Could A Slipping Economy Be Trump’s Downfall? | Deadline | MSNBC


SNAPCHAT AND LINKEDIN. “DEADLINE: WHITE HOUSE” BEGINS “DEADLINE: WHITE HOUSE” BEGINS NOW. NOW.>>>HI, EVERYONE, IT’S 4:00 IN>>>HI, EVERYONE, IT’S 4:00 IN NEW YORK. NEW YORK. I’M CHRIS JANSING IN FOR NICOLLE I’M CHRIS JANSING IN FOR NICOLLE WALLACE. WALLACE. PRESIDENT TRUMP REOPENING HIS PRESIDENT TRUMP REOPENING HIS FAVORITE CULTURE WAR WITH FRESH FAVORITE CULTURE WAR WITH FRESH ATTACKS ON THE SO-CALLED SQUAD ATTACKS ON THE SO-CALLED SQUAD OF MINORITY CONGRESSWOMEN WHOM OF MINORITY CONGRESSWOMEN WHOM HE RECENTLY SAID SHOULD GO BACK HE RECENTLY SAID SHOULD GO BACK TO THEIR COUNTRY. TO THEIR COUNTRY. BUT YOU DON’T HAVE TO DIG TOO BUT YOU DON’T HAVE TO DIG TOO FAR BELOW THE SURFACE TO FIND AN FAR BELOW THE SURFACE TO FIND AN EXISTENTIAL EXCESS AND TRUMP MAY EXISTENTIAL EXCESS AND TRUMP MAY BE USING THEM AS A DISTRACTION. BE USING THEM AS A DISTRACTION. TRUMP WOKE UP TO A TRENDING TRUMP WOKE UP TO A TRENDING HASHTAG HE WAS DESPERATE TO HASHTAG HE WAS DESPERATE TO CHANGE, #TRUMP RECESSION. CHANGE, #TRUMP RECESSION. IT CAME ALONG WITH HEADLINES THE IT CAME ALONG WITH HEADLINES THE ECONOMY IS IN DISTRESS, MAYBE ECONOMY IS IN DISTRESS, MAYBE EVEN HEADED FOR A NOSE DIVE, EVEN HEADED FOR A NOSE DIVE, WHICH TRUMP’S AIDES EVEN ADMIT WHICH TRUMP’S AIDES EVEN ADMIT COULD SPELL DISASTER FOR THE COULD SPELL DISASTER FOR THE PRESIDENT. PRESIDENT. A SOURCE CLOSE TO TRUMP TELLING A SOURCE CLOSE TO TRUMP TELLING AXIOS, I’M VERY WORRIED ABOUT AXIOS, I’M VERY WORRIED ABOUT THE ECONOMIC DATA. THE ECONOMIC DATA. A LOT OF US ARE CONCERNED. A LOT OF US ARE CONCERNED. WITHOUT THE NARRATIVE ON THE WITHOUT THE NARRATIVE ON THE ECONOMY, HE CAN’T WIN. ECONOMY, HE CAN’T WIN. AXIOS ADDS THE TEAM IS WORRIED AXIOS ADDS THE TEAM IS WORRIED ABOUT POLLING POSITIONS IN ABOUT POLLING POSITIONS IN PENNSYLVANIA, MICHIGAN AND PENNSYLVANIA, MICHIGAN AND WISCONSIN. WISCONSIN. AND ONE SENIOR WHITE HOUSE AND ONE SENIOR WHITE HOUSE OFFICIAL BE WARNS, HE’S RUNNING OFFICIAL BE WARNS, HE’S RUNNING OUT OF TOOLS TO JUICE THE OUT OF TOOLS TO JUICE THE ECONOMY. ECONOMY. THOSE LEAKS FROM INSIDE TRUMP’S THOSE LEAKS FROM INSIDE TRUMP’S ORBIT, POTENTIALLY DEVASTATING ORBIT, POTENTIALLY DEVASTATING FOR A PRESIDENT WHOSE SIGNATURE FOR A PRESIDENT WHOSE SIGNATURE CAMPAIGN MESSAGE IS THIS — CAMPAIGN MESSAGE IS THIS –>>AN ECONOMIC MIRACLE IS TAKING>>AN ECONOMIC MIRACLE IS TAKING PLACE IN THE UNITED STATES. PLACE IN THE UNITED STATES. WE HAVE THE STRONGEST ECONOMY IN WE HAVE THE STRONGEST ECONOMY IN HISTORY. HISTORY. THE ECONOMY IS THRIVING LIKE THE ECONOMY IS THRIVING LIKE NEVER BEFORE. NEVER BEFORE. OUR ECONOMY IS GOING TO SOAR. OUR ECONOMY IS GOING TO SOAR. THE 401(k)s ARE UP 50%, 60%. THE 401(k)s ARE UP 50%, 60%. SOON IT WILL BE 78%. SOON IT WILL BE 78%.>>WE HAD THE HIGHEST STOCK>>WE HAD THE HIGHEST STOCK MARKET IN THE HISTORY OF OUR MARKET IN THE HISTORY OF OUR COUNTRY. COUNTRY. OUR COUNTRY NOW HAS THE HOTTEST OUR COUNTRY NOW HAS THE HOTTEST ECONOMY. ECONOMY. WE WILL WIN SO MUCH YOU’RE GOING WE WILL WIN SO MUCH YOU’RE GOING TO SET SICK AND TIRED OF TO SET SICK AND TIRED OF WINNING. WINNING. WE WILL KEEP WINNING, WINNING, WE WILL KEEP WINNING, WINNING, WINNING. WINNING.