans’ suffering, and institutional integrity

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This summary encapsulates the Meiselas brothers’ urgent warnings, zinger-laden commentary, and the essential details from key interviews and political events, helping listeners grasp the episode’s forensically critical view of current US leadership and the economic crisis amid war.

Transcript

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[Host]

Donald Trump has walked right into a death trap of his own making. A global economic catastrophe. The same way Donald Trump bankrupted his casinos. He's doing it now with the United, United States economy and the global economy caused by his unlawful and disastrous war against Iran. There was a moment when Treasury Secretary Scott Bessant this past week was doing that interview with Sky News. He was spewing the Trump propaganda and saying, there's no cost that I would be worried about when it comes to this war against Iran. Donald Trump should be able to spend as much, much money as he wants. I will endorse it all. Or you have a Besant saying, we obviously knew the Strait of Horror Moose was going to be blocked by Iran. We prepared for this. We wanted this. When he was spewing all of that propaganda, he got a call from Donald Trump in the middle of his interview with Sky News, and it looked like he saw a ghost. It looked like he literally saw a ghost. I'm going to show you that video in just one moment. Then he goes back to the interview and he can't even speak in sentences because behind the scenes, things are going down that are deeply, deeply worrisome. And Besant knows it. He knows what? He and Donald Trump have just unleashed this economic death spiral. The same way Donald Trump has bankrupted casino after casino. Just look at what bank of America is saying right now, Right. A fairly conservative financial institution that doesn't usually release hyperbolic headlines. Okay, here's what they said on Friday. The markets are starting to look like the run up to the global financial crisis. Now what about the S and P? What are they putting out? Donald Trump's war in the Middle east could have longstanding effects on the US Economy and credit conditions. Now let me show you. When Treasury Secretary Scott Besant got a phone call from Donald Trump during his interview with Sky News, he left in middle of the interview. Let me show you what went down. Let's play this clip.

[Interviewer]

I listened to you on the.

[Scott Besant]

Oh, okay, okay.

[Interviewer]

No problem at all. See you shortly, Mr. Secretary. Mr. Secretary, I have to say it's a first, I'm sure a loss as well that an interviewee has been pulled away to go to the Situation room. How was the president? Was he, was he stressed?

[Scott Besant]

No, the president is in great spirits. The Iranian mission is proceeding well ahead of schedule. And I have to tell you, well, that I've a teenage teenager who's considering military service. And I could give this team my highest compliment. From President Trump to the head of the Joint Chief to Secretary of War, I would they say that I would trust my child's life in their hands.

[Host]

Now, before he got that call, I just want to show you some other stuff that he was saying during that interview where he was like, it was always part of our planning. This is what he's been telling people. It was always part of our planning that the United States would have to deal with these strain of Hormuz being closed. That's just what we knew was going to happen. We always thought we need this international coalition to escort the tankers. Okay, well then why would you tariff the entire world and turn all your allies against you? That makes no sense at all. Here, play this clip.

[Interviewer]

You're starting to think if this does keep persisting as it is, that the Navy has to go into the Strait of Hormuz to, to help ships get through, which would have a big effect.

[Scott Besant]

Look, that was always in our planning that there's the chance that U.S. navy or perhaps an international coalition will be escorting oil tankers through. There are in fact tankers coming through now, Iranian tankers, I believe some Chinese flag tankers have come through so we know that they have not mined the straits.

[Interviewer]

And was that what you were just discussing in the Situation room?

[Scott Besant]

We were discussing a plethora of things.

[Interviewer]

And is it your belief that the volume of ships going through the Strait of Hormuz will be improving immediately from now.

[Scott Besant]

My belief that as soon as it is militarily possible, the US Navy and perhaps with an international coalition will be escorting vessels through.

[Host]

Now, remember a few weeks back what he was saying, how 2025 was about setting the table. 2026 is going to be the banquet for the American people this year. Banquet Scott Besant, Treasury Secretary Scott Besant, this is your banquet here, play this clip.

[Scott Besant]

I think, as I've said many times, 2025 is about setting the table. 2026 is going to be a banquet for the American people. The economy is taking off. We saw 40,000 new construction jobs. Everyone says to me, oh, where are these factory jobs that you planned? And unlike what you and I see in the financial markets, you can't push a button and build a factory. There's lead time. But what we are seeing is big commitments to these factories are going to be built. First we'll get the construction jobs and then the factory jobs are going to come. So I think we're going to see the tremendous groundbreaking. I think we're going to see a lot of factory completions this year.

