The Trish Regan Show - DOGE Uncovers MEGA Biden Fraud Scandal as Elon Preps to EXIT Trump Admin!!!

Episode Date: April 3, 2025

Elon Musk departs Doge? Massive Scandal alleged. And, markets sell-off in reaction to liberation day tariffs. Get the TRUTH behind the numbers. Join Trish Regan LIVE for those stories and more. SUBSCRIBE TO MY CHANNEL: https://Youtube.com/TrishReganChannel Become a TEAM MEMBER to get special access and perks:▶️ https://www.youtube.com/channel/UCBlMo25WDUKJNQ7G8sAk4Zw/join🟢For independent views on the market - sign up for my financial newsletter The 76report at:▶️ https://76research.com with CODE: DOLLAR today. Today’s show is sponsored by: 🟢https://TrishLovesGold.com — American Hartford Gold — go to: ▶️ Https://TrishLovesGold.com or TEXT TRISH to 65532 to receive up to $15,000 in free silver with American Hartford Gold or go to https://TrishLovesGold.com. You can also use Trish's name when calling 1-844-495-1115. 🟢 Go to ▶️ https://balanceofnature.com and use CODE: TRISH for 35% off and FREE SHIPPING🟢 Go to https://JCNSummit2025.com and use CODE: Salem to joinig the Job Creators’ Network Freedom Summit with Trish! Learn more about your ad choices. Visit megaphone.fm/adchoices

Okay, Liberation Day came and went and look at what we've got a huge sell-off, but I'm just going to say, did you really expect anything else? I know the markets were doing fine just yesterday, but the reality is it's tariffs, right? And that, as we've discussed, can have some near-term implications. I mean, I'm looking at this sell-off today, and I'm like, man, oh, man, once again, you get the media going crazy, it's feeding into their narrative, so you know something's up. We're going to get to the truth behind all these numbers that you're looking at now. I'm going to tell you why I bought today. It is a gamble by the president for sure. But I think it's a gamble that's going to pay off, as he most definitely does.

Here he is right outside the White House. Just moments ago speaking about what just went down. We're going to get to all of this. We have a big show today. A very, very, very big show. But first, to the president. I think it's going very well. It was an operation.

I like when a patient gets operated on. And it's a big thing. I said this would exactly be the way it is. We have six or seven trillion dollars coming into our country. And we've never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom?

And the rest of the world wants to see, is there any way they can make a deal? They've taken advantage of us for many, many years. For many years, we've been at the wrong side of the ball. And I'll tell you what, I think it's a way. it's going to be unbelievable. The thing that people have to talk about, we're up almost the $7 trillion of investment coming into our country, and you'll see how it's going to turn out. Our country's going to boom. All right. So he says it's going to all work out in the end. We're going to talk about

all of that guys. Again, big, big show coming up today. You know what else is really important right now? Think about what's going on with Elon Musk, right? Elon Musk and what he has discovered over at Social Security. Here's one of his Doge folks, who's the CEO of a big tech company himself, speaking on Fox about this very issue. That's a draw-dropping number. Where'd all those people come from?

Well, it made my draw-drop, too, when I saw it. You know, we were in Social Security looking for fraud, waste, and abuse. And to do that, we actually looked at the enumeration system, the system by which people get numbers in America. And we found that there were just about five-plus million of them that came to the country as illegals, were giving various forms of parole or allowed in the country,

and they got through an automatic system, social security numbers, so they get into our benefit systems. And we tracked that through and found that they were on the benefit programs. And just because we were curious, we then looked at see if they were on the voter rolls. And we found in a handful of cooperative states that there were thousands of other voter rolls and that many of them had voted.

That's crazy. Because you cannot vote in a federal election, but I think in certain local elections you can. But once you get a social security number, that helps you do a lot of stuff. I know Antonio, part of this started with a program from, I think, 2017 that got started, where if people came into the country and they were authorized to work, they would automatically give them a number. But, you know, Elon was talking a little bit about how 400,000 Social Security numbers were stolen. it was one person?

What can you tell us about that? You know, that's an ongoing investigation, so I don't know how much you can tell you, but we did find as we look through the programs, a particular employee that had actually sent themselves so secure numbers through their email for reasons we don't understand, but clearly nefarious. Oh, my gosh. Yeah, I mean, so that's actually really, really, really alarming.

And I think we have to dig into that, guys. I think that's pretty important, even on a day when we've got the sell. off, which we will talk about as well. But come on. I mean, what exactly was going on there at Social Security? I think that we deserve some more answers on this. Let me go to what they found here. So this is an example of what we saw. Gracius alleged that they had identified and reported undocumented immigrants improperly receiving Social Security and registering to vote. This is allegations. This is according to an ABC News report that ABC has not been able to verify. But according to Garcia, is they found defaults in the system, defaults in the system that were applying benefits.

Unbelievable, right? To a massive number of people, they found 1.3 of them undocumented immigrants already on Medicaid as an example. Now, I'm wondering, to what extent this may have been taxpayer ID numbers that they hand out? They're referring to these as social security numbers. You know, taxpayer ID numbers, they certainly would be part of this. But again, let's go back and listen to what he's saying here very, very carefully. This is a massive discovery by Doche.

They revealed it over the weekend, right, in Wisconsin. And I just want to double down and really listen carefully to what Garcia is saying. That's a draw-dropping number. Where'd all those people come from? Well, it made my draw up too when I saw it. You know, we were in Social Security looking for fraud, waste, and abuse. And to do that, we actually looked at the enumeration system, the system by which people get numbers in America. And we found that there were just about 5 plus million of them that came to the country as illegals.

We're giving various forms of parole or allowed in the country. And they got through an automatic system, Social Security numbers, so they get into our benefit systems. And we tracked that through and found that they were on the business. benefit programs. And just because we were curious, we then looked at see if they were on the voter rolls. And we found in a handful of cooperative states that there were thousands of the voter rolls and that many of them had voted. That's crazy. Because you cannot vote in a federal election, but I think in certain local elections you can. I guess. All right. So like I just wanted to get that out there again because and we'll get to the markets and I have a lot, a lot to

say on the markets, but I'm just really struck by this. So what I'm not able yet to discern, and I'm completely transparent with you guys in terms of what I know and what I don't know, is whether Doge is referring to taxpayer ID numbers, which yes, they do give to a lot of migrants, and yes, a lot of migrants get a lot of benefits tied to those, perhaps not as much as you would get under Social Security, but you do get certain benefits vis-a-vis Medicaid, etc. or whether they're talking about actual social security numbers. They seem to be talking about actual social security numbers. When they were up on the stage and they were showing the charts,

and that was like the chart that said everything, you saw this massive increase in the number of people that were getting these alleged social security numbers. And if they are allowing them to vote, well, then that's a whole other thing, right? That is an unbelievable story. We do know that there is a bill on the table right now in New York to allow for 800,000 people who are in the country illegally to be able to vote. They have, for example, the DMV all set up so that you can get a license, et cetera,

and apparently you go in, and then they ask you if you want to register to vote. The idea would be that they would vote in the local elections, not in actually federal elections, but still, you know, you're looking at that and saying, hey, hey, hey, hey, now wait a second, like, how is this right? What are we actually trying to encourage here? And so I think that this is perhaps the most underreported story right now. Granted, I get that the market's getting all the headlines, but this is a big deal. And you know what's interesting to me as well?

