3.17.25 Smith & Wesson on the defense, Trump’s tariff agenda, and John Newton’s life before “Amazing Grace”

Summary

Podcast Summary: The World and Everything In It Episode: 3.17.25 Smith & Wesson on the Defense, Trump’s Tariff Agenda, and John Newton’s Life Before “Amazing Grace”
Release Date: March 17, 2025
Host/Author: WORLD Radio

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Introduction

"The World and Everything In It," hosted by Mary Reichert and Nick Eicher, delivers a comprehensive overview of current events, legal battles, economic analyses, and historical insights. In this episode, listeners are taken through a variety of pressing topics, including a landmark legal case involving major American gun manufacturers, President Trump's tariff policies, and a captivating historical narrative about John Newton's transformation before his renowned hymn "Amazing Grace."

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News Overview

The episode opens with a discussion about violent storms that have wreaked havoc across multiple U.S. states, resulting in at least 36 fatalities. David Bonson reports on the extensive damage caused by tornadoes from Louisiana to Illinois and deadly dust storms in Kansas, Texas, and Oklahoma. The segment underscores the severity of the natural disasters and their human toll.

Notable Quote:

David Bonson [01:01]: "Thousands of Americans are still surveying the damage this morning after violent storms rampaged across more than a half dozen states, killing at least 36 people."

Additionally, the hosts touch upon international affairs, highlighting the anticipated discussions between President Trump and Vladimir Putin aimed at brokering a ceasefire in Ukraine. The strain on global relations is evident as the Trump administration takes active steps to mediate conflicts, with White House National Security Adviser Michael Waltz emphasizing Trump's critical role in the process.

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Legal Docket: Smith & Wesson vs. Mexico

A significant portion of the episode delves into the contentious legal battle where the government of Mexico has filed a lawsuit against major American gun manufacturers, including Smith & Wesson, Glock, and Beretta. The case centers on Mexico’s argument that U.S. gunmakers contribute to cartel violence by enabling the illegal trafficking of firearms into Mexico.

Key Points:

• Mexico's Argument: Utilizes the legal concept of proximate cause, asserting that U.S. gun manufacturers are indirectly responsible for the violence perpetrated by cartels.
• Defense: The gunmakers invoke the Protection of Lawful Commerce in Arms Act (2005), which shields them from liability when their products are misused by criminals.
• Court Proceedings: The case is presented before the U.S. Supreme Court, featuring arguments from both sides, including attorney Noel Francisco for the gunmakers and Mexico’s attorney Katherine Stetson.

Notable Quotes:

Noel Francisco [09:05]: "Indeed, if Mexico is Right then every law enforcement organization in America has missed the largest criminal conspiracy in history, operating right under their nose."

Katherine Stetson [09:24]: "You say in your complaint there is a violation, but there's been no finding of a violation."

The lawsuit seeks $10 billion in damages, challenging the extent of corporate liability and potentially setting a precedent that could affect various industries beyond firearms. The conservative justices appear inclined to side with the gun manufacturers, wary of expanding liability, while some liberal justices also express reservations.

Conclusion of Legal Docket Segment: The outcome of this case could have far-reaching implications for corporate liability in the United States, potentially reshaping how companies are held accountable for the misuse of their products internationally.

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Monday Money Beat: Trump’s Tariff Agenda

Financial analyst David Bonson provides an in-depth analysis of President Trump's tariff policies and their impact on the stock market. The discussion highlights concerns among investors regarding the administration’s commitment to pro-growth economic policies, especially in the wake of significant market downturns.

Key Points:

• Market Performance: Notable declines with the NASDAQ down 7%, the Dow nearly matching this drop, and the S&P 500 down by 2.5% within weeks.
• Policy Shifts: Contrasts Trump's first-term economic strategies, which focused on tax cuts and deregulation, with the current administration's aggressive tariff initiatives.
• Investor Sentiment: Increased uncertainty among both small and large businesses, leading to diminished investor confidence and market instability.

Notable Quotes:

Katherine Stetson [19:00]: "There was really very little actual tariffs that happened before. ... Now he's talking about things that just the market doesn't know what he's referring to."

David Bonson [24:11]: "It's highly unlikely that we get to a bear market in the stock market and that a recession is not going to happen."

Bonson introduces the concept of the "Trump put," likening it to financial put options that protect investors from market downturns, suggesting a threshold of market pain that might prompt the President to adopt more market-friendly policies. However, he expresses skepticism about the administration’s responsiveness to economic indicators before significant damage occurs.

