April 29, 2025 • 40 mins
Jon Stewart takes a look at Trump’s first 100 days: from plummeting approval ratings to unfulfilled promises on immigration, health, and the economy, to destroying his reputation as a shrewd negotiator with China and Ukraine.
Chris Hughes, an economist and the author of “Marketcrafters,” sits down to unpack the economy’s fall under Trump and how understanding how politicians have shaped markets to work better could be its solution. They discuss how both parties have used marketcrafting to benefit Americans, whether the current economy requires an intervention, the need for institutions to help marketcrafting directly affect people over corporations, and his belief in a positive agenda for the future. Plus, as a co-founder of Facebook, Hughes weighs in on the company’s involvement with the Trump administration.
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Episode Transcript
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Speaker 1 (00:01):
You're listening to Comedy Central.
Speaker 2 (00:07):
From the most trusted journalist at Comedy Central.
Speaker 3 (00:11):
Is America's only source for news.
Speaker 4 (00:14):
This is the daily joke with your Holy show.
Speaker 1 (01:08):
Yal.
Speaker 2 (01:11):
It's officially been a one hundred days of Donald Trump.
Speaker 1 (01:26):
I'm so tired.
Speaker 2 (01:30):
It's aging this nation and Tom Hanks castaway years.
Speaker 1 (01:37):
But it is the daddy show. I'm John Store.
Speaker 2 (01:38):
Tonight we're kicking off a week long coverage Donald Trump's
first one hundred.
Speaker 1 (01:50):
Let's call them days.
Speaker 2 (01:53):
Let's get into it.
Speaker 4 (02:00):
It'll be a little disturbance. I was kidding.
Speaker 1 (02:09):
Energy.
Speaker 2 (02:17):
Imagine me with a white beard. But yes, Tomorrow's officially
the one hundredth day of Donald Trump's second first term,
and you will be very pleased to hear it is
going incredibly.
Speaker 5 (02:33):
Well, the most successful one hundred days in the history
of our country.
Speaker 2 (02:38):
Suck at, Jefferson, suck it, Lincoln sucket Roosevelt's squared.
Speaker 1 (02:47):
Trump's first hundred day is the most successful American history.
It would be like if.
Speaker 2 (02:51):
America landed on the moon and killed Bin Laden in
the same mission.
Speaker 1 (02:58):
I thought you could hide on the moon.
Speaker 4 (03:00):
It get him?
Speaker 2 (03:01):
Boys, did you know people make that noise when they
move on the moon. According to Trump, the most successful
(03:22):
one hundred days in the history of our country.
Speaker 1 (03:28):
Can anyone offer a counterpoint?
Speaker 6 (03:30):
Chaos and confusion from Wall Street to Washington.
Speaker 7 (03:34):
More than six trillion in market losses, consumer confidence plummeting.
Speaker 2 (03:37):
Outrage over Musk and his Department of Government efficiency. The
showdown has legal scholars afraid that this might actually be
a constitutional crisis.
Speaker 3 (03:45):
Firestorm over the national security breach, the Russia Ukraine War
raging on.
Speaker 2 (03:49):
Just thirty nine percent of Americans approve of the way
Trump is doing his job, lower than any past president.
Speaker 1 (03:56):
At the one hundred day.
Speaker 2 (03:57):
Mark, he has the lowest approval rating of any president
in the past eighty years. Suck at Herbert Hoover. Donald
Trump's ratings are eleven points underwater.
Speaker 1 (04:11):
He doesn't care.
Speaker 2 (04:12):
He's not afraid of being underwater because he's equipped with
a flotation unit protective a flotation unit protective accessory or FUPA.
Speaker 1 (04:25):
He has a FOOTPA looking up.
Speaker 4 (04:29):
What's up?
Speaker 2 (04:33):
I had I had to be told with that, but
I hate to break the bad news to Donald Trump.
His lowered approval rating triggers the Chuck Schumer fight instinct.
Speaker 8 (04:47):
You remember, we're going to keep at it, keep at it,
keep at it until he goes below forty.
Speaker 2 (04:52):
Yes, he's below forty. Now you've got it right where
you want him. Finish him, Schumer, Trump is going after
free speech and universities.
Speaker 1 (05:03):
How will you destroy Trump? Now that he's below forty.
Speaker 8 (05:07):
So we sent him a very strong letter just the
other day, tail asking eight very strong questions.
Speaker 2 (05:33):
Question one, why is this university different from all other universities?
Speaker 1 (05:43):
Wait, that's the wrong book, Hold on.
Speaker 4 (05:50):
Four.
Speaker 1 (05:51):
Yeah.
Speaker 2 (05:52):
So while we wait for those strongly worded questions to
work their magic, let's take a look at why so
many people might be unhappy with Trump's forms. It might
have something to do with the gap between what Trump
promised and what he's delivered.
Speaker 1 (06:04):
For instance, the economy America is going to be very
rich again, and it's going to happen very quickly. I
think our economy is going to roar. I think our
stock market is going to do great.
Speaker 5 (06:14):
When I win the election, we will immediately begin a
brand new Trump economic boom.
Speaker 1 (06:18):
It'll be a boom.
Speaker 2 (06:25):
Fortunately, I do think it's pretty clear that on the economy,
Donald Trump did make a boom boom, a little boom boom,
and or dog the Trump go Boom boom. Perhaps Trump
feels so positive because while the economy has had a
tout for most people, there have been some winners.
Speaker 1 (06:43):
Donald Trump's net worth more than doubling.
Speaker 2 (06:46):
President Trump's meme coin worth about two point five billion dollars.
Speaker 7 (06:50):
Law firms committing about a billion dollars worth of free
legal work for the administration.
Speaker 3 (06:55):
XT to reach a ten million dollar settlement with Donald Trump.
Speaker 7 (06:58):
ABC had a agree to give fifteen million dollars to
President Trump's library.
Speaker 1 (07:02):
That is giving twenty five million dollars.
Speaker 2 (07:04):
Amazon Jeff Bezos is paying forty million dollars to license
a documentary about Milania Trump.
Speaker 1 (07:13):
A free market.
Speaker 2 (07:20):
I was like, No, the guy's making billions and billion dollars,
but seriously, forty million dollars for a documentary about Millennia Trump.
Speaker 4 (07:30):
No offense.
Speaker 1 (07:30):
I'm sure she's a very interesting person.
Speaker 2 (07:32):
But PBS made the entirety of the ken Burn Civil
War series for three point five million dollars.
Speaker 1 (07:39):
Shoa Shoa was three million dollars.
Speaker 2 (07:42):
I think obviously they wanted four, but they still got
a good price. The entirety of the Planet Earth series
eleven episodes was less than that.
Speaker 1 (07:52):
Twenty five million dollars.
Speaker 2 (07:54):
And I know Millennia is a mysterious and private woman,
but I guarantee you don't have to wait outside her
house for weeks at a time hoping to catch a
rare nocturnal feeding on a stripe for South American toad.
Speaker 1 (08:06):
Forty million. So Trump is personally doing great in this economy.
What about immigration? He made a lot of promises there too.
Speaker 5 (08:15):
We are going to start the largest mass deportation in
the history of our country, and we are going to
start with violent criminals.
Speaker 2 (08:21):
We're get to get people out that are criminals.
Speaker 4 (08:24):
And horrible people.
Speaker 5 (08:25):
The Hannibal elector is coming in, lots of them, lots
of them.
Speaker 4 (08:30):
So many of them.
Speaker 2 (08:31):
It's like that Timothy Shallow may look alike event.
Speaker 1 (08:34):
But for Hannibal electors.
Speaker 2 (08:38):
By the way, wouldn't massing a bunch of Hannibal electors
around the border be a solution for immigration?
Speaker 1 (08:51):
There was a line here yesterday. I don't now it's
just shoes in empty Kianti bottles. I don't need. Are
we taking out the lectors? The worst of the worst.
Speaker 6 (09:03):
Last week's deportations included three American children, all US citizens.
One of them is battling cancer.
Speaker 9 (09:10):
Oh my god, are you fucking what that's so we're
deporting a kid with cancer.
Speaker 2 (09:19):
Trump really doesn't understand how to make a wish foundation.
Speaker 1 (09:22):
Works, not saying the cancer kid is the one who
gets the wish.
Speaker 4 (09:27):
Trump.
Speaker 1 (09:30):
Oh, I'm sorry.
Speaker 2 (09:37):
The audience will go with you on a lot, but
there are certain moments where I feel their physical pain.
Speaker 1 (09:47):
So that's not working out. What about religion?
Speaker 5 (09:50):
We ought to bring religion back into our country and
let it get stronger and bigger and better. As I say, hmmm, yes, Christianity, bigger, longer, uncut,
(10:11):
so I'm told.
Speaker 1 (10:15):
But fine, how's that promise going?
Speaker 10 (10:18):
Jd Vance was one of the last people to see
who friends is alive, having a meeting within the day
before he died.
Speaker 1 (10:29):
Jd Vance, don't you understand how make a wish? Were
Jessica die? In Vance? What did you do to this man?
This pope had literally.
Speaker 2 (10:46):
Touched lepers, He drank sewage water in slums and survived
all of it.
Speaker 1 (10:54):
Ten minutes, ten minutes talking with JD.
Speaker 2 (10:58):
Vance, and the Pope is like, God, check, please, God, God,
I can't, I can't do it.
