Wall Street Turns Against Trump Way Too Late!!

Summary

The MeidasTouch Podcast: Wall Street Turns Against Trump Way Too Late!!

Release Date: April 12, 2025
Hosts: Ben, Brett, and Jordy Meiselas

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Overview

In the episode titled "Wall Street Turns Against Trump Way Too Late!!," Ben Meiselas delves deep into the shifting sentiments of Wall Street and major financial institutions towards former President Donald Trump. The discussion centers around the economic turmoil experienced under Trump's administration, the subsequent reversal of Wall Street's support, and the broader implications for the U.S. economy. The episode is rich with expert insights, notable quotes from key financial leaders, and a critical analysis of the policies that have led to the current economic landscape.

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Wall Street's Shift Against Trump

Ben opens the conversation by highlighting the sudden turn of Wall Street and financiers against Donald Trump. He outlines the economic chaos characterized by:

• Market Volatility: Significant fluctuations in the stock market.
• Dollar Crash: A notable decline in the value of the U.S. dollar.
• Bond Market Implosion: A collapse in bond markets, leading to increased treasury yields.
• Consumer Confidence: A plummet to the lowest levels in 45 years.

Ben challenges the financial elite, pointing out the irony that these same Wall Street executives and hedge fund managers once collaborated with corporate media to cast a favorable outlook during President Biden's tenure. He presents various headlines from reputable sources like Bloomberg and The New York Times that predicted a 100% chance of a recession, which did not materialize under Biden's administration.

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Recession Predictions Under the Trump Administration

Ben scrutinizes the economic forecasts made during Trump's presidency, juxtaposing them with the actual economic performance. He questions the credibility of the financial experts and institutions that once supported Trump's economic policies but are now distancing themselves.

CEO Perspectives: Larry Fink and Jamie Dimon

A significant portion of the episode is dedicated to exclusive insights from two prominent financial leaders:

Larry Fink, CEO of BlackRock

Ben introduces a clip of Larry Fink from CNBC, where Fink expresses grave concerns about the U.S. economy:

• Timestamp [06:02]:
  Larry Fink: "United States Post World War II was a global stabilizer. We are the global destabilizer right now... I think the market is still anticipating, underestimating how high inflation can get."

• Timestamp [07:18]:
  Larry Fink: "Are we headed for a recession?... Most CEOs I talk to would say we are probably in a recession right now."

Fink further elaborates on the impact of tariffs and housing affordability, emphasizing that the current economic challenges are "self-inflicted" and not a result of unforeseen crises like pandemics or financial meltdowns.

Jamie Dimon, CEO of JPMorgan Chase

Ben presents clips of Jamie Dimon discussing the repercussions of Trump's tariffs:

• Timestamp [07:54]:
  Jamie Dimon: "An economic tool... get over it. National security trumps a little bit more inflation."

• Timestamp [08:32]:
  Jamie Dimon: (Responding to an economist) "I think this time they are right because they're just pricing in uncertainty."

Dimon highlights the negative effects of Trump's tariff policies on inflation and the weakening U.S. economy. He anticipates that the Federal Reserve will need to intervene to stabilize the bond market due to unprecedented conditions.

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Potential Economic Impact

Ben articulates his concerns about the cascading effects of current economic policies:

• Corporate Instability: The surge in treasury yields and the crash of the dollar are eroding trust in the U.S. economy globally.
• Foreign Relations: The U.S. is perceived similarly to economically struggling nations like Argentina and El Salvador, damaging relationships with major allies.
• Ripple Effects: The imposition of tariffs is expected to lead to widespread bankruptcies, defaults, and further economic instability.

He uses the metaphor of a receding shore before a tsunami to illustrate the looming economic crisis, suggesting that the initial impact has already been felt, with more severe repercussions on the horizon.

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Critique of Trump's Business Acumen

Ben does not hold back in his criticism of Trump's business credentials:

• Bankruptcies: He cites Trump's history of bankrupting multiple casinos and businesses.
• Legal Issues: References to Trump being a sexual predator and being found criminally liable for fraud.
• Business Practices: Accuses Trump of exploiting people and building a false narrative of being a successful businessman.

