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You know what tomorrow is. Tomorrow's Friday eve. Hang in there. But I'm happy to have you here tonight because tonight it is time for us all together to do some spelunking. That's right, it is time together to explore some caves following this weekend's big protests. More than 1400 protests in all 50 states, some of them in big cities like Chicago and New York and Washington, D.C. each of those topping 100,000 people at simultaneous protests. It was crazy after that big, big show of resistance to Donald Trump's presidency and what he's doing to the country Tonight. Interesting news out of Washington. Interesting news out of Congress tonight. Republicans in the House had expected to pass their budget blueprint for the whole government, for all the spending in the government. Republicans, of course, control the House. They only need a majority to pass it so they can pass it just on their own party's say so. But just within the last hour or so. They have had to pull that tonight because Republicans in the House apparently don't have support to get it done. So they have canceled their budget vote tonight, expecting that it would have failed had they put it up. And again, they can pass it only with their own members because they have a majority in the House. They've canceled that vote tonight. They may try again in the morning. We shall see. Meanwhile, in the wake of those demonstrations this weekend, we've also got some new polling in from Quinnipiac University, which essentially validates the criticism of Trump that we saw on display in such large numbers this weekend. The big protests this weekend were on Saturday. This latest Quinnipiac poll was in the field on Thursday, Friday, Saturday and Sunday, actually Thursday, Friday, Saturday, Sunday, Monday. So it overlapped in time with These demonstrations. But this poll is a nationwide poll of how the American public is feeling about Trump and how he's doing as president. From the results of this poll, you'd almost think that they just polled the demonstrators. Because what people were saying in the streets and at state capitals and on the National Mall on Saturday is pretty much in keeping with what the public at large was telling pollsters who were in the field at the same time. Here's what I mean. Quote, do you approve or disapprove of the way Donald Trump is handling his job as president? Disapprove by a margin of 12 points. Do you approve or disapprove of the way Donald Trump is handling the federal workforce? Disapprove by a margin of 13 points. Do you approve or disapprove of the way Donald Trump is handling foreign policy? Disapprove by a margin of 14 points. Do you approve or disapprove of the way Donald Trump is handling the economy? Disapprove by a margin of 15 points. Do you approve or disapprove of the way Trump is handling trade? Disapprove by a margin of 16 points. All right, well, you know, how about this one? How about his, his signature issue, a thing that he actually did run on when he campaigned for president, a thing he really most wants to be associated with the policy that he most wants you to identify with him and his name. You think American public, do you think it is a good thing, his signature issue? Here's the way the question was phrased. Thinking about the short term, do you think President Trump's tariffs will help or hurt the US Economy? The proportion of Americans who say Trump's tariffs gonna help 22%. The proportion of Americans who say Trump's tariffs will hurt us is 72%. So by a 50 point margin, Americans believe that Donald Trump is deliberately hurting us with his big signature policy idea of these genius tariffs. By a 50 point margin, Americans say what he's doing is hurtful to us deliberately. Which brings us to what I mentioned at the top. Our spelunking expedition together this evening, our exploration of caves, the incident of Donald Trump caving today, that's getting the most attention, understandably, so is his panicked cave, his panicked u turn on tariffs. You know, for all his famed and supposed attention to the stock market, I gotta tell you, Donald Trump has been very happy to preside over huge off the cliff plunges in the stock market repeatedly, in fact, in history. If you look at the Dow Jones, if you look at the 10 largest single day point drops in the Dow in history. Of the 10 worst point drops ever on the Dow, Donald Trump was the president for nine of those 10 days. Some were in his first term, some were this past week with the tariffs debacle. Yeah, he was president for nine of the 10 worst one day point drops on the Dow. And you might say there's, you know, the takeaway message there is, wow, why would any Wall street person, any business person, anyone with a single share of stock, anyone with a retirement account, why would any of those folks ever support this particular person for president? Reasonable question. But the other takeaway here is about him and not just how good or not he is for stocks. The other takeaway here, I think it's fair to say, is that he doesn't much care about tanking the stock market all the time. It's like a day that ends in Y for him. He's famous for doing it. What happened today that was different? After all, his remaining tariff threats went into effect at midnight last night. What happened today was not that the stock market tanked. It did at the beginning of the day with the tariffs in place, but that's again, normal for a day with Donald Trump at the wheel. What was different today was not that the stock market tanked again. It was that the bond market tanked at the beginning of the day. And you don't have to know that much about the markets to know that when things go crazy economically, even sometimes when things just go crazy in other ways, people rush to put their money somewhere safe. And for decades, for the entire span of America's global economic dominance, the safe place that people have run to when stuff is crazy has been