Welcome to the beat. I'm Ari Melbert. President Trump's tariff slump continues to rattle markets.

We've seen dives and volatility rivaling the last two big crashes over COVID and the housing bubble.

Trump now clashing with the Fed chair, who gave him low grades for the tariff problems that Trump caused,

and now there's a more stark comparison to America's Great Depression itself.

The long lines, the run on the banks, that crash upended the economy and our society for years,

driven by several factors, including failed tariffs.

Now, with that comparison, if these visuals tonight seem almost too extreme to compare

to the risks posed by the current market chaos, if the comparison of the food lines seems

almost unfair to this administration, that comparison is based on monthly market data.

This isn't like politics where words or comparisons are just sort of thrown about.

After Trump's tariff debacle, the Dow is now actually headed for one of its worst monthly comparisons since 1932.

It's just a mathematical comparison.

As the headlines are putting it today,

Dow headed for worst April since 1932,

investors sending no confidence signal,

a signal against Trump's policies

and handling of the volatility he caused

with what has been a failing trade war so far.

Those mathematically driven headlines appear in many places, including the Wall Street

Journal, which is, of course, the sister outlet to Fox News, owned by Rupert Murdoch.

So whatever you think of the Depression comparison month by month, the bottom line is that's

how the Wall Street Journal puts the headline. No one can accuse them or their owner, Murdoch,

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