[Host]

Now, one of the articles that I think really resonates right now is this one right here from T.S. lombard, Global Watch, and it says it takes two to Taco. So the ball is now in the U.S. court. Iran is still shipping its oil and has no incentive to negotiate while those revenues flow. So really, Treasury Secretary Scott Besant, you prepare for this because China's able to use these straight of Hormuz. You have Iran using the strait. They're getting their oil out. So Donald Trump, what, bombs the Kharg island and thinks that that's going to make a difference. But guess what? Donald Trump may have been able to taco in the past. Donald Trump always chickens out when it would come to his tariffs against the world and he would make this social media post, social media posts. But right now, Iran sees Donald Trump as weak. China and Russia see Donald Trump as utterly weak and pathetic. And they view this as an opportunity to restructure the global world order, to have the United States in a much, much weaker position. I mean, you've got Steve Witkoff and Jared Kushner, two of the dumbest people serving as the main envoys to the United States who botched the negotiations with Iran. They're out there, like partying with the Russians in Miami as we're now removing sanctions on Russian oil and allowing Russia to make billions of dollars while they provide Iran with resources and intelligence and capabilities. To strike American troops and American interests in the Middle East. What the heck is going on there? Then you have people like this guy Jameson gre, the trade representative. I mean this is a idiocracy all for us to see. I mean, take a look as Jameson Greer was asked on CNBC about returning the tariff money that they stole from the people in their trade war against the world which turned all of our allies basically against us because we started a trade war with everybody all at once and the Trump regime stole our money and the Supreme Court ruled the against him. So Jameson, can you please return our damn money because you stole it. And the way he describes it as well, if we get our money back, that would be a windfall to the. What do you mean be a windfall? You stole our money, you frauds. Just a bunch of frauds right there. Here, play this clip.

[Ambassador]

Ambassador, would, would you and the administration encourage companies that had higher costs during this period to seek refunds that pay tariffs to seek refunds? And I ask because I've talked to a number of CEOs who have thus far been holding off seeking those refunds, worried potentially about the possibility for retribution for seeking such a thing.

[Jameson Greer]

Well, I, if I were these companies and somehow they get this windfall, the most important thing and the smartest thing they should do is give it as bonuses to their workers. The whole reason the President imposed these tariffs was to try to reshore, to fix our massive imbalance in trade that we've experienced over many years because of China, Vietnam, the EU and others. If the companies are going to get this windfall, they should pass it along to their workers as a bonus or a raise because that's the purpose of the program. It's always been the purpose of the program and the American people should get it and the companies should give it to their workers.

[Host]

And then just more line from Jamison Greer on the Iran war. Oh, I think it's all going to be resolved in a few weeks, be done in a few weeks. Here, play this clip.

[Ambassador]

What is your expectation for how quickly this war in Iran is going to end and if it doesn't, what do you think the global impact is going to be?

[Jameson Greer]

Well, I think that we're in, we're talking in terms of weeks, right? When I speak with, with Secretary Hegseth or with the President or others, they're much closer to it. But obviously you can't talk about trade without the Iran war coming up and the effect of, of, of oil and gas and what that means. I think we're talking about a matter of weeks. Our expectation is that any effects we see will be short lived. But we want to watch this, right? You could see other effects that affect cycles that we tend to see in commodity markets. So we're watching it very closely, especially if there are particular spikes or if there are areas where we think we have more resilience.

[Host]

Now, apparently what their plan is, just bankrupt everything and then bail out everything. You had Brooke Rollins, the agriculture Secretary, now saying, because our farmers are additionally suffering because the fertilizer prices are through the roof right now, if they're even able to access fertilizer, because a lot of the fertilizer comes from the Middle East. She goes, yeah, well, maybe do another bailout for the farmers. So when you did the tariffs against the world and China refused to buy American soybeans, you had to do a bailout there. The input costs for farmers basically made it, you know, everything that the farmers were doing was a net loss right away. So you had to bail them out there. Now you screw them over by starting this war against Iran. And now one of the impacts is that fertilizer is not coming in or if it is, it's so expensive. And so another bailout, everybody, another bailout while they give $40 billion to Argentina, while Donald Trump's rushing to do state visit to China. I mean, what the hell is going on here? Here, play this clip.