It's coming at a time when they seem to be pushing Elon out. Oh, okay, before you say that's fake news, fake news, there was apparently this meeting, and Donald Trump somehow indicated to people in the room that basically Elon wasn't long for this world in terms of being at the sort of center of the universe, if you would, in MAGA. And this is something that I think some people have certainly lobbied for. We played the Steve Bannon clip yesterday. Steve is like, who's this guy? You know, he just showed up.

Johnny come lately. How dare he steal all the thunder from MAGA? There are people that really have been through blood, sweat, and tears over the last several decades championing these causes. Who is he to just show up and suddenly be here and do this? Well, that's fine. Like, that's understandable. I get where Steve's coming from.

I think he's a little suspicious, if you would, of the new money, so to speak, that's coming in and what their values are vis-a-vis what his MAGA values are and what the values of the party are. But I'm just going to point to this. So first you have the political story. Now you have the Bloomberg story. And again, they're saying he's going to be out pretty darn soon. So J.D. Vance was asked about this today on Fox. Let's go to the clip and see how J.D. kind of dances around this.

Now, I do want to point out one thing. Elon was never going to be there forever. I mean, we're lucky every single day we can get him, frankly, really and truly. I mean, he's done a tremendous, tremendous amount and may have uncovered a massive story here in terms of these social security numbers and alleged fraud. But what J.D. says is very interesting. And I want to just preface this by pointing out that he did say that he would leave in a certain amount of time, right? He's not going to be there forever.

It was 130 days, which would bring us right until the end of May. But nonetheless, it's still a little strange that they're trying to push him out the door so fast. And, you know, the mainstream media is in on that one. They love the idea of Elon getting kicked to the curb because it makes Trump look bad, Elon look bad, et cetera, et cetera. Here we go. Well, first of all, that report I saw was total fake news. Elon came in and we said, we need you to make government more efficient.

We need you to shrink the incredible vast bureaucracy. that thwarts the will of the American people, but also costs way too much money. And we said that's going to take about six months, and that's what Elon signed up for. But of course he's going to continue to be an advisor. And by the way, the work of Doge is not even close to done. The work of Elon is not even close to done.

You look at all of the fraudulent grants that they've found. You look at people who are 150 years old, who are fraudulently collecting social security payments. You see our social security system, 40% of the people who are calling in are actually committing fraud. That means the 60% who need their social security checks are waiting in line. Doge has got a lot of work to do. And yeah, that work's going to continue after Elon leaves,

but fundamentally, Elon is going to remain a friend and an advisor of both me and the president, and he's done a lot of good things. People don't realize how vast and uncontrolled the bureaucracy was. We've started to chip away at it, but there's a lot of work to do. It's not going to happen all in. six months, it's going to take a long and committed effort. Yeah. So that kind of sounds to me.

Like he's like, all right, you know, it's eventually coming to the end. You can say it's fake news, but it's eventually coming to the end. Look, I don't know. Here's what I'm going to say. Elon has done a tremendous amount, and Elon could do a tremendous amount more. I mean, Elon's a company to run. Tesla. I mean, look what he's put Tesla through.

Look at what they've done to that company. You've got that Nina Jakano, which was up there with the Foreign Affairs Committee the other day, trying to gaslight everybody and tell you, oh, no, Twitter was never about taking anybody's account down. That wasn't happening, despite the fact that the State Department moved with Twitter executives to take none other than the President of the United States, Donald Trump, down at the time. So there was a lot of gaslighting. Her organization allegedly is involved in trying to bankrupt Tesla or take down Tesla. that's, you know, he's got that that he's going to deal with, which is a massive amount, all while dealing with the onslaught of, oh, how dare you say this about these people that

were trying to bring into the country? And believe me, that the numbers are staggering. I've showed you guys that chart that Axias had recently, just the massive number of people that were coming in. What was the goal on that? I ask you, what was the goal? Because you know it's going to cost you a ton of money. You know you can't afford it. You know that it's a drain on this system and you keep on doing it anyway? Eric Adams, he's the mayor of New York City. And wow, Eric was like, do you know how much this is costing us? It's over $7 billion a year. So what did he do? As soon as Donald Trump got elected, first thing he did was he shut off those special cards where you could get over $300 a week for ethnically appropriate food if you were here as a migrant.

I mean, insane, $300 and change a week. That was a lot of money. And so, of course, in the meantime, they're going after him because he dared to call this out. He danced around in the beginning. He's the mayor of New York City. He's a Democrat. But he's like, we can't handle this. Are you kidding me? Like, we can't handle this massive number of people coming in. It's not possible. We can barely pay for ourselves, especially coming out of COVID, et cetera. And so no sooner did he say all this, then all of a sudden, there's an investigation into Eric Adams with this big bribery charge and he gets indicted. Well, the judge threw the case out of court and they did so without prejudice,

meaning that Eric Adams cannot be indicted in the future again on those charges. Well, what do you know? Eric Adams has suddenly become a cash but tell FBI convert. Here he is speaking to New Yorkers saying exactly what went down. And he said, if you have any questions, you know the book to read. Check this out. Governor Hockel said last night with Rachel Maddow that, that she would consider removing you.

How would you feel about that? She has her role. I have my role. And throughout this entire ordeal, which I think no Americans should have to go through, the torment of 15-month that my family and I had to endure for something I didn't do. I didn't do anything wrong. Throughout the entire ordeal, I said one thing.

My attorney will handle the legal part. I'm going to handle running the city. We've returned jobs for our city. Our city is getting safer. We're building housing. I think that this is a great American narrative. I stood focus on what I was elected to do. I want you to address the.

Governor Hoko is an embarrassment position she holds. She stands on media after someone's burned alive on a subway. She stands in front of TV camera, says, I think criminal aliens should be removed too. But she's got the green light law. The men and women of ice and board patrol, when they pull a vehicle, you're in law enforcement your whole career.

What's the first thing you do? You run the license plate number. Are these wanted? Is there a warrant for these people? Who are there? Are they dangerous? That car stolen, all these things, right? Do you know ICE and CBP can't run DMV data on New York State license plate?

So they're pulling over people not even know who the hell they are. Is that the Green Light Law? The Green Light Law. So on one point, she's saying, well, I think criminals should be removed too, but then she locks us out of DMV data. That would be like us locking the officers out of NCIC, the Fed Zone. Would we do that? No, because officer safety is paramount.

She's putting the men and women at ice at risk every day. The job's already dangerous. So Governor Hocco needs to be removed. Everybody needs to remove it. It needs to be her. She supports sanctuary policies. I don't know anyone who thinks she's doing a good job. She's an embarrassing.

I'm talking to be impartial on that. Okay. So what was really important about that soundbite, and I have another one to play, the one where he's praising cash, is that he got up there on set, like enemy territory, in enemy territory,

of all things, Fox News, and sat there with one Tom Homan who's trying to go after Kathy Hokel, Letitia James, the DMV head in the state of New York, alongside Pam Bondi, who, by the way, has already filed suit against them, because they're in total violation of the Constitution. And the feds are coming in trying to look for people and kick them out of the country.