>>NEVER GOING TO STOP WINNING,>>NEVER GOING TO STOP WINNING, A PROMISE UNFORTUNATELY IS NOT A PROMISE UNFORTUNATELY IS NOT AGING WELL. AGING WELL. SO IT’S LITTLE SURPRISE TRUMP, SO IT’S LITTLE SURPRISE TRUMP, WHOSE SIXTH DAY OF SUMMER WHOSE SIXTH DAY OF SUMMER VACATION FEATURES NOTHING ON HIS VACATION FEATURES NOTHING ON HIS SCHEDULE BUT A CAMPAIGN RALLY, SCHEDULE BUT A CAMPAIGN RALLY, IS TURNING TO HIS USUAL DAMAGE IS TURNING TO HIS USUAL DAMAGE CONTROL PROTOCOL. CONTROL PROTOCOL. FIRST LIE. FIRST LIE. SAY THE STORY IS FAKE. SAY THE STORY IS FAKE. HE TWEETED TODAY, BUSINESS HE TWEETED TODAY, BUSINESS OPTIMISM IS AT A ALL-TIME HIGH. OPTIMISM IS AT A ALL-TIME HIGH. THEN CREATE A DIVERSION. THEN CREATE A DIVERSION. OFTEN SOME KIND OF RACE-RELATED OFTEN SOME KIND OF RACE-RELATED CONTROVERSY, WHICH TODAY TARGETS CONTROVERSY, WHICH TODAY TARGETS MUSLIM-AMERICAN CONGRESSWOMEN MUSLIM-AMERICAN CONGRESSWOMEN EEL AN OMAR AND RASHIDA TLAIB. EEL AN OMAR AND RASHIDA TLAIB. BUT A WORD TO THE WISE, WHEN BUT A WORD TO THE WISE, WHEN LYING, RACE BAITING AND ZEEBSCEN LYING, RACE BAITING AND ZEEBSCEN PHOBIA ARE YOUR LIFELINES, PHOBIA ARE YOUR LIFELINES, YOU’RE LOSING. YOU’RE LOSING. HERE AT THE TABLE A.B. STODDARD HERE AT THE TABLE A.B. STODDARD FROM REAL CLEAR POLITICS, RICK FROM REAL CLEAR POLITICS, RICK STENGAL WHO WORKED IN OBAMA’S STENGAL WHO WORKED IN OBAMA’S STATE DEPARTMENT AND FORMER STATE DEPARTMENT AND FORMER EDITOR OF “TIME” MAGAZINE AND EDITOR OF “TIME” MAGAZINE AND WANETA FROM AMERICA’S NETWORK WANETA FROM AMERICA’S NETWORK ACTION FUND. ACTION FUND. OF THE MANY QUOTES WE JUST HEARD OF THE MANY QUOTES WE JUST HEARD FROM THE PRESIDENT, ONE OF MY FROM THE PRESIDENT, ONE OF MY FAVORITES IS 60%, 70%, SOMEBODY FAVORITES IS 60%, 70%, SOMEBODY TOLD ME 78%. TOLD ME 78%. SOMETHING IN THERE. SOMETHING IN THERE. BUT YOUR HEADLINE READS BUT YOUR HEADLINE READS RECESSION CAN DOOM’S TRUMP’S RECESSION CAN DOOM’S TRUMP’S RE-ELECTION. RE-ELECTION. ARE THE FOLKS INSIDE THE WHITE ARE THE FOLKS INSIDE THE WHITE HOUSE AXIOS IS QUOTING RIGHT TO HOUSE AXIOS IS QUOTING RIGHT TO BE WORRIED RIGHT NOW? BE WORRIED RIGHT NOW?>>THE SHORT ANSWER IS YES.>>THE SHORT ANSWER IS YES. AND IT’S NOT SURPRISING TO SEE AND IT’S NOT SURPRISING TO SEE SOME OF THE LEAKS LIKE IN THE SOME OF THE LEAKS LIKE IN THE AXIOS STORY. AXIOS STORY. I WENT THROUGH A HISTORY OF I WENT THROUGH A HISTORY OF PRESIDENTS WHO HAD TO RUN FOR PRESIDENTS WHO HAD TO RUN FOR RE-ELECTION AFTER RECESSIONS RE-ELECTION AFTER RECESSIONS HAPPENED IN THE LAST TWO YEARS HAPPENED IN THE LAST TWO YEARS OF THEIR FIRST TERM. OF THEIR FIRST TERM. WHAT I FOUND WAS THE LAST FOUR WHAT I FOUND WAS THE LAST FOUR PRESIDENTS WHO HAD THAT KIND OF PRESIDENTS WHO HAD THAT KIND OF RECESSION SO SHORTLY BEFORE RECESSION SO SHORTLY BEFORE THEIR RE-ELECTION RACE ALL LOST THEIR RE-ELECTION RACE ALL LOST RE-ELECTION. RE-ELECTION. OF THE LAST NINE PRESIDENTS WHO OF THE LAST NINE PRESIDENTS WHO DIDN’T HAVE THAT KIND OF DIDN’T HAVE THAT KIND OF RECESSION, ALL OF THEM WON. RECESSION, ALL OF THEM WON. NOW, THEY WERE A LITTLE MIXED NOW, THEY WERE A LITTLE MIXED BEFORE THAT. BEFORE THAT. RECESSIONS WERE A LOT MORE RECESSIONS WERE A LOT MORE COMMON BEFORE