The MeidasTouch Podcast - Wall Street Turns Against Trump Way Too Late!!

Episode Date: April 12, 2025

MeidasTouch host Ben Meiselas reports on Wall Street execs, Hedge Fund execs, and Private Equity execs turning against Trump after they trashed Biden and told us Trump would be great for the economy. Miracle Made: Upgrade your sleep with Miracle Made! Go to https://TryMiracle.com/MEIDAS and use the code MEIDAS to claim your FREE 3 piece towel set and save over 40% OFF! Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

Yes, Wall Street and the financiers are turning against Donald Trump with another week of economic chaos, market volatility, the dollar crashing, the bond market imploding, treasury yields going to some of the highest levels in a very long period of time, consumer confidence at the lowest levels in about 45 years. But in turning against Donald Trump, we're now trying to throw him under the bus. These Wall Street execs, these hedge funders, they're also kind of telling on themselves, aren't they? Because weren't these the same people who teamed up with corporate media when former President Biden was in charge. And we got headlines like this. Forecast for U.S. recession within the year hits 100% in blow to Biden.

A 100% projection of a recession that never happened under former President Biden. How about headlines like this? Why a U.S. recession is still likely and coming soon. This was from Bloomberg. The government is staying open for now, but Bloomberg Economics sees risks ahead from strikes to higher rates and oil prices. There was no recession under former President Biden. How about this headline from the New York Times back in January 2024? The U.S. seems to be dodging a recession, but what could still go wrong? Economists have become increasingly optimistic about the odds of a soft landing,

but as 2024 begins to unfold, the risks remain. Now, what do you think those same corporate media headlines and economists and hedge funders, what were their projections of recession under Donald Trump? Let me take a look at it right here. This from Business Insider, and I could show you half a dozen more, but you get the point. The probability of a U.S. recession in 2025 is 0% according to a top economist. But here's what to worry about instead. Nothing about a recession. So where are we now? Well, you have JP Morgan believing that there's about a 60% recession call despite Trump's 90-day tariff pause, which is not really a tariff pause.

He's basically just moved the effective rate of tariffs from 27% to 25%. And now you have people like BlackRock CEO Larry Fink saying, we're probably already in a recession right now. And you've got people like Jamie Dimon, the CEO of JP Morgan, who previously said, suck it up when it comes to a little bit of inflation, saying Donald Trump's inflationary measures are likely to cause a recession. You know, we come with receipts here at the Midas Touch Network. So let's bring those receipts one by one and let me make the case for you. First, I'm going to show you, of course, that all of these hedge funders and private equity people and Wall Streeters are turning against Trump.

But I also want to call them out because they're doing it for self-preservation right now. This from The Independent. Fund managers quietly fear Trump doesn't have a tariff plan and that he might be insane. Some fund managers concern that the White House is not acting rationally, but rather on ideology. And some even fear this may not even be ideology, that it's just his utter insanity causing this all. How about this headline from the Wall Street Journal? Wall Street sounds an alarm. The economy is at risk thanks to tariffs. Jamie Dimon, Larry Fink, and the big bank executives say cracks are already showing following volatility in markets and policy. By the way, the way I think about it right now to give you a visual, you know how the shore recedes when there's a tsunami about

to hit and you know the danger is coming? Well, what's happened in the American economy already is we've got a tsunami that hit us already sooner than people expected. And you have the waters receding for the bigger tsunami that's about to happen when there's going to be a ripple effect when these tariffs start to impact businesses where what you'll end up seeing is bankruptcies, which trigger more bankruptcies and more defaults, which then cause bankruptcies and more defaults within the lenders. And what we're seeing right now with the dollar crash and with the treasury yields surging is that foreign markets or foreign governments and people in other countries

no longer trust the United States as a stable economy at all. They view the United States like an Argentina. Doesn't Donald Trump love the leader of Argentina? Yeah, Javier Millet, or kind of like El Salvador, where the economy is about a $26 billion GDP. So we've attacked our friends, Canada with trillion dollar GDPs, Europe, one of the biggest markets in the world, Australia and others. And we've made friends with Hungary and El Salvador and North Korea. And I'm not sure they're even the friends there. They probably look at us as kind of weak and pathetic based on Donald Trump as well. Let me bring some receipts right now. This is Larry Fink.

Here he is on CNBC, where he says that he thinks we are either very close to a recession or in a recession right now. Play this clip. The United States post-World War II was a global stabilizer. We are the global destabilizer. That's a very hard thing to say because I pride ourselves of bringing the leadership, bringing the conversations. Yes, I do believe we're probably starting. If not, we're in a recession. Yes, I think the market is still anticipating, underestimating how high inflation can get. If you factor in all the tariffs, you factor in all these other issues, it's going to be quite additive.

I mean, I read in a report that if you just take the tariffs in the cost of home building, the average new home could be up as much as 26%. We already have a housing affordability problem. None of this sounds any good to me. And it's all self-inflicted, by the way. None of it needed to happen. This is not a pandemic. This is not a financial crisis. This is something that we've created. But in the short run, I'm petrified in some of these issues. Petrified. Let's speak of being petrified. And here's Larry Fink again, CEO of BlackRock saying, most CEOs I talked to would say we're in a recession now. Let's play this clip. Are we headed for a recession? Are we in a recession?