Well, New York can't actually hide them or protect them. And so they are all sort of at odds with each other. And the fact that Eric Adams and New York mayor sat down with Tom Holman, well, things got even worse. But here's the deal. Eric gets it. He knows what went down. and he actually has a certain kind of empathy, if you would, for one, Donald Trump,

because he knows how they target you if you are at odds with what they politically want. Here he is. This is the soundbite where he explains it. And New York has stopped me all the time in trying to find the rationale behind this. And I found it in this book. I'm going to encourage every New Yorker to read it. Government gangsters, right? So that's a book that Kasha wrote about.

about the deep state at work and how they are trying to target people that are at odds with them. And let's face it, the deep state just kept getting deeper and deeper and deeper. Even though America elected Donald Trump in 2016, you still had James Comey doing what he was doing with his little honeypot schemes along the way and trying to get into Ben Carson's campaign, and trying to get into Donald Trump's campaign. we know about the Carter Page stuff. But George Papadopoulos, go look at the interview on my channel. He was just on the other day saying, hey, they came after me a few times,

including when I was on Ben Carson's campaign because they just wanted intel on what the other side was doing, period. It wasn't that they really thought that anybody was a Russian spy or the Donald Sch. No, no. They just wanted to know what they were doing because that's who they were up against. So there's a lot of questions, shall we say, that needs. to be examined and still will be examined. You know, of course, that Donald Trump just last week

announced that he is declassifying all of the records associated with the Russia, Russia, Russia hoax? Well, that's good news, right? Because we still need all that information. Kosh Patel had said on a podcast during, oh, this would have been a couple of years ago, shortly after Donald Trump had filed suit against, using RICO laws, against Hillary Clinton

and basically all her cronies. And he had said, you know what? This is important, not just for the, you know, $75 million it's at stake and suing all these people, but because we want discovery. We want to know what went down and how they did it. Well, now they're getting discovery. You see, he's president, and he's declassifying all that. So they're going to find out all the information they want.

And Eric Adams may find out all the information he wants and needs. I mean, he's blamed Biden, shall we say, right from the get-go. exactly why this went down. Look, you step out of line, suddenly your persona non grata. I think that your second question, I think you need to ask the federal prosecutors who gave the directive in the orders. I don't know. We should ask them, who gave the directive in orders that we're going to take on and create this group of lies. They have to answer to that question. When it comes down to read it, I peruse through it to get the top lines. The attorneys are going to dig into the crevices of it.

But it is clear. Everyone that knows me knows I follow campaign rules and I follow the law. That is how I lived my life and I don't see coming into the 60s in my age, all of a certain change what I've done all the time. I follow the law and I follow the campaign rules. Thank you. Well, he's been burned. It's like, burn me once, let me twice, game over, right?

Like, he's now going to actually ditch the Democrat Party. Of course, they're sort of ditching him. And he's going to be running as an independent there. And, of course, they want to contest that. So that's going to become a really, really interesting race. And he's like, for all you guys out there, he said this today, that want me to step down. And it's interesting. He actually cited many people in the minority.

black population that want him to cite down, right? To step down. He's like, come on now, right? Like, it's just, it's so fascinating. And they always try and use things like race, et cetera. I mean, the latest and greatest Jasmine Crockett. She's all over that one. We're going to get to some of that news here today as well.

Before I do a big shout out for one of our great sponsors here on the show, you know we're fully independent, no longer associated with Fox or CNBC or CBS or NBC or ABC or any of these guys, right? It's just the Trish Regan show. So, one, I always appreciate your patience with everything production-wise here on the program. And second of all, I always appreciate that you are kind to our sponsors. So one of our great sponsors is balance in nature. Balance in nature, I take my fruits and veggies every day, the gummies.

I get all my vitamins this way. It's actually really important, right? Especially as you get older, to take all your vitamins and to make sure that you're getting everything you need. And so I feel confident knowing I am getting everything I need with balance of nature. They send it to my house. You can get free shipping. You can get 35% off with my discount code, Trish. Just go to balance of nature.com.

Make sure you use the discount code because it helps me. It helps you, obviously, because you're getting the discount and money back guarantee and free shipping and all that good stuff. Plus you're getting vitamins into themselves. So go check them out today, Balanceofnature.com and use code word Trish. But this is a massive discovery, shall we say, from Elon Musk. Yes, Elon Musk at some point is going to wind it down. Why the media wants to make so much of that?

Well, I think you and I know the answer. But when you're talking about possibly as many as 1.3 million undocumented immigrants being on Medicaid, look, all of this comes at a cost, right? And they're shocked because if you read this, he's saying we actually just took a sample and looked at photo registration records and we found people who are registered to vote in this population. Yes. And we found some that actually did. vote. That's alarming, and we have referred them to the prosecution of Homeland Security

for an investigation that's already ongoing. So there's also been talk, Elon has mentioned that there's going to be arrests associated with this. So again, all this just sort of coming in in the last couple of days and not getting, in my estimation, the proper attention, because there's so many other things, of course, I get it, right, to talk about. But the Democrat Party is just, Elizabeth Warren would have a problem with me saying, this, I guess, but just off the reservation, if you would, because of some of the things that they've been doing, some of the things that they have been championing, and it's an issue. I mean, take a look, for example, at the latest and greatest out of Georgia.

Democrats in Georgia, you guys, they're walking out because somebody is proposing a bill. Just listen to this. Proposing a bill that would ban the use of taxpayer funds in the state of Georgia for transgender surgeries for prison inmates. Okay, so somebody's in prison. Now they want to get an operation. And taxpayers are supposed to pay for it. There's like so much wrong with that.

We can't even like, but let me just show you. They're proud of themselves. These Democrats down in Georgia because they walked out on this. They're not even going to entertain. How dare you even bring something like that to the floor? Yeah. They're very proud. I mean, this is where they're going wrong. If you're listening to the audio version of the podcast on Apple, thank you for that. And we're looking at this video here of just Democrats walking out in protest, in protest of how could you possibly, possibly, possibly talk about not using tax their funds to fund these operations.

Unbelievable. So I'm just going to fast forward through some of this. I mean, this really tells you everything you need to know about the state of the Democrat Party right now. One after another, they're walking out to protest the blocking, the blocking of a bill that would prevent, prevent the use of taxpayer funds going to transgender surgeries. And I'm like, you know, somebody ought to like give them a marketing class or something, right? because this is just getting weird. Like, they don't understand where everyday Americans are in any way. Like, clearly they don't.

That's very evident. And so I think that this is going to continue to cost them in the election cycle. I mean, really, it's pretty remarkable just the lack of common sense, right? Like, common sense. Do you think anybody really wants to be paying for the transgender surgeries to begin with, let alone for the prison inmates. No. Okay, so this is why they are so up a creek without a paddle.

And they're going to lean into this tariff stuff, and they're going to try and get this for all its worth, right? And say, oh, I told you, so I told you. I think the media on their side, et cetera, we'll get to all that because I should point out to be completely transparent. I actually bought in today's market because, you know what, I'm a long-term believer in America

and I have a long-enough time horizon that this kind of stuff serves as a distraction for most everyone. And when everyone's freaking out like that, you need to actually, you need to be a little like Doge, you know, the ball's reference. Anyway, Democrats have no future. It's really, really, really clear. All the polling suggests this.

And so they're glomming onto this tariff thing, hoping and praying that the economy is going to crash, and then they can say, oh, you know, we told you so. But look at the recent numbers. I mean, even on CNN, they had to admit it. of despair, says Politico, Democrats are why? Why? Why are Democrats full of despair? All I have to say, Democrats, call your office.

