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- [00:00]
Host
I get so many headaches every month. It could be chronic migraine, 15 or
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Guest/Commentator
more headache days a month, each lasting
- [00:06]
Host
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Guest/Commentator
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Host
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Guest/Commentator
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Host
This podcast is sponsored by Talkspace.
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Sponsor/Advertiser
Last year I went through many different life changes. I needed to take a pause and examine how I was feeling in the inside to better show up for the
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Host
ones who need me to be my
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Sponsor/Advertiser
best version of myself.
- [02:19]
Host
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Living a busy life navigating a long distance relationship, becoming a first stepfather.
- [02:37]
Host
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Sponsor/Advertiser
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Political/Economic Analyst
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Host
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Guest/Commentator
space80@talkspace.com take the exit, turn right into the drive thru.
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Political/Economic Analyst
Nope, I'm making dinner tonight.
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Guest/Commentator
You don't have time. Josh has practice.
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Host
Oh, that's right.
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Guest/Commentator
I'll just get a salad and fries.
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Political/Economic Analyst
No, just the salad.
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Guest/Commentator
But salad cancels. Fries.
- [03:18]
Host
Salad only. Fries. Salad, fries.
- [03:20]
Guest/Commentator
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Political/Economic Analyst
Salad?
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Sponsor/Advertiser
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Guest/Commentator
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- [03:35]
Host
Donald Trump has been making fatal error after fatal error after fatal error resulting in economic calamity here in the United States and abroad. Donald Trump did a shakedown, of course, of Middle east nations saying they got to join the board of peace. Give him money that goes into who knows what bank account. He says, I'll give you protection. Then Donald Trump impulsively, after hearing that Israel's going to attack Iran, Donald Trump initiates his invasion of Iran and then screws over every Middle east nation, absolutely destroys all of those nations that Donald Trump also was doing his own personal business interests with as well. And now you have countries like Qatar. After Donald Trump was holding this board of peace, or whatever the hell he called it, meeting, you have Qatar saying the Iran war could bring down the the economies of the world. That's what Qatar saying. Qatar usually will give you statements when it comes to the economy that's even keeled. They're saying economic calamity. The entire economies of the world could be on the brink of crashing. They warn that oil, you know, right now, $95 per barrel, that could see $150 per barrel within days. As Gulf countries prepare to shut down production. Qatar predicts that all Gulf energy exporters will shut down production within days. Let me repeat that. Qatar predicts that all Gulf energy exporters will shut down total production within days. And even if the war then ends immediately, all of a sudden, Donald Trump declares fake victory. Even Though he's a loser. Qatar says, look, it'll take us weeks or even months to return to normal. And Qatar predicts that natural gas prices are now going to rise 400%. Qatar says that global GDP will be hit in massive ways. We could be heading into a world economic depression as a result of Donald Trump if this continues for just a few more weeks. And Kantar says that the war will delay all expansion plans for countries in this region. So Donald Trump, of course, responds with a panicked response, because that's what the Trump and his regime always does. So they say, okay, okay, here's what we're going to do. Will provide insurance to the entire region, regardless of the country. Let's get those freights, let's get those big cargo ships, let's get them out of the Strait of Hermus. Take the risk, everybody. We'll get you out of there. And if you get hit and people die because Iran is hitting their targets, all good, we've got you. When it comes to insurance. So Donald Trump orders the U.S. development Finance Corporation, you got to do this. But here's the catch. The U.S. development Finance Corporation is $200 billion short of the capacity needed to underwrite insurance policies for ships going through the Strait of Hormuz, per Financial Times. The details include the following. The US DFC was ordered by President Trump this past week, insure