Conclusion of Money Beat Segment: The analysis paints a picture of growing economic uncertainty under Trump's tariff agenda, with potential repercussions for both the U.S. and global markets. Investors remain cautious as the administration navigates these turbulent economic waters.

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World History Book: John Newton’s Life Before “Amazing Grace”

In the "World History Book" segment, the podcast transports listeners to the mid-18th century to explore the tumultuous early life of John Newton, the former slave trader who would later pen the iconic hymn "Amazing Grace."

Narrative Highlights:

• Early Life and Struggles: At 23, Newton faces a life-threatening storm aboard the British merchant vessel Greyhound. His tumultuous past includes time spent as a slave trader and struggles with faith and morality.
• Transformation: A pivotal moment occurs when Newton contemplates suicide and rejecting his current life. Released from dire circumstances, he experiences a spiritual awakening that leads him to commit to his newfound faith.
• Career Shift: Newton transitions from a slave trader to a pastor, dedicating his life to abolition and penning nearly 300 hymns. His friendship with William Wilberforce and instrumental role in ending the slave trade highlight his profound transformation.

Notable Quotes:

Kent Covington [30:35]: "And he made a commitment of faith."

John Newton [34:05]: "I began to think of Jesus, who I had so often derided... for the sake of those who, in their distress, should put their trust in him."

The segment emphasizes Newton's internal conflicts, his eventual embrace of faith, and his lifelong dedication to combating the very system he once perpetuated. It serves as a powerful reminder of redemption and the impact of personal transformation.

Conclusion of World History Book Segment: John Newton’s journey from a life of moral ambiguity to one of spiritual and social leadership underscores the profound changes that faith and self-reflection can inspire, leaving a lasting legacy through his hymns and abolitionist efforts.

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Closing Remarks

The episode concludes with a teaser for the next day's discussions, including a feature on federal agencies addressing the treatment of minors for gender identity issues. The hosts reiterate WORLD Radio's commitment to biblically grounded journalism that informs and inspires.

Final Quote:

Mary Reichert [36:24]: "The world and everything in it comes to you from World Radio. World's mission is biblically objective journalism that informs, educates and inspires..."

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Conclusion

This episode of "The World and Everything In It" offers listeners a deep dive into significant legal battles affecting international relations, an analysis of current economic policies under President Trump, and an inspiring historical account of John Newton’s redemption. With clear sections, engaging discussions, and impactful quotes, the podcast serves as a valuable resource for understanding complex global issues through a biblically grounded lens.

Transcript

[Mary Reichert]

Good morning. Can Mexico's government sue Americans over cartel violence in Mexico? If so, what does it mean?

[Francisco]

If Mexico is right, then every law enforcement organization in America has missed the largest criminal conspiracy in history operating right under their nose.

[Nick Eicher]

Also today, the Monday money beat. The stock market is reeling. Can President Trump right the ship? And later, the world history book. Today, a slave trader reckons with his own money.

[Kent Covington]

He put a very wavering faith in God, acknowledging that his life had been a complete mess.

[Mary Reichert]

It's Monday, March 17th, St. Patrick's Day. This is the world and everything in it from listener supported World Radio. I'm Mary Reichert.

[Nick Eicher]

And I'm Nick Eicher. Good morning.

[Mary Reichert]

Time now for the news. Here's Kent Covington.

[David Bonson]

Thousands of Americans are still surveying the damage this morning after violent storms rampaged across more than a half dozen states, killing at least 36 people. One resident of rural Wayne County, Missouri, said he was able to rescue Hazant after a tornado ripped through her house.

[Katherine Stetson]

She was trapped in that bedroom, only.

[Mary Reichert]

Room standing left of this house.

[Francisco]

We got her out the window. Then we were helping other people. We found a few bodies that was.

[Kent Covington]

Out in the field, few deceased people.

[David Bonson]

Dozens of tornadoes reportedly touched down over the weekend from Louisiana to Tennessee to Illinois. And blinding dust storms were blamed for at least 11 deaths after car crashes in Kansas, Texas and Oklahoma. President Trump and Vladimir Putin are expected to talk this week as the Trump administration works to broker a ceasefire in Ukraine. That's according to special envoy Steve Witkoff.

[Francisco]

They have a real relationship from the president's first term.

[Katherine Stetson]

They've talked already after the first visit.

[Francisco]

I had with President Putin.