[Brooke Rollins]

But yes, we'll take questions just to start. Are you considering another bailout for farmers who are concerned about the rising price of fertilizer given the war in law? Yeah. So I appreciate that question. With what's happening in Iran, what that means for specifically nitrogen urea, which is one of the key components of fertilizer, our farmers are moving into planting season right now. So the president is very aware of these challenges and these issues. We are very close to having an announcement on some solutions on what that looks like. We're looking at every potential avenue to keep the fertilizer costs down as these farmers are going into planting season. No big announcements yet, but it is coming. I have been in conversation with the Hill on that as they're looking at additional funds for our farmers. So at this point, everything is on the table. This president is convicted, he is resolute. He will stand with our farmers. He knows that his national security issue and we're on it. So more to come on that.

[Host]

And with the horrible fourth quarter GDP numbers, with the horrible economic data that's coming out, you have Ron Johnson and all these MAGA Republicans saying, you know, why? The fourth quarter was bad. It's the Democrats. False. It was the Chuck Schumer government shutdown. It's like to be called the Chuck Schumer government. What are you talking about here? Play this clip.

[Jameson Greer]

America.

[Scott Besant]

GDP was down the fourth quarter.

[Justin Wolfers]

Why?

[Scott Besant]

Because of Schumer's shutdown. So not only are they not helping us clean up the mess, they're doing everything they can to frustrate our efforts to interfere with President Trump's efforts to clean up their messes. It's really despicable.

[Host]

Yeah, great, great points.

[Ambassador]

You're right.

[Brooke Rollins]

GDP was down from the expectation. Supposed to be one and a half percent growth. We got growth of 7, 10 of a percent, Senator.

[Host]

Meanwhile, you have the Labor Department, which is run by an individual who's under investigation for engaging in horrific personal misconduct, whose husband was, like, banned from the Labor Department building for allegedly sexually harassing people at the Labor Department. They're putting out videos of Donald Trump dancing to the ymca. And it says that Friday feeling when wages are going up and prices are coming down for American workers, as we put it on the Midas Touch network, we posted on our social media. Yeah, I guess that's the Friday feeling when you lie. What are you talking about? Wages aren't up, prices aren't down. Let's be very clear. America engaged in an unlawful war against Iran. While we already had a massive affordability crisis here at home, where people couldn't afford things. Trump promised he was going to make things more affordable on day one, he made things far worse. People can't afford homes, people can't aff groceries, People aren't able to get jobs. People were suffering here. And Donald Trump was covering up a child sex trafficking ring in the Epstein files. So then Donald Trump starts a war with Benjamin Netanyahu in Iran. Now, everything that was horrible already is now a million times worse. I mean, if we weren't talking about the war every day, assuming Donald Trump didn't engage in a lawful war, we would have been talking about how bad our economy is with Donald Trump's tariffs against the entire world, which after the United States Supreme Court struck down and said that Donald Trump's IPA tariffs are unconstitutional or unlawful, a violation. Donald Trump then used another law, illegally just invoked the Trade act of 1974 to impose more tariffs against the rest of the world, to start launching investigations into all these other countries and to treat them as hostile nations to screw with the United States, Mexico, Mexico, Canada agreement to screw with all these international trade agreements, rip them to shreds. And now when we need allies, guess what, Treasury Secretary Scott Bessen, which international coalition is going to join you? And by the way, you think the Middle east nations are going to be allied with the United States the way they were before, after they see how you have not helped them at all and you thrust them into this war, you think that the Asian nations are going to want to do a lot of business with the United States now as you, you're taking away their weapon systems to move it to the Middle east because you were unprepared. You think that that's what, that's what's going down. And I'll just show you my friend, Justin Wolfers. He describes how the trust and the relationships with the US and the world have been utterly shattered as a result of this war. He goes, even if this war ends quickly, all of the trust has been shattered right now. Here, play this.

[Justin Wolfers]

CL the President a press conference, in a press interview today, looked like he was more or less declaring victory. By the way, the president's rhetoric and reality are two very different creatures. But if he were to declare victory, packs up, goes home, it's a very short war, you beauty. Life can get back somewhat to normal. It'll never get all the way back to normal. The rest of the world will remember what happened. People will have to plan their businesses, understanding that at any given moment, the president could start a new adventure. That adventure could disrupt the world, disrupt international relations and disrupt their business. So that's the look. This could be over fast. And you think story. Let me tell you the other. It's history. History tells us that almost every time the US has gone into war, it is dramatically underestimated how difficult it is to win and how long it will take. Let me remind you just before, just in the early days of the Iraq war, Donald Rumsfeld famously said, we might be there five days, could be five weeks. I doubt it will be five months. And it turned out to be much, much longer than five years. So when someone says on the one hand it could be measured in days and the reality is in years, that says they underestimated it by a factor of 365. If you want to think about that, just think about when someone in Washington tells you the cost that this war could impose, realize that multiplying that number by 365 remains a possibility.