THAT. COMMON BEFORE THAT. BUT THIS IS A PRETTY BUT THIS IS A PRETTY DEMONSTRATED PATTERN THAT WE’VE DEMONSTRATED PATTERN THAT WE’VE SEEN OVER THE LAST CENTURY-PLUS SEEN OVER THE LAST CENTURY-PLUS IN AMERICAN POLITICS. IN AMERICAN POLITICS. THE OTHER THING WITH PRESIDENT THE OTHER THING WITH PRESIDENT TRUMP IN PARTICULAR IS I THINK TRUMP IN PARTICULAR IS I THINK IT CAN ACTUALLY BE MORE DAMAGING IT CAN ACTUALLY BE MORE DAMAGING TO HIM FOR THIS REASON. TO HIM FOR THIS REASON. RIGHT NOW HE’S BASICALLY GOT ONE RIGHT NOW HE’S BASICALLY GOT ONE THING GOING FOR HIM AS FAR AS A THING GOING FOR HIM AS FAR AS A POLICY IN HIS RE-ELECTION POLICY IN HIS RE-ELECTION CAMPAIGN. CAMPAIGN. BUT IT’S A BIG ONE. BUT IT’S A BIG ONE. THE ECONOMY IS WHAT PEOPLE THE ECONOMY IS WHAT PEOPLE GENERALLY REGARD AS BEING THE GENERALLY REGARD AS BEING THE MOST IMPORTANT THING WITH THE MOST IMPORTANT THING WITH THE RE-ELECTION RACE. RE-ELECTION RACE. THE MOMENT THAT GOES AWAY FOR THE MOMENT THAT GOES AWAY FOR THE PRESIDENT, HE’S NO LONGER THE PRESIDENT, HE’S NO LONGER GOING TO BE IN THE LOW 40s, GOING TO BE IN THE LOW 40s, MID-40s. MID-40s. HE’S GOING TO DROP BELOW THAT HE’S GOING TO DROP BELOW THAT AND AT THAT POINT AS AN AND AT THAT POINT AS AN INCUMBENT PRESIDENT IT BECOMES INCUMBENT PRESIDENT IT BECOMES VERY, VERY DIFFICULT TO PUT VERY, VERY DIFFICULT TO PUT TOGETHER THE MAP THAT YOU NEED TOGETHER THE MAP THAT YOU NEED TO WIN THE ELECTORAL COLLEGE. TO WIN THE ELECTORAL COLLEGE.>>BLOOMBERG PUT IT PRETTY>>BLOOMBERG PUT IT PRETTY SUCCINCTLY WHEN THEY WROTE, ONE SUCCINCTLY WHEN THEY WROTE, ONE EXPERT TOLD US SHORT OF JUSTICES EXPERT TOLD US SHORT OF JUSTICES GORSUCH AND KAVANAUGH’S GORSUCH AND KAVANAUGH’S MEMBERSHIP IN THE COMMUNIST MEMBERSHIP IN THE COMMUNIST PARTY, THERE’S HARD TO THINK OF PARTY, THERE’S HARD TO THINK OF ANY DEVELOPMENT THAT COULD ANY DEVELOPMENT THAT COULD UNDERCUT TRUMP MORE THAN A UNDERCUT TRUMP MORE THAN A RECESSION, A.B. RECESSION, A.B.>>THAT’S RIGHT, IT’S THE MOST>>THAT’S RIGHT, IT’S THE MOST IMPORTANT ISSUE USUALLY BUT IMPORTANT ISSUE USUALLY BUT TRUMP IS VERY UNPOPULAR, BETWEEN TRUMP IS VERY UNPOPULAR, BETWEEN PEOPLE WHO APPROVE OF HIS RECORD PEOPLE WHO APPROVE OF HIS RECORD ON THE ECONOMY AND APPROVE OF ON THE ECONOMY AND APPROVE OF HIS JOB IS SOMETHING LIKE 30 HIS JOB IS SOMETHING LIKE 30 PERCENTAGE POINTS IN SOME PERCENTAGE POINTS IN SOME POLLING. POLLING. THERE ARE PEOPLE WHO THINK HE’S THERE ARE PEOPLE WHO THINK HE’S DONE A GREAT JOB ON THE ECONOMY DONE A GREAT JOB ON THE ECONOMY AND WILL NOT VOTE FOR HIM AND WILL NOT VOTE FOR HIM AGAINST. AGAINST. WITHOUT THIS TO BUFFER HIM, HE’S WITHOUT THIS TO BUFFER HIM, HE’S LOOKING AT DEFEAT. LOOKING AT DEFEAT. PEOPLE WHO HAVE NOT FACED PEOPLE WHO HAVE NOT FACED RECESSION, PRESIDENTS WHO GO RECESSION, PRESIDENTS WHO GO INTO RE-ELECTION WITH WITH UNDER INTO RE-ELECTION WITH WITH UNDER 50% APPROVAL LIKE JIMMY CARTER 50% APPROVAL LIKE JIMMY CARTER AND GEORGE HERBERT WALKER BUSH, AND GEORGE HERBERT WALKER BUSH, THEY HAVE LOST. THEY HAVE LOST. HE HAS TO TURN THIS AROUND. HE HAS TO TURN THIS AROUND. IT’S KEY TO THE LEAKS OF PEOPLE IT’S KEY TO THE LEAKS OF PEOPLE AROUND HIM HE’S RUN OUT OF AROUND HIM HE’S RUN OUT OF WEAPONS IN HIS ARSENAL. WEAPONS IN HIS ARSENAL. HE’S RUN THIS SO ROUGHSHOD HE’S HE’S RUN THIS SO ROUGHSHOD HE’S GIVEN HIMSELF NO OPPORTUNITY TO GIVEN HIMSELF NO OPPORTUNITY TO BUFFER A DOWNTURN AND THAT’S WHY BUFFER A DOWNTURN AND THAT’S WHY HE’S PANICKED. HE’S PANICKED.