[David Bonson]

And I think this is going to be a very positive and constructive call between the two men, between the two presidents. And White House national security Adviser Michael Waltz says Trump's direct involvement is a necessary part of the process.

[Katherine Stetson]

As both President Putin and Zelensky said.

[Nick Eicher]

On our first call just a few.

[John Newton]

Weeks ago, only President Trump could drive.

[Katherine Stetson]

This to an end.

[David Bonson]

Steve Witkoff says he believes the talks have already narrowed the gap between Ukraine and Russia considerably in terms of what each side requires in a ceasefire and a possible end to the war. The Iran backed Houthi rebels in Yemen are vowing to ramp up their attacks after US Airstrikes against Houthi targets over the weekend. But the Trump administration says it is determined to crush the terror group's ability to terrorize critical waterways. Secretary of State Marco Rubio said Sunday.

[Katherine Stetson]

The problem here is that this is a very important shipping lane. And in the last year and a half.

[Mary Reichert]

The last 18 months, the Houthis have.

[Katherine Stetson]

Struck or attacked 174 naval vessels of.

[Mary Reichert]

The United States, attacking the U.S. navy.

[Katherine Stetson]

Directly 174 times and 145 times they've attacked commercial shipping.

[David Bonson]

Rubio says the strikes will continue until the Houthis are no longer capable of controlling which vessels pass through those critical shipping lanes. A federal judge temporarily blocked President Trump's executive order to use the Alien enemies Act of 1798 to speed up the deportations of violent illegal immigrants such as gang members. U.S. district Judge James E. Boasberg, an Obama appointee, issued the order, and White House Press Secretary Caroline Levitt on Sunday slammed that decision.

[Katherine Stetson]

We have judges in our judicial branch.

[Nick Eicher]

Who are acting as activists, not real arbiters of the law.

[David Bonson]

But planes carrying hundreds of those illegal migrants to Central America were already in the air on Saturday when Boasberg issued his order. The judge verbally ordered that the planes be turned around, but they apparently were not, and he did not include that directive in his written order. The State Department said the US Government just sent hundreds of dangerous gang members and leaders to El Salvador. In northern Macedonia, angry relatives waited outside of the hospital on Sunday after a fire tore through an overcrowded nightclub, killing at least 59 people and injuring more than 150, officials said. Victims suffered burns, smoke inhalation and injuries from a panicked crowd surge during a concert. Interior Minister Pansa Toscovski said concert pyrotechnic sparked the blaze. Authorities have detained at least 15 people after determining that the club exceeded its capacity and lacked a proper license. NASA astronauts stuck aboard the International Space Station just welcomed their newly arrived replacements.

[Nick Eicher]

Dragon Contact and soft Capture complete.

[David Bonson]

Crew 10 docked at the space station Sunday in a SpaceX capsule, starting the process of bringing home marooned astronauts Butch Wilmore and Suni Williams.

[Nick Eicher]

It was a wonderful day. Great to see our friends arrive.

[David Bonson]

The four new astronauts are from the U.S. japan and Russia, including NASA's and McClane.

[Katherine Stetson]

I cannot tell you the immense joy of our crew when we looked out.

[Nick Eicher]

The window and we saw the space station.

[David Bonson]

Williams and Wilmore will come back to Earth in a few days in their own SpaceX capsule. The pair went up nine months ago in Boeing's first astronaut flight, expecting to stay for just one week. But the starliner had problems and NASA brought it back without them. I'm Kent Covington and straight ahead, can Mexico's government sue Americans over cartel violence in Mexico? That's ahead on Legal Docket. Plus the Monday money beef. This is the world and everything in it.

[Nick Eicher]

It's the world and everything in it for this 17th day of March 2025. We're so glad you've joined us today. Good morning, I'm Nick Iger.

[Mary Reichert]

And I'm Mary Reichert. It's time for legal docket. Gun violence south of the border is staggering. In 2022 alone, Mexico recorded more than 30,000 homicides, most of them tied to cartel violence. This is the capital of Mexico's Sinaloa.

[John Newton]

State, a city turned battleground in a cartel civuble.

[Nick Eicher]

While helicopters circled loudly overhead amid a fresh surge in cartel violence. Never before have we seen so many people dead.

[John Newton]

The Sinaloa Cartel, once united, now fights itself after a sudden power struggle split the empire.

[Nick Eicher]

The violence follows the arrest of Sinaloa Cartel co founder Ismail Zambada, along with the son of former kingpin Joaquin Joaquin.