Speaker 4 (11:08):
Let me.
Speaker 3 (11:11):
Out.
Speaker 1 (11:13):
I've been celibate eighty eight years.
Speaker 2 (11:17):
This is the longest ten minutes of my life. Even
areas that Trump promised slam dunk progress have abjectly failed.
Speaker 4 (11:31):
And I will settle the.
Speaker 1 (11:32):
War in Ukraine.
Speaker 8 (11:33):
I will have that war settled in one day, twenty
four hours.
Speaker 5 (11:36):
I will get it settled before I even become president
if I win, when I'm president elect.
Speaker 1 (11:41):
And what I'll do is, I'll speak to one, I'll
speak to the other.
Speaker 9 (11:46):
Why are you giving away the secret plan.
Speaker 2 (11:52):
That's the kind of top secret, classified strategy you only
divulge on signal group chats. I'll talk to one, I'll
talk to the other. But clearly wait, clearly, twenty four
hours has passed and no end.
Speaker 1 (12:12):
So what happened?
Speaker 6 (12:14):
President Trump now claiming he was exaggerating with his campaign
promises to end the war in Ukraine on.
Speaker 7 (12:20):
Day one, The President said, obviously people know that. When
I said that, it was said in es.
Speaker 1 (12:28):
I'm gonna end the war in Ukraine on day one.
Speaker 4 (12:35):
Is this thing on?
Speaker 2 (12:44):
By the way, I'm a little shocked Trump couldn't get
it done.
Speaker 1 (12:49):
Given his Solomon like peace plan, Pusan would maintain control
of the territory he's taken since invading more than three
years ago.
Speaker 10 (12:56):
Crimea will stay with Russia, presidents said today the US
will make no security guarantees to Ukraine, so she'll be.
Speaker 1 (13:05):
Just trying to absorb the specific city.
Speaker 2 (13:07):
I'm just trying to so Russia, who invaded a sovereign nation,
gets everything that they wanted and in return Ukraine gets
to give it to them. Obviously not a master negotiator,
but I think I could have delivered that plan.
Speaker 1 (13:27):
Here's the kicker.
Speaker 2 (13:27):
After saying to Russia, well, what if we divide it
where you get everything? Putin just kept through bombing and
Trump is now reduced from the world's greatest negotiator to
come on.
Speaker 7 (13:42):
President Trump called on Russia to stop missile strikes on
Ukraine and made a rare personal rebuke of Putin, saying,
Vladimir stopped.
Speaker 2 (13:58):
Stop.
Speaker 4 (14:01):
It's in all caps flooding.
Speaker 2 (14:04):
The commander achieved the world's most powerful army with the
nuclear briefcase on one side the direct red.
Speaker 1 (14:09):
Foae to Moscow on the other.
Speaker 2 (14:10):
Decided the best way to demonstrate the serious one in
which he took this heinous bombing was to open off
brand Twitter and all caps.
Speaker 1 (14:22):
Concern face.
Speaker 2 (14:22):
Concern face Bicep party had eggplant skull skull, and you'd
be surprised to know that stop didn't work because Vladimir
Putin is not a golden doodle.
Speaker 1 (14:45):
He is apparently a furry. But maybe it's not fair.
Speaker 2 (14:51):
To judge Trump's negotiating skills based on the Ukraine War.
He didn't start that war. We all know ukrained it
by wearing that province.
Speaker 1 (14:59):
You knew it. You were doing Ukraine when you sashayed.
Speaker 2 (15:02):
You have pretty little dawn bass all around the black scene.
The real measure of Trump's first hundred days is the
shrewdness he showed in the war he did start.
Speaker 1 (15:13):
My fellow Americans, this is Liberation Day. Liberation Day.
Speaker 2 (15:19):
It was a devastating sneak attack launched from the rose garden.
Fortunately the country he snuck up on was ours.
Speaker 1 (15:29):
Tariff chaos markets in three fall.
Speaker 8 (15:33):
That everybody kind of caught off guard, flat footed on
Wall Street and elsewhere.
Speaker 7 (15:37):
Major retailers like Target and Walmart have warn shelves could
go empty in a matter of weeks.
Speaker 1 (15:42):
The bond market melting down overnight. There's now a sixty
percent chance of a worldwide recession. There's chaos, there's uncertainty.
No one knows what's going on.
Speaker 2 (15:54):
Yes, apparently plunging our nation into this dark economic abyss is.
Speaker 11 (15:59):
All part of the well. In game theory is called
strategic uncertainty. So you're not going to tell the person
on the other side of the negotiation where you're going
to end up.
Speaker 1 (16:11):
Right right, right, right right.
Speaker 2 (16:16):
But I'm pretty sure in game theory you are supposed
to tell the person on your side, on your side
where they're going to end up so they don't freak
the fuck out. Or maybe it's all bullshit and Trump
launched a trade war without any of the pre planning
and preparation that needed to be done, and Besent has
(16:37):
to go along with it because he's in the service
of an impulsive man baby that you have to lie
to so he doesn't turn his viros of vindictiveness onto you.
Speaker 1 (16:48):
How did you not know that other countries weren't going
to fight back? Did you miss that page in the
Art of War? Spoiler alert, It's on page one.
Speaker 6 (16:56):
China's retaliation now includes suspending experts of rare earth minerals
and magnets to the United States. Those materials are essential
to a number of American industries. Including carmakers, aerospace manufacturers,
and semiconductor producers. China controls the refinement the production of
about ninety percent of the world's rare earth metals.
Speaker 7 (17:18):
Elon Musk said that we're having problems with a magnet issue.
Speaker 1 (17:22):
The materials for the magnets for the robots come from China. Oh,
the robots have no magnets.
Speaker 9 (17:31):
How will they hang up children's drawings on refrigerators?
Speaker 1 (17:35):
They're magnetless.
Speaker 2 (17:37):
And we could have stopped piled magnets and rare earth
materials like Japan.
Speaker 1 (17:41):
Did in it spat with China. But why bother preparing
for a war that you yourself are launching. And really,
how important are magnets anyway?
Speaker 5 (17:51):
Now, all I know about magnets is this, give me
a glass of water, let me drop it on the magnets.
Speaker 2 (17:55):
That's the end of the magnets. So we have the
end of the magnets at the beginning of the magnets.
Speaker 1 (18:04):
Doesn't really matter.
Speaker 2 (18:06):
And we're in this position because we've.
Speaker 1 (18:08):
Been sold this idea of Trump as the master.
Speaker 2 (18:11):
The art of the deal. Only he can bring these
nations to heal. It is all bullshit.
Speaker 4 (18:19):
I'm telling you.
Speaker 5 (18:19):
These countries are calling us up, kissing my ass.
Speaker 1 (18:22):
Trumptil Time magazine that talks were underway and that Chinese
president shot In Ping had called him.
Speaker 3 (18:27):
China has shot back repeatedly saying no, they are not talking.
Speaker 7 (18:32):
The President said, I've made two hundred deals. Time, you've
made two hundred deals? Trump one percent.
Speaker 4 (18:39):
One hundred percent.
Speaker 1 (18:41):
Booshit. Here's how you know two hundred deals. There's only
like one hundred and eighty countries unless he's making a deal.
It's true, you can't.
Speaker 2 (18:59):
Unless he's can get deal with Trinidad and Tobago separately.
All right, Turks, you're settled that keacos knock the bass.
Speaker 1 (19:09):
Back of the Linekeakos.
Speaker 2 (19:13):
Trump is not only not the best negotiator, here's maybe
the worst negotiator. And it makes sense when you listen
to him talking about how he thinks of our economic negotiations.
Speaker 7 (19:24):
The President said this, I own the store, and I
set the prices, and I'll say, if you want to
shop here, this is what you have to pay.
Speaker 5 (19:32):
If you think of us as a big, beautiful department
store before that business was destroyed by the internet.
Speaker 2 (19:39):
Right, why in God's name would you use a brick
and mortar department store for your metaphor on our economic revitalization.
I think of America as the tower records. I the
president put the CDs on the rack, and if you
(20:01):
want to listen to Bloodhound Gang, where else are you
gonna go?
Speaker 1 (20:06):
Is nowhere else to go? Or maybe that's just how
capitalism works.
Speaker 2 (20:10):
The American president sets the prices and decides who's allowed
to come into the store, and then other nations come
back in six months and the whole country is a
spirit Halloween.
Speaker 4 (20:19):
What is he doing?
Speaker 2 (20:22):
But his negotiating skills aren't the real danger to this country.
What's gonna fuck us up is his obsession with the
concept of the leverage that he has.
Speaker 1 (20:33):
We have all the leverage if you know what you're doing.
Speaker 4 (20:35):
We do have leverage because with.
Speaker 5 (20:37):
A pot of gold using my leverage, and it's a
tremendous leverage, and I used it before very well.
Speaker 1 (20:43):
You don't have the leverage. That's the key mis understanding here.
Trump is so arrogant. He thinks the leverage is his,
it's ours, we.
Speaker 4 (20:54):
The people, And it took us two.
Speaker 1 (20:56):
Hundreds more leverage. Why would you even think it is?
It took the people two.
Speaker 2 (21:05):
One hundred and fifty years of striving to live up
to a constitutional republic and rule of law, painstaking equity
that you are squandering. That is the crux of American exceptionalism.
