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Chapter 1: What parallels exist between Trump's policies and the Great Depression?
Herra budjettiministeri, aletaanko nyt? Aletaan ja oikein kunnolla aletaan. Mitä tarkoitat? Että aletaan aivan kaikkea. Voitteko tarkentaa? Aletaan vaatteita, aletaan välineitä, aletaan varusteita. Siis kaikkea ulkoilu, urheilu ja vapaa-aika. Nyt en ymmärrä. Ehkäpä ymmärrätte paremmin numeroita. Putkesportissa on nyt jopa 60 prosentin ale. Eli? Aivan, putkesport.fi.
Mitäs D-vitamiineja minun pitikään ostaa? Joku muistisääntö siinä oli. R niin kuin ravintolisä, H niin kuin hyvä, M niin kuin... Mikä se nyt oli? D niin kuin Devisol. No justiinsa se. Devisol D-vitamiinit löydät apteekeista. Orion Pharma. Hyvinvointia rakentamassa.
As the White House gets more terrible economic news, I guess their economic plan is just to say everything's great and to say it's A+++. J.D. Vann speaking in Allentown, where a lot of the Trump policies have been harming that community, and he was asked, so what grade do you give Donald Trump's economy? Here's what he says. Play this clip.
President Trump last week gave his economy a grade of A++++. What grade would you give the economy today? A+++. But then they also blame former President Biden for the A++++ economy. I'm just trying to figure it out. Then you had Caroline Leavitt, Donald Trump's chief propagandist, just lying about the inflation numbers and just saying they are what they aren't. Here, just play this clip.
No, it's 2.5 percent. Not in September, it was 3 percent. 2,5%, the average CPI right now, I have it in front of me, in President Trump's first eight months in office, inflation as measured by the overall consumer price index has slowed to a 2,5 average pace. This is down from the 2,9% inherited in January. January is one month.
What they do to manipulate the data is notice the word average. So they talk about what Trump did before his liberation day, which I call liquidation day, and then they blend it as what they call an average. So I'm 40 years old. It would be saying like my average age
is 20 years old and using that, I'm 20 years old, that's my average age. Then you had Trump's treasury secretary, Scott Besant. He was on recently at the deal book summit with Andrew Ross Sorkin. And the point that they're trying to push in MAGA, which is just entirely false, is that inflation, it's really just a blue state issue. It's not really all that bad in the red states, or it's so much worse in blue states. And then Andrew Ross Sorkin came with the facts. Let's play it.
that people in her district are having an affordability problem. I should have said, well, she's in a red state, affordability is worse. I mean, in a blue state, affordability is worse than a blue state. We can debate that, but keep going. There's no debate. The number of 50 basis points higher inflation, the 10 highest inflation rates, they are in blue cities, but
Just so you know, because I went to look at this. This is the Joint Economic Committee since 2021. The highest inflation over the past four years has been in red states, especially Florida. I'm talking about current. Current. Current. Not over the past four years. Right. Today. Okay.
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Chapter 2: How does Andrew Ross Sorkin analyze the current economic situation?
the similarities here with trump throwing a gatsby party which says a little a little party never killed nobody with half naked women in martini glasses i think the symbolism may be a little bit too real especially with what your book is but here we are right now you know and it just feels like with all with this deluge of disinformation we are treading water you know and people are still treading water but there's so much disinfo out there
We're looking at the numbers, 54% job losses year over year. That's a bad number. Inflation actually rising. The job report number unemployment up 4.6%. What do you see in the parallels and what made you write this book now? Look, I think there's some parallels. There's some things that in truth are different.
Puhuttiin Gatsby-paikasta. Siinä oli itse asiassa huomattava paikka, joka kävi marraskuudessa 1929. Se oli Mar-a-Lagoissa 1929. Mar-a-Lago oli omistettu E.F. Huttonin kanssa, joka omistti kaupungit, koska kaupungit olivat suurin osa 1929.
Mutta no, erilaisuus on se, että 20-luvulla oli hieno aara luomista uusista teknologioista, kuten radioa, hyvin paljon kuten NVIDIAa tai AIa, joten siinä oli paljon ilmastoa. Silloin ei ollut rajoituksia. Minun mielestäni manipulaatio, sisärajoitukset, kaikki se oli mahdollista. Silloin ei ollut rajoituksia vastaan. Ja nyt meillä on joitakin rajoituksia, joita SEC tekee. Silloin ei ollut SECä.
But also you have crypto and leverage. I think one of the great lessons of every financial crisis is you have too much debt in the system. And I think right now there's a lot of people taking on a lot of loans to make all of this happen. And what's different is we don't know where all those loans are, meaning it's not coming from the banks right now. It's actually private credit, shadow banking. So I think there's a whole bunch of things to look at. That doesn't mean we have to have a Great Depression-style system
crash that ends up with 25% unemployment in America. But it does mean that if we're not careful, we could at some point have a real and meaningful pullback, and that would not surprise me at all. You talk about the over-leverage.
leading up to the depression. And right now, what seems to be happening with all of these overlevered AI companies, what they're doing, it seems, and maybe you can describe it better than me, is a company like Amedda is creating these hold-co rent-back deals with these shadowy lenders, and they're basically treating CapEx expenditures
as loan payments and so they're hiding the actual leverage because that would harm their EBITDA or reflect as a lack of profits and so there's
That's going on at a very high level and people are minting. We're seeing stuff like that. How much should I be concerned about? I don't want to scare you. I think these are all red flags. I think the second you see Meta, instead of investing its own money in a data center, decide to partner up with what's called a private credit firm and effectively have a leaseback deal with them so that they don't have to actually claim that they're making the investment themselves and effectively guarantee money back to this other firm and
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Chapter 3: What insights does Andrew Ross Sorkin provide about inflation and economic manipulation?
Andrew Ross Sorkin, kiitämme teidät. Toivomme, että tulette takaisin. Kiitos, tämä oli hauska. Kiitos, Andrew. Kiitos. Kiitos. Kiitos. Kiitos.
Hei, kuka ajaa? Mä oon juonut vain neljä. Niin me nyt sit mennään. Mitäs täällä arvotaan? Bussilla, taksilla tai selvällä kyydillä tietty. No tottakai, obviously näin. Vaikea tilanne. Helppo ratkaisu. Rattiin vain selvänä. Liikenneturva.