vessels give him insurance in the Strait of Hormuz because no insurance company is going to do it right now. So Trump's like, the government will do it, but big government, you know, the government here in the United States that rips away people's health care, that sends ice and border patrol Gestapo to kill people. Right? The destructive government. They're going to do insurance when it comes to these cargo ships. But DFC reportedly has a $154 billion of the 325 or 352 billion needed to underwrite insurance policies. Raising the total liability cap for the US DFC would require an activ. Congress. Traffic in the Strait of Hormuz is now down 92%. Nearly 20 million barrels per day of oil supply are currently frozen. So then after Donald Trump realizes, oh, what? We don't have the money, he's like, all right, let's do it on a rolling basis then, and we'll basically do like 20 billion a ship, 20 billion a time, and let's do it that way. But no one, no ships are leaving the Strait of Hormuz right now. As long as Iran continues to be able to operate the way they are with their shahed drones and ballistic missiles. And you saying that you have this money and you don't at this point, you have negative confidence in you. In essence, people recognize, like they should have from the beginning, that you're an absolute con man. And you talk about the economic calamity and the fatal decisions by Trump on top of fatal decisions. As the Financial Times reports, delete depleted oil reserves now leave the United States exposed as Iran war pushes up prices. So the strategic oil reserve is currently at 415 million barrels or so, or 58% of what it needs to be. Trump never took advantage of the lower oil prices that existed before during this past year in order to top off the country's emergency supply before launching this war against Iran, which is creating an absolute catastrophic effect. And one of the things that Donald Trump promised on his campaign, but everything he says is an absolute lie, is we're going to replenish the reserves. We're going to replenish the reserves. Now, one of the things that Biden actually did effectively, but Trump and MAGA was, were criticizing, is that Biden would sell portions from the strategic reserve to actually make profits off of them. And then when the price of oil would go low, Biden would replenish it. But there were times when the strategic reserves would be low. But Biden was actually executing very sophisticated oil trades at the time. But anyway, that was being criticized by the Trump regime. And the whole. One of the big things that Trump was saying, I mean, you know, he said a lot of crazy things during the campaign, mostly crazy things, but one of the things he was like is you're not replenishing the reserves. So Trump had the ultimate ability to replenish the reserves. And also he invaded Venezuela. And one of the things he said he was going to do, remember with Venezuela, I'm going to take that oil and replenish the reserves. He didn't do that. So let's ask the question, so where the hell did that oil go? To Donald Trump's oligarch buds. Donald Trump took the money and moved it to Qatari bank accounts. And now Qatar's under attack. That's what Donald Trump put it into. Accounts for himself when he could have, if he was focused on the national interest, replenished the strategic reserves. And so we're just getting data point after data point right now. That is very, very worrisome because you have Donald Trump launching this war. And when we talk about the fatal errors, the fatal moves, the fatal maliciousness by Donald Trump, we already saw inflation Rising inflation was starting to surge because of Donald Trump's tariffs against the world. The Supreme Court gave Donald Trump an out and ultimate out when they ruled against his IPA emergency tariffs against the world, saying, you don't have this power. So what does Donald Trump do right after he invokes Section 122 of the Trade act of 1974, which is also inapplicable, he says, I'm going to use this, and then I'm going to use all of these tariff inspection capabilities. So I'm raising the tariffs to 15% across the entire world. So Donald Trump, Trump does the section 122 unlawful thing. 15% tariffs against the entire world. The world is livid at Donald Trump for doing this. And then Donald Trump invades Iran, doesn't listen to what the people with the other countries in the Middle east who were just there for his stupid Board of Peace thing, you know, were saying to him. He doesn't replenish his oil reserves. He screws over the allies or whatever you want to call the, you know, the people who. Donald Trump does these quid pro quo deals. These countries in the Middle east, we don't have allies. Donald Trump's been attacking NATO, saying he's going to invade Greenland. So he's turned NATO away from him. This is all. And all of this is happening at once. So while you're getting all of this data yesterday, what On Friday, we learned that there was a massive, massive 92,000 job loss. Numbers came out for February. Unemployment surged to 4.4%. And that data is data that precedes, that is before Trump's invasion of Iran. That's right. U.S. payrolls fell 92,000 in February. There was an expectation of 58,000 job gains, but it fell 92,000. That is very, very, very bad stuff right there.
