S2 Ep1031: Joe Weisenthal: Everything Screams Recession
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Who are the hosts and guest of this episode?
We can go see a little music after. I got no plans. We'll figure it out. Come visit us in Nashville. Good excuse. a little spring trip. We have pretty weather in May in Tennessee. On this pod, we've got Joe Weisenthal. We're going to go real deep on economy stuff. He is just the hardest working man in finance journalism. Been following him for a long time. So I'm looking forward to getting to everything about our likely impending recession. One note on the conversation, we talked a little bit about how Amazon said that they're going to start listing the cost of tariffs on their site, the White House responded to that very negatively attacking Amazon. Since then, an Amazon Spox has said that they are only doing it on their Amazon haul program, which is for, you know, truckers and kind of long distance material. So that's not going to be on the main Amazon website. Unclear if that was a goof or a step down on behalf of Bezos. That is surely something that we are going to be monitoring closely. in the coming days.
Just wanted to get you the facts on that. This is a great chat. Stick around. Up next, Joe Weisenthal. Hello and welcome to the Bullwark Podcast. I'm your host, Tim Miller. Delighted to have with us today Executive Editor of Digital News at Bloomberg. He's co-host of the Odd Lots Podcast. At long last, it's the stalwart, Joe Weisenthal. What's going on, man? Thanks for having me. Psyched to finally be here. I've been, you know, monitoring your tweets since, I don't know, fucking I was in short pants. Been a long time.
I feel bad. Some people over the last several weeks, they're like, oh, I turned on alerts for your tweets. And I'm like, oh, shoot. Now I just can't tweet random stuff because I feel like every one of my tweets have to have some important data or a chart or something like that. But thank you for following.
I've had a couple people tell me that over the years. And I'm like, please turn that off.
I know. Just turn it off. It's not that important. It's not that important.
All right, we got so much to talk about. I guess let's just start with the top line economic outlook. Goldman Sachs projecting the U.S. will have the lowest economic growth and highest inflation of any developed economy in 2025. That doesn't seem good, but you wrote this week about the strange calm in the S&P 500. So just kind of talk about the biggest picture.
It is really weird, actually, because the amount of gloom from both investors and businesses and actually consumers, any survey that you look at right now of anyone. So what they call soft data, subjective data is really dismal. Like we are talking survey measures at the lows, either of the pits of COVID or in some cases, the financial crisis in 2008. It's all dismal. Tuesday, yesterday, we got a regional Fed survey from the Dallas Fed manufacturers in the region. Terrible. All complaining about tariffs. They're talking about how they're going to have higher costs, but not going to be able to pass it on. They're talking about how they're going to cut back on hiring, cut back on capital plans.
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Chapters
6 chapters
1
Who are the hosts and guest of this episode?
1:08–4:32
2
Why does Joe Weisenthal say 'Everything Screams Recession' despite market calm?
4:32–10:51
3
What is Scott Bessent's perspective on the current market and tariffs?
10:51–17:26
4
How do tariffs affect U.S. businesses and China’s economy?
17:26–24:43
5
What are the implications of the 'War on Christmas' and holiday supply disruptions?
24:43–28:51
6
What is the controversy around Amazon showing tariff costs on products?
28:51–54:07
Speakers
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