Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Today on the show, a telling snapshot of where things stand when even Fox News guests are starting to say out loud, the economy appears to be heading towards a recession under Donald Trump.
Chapter 2: What warning does Leon Cooperman give about the economy?
This is a big problem when your whole brand is I fix the economy. We're also going to look at a really rough speech from Trump where frankly it's getting harder and harder to even follow what he's trying to say, nevermind what he is saying.
And then a truly bizarre performance from white house press secretary Caroline Leavitt, which explodes in an impenetrable word salad when asked a really simple question about who who has the power to go to war and when and what is actually happening. And then in a story that really goes beyond politics into something very dark happening in Christian nationalism.
James Tallarico is back in the news when Pete Hegseth, spiritual adviser, says he wants Tallarico dead. We will discuss it as well as yet another truth social meltdown about the filibuster.
Chapter 3: How does Donald Trump's speech confuse GOP members?
Republicans are starting to plan their exit as we approach 26 and ultimately 28. All of it and more today. Why don't we do it? You know, when you turn on Fox News and even the friendly guests are saying that Donald Trump's economy is barreling towards a recession, you know, things are not going particularly well.
I'm talking about billionaire investor Leon Cooperman, who went on Fox News just hours ago and said very plainly and very calmly and very simply. I believe we are heading towards a recession. Let's take a look at the video. You will see the reaction from MAGA host Maria Bartiromo. And then I want to have a broader, broader conversation about this economy.
And I apologize, this is not Maria Bartiromo, this is Liz Klayman.
A couple of the indices, I mean, the Russell's already in correction territory, and the Nasdaq was very close to recession, to, I'm sorry, to correction territory. Has the market not come down enough?
Chapter 4: What controversial defense does Karoline Leavitt give regarding Trump?
Have valuations of stocks not come down enough? And do you think that there's going to be some trigger where we see another leg down?
I'm betting on that, yes. I think that we're heading towards the likelihood of a recession, and that's what ended the bubble of 1982. The oil price was increased tenfold by the Arabs, and that pushes into recession. The technology bubble of 2000 ended when we got into a recession in 2001, 2002. And so I think we're heading towards a recession and it could happen late this year or next year.
Well, that must be, I don't know, like a Twitter economist, you know, like the Twitter epidemiologists from the COVID era. Right.
Chapter 5: What incident involves Pete Hegseth's pastor and James Talarico?
It's just someone on Twitter. Wrong. Well, OK, but it must be like an MSNBC contributor. No, it's not an MSNBC contributor. It must be a communist, anarchist, socialist market. No, it's not that either. This is multibillionaire investor Leon Cooperman, who says we are barreling towards a recession under Donald Trump. Now, that brings me great pain.
I know that every time this comes up, I get emails.
Chapter 6: What insights does Senator Tammy Baldwin provide about Trump's actions?
David, you looked gleeful as you were seeing the billionaire predict the recession. It would be forget about the fact that I care about other people, which I know is a foreign concept in politics. I do care about other people. I also care about myself.
And as I am invested in the market, broadly speaking, not about individual stocks, but just broadly, you think I want to see a decline in the stock market? Uh, such that my own mutual funds and all of it and index funds are just going to go down in value. Of course not. Of course I don't want to see that.
What I am fascinated by is how people keep falling for the idea that Donald Trump is a good steward of the economy. because he what I mean, at the end of the day, what did Trump really do? He's a good businessman.
Chapter 7: What erratic posts does Trump make on Truth Social?
If he had just taken his inheritance and put it in index funds, he'd be wealthier than he is after doing all of the business things that he has done. So that's my personal view. I take no joy in the future financial hardships that might affect me or anyone else.
Now, putting that aside, this is a pretty significant political problem for Donald Trump because Trump has built his entire brand around the idea that he is the guy who fixes the economy. He's the businessman. He's the dealmaker.
Chapter 8: How are Trump's allies responding to his Iran war strategy?
He's the guy who's supposed to make everything go up. And when people in friendly territory start saying, you know, I'm relatively sure we're heading towards a recession, you're cutting directly at the core pitch of Donald Trump. Now, to be fair, there's always someone predicting a recession. And in fact, I since 2014, since the last recession, but acutely since 2014.
Someone has been saying this is the year in the next year we're going to have a recession. There were people convinced it would be 2016 and then 2017, 2018. We did have a pullback, a covid related pullback. That was that was global. Of course, in 2020, eventually someone will be right. If you're always predicting a recession, eventually you will be right. That's not really the point here.
The point is where this is being said and who is saying it as a contrasting backdrop to I'm the president who knows the most about the economy and will keep it running smoothly and will fix every problem, which has been the pitch from Donald Trump. Now, when the warnings about recessions start showing up on Fox, it usually means the concern is spreading beyond just the usual critics.
And once that happens, it does become difficult to contain the narrative when people see. By the way, I haven't even even even checked in. We've got to update our gas price. Three ninety nine. OK, so as gas prices are three ninety nine. The average person who drives a gas powered vehicle notices that daily. That's like a daily reminder of something that's happening in the economy.
And most people, when they think, why are gas prices suddenly three ninety nine instead of two seventy three like they were nine weeks ago? Most people understand why. And it is not because of something Joe Biden did. It's not because of something Obama did Obama. It's because of Donald Trump's choice to start an optional war in Iran.
But then in comes Trump and in comes everybody else and they go, it's temporary and it could have been worse and there's a greater good and it's all going to go down. But then you start hearing from people like Leon Cooperman and then you turn on Fox News or Fox Business, where you're usually given good news about the economy when a Republican is president and they're saying the exact same thing.
It becomes more difficult to dismiss these concerns when they are coming from allies. And that's where you start to see this shift. Now, we've talked before about voting issues versus non-voting issues. For example, to a great degree, Talking about guns in national elections is not a strong issue for Democrats.
Anybody who wants more gun safety regulations is probably already voting for Democrats. And talking about gun safety regulations often activates pro gun right wingers who will now be much more motivated to come out and vote against you if that's what you're talking about. So there's a strategy behind that. When we think about the economy, it is a voting issue. We know that time and again.
It's so cliche. It's the economy. Stupid. The James Carville quote from the 90s. To a great degree, the economy is a great motivating factor, especially if people perceive that the economy is not going well, especially if people perceive that those on the ballot are responsible for the economy not going particularly well.
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