- [13:06]
Sponsor/Advertiser
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Host
So with all of this taking place, you know, you're wondering too, like what's going on with blackrock? What's going on? Not that I care, but it's an indicator also of what are. What are these oligarchs do? What's going there? So BlackRock just froze $1.2 billion in withdrawal requests at its private credit fund. Investors in BlackRock's $26 billion fund asked to pull out about 9.3% of their money. BlackRock said no cap withdrawals at 5%. Blackstone's $82 billion fund saw record withdrawal request the same week Blackstone had to put in $400 million of its own cash to cover the exits. Two of the biggest funds on the planet are limiting how much you can take out. That's kind of problematic right there. And BlackRock confirmed capping what are called redemptions at 5% with 620 million paid out on its $26 billion HPS corporate LE after 1.2 billion in Q1 requests. A 9.3% net asset value was reported by Bloomberg and Barron's on March 6, 2026. Similar pressures hit Blackstone's $82 billion fund. All right, so Donald Trump then sends his sycophants, his regime, talking heads out there, like this guy right here, Trump's Federal Reserve governor, Stephen Moran. I kind of call him Stephen Moron. As oil prices are surging, as inflation is surging, here's what this guy said. Here, play this clip.
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Political/Economic Analyst
You know, look, I mean, I think that we don't have an inflation problem, that the inflation excess is not entirely, but largely a function of measurement issues. I think that the labor market can use more accommodation from monetary policy. And I don't see having a modestly restrictive stance of monetary policy as opposed to a neutral stance as being appropriate. I think being close to neutral is appropriate. And is the notion of an extended pause in itself dangerous, do you think? Is time of the essence that much?
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Host
You know, I think that the longer,
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Political/Economic Analyst
the longer we run policy to be too restrictive, the greater risk we run that we see jobs prints like, like we did today.
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Host
Okay, now here is what Kevin Hassett, Donald Trump's national economic adviser, had to say. Here, play this clip.
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Political/Economic Analyst
Are there enough asterisks in Jim's words to make this number make more sense? Well, I think, you know, Jim's right, that there have been so many strong indicators this month that it's something of a surprise. But there are some weather, there are strikes on the west coast. And I think that we also have this birth death model, a change in the procedure at the bls. And so I think what we need to start doing with these jobs numbers, at least on the payroll side, is take the average over a few months. And if you take the average over a few months, we had a surprisingly positive one last month and a surprisingly negative one this one. But on average, it's about what we expect to be seeing because immigration has gone down by so much that break even employment is probably in the sort of 30 or 40,000 jobs a month range. And so, yeah, I think it's consistent with everything else we're seeing, which is that the economy is really strong.
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Host
And more from Kevin Hassett right here. Let's play it.
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Political/Economic Analyst
This economy is moving the fastest we've ever seen and with say, 4% growth this year, which is about what I expect that we're going to see, then there'll be so much activity that everybody's going to be able to find a job that wants one.
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Host
Donald Trump's Labor Secretary, Laurie Chavez Darimer, said the following. Madam Secretary, 92,000 jobs out in February, fewer jobs in health Care, fewer jobs
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Political/Economic Analyst
for information services because of AI.
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Host
The weather hurt things. Government employment down. If you add it all up, it
- [18:52]
Political/Economic Analyst
doesn't look good for the Trump economy.