[Kent Covington]

Guzman, better known as El Chapo.

[Francisco]

Now they're in US Prisons and their sons are battling for control. It appears to be to the death.

[Nick Eicher]

This is a gun battle that broke out near the Mexico US border. It's also the sound of American made weapons. And that's at the heart of another battle raging. A legal battle before the highest court in the United States. The government of Mexico is appealing to the US Supreme Court for help.

[Francisco]

We'll hear argument this morning in case 2311 41. Smith & Wesson Brands vs Estados Unidos Mexicanos. Mr. Francisco, Mr. Chief justice, and may it please the court.

[Mary Reichert]

Mexico is arguing that because hundreds of thousands of firearms flood into its country every year trafficked from the US it is entitled to that help. But look at the name of this case. Smith and Wesson versus Estados Unidos Mexicanos. Mexico is not suing gun smugglers, not the cartels. Instead, it's taking aim at major American gun makers. Smith and Wesson, Glock, Beretta, and more. To make its case, Mexico leans on a legal concept called proximate cause. In simple terms, it argues that US Gun makers touch off a chain reaction, one that leads ultimately to cartel violence. And because their actions are so closely linked to the bloodshed, Mexico says they should be held responsible.

[Nick Eicher]

But the gunmakers say no way. Their Defense is a 2005 federal law. The Protection of Lawful Commerce in Arms act law shields gun manufacturers from lawsuits when criminals misuse their products. At the Supreme Court, lawyer Noel Francisco spoke for Smith and Wesson and the others. As always, we do edit some, but not all of these exchanges for time and clarity while carefully retaining proper context.

[Francisco]

Indeed, if Mexico is Right then every law enforcement organization in America has missed the largest criminal conspiracy in history, operating right under their nose. And Budweiser is liable for every accident caused by underage drinkers, since it knows that teenagers will buy beer, drive drunk, and crash.

[Mary Reichert]

Mexico's attorney Katherine Stetson says this isn't just about criminals misusing guns. She argues that US Gunmakers are knowingly aiding and abetting illegal gun trafficking, helping smugglers sidestep federal firearms laws. That led Justice Clarence Thomas to ask, where is federal law enforcement in all this?

[Katherine Stetson]

You say in your complaint there is.

[Francisco]

A violation, but there's been no finding of a violation.

[Katherine Stetson]

How do we know there is a violation?

[Mary Reichert]

I think what the district court would.

[Nick Eicher]

Determine at summary judgment if the evidence comes back and says, for example, these manufacturers simply had no idea what their distributors were doing or who they were. Stetson responded, it's up to the lower courts to decide whether gunmakers knowingly sell to bad actors. Justice Thomas asked the gunmaker's attorney, Francisco, to trace the chain of custody. How exactly do these firearms move from manufacturers to criminals in detail?

[Katherine Stetson]

Would you just list the chain for our benefit?

[Francisco]

Sure. It starts out with a licensed manufacturer, a manufacturer that the federal government says is allowed to make firearms. It then distributes its legal firearms to licensed distributors, distributors who the federal government says are allowed to distribute them. They then sell to licensed retailers, retailers that the federal government says are allowed to retail. Those retailers, some very small percentage of them, unknown number, but some small percentage of them, transfer those firearms illegally to straw purchasers. Straw purchaser then hands it over to the actual purchaser. You then have a smuggle across an international border, yet another violation of law.

[Nick Eicher]

Going on to explain that. The smuggler then gives those guns to the cartels who are illegally possessing them in Mexico in defiance of Mexican law.

[Francisco]

Then the Mexican cartels engage in murder and mayhem against the good people of Mexico, all of which in turn causes the Mexican government to have to spend money to respond to that murder and mayhem. With respect, there's not a single case in history that comes close to that.

[Mary Reichert]

That long, drawn out answer, intentional. It highlights just how far removed US gun makers are from the crimes Mexico blames them for. Proximate cause means a direct, unbroken chain of events leading to harm. But are the gun makers really that close to cartel violence? Justice Samuel Alito cut to the chase with a question the average American might ask in this exchange with Mexico's attorney Stutzen.

[David Bonson]

Mexico says that US gun manufacturers are.

[Katherine Stetson]

Contributing to illegal conduct in Mexico.

[David Bonson]

There are Americans who think that Mexican.

[Katherine Stetson]

Government officials are contributing to a lot of illegal conduct here. So suppose that one of the 50.

[David Bonson]

States sued the government of Mexico for.