You know, most CEOs I talked to would say we are probably in a recession right now. Right now. Right now. All right. Well, now let me go to Jamie Dimon. Remember when Jamie Dimon was attending this fancy event, you see him right here and he said, Americans just need to suck it up when it comes to a little inflation. Here he is right here on Squawk Box on CNBC. He goes, just get over inflation. Play this clip. An economic tool. That's it. They're an economic weapon, you know, depending how you use it and why you use it and stuff like that. And, you know, people argue, is it inflationary and non-inflationary? I would put in perspective, if it's a little inflationary, but it's good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation. Well, then on April 7th, JPMorgan CEO Jamie Dimon said

Trump tariffs will boost inflation and slow an already weakening U.S. economy. And here, earlier in the week when Jamie Dimon was asked, do you personally expect a recession? You can listen to what he says. Play this clip. So are you hearing that from CEOs as well in terms of business managers? Are they now going to start pulling it in and cutting back on various expenses? I think you can see a little bit of that, yes. But how significant would you expect that?

Do you personally expect a recession? I am going to defer to my economists at this point, but I think probably that's a likely outcome. Because markets, I mean, when you see a 2,000 point decline, it sort of feeds on itself, doesn't it? Because it makes you feel like you're losing money in your 401k, you're losing money in your pension. You got to cut back. Yeah. I always remind people markets aren't always right, but sometimes they are right. And I think this time they are right because they're just pricing uncertainty at the macro level and uncertainty at the micro level, at the actual company level. And then how it affects consumer

sentiment, it's hard to tell. Consumers still have jobs. Wages are going up to the low end, which I think is a good thing. But if companies start cutting back, yeah, the consumer sentiment changes and business sentiment changes. I think you've already seen business sentiment change a little bit. Hopefully, you know, no one's wishing for that, but hopefully if there is one, it'll be short. But I do think fixing these tariff issues and traders should be a good thing to do. That will get one major uncertainty behind us. We have the strongest economy in the world. It would be good not to add to the uncertainty out there. Also, Jamie Dimon is now saying that he expects, and Spencer Ackimian reports,

Spencer Ackimian does a good job reporting this, saying he expects the Fed, Jamie Dimon, who you just saw in those clips, expects the Federal Reserve to have to step in and rescue the bond market because the bond market is imploding. Unprecedented times. We had a 3% real GDP a quarter ago. JPMorgan and Chase CEO Chief Executive Officer Jamie Dimon said he expects a kerfuffle in the U.S. Treasury market that prompts a Federal Reserve intervention. There will be a kerfuffle. You know, like these languages, a kerfuffle. I guess to billionaires, a kerfuffle. You're going to be kerfuffled. I mean, when people are suffering, your 401ks are being destroyed, your pensions are being destroyed to these billionaires. That's a kerfuffle. And then the Fed, we're

going to have to intervene. You know, a kerfuffle here and here and there. Larry Fink was at that same event where Jamie Dimon was. Here's BlackRock CEO Larry Fink. This was January 23rd, 2025. It was the same day Jamie Dimon was there, in the early days of the Trump regime, literally the earliest days. And here BlackRock CEO Larry Fink just said he wants the SEC to rapidly approve the tokenization of bonds and stocks. Play this clip. As a huge believer of crypto and blockchain and tokenization, I mean, I want the SEC to rapidly approve the tokenization of bonds and stocks. That will simplify things, make things easier. Some of the tax on BlackRock, BlackRock would never have to vote on a proxy vote anymore because every owner

of a record would be notified through a tokenization of equities. And it would save more money for more people. It would bring down the cost of ownership of stock and bonds. So those are the type of financial reforms. Isn't that what it was all about anyway? They all thought, oh, it's going to be all this deregulation. We don't have to follow the rules. We can get under Biden, even though the stock market was up 50 to 60%. We want bigger returns. We're so greedy. We need to make more money than even that. Come on. Seriously? Seriously? The weather is heating up and your nighttime bedroom temperature has a huge impact on your

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if you order today, you can save over 40%. And if you use our promo code MIDAS at checkout, you'll get free three-piece towel set and save an extra 20%. Miracle is so confident in their product, it's backed with a 30-day money-back guarantee. So if you aren't 100% satisfied, you'll get a full refund. Upgrade your sleep with Miracle-Made. Go to trymiracle.com slash Midas and use the code Midas to claim your free three-piece towel set and save over 40% off. Again, that's trymiracle.com slash Midas to treat yourself. Thank you, Miracle Made, for sponsoring this episode. You know what? I'm not just singling out Fink and Jamie Dimon. Frankly, I'm glad they're calling out

the Trump regime now. I just wish others in the business community earlier would not have gone with this farce that Trump was going to be good for the economy. It's a guy who's bankrupted multiple of his businesses in the past. He's like the worst business person ever. He's always run things erratically and with chaos and with destruction. He bankrupted multiple casinos. He's bankrupted multiple businesses. You don't have to be a whiz kid economist hedge funder to see that the guy doesn't know how to run businesses. He doesn't. He was born with a lot of money because his daddy was a billionaire or whatever and gave him all this money. And if he did nothing with his money, he'd be richer than he was. And then he found a

way to build this BS story about himself being a good businessman and exploit people. I mean, that's the history of Trump. I mean, it's a guy, he's a sexual predator, found liable for sexual assault. Can't normally, not liable for sex assault, okay? In a civil case. He's been found criminally liable or he's been criminally convicted for fraud, for business records fraud. And then he's been found civilly liable for making the fake valuations. And we all have the transcripts. We saw the questions he was asked and his kids were asked. We know what a bad business person. We've been covering it the whole time. So the fact that the business community wants to throw him under the bus now, great, okay, whatever. They're even

going to do that. But we knew. We knew just, you know, that's why it's hard to trust when all these people are like, oh, you should do this. You should do that. It's like, y'all were pretending that this guy was going to be good for the economy when we knew he was. Hit subscribe. Let's get to 5 million subscribers. Thanks for watching. New Midas merch drop. Check out the latest pro-democracy sticker packs, t-shirts, hats, sweatshirts, and more all at store.midastouch.com.