You know, we're in March Madness Times. Terrible, terrible, terrible, to quote the great Charles Barkley, view Democratic Party favorably. CNNSRS, look at this, 29%. NBC News, you want to go lower than that? How about 27 percent? Both are record lows. The lowest going back to 1992 in C.N.S.

and end polling, the lowest going back on record to 1990 and NBC news polling, the majority of Americans hold an unfavorable or negative view of the Democratic Party at this point. All I can say is, I'm a big fan of the oldies, so I'm going to quote Chubby Checker, how low can you go? Nice. Well done. What about congressional Democrats specifically? Yeah, what about Congressional Democrats specifically?

You think these numbers are low. How about this one? Holy Toledo. Voters' views of the Democrats and Congress. among all voters disapproved 68%. And look at the approved number, just 21%. Even lower than the Democratic Party at large, this is the lowest on record for Democrats,

according to Kniepiac University polling. You think these numbers are bad. Let's go to this side of the screen. We'll look how Democratic voters feel. Get this, the plurality of Democratic voters disapprove of Democrats in Congress at 49%. And just 40%. I like that guy.

that guy. I really do. I really do. Over at CNN, he's looking at all those numbers. And I mean, the Democrats don't know what to do with themselves. But again, I just go back to what's going on there in Georgia. When you look at them walking out, right, they're walking out in Georgia because somebody has presented a bill that would prevent the use of taxpayer dollars for transgender surgeries in prison. Now, they want to be able to have the transgender surgeries in prison. And And I just, I'm sort of blown away by all of that. I'm blown away by your generosity as well. Thank you so much.

As I look at my friend Alphonse, back in the house, Alphonse Louis Vu. At the end of Trump's term, he writes, The President needs to bestow the Presidential Medal of Freedom to Elon. What he has done in his life will change the world. The American people owe him so much. I totally agree with you. I am a big, big, big, big, big fan. Big, big, big fan.

I think he's brilliant. I think he's doing a lot. for this nation right now. And one of you guys wants me to go get a cup of coffee. You don't think I've had enough. Actually, it's just water in here. Sorry to disappoint. Anyway, it is good to have such generous viewers. Indeed, take a look. This is a partnership. I just want to flag right now for you because I'm very proud of it. Herzog Foundation. I'm proud of my viewers. I'm proud of my partnerships. This one in particular, because as you look at, say, what the Dems are doing there in Georgia, I just showed you the video.

and the kind of hysteria that you're seeing and the division that you're seeing, I'll tell you, it's also happening within American education, and we've talked about that. That's why $9 billion is now on the line in federal funds at Harvard University, because why should taxpayers be paying for everybody to get a PhD in, I don't know, transgender studies?

We'll leave that alone for a second, but suffice it to say, you know which way the wind's blowing in terms of education overall. Hopefully Trump can fix that. In the meantime, these guys, are awesome over at Herzog Foundation all the information you need it's totally free it's a foundation that's been set up to help you select a school for your children grandchildren maybe a friend that's looking for a school in their community for the Christian alternative education

because the public school education has become what it has become so great resources there it's again a partnership I'm so proud of there at Herzog Foundation go check that out you'll learn a lot more information. They have a podcast, they have a daily newsletter, the lion, all there. And it's totally free, Herzog Foundation.com. Look, I mean, there's just so much. I've got to get back to the markets today, right? Because this is obviously my bread and butter and something I do, of course, know a whole lot about here. And as I said, I want to be as transparent as possible. and I'm going to let you know that I actually bought in today's market. Good to see you too, spirit-filled.

Very, very, very, very good to see you. Anyway, we've got a market that is most definitely under fire right now. Investors are very nervous because, well, Donald Trump came out with the terrorists, and they were a little bit more than people thought. And they weren't exactly terraces people had assumed. The calculation on the numbers was a little perplexing to many. because it wasn't just simple tariffs. It also included, well, do you have any currency manipulation going on?

Do you have any other barriers? And then, you know, as you really looked at it, effectively seemed as though the president and his economic team looked at the trade deficit and used a multiple of that. Because, you know, he does not like trade deficits, needless to say. I think you know that quite well. Let me take a look at the markets here as we come up on the close of trading right now. I'm going to share the screen with you guys. I think I can do that. What do you know? This is nifty. Let me know if you can't hear me, but I think you can. I'm looking at the Dow dropping 1,600 points, S&P heading towards the biggest loss of 2020. Well, you know, it's still early in the year. And we've got the NASDAQ down nearly 6%. Okay, so this is most definitely a more volatile day. If you look at the VIX index over there on the right, it's a measurement of volatility. And what you see is it's a approaching 30. So yeah, there's some volatility, but what did you expect? I mean, seriously,

he has always wanted this, like always wanted this. In fact, if you go back to a couple decades ago, you hear the whole speech, the same speech actually that we heard yesterday in the Rose Garden effectively. Last year criticizing U.S. foreign policy, what would you do differently, Donald? I'd make our allies, forgetting about the enemies, the enemies you can't talk to so easily. I'd make our allies pay their fair share. We're a debtor nation. Something's going to happen over the next number of years with this country because you can't keep going on losing 200 billion, and yet we let Japan come in and dump everything right into our markets and everything. It's not free trade.

If you ever go to Japan right now and try to sell something, forget about it, Oprah. Just forget about it. It's almost impossible. They don't have laws against it. They just make it impossible. They come over here, they sell their cars, they're VCRs, they knock the hell out of our companies. And, hey, I have tremendous respect for the Japanese people. I mean, you can respect somebody that's beaten the hell out of you, but they are beating the hell out of this country. Kuwait, they live like kings. The poorest person in Kuwait, they live like kings. And yet they're not paying. We make it possible for them to sell their oil. Why aren't they paying us 25% of what they're making? It's a joke. This sounds like... Okay, so this has obviously been clearly part of his positioning for

for many, many, many years. And now he's back for round two. And he's like, I'm going to change this. I need to change this. I want to create a more level playing field. And what this really, in essence, is about is doing what we can to help American manufacturing a little bit. Let's face it, both sides, left and right, haven't cared two bits about American manufacturing. You look back at NAFTA and all the jobs that were exported away from America. And before you say, oh, you know, we're changing. when becoming more technological. Sure, that's great. And by the way, Donald Trump is all about technology too.

What do you think Elon's doing there? Right? You know, Jeff Bezos, Mark Zuckerberg, who's now back in the mix. I mean, he actually is very passionate about embracing the best technology for an AI future. Yet simultaneously, we've got to do what we can to ensure that we have a strong manufacturing base. That's important from a national security standpoint, from a national economic security standpoint, but also from a national security standpoint. God forbid something's bad is in the world going on.

And all of a sudden, you know, you don't have any steel manufacturers because you sent that all overseas. I've told you the story about how frustrated I was coming out of COVID when you had all the factories back up and running here in the States and yet you couldn't get the chemicals to make chlorox wipes. I like those. You know, that's how I clean my desk. I take a chlorox wipe and I wipe it down.

I couldn't buy these things anywhere. not because we didn't have the ability to make it, but because we were dependent on China for the chemicals. Simple stuff, right? I think if we learned anything coming out of 2020, it was one, not to overreact. And two, to think about our supply teams and to not be so overly dependent on everyone else.