>>YES, HOW MUCH SHOULD HE WORRY>>YES, HOW MUCH SHOULD HE WORRY ABOUT THE POLITICAL CONSEQUENCES ABOUT THE POLITICAL CONSEQUENCES OF THIS, RICK? OF THIS, RICK? BECAUSE IF YOU LISTEN TO HIM, BECAUSE IF YOU LISTEN TO HIM, WHAT, ME WORRY? WHAT, ME WORRY? NOTHING AT ALL. NOTHING AT ALL. HE KEEPS SPOUTING THESE HE KEEPS SPOUTING THESE STATISTICS, ALTHOUGH LET’S BE STATISTICS, ALTHOUGH LET’S BE REALISTIC HERE, EVEN IF YOU’RE REALISTIC HERE, EVEN IF YOU’RE PRONE TO LIKE THE PRESIDENT, PRONE TO LIKE THE PRESIDENT, EVEN IF YOU PUT ASIDE LIKE A LOT EVEN IF YOU PUT ASIDE LIKE A LOT OF PEOPLE HAVE SAID THEY HAVE, OF PEOPLE HAVE SAID THEY HAVE, THEY WISH HE WOULDN’T TWEET SO THEY WISH HE WOULDN’T TWEET SO MUCH, THEY WISH HE COULDN’T SAY MUCH, THEY WISH HE COULDN’T SAY SOME OF THE THINGS HE SAID. SOME OF THE THINGS HE SAID. IF YOU’RE GOING TO THE STORE AND IF YOU’RE GOING TO THE STORE AND THINGS ARE COSTING YOU MORE THINGS ARE COSTING YOU MORE MONEY, IF YOU’RE SEEING THE JOBS MONEY, IF YOU’RE SEEING THE JOBS ARE NOT COMING BACK TO THE ARE NOT COMING BACK TO THE FACTORY HE SAID WAS GOING TO FACTORY HE SAID WAS GOING TO REOPEN, WE CAN GO ON AND ON IN REOPEN, WE CAN GO ON AND ON IN THAT VAIN. THAT VAIN. IT IS HARD TO SEE IN MANY WAYS IT IS HARD TO SEE IN MANY WAYS WHERE THIS CAMPAIGN GOES. WHERE THIS CAMPAIGN GOES.>>YES, IN AARON’S VERY GOOD>>YES, IN AARON’S VERY GOOD STORY, I’M JUST STEALING THIS STORY, I’M JUST STEALING THIS FACT, HE SAID THE ONLY PRESIDENT FACT, HE SAID THE ONLY PRESIDENT SINCE THE CIVIL WAR WHO HAS WON SINCE THE CIVIL WAR WHO HAS WON A SECOND TERM IN THE MIDST OF A A SECOND TERM IN THE MIDST OF A RECESSION WAS McKINLEY IN THE RECESSION WAS McKINLEY IN THE 1900s. 1900s. SO THAT DOESN’T BODE WELL. SO THAT DOESN’T BODE WELL. OBVIOUSLY THE PRESIDENT’S CASE OBVIOUSLY THE PRESIDENT’S CASE FOR RE-ELECTION IS THE ECONOMY. FOR RE-ELECTION IS THE ECONOMY. HE DOESN’T HAVE ANY OTHER REAL HE DOESN’T HAVE ANY OTHER REAL CASES. CASES. NOT TO PUT COLD WATER ON THIS, NOT TO PUT COLD WATER ON THIS, THE STOCK MARKET WAS A LITTLE THE STOCK MARKET WAS A LITTLE BIT UP TODAY. BIT UP TODAY. THE SIGNS OF RECESSION ARE NOT THE SIGNS OF RECESSION ARE NOT EXACTLY OVERWHELMING. EXACTLY OVERWHELMING. THERE WAS THE INVERTED YIELD THERE WAS THE INVERTED YIELD CURVE EVERYBODY WAS TALKING CURVE EVERYBODY WAS TALKING ABOUT YESTERDAY, WHICH IS THE ABOUT YESTERDAY, WHICH IS THE SHORT-TERM BOND HAD A LARGER SHORT-TERM BOND HAD A LARGER PAYOFF THAN TEN-YEAR BOND. PAYOFF THAN TEN-YEAR BOND. GERMANY IS DOWN. GERMANY IS DOWN. CHINA IS DOWN. CHINA IS DOWN. THOSE THINGS ARE NOT GOOD. THOSE THINGS ARE NOT GOOD. BUT THE U.S. ECONOMY IS BUT THE U.S. ECONOMY IS RELATIVELY BUOYANT. RELATIVELY BUOYANT. I JUST DON’T THINK WE SHOULD BE I JUST DON’T THINK WE SHOULD BE ROOTING FOR A RECESSION BECAUSE ROOTING FOR A RECESSION BECAUSE THAT’S NOT GOOD FOR AMERICA. THAT’S NOT GOOD FOR AMERICA. I ALSO DON’T THINK IT’S REALLY I ALSO DON’T THINK IT’S REALLY IN THE CARDS. IN THE CARDS. I’M NOT AN ECONOMIST BUT THERE I’M NOT AN ECONOMIST BUT THERE ARE NOT THAT MANY SIGNS OUT ARE NOT THAT MANY SIGNS OUT THERE THAT A RECESSION IS ON THE THERE THAT A RECESSION IS ON THE HORIZON. HORIZON.