The Great Trump Recession?

Inside the Hive

Vanity Fair

News

4.2 • 1.5K Ratings

🗓️ 9 February 2018

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

Description: For the last year, Trump has bragged about the rise of the stock market, taking credit for every upswing since Obama left office. Yet this week, when the bottom fell out of the market, Trump blamed — yep — the media. Bess Levin, The Hive’s Wall Street corespondent, explains why this could be the beginning of the recession we’ve all been expecting, how Trump will try to blame everyone else for the declines, and she helps rank the Trump administration’s finance appointees in order of worst, dumb, and the devil himself. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to this week's Inside the Hive. I'm your host Nick Bilton and I have a very very special
0:08.8	guest today. Would you like to introduce yourself?
0:11.2	Hello inside the Hive, I'm Beth Levin,
0:14.1	I'm so happy to be here.
0:15.8	Bess, who are you and why the hell are you on the show today?
0:19.1	Can you tell our adoring listeners
0:22.0	so they know why they're actually listening right now?
0:25.0	So I am here because I am an employee of the Hive.
0:29.6	I write about Wall Street and the people on it who are completely insane and the people,
0:38.1	the Wall Street people who have made their way into the Trump administration who are equally
0:41.8	insane, if not more and you know that those
0:46.2	those crazy worlds so that's why I'm here. So let's just jump right in at the bottom which is where the markets are this week.
0:55.6	Can you kind of explain what happened?
0:58.3	It's you know I mean what we had the biggest point drop in in Dow history yes
1:04.8	S&P's down I mean I have I I don't think I've I was expecting this when you know
1:11.4	when I woke up Monday morning what happened?
1:14.2	So on Friday they had this jobs report the beat on expectations for jobs but also there was the fact that wages were climbing and that was you know that's
1:28.6	considered good news but it was also scary given a bunch of other factors which is that the economy is
1:34.7	really strong you've got these rising wages so now people are worried about
1:38.8	the Fed raising interest rates even more than they're already planning on doing this year and then
1:45.1	a possibility of recession.
1:47.5	So on Friday, the market dropped, I think the Dow drops 666 points, which a little ominous.
	...

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