Ben emphasizes that Trump's erratic and destructive business practices have been a significant factor in the current economic downturn, undermining any claims of his economic competence.

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Conclusion

The episode serves as a comprehensive analysis of Wall Street's deteriorating relationship with Donald Trump and the ensuing economic turmoil. Through incisive commentary and authoritative quotes from financial leaders like Larry Fink and Jamie Dimon, Ben Meiselas paints a grim picture of the U.S. economy's future under the lingering effects of Trump's policies. The discussion underscores the urgent need for economic reform and the restoration of global trust in the U.S. as a stable economic powerhouse.

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Notable Quotes

• Larry Fink on U.S. Economic Stability:
  "United States Post World War II was a global stabilizer. We are the global destabilizer right now."
  — Larry Fink, [06:02]

• Larry Fink on Recession:
  "Most CEOs I talk to would say we are probably in a recession right now."
  — Larry Fink, [07:21]

• Jamie Dimon on Tariffs and Inflation:
  "National security trumps a little bit more inflation."
  — Jamie Dimon, [07:54]

• Jamie Dimon on Economic Uncertainty:
  "I think this time they are right because they're just pricing in uncertainty."
  — Jamie Dimon, [08:51]

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Note: This summary excludes advertisements, intros, outros, and non-content sections to focus solely on the substantive discussions and analyses presented in the episode.

Transcript

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[Ben]

Yes, Wall street and the financiers are turning against Donald Trump with another week of economic chaos. Market volatility, the dollar crashing, the bond market imploding, treasury yields going to some of the highest levels in a very long period of time. Consumer confidence at the lowest levels in about 45 years. But in turning against Donald Trump or now trying to throw him under the bus, these Wall street execs, these hedge funders, they're also kind of telling on themselves, aren't they? Because weren't these the same people who teamed up with corporate media when former President Biden was in charge? And we got headlines like this forecast for US recession within the year hits 100% in blow to Biden. A 100% projection of a recession that never happened under former President Biden. How about headlines like this, why a US Recession is still likely and coming soon. This was from Bloomberg. The government is staying open for now, but Bloomberg Economics sees risks ahead. From strikes to higher rates and oil prices, there was no recession under former President Biden. How about this headline from the New York Times back in January 2024, the US seems to be dodging a recession. But what could still go wrong? Economists have become increasingly optimistic about the odds of a soft landing. But as 2024 begins to unfold, the risks remain. Now, what do you think? Those same corporate media headlines and economists and hedge funders, what were their projections of recession under Donald Trump?

[Ad]

Hmm.

[Ben]

Let me take a look at it right here. This from Business Insider, and I could show you half a dozen more, but you get the point. The probability of a U.S. recession in 2025 is 0% according to a top economist. But here's what to worry about instead. Nothing about a recession. So where are we now? Well, you have JP Morgan believing that there's about a 60% recession call despite Trump's 90 day tariff pause, which is not really a tariff pause. He's basically just moved the effective rate of tariffs from 27% to 25%. And now you have people like BlackRock CEO Larry Fink saying we're probably already in a recession right now. And you've got people like Jamie Dimon the CEO of J. AP Morgan, who previously said, suck it up when it comes to a little bit of inflation, saying Donald Trump's inflationary measures measures are likely to cause a recession. You know, we come with receipts here at the Midas Touch Network. So let's bring those receipts one by one. And let me make the case for you first. I'm gonna show you, of course, that all of these hedge funders and private equity people and Wall Streeters are turning against Trump. But I also want to call them out because they're doing it for self preservation right now. This from the independent fund managers quietly fear Trump doesn't have a tariff plan and that he might be insane. Some fund managers concern that the White House is not acting rationally, but rather on ideology. And some even fear this may not even be ideology, that it's just his utter insanity causing this all. How about this headline from the Wall Street Journal? Wall street sounds an alarm. The economy is at risk thanks to tariffs. Jamie Dimon, Larry Fink and the big bank executives say cracks are already showing following volatility in markets and policy. By the way, the way I think about it right now to give you a visual, you know, how the shore recedes when there's a tsunami about to hit and you know the danger is coming. Well, what's happened in the American economy already is we've got a tsunami that hit us already sooner than people expected. And you have the waters receding for the bigger tsunami that's about to happen when there's going to be a ripple effect when these tariffs start to impact businesses where what you'll end up seeing is bankruptcies, which trigger more bankruptcies and more defaults which then cause bankruptcies and more defaults within the lenders. And what we're seeing right now with the dollar crash and with the treasury yields surging, is that foreign markets or foreign governments and people in other countries no longer trust the United States as a stable economy at all. They view the United States like a. Like an Argentina. Huh. Doesn't Donald Trump love the leader of Argentina? Um, yeah. Javier Malay. Or kind of like El Salvador, where the economy is about a $26 billion GDP. So we've attacked our friends Canada with trillion dollar GDPs, Europe, one of the biggest markets in the world, Australia and others. And we've made friends with Hungary and El Salvador and North Korea. And I'm not sure they're even the friends that they probably look at us, you know, as kind of weak and pathetic based on Donald Trump as well. Let Me bring some receipts right now. This is Larry Fink here he is on CNBC where he says that he thinks we are either very close to a recession or in a recession right now. Play this clip.