You just want to make us great. That's a downgrade.
(21:25):
Our brand is not strategic uncertainty, and you are not
the keeper of our pot of gold.
Speaker 1 (21:34):
You are a temporary leprechaun.
Speaker 4 (21:37):
And the more normal, the.
Speaker 2 (21:52):
More enamored President Trump you are with your authoritarian whims,
the more that you turn our shop city on a
hill into just another ordinary despot led sea level shithole.
Speaker 1 (22:08):
So if I could just put this, if I could
just put.
Speaker 2 (22:12):
This in negotiating terms, you can understand all caps.
Speaker 4 (22:19):
Don hold.
Speaker 2 (22:23):
When we come back, Chris Hu's will be joining me.
Speaker 1 (22:25):
Don't go right?
Speaker 9 (22:41):
How do I run about in the dawn?
Speaker 1 (22:42):
Teh I got tonight? An economist, an author, also.
Speaker 2 (22:48):
By the way, one of the co founders of Facebook.
His new book is called Market Crafters, The one hundred
Years Struggle to Shape the American Economy.
Speaker 1 (22:54):
Please welopment in the program, Chris Hugh's, sir, animate boy.
The book is called Market Crafters.
Speaker 2 (23:14):
I don't even know where they're gonna pull that up there,
But it's fantastic. Just give us a quick off the top.
What is what do you mean by market crafting? It's
not an etsy, it's so what are we talking about here?
Speaker 10 (23:26):
So I'm making the case that government and policymakers are
often shaping markets to make them work better. So they
can shape the markets to make Americans richer, their economic lives,
more stable, even safer if they know.
Speaker 3 (23:39):
What they're doing.
Speaker 10 (23:40):
And so this is a hidden history that we've got
to pull on and recover if we're going to rebuild
after the chaos of Trump and this moment.
Speaker 1 (23:47):
Sure, I have to stop you right there.
Speaker 2 (23:49):
Are you suggesting that the American economy is not the
free market capitalist nirvana that we have been told?
Speaker 3 (23:58):
It turns out it's rip right.
Speaker 10 (24:02):
No, But I mean, for forty years, people did believe
that markets are self regulating, that they would mostly take
care of themselves. And they always use the I word intervene.
Government is there to intervene in.
Speaker 1 (24:12):
Markets only in catastrophe.
Speaker 10 (24:14):
Usually you're like an emergency room. You know, you would
come and you would fix things. But what I see
in the history is that when things go well market
government is structuring markets to make them work better. So
you can take semiconductors where just a few years ago
we weren't making any advanced semiconductors in the United States.
Now we're making the cutting edge chips that are powering
(24:35):
the iPhone. You could see it in climate, but you
can also see it in financial stability and energy policy.
So there are hopeful, inspiring stories which I think I
need more.
Speaker 3 (24:44):
I think a lot of us need more in this moment.
Speaker 2 (24:45):
Well, because we're out of magnets. We've been out of magnets,
it's true. But you go back. It begins in the
New Deal. The story begins with a great lesson of
how individuals, just this one gentleman hired by Roosevelt, created
the housing market in America.
Speaker 10 (25:05):
Yeah, well, I wrote the book to talk a lot
about public policy today. But I think to do that, well,
you've got to look at the past and see what
worked and what didn't work. Because we can learn from
the successes, often we can learn even more from the failure.
So in the New Deal, the Reconstruction Finance Corporation was
a national investment bank headed by this larger than life
figure Jesse Jones, whose story I love telling in.
Speaker 1 (25:26):
The book it's fantastic.
Speaker 3 (25:27):
He has so many different crazy things.
Speaker 10 (25:30):
He's a guy who grew up in Tennessee, goes to Houston,
makes a million bucks by the time he's thirty years old,
which is a lot nineteen teens. And then he becomes
the head of this investment bank which restructures and supports
American finance, but more importantly gets us out of the
depression by spurring the housing markets that you mentioned, by
(25:52):
making direct loans to industry, and then eventually birthing aviation
and synthetic rubber. I mean, these industries really matter. They
us win the war ways won us World War Two.
Speaker 2 (26:05):
The reason why I think this book is so timely
but also so crucial that fiction that government doesn't pick
winners and losers has always been used when government is
being asked to enlist aid for people, when it's asked
to intervene on the side of people.
Speaker 1 (26:24):
Right, politicians that.
Speaker 2 (26:26):
Socialism medicare, it's all socialism.
Speaker 1 (26:29):
You can't do that. That's not capitalism exactly. Bullshit. Yeah,
it is capitalism.
Speaker 10 (26:34):
Yeah, I mean, the story of American capitalism is one
where we bring the state power to shape and managed markets.
So take financial stability is a clear example. The Federal
Reserve is charged with keeping prices stable, keeping people employed,
and making sure the financial system doesn't implode. It has
had a checkered history, but for the most part has
(26:55):
done a pretty good job of delivering on that for
investors and the folks who rely on it. And so
I think what we need to do is learn from
those successes, but think about what we could do on
housing policy with a similar kind of institution, or how
we could stabilize the price of grocery.
Speaker 1 (27:12):
People and not necessarily.
Speaker 2 (27:14):
And it's interesting how once they're involved in the levers
of power, even the libertarian class become apostles to this
new theory.
Speaker 10 (27:26):
This gentleman Simon, Yeah, I mean so Bill Simon was
a Treasury secretary fifty years ago. Libertarians libertarian He was
honestly the hardest character to write about it in the book,
because the book is a collection of twelve different stories
of individuals, successes and failures. Simon, Man, you go into
the archives and this guy was just a total asshole.
Speaker 9 (27:47):
He was just you can tell that in the archive, boy,
can't you in.
Speaker 10 (27:51):
The letters that I mean, he just absolutely, he absolutely
had no interest in the state working to make markets
better until until the energy crisis in nineteen seventy three,
and he ends up in the Nixon administration in the
chair where he has to figure out, oh, there's an
oil embargo and we cannot import any oil from the
Middle East.
Speaker 3 (28:12):
Prices are skyrocketing. What are we going to do?
Speaker 10 (28:15):
And he does everything from control prices to make allocation
decisions to actually creating a structure to make sure that
there's enough home heating oil in New England so no
one freezes to death. And the irony of I did
all this research on this guy, expecting to write a
pretty critical take.
Speaker 3 (28:30):
He was pretty successful. So even libertarians in.
Speaker 10 (28:32):
Fact, a strategic oil reserve exactly is his exactly. The
strategic petroleum reserve now has hundreds of millions of barrels
and it's there to help us in case there is
another kind of oil embargo event, and even to some extent,
but for the price of stability. So you know, there
are a lot of stories of Republicans believing in the
(28:54):
power of market craft but using a different language to
justify it. But this is not there's no part is
in claim on the term.
Speaker 2 (29:02):
Right now, so fast forward to today, certainly Trump has
been incredibly impactful on the market. But use you use
the word planning. I thought planning was a very interesting
word to use because there appears to be very you know,
the strategic predetorium reserve. Why don't we have that for
(29:23):
rare earth metals before we launch a trade war. This
doesn't sound like market crafting in the way that you
understand it.
Speaker 1 (29:32):
It sounds like dart throwing.
Speaker 10 (29:34):
No, I mean it's a couple of people have asked me,
it's Trump a market crafter, and he's the opposite.
Speaker 3 (29:39):
I mean he's market crasher.
Speaker 10 (29:41):
Market crasher exactly, that great.
Speaker 2 (29:43):
Movie on exactly market Crashers.
Speaker 10 (29:47):
No, but I mean there are ways to think about
the problem that critical minerals lartin. Ninety percent of critical
minerals come from China, and there would be a way
to think about stockpiling those making public sector investment to
mind those minerals here at home, and ironically, JD. Vance
and some other folks in the party, we're talking about
those kinds of ideas as recently as last year. Of course,
(30:10):
now they're all loyal soldiers, just you know, following this.
Speaker 2 (30:12):
Christy's brilliant, the most talented negotiator. Is this a situation
where how do you pull out of something that has
already left the station? Can you do you know of
any instances where market crafting was done not in response
to an exterior crisis but to one of our own creation.
(30:34):
Two thousand and eight comes to mind, because again it
was that sense of like Alan greenspand saying, I'm sure
the banks can regulate themselves. What could go wrong and
it going south? Is this an instance where an intervention
could take place that could remediate or help ease the
(30:57):
crisis that we find ourselves in now?
Speaker 10 (31:00):
I mean, the irony of Greenspan, since you mentioned him,
is that he's got a rap as a deregulator, and
he did do all kinds of deregulation. The guy was
also singularly obsessed with financial innovation. He genuinely believed that
if we created these credit default swaps and the special
purpose vehicles and all of these elaborate, complex machinations, the
financial system would be safer. And yet, as we got
(31:22):
obviously to two thousand and eight, turns out that wasn't
the case.
Speaker 3 (31:26):
And when they allowed Lehman to.
Speaker 10 (31:28):
Just explode, it was part of this whole framework of like, well,
what can we do? We need some company just to
go bankrupt, so everybody learns a lesson, when in reality,
there's a.
Speaker 3 (31:39):
Long there's a long history of threading the needle.
Speaker 10 (31:43):
Just ten years before, the largest hedge fund in the
world had also gone bankrupt.