But in truth, what this really is getting at is the issue of fairness. The issue of fairness. In other words, are they charging that much? Why are they artificially deflating their currency? Why are they doing all of that? And we don't have a level playing field. My former co-host, actually, at CNBC, a guy named Larry Cadlow, who used to run his economic team, was on Fox earlier today talking about these very issues and really stressing the importance of what I'm going to call. I just talked to my friend Alex Marlow over at Breitbart yesterday, and he said,

he sat down with the president a couple of weeks ago. He's like, why don't you call it equitable trade? And the president's like, no, no, no, I'm not going to call it equitable trade. But I said the same thing to Alex. I'm like, I'd call it equitable trade. Like, this is equity. Like, this is fair. You guys are going to charge that much, or we're going to come back with something else. Now, also keep in mind, this is sort of first go around. This is negotiation, okay? And Scott Bass and our Treasury Secretary reiterated that. But here, I want you to listen to my former co-host on CNBC, one Larry Cudlow, who ran the economics. team in the last go-around.

His policy of reciprocity is exactly right. There has to be a level playing field. For many decades, all these foreign countries have not played by the rules. You can talk about free trade all you want. They have high tariffs, very high tariffs, low wages. They erect enormous barriers. Their tariff and non-tariff barriers, sometimes they're currency barriers, to prevent us from exporting to them.

That's done a lot of damage to our economy, particularly industrial goods, the industrial heartland. It's just what the president said yesterday. Reciprocity is the right now. The transition, okay, I mean, I'm reading crazy things, for heaven's sake. People saying globalism is in, no more global trade. Yes, of course, there'll be plenty of global trade. But there has to be a level playing field.

We're not even close to fair trade. That's what this whole list was about. I feel like there was a conversation you and I had not too long ago, where you, while in favor of the tariffs, thought maybe they were going too big. Well, I don't, you know, I don't know that. And I'm not going to wait into that. That's an internal policy issue. I'm just saying I'm interested in the policy and the principles of the policy.

And he is correct. And remember, you have to look at this in the context of his overall economic plan. And the stock market, I think, will come around. He is cutting taxes. He is slashing regulations. He is increasing energy production, lowering costs. And yes, he's proving fair trade. There'll be a lot of movement.

I don't care what the initial reactions are. You're going to see a lot of foreign companies come here and say, we will cut this tariff, we will cut that tariff, we will cut this tariff, we will cut that tariff. We will cut that tariff. That is exactly what reciprocity is all about. But the other point he makes, and again, I'm going to defend him on this, we can't keep standing by. Too many presidents have stood by. Trump went at it with China in his first term.

Now he's going at it on a global basis. And I don't think you should be surprised. I mean, the media, of course, is gloment on to this and totally hysterical, and that's augmented by the fact that you have people like the former Treasury Secretary of the United States, Larry Summers, who often, you know, look, he's political in nature, right? He worked for Clinton and he worked for Obama, and he can't help himself. And so he's piling on, and hysteria was like full throttle last night, as you saw the futures market, down, down, down, down, down. I got so many minutes. Like, phone was blowing up. Everybody's like, what do you think? And I'm like, I'm buying, okay? Like, I'm sorry. Like, I went through this in

2020. I've been through this in the year 2000. I went through it again in 2008. And what's the, what's the, what's the moral of the story? You don't bet against America, okay? Because long run, we are still the only game in town. And when you look at our tech sector, I mean, Mag 7, look, it's gotten beaten down to the level which, you know, I should remind you guys before I go to Larry, just invest in maga.com free newsletter. We have several portfolios. over at 76 research, one of them we just put one of those MAG7 companies into in our resilience, our growth portfolio, because it had gotten so beaten down. So go check it out.

You can get the free version there at investin MAGA.com today. But Larry Somers, he wrote last night late, or I guess around 930, never before has an hour of presidential rhetoric cost so many people so much. Markets continue to move after my previous tweet, the best estimate of the loss from tariff policy is now closer with $30,000 or $300,000 per family of four. Jim Chanos, who's a billionaire hedge fund investor guy, I've known for many years, and is not exactly conservative, fires back at Larry. 30 trillion?

That's roughly 27% of global GDP, with all due respect. I'll take the under on that one. In other words, you guys are just freaking hysterical. Like this is, it reminds me of 2020 all over again. And it's really interesting. I was talking to Rob, my colleague there, again, invested maga.com, Rob Horton, my colleague at 76 research. And we were looking at this information and we're like, okay, there's some interesting just data points here for the math nerds out there.

Do you know that it was actually, oh, he gave me these numbers. Rob, if you're watching now, text them over to me because the dates are fascinating. Oh, yeah, okay, here we go. February 19th, 2025 was basically the top in this market because we've been trending down since then. Everybody was excited. Donald Trump had won. And then since February 19th, we've basically been in this downward drift, which got augmented today. But if you look at February 19th, 2020, that was also the high last time.

And then we started going down because of COVID, et cetera. And we eventually had a 32% drawdown, you know, fully in bare market territory. Today, we're in correction territory because we are, as I sit down, well, about 11% from the highs that we had back on February 19. Thank you so much, again, for your generosity, spirit-filled, writing, when prices go down, perfect to invest. I mean, that's the idea here, right? I try and teach my kids. I do. I really try and reinforce this because they have a right.

really long time horizon. And so they get a little allowance money and I let them put it in the market, just, you know, simple stuff. But I encourage them, you know, on a day like today, I did encourage them and had them buy because they've got a long time horizon. And when you see this kind of steep, steep, steep, steep sell-off, and this was steep, guys, I mean, this was really, really steep. Again, looking as these numbers settle out, I mean, you're going to be looking at about a 6% loss, check that out there on the 6% loss there on the NASDAQ. I mean, just unbelievable here. And it's not really a surprise in light of how much people are worried. And I would just say you have to understand the worry. And I get back to this idea that you knew this was coming.

And this is, again, overdone. Like they overdo it all the time because the media gets in and everybody freaks out. And once the air clears, they'll have some time to think about it. And they'll have some time to negotiate. So we already see, I think it was Thailand that came out and said, okay, we're going to do zero percent tariffs. Canada's willing to talk. All of these countries are going to be willing to talk.

If they know what's good for them, they will be willing to talk. I want to go back to the markets, but before I, I do. We've got another story I want to get to as we talk about, for example, the Democrats being completely off the reservation in terms of having absolutely no future. You know what the polls are saying just a couple of weeks ago. They are severely, severely challenged with the lowest poll ratings in history. Okay, that's an important thing to think about. They have never done so poorly. So, of course, they're looking at the market here and they're trying to pile on and score some brownie points and say, we told you so, we told you so, we told you so.

But that is not actually, again, I mean, look, we'll see what happens with Donald Trump. I don't think it's a recipe for success. I also don't think this woman is a recipe for success. One, Jasmine Crockett. We've been talking about her a lot, right, over the last couple of weeks because she's always popping up in the news because she says all these crazy things all the time. Well, she's very proud of her DEI background, which is interesting timing, because all of Wall Street is getting out of the ESG-D-E-I nonsense. You've got Disney announcing that it's dismantling its two DEI programs, and yet one Jasmine Crockett wants you to know.