[Katherine Stetson]

Aiding and abetting illegal conduct within the state's borders. That causes the state to incur law.

[Francisco]

Enforcement costs, public welfare costs, other costs.

[Katherine Stetson]

Would your client be willing to litigate.

[David Bonson]

That case in the courts of the United States?

[Nick Eicher]

So I can't and certainly don't feel comfortable giving away things like sovereign immunity on behalf of the government of Mexico.

[Katherine Stetson]

Well, I understand that.

[David Bonson]

So the, the argument basically is it's.

[Katherine Stetson]

A one way street.

[Nick Eicher]

Another key piece of proximate cause foreseeability. In other words, was gun trafficking a predictable result of the gunmaker's actions? That kicked off a debate over intent. Justice Amy Coney Barrett pointed to a Supreme Court ruling from two years ago, often called the Twitter case. The justices decided that social media companies cannot be held liable for aiding and abetting terrorism simply because ISIS used their platforms to recruit and fundraise, even if those platforms knew that that was happening.

[Mary Reichert]

So how does that logic apply here? Justice Barrett references two cases in this exchange with Stetson for Mexico. Let's talk about Twitter.

[John Newton]

There was a specific rogue actor isis.

[Mary Reichert]

And there was a specific attack in France.

[Katherine Stetson]

And so the attempt was to draw the line between them.

[Mary Reichert]

And we said it wasn't enough. In direct sales, there was a specific manufacturer pharmaceutical company selling to a specific doctor causing specific harm. And Justice Alito asked you what specific Red Flag dealers there are. You haven't sued any of the retailers that were the most proximate cause of the harm. You haven't identified them, that I can tell.

[Nick Eicher]

In the complaint, Chief Justice John Roberts took a different approach with Francisco, the gunmaker's attorney. Listen to this exchange, counsel.

[Francisco]

The complaint says that 2% of the guns manufactured in the United States find their way into Mexico. And I know you dispute that, but is there a number where your legal analysis might have to be altered? If it's 10%, if it's 20%, at some point, the proximate cause lines that you draw really can't bear the weight of the ultimate result. So, your honor, if we're talking about proximate cause, I don't think that the percentage would actually matter when you have a multitude of intervening independent crimes.

[Nick Eicher]

And Stetson from Mexico countered, the numbers really aren't the problem.

[Mary Reichert]

So up to 600,000 of defendants, guns.

[Nick Eicher]

Are likely trafficked into Mexico every year. That's your 2%. But I think the issue is not.

[Mary Reichert]

So much whether it's 2 or 10.

[Nick Eicher]

Or 70, it's do these manufacturers know.

[Mary Reichert]

Who the rogue dealers are and what they're doing now?

[Nick Eicher]

If that argument holds, Justice Brett Kavanaugh wanted to know, where does it end? How far could this liability extend?

[Francisco]

Lots of sellers and manufacturers of ordinary products know that they're going to be misused by some subset of people. They know that to a certainty that it's going to be pharmaceuticals, cars, what you can name lots of products. So that's a real concern, I think, for me, about accepting your theory of aiding and abetting liability. Be interested in your reactions.

[Nick Eicher]

This case is marches through in detail allegations taken as true at this stage.

[Mary Reichert]

That these manufacturers know that they are.

[Nick Eicher]

Selling a dangerous product to specific rogue dealers who are selling to straw purchasers.

[Mary Reichert]

For the cartels across the world.

[Nick Eicher]

Mexico is also seeking a massive payout, $10 billion in damages. But Francisco fires back. The cost of law enforcement and crime prevention is Mexico's responsibility. Gunmakers warn that if Mexico wins, the floodgates fly open. Auto companies, alcohol manufacturers, even social media platforms, all of them could face lawsuits over how their products are misused. On the other side, gun control advocates are backing Mexico, arguing that the relevant law here, the Protection of Lawful Commerce and Arms act, goes too far and should not grant absolute immunity.

[Mary Reichert]

The conservative justices seem to lean Smith and Wesson's way, hesitant to stretch proximate cause that far. Surprisingly, even some liberal justices appeared to agree. If the gunmakers win, and I think they will, it'll slam the door on lawsuits like this in the future. But a win for Mexico that would reshape corporate liability in a big way, expanding it far beyond gunmakers. And that's this week's legal docket.

[David Bonson]

Additional support comes from Barnabas. Aid hope and support for our suffering.

[Nick Eicher]

Brothers and sisters around the world. Aid from Christians through Christians to Christians.