Speaker 3 (31:46):
But there was a parachute, and there was a.
Speaker 10 (31:48):
Way that wasn't creating a bomb in the financial system,
that allowed that institution to proceed through its bankruptcy proceedings
in a way that you know, the free market fantasy
did not allow for Leman.
Speaker 3 (32:01):
So there was a better way.
Speaker 1 (32:02):
We can do they Why do they in those situations? Though?
Speaker 2 (32:05):
Always even the debate over whether or not to save
Leman or do what they did with Sterns bear Sterns
and save those guys, or dump a shit ton of
liquidity and capital into AIG, But they did it all
at the corporate level. Why is there no policy wedge
to do the same thing for all the homeowners who
got foreclosed on not because of the terrible doings of
(32:31):
Leman and bear Sterns and AIG.
Speaker 1 (32:33):
Why don't they put capital into those markets?
Speaker 10 (32:36):
I think the simple answer is is because we didn't
have the institutions of market craft to do that. We
had an institution of financial stability market craft go save
those banks, but we had no institution in housing markets
that could make it cheaper. Well these days, to make
it cheaper to borrow in the housing crisis moment of
two thousand and eight two thousand and nine, it would
have been about relief for people who'd already bowed and
(32:57):
couldn't make their or.
Speaker 2 (32:57):
Even brought their mortgages up to sea level so that
there wasn't this default crisis.
Speaker 10 (33:02):
Right, So we decided that finance should be stabilized, but
housing shouldn't.
Speaker 3 (33:06):
Right, That makes no sense.
Speaker 10 (33:07):
What we need is a housing construction fund to make
it cheaper to build multifamily developer housing. We need an
industrial policy for modular housing, the kind of homes that
are built off site and then you bring them in
in an apartment building can go up within seven days.
Speaker 3 (33:21):
We can do this.
Speaker 10 (33:22):
We have the ideas, but we have to create the
institutional reality to get it done.
Speaker 2 (33:27):
But this, to me, this is project and I'm going
to get the years wrong. I'm sure twenty twenty nine
for Democrats, there is no reason why Republicans and Democrats
now agree that the state can intervene on behalf of capitalism.
Now it's just or shape we're or shape it. We're
negotiating now what to do it for? The Democrat plan
(33:51):
should be market crafting for the real needs of people
through childcare, elder care, exeducation, healthcare. Bring shit that markets
won't properly regulate.
Speaker 10 (34:04):
Yeah, bring down costs. I mean Americas has been saying
this for years.
Speaker 3 (34:07):
It was through the Yeah.
Speaker 4 (34:09):
Exactly, and then.
Speaker 2 (34:15):
They have the nerve to make us want to celebrate
being able to negotiate the price of ten drugs, Like
it's insane to me that we have created that market
craft and.
Speaker 3 (34:27):
Pharmaceutical Absolutely, that's totally right.
Speaker 10 (34:29):
But let's also not forget that the tariffs are projected
of this administration are projected to raise prices anywhere from
two to four thousand dollars each year the average American family.
Hill I was gonna be like, oh no, that would
be very expensive. But my point is is absolutely we
should be able to get drug prices down.
Speaker 3 (34:45):
We know how to do that.
Speaker 10 (34:46):
That's that's a political problem to get that done.
Speaker 3 (34:49):
We have made some headway in.
Speaker 10 (34:50):
The IRA We got a lot more to do, but
at the same time, I think we got to be
very focused on communicating that Trumpanomics is about raising costs
for Americans, that is very clear, and it's going to
push us straight into a recession. The only thing that's
worse than inflation unemployment, and that's straight around the corner.
And we have to have an agenda to rebuild after that.
Speaker 2 (35:10):
And it also to the utter antithesis of everything that
you lay out in this book over these last one
hundred years, there is no infrastructure behind this. It is
an economic policy by Fiat, by whim, and it is
I'm going to raise them one hundred and thirty percent
today on the tariffs. But there's nothing, no strategy underlying it.
Speaker 10 (35:30):
Yeah, I mean we could do there is a way
in some cases to do tariff policy smartly. You'd want
to have it be targeted and say, hey, we don't
want China to dump their evs in our market something
like that.
Speaker 3 (35:42):
You'd want to do it.
Speaker 10 (35:42):
With Great Britain, the European Union and your allies to
do it well. And then you'd also want to pair
it with public investment because you don't want to just
make things expensive.
Speaker 3 (35:51):
You want to speed up the production here at home.
Speaker 10 (35:53):
There's a way to do that and to think about
it and Bidenomics. It's gotten a bad rap in a
lot of cases, but those in ingredients were there with
a lot of the core elements around climate policy, chips
and semiconductors, and Lena Khan's work at the FTC.
Speaker 1 (36:08):
She's fantastic.
Speaker 2 (36:09):
And you see it now even when they say, oh,
Apple has decided they're going to move all of their factories,
they're going to move them out of China, and you think,
oh my god, the tyriffs are worked, and then they're
like to India, they're not moving them here. So this
is a shell game that corporations they'll wait this out
because there's nothing underlying it.
Speaker 10 (36:28):
Yeah, I mean literally, the boats that are coming from
China are at half capacity right now because the companies
are waiting to ship to see what actually happens. So
there's an agility in these supply chains, which I think
is important to realize. And so I mean, but again
the question is what are we going to do on
the other side of this, Like, obviously we have to
criticize what's.
Speaker 3 (36:48):
Happening right now.
Speaker 10 (36:49):
Sure, but all the time that we're doing that, we're
not developing this positive agenda for the future, and at
least the latter is mostly what I'm focused on, and
this is.
Speaker 2 (36:58):
Kind of a really nice framework to start out there.
I also have to so you haven't obviously been a
Facebook in a very long time, but I'm still sure
you're probably a pretty keen observer of the technocrats, and
you know all the guys from that world. Has anything
that has happened since Trump to Brabas surprised you in
(37:19):
terms of the sort of liberty?
Speaker 1 (37:22):
You know?
Speaker 2 (37:22):
The Mark Zuckerberg, what do you want? Twenty five million dogs?
I'll never do anything again.
Speaker 1 (37:28):
Has there.
Speaker 2 (37:30):
Obsequiousness surprised you in any way? Is there anything about
what's happening in that world?
Speaker 10 (37:34):
I was a little surprised he didn't get a deal.
You know, Mark visited the White House two three times.
I'm in search of a deal and.
Speaker 1 (37:41):
What kind of dealer? What would they get?
Speaker 10 (37:43):
Well, the FTC has sued to break up Facebook, So,
as you know, I talked about this in an article
six years ago.
Speaker 1 (37:50):
Til I'm glad to date it was a good one.
Speaker 3 (37:54):
The FTC file, I thought, so.
Speaker 10 (37:56):
The FTC filed suit a year later, and it's taken
forever to wind through the courts. But Mark Zuckerberg was
on the stand for not last week, but the week before,
virtually every day. And the Trump FTC is prosecuting the
case to separate Instagram and WhatsApp from Facebook.
Speaker 3 (38:13):
That's the agenda.
Speaker 10 (38:15):
And who knows that Google's been declared to monopoly twice
in the past eight months.
Speaker 1 (38:19):
So he doesn't like Google.
Speaker 2 (38:21):
So some of this is maybe they still they haven't
proven their loyalty enough. I think he enjoys humiliating Zuckerberg.
I think he thinks Google was working against him because
Tim Cook and Apple and got a great deal.
Speaker 3 (38:35):
I know, but I do think something has changed.
Speaker 10 (38:37):
It's not so much about Trump, but I think in
the world of anti trust and anti monopoly there's been
a big shift because the guy who's running the FTC now,
I think it's really interesting that he kept some of
the merger guidelines from the Lina kon time. They also
actually filed suit against the FTC filed suit against Uber
last week for misleading customers.
Speaker 1 (39:00):
What they are. Can you believe it?
Speaker 3 (39:02):
Uber?
Speaker 4 (39:03):
Uber?
Speaker 10 (39:04):
But my point is is like there is there is
still this sense that markets need to be competitive.
Speaker 3 (39:10):
If uh, if they're gonna work, uh in.
Speaker 10 (39:12):
A way that's in line with the long term history
of American capitalism. And I think that's a big shift
in anti trust and anti monopoly. Doesn't have anything to
do with Trump, so you know, I'm not giving.
Speaker 3 (39:20):
Any credit for it, but it is.
Speaker 10 (39:21):
It has a lot more to do with with Lena
Khan and a new more emergent set of approaches to
anti trust that's more in keeping with this and there.
Speaker 2 (39:31):
Is Listen, Lena Khan had fans on the right, Jade
Vans was a for sure, Josh Holly was a fender.
Speaker 10 (39:35):
So over almost a dozen Republican senators those are for
her confirmation.
Speaker 1 (39:38):
Yeah, so it's interesting.
Speaker 2 (39:40):
Uh, thank you very much for for being out marketing characters.
Speaker 1 (39:43):
I gotta it's a battle pursue her place. You lear
that with a coat.
Speaker 2 (40:03):
Hello everybody, I love Yeah, I'll tatch out for tonight.
We're gonna have full coverage all week Trump's first one days.
Jordan Plupper's gonna handle tomorrow, Daisy Lyadach on Wednesday, Michael
Costa on Thursday. No skips all bangers. Yeah, that's a
music term I learned yesterday.
