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Chapter 1: Why did the stock market plunge recently?
Well, folks, a lot to get to today on the show. Everything from the stock market dump of yesterday and the state of the economy to the White House deciding to deport a Hamas sympathizer from the United States, green card holder. First, the mainstream media thinks you're too dumb to see through their lies. They like to twist the narrative or manipulate the headlines, bury the truth. We know better.
At The Daily Wire, we're going to bring you the facts, what I do here professionally, and then You get in on the conversation. Join the live chat during our daily shows, 100% uncensored, ad-free, packed with fans who actually think for themselves. Plus, every day, a producer from our show will be there to talk to you about the news.
Get the news the way it should be, honest, fearless, without the left-wing agenda. Your voice matters. Be a part of it. Join now at dailywire.com slash subscribe. So yesterday, obviously, we saw a massive stock market dump. The stock market Dow Jones Industrial Average dumped almost 900 points. The stock market has been in a bit of a free fall over the course of the last couple of weeks.
And this is something that I've been predicting for a while. It turns out that when you mess with the market mechanisms, people don't like it. Investors tend to take their money out of the market and wait for things to be a little calmer, a little more steady. If you think... of the free markets as essentially an ocean. Sometimes it's pretty choppy out there. Right now it's choppy.
And here's the thing. If this administration is blamed for the choppy waters, that is quite bad, not just for this administration, but for everything that in the public mind it represents. According to the Wall Street Journal, a new round of recession fears rattled markets on Monday, sending the Dow Jones Industrial Average down nearly 900 points, eroding Wall Street consensus that U.S.
stocks would be among this year's biggest winners. By the way, this is having an impact on President Trump's approval ratings. There's a new pullout from Emerson today that shows President Trump is underwater on the economy by 11 points. He's still at 47.45 in his overall approval rating.
That is largely due to the widespread and correct perception that in immigration he has totally changed the ballgame. We are experiencing the lowest levels of illegal immigration ever recorded in the United States as far as I'm aware.
But when it comes to the economy, which is the thing that most people vote based upon, make their political decisions based upon, if President Trump is blamed for an economic downturn, the effects of that could be disastrous, not just obviously for the Trump administration, but for many of the things that are important for the United States, including free markets more generally.
According to the Wall Street Journal, worries about a trade war, signs of flagging growth, splinters in the artificial intelligence trade have taken some of the shine off prior optimism. President Trump over the weekend refused to rule out a recession this year. The S&P 500 fell 2.7%. NASDAQ lost 4%. Bank stocks slid along with shares of smaller companies perceived to be sensitive to the economy.
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Chapter 2: What are the implications of Trump's economic policies?
If the economy sinks while he is president in a serious way where Americans turn against him, and again, he's underwater on the economy right now, if that happens, It is not just going to damage Trump, which would be terrible, and damage the Trump administration and the Republican future, which would be terrible. It is going to be used as a club against all of business, all of it.
There will be a blowback against business, capitalism, and free markets, despite the fact that it wasn't business, capitalism, and free markets that brought us to this point. It was overweening government spending and a bunch of pseudo-corrective measures that are attempting to be taken by the Trump administration in the form of autarkic reshoring.
The sort of popular response is something that I've learned over the course of watching politics at a granular level for almost a quarter of a century. I've been doing this since I was 17. I'm currently 41.
One of the things that I've noticed, and this is true for everybody in every industry, when you're in an industry and you know the ins and outs of a thing, when you know the details of the thing, you think everybody else knows the details of the thing. You think everybody else follows the ins and outs. That's not true. And let's say that you are Leonardo da Vinci and you're painting the Mona Lisa.
You know where every single brush stroke went. You know the amount of effort it took in. What did people take away from the Mona Lisa for most people? They walk into the Louvre. They look at the Mona Lisa. They see it's a lady with no eyebrows. They kind of shrug and they walk away. That is most people. And the same thing is true in every industry.
If you're an accountant, you know the ins and the outs of the tax laws. And so you figure maybe everybody else kind of has a general idea. The answer is no. They just know whether they're paying more or whether they're paying less. And when it comes to politics... I may know, or you as a listener to shows like this one, may know the ins and outs of global geopolitics and economics.
You may follow this stuff at a closer level than 99% of the rest of America. Most people only see line go up, line go down. And if line goes down while President Trump is president, the blowback is going to be not just against tariff policy. It's going to be against business. It's going to be against capitalism.
It's going to be against Elon Musk and Pichai and Zuckerberg and Trump and everyone associated. The American public does not see issues in terms of nuance. The American public sees good or bad. If the economy goes down, then what you're likely to see is an upsurge in left-wing populist sentiment against free market capitalism.
You're likely to still see the sort of Bill Burr perspective on economics, which is totally ignorant. And by the way, utterly hypocritical, given the fact that he's a millionaire himself who makes money saying used to be funny things on TV. But here, for example, is Bill Burr going after Elon Musk.
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