[David Bonson]

Barnabasaid.org From Dort University, where engineering students are taught to do more than solve problems. They're equipped to help God's creation flourish. Dort.

[Nick Eicher]

Edu.

[David Bonson]

And from Pensacola Christian College, Academic Excellence, Biblical Worldview Affordable Cost. Go pcci. Edu World.

[Mary Reichert]

Coming up next on THE WORLD and everything in it, the Monday Money beat.

[Nick Eicher]

Time now to talk business markets and the economy with financial analyst and advisor David Bonson. David heads up the wealth management firm the Bonson Group, and he's here now. David, good morning.

[Katherine Stetson]

Good morning, Nick. Good to be with you.

[Nick Eicher]

Well, David, I know you have observed a shift in the way investors are responding to President Trump, specifically his economic moves in the first months here of his second term. Compared to his performance in the first term. Namely, markets seem less convinced now the President is committed to pro growth policies. Could you walk through what you think is causing investors, investors to question that?

[Katherine Stetson]

Well, I think that the argument I make is there's two pieces going on. One is tactical, that the sequence of how they went about doing it in the first term versus now is categorically different. Scoring and realizing significant gains first in certain elements of your economic agenda enables you to move to your riskier and perhaps more volatile and even controversial economic agenda item second. And that is what was done in the first term. People cannot understate the significance of in 2017 passing into law. And by the way, it's permanent. We're talking about all these Trump tax cuts that are expiring. The business tax cuts are not expiring. The largest reduction of corporate income tax from a 35% very non competitive rate to 21%. That was done. And then in his second year, after a huge year of economic growth in 17, the achievement of the tax reform, pretty significant victories in both energy policy and especially deregulation. Then moved in the second year to some of the tariff oriented issues, all of which I basically disagreed with then too. But the point was the expression. He was playing with house money. There was already a banked, you know, political victory, but also economic optimism and actuality baked in the cake. This time we are essentially doing it in the reverse order. And what he's trying to do is much more significant on the tariff front. You know, there was really very little actual tariffs that happened before. There were tons of exceptions. You know, China was able to wait a lot of this stuff out. And now he's talking about things that just the market doesn't know what he's referring to. What exactly is our policy for Canada? What are we trying to get out of it? Is it a different trade deal? Is it more cooperation at the border? Do we really think Canada is our problem with fentanyl or is there just this fundamental desire to not buy things from other countries anymore and to disincentivize that type of trade? The market's dealing with all that uncertainty and not doing it with a major tax package already passed, not doing it with a really clear success under the belt of Doge. So I think that the sequence is different and the substance is different.

[Nick Eicher]

And David, you're measuring that specifically by the swoon in the markets. The NASDAQ down 7% since Inauguration Day. The Dow down by almost that much. The S&P 500 down by 2.5% all in just a few short weeks.

[Katherine Stetson]

That's right. And there's a difference in how it gets perceived in the presidency when let's say you have a 10% drop after you already had a 25% increase. You know, in 2018, the stock market was down 5%. It had gone down more in the middle of the year, but never did it come close to going down what it had gone up the year before. To start off with, essentially, this kind of drawdown is very different. Now, if this drawdown in the market had happened without this tariff war, just because the market was expensive, it was due for a correction. There were other Fed issues or geopolitical issues that caused a market drop. I don't think that would be the same category right now. Nobody really has anything else to blame for the market drop other than the tariff war, because that's the only factor that has really changed things. And then the reversal of the optimism that was there after the election. November, after the election results for President Trump, saw this huge surge in optimism around tax reform, around deregulation, around energy policy. The categories I refer to as the supply side Reagan categories. Right. That moved markets higher, moved economic optimism higher. All of that has reversed and reversed substantially. And not just in the stock market. That's why this line about, oh, Wall street and the globalists are going to have to take their licks. Well, tell that to the nfib Small business optimism, which is right now at the highest uncertainty level it's ever been. Those are American mom and pop small businesses. So this is not a big business versus small business thing. This is the whole economy, the real economy.

[Nick Eicher]

So, David, in your Dividend Cafe writing this weekend, you sent me to the reference library to look up and understand a financial term that I'm not terribly familiar with. The put the P U T. So I'll explain it here, that it's essentially insurance against a market downturn. It protects investors from declines in asset prices. So you use that concept as a metaphor to refer to the Trump put, suggesting there's a threshold of market pain that would prompt the President to shift back to policies that are more market friendly. How close do you think we are to finding out what that is?