>>DEFINITELY NOT ROOTING FOR A>>DEFINITELY NOT ROOTING FOR A RECESSION BUT I THINK THERE ARE RECESSION BUT I THINK THERE ARE VOTERS OUT THERE ALREADY FEELING VOTERS OUT THERE ALREADY FEELING THE IMPACTS OF A BAD ECONOMY. THE IMPACTS OF A BAD ECONOMY. FOR EXAMPLE, 1978 CEO WAGES HAVE FOR EXAMPLE, 1978 CEO WAGES HAVE GONE UP 940% WHERE WORKER WAGES GONE UP 940% WHERE WORKER WAGES HAVE GONE UP ONLY 12%? HAVE GONE UP ONLY 12%? WHERE FARMERS LIKE ONE IN WHERE FARMERS LIKE ONE IN WISCONSIN NAMED LES, DAIRY WISCONSIN NAMED LES, DAIRY FARMER, HIS STOCK OF SOY AND FARMER, HIS STOCK OF SOY AND DAIRY IS NOT MOVING. DAIRY IS NOT MOVING. HE ALREADY KNOWS TRUMP IN HIS HE ALREADY KNOWS TRUMP IN HIS TRADE BY TEAT POLICY IS TRADE BY TEAT POLICY IS IMPACTING HIM AS A FARMER AND IMPACTING HIM AS A FARMER AND HE’S LOSING NOW. HE’S LOSING NOW. THERE ARE PEOPLE OUT THERE THERE ARE PEOPLE OUT THERE STRUGGLING TO MAKE ENDS MEET AND STRUGGLING TO MAKE ENDS MEET AND I THINK ANYTHING THAT ESCALATES I THINK ANYTHING THAT ESCALATES TRUMP’S TARIFF AND TRADE WAR TRUMP’S TARIFF AND TRADE WAR WITH ONLY HIT US HARDER IN OUR WITH ONLY HIT US HARDER IN OUR POCKETBOOKS. POCKETBOOKS.>>THERE’S BEEN AN EXPANSION FOR>>THERE’S BEEN AN EXPANSION FOR TEN YEARS NOW. TEN YEARS NOW. EIGHT YEARS UNDER OBAMA, TWO EIGHT YEARS UNDER OBAMA, TWO YEARS UNDER TRUMP. YEARS UNDER TRUMP. BUT A LOT OF PEOPLE HAVE NOT BUT A LOT OF PEOPLE HAVE NOT FELT PART OF THE EXPANSION FOR FELT PART OF THE EXPANSION FOR ALL OF THAT TIME. ALL OF THAT TIME. THOSE PEOPLE I HOPE ARE NOT THOSE PEOPLE I HOPE ARE NOT GOING TO VOTE FOR DONALD TRUMP GOING TO VOTE FOR DONALD TRUMP BECAUSE DONALD TRUMP AIN’T GOING BECAUSE DONALD TRUMP AIN’T GOING TO HELP THEM. TO HELP THEM.>>IF YOU’RE FEELING THE>>IF YOU’RE FEELING THE RECESSION, YOU’RE NOT SAYING TO RECESSION, YOU’RE NOT SAYING TO YOURSELF, OH, BUT IT WAS DUE. YOURSELF, OH, BUT IT WAS DUE. YOU SAY I’M FEELING THE YOU SAY I’M FEELING THE RECESSION. RECESSION. HOW DO WE FIX IT? HOW DO WE FIX IT? TO THE POINT OF HOW DO WE FIX TO THE POINT OF HOW DO WE FIX THIS, THERE’S A GREAT PIECE IN THIS, THERE’S A GREAT PIECE IN “THE WASHINGTON POST.” “THE WASHINGTON POST.” TRUMP’S ECONOMIC BRAINTRUST TRUMP’S ECONOMIC BRAINTRUST CONSISTS OF A GUY WHO PLAYS AN CONSISTS OF A GUY WHO PLAYS AN ECONOMIST ON TV, NUTCASE, THE ECONOMIST ON TV, NUTCASE, THE ENTIRE ECONOMIC PROFESSION ENTIRE ECONOMIC PROFESSION DISOWNED AND PRODUCER OF LEGO DISOWNED AND PRODUCER OF LEGO BATMAN. BATMAN. AARON, FROM YOUR NEWSPAPER. AARON, FROM YOUR NEWSPAPER.