[Host]

Now our editor in chief, Ron Philipkowski writes, when asked eight months ago when they were going to stop blaming Biden for bad economic numbers, Howard Lutn, who partied on Epstein island said repeatedly in interviews that the Trump administration would own them from the fourth quarter of 2025 on. I wonder if that still will be the case, as We've heard that fourth quarter GDP was revised down to 0.7% growth, core inflation rising to 3.1%. And again, that was data before, that we're getting now, but that's data from before the war. And finally, Donald Trump. In addition to tariffing the world, we also know that Donald Trump has been attacking the Federal Reserve. Like, if you were to go step by step by step and try to just attack everything to destroy America's strength, like this is a play by playbook that you would do. What else do you attack? The independence of the Federal Reserve. So Donald Trump's been attacking Jerome Powell, saying, lower the interest rates. Lower the interest rates rates. And Donald Trump launched a criminal investigation into Jerome Powell. And then you probably know, we reported on this. On Friday, Federal Judge Boasberg in Washington, D.C. quashed the subpoena that the Trump regime's DOJ issued against Jerome Powell. And here's what was written in the order when the federal judge basically blocks, blocked the criminal investigation into the Federal Reserve. This is what the judge wrote. Federal Judge JEROME Too late. Powell has done it again. He's too late, naturally. Too angry, too stupid and too political to have the job of Fed chair. He is costing our country trillions of dollars. Put another way, too late is a total loser and our country is paying the price. And that's a citation to a Donald J. Trump social media platform post. Then the judge says, this is one of at least 100 statements that the president or his deputies have made attacking the chair of the Federal Reserve and pressuring him to lower interest rates. Then he gives another one. So is this too late? Jerome Powell costing our country hundreds of billions of dollars. He is truly one of the dumbest and most destructive people in government. Too late is an American disgrace. That's a quote. Donald J. Trump, President of the United States yet the president has been unable to p rates lower through social media posts. He has thus hinted at other options. I want to get him out. Donald Trump says several months ago he mused that if the Fed does not cut rates, I may have to force something. Then the judge goes on to say, Perhaps it comes as no surprise then that the D.C. u.S. Attorney's office has recently opened a criminal investigation into Powell and served two subpoenas on the Federal Reserve Board of Governors, seeking records about recent renovations to the board's buildings and testimony that Powell delivered to Congress that briefly discussed the renovations. The board has now responded with a motion to quash, contending the subpoenas are merely part of a game plan to pressure Powell to bend to the President's wishes or to get rid of him. The case thus asks, did prosecutors issue those subpoenas for a proper purpose? The court finds that they did not. There is abundant evidence that this subpoenas dominant, if not sole purpose, is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed chair who will. On the other side of the scale, the government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President. The court must thus conclude that the asserted justification for these subpoenas are mere pretext. It will therefore grant the board's motion to quash. It will also grant the board's motion to partially unseal the motion to quash. Relating briefing and this opinion Now. Donald Trump could just basically walk away and say, you know what, this one's over. Let me appoint a new Fed chair in May and then we'll just move on from all of this because Senator Tillis of North Carolina, China has stated that he will not support Donald Trump's new Fed chair until this case goes away. So Donald Trump could just let this case go away, but that's not what he's going to do. Donald Trump and Jeanine Pirro, the former Fox host who's now the main federal prosecutor in D.C. they're like, we're going to appeal this. We're taking this all the way and all this is going to do the same way. After Donald Trump lost the tariff case, he did worse tariffs. Donald Trump did this. He gauges in worse conduct. Donald Trump's. The way Donald Trump's handling the war just makes things worse. The exact same way he dealt with COVID but rewind. It's the exact same way he's dealt with everything in his life, right? He creates these death traps, these death spirals for himself and he makes a bad decision into a worse decision, a worse decision into a catastrophic decision, a catastrophic decision into a bankruptcy. When you stand up to him after he huffs and he puffs and he blow, beats and he's green, you know, he's a loser. He is a weak, pathetic loser. That's who he is. You stand up to him, he will always lose, okay? And when he loses, you know, it's. He's all over the place. But he leaves a trail of destruction and he just tries to then have self preservation, but he'll destroy everything around him. That's what we're seeing play out writ large right now. Anyway, thanks for watching Hit subscribe. Let's get to 7 million subscribers and we appreciate you so much. 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.