[Katherine Stetson]

Well, my point is that I don't think you want to wait till you get to that place that the administration is going to be very wise to reverse course before you get there, because, again, you don't know what their level is until you arrive there. And there is absolutely a level at which it'll be too late that you could always reverse policy and therefore maybe help market prices. But the economic damage will be well baked in and very likely recessionary. It's highly unlikely that we get to a bear market in the stock market and that a recession is not going to be happening. So, you know, you could argue that just to use that 20% threshold of a drop in the stock market, which is what we traditionally call a bear market. But that is generally the level at which a presidency can be pretty cooked. It simply doesn't happen much other than a wartime FDR type situation in the midst of the Great Depression, that you have a bear market and a presidency gets resolved. And Richard Nixon in the 70s and obviously we know about Bush Jr. In the 2000s. And then you have certain situations where you could argue a bear market was not a given president's fault. But that's a tough case to make. And I don't know. And by the way, same is true for recession. I don't know of a case where a politician has said, well, we had to go. What was the word Secretary Bessant used last week? Detox. Jimmy Carter referred to malaise. We still talk about it now, 50 years later. Maybe sometimes there's merit in it, but it doesn't matter. The American people just simply don't like short term pain and they're never going to. The economy is way too big, way too complex. And when you ran on a fixed economy, it is so easy to just say, if I wanted more economic malaise and detox and pain, we could have just stuck with the other president who was giving it to us. And at least then the stock market was up. I'm not saying all that's fair, I'm not saying all of it's the way people should think, but I am most definitely saying people will think that way. And you see right now a significant reversal in the approval ratings of President Trump specific to the economy. You do not see a reversal in approval ratings about immigration, about the border. Most people rightly believe he's doing good things there and the things he promised he would do. But I don't believe you're gonna make the case that, well, yes, we're having some tough times in the stock market, but it's cause we're bringing a bunch of jobs back to America. Jobs are gonna go down, not up with a trade war, and the economy's gonna go down not up with a trade war. That's just a fact. And so this is a difficult time politically. But really my major point is not political. If I were the President, I would not care for political advice from me. He's gotten himself elected twice and I certainly haven't. So the political side here is not my concern, Nick. It's the economic side. I am positive that at both a small business and big business level, we are currently enduring significant uncertainty that is going to create problems.

[Nick Eicher]

David Bonson is founder, managing partner and chief investment officer of the Bond Group. David [e-mail] and regularly for World Opinions. David, thank you. I hope you have a terrific week.

[Katherine Stetson]

Thanks so much, Nick.

[Nick Eicher]

Today is Monday, March 17th. Good morning. This is the World and everything in it from Listener supported World Radio. I'm Nick Eicher.

[Mary Reichert]

And I'm Mary Reichard. Up next, the world history book where we travel back to this week. In the year 1748, a violent storm rages in the Atlantic Ocean. And John Newton, just 23 years old, believes he is about to die.

[Nick Eicher]

Now, before this moment, Newton was no saint. He'd made up songs to entertain his crewmates, but not the kind you'd find in the hymnal. Newton is known as a profane man, contemptuous of authority.

[Mary Reichert]

And Newton has no idea that someday people all around the world will sing his songs about grace. Here's world correspondent Caleb Weldy.

[John Newton]

John Newton's cabin is filling with water. It's March 21, 1748. Newton is aboard the British merchant vessel Greyhound. He and another man rush up to the deck while the captain calls to Newton to bring a knife with him. Newton turns around while the other man continues up to the deck. The man is immediately swept overboard. At 3am Newton is assigned to a pump. Each time the ship descends into the sea, he believes it won't come back up. The ship's captain tells Newton about once an hour that he believes Newton is the sole cause of the storm and that if they threw him overboard, maybe the rest of them would be saved. Newton pumps nine hours to exhaustion. He's allowed to return to his bed for an hour. Then he's assigned to work the house helm of the ship. Tied to the helm, Newton reflects on his life. The night before the storm hit, he found a book, Thomas A Kempis Imitation of Christ. He wonders what if those things are true. But he pushes the thought aside, thinking there is no way that God could save him. Newton's mother had been very godly. She read in Bible stories and she she loved the hymns of Isaac Watts. But she died when Newton was seven. His father remarried within weeks. He is a stern and well known merchant ship captain at 11 Newton's father put him to work on one of his ships. But then Newton was forcefully conscripted or press ganged onto a Royal Navy warship. Here he found a book that fit well with his crewmates. The characteristics of men, manners, opinions, times. The book gave him permission to choose his own moral code.