Oh, she's all about it. She's doubling down. The final thing that I'll say because you've been gracious is this. When I first became a public defender, I had no criminal defense experience, and I walked in and I walked in, and I was, I told my boss Charlie, I said, listen, you should hire me. He said, why? I said, because I'm black. Charlie looked at me like I was crazy. And I said, let me tell you something. When I walk in, I'm going to walk in with a level of rapport and understanding. Then maybe some of my other colleagues will not. Charlie offered me my job, and I worked my butt off. And I worked really, really hard for all

of my clients, not just those that look like me. And that is what it looks like to serve. Thank you. Okay. Fine. You know what? I actually, I'm not against any diversity. I actually think that when you have diverse opinions, because people come from different backgrounds,

they represent different ideas, and hopefully you get to a better and better picture. But you know what? They're all about diversity of skin color, not diversity of actual background. In her particular case, she went to a fancy college, she went to a fancy grammar school and high school,

in high school that cost something like $38,000 a year, you know, the real diversity might actually come from the guy she can't stand and actually criticizes for having married a white woman, and that would be Byron Donald's who's probably going to be the next governor of Florida. Because Byron actually grew up in the hood and had no money at all, single mom, and he thought, how am I going to get out of this? I want to work towards something better. Interestingly enough, he taught himself the stock market and eventually became an asset manager. So he gets markets. I wish he's buying today. Listen, Jasmine, the DEI stuff, like that is yesterday's news,

and it's one of the reasons why you see a company like Disney so up against it. Why? Because it doubled down on DEI, and I think Snow White has become the pinnacle of this. You know, this is going to go down in history as an asterisk next to Rachel Zegler's name. Rachel Zegler, who is half-Columbian, half-led Polish-American descent? I don't know. But that's neither here nor there. I mean, maybe that annoyed some people, given that the name is Snow White, etc.

I don't really care about that. What I care about is how she hated this story because it needed to be wokeified. And she hated the fact that there was going to be a Prince Charming of some sort. And they needed to update it. And then what do you know? They try all this updating. They get this lousy screenwriter, in my estimation, because I saw this thing and it was awful, like really, really, really bad.

And they get this screenwriter who wokeifies it. And they do some sort of AI-inspired musical numbers that were all lousy. And there was no tension. There was no drama. There was like nothing in that set. All it was was an empty movie that was done because they wanted to meet a whole bunch of DEI standards. And consequently, what do you know, it's going to lose? It's going to lose big time.

Big headline in the New York Post today saying, you know what? This thing cost them $410. but it's only bringing in revenue according to inside Disney papers of 295 million. So you're looking at a loss, a loss of 115 million. So everybody's reporting on this. This is a massive, massive disaster. It costs. I know Don, you're all over these numbers.

I mean, I'm seeing 410 Don's one of the viewers on the show. And he thinks it's around 600 million. It may be when it's all said and done. but they apparently spent like 270 just making the film, and then they spent another hundred on the publicity, and then you rounded up to 410 because of some of the incidentals, etc. And you get a pretty lofty number. So they had to make, like, break even sort of for a decent movie for Disney these days,

is $500 million at the box office. And this includes international sales and includes merchandise and everything, and they're like nowhere near it. So Snow White is really destined to become that. sort of punchline, if you would, in the DEI movement that some crazy Democrats still, like Jasmine Crockett or AOC, want to just embrace full force, right? Because it's all they've got that and tariffs. Anyway, here is the latest and greatest. We've talked about this, the FCC, of course, investigating DEI at Disney. I would say from a shareholder perspective, I'd be pretty

upset. Like, as a Disney investor, which I'm not, by the way, although at some point this thing may get interesting. You know, I think Nelson got it down in the 80s and it's been trading in the 90s. It probably got hammered today. Let me see if I can give you a quick check on Disney stock. But we've written about this at 76 research and our feeling is like until it gets really, really low, the problem is there's just so much nonsense there. Oh, yeah, that one was down 9.2%. It's an 88 bucks a share right now and they get the FCC breathing down their back because they're in violation, frankly, of the Constitution in terms of the discrimination that they allowed for and that they did because of all these inclusion standards, that includes ABC News.

So George Stephanopoulos, the view, the rest of them, they're all in trouble because ABC News is going to be affected by this, and they're going back in time, right? It's not just what you're doing now. So, OK, Disney, like, you've gotten rid of all of these programs, but guess what? We're going back in time and we're going to see what you used to do. I would just say it's not just the government here that should be upset, but shareholders as well, because shareholders should say, why are you so embracing of all of the nonsense that's going to wind up costing us money? We are losing money as a result of your poor decisions that are based on social re-engineering as opposed to actual substance.

So Disney is just a great poster child, I think, for the Democrat Party, of all. all that is going wrong in this particular moment in time. But they're going to pile on and pile on and pile on to, of course, what we're seeing here out of Wall Street. With Wall Street closing the day down pretty severely, one of the worst days, of course, that we've seen, certainly the biggest loss since 2020. And you'd have to go back to those deep dark days of March 2020

to find anything really like this. The Dow diving 16, hundred points, S&P diving considerably after Donald Trump unveiled his big, massive tariffs. And so there's a lot of uncertainty right now. People are worried about trade wars. I don't think we're going to get to that. I think everybody needs to take a deep breath. It's something that the president actually advised moments ago there live outside the

White House. I think it's going very well. It was an operation. I like when a patient gets operated on. And it's a big thing. this would exactly be the way it is. We have six or seven trillion dollars coming into our country, and we've never seen anything like it.

The markets are going to boom, the stock is going to boom, the country is going to boom, and the rest of the world wants to see is there any way they can make a deal? They've taken advantage of us for many, many years. For many years, we've been at the wrong side of the ball, and I'll tell you what, I think it's going to be unbelievable. The thing that people have to talk about, we're up almost to $7 trillion of investment coming

into our country, and you'll see how it's going to turn out. Our country's going to boom. Okay, you heard him. He said, it's all going to work out okay. You've got to give me a little bit of patience here. But, you know, they're angry. There are members of the media, of course, that want to take him down. There are members of the Democrat Party that want to take him down.

They're all trying to say this is going to induce a recession. I'm going to be perfectly honest. Like, it could, all right? Like, we haven't had a recession since 2020. We did get very lofty valuations, really lofty valuations. And to see a pullback at this moment in time does not actually surprise me. I think in some ways, dare I even say, it's a healthy thing to see in terms of, you know, we can't just go up and up and up and up and up forever.

You know, and this does represent, in my estimation, an actual time to get in. And I look for these opportunities to get in. It gets, you know, it gets tough when it just keeps going up, up, up, and away every day. And I get it. Like, it's nice. But this is that pullback that I think a lot of people,

and I'm not saying it's ending, right? Like, it could get worse tomorrow. This is exactly what happened during COVID. to spirit-filled saying, stocks are going to set a record high. You'll see, especially, you know, given what's now happening in terms of the imports and exports. Let me go over to a tweet from a friend of my Brian Westbury, who I thought also helped put this within context. He said, why is everybody freaking out? We actually had the NASDAQ going up 43.4% in 2023 and 28.6% in 2024.