Speaker 10 (40:27):
Explore more shows from the Daily Show podcast Universe by
searching The Daily Show wherever you.
Speaker 1 (40:32):
Get your podcasts.
Speaker 5 (40:34):
Watch The Daily Show week nights at eleven ten Central
on Comedy Central, and stream full episodes anytime on Paramount
Speaker 4 (40:40):
Plus Paramount Podcasts
You're listening to Comedy Central.
Speaker 2 (00:07):
From the most trusted journalist at Comedy Central.
Speaker 3 (00:11):
Is America's only source for news.
Speaker 4 (00:14):
This is the daily joke with your Holy show.
Speaker 1 (01:08):
Yal.
Speaker 2 (01:11):
It's officially been a one hundred days of Donald Trump.
Speaker 1 (01:26):
I'm so tired.
Speaker 2 (01:30):
It's aging this nation and Tom Hanks castaway years.
Speaker 1 (01:37):
But it is the daddy show. I'm John Store.
Speaker 2 (01:38):
Tonight we're kicking off a week long coverage Donald Trump's
first one hundred.
Speaker 1 (01:50):
Let's call them days.
Speaker 2 (01:53):
Let's get into it.
Speaker 4 (02:00):
It'll be a little disturbance. I was kidding.
Speaker 1 (02:09):
Energy.
Speaker 2 (02:17):
Imagine me with a white beard. But yes, Tomorrow's officially
the one hundredth day of Donald Trump's second first term,
and you will be very pleased to hear it is
going incredibly.
Speaker 5 (02:33):
Well, the most successful one hundred days in the history
of our country.
Speaker 2 (02:38):
Suck at, Jefferson, suck it, Lincoln sucket Roosevelt's squared.
Speaker 1 (02:47):
Trump's first hundred day is the most successful American history.
It would be like if.
Speaker 2 (02:51):
America landed on the moon and killed Bin Laden in
the same mission.
Speaker 1 (02:58):
I thought you could hide on the moon.
Speaker 4 (03:00):
It get him?
Speaker 2 (03:01):
Boys, did you know people make that noise when they
move on the moon. According to Trump, the most successful
(03:22):
one hundred days in the history of our country.
Speaker 1 (03:28):
Can anyone offer a counterpoint?
Speaker 6 (03:30):
Chaos and confusion from Wall Street to Washington.
Speaker 7 (03:34):
More than six trillion in market losses, consumer confidence plummeting.
Speaker 2 (03:37):
Outrage over Musk and his Department of Government efficiency. The
showdown has legal scholars afraid that this might actually be
a constitutional crisis.
Speaker 3 (03:45):
Firestorm over the national security breach, the Russia Ukraine War
raging on.
Speaker 2 (03:49):
Just thirty nine percent of Americans approve of the way
Trump is doing his job, lower than any past president.
Speaker 1 (03:56):
At the one hundred day.
Speaker 2 (03:57):
Mark, he has the lowest approval rating of any president
in the past eighty years. Suck at Herbert Hoover. Donald
Trump's ratings are eleven points underwater.
Speaker 1 (04:11):
He doesn't care.
Speaker 2 (04:12):
He's not afraid of being underwater because he's equipped with
a flotation unit protective a flotation unit protective accessory or FUPA.
Speaker 1 (04:25):
He has a FOOTPA looking up.
Speaker 4 (04:29):
What's up?
Speaker 2 (04:33):
I had I had to be told with that, but
I hate to break the bad news to Donald Trump.
His lowered approval rating triggers the Chuck Schumer fight instinct.
Speaker 8 (04:47):
You remember, we're going to keep at it, keep at it,
keep at it until he goes below forty.
Speaker 2 (04:52):
Yes, he's below forty. Now you've got it right where
you want him. Finish him, Schumer, Trump is going after
free speech and universities.
Speaker 1 (05:03):
How will you destroy Trump? Now that he's below forty.
Speaker 8 (05:07):
So we sent him a very strong letter just the
other day, tail asking eight very strong questions.
Speaker 2 (05:33):
Question one, why is this university different from all other universities?
Speaker 1 (05:43):
Wait, that's the wrong book, Hold on.
Speaker 4 (05:50):
Four.
Speaker 1 (05:51):
Yeah.
Speaker 2 (05:52):
So while we wait for those strongly worded questions to
work their magic, let's take a look at why so
many people might be unhappy with Trump's forms. It might
have something to do with the gap between what Trump
promised and what he's delivered.
Speaker 1 (06:04):
For instance, the economy America is going to be very
rich again, and it's going to happen very quickly. I
think our economy is going to roar. I think our
stock market is going to do great.
Speaker 5 (06:14):
When I win the election, we will immediately begin a
brand new Trump economic boom.
Speaker 1 (06:18):
It'll be a boom.
Speaker 2 (06:25):
Fortunately, I do think it's pretty clear that on the economy,
Donald Trump did make a boom boom, a little boom boom,
and or dog the Trump go Boom boom. Perhaps Trump
feels so positive because while the economy has had a
tout for most people, there have been some winners.
Speaker 1 (06:43):
Donald Trump's net worth more than doubling.
Speaker 2 (06:46):
President Trump's meme coin worth about two point five billion dollars.
Speaker 7 (06:50):
Law firms committing about a billion dollars worth of free
legal work for the administration.
Speaker 3 (06:55):
XT to reach a ten million dollar settlement with Donald Trump.
Speaker 7 (06:58):
ABC had a agree to give fifteen million dollars to
President Trump's library.
Speaker 1 (07:02):
That is giving twenty five million dollars.
Speaker 2 (07:04):
Amazon Jeff Bezos is paying forty million dollars to license
a documentary about Milania Trump.
Speaker 1 (07:13):
A free market.
Speaker 2 (07:20):
I was like, No, the guy's making billions and billion dollars,
but seriously, forty million dollars for a documentary about Millennia Trump.
Speaker 4 (07:30):
No offense.
Speaker 1 (07:30):
I'm sure she's a very interesting person.
Speaker 2 (07:32):
But PBS made the entirety of the ken Burn Civil
War series for three point five million dollars.
Speaker 1 (07:39):
Shoa Shoa was three million dollars.
Speaker 2 (07:42):
I think obviously they wanted four, but they still got
a good price. The entirety of the Planet Earth series
eleven episodes was less than that.
Speaker 1 (07:52):
Twenty five million dollars.
Speaker 2 (07:54):
And I know Millennia is a mysterious and private woman,
but I guarantee you don't have to wait outside her
house for weeks at a time hoping to catch a
rare nocturnal feeding on a stripe for South American toad.
Speaker 1 (08:06):
Forty million. So Trump is personally doing great in this economy.
What about immigration? He made a lot of promises there too.
Speaker 5 (08:15):
We are going to start the largest mass deportation in
the history of our country, and we are going to
start with violent criminals.
Speaker 2 (08:21):
We're get to get people out that are criminals.
Speaker 4 (08:24):
And horrible people.
Speaker 5 (08:25):
The Hannibal elector is coming in, lots of them, lots
of them.
Speaker 4 (08:30):
So many of them.
Speaker 2 (08:31):
It's like that Timothy Shallow may look alike event.
Speaker 1 (08:34):
But for Hannibal electors.
Speaker 2 (08:38):
By the way, wouldn't massing a bunch of Hannibal electors
around the border be a solution for immigration?
Speaker 1 (08:51):
There was a line here yesterday. I don't now it's
just shoes in empty Kianti bottles. I don't need. Are
we taking out the lectors? The worst of the worst.
Speaker 6 (09:03):
Last week's deportations included three American children, all US citizens.
One of them is battling cancer.
Speaker 9 (09:10):
Oh my god, are you fucking what that's so we're
deporting a kid with cancer.
Speaker 2 (09:19):
Trump really doesn't understand how to make a wish foundation.
Speaker 1 (09:22):
Works, not saying the cancer kid is the one who
gets the wish.
Speaker 4 (09:27):
Trump.
Speaker 1 (09:30):
Oh, I'm sorry.
Speaker 2 (09:37):
The audience will go with you on a lot, but
there are certain moments where I feel their physical pain.
Speaker 1 (09:47):
So that's not working out. What about religion?
Speaker 5 (09:50):
We ought to bring religion back into our country and
let it get stronger and bigger and better. As I say, hmmm, yes, Christianity, bigger, longer, uncut,
(10:11):
so I'm told.
Speaker 1 (10:15):
But fine, how's that promise going?
Speaker 10 (10:18):
Jd Vance was one of the last people to see
who friends is alive, having a meeting within the day
before he died.
Speaker 1 (10:29):
Jd Vance, don't you understand how make a wish? Were
Jessica die? In Vance? What did you do to this man?
This pope had literally.
Speaker 2 (10:46):
Touched lepers, He drank sewage water in slums and survived
all of it.
Speaker 1 (10:54):
Ten minutes, ten minutes talking with JD.
Speaker 2 (10:58):
Vance, and the Pope is like, God, check, please, God, God,
I can't, I can't do it.
Speaker 4 (11:08):
Let me.
Speaker 3 (11:11):
Out.
Speaker 1 (11:13):
I've been celibate eighty eight years.
Speaker 2 (11:17):
This is the longest ten minutes of my life. Even
areas that Trump promised slam dunk progress have abjectly failed.