US Bonds, American treasury bonds. Because when the world is going nuts for whatever reason, you can at least count on the full faith and credit of the government of the United States of America, right? So usually bad economic times mean that people want to buy lots of T bills, lots of treasury bonds. That's the safe harbor. But we're in a new environment now because it turns out something different happens when the reason things are crazy is that the US Government itself is crazy. It's that the US President has grabbed the wheel and he doesn't drink. So we know he's not drunk, but boy, he sure is driving like he's drunk. I mean, when the problem is the actions of the US Government, instead of fleeing to the US Government for safety, now people flee away from the US Government to find safety. And so, unlike every other economic crisis in modern history, people in this economic crisis induced by Donald Trump. People today at the beginning of the day started selling their T bills, started selling their US Treasuries a lot. A lot, a lot. And that is not just an inversion of typical economic behavior. That indicates an inversion of America's role in the world as the dominant economy. Also, in practical terms, a sell off like that in the US Bond market, I mean, that portends a way bigger economic disaster for the United States than Trump tanking the stock market over the past week. The bond market falling apart is a much bigger deal than the stock market falling apart in terms of the fundamentals of who we are in the world and how our money and our economy works. Because the stability of the US Bond market is what we depend on essentially for the spine of our economy. Everything from mortgage rates in the housing market to the integrity of our multi trillion dollar national debt. So yes, the stock market stuff under Trump has been scary. But if the bond market blows up, say Goodbye to the U.S. economy. And today what happened is the bond market started blowing up when that happened at the opening of the bond markets today. That's apparently what turned things around. That's how we discovered this lovely cave that Donald Trump led us into today on his tariff policy. NBC News reports tonight that Trump cave. Trump reversed course on his tariff gambit today because of quote, deep concern, bordering on panic from his top economic officials regarding the bond markets. Treasury Secretary Scott Bessant and Commerce Secretary Howard Lutnick, not always allies in the various tariff debates at the White House, nevertheless presented a united front today to the president urging a pause on what he was doing on tariffs. A pause, quote, over concerns about the bond markets. My colleague Chris Hayes, I think nutted up what happened here very well today. He posted this on Blue sky, quote, you set the house on fire, watched it burn and then lost your nerve and put it out. You now have a partially burned house. Great job. Exactly. But don't lose sight of some of the other lovely caves on our spelunking tour today. For example, this one headline, Associated Press trump administration says it cut funding to some life saving UN Food programs by mistake, quote. The State Department says it has rolled back an undisclosed number of sweeping funding cuts to UN World Food Program emergency projects in 14 countries, saying it had terminated some of the contracts for life saving aid, quote, by mistake. State Department spokesperson Tammy Bruce told reporters, quote, there were a few programs that were cut in other countries that were not meant to be cut. Bruce said she had no immediate information on which countries had US Funding restored. She gave no explanation for how some contracts came to be canceled in error. Oops. Yeah, we have no idea. So I guess we'll put them back. We don't even know how we're making these mistakes. We don't. We know it's a mistake, but we don't even know what the mistake is. But rest assured, we know what we're doing. And if you criticize us, watch out. But, you know, just as, just as Chris noted, as he said, you know, even after panicking and putting out the house fire you started, you still have a partially burned house. There's still damage done. Even as they try to reverse all of these mistakes they're making, you still have a partially burned house. Just as Chris noted there. The New York Times is reporting tonight that even some of the critical programs that the Trump administration said they didn't mean to cut apparently are still cut. Quote, last week, some officials were given lists of contracts and awards that remained active. But by the weekend, many of those projects had been axed. Then on Tuesday, yesterday, some of the programs were restored with little explanation. But now still, the administration has, quote, slashed many of the programs it had pledged to preserve. They cannot explain what they're doing. They cannot defend what they're doing. They cannot commit to what they're doing. But they also can't even reverse what they're doing when they try to reverse it, because they are so incompetent, they can't even fail properly. They're like a baby just mashing down the buttons on a keyboard with no idea what the buttons do, except the keyboard isn't hooked up to like a, you know, I don't know, a word processor or video game. The keyboard is the controls to a life support machine that has a patient on it. What do these buttons do? Oops. Still, though, the caves keep on coming. Last night, we reported over a couple of different segments of the show on, on the, on the disturbing, seemingly calamitous collapse of Social Security. These have been just some of the headlines just in the past couple of days. Washington Post, long waits, website crashes. Social Security is breaking. The New York Times, quote, just a mess. Staff cuts, rushed changes and anxiety at Social Security. Quote, the system is groaning under the pressure. This was Business Insider yesterday afternoon. Quote, aarp, the American association of Retired