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Guest/Commentator
Yeah, I couldn't agree with you. I think we have to address the fact that this is not a good report in its raw numbers. But we have to also talk about why this possibly has happened, this snapshot in time. It was mentioned the weather. We saw health care numbers go down. We saw a record strike In California, over 30,000 jobs lost there. But that has been resolved. So we're hoping to see those numbers tick back up next month. But Overall, we've gained 60,000 new jobs over the last two months. So this is important for us to recognize what the message is here, what the noise is and how focused the Labor Department is in making sure that we can bring back those jobs in construction, manufacturing. We're seeing the confidence go up, the investments that the president has made. I've said it over and over again. The president and I talk, we visit on this often. It's important to him. We're laser focused to make sure that we have that skilled workforce. And it's just going to take some time. So we're recognizing what happened this month and we're going to stay laser focused to bring those jobs numbers up.
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Host
More from Lori Chavez Darima, right here. Let's play it.
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Political/Economic Analyst
The midterms are about roughly nine months away. How soon can we expect the jobs picture to pick up sharply more jobs
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Host
coming into the economy?
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Political/Economic Analyst
When are we going to see that?
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Guest/Commentator
Well, I think we have seen that tick up a little bit. Again, this number in its raw numbers is not something we wanted to see, but overall, we're still better than what we inherited from the Biden administration. So again, in the last two months, Stuart, 60,000 jobs have been created. And we need to remind ourselves that I'm working with our community colleges and our tech schools and our private industries so that we recognize what the market demands are and get in that trained workforce as soon as possible.
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Host
Here's how they tried to cover it up on state regime media. It's what Maria Bartiroma said. Here, play this clip.
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Guest/Commentator
Charl, you've got to also counter in the fact that we had a horrible winter, okay? The February storms caused a lot of issues. People did not want to leave. Maybe look at that for the retail sales. But even in January, Ferry, you know, it was, it was messy as, as you heard from Jerry. It's always messy. It's the month after the holidays. People are returning stuff, etcetera Etc. What else do you look at this morning, Cheryl, that's. That's informing. Well, the retail sales number that we got crossing along with the jobs report, I thought was very 3.2% annual retail sales year over year, not adjusted inflation, but that is a strong number. You know, the unemployment rate, it's, you know, a little bit higher than it was over the last year. But historically, the unemployment rate in this country is at a very low. And also to your point about the weather, that was a factor in this report along with the strike in health care, and that was at the top of the government's list this morning when they released the report. It was the third line in that report. You know, they highlight this because they want to make sure that that matters.
- [21:53]
Host
And then the MAGA Republicans in Congress like Mark Alford is like, you know what? When you have this type of kinetic conflict, this is what happens. Buckle up. This is the sacrifice we need you to make. If you're patriotic here.
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Political/Economic Analyst
Play this clip. I think we know that when you have a kinetic conflict like this, whether you want to call it a war or not, we are putting energy, resources, money into this. It is going to take a little bit of sacrifice on the part of Americans. There is a political component to this. We have the midterms coming up. The Democrats have tried to make it about affordability. That will certainly play into that. But I think the average American in my district understands the need that we decapitate this terrorist regime and make sure it never grows ahead again.
- [22:42]
Host
And then Treasury Secretary Scott Bessen says, you know what we gotta do here, which is gonna be great. We gotta help Russia out. Let's do more unsanctioning of Russian oil. We've already just unsanctioned Russian oil to India. Let's do more of that. Let's help Russia get really rich right now. While we beg Zelinsky for help help on how to knock down these Shahid drones. So let's screw over Zelensky. Help Russia. Russia's allying with Iran to attack the United States and to give them coordinates. Let's help Russia. What a brilliant regime. This is the Trump regime here. Play this clip.
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Political/Economic Analyst
The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with US Oil. But to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil. The other thing treasury can do here, Larry, is there are hundreds of millions of sanctioned barrels of sanctioned crude on the water. And in essence, by unsanctioning them, treasury can create supply. And we are looking at that. We're going to keep a cadence of announcing measures to bring relief to the market during, during this conflict. And there you have it, folks.
- [24:13]
Host
Let me know what you think. Hit subscribe. Let's get to 7 million subscribers and thanks for watching.
- [24:18]
Sponsor/Advertiser
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- [24:40]
Host
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