Speaker 4 (11:31):
And I will settle the.
Speaker 1 (11:32):
War in Ukraine.
Speaker 8 (11:33):
I will have that war settled in one day, twenty
four hours.
Speaker 5 (11:36):
I will get it settled before I even become president
if I win, when I'm president elect.
Speaker 1 (11:41):
And what I'll do is, I'll speak to one, I'll
speak to the other.
Speaker 9 (11:46):
Why are you giving away the secret plan.
Speaker 2 (11:52):
That's the kind of top secret, classified strategy you only
divulge on signal group chats. I'll talk to one, I'll
talk to the other. But clearly wait, clearly, twenty four
hours has passed and no end.
Speaker 1 (12:12):
So what happened?
Speaker 6 (12:14):
President Trump now claiming he was exaggerating with his campaign
promises to end the war in Ukraine on.
Speaker 7 (12:20):
Day one, The President said, obviously people know that. When
I said that, it was said in es.
Speaker 1 (12:28):
I'm gonna end the war in Ukraine on day one.
Speaker 4 (12:35):
Is this thing on?
Speaker 2 (12:44):
By the way, I'm a little shocked Trump couldn't get
it done.
Speaker 1 (12:49):
Given his Solomon like peace plan, Pusan would maintain control
of the territory he's taken since invading more than three
years ago.
Speaker 10 (12:56):
Crimea will stay with Russia, presidents said today the US
will make no security guarantees to Ukraine, so she'll be.
Speaker 1 (13:05):
Just trying to absorb the specific city.
Speaker 2 (13:07):
I'm just trying to so Russia, who invaded a sovereign nation,
gets everything that they wanted and in return Ukraine gets
to give it to them. Obviously not a master negotiator,
but I think I could have delivered that plan.
Speaker 1 (13:27):
Here's the kicker.
Speaker 2 (13:27):
After saying to Russia, well, what if we divide it
where you get everything? Putin just kept through bombing and
Trump is now reduced from the world's greatest negotiator to
come on.
Speaker 7 (13:42):
President Trump called on Russia to stop missile strikes on
Ukraine and made a rare personal rebuke of Putin, saying,
Vladimir stopped.
Speaker 2 (13:58):
Stop.
Speaker 4 (14:01):
It's in all caps flooding.
Speaker 2 (14:04):
The commander achieved the world's most powerful army with the
nuclear briefcase on one side the direct red.
Speaker 1 (14:09):
Foae to Moscow on the other.
Speaker 2 (14:10):
Decided the best way to demonstrate the serious one in
which he took this heinous bombing was to open off
brand Twitter and all caps.
Speaker 1 (14:22):
Concern face.
Speaker 2 (14:22):
Concern face Bicep party had eggplant skull skull, and you'd
be surprised to know that stop didn't work because Vladimir
Putin is not a golden doodle.
Speaker 1 (14:45):
He is apparently a furry. But maybe it's not fair.
Speaker 2 (14:51):
To judge Trump's negotiating skills based on the Ukraine War.
He didn't start that war. We all know ukrained it
by wearing that province.
Speaker 1 (14:59):
You knew it. You were doing Ukraine when you sashayed.
Speaker 2 (15:02):
You have pretty little dawn bass all around the black scene.
The real measure of Trump's first hundred days is the
shrewdness he showed in the war he did start.
Speaker 1 (15:13):
My fellow Americans, this is Liberation Day. Liberation Day.
Speaker 2 (15:19):
It was a devastating sneak attack launched from the rose garden.
Fortunately the country he snuck up on was ours.
Speaker 1 (15:29):
Tariff chaos markets in three fall.
Speaker 8 (15:33):
That everybody kind of caught off guard, flat footed on
Wall Street and elsewhere.
Speaker 7 (15:37):
Major retailers like Target and Walmart have warn shelves could
go empty in a matter of weeks.
Speaker 1 (15:42):
The bond market melting down overnight. There's now a sixty
percent chance of a worldwide recession. There's chaos, there's uncertainty.
No one knows what's going on.
Speaker 2 (15:54):
Yes, apparently plunging our nation into this dark economic abyss is.
Speaker 11 (15:59):
All part of the well. In game theory is called
strategic uncertainty. So you're not going to tell the person
on the other side of the negotiation where you're going
to end up.
Speaker 1 (16:11):
Right right, right, right right.
Speaker 2 (16:16):
But I'm pretty sure in game theory you are supposed
to tell the person on your side, on your side
where they're going to end up so they don't freak
the fuck out. Or maybe it's all bullshit and Trump
launched a trade war without any of the pre planning
and preparation that needed to be done, and Besent has
(16:37):
to go along with it because he's in the service
of an impulsive man baby that you have to lie
to so he doesn't turn his viros of vindictiveness onto you.
Speaker 1 (16:48):
How did you not know that other countries weren't going
to fight back? Did you miss that page in the
Art of War? Spoiler alert, It's on page one.
Speaker 6 (16:56):
China's retaliation now includes suspending experts of rare earth minerals
and magnets to the United States. Those materials are essential
to a number of American industries. Including carmakers, aerospace manufacturers,
and semiconductor producers. China controls the refinement the production of
about ninety percent of the world's rare earth metals.
Speaker 7 (17:18):
Elon Musk said that we're having problems with a magnet issue.
Speaker 1 (17:22):
The materials for the magnets for the robots come from China. Oh,
the robots have no magnets.
Speaker 9 (17:31):
How will they hang up children's drawings on refrigerators?
Speaker 1 (17:35):
They're magnetless.
Speaker 2 (17:37):
And we could have stopped piled magnets and rare earth
materials like Japan.
Speaker 1 (17:41):
Did in it spat with China. But why bother preparing
for a war that you yourself are launching. And really,
how important are magnets anyway?
Speaker 5 (17:51):
Now, all I know about magnets is this, give me
a glass of water, let me drop it on the magnets.
Speaker 2 (17:55):
That's the end of the magnets. So we have the
end of the magnets at the beginning of the magnets.
Speaker 1 (18:04):
Doesn't really matter.
Speaker 2 (18:06):
And we're in this position because we've.
Speaker 1 (18:08):
Been sold this idea of Trump as the master.
Speaker 2 (18:11):
The art of the deal. Only he can bring these
nations to heal. It is all bullshit.
Speaker 4 (18:19):
I'm telling you.
Speaker 5 (18:19):
These countries are calling us up, kissing my ass.
Speaker 1 (18:22):
Trumptil Time magazine that talks were underway and that Chinese
president shot In Ping had called him.
Speaker 3 (18:27):
China has shot back repeatedly saying no, they are not talking.
Speaker 7 (18:32):
The President said, I've made two hundred deals. Time, you've
made two hundred deals? Trump one percent.
Speaker 4 (18:39):
One hundred percent.
Speaker 1 (18:41):
Booshit. Here's how you know two hundred deals. There's only
like one hundred and eighty countries unless he's making a deal.
It's true, you can't.
Speaker 2 (18:59):
Unless he's can get deal with Trinidad and Tobago separately.
All right, Turks, you're settled that keacos knock the bass.
Speaker 1 (19:09):
Back of the Linekeakos.
Speaker 2 (19:13):
Trump is not only not the best negotiator, here's maybe
the worst negotiator. And it makes sense when you listen
to him talking about how he thinks of our economic negotiations.
Speaker 7 (19:24):
The President said this, I own the store, and I
set the prices, and I'll say, if you want to
shop here, this is what you have to pay.
Speaker 5 (19:32):
If you think of us as a big, beautiful department
store before that business was destroyed by the internet.
Speaker 2 (19:39):
Right, why in God's name would you use a brick
and mortar department store for your metaphor on our economic revitalization.
I think of America as the tower records. I the
president put the CDs on the rack, and if you
(20:01):
want to listen to Bloodhound Gang, where else are you
gonna go?
Speaker 1 (20:06):
Is nowhere else to go? Or maybe that's just how
capitalism works.
Speaker 2 (20:10):
The American president sets the prices and decides who's allowed
to come into the store, and then other nations come
back in six months and the whole country is a
spirit Halloween.
Speaker 4 (20:19):
What is he doing?
Speaker 2 (20:22):
But his negotiating skills aren't the real danger to this country.
What's gonna fuck us up is his obsession with the
concept of the leverage that he has.
Speaker 1 (20:33):
We have all the leverage if you know what you're doing.
Speaker 4 (20:35):
We do have leverage because with.
Speaker 5 (20:37):
A pot of gold using my leverage, and it's a
tremendous leverage, and I used it before very well.
Speaker 1 (20:43):
You don't have the leverage. That's the key mis understanding here.
Trump is so arrogant. He thinks the leverage is his,
it's ours, we.
Speaker 4 (20:54):
The people, And it took us two.
Speaker 1 (20:56):
Hundreds more leverage. Why would you even think it is?
It took the people two.
Speaker 2 (21:05):
One hundred and fifty years of striving to live up
to a constitutional republic and rule of law, painstaking equity
that you are squandering. That is the crux of American exceptionalism.
You just want to make us great. That's a downgrade.
(21:25):
Our brand is not strategic uncertainty, and you are not
the keeper of our pot of gold.
Speaker 1 (21:34):
You are a temporary leprechaun.
Speaker 4 (21:37):
And the more normal, the.