[Larry Fink]

United States Post World War II was a global stabilizer. We are the global destabilizer right now. Very. You know, that's a very hard thing to say because I pride ourselves of being, you know, bringing the leadership, bringing the conversations. Yes, I do believe we're probably starting, if not we're in a recession. Yes. I think the market is still anticipating, underestimating how high inflation can get. If you factor in all the terrorists.

[Ben]

Right.

[Larry Fink]

You factor in all these other issues, it's going to be quite additive. I mean, I read in a report that if you just take the tariffs in the cost of home building, the average new home could be up as much as 26%. We already have a housing affordability problem. None of this sounds any good to me. I mean, and it's all self inflicted, by the way. None of it needed to happen. This is not a pandemic. This is not a financial crisis. This is something that we've created. But in the short run, I'm, I'm petrified at some of these issues.

[Ben]

Petrified.

[Jamie Dimon]

Let's speak of petrified, being petrified.

[Ben]

And here's Larry Fink again, CEO of BlackRock saying most CEOs I talked to would say we're in a recession. Now let's play this clip.

[Larry Fink]

Are we headed for a recession?

[Economist]

Are we in a recession?

[Larry Fink]

You know, most CEOs I talk to would say we are probably in a recession right now.

[Ben]

Right now.

[Larry Fink]

Right now.

[Ben]

All right. Well now let me go to Jamie Dimon. Remember when JB when Jamie Dimon was, you know, attending this fancy event, you see him right here and he said, you know, Americans just need to suck it up when it comes to a little inflation. Here he is right here on Squawk Box on cnbc. He goes just get over inflation. Play this clip.

[Financial Analyst]

An economic tool. That's it. They're an economic weapon, you know, depending how you use it and why you use it, stuff like that. And you know, people argue is it inflationary and non inflationary. I would put in perspective if it's a little inflationary, but it's good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation.

[Ben]

Well then on April 7, JP Morgan CEO Jamie Dimon said Trump tariffs will boost inflation and slow an already weakening U.S. economy. And here earlier in the week when Jamie Dimon was asked, do you personally expect a recession? You can listen to what he says. Play this clip.

[Economist]

So are you hearing that from CEOs as well in terms of business managers? Are they now going to start pulling it in and cutting back on various expenses?

[Financial Analyst]

I think you see a little bit, yes. Yeah.

[Economist]

But how significant would you expect that? Do you personally expect a recession?

[Financial Analyst]

I am going to defer to my comments at this point, but I think.

[Economist]

Probably that's a likely outcome because markets, I mean, when you see a 2000, 2000 point decline, it sort of feeds on itself, doesn't it? Because it makes you feel like you're losing money in your 401k, you're losing money in your pension. You got to cut back.