It's a total of 84.5% in two years and that doesn't even include the dividends. So, okay, we're down. We're down, you know, probably more than when he sent this because that was earlier today, but we're down roughly 14% year to date. And everybody's totally freaking out. Come on, man, right? Like, these things happen. And I think Donald Trump, obviously, put it on a very brave face here, as well as members of his team. But don't forget, like, why this is happening and why we're doing this. The idea here is to get a more level playing field so that we're not getting raked over the coals by all of these other countries. In other words, they're growing at our expense. And he's looking at this saying, hey, hey, hey, hey, what about my external

revenue service? And that's part of what's factoring in. This is something that the Democrats, by the way, should know very well. I want to go to a soundbite of Chuck Schumer back in 2018, praising, praising the China tariffs. Look, I think the president's doing the right thing. China has been taking advantage of us for two decades. They're stealing our intellectual property, which means stealing our good paying jobs. And I, frankly, am closer on this issue, not on many, but on this issue with President Trump than I was with President Bush or Obama, because they did nothing to tell China off.

Now, China, of course, will respond. But if they know we're strong and we're not going to back off, they will back off. they have far more to lose than we do, they have a $300 billion trade surplus with us. I'm looking out, number one, for jobs. You know, if General Electric moves jobs to China, they're not unhappy, but my New York workers in Schenectady are unhappy. And so you can't let the international business companies who don't give a hoot about where their factories are govern this.

You have to do what's good for the American worker. Interesting. I mean, that was 2018. But now Donald Trump is back and he's out there saying this is all, I mean, they're all saying the same thing, right? A little chorus of people saying the exact same thing. And yet, guys, you know what? This is a starting point.

And this is something that we heard from the Treasury Secretary who did a number of interviews last night. I mean, what are these tariffs? What are they going to mean? I'm going to back up for a second because just so you know, like a tariff is sort of, like attacks, right? If we're sending widgets to China, let's say chocolate chip cookies. If we're sending chocolate chip cookies to China and they're buying them and we're not charging anything, but they're charging something. In other words, they're charging, call it a 67%.

This is what I think they're going to, they're suggesting that China all in is charging. If they're charging a 67% on our chocolate chip cookies and yet we're buying their brownies and we don't charge anything, then does that seem fair? Now, there are a lot of people that will tell you, well, you know, like, you know, it's comparative advantage and we're better at making cookies and we can just pop them off over to China, no big deal, no sweat off our back. We want them to have those cookies. And actually, we need those brownies. We need all those here. And like, we want massive amounts of brownies. So let's just keep buying them. And we're not going to worry about not charging some kind of tax.

We don't care because we don't make brownies here anyway. So we'll just take them all from China. You can see I've been talking to my kids a lot about this, cookies, brownies, any kind of food item my son really, really relates to. Anyway, that's the trick now, though, is China's getting really big and they've been getting big off of our cheap cookies. And, well, you know, all those brownies. that we've been buying from them, that we don't charge any tax on.

And so Donald Trump's looking at this. He's been looking at it for years. And he's like, I don't think this is fair. I think we need to change this. And so that's where you get all of these tariff ideas coming from. You know, tariffs are something that have historically been sort of no-go territory as a result of, for example, what you saw back in the 1930s. Everybody's talking about Smoot-Hawley, Smoot-Hawley.

What's Smoot-Hawley? I can go back to Ferris Bueller to explain it. In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effect of the... Anyone? Anyone? The Great Depression. Pass the... Anyone?

Anyone? The tariff bill? The Hawley-Smout Tariff Act, which... Anyone raised or lowered? Raised tariffs. In an effort to collect more revenue for the... the federal government.

Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Mm-hmm. Okay, so yes. It didn't quite work the way that they had hoped, right? And now you're looking at tariffs that, frankly, are actually the highest that we have

seen in a hundred years. But here's the question. Like, why can't we actually just all have no tariffs? Why can't Donald Trump use this as leverage so as to renegotiate some of these deals? This is what is being talked about. This is what you hear the Treasury Secretary saying in these interviews. I want to go back to Bessent, who was on CNN, who was on Bloomberg. He's choosing very international venues, interestingly, because I think he's trying to send a message,

if you would, to the EU and others. Are you preparing to negotiate with some of these? trading partners before that tariff rate comes into effect on April 9th? Well, I think there have been a lot of discussions, but I think we're just going to have to wait and see what would happen. What I would say, Ann Marie, is I would advise none of the countries to panic. I wouldn't try to retaliate, because as long as you don't retaliate, this is the high end of the number. And I think the market could have certainty that this is the number barring retaliation.

And so we've got a ceiling and then we can see if there's a different floor. So you sound like you're ready for negotiation with a number of these partners. Has the European Union, has China, has India? Have these countries reached out? Well, they've all reached out, but it's going to be up to President Trump to see what he wants to do. I think the mindset might be to let things settle for a while. Their tariffs or non-tariff barriers have been on a long time, so we'll see where it goes from here. He's right, they have been on a long time.

They've been living the good life. So it's time for some kind of renegotiation. And I think what's important here and what the market's missing and what the media, of course, is missing. Just disregard the media is that this is as bad as it can get, right? Like, this is the top end. Well, let's hope because, you know, if the EU comes back and says, well, we're going to do this and we're going to up them by that.

And then he says, well, I'm going to up him by that. blah, blah, blah, blah, blah. Well, then you could, you know, I would just say this, like, he's not messing around. And the guy was shot at. He nearly died, okay? He's not messing around. He passionately believes that we need to change our economy for our future, and he's going to get it done. Now, if it doesn't go well, look, I mean, Republicans get voted out. Come midterms. That very, very, very easily could happen, right? And then he's going to find himself impeached. but he's willing to take that risk. Here is the head of the EU, Ursula von der Leyen,

talking about how they're not going to fold here. They're going to stick to their guns. I would just say, did you listen to Bessent? Did you? Did you? The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe. Okay, okay. So she's joining in with the mainstream narrative. Look, this is what they have to do.

They're going to try to scare everybody to death. We went through this with COVID, okay? Like, we've seen this movie before. They're going to try and scare you over and over and over again. Yes, the market could continue to sell off. Who knows? Tomorrow, it could sell off all week. I mean, I remember those dark days of March, and it was like every day, we're down another 2,000 points. I mean, it was a grand total loss of something around 35% from the high. And now we're looking at a loss of, you know, maybe 12% or so from our high, oddly on the same day, February 19th, 2025 versus February 19th, 2020. And I just think that, you know, they're going to be all in in terms of trying to scare everyone. From the Europeans standpoint, that's what they got to go with.

Okay, that's what they got to go with because the Europeans want to scare the world. and in scaring the world, they hope that Donald Trump, with the markets being what they are, will, quote, unquote, come back to his senses and get rid of these tariffs. But, you know, look, go back to Smook-Hawley, okay, here's the deal. Like, the difference between then and now was that we just don't have any, like, everybody had tariffs on each other back then. Right now, we just don't put any tariffs. We, like, are doing this massive giveaway to everybody.

with the thinking being that, okay, well, we don't want to spend any time making those brownies. We want to make chocolate chip cookies. We're going to send the chocolate chip cookies all over the world, but we'll let them make the brownies. And that works to a certain extent, but along the edges here, and this is where it gets really nuanced, you still at the same time need to do something to protect the American worker, okay? the American worker who isn't necessarily going to get a PhD in computer engineering. And by the way, should not be getting a PhD in transgender studies. Let's just be honest.

