Bulwark Takes - Trump’s Market Disaster Has Fox Scrambling

Episode Date: March 28, 2025

Tim Miller takes on today’s economic chaos. Markets just closed after a disastrous month, marking the worst downturn since winter 2022. Stocks fall so hard that even FOX Business is struggling to spin Trump’s self-inflicted economic mess.

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Best of all, Rinse saves me tons of time each week. That's time I get to do something I love versus something I have to do. So if you want to save loads of time by not doing loads of laundry, remember, there's an app for that. Rinse. Sign up now and get $20 off your first order at rinse.com. That's R-I-N-S-E dot com. Hey guys, Tim Miller from the Bulwark here again. The markets have just closed for the week and for the month, and they have crashed. It's the worst month for the stock market since 2022, winter of 2022. So it's been a while.

Today, the market's down. Dow down over 700 points. NASDAQ S&P down 2%. Bad prognostications coming out from the Fed. And right at close there, our man Aaron Rupar had his eye on Fox Business. And I want to show you what they had to say about the tough week. Whoa, folks, this is a tough way to end the week if you're long the market. If you're long gold, you're happy. But Dow is losing about 724. The S&P down 113. The Nasdaq down 484. That will do it for us.

Hello, folks. Welcome to Kudlow. I'm Larry Kudlow. So markets crash over 700 points today after a bad inflation report, more tariff confusion. Oh, and by the way, Republicans really going to raise taxes? That could have done it. Okay, so not really high-level editing there on the transition from one show to the other, but a lot to go through there. I mean, Larry Kudlow, a former Trump economic advisor, acknowledging there it's tough to end the week. Markets crash, uses the term market crash in response to the Fox folks saying,

tough way to end the week if you're long on the market, unless you're long on gold. It's an advertiser for Fox, so maybe you all should be looking into gold. But I think that it is interesting. There are two parts of this clip that are worth getting to. I want to get to the taxes part in a second. But, you know, all the signs are blaring red that Trump's treatment of the economy is an utter disaster. Like this is a total cell phone, a total self-inflicted wound. None of these problems, inflation was a little sticky and remains sticky.

None of the other problems were inherited for Trump. He just decided to come in and create mass chaos in the public sector with the firings in Doge, create mass chaos in the private sector with the tariffs, not provide any sort of certainty to the marketplace about what is going to come and what they can expect. The response, not surprisingly, is a crash that is totally on Trump. No one else can be to blame. There's no other outside factors. He's not dealing with a pandemic. He's not dealing with a bubble in the housing market, like nothing. It's just, it's a totally self-inflicted wound and they don't seem to get it. And Trump was out earlier today reiterating that April 2nd is going to be Liberation Day. He seemed to like back off a little bit off the Canada tariffs maybe because he had a nice conversation with Mark Carney. All it takes is you just got to be nice to him.

But broadly speaking, he said it's going to be Liberation Day, April 2nd. So it doesn't seem like things are going go better in april after one of the worst months in the stock market in a while and to show you how these guys just don't get i mean you have larry kudlow there hypothesizing about why this is when it's extremely obvious to anybody watching why the markets are doing what they're doing and he's like well maybe it went down today because of this axios report by my former colleague mark Mark Caputo, that says there's some people in the Trump administration that are thinking maybe they should let the tax cuts expire on the top tax bracket. That'd be probably a smart political move, honestly, if they did that. I think it'd be

really tough to get it through the Republican House and Senate. But anyway, we'll see what they do with that. But that's what Kudlow is like obliquely referencing there, saying maybe that's what did it. Maybe the idea that the taxes on the top 1% in the country might go back to what they were 10 years ago might be the reason that the market crashed. I don't think so, bro. I don't think so. I think if you just look at the GM and Ford numbers after the auto tariffs, you know, if you just look at the companies are impacted by global trade, I think we know what's happening here. I think that we have sticky inflation. We have a public sector that is being depressed, like that their spending power is being depressed. People are losing their jobs. That is having an effect on people in their community, places where they do business. So their economic activity is down. That's in the public sector. And then we have just total uncertainty and chaos on the trade side of things.

And no real positive economic developments to focus on because what are they focused on? Greenland. They're flying over to Greenland today. And that's what they're spending their political capital on. So it's a nasty one. The month ends. Bad week for the market. Bad month for the market.

Bad day for the market. Red, red, red, red, red all across the board. All Trump's fault. And we come up next Tuesday. And it seems like he is a glutton for punishment. Seems like he wants more. We'll be monitoring it as it comes across the transom. Subscribe to the feed. We're here for you when there's news happening.

We appreciate you. We'll see you soon.