Speaker 2 (21:52):
More enamored President Trump you are with your authoritarian whims,
the more that you turn our shop city on a
hill into just another ordinary despot led sea level shithole.
Speaker 1 (22:08):
So if I could just put this, if I could
just put.
Speaker 2 (22:12):
This in negotiating terms, you can understand all caps.
Speaker 4 (22:19):
Don hold.
Speaker 2 (22:23):
When we come back, Chris Hu's will be joining me.
Speaker 1 (22:25):
Don't go right?
Speaker 9 (22:41):
How do I run about in the dawn?
Speaker 1 (22:42):
Teh I got tonight? An economist, an author, also.
Speaker 2 (22:48):
By the way, one of the co founders of Facebook.
His new book is called Market Crafters, The one hundred
Years Struggle to Shape the American Economy.
Speaker 1 (22:54):
Please welopment in the program, Chris Hugh's, sir, animate boy.
The book is called Market Crafters.
Speaker 2 (23:14):
I don't even know where they're gonna pull that up there,
But it's fantastic. Just give us a quick off the top.
What is what do you mean by market crafting? It's
not an etsy, it's so what are we talking about here?
Speaker 10 (23:26):
So I'm making the case that government and policymakers are
often shaping markets to make them work better. So they
can shape the markets to make Americans richer, their economic lives,
more stable, even safer if they know.
Speaker 3 (23:39):
What they're doing.
Speaker 10 (23:40):
And so this is a hidden history that we've got
to pull on and recover if we're going to rebuild
after the chaos of Trump and this moment.
Speaker 1 (23:47):
Sure, I have to stop you right there.
Speaker 2 (23:49):
Are you suggesting that the American economy is not the
free market capitalist nirvana that we have been told?
Speaker 3 (23:58):
It turns out it's rip right.
Speaker 10 (24:02):
No, But I mean, for forty years, people did believe
that markets are self regulating, that they would mostly take
care of themselves. And they always use the I word intervene.
Government is there to intervene in.
Speaker 1 (24:12):
Markets only in catastrophe.
Speaker 10 (24:14):
Usually you're like an emergency room. You know, you would
come and you would fix things. But what I see
in the history is that when things go well market
government is structuring markets to make them work better. So
you can take semiconductors where just a few years ago
we weren't making any advanced semiconductors in the United States.
Now we're making the cutting edge chips that are powering
(24:35):
the iPhone. You could see it in climate, but you
can also see it in financial stability and energy policy.
So there are hopeful, inspiring stories which I think I
need more.
Speaker 3 (24:44):
I think a lot of us need more in this moment.
Speaker 2 (24:45):
Well, because we're out of magnets. We've been out of magnets,
it's true. But you go back. It begins in the
New Deal. The story begins with a great lesson of
how individuals, just this one gentleman hired by Roosevelt, created
the housing market in America.
Speaker 10 (25:05):
Yeah, well, I wrote the book to talk a lot
about public policy today. But I think to do that, well,
you've got to look at the past and see what
worked and what didn't work. Because we can learn from
the successes, often we can learn even more from the failure.
So in the New Deal, the Reconstruction Finance Corporation was
a national investment bank headed by this larger than life
figure Jesse Jones, whose story I love telling in.
Speaker 1 (25:26):
The book it's fantastic.
Speaker 3 (25:27):
He has so many different crazy things.
Speaker 10 (25:30):
He's a guy who grew up in Tennessee, goes to Houston,
makes a million bucks by the time he's thirty years old,
which is a lot nineteen teens. And then he becomes
the head of this investment bank which restructures and supports
American finance, but more importantly gets us out of the
depression by spurring the housing markets that you mentioned, by
(25:52):
making direct loans to industry, and then eventually birthing aviation
and synthetic rubber. I mean, these industries really matter. They
us win the war ways won us World War Two.
Speaker 2 (26:05):
The reason why I think this book is so timely
but also so crucial that fiction that government doesn't pick
winners and losers has always been used when government is
being asked to enlist aid for people, when it's asked
to intervene on the side of people.
Speaker 1 (26:24):
Right, politicians that.
Speaker 2 (26:26):
Socialism medicare, it's all socialism.
Speaker 1 (26:29):
You can't do that. That's not capitalism exactly. Bullshit. Yeah,
it is capitalism.
Speaker 10 (26:34):
Yeah, I mean, the story of American capitalism is one
where we bring the state power to shape and managed markets.
So take financial stability is a clear example. The Federal
Reserve is charged with keeping prices stable, keeping people employed,
and making sure the financial system doesn't implode. It has
had a checkered history, but for the most part has
(26:55):
done a pretty good job of delivering on that for
investors and the folks who rely on it. And so
I think what we need to do is learn from
those successes, but think about what we could do on
housing policy with a similar kind of institution, or how
we could stabilize the price of grocery.
Speaker 1 (27:12):
People and not necessarily.
Speaker 2 (27:14):
And it's interesting how once they're involved in the levers
of power, even the libertarian class become apostles to this
new theory.
Speaker 10 (27:26):
This gentleman Simon, Yeah, I mean so Bill Simon was
a Treasury secretary fifty years ago. Libertarians libertarian He was
honestly the hardest character to write about it in the book,
because the book is a collection of twelve different stories
of individuals, successes and failures. Simon, Man, you go into
the archives and this guy was just a total asshole.
Speaker 9 (27:47):
He was just you can tell that in the archive, boy,
can't you in.
Speaker 10 (27:51):
The letters that I mean, he just absolutely, he absolutely
had no interest in the state working to make markets
better until until the energy crisis in nineteen seventy three,
and he ends up in the Nixon administration in the
chair where he has to figure out, oh, there's an
oil embargo and we cannot import any oil from the
Middle East.
Speaker 3 (28:12):
Prices are skyrocketing. What are we going to do?
Speaker 10 (28:15):
And he does everything from control prices to make allocation
decisions to actually creating a structure to make sure that
there's enough home heating oil in New England so no
one freezes to death. And the irony of I did
all this research on this guy, expecting to write a
pretty critical take.
Speaker 3 (28:30):
He was pretty successful. So even libertarians in.
Speaker 10 (28:32):
Fact, a strategic oil reserve exactly is his exactly. The
strategic petroleum reserve now has hundreds of millions of barrels
and it's there to help us in case there is
another kind of oil embargo event, and even to some extent,
but for the price of stability. So you know, there
are a lot of stories of Republicans believing in the
(28:54):
power of market craft but using a different language to
justify it. But this is not there's no part is
in claim on the term.
Speaker 2 (29:02):
Right now, so fast forward to today, certainly Trump has
been incredibly impactful on the market. But use you use
the word planning. I thought planning was a very interesting
word to use because there appears to be very you know,
the strategic predetorium reserve. Why don't we have that for
(29:23):
rare earth metals before we launch a trade war. This
doesn't sound like market crafting in the way that you
understand it.
Speaker 1 (29:32):
It sounds like dart throwing.
Speaker 10 (29:34):
No, I mean it's a couple of people have asked me,
it's Trump a market crafter, and he's the opposite.
Speaker 3 (29:39):
I mean he's market crasher.
Speaker 10 (29:41):
Market crasher exactly, that great.
Speaker 2 (29:43):
Movie on exactly market Crashers.
Speaker 10 (29:47):
No, but I mean there are ways to think about
the problem that critical minerals lartin. Ninety percent of critical
minerals come from China, and there would be a way
to think about stockpiling those making public sector investment to
mind those minerals here at home, and ironically, JD. Vance
and some other folks in the party, we're talking about
those kinds of ideas as recently as last year. Of course,
(30:10):
now they're all loyal soldiers, just you know, following this.
Speaker 2 (30:12):
Christy's brilliant, the most talented negotiator. Is this a situation
where how do you pull out of something that has
already left the station? Can you do you know of
any instances where market crafting was done not in response
to an exterior crisis but to one of our own creation.
(30:34):
Two thousand and eight comes to mind, because again it
was that sense of like Alan greenspand saying, I'm sure
the banks can regulate themselves. What could go wrong and
it going south? Is this an instance where an intervention
could take place that could remediate or help ease the
(30:57):
crisis that we find ourselves in now?
Speaker 10 (31:00):
I mean, the irony of Greenspan, since you mentioned him,
is that he's got a rap as a deregulator, and
he did do all kinds of deregulation. The guy was
also singularly obsessed with financial innovation. He genuinely believed that
if we created these credit default swaps and the special
purpose vehicles and all of these elaborate, complex machinations, the
financial system would be safer. And yet, as we got
(31:22):
obviously to two thousand and eight, turns out that wasn't
the case.
Speaker 3 (31:26):
And when they allowed Lehman to.
Speaker 10 (31:28):
Just explode, it was part of this whole framework of like, well,
what can we do? We need some company just to
go bankrupt, so everybody learns a lesson, when in reality,
there's a.
Speaker 3 (31:39):
Long there's a long history of threading the needle.
Speaker 10 (31:43):
Just ten years before, the largest hedge fund in the
world had also gone bankrupt.
Speaker 3 (31:46):
But there was a parachute, and there was a.
Speaker 10 (31:48):
Way that wasn't creating a bomb in the financial system,
that allowed that institution to proceed through its bankruptcy proceedings
in a way that you know, the free market fantasy
did not allow for Leman.
Speaker 3 (32:01):
So there was a better way.
Speaker 1 (32:02):
We can do they Why do they in those situations? Though?
