Victor Davis Hanson (7:45)
I was curious because everybody says this is the end of Trump and everything, so I looked at the Harvard Harris poll. I'm speaking on a Sunday, and he's gone 1% approval to 49, 46. He's still approval and he's been subject to things that make, you know, it's kind of like the sensationalism of Russian collusion or a laptop disinformation or lawfare or. It's been incredible, the psychodramas. So I was trying to think why is he doing? And then I started looking at some data. Jack over When Trump came in in 2017, the stock market was about 19,000. Even after this precipitous. Is it 10% down from the first of the year? I think it is. The total losses or is it 13%? Anyway, the point I'm making is that they went up 65% under Trump, even with COVID 55% under Biden. And even with their sudden losses, they're right now on 38, 37,000. They're double what they had just nine years ago. Double second data point. Wages had gone way up for the first time in 12 years under Trump. They just skyrocketed $10,000. The average wage index rose under Trump's four years. And because of the inflation, nothing that Biden did, but the general inflation of wages to catch up with prices under Biden, they went up another 6,000. So they went up about 30% from 50,000 to 61. Okay. Or something not that quite high, 25%. But here's my point. Wall street is going crazy and angry about the tariffs that are designed to help workers. Whether they will or not, I don't want to get into. But they in this have doubled, they have 100% gain and the workers have only had about a quarter of that or a third of that. And they're not saying, well, wait a minute, they got all this money and I want to double my wages. They didn't. So the other thing about it is, why does Trump'swhy didn't his popularity collapse? Powerline had a good footnote today, Jack, and it quoted Business Insider of last year. And they pointed out maybe one of the reasons 10% of the American population own 93% of the stocks. So what we're watching is the media, legal, political, academic, investor, trader, corporate, class paranoid because their 100% profit, their 100% profit is now 90% profit. In other words, the stock market is where it was on January 1, two years ago, 2023. So all the money we got, I mean, even with inflation, we haven't really lost purchasing power to that degree. And then the other thing is, if the 1% own 93% of the stocks, the 50%, Jack, they own 1%, 1%. So they're not upset. They know that the stock market is very critical to their well being, whether they're participating or not, because it's a barometer of American and their pensions, some of them, pensions. But I'm talking about everything. Most people don't have a 401k or maybe 70, 60%, but 50% only what I'm getting is they only own 1% of the stocks in the whole market, 50% of American. So their pensions are pretty paltry. And so this is a class thing. And what is Trump trying to do? He's trying to appeal to a particular class that was told by Joe Biden, you've got to go. If you can go down in that mine and you can program or here we, you know, whether you like it or not, we're going to put you in the coal business, out of business, or Peter Strzok, I went to Walmart and I smell these guys are the dregs, garbage, you know, irredeemable. That whole vocabulary, that whole people, they're not. They're the ones that elected Trump. And pretty much Trump is at 50%. I don't believe some of the crazy polls. And this is after the worst press a president can get, which begs the question, why is he doing this? Why is he taking this risk? Bush didn't. Bush had tariffs. Reagan had tariffs, Biden had tariffs. Clinton had big tariffs. Nobody got angry. You know, I went back and look at some quotes, Jack. Nancy Pelosi said this free trade with China is a job loser. You know what Paul Krugman said about protection tariffs? There's a lot to be said for Merc wisdom. And you know what Warren Buffett wrote in 2003, it's about time we stop this huge trade deficit because they're buying land and everything, investments. So it's mostly because Trump's fingerprints are on the tariffs that people are upset. Why did he do it? He wants to get in Trump's mind, Jack. If a country runs up a big deficit and what he calls is disrespected or ripped off, then they have no respect and people will. It can't deter people. They have no influence. If they're tough and they demand equity from their friends and neutrals, then people respect them abroad. Then. Second, if he can cut 500 billion out of Doge this year, can't do a trillion like they say, but if he did 500 trillion, if he can deregulate and tax cut taxes and grow the economy, if he can get $4 trillion and maybe 20 million jobs out of that foreign investment, if he can get 500 billion out of revenues, he thinks he can get close to balancing the budget in a year or two and that will calm the bond markets, etc. Then the second thing is he's willing to negotiate. And it's like musical chairs. If you don't want to negotiate and everybody else is, the only way he'll lose is they all get together. Japan goes to China and says, we represent the Asian community, Mr. Chi, and can we stand solid together? That's not going to happen. It's more like every man for himself. If you're the last guy when the music stops, you have no chair because everybody's cut a deal and you demand high tariffs and you're not going to be competitive. And he knows that. So it's working its way out. The other thing is he's equating it with military, too, in his view. All the countries that don't make the NATO countries, there's still eight of them, you know, and Spain, for example, one point.