I mean, we need to kind of scale back on the liberal arts stuff and probably rev up some of the STEM cell stuff like this, forgive me, STEM education stuff. But, you know, what happens between now and then? I mean, I think you've got to do something to protect some of these jobs. And so he's talking about this in ways that people just have not dared to go before. It's really important. One of the other things that's coming up as one of the questions is whether or not you might actually see the Fed have to move rates lower

as a result of perhaps declining demand in the near term. And would that, in fact, reduce the value of our dollar? I want to go to, I believe this is Howard Lutnik speaking, former head of Cantor Fitzgerald, who is now our Commerce Secretary speaking on Fox a short time ago. They're going to want to negotiate, but these are the same people who have been ripping us off for all these years. Remember, the tariffs are only part of the issue. It's these non-tariff trade barriers where they just won't let you trade. They provide subsidies back.

Like they charge this that tax. And they always say, oh, it's not the bad tax. You know what some of these countries do? They take that 20% tax and they give it back to their producers. So they crush our people. It's got to end. And what's going to happen is you're going to see the greatest renaissance of manufacturing in America. $4 trillion investing in America.

That's going to create the most incredible set of jobs. Tradecraft is going to come back to America. People, you know, are high school educated. workforce is going to get trained to do robot mechanic, you know, HVAC, but in high-tech, you know, fabs for semiconductors. I mean, the coolest jobs, the highest paying jobs, they're all coming to America. And Donald Trump is bringing them in because we're tired of having them built in Taiwan. We're tired of having it built in South Korea. It's time for these things to be built in America. And these jobs are coming home. They're coming home. And look,

we need it. All right, we need it. These are so incredibly important times. I cannot stress that enough. As for the market today, look, is it going to end? I, you know, we'll see. I suspect that there may be more downside to come, that these are going to be some tough days. But I would just remind you to try and keep a clear head about this. I encourage you to get at least the free guide. Go to invest in maga.com. Here's our portfolios through, well, this would have been for the first quarter. Actually, this is 12 months ending 228, 25, 76 portfolios.com if you want more information there, guys. But look, I mean, there's a lot of challenges, right?

We're going to get into this, actually, at a conference that I'm speaking at. I mentioned this because it's coming up. I actually just made my plane reservations. Let me see if I can find it for you because I want to give you the actual URL for where you can go. You can get 50% off your second ticket if you use my code, Salem. It's the JCPN 2025 Summit.com. This is a Job Creators Network Summit and it's an economic summit, which I'm telling you, could not come at a better time with all of these questions that we have about our future

and how trade should play a role in all of this and whether the global economy will suffer, whether the U.S. will suffer, and thus whether the Republican Party is going to suffer come midterms. I do think that that is the danger, right? The danger is if we don't see the kind of pickup happening in the kind of time, if you would, that we need. Like if it doesn't happen fast enough, then Donald Trump is going to have certain challenges from a political perspective. But again, remember what the overall goal is here. And I'll get back to that, but just quickly, you know, there's golf. It's Savannah, Georgia.

It's really, really nice. There's a ton of us there. Kelly Ann Conway is going to be there. My friend, Steve Moore, is actually just texting with him last night. Grover Norquist, who has been a friend for years. We have governors Yon Ken Kemp, a lot of members of the president's cabinet team, members of Congress, Bill Bennett, my friend Sarah Carter, Mike Gallagher, myself, of course, a lot of policy wonks, right, that really eat sleep and breathe this stuff to talk about.

The future of our nation, really, which is at stake. It's a Freedom Fighters Summit there at Job Creators Network happens once a year, so it's a big, big deal. Oh, I should mention lots of great performing too, because you're going to hear Lee Greenwood, you know, God bless USA, and you've got Rob Schneider, the comedian. So it'll be a really, really fun time. You should go check it out.

JCN 2025 Summit.com. But this is, it's a precarious time. People are worried. I think they're overly worried. And, you know, easy for me to say, look, if you need the money tomorrow, this is, this is not a good time, right, to have to deal with the market. But if you have that flexibility and you can be in this for the long run, then I think that there's some real opportunity here, real opportunity. because there's just a kind of panic that is unwarranted. Now, Donald Trump will try and calm people down,

and so you're going to hear a lot of that rhetoric out of the White House in the coming days. You're going to hear a lot of fear coming out of the Europeans. Even here, if we go over to the UK prime minister saying, look, we're going to do what's best for us. Well, you know what you should? But you know what would be best for you? Lower your tariffs.

We'll lower the tariffs too. Like, you guys shouldn't get something for nothing. Like, I think there's a very simple answer to all of us. this, here he is. Here's Tom. Last night, the President of the United States acted for his country, and that is his mandate. Today, I will act in Britain's interests with mine. I understand how important this is for your businesses, as it is for the British people. So we move now to the next stage of our plan. Decisions we take in coming days and weeks will be only by our national interest, in the interests of our economy, in the interests of businesses

around this table, in the interest of putting money in the pockets of working people. Nothing else will guide me. That is my focus. Clearly there will be an economic impact from the decisions that the US has taken, both here and globally. But I want to be crystal clear. We are prepared. Indeed, one of the great strengths of this nation is our ability to keep a cool head. I said that in my first speech as Prime Minister, and that is how I govern.

Good, all right. Keep a cool head, because I would give everybody the same exact advice. Keep a cool head about investing. Keep a cool head about where this is going. It is not the end of the world. world, Donald Trump just wants to level the playing field. And I think there's something important about that for our future. Because to Howard's point earlier, the Commerce Secretary, we want to sort of own this next

leg of manufacturing. And you know what? We need to diversify away from the transgender PhDs and a little bit more into the trade schools where you can go to high school, maybe not even finish high school, but get a decent paying job that will take care of your family. and enable you to save for your future and one day retire and take a couple vacations along the way every year. I mean, that American dream has evaporated.

You have to have two people working in today's society. And in many cases, they're working two or three jobs. And then they're saving up for a college education that is worth nothing. Like, you're lucky if the kid gets a job that is a barista at Starbucks when it's all said and done because they're not learning anything that they can actually do anything with. It's unbelievable how messed up this has all become. And so one guy comes along and tries to fix it and they all go bonkers. Well, you know, I for one am going to give him a little bit more rope than that.

And I'm not going to bet against America, which is, yes, why I doubled down and bought more today, just like I did in 2020. These are what smart people do, provided you have the flexibility, okay? And I emphasize that because, you know, my mom's in a different situation. which is not going to be running in and buying things that she needs the money next year or in the next two years. But there are opportunities out there. I encourage you go to the free guide, invest in maga.com, my own publication there, or go and get the 76 research report.

Just use my code word dollar. You can get it for a dollar a month for the first two months, and it goes up to 9.95. But a lot of good ideas for all of you in there. And then for those of you that are really willing to put something to work, especially in this environment, I mean, I really look at American resilience. If you have time on your side, you have that opportunity with the American resilience growth portfolio. So do take a look at that. We have so much going on, right?

I mean, this is a big show today. I feel like we're all over the place because we've got Elon. We've got Social Security fraud potentially. Those are massive allegations. We've got a market that just fell out of bed this morning. and we've got tariffs unlike anything we have seen in, well, 100 years. Okay? So when I told you we were on the front lines of history, I really and truly wasn't kidding.

It's so good to see so many of you here. Peace of my mind. Leslie, Billy, great to see you done as well. Thank you for being here as always. Thank you for all your patience with me and this show. We are going to be back live tomorrow and we'll see what tomorrow has in store. I'll see you then. Thank you.