Speaker 2 (32:05):
Always even the debate over whether or not to save
Leman or do what they did with Sterns bear Sterns
and save those guys, or dump a shit ton of
liquidity and capital into AIG, But they did it all
at the corporate level. Why is there no policy wedge
to do the same thing for all the homeowners who
got foreclosed on not because of the terrible doings of
(32:31):
Leman and bear Sterns and AIG.
Speaker 1 (32:33):
Why don't they put capital into those markets?
Speaker 10 (32:36):
I think the simple answer is is because we didn't
have the institutions of market craft to do that. We
had an institution of financial stability market craft go save
those banks, but we had no institution in housing markets
that could make it cheaper. Well these days, to make
it cheaper to borrow in the housing crisis moment of
two thousand and eight two thousand and nine, it would
have been about relief for people who'd already bowed and
(32:57):
couldn't make their or.
Speaker 2 (32:57):
Even brought their mortgages up to sea level so that
there wasn't this default crisis.
Speaker 10 (33:02):
Right, So we decided that finance should be stabilized, but
housing shouldn't.
Speaker 3 (33:06):
Right, That makes no sense.
Speaker 10 (33:07):
What we need is a housing construction fund to make
it cheaper to build multifamily developer housing. We need an
industrial policy for modular housing, the kind of homes that
are built off site and then you bring them in
in an apartment building can go up within seven days.
Speaker 3 (33:21):
We can do this.
Speaker 10 (33:22):
We have the ideas, but we have to create the
institutional reality to get it done.
Speaker 2 (33:27):
But this, to me, this is project and I'm going
to get the years wrong. I'm sure twenty twenty nine
for Democrats, there is no reason why Republicans and Democrats
now agree that the state can intervene on behalf of capitalism.
Now it's just or shape we're or shape it. We're
negotiating now what to do it for? The Democrat plan
(33:51):
should be market crafting for the real needs of people
through childcare, elder care, exeducation, healthcare. Bring shit that markets
won't properly regulate.
Speaker 10 (34:04):
Yeah, bring down costs. I mean Americas has been saying
this for years.
Speaker 3 (34:07):
It was through the Yeah.
Speaker 4 (34:09):
Exactly, and then.
Speaker 2 (34:15):
They have the nerve to make us want to celebrate
being able to negotiate the price of ten drugs, Like
it's insane to me that we have created that market
craft and.
Speaker 3 (34:27):
Pharmaceutical Absolutely, that's totally right.
Speaker 10 (34:29):
But let's also not forget that the tariffs are projected
of this administration are projected to raise prices anywhere from
two to four thousand dollars each year the average American family.
Hill I was gonna be like, oh no, that would
be very expensive. But my point is is absolutely we
should be able to get drug prices down.
Speaker 3 (34:45):
We know how to do that.
Speaker 10 (34:46):
That's that's a political problem to get that done.
Speaker 3 (34:49):
We have made some headway in.
Speaker 10 (34:50):
The IRA We got a lot more to do, but
at the same time, I think we got to be
very focused on communicating that Trumpanomics is about raising costs
for Americans, that is very clear, and it's going to
push us straight into a recession. The only thing that's
worse than inflation unemployment, and that's straight around the corner.
And we have to have an agenda to rebuild after that.
Speaker 2 (35:10):
And it also to the utter antithesis of everything that
you lay out in this book over these last one
hundred years, there is no infrastructure behind this. It is
an economic policy by Fiat, by whim, and it is
I'm going to raise them one hundred and thirty percent
today on the tariffs. But there's nothing, no strategy underlying it.
Speaker 10 (35:30):
Yeah, I mean we could do there is a way
in some cases to do tariff policy smartly. You'd want
to have it be targeted and say, hey, we don't
want China to dump their evs in our market something
like that.
Speaker 3 (35:42):
You'd want to do it.
Speaker 10 (35:42):
With Great Britain, the European Union and your allies to
do it well. And then you'd also want to pair
it with public investment because you don't want to just
make things expensive.
Speaker 3 (35:51):
You want to speed up the production here at home.
Speaker 10 (35:53):
There's a way to do that and to think about
it and Bidenomics. It's gotten a bad rap in a
lot of cases, but those in ingredients were there with
a lot of the core elements around climate policy, chips
and semiconductors, and Lena Khan's work at the FTC.
Speaker 1 (36:08):
She's fantastic.
Speaker 2 (36:09):
And you see it now even when they say, oh,
Apple has decided they're going to move all of their factories,
they're going to move them out of China, and you think,
oh my god, the tyriffs are worked, and then they're
like to India, they're not moving them here. So this
is a shell game that corporations they'll wait this out
because there's nothing underlying it.
Speaker 10 (36:28):
Yeah, I mean literally, the boats that are coming from
China are at half capacity right now because the companies
are waiting to ship to see what actually happens. So
there's an agility in these supply chains, which I think
is important to realize. And so I mean, but again
the question is what are we going to do on
the other side of this, Like, obviously we have to
criticize what's.
Speaker 3 (36:48):
Happening right now.
Speaker 10 (36:49):
Sure, but all the time that we're doing that, we're
not developing this positive agenda for the future, and at
least the latter is mostly what I'm focused on, and
this is.
Speaker 2 (36:58):
Kind of a really nice framework to start out there.
I also have to so you haven't obviously been a
Facebook in a very long time, but I'm still sure
you're probably a pretty keen observer of the technocrats, and
you know all the guys from that world. Has anything
that has happened since Trump to Brabas surprised you in
(37:19):
terms of the sort of liberty?
Speaker 1 (37:22):
You know?
Speaker 2 (37:22):
The Mark Zuckerberg, what do you want? Twenty five million dogs?
I'll never do anything again.
Speaker 1 (37:28):
Has there.
Speaker 2 (37:30):
Obsequiousness surprised you in any way? Is there anything about
what's happening in that world?
Speaker 10 (37:34):
I was a little surprised he didn't get a deal.
You know, Mark visited the White House two three times.
I'm in search of a deal and.
Speaker 1 (37:41):
What kind of dealer? What would they get?
Speaker 10 (37:43):
Well, the FTC has sued to break up Facebook, So,
as you know, I talked about this in an article
six years ago.
Speaker 1 (37:50):
Til I'm glad to date it was a good one.
Speaker 3 (37:54):
The FTC file, I thought, so.
Speaker 10 (37:56):
The FTC filed suit a year later, and it's taken
forever to wind through the courts. But Mark Zuckerberg was
on the stand for not last week, but the week before,
virtually every day. And the Trump FTC is prosecuting the
case to separate Instagram and WhatsApp from Facebook.
Speaker 3 (38:13):
That's the agenda.
Speaker 10 (38:15):
And who knows that Google's been declared to monopoly twice
in the past eight months.
Speaker 1 (38:19):
So he doesn't like Google.
Speaker 2 (38:21):
So some of this is maybe they still they haven't
proven their loyalty enough. I think he enjoys humiliating Zuckerberg.
I think he thinks Google was working against him because
Tim Cook and Apple and got a great deal.
Speaker 3 (38:35):
I know, but I do think something has changed.
Speaker 10 (38:37):
It's not so much about Trump, but I think in
the world of anti trust and anti monopoly there's been
a big shift because the guy who's running the FTC now,
I think it's really interesting that he kept some of
the merger guidelines from the Lina kon time. They also
actually filed suit against the FTC filed suit against Uber
last week for misleading customers.
Speaker 1 (39:00):
What they are. Can you believe it?
Speaker 3 (39:02):
Uber?
Speaker 4 (39:03):
Uber?
Speaker 10 (39:04):
But my point is is like there is there is
still this sense that markets need to be competitive.
Speaker 3 (39:10):
If uh, if they're gonna work, uh in.
Speaker 10 (39:12):
A way that's in line with the long term history
of American capitalism. And I think that's a big shift
in anti trust and anti monopoly. Doesn't have anything to
do with Trump, so you know, I'm not giving.
Speaker 3 (39:20):
Any credit for it, but it is.
Speaker 10 (39:21):
It has a lot more to do with with Lena
Khan and a new more emergent set of approaches to
anti trust that's more in keeping with this and there.
Speaker 2 (39:31):
Is Listen, Lena Khan had fans on the right, Jade
Vans was a for sure, Josh Holly was a fender.
Speaker 10 (39:35):
So over almost a dozen Republican senators those are for
her confirmation.
Speaker 1 (39:38):
Yeah, so it's interesting.
Speaker 2 (39:40):
Uh, thank you very much for for being out marketing characters.
Speaker 1 (39:43):
I gotta it's a battle pursue her place. You lear
that with a coat.
Speaker 2 (40:03):
Hello everybody, I love Yeah, I'll tatch out for tonight.
We're gonna have full coverage all week Trump's first one days.
Jordan Plupper's gonna handle tomorrow, Daisy Lyadach on Wednesday, Michael
Costa on Thursday. No skips all bangers. Yeah, that's a
music term I learned yesterday.
Speaker 10 (40:27):
Explore more shows from the Daily Show podcast Universe by
searching The Daily Show wherever you.
Speaker 1 (40:32):
Get your podcasts.
Speaker 5 (40:34):
Watch The Daily Show week nights at eleven ten Central
on Comedy Central, and stream full episodes anytime on Paramount
Speaker 4 (40:40):
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