Trump Freaks Out About the Possibility of A Recession: A Closer Look


-President Trump has been
freaking out about
the possibility of a recession.
For more on this,
it’s time for “A Closer Look.”
[ Cheers and applause ]
♪♪
If there’s one thing Trump
loves to brag about,
it’s the stock market.
He talks about it constantly,
and by talks about it,
I, of course,
mean he lies about it
because he lies
about everything.
I would say lying for him
is as natural as breathing,
but he’s not great
at breathing either.
-[ Panting ]
[ Laughter ]
-In fact, this week
the “Washington Post” published
an exhaustive study that found
that as of August 5th,
Trump made over 12,000 false or
misleading claims as president.
Which means that Trump said
something false about
once every three hours
on average.
Once every three hours,
that means he has to wake up
in the middle of the night
just so he can get his lies in.
-“Russia’s a witch hunt.”
[ Laughter ]
[ Applause ]
How does he even keep track?
He must have like a Fitbit
for lies.
Like a — like a Fib-bit
“Oh, no. I need to get my 10,000
lies in.
I better hold a rally.”
[ Laughter ]
Trump’s apparently told so many
lies that if he never told a lie
ever again in his life
he would still have average
8.7 untrue claims per day over
the span of his first term,
even though, under this
imaginary scenario,
he hasn’t said anything untrue
in more than a year.
First of all, let’s just bask
in that imaginary scenario
where Trump hasn’t said anything
untrue in more than a year.
I mean, imagine what his rallies
would be like
“Folks, people are coming
to the border
and they’re seeking asylum,
which is perfectly legal.
And we should welcome them
because diversity
is our strength.
Also, I’m terrible —
I’m terrible at golf.
[ Cheers and applause ]
In fact, Trump gave —
Trump gave a speech on energy
to workers in Pennsylvania
on Tuesday,
and it was one reporters job
to basically sum
the whole thing up.
It’s what’s known in politics
as the pool report.
And here is the actual
White House pool report
summing up Trump’s speech.
“In a 60 minute speech,
that at times resembled
a campaign rally,
the President meandered
through several topics, meaning
have little to do with energy.
He talked about trade,
immigration, trucks,
emoluments, his 2016 victory,
union leaders, his poll numbers,
the media, steel, China, the
amount of money he believes
he’s losing as president,
the Green New Deal,
windmills, the WTO screwing us,
President Obama’s book deal,
Hillary Clinton’s comments
on coal workers,
pipelines and New York, Iran,
veterans choice and more.
Oh, my God.
That sounded like a months worth
of “Jeopardy” categories.
I’ll take windmills for $400.
The answer, this famous idiot
believe they cause cancer.
[ Laughter ]
[ Cheers and applause ]
Oof.
They cause cancer.
In fact, one of the lies Trump
told at that speech was about
the various lawsuits against
him, including a lawsuit
alleging that he is
violating a section
of the constitution that
specifically prohibits
what are known as emoluments
or gifts
from foreign governments.
For example, a Saudi-funded
lobbyist paid
for 500 rooms at Trump’s hotel
after the 2016 election.
Does Trump’s hotel
even have 500 rooms?
I just assume there was a lobby,
and if you went upstairs,
it was just fake doors painted
on the walls.
Now, that seems like a pretty
clear violation
of the constitution,
and yet Trump
wasn’t concerned about that.
He complained instead
about how much
the lawsuits were supposedly
costing him.
-This thing is costing me a
fortune being president.
Somebody said, oh, he might have
rented a room
to a man from Saudi Arabia
for $500.
What about the $5 billion
that I’ll lose.
It will probably cost me,
including upside, downside,
lawyers ’cause everyday
they sue me for something.
These are the
most litigious people.
It’s probably costing me
from 3 to $5 billion.
-I don’t believe you’re losing
$3 to $5 billion from lawsuits.
I would believe you’re losing
$3 to $5 billion
just from, you now,
like being Donald Trump.
I mean, you lost $1 billion
in ten years,
and that was in
the ’80s and ’90s,
when everyone was making money.
I mean, back then a little kid
could open a lemonade stand
and make enough money
to buy a Bugati.
So Trump lies about everything,
and the stock market
is no exception.
But if you compare his record to
the previous Presidents,
it’s not as impressive.
In fact, if you look at
the change in
the Dow Jones industrial average
over the same period of time,
Clinton saw 41.4 percent
increase,
Obama saw a 41.7 percent
increase,
and Trump has seen
a 30.1 percent increase.
So, Trump’s been outdone by
Clinton and Obama,
the two presidents
he hates the most.
The only way that could be more
embarrassing for Trump
is if he did loose
$3 to $5 billion
and they had to repossess
his penthouse
and rename it Hillary Tower.
[ Cheers and applause ]
More importantly —
more importantly, the stock
market is not the whole economy.
In fact, most working people
aren’t really invested
in the stock market.
It’s mostly just a sign at how
the wealthy few are fairing.
In fact, one study found nearly
40 percent of the market
is owned by the richest
one percent of the population
while bottom 90 percent
of the population
owns just 19%
of stock market wealth.
Basically, for a lot of people
the stock market numbers
in the bottom of the CNN corner
are just something
you staring at while
waiting for your flight.
It’s like, “I don’t know.
I guess green is good
and red is bad.
I’m gonna go to the Cinnabon.”
[ Laughter ]
Trump’s economic policy
has only benefited
the elite few to begin with,
and that a recession
seems like it might
be on the horizon,
he’s freaking out because for
two years he’s been able
to coast on the economic tide
left by Obama while ignoring
the growing wealth gap,
massive inequality
or the shuttering factories in
states he promised to rescue.
In fact, Trump is so desperate
for something to brag about
that during that rambling speech
in Pennsylvania
he touted the Shell plant
that was about to open
and repeatedly claimed
credit for it.
-This would have never happened
without me and us,
this would have never happened.
It was the Trump administration
that made it possible.
No one else.
Without us, you would never have
been able to do this.
-There you go.
The Shell plant would never
would have happened
without Trump.
Just one problem.
Shell announced its plans
to build a complex
in 2012 when President
Barack Obama was in office.
“Oh, it’s been three hours.
Better check my fib-bit.”
[ Laughter ]
I mean, he’s taking credit
for a plant
that was announced
when Obama was in office.
What’s next?
“Do you know I killed
Osama bin Laden?
I swear it’s true.
I have —
I have a very real photo
to prove it.”
[ Laughter ]
Trump is freaking out
about the possibility
of a recession after spending
2 1/2 years
catering the wealthy elite.
He doesn’t care about growing
inequality
or shuttering factories.
We’ve got a lot of problems,
and in many cases…
-It was the Trump administration
that made it possible.
-This has been “A Closer Look.”
[ Cheers and applause ]

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