Persons, sounds the alarm on Social Security's, quote, startling and sudden decline in customer service and warns of more to come. This was the LA Times today. Quote, it's a shambles. Doge cuts bring chaos and long waits at Social Security for seniors. The wrecking of Social Security Donald Trump's wrecking of Social Security Trump's wrecking of the Social Security system that tens of millions of Americans rely on many as their primary source of income when they don't have other options to supplement it with anything else. It is just a practical and moral catastrophe. It also ought to be a political catastrophe for those who have brought this on the American people. The failings at Social Security are now finally becoming the focus of press coverage. It has long been now, as long as people have been protesting what Trump has been doing. It has been a resounding, rallying cry for regular Americans protesting all across the country. People protesting in blue states and red states, in cities and in rural areas. Social Security is such a core, practical and moral concern for Americans, and they are gutting and destroying that agency. That said today, they caved on that, too. Headline Washington Post quote Social Security abandons DOGE led phone service cuts amid chaos and backlash the shift amounts to a wholesale retreat by Musk's team and the Social Security leadership in their bid to dramatically curtail telephone access to services. After the Trump administration announced last month that the Social Security administration would, quote, scrap many of its claims services over the phone, Social Security beneficiaries began lining up at field offices across the country, clutching driver's licenses and asking if they must prove who they were in person. Phone wait times ballooned and the agency's website started crashing almost daily under a crush of panicked callers and visitors. Besieged by angry constituents, lawmakers demanded that the administration end the chaos. Now. After nearly a month of chaos and backlash, the DOGE plans are dead. According to an internal memo obtained by the Post, plans to force people awarded retirement, disability and Medicare benefits to set up direct deposit payments online or in person have been canceled. Those applying for benefits can also continue the process by phone without the need to go online or visit an office in person. That's according to a Monday memo from the acting deputy commissioner of the agency to the acting commissioner starting Tuesday. Emails and training started to go out to field staffers informing them that they won't have to curtail phone service after all. Managers told other employees verbally in meetings that the proposed changes were dead. One Indiana field office employee said, quote, so back to where it always was. What a waste of our time. Quote the shift amounts to a wholesale retreat by Elon Musk's Doge team in their bid to dramatically curtail phone access to services. Their new system would have removed a phone option in place for years, which has come to be a mainstay for the 73 million Americans who rely on Social Security for retirement, survivor and disability benefits and Medicare claims. So caving, yes, they are caving on this, on this part of what they are doing to Social Security. Right. So we've, we've put out this house fire, but, you know, as before, we now live in a partially burned house because they're still messing everything up. They're just trying to make sure that we find out less about how badly they're messing it up because look at what else they're doing here. This is back to the Washington Post today. Quote. As beleaguered employees work to understand the latest announcement about changes, some employees were hit with an additional puzzling change as to how they do their jobs. A new rule preventing communications with Congress or advocates for the elderly and disabled. An email went out to Social Security technicians on Monday instructing them to cease all written responses to congressional inquiries and inquiries from advocates. A similar email went out to employees in other divisions affecting a wide range of staff members, including benefits authorizers, claims specialists and customer service representatives. The second email obtained by the Post read simply, quote, effective immediately, do not respond directly to any public or congressional inquiries. After a surge in questions, another employee sent a follow up email clarifying that staffers should continue to pick up the phone if Americans call for help. But definitely don't talk to anyone else about how we're destroying this agency and the kind of chaos that it is wreaking among Americans who have in many cases, no other options to pay for the basic necessities of life. Oh well, I guess we're going to fix this one part that people have really been squawking about. But definitely don't answer any questions from Congress. Definitely don't answer any questions from anybody trying to make the system work. Don't pick up the phone. You know, pushback works. Pushback is the only thing that works. It's not like they're going to do good stuff if we start ignoring them right. When left to their own devices, things get very, very bad very quickly. Pushback works. It's the only thing that does. But even when they cave in response to pushback, they still are messing up new stuff all the time. Luckily, I will say the appetite for pushing back against them in the country appears to be growing and not shrinking. I mentioned at the top of the show that the massive protests we saw this weekend, you might think that could have tired people out a little bit, might have exhausted the American people's appetite for getting out and standing up and protesting and pushing back against this administration, even just for this week. Many because there, maybe because there was those huge protests on Saturday. Maybe that would quiet everything down for the rest of this week. Quite the contrary, apparently.