[Kent Covington]

Now it was a book that led his mind well away from any faith in God.

[John Newton]

Brian Edwards is a Newton biographer.

[Kent Covington]

And it helped him on his downhill spiral, morally and philosophically, because it now gave him the reasons why he was not a Christian. Morality was for John Newton to make up from now on.

[John Newton]

Newton tries to desert his warship, but he's caught almost immediately. He's returned to the ship and flogged. Jonathan Akin is author of From Disgrace.

[Kent Covington]

To Amazing Grace he thought of suicide, he thought of killing his captain and the ship sailed.

[John Newton]

Newton's captain was fed up by this point, so he traded Newton onto a merchant ship. From here, Newton was taken to the coast of Africa where a human slave trade thrived. Here, Newton himself was put in chains and treated like a slave for a while. But then a different white slaver bought him and he treated Newton much better. Things were looking up and Newton had no plans to return to England when he got word that the captain of a passing ship was asking about him. Newton's father had paid the ship's captain to search for Newton and he'd actually found him.

[Kent Covington]

And there were only two things that enticed him back home. One was the story that Newton had inherited quite a small fortune and if he were to come back, he could enjoy it. But the other thing attracted him was the thought of Mary.

[John Newton]

Newton had met Mary when he was 14 and in his own words, immediately fell in love. He was excited about the fortune because it would give him enough money to marry Mary. He says he thought about her every day. Newton boarded the Greyhound, where he now finds himself tied to the helm of his rescue ship.

[Kent Covington]

He found himself condemned by the verses he knew, and it was at that time that in his own words, God reached down and plucked him out of the depths. And he put a very wavering faith in God, acknowledging that his life had been a complete mess and he had ruined all that God had given him and spoiled the treasure that his mother had taught him. And he made a commitment of faith.

[John Newton]

In Newton's words. I began to think of Jesus, who I had so often derided. I recollected the particulars of his life and of his death, a death for sins not his own. But as I remember, for the sake of those who, in their distress, should put their trust in him. More than two weeks later, and almost out of food, the ship is able to limp into a port off the Irish coast. Newton goes to the nearest church to thank God for saving him. Then he visits Mary. She gives him a little hope, but no certainty as far as the small fortune he'd been told about, totally fabricated. Newton spends the next six years working his way up to captain, moving slaves and other cargo across the Atlantic.

[Kent Covington]

The general view of England, including Christian England, was that the slave trade was a respectable economic form of activity.

[John Newton]

He visits Mary in between voyages, and the two do get married.

[Kent Covington]

In 1750, there wasn't the media. Nobody was going out taking films of slaves and the way they were treated and the cruelty and bestiality of it all. And so people didn't know.

[John Newton]

But Newton does know. He's actually reading Christian books aboard these slave ships in the Bible.

[Kent Covington]

And he didn't like what he was doing. His conscience was stirring.

[John Newton]

Then God says, enough. Newton has a seizure while getting ready for his next voyage.

[Kent Covington]

And that gave John Newton a great fright and also gave the owner of the ship a great fright, because you couldn't have a captain who was liable to suddenly collapse through a seizure.

[John Newton]

Newton and the owner of the ship agree. His career is over. Newton is 29. He lives another five decades. Newton is a pastor for four of those five decades. He writes almost 300 hymns. He's friends with William Wilberforce, and he plays an instrumental role in ending the slave trade and revealing its horrors. Newton never got over God's grace to.

[David Bonson]

Him.

[Kent Covington]

And he continually comes back to the word grace, which for John Newton, of course meant God's undeserved mercy in forgiving him through the merits of Jesus Christ and because of nothing he himself had done.

[John Newton]

Audio of the John Newton biographers comes from the Vision video documentary John Newton. For World, I'm Caleb Wilde.

[Nick Eicher]

Tomorrow is stunning admission when a federal agency acknowledges American medicine took a wrong turn treating minors for gender identity problems. But is course correction even possible? And one more rodeo. That and more tomorrow. I'm Nick Eicher.

[Mary Reichert]

And I'm Mary Reichard. The world and everything in it comes to you from World Radio. World's mission is biblically objective journalism that informs, educates and inspires the psalmist writer. May all who seek you rejoice and be glad in you. May those who love your salvation say, evermore, God is great. Verse 4 of Psalm 70. Go now in grace and peace.