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

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

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.

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.

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.

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.

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.

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.

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]

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