>>YEAH, AND I THINK ONE OTHER>>YEAH, AND I THINK ONE OTHER POINT — AND RICK WAS RIGHT TO POINT — AND RICK WAS RIGHT TO POINT OUT RECESSION DOES NOT POINT OUT RECESSION DOES NOT SEEM LIKELY ACCORDING TO MOST SEEM LIKELY ACCORDING TO MOST PEOPLE WHO ARE ECONOMIC PEOPLE WHO ARE ECONOMIC FORECASTERS. FORECASTERS. THAT’S A REALLY IMPORTANT POINT. THAT’S A REALLY IMPORTANT POINT. I THINK GOLDMAN SACHS PUT IT I THINK GOLDMAN SACHS PUT IT AROUND 30% OR SO. AROUND 30% OR SO. I THINK THE REASON THIS IS NEWS I THINK THE REASON THIS IS NEWS IS BECAUSE IT IS SO KIND OF IS BECAUSE IT IS SO KIND OF CONTRARY TO THE PREVAILING CONTRARY TO THE PREVAILING NARRATIVE OF THE TRUMP ERA WHICH NARRATIVE OF THE TRUMP ERA WHICH IS THE ECONOMY HAS BEEN MOVING IS THE ECONOMY HAS BEEN MOVING IN THE RIGHT DIRECTION. IN THE RIGHT DIRECTION. THERE’S ALSO THE MATTER, OF THERE’S ALSO THE MATTER, OF COURSE, OF THE TRADE WAR, WHICH COURSE, OF THE TRADE WAR, WHICH IS BEING RATCHETED UP. IS BEING RATCHETED UP. THE MOST RECENT EPISODE OF WHICH THE MOST RECENT EPISODE OF WHICH WHEN THE PRESIDENT ANNOUNCED NEW WHEN THE PRESIDENT ANNOUNCED NEW TARIFFS ON AUGUST 1, SEEMED TO TARIFFS ON AUGUST 1, SEEMED TO HAVE HAD A MAJOR IMPACT ON THE HAVE HAD A MAJOR IMPACT ON THE STOCK MARKETS. STOCK MARKETS. WHAT WE’RE FINDING HERE IS THAT WHAT WE’RE FINDING HERE IS THAT THE TRADE WAR HAS REALLY TURNED THE TRADE WAR HAS REALLY TURNED INTO A MASSIVE KIND OF INTO A MASSIVE KIND OF UNNECESSARY RISK WHEN IT CAME TO UNNECESSARY RISK WHEN IT CAME TO THE PRESIDENT’S POLITICAL THE PRESIDENT’S POLITICAL FORTUNES HERE BECAUSE REGARDLESS FORTUNES HERE BECAUSE REGARDLESS OF HOW IT TURNS OUT, TRADE WARS OF HOW IT TURNS OUT, TRADE WARS BY DEFINITION LEAD TO AT LEAST BY DEFINITION LEAD TO AT LEAST SOME SHORT-TERM PAIN. SOME SHORT-TERM PAIN. AND SO IF YOU’RE RUNNING FOR AND SO IF YOU’RE RUNNING FOR RE-ELECTION IN 2020 AND YOU KNOW RE-ELECTION IN 2020 AND YOU KNOW YOU HAVE TO GO THROUGH THAT YOU HAVE TO GO THROUGH THAT PAIN, YOU’RE REALLY HAMPERING PAIN, YOU’RE REALLY HAMPERING WHAT IS YOUR MAJOR TALKING POINT WHAT IS YOUR MAJOR TALKING POINT AND YOUR MAJOR ASSET IN THAT AND YOUR MAJOR ASSET IN THAT RE-ELECTION RACE. RE-ELECTION RACE. SO I THINK THE PRESIDENT WAS SO I THINK THE PRESIDENT WAS DOING SOMETHING WITH THIS TRADE DOING SOMETHING WITH THIS TRADE WAR HE HAS LONG BELIEVED IN. WAR HE HAS LONG BELIEVED IN. HE’S BEEN TALKING ABOUT THESE HE’S BEEN TALKING ABOUT THESE KINDS OF ISSUES FOR DECADES AS KINDS OF ISSUES FOR DECADES AS ONE OF THE FEW THINGS HE’S BEEN ONE OF THE FEW THINGS HE’S BEEN COMPLETELY CONSISTENT ON. COMPLETELY CONSISTENT ON. BUT THAT’S TURNED OUT TO BE BUT THAT’S TURNED OUT TO BE REALLY AN UNWELCOMED VARIABLE IN REALLY AN UNWELCOMED VARIABLE IN WHAT WAS ALREADY SOME PRETTY WHAT WAS ALREADY SOME PRETTY DIFFICULT MATH FOR HIM. DIFFICULT MATH FOR HIM.>>ALSO IN THAT CASE, EVEN>>ALSO IN THAT CASE, EVEN THOUGH HE’S BEEN CONSISTENT, HE THOUGH HE’S BEEN CONSISTENT, HE SUGGESTED THAT AMERICAN SUGGESTED THAT AMERICAN CONSUMERS WERE NOT GOING TO FEEL CONSUMERS WERE NOT GOING TO FEEL IT. IT. WHY DID HE PULL BACK ON IT IF HE WHY DID HE PULL BACK ON IT IF HE WAS WORRIED ABOUT CHRISTMAS WAS WORRIED ABOUT CHRISTMAS SHOPPING, RIGHT? SHOPPING, RIGHT? EVEN PRESENTING SOMETHING HE HAS EVEN PRESENTING SOMETHING HE HAS CONSISTENTLY MESSAGED ON AND CONSISTENTLY MESSAGED ON AND QUITE FRANKLY, A LOT OF HIS BASE QUITE FRANKLY, A LOT OF HIS BASE LIKES THAT WE’RE GETTING RIPPED LIKES THAT WE’RE GETTING RIPPED OFF BY CHINA AND OTHER OFF BY CHINA AND OTHER COUNTRIES, HE’S NOT ABLE TO PUT COUNTRIES, HE’S NOT ABLE TO PUT FORWARD WHAT IT IS AND, AGAIN, FORWARD WHAT IT IS AND, AGAIN, BACK TO THE WHOLE POINT OF WHO BACK TO THE WHOLE POINT OF WHO IS THERE, RICK STENGEL, WHO IS IS THERE, RICK STENGEL, WHO IS IN HIS CABINET THAT HAS THE IN HIS CABINET THAT HAS THE ECONOMIC WHEREWITHAL TO SAY ECONOMIC WHEREWITHAL TO SAY HERE’S HOW WE CAN, IF NOT RIGHT HERE’S HOW WE CAN, IF NOT RIGHT THE SHIP, HOW WE CAN MOVE IT THE SHIP, HOW WE CAN MOVE IT BACK IN THE RIGHT DIRECTION? BACK IN THE RIGHT DIRECTION?