[Financial Analyst]

Yeah. I always remind people, markets aren't always right, but sometimes they are right. I think this time they are right because they're just pricing in uncertainty, the macro level and uncertainty at the micro level, at the actual company level. And then how it affects consumer sentiment, it's hard to tell. You know, consumers still have jobs, wages are going up the low end, which I think is a good thing. But if companies start cutting back, yeah, the consumer sentiment changes and business sentiment changes. I think you've already seen business sentiment change a little bit. Hopefully no one's wishing for that, but hopefully if there is one, it'll be short. But I do think fixing these tariff issues and traders would be a good thing to do that will get one major uncertainty behind us. We have the strongest economy in the world. It'd be good not to add to the uncertainty out there.

[Economist]

How?

[Ben]

Also Jamie Dimon is now saying that he expects in the Spencer Kimian reports. And Spencer Kimian does a good job reporting this, saying he expects the Fed. Jamie Dimon, who you just saw in those clips, expects the Federal Reserve to have to step in and rescue the bond market because the bond market is imploding unprecedented times. We had a 3% real GDP a quarter ago. JP Morgan and Chase CEO Chief Executive Officer Jamie Dimon said he expects a kerfuffle in the US treasury market that prompts a Federal Reserve intervention. There will be a kerfuffle. You know, like these languages. It's a kerfuffle, I guess to billionaires, a kerfuffle, you're going to be kerfuffled. I mean, when people are suffering, your 401ks are being destroyed, your pensions are being destroyed. To these billionaires, that's a kerfuffle. And then the Fed, we're going to have to intervene. You know, a kerfuffle here and here and there. Larry Fink was at that same event where Jamie dimon was. Here's BlackRock CEO Larry Fink. This was January 23rd, 2025. It was the same day Jamie Dimon was there in the early days of the Trump regime, literally the early, the earliest days. And here BlackRock CEO Larry Fink just said he wants the SEC to rapidly approve the tokenization of bonds and stocks.

[Larry Fink]

Play this clip As a huge believer of crypto and, and blockchain and tokenization, I mean, I want the SEC to rapidly approve the tokenization of bonds and stocks. That will simplify things, make things easier. Some of the tax on BlackRock. BlackRock would never have to vote on a proxy vote anymore because every owner of record would be notified through a tokenization of equities. And it would save more money for more people. It would bring down the cost of ownership of stock and bonds. So those are the type of financial reform.

[Ben]

Because isn't that what it was all about anyway? They all thought, oh, it's gonna be all this deregulation. We can, we don't have to follow the rules, you know, we, we can get, you know, under Biden, even though the stock market was up 50 to 60%, we, we want bigger returns. We're so greedy. We need to make more money than even that. Come on. Seriously. Seriously.

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[Ben]

You know, and I'm not just singling out Fink and Jamie Dimon. Frankly, I'm glad they're calling out the Trump regime now. I just wish others in the business community earlier would not have gone with this farce that, that Trump was going to be good for the economy. It's a guy who's bankrupted multiple of his businesses in the past. He's like the worst business person ever. He's always run things erratically and with chaos and with destruction. He bankrupted multiple casinos. He's bankrupt in multiple business. It's, you don't have to be a whiz, a whiz kid, economist, hedge funder to see that the guy doesn't know how to, how to run businesses. He doesn't. He was born with a lot of money because his daddy was a billionaire or whatever and gave him all this money. And if he did nothing with his money, he, he'd be richer than, you know, he was. And then he found a way to, you know, build this BS story about himself being a good businessman and exploit people. I mean, that's, that's the history of Trump. I mean, it's a guy, he's a sexual predator found liable for sexual assault. Can't. Normal unliable for sex assault. Okay. In a civil case, he's been found criminally liable or he's been criminally convicted for fraud for business records fraud. And then he's been found civilly liable for making the fake valuations. And we all have the transcripts. We saw the questions he was asked and his kids were asking his exact. We know what a bad business person. We've been covering it the whole time. So the fact that the business community wants to throw him under the bus now, great, okay, whatever. They're even going to do that. But we knew, we knew just, you know, that's why it's hard to trust when all these people like, oh, you.

[Financial Analyst]

Should do this, you should do that.

[Ben]

It's like y'all, y'all were pretending that this guy was gonna be good for the economy when we knew he was hit. Subscribe let's get to 5 million subscribers. Thanks for watching New Midas Merch Drop.

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[Jamie Dimon]

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