>>I WILL PULL BACK EVEN>>I WILL PULL BACK EVEN FURTHER. FURTHER. I THINK AS A CULTURE WE I THINK AS A CULTURE WE OVERCREDIT THE PRESIDENT WITH OVERCREDIT THE PRESIDENT WITH THE EFFECT ON THE ECONOMY. THE EFFECT ON THE ECONOMY. THE BEST THING IF YOU’RE A THE BEST THING IF YOU’RE A PRESIDENT IS INHERIT A GOOD PRESIDENT IS INHERIT A GOOD ECONOMY FROM YOUR PREDECESSOR. ECONOMY FROM YOUR PREDECESSOR. THEN YOU’RE LUCKY. THEN YOU’RE LUCKY.>>AND DON’T MESS IT UP.>>AND DON’T MESS IT UP.>>THAT’S WHAT HAPPENED WITH>>THAT’S WHAT HAPPENED WITH DONALD TRUMP. DONALD TRUMP. THE DON’T MESS IT UP AND KEEP IS THE DON’T MESS IT UP AND KEEP IS GOING AS IT WAS. GOING AS IT WAS. DON’T START A TRADE WAR THAT DON’T START A TRADE WAR THAT WILL THROW A WRENCH IN THE WILL THROW A WRENCH IN THE ECONOMIC ENGINES. ECONOMIC ENGINES. I THINK THAT’S EXACTLY WHAT I THINK THAT’S EXACTLY WHAT DONALD TRUMP HAS DONE. DONALD TRUMP HAS DONE.>>EUGENE SCOTT WRITES ALSO IN>>EUGENE SCOTT WRITES ALSO IN “THE WASHINGTON POST” THIS KIND “THE WASHINGTON POST” THIS KIND OF STOKED THE BASE STRATEGY, OF STOKED THE BASE STRATEGY, RIGHT, THE CULTURE WARS — THESE RIGHT, THE CULTURE WARS — THESE FACTS ARE CONCERNING FOR SOME FACTS ARE CONCERNING FOR SOME ECONOMISTS BUT FOR MANY OF THE ECONOMISTS BUT FOR MANY OF THE PRESIDENT’S MOST LOYAL PRESIDENT’S MOST LOYAL SUPPORTERS THESE DETAILS ARE NOT SUPPORTERS THESE DETAILS ARE NOT A PRIME CONCERN BECAUSE DESPITE A PRIME CONCERN BECAUSE DESPITE SOME TRUMP BACKERS CITING SOME TRUMP BACKERS CITING ECONOMIC ANXIETY FOR SUPPORTING ECONOMIC ANXIETY FOR SUPPORTING HIM, HIS WILLINGNESS TO RESPOND HIM, HIS WILLINGNESS TO RESPOND TO HIS CULTURE ANXIETY IS THE TO HIS CULTURE ANXIETY IS THE HALLMARK OF HIS RE-ELECTION HALLMARK OF HIS RE-ELECTION CAMPAIGN. CAMPAIGN.>>CHRIS, HONESTLY AS A WOMAN OF>>CHRIS, HONESTLY AS A WOMAN OF COLOR, I’M BRACING MYSELF FOR COLOR, I’M BRACING MYSELF FOR HEARING THAT MESSAGE FOR THE HEARING THAT MESSAGE FOR THE NEXT 14 MONTHS, BECAUSE I KNOW NEXT 14 MONTHS, BECAUSE I KNOW HE’S GOING TO KEEP THAT DRUMBEAT HE’S GOING TO KEEP THAT DRUMBEAT GOING. GOING. THE ATTACKS ON ILHAN AND TLAIB THE ATTACKS ON ILHAN AND TLAIB TODAY SHOWS HOW HE LEVERAGES THE TODAY SHOWS HOW HE LEVERAGES THE HIGHEST POSITION IN OUR LAND SO HIGHEST POSITION IN OUR LAND SO TO DISTRUST THE DIVISION AND TO DISTRUST THE DIVISION AND ATTACK WOMEN OF COLOR, ELECTED ATTACK WOMEN OF COLOR, ELECTED OFFICIALS, NO LESS. OFFICIALS, NO LESS. HE HAS NO GUARDRAILS HERE. HE HAS NO GUARDRAILS HERE. HE DOES NOT CARE HE’S THROWING HE DOES NOT CARE HE’S THROWING HIS WEIGHT AROUND IN SUCH A HIS WEIGHT AROUND IN SUCH A FASHION BECAUSE HE, FASHION BECAUSE HE, UNFORTUNATELY, IN THIS CASE WILL UNFORTUNATELY, IN THIS CASE WILL GET RESULTS. GET RESULTS. WHAT WE SAW TODAY FROM NETANYAHU WHAT WE SAW TODAY FROM NETANYAHU IS REMARKABLE THAT HE’S ALLOWING IS REMARKABLE THAT HE’S ALLOWING THIS TO HAPPEN. THIS TO HAPPEN.>>BRINGS US BACK FULL CIRCLE,>>BRINGS US BACK FULL CIRCLE, IF THE CULTURE STOP DOES NOT IF THE CULTURE STOP DOES NOT NECESSARILY HURT HIM, AND IN NECESSARILY HURT HIM, AND IN FACT MAY HELP HIM WITH THE BASE. FACT MAY HELP HIM WITH THE BASE. SOME OF THE TURNOVERS, SOME OF THE TURNOVERS, CORRUPTION WE’VE SEEN IN THE CORRUPTION WE’VE SEEN IN THE ADMINISTRATION, DOESN’T HAVE ANY ADMINISTRATION, DOESN’T HAVE ANY IMPACT, IT’S NOT A RECESSION. IMPACT, IT’S NOT A RECESSION. WILL A DOWNTURN IN THE ECONOMY WILL A DOWNTURN IN THE ECONOMY FINALLY BE THE THING THAT FINALLY BE THE THING THAT CONVINCES SOME OF THE PEOPLE WHO CONVINCES SOME OF THE PEOPLE WHO HAVE NOT STEPPED AWAY FROM THIS HAVE NOT STEPPED AWAY FROM THIS PRESIDENT TO SAY I’M DONE? PRESIDENT TO SAY I’M DONE?>>THAT’S THE QUESTION.>>THAT’S THE QUESTION. RICK IS RIGHT, WE’RE NOT IN RICK IS RIGHT, WE’RE NOT IN RECESSION. RECESSION. WE’RE NOT DEFINITELY GOING INTO WE’RE NOT DEFINITELY GOING INTO A RECESSION. A RECESSION. BUT AARON’S RIGHT THAT IT IS THE BUT AARON’S RIGHT THAT IT IS THE TRADE WAR. TRADE WAR. THESE FARMERS HAVE STUCK BY THIS THESE FARMERS HAVE STUCK BY THIS PRESIDENT WITH THE GOAL OF PRESIDENT WITH THE GOAL OF TRYING TO STOP THE THREAT OF TRYING TO STOP THE THREAT OF CHINESE IP THEFT. CHINESE IP THEFT. WHAT I THINK THE ADVISERS AROUND WHAT I THINK THE ADVISERS AROUND THE PRESIDENT CONCLUDED IS THE THE PRESIDENT CONCLUDED IS THE CHINESE DUG IN FOR THE LONG CHINESE DUG IN FOR THE LONG HAUL. HAUL. THEY BELIEVE IN A PRE-ELECTION THEY BELIEVE IN A PRE-ELECTION PANIC NEXT YEAR THEY WILL GET AN PANIC NEXT YEAR THEY WILL GET AN AGRICULTURE-ONLY DEAL FOR FROM AGRICULTURE-ONLY DEAL FOR FROM PRESIDENT TRUMP THATP DOES THE PRESIDENT TRUMP THATP DOES THE TOUCH IP THEFT, IF ANYTHING. TOUCH IP THEFT, IF ANYTHING. AND FARMERS ARE DEVASTATED FOR AND FARMERS ARE DEVASTATED FOR GENERATIONS. GENERATIONS. SOME OF THEM HAVE TO SELL THEIR SOME OF THEM HAVE TO SELL THEIR FARMS. FARMS. THEY’VE SOLD THEIR COWS. THEY’VE SOLD THEIR COWS. THERE ARE SKYROCKETING RATES OF THERE ARE SKYROCKETING RATES OF SUICIDE IN THE DAIRY COMMUNITY. SUICIDE IN THE DAIRY COMMUNITY. THESE DEVASTATIONS WILL LAST AT THESE DEVASTATIONS WILL LAST AT LEAST TEN YEARS, IF THEY ARE LEAST TEN YEARS, IF THEY ARE LUCKY. LUCKY. PROBABLY 20 TO 30 OR IN THEIR PROBABLY 20 TO 30 OR IN THEIR LIFETIMES. LIFETIMES. THESE SUPPLY CHAINS WILL NOT BE THESE SUPPLY CHAINS WILL NOT BE REVERSED IF THE PRESIDENT REVERSED IF THE PRESIDENT REVERSED HIS TARIFFS TODAY. REVERSED HIS TARIFFS TODAY. SO THE PROBLEM WITH THE TRADE SO THE PROBLEM WITH THE TRADE WAR AS AARON BROUGHT UP IS THAT WAR AS AARON BROUGHT UP IS THAT HE IS RUNNING OUT OF WAYS TO HE IS RUNNING OUT OF WAYS TO MITIGATE THE DAMAGE THAT THE MITIGATE THE DAMAGE THAT THE TRADE WAR HAS DONE. TRADE WAR HAS DONE. A YEAR FROM NOW, HOW GREAT ARE A YEAR FROM NOW, HOW GREAT ARE THOSE FARMERS GOING TO FEEL? THOSE FARMERS GOING TO FEEL? I DON’T CARE WHAT WOMEN HE’S I DON’T CARE WHAT WOMEN HE’S ATTACKING IN THE HOUSE OF ATTACKING IN THE HOUSE OF REPRESENTATIVES, HOW CAN THEY

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