Ari: Trump WH Resurrecting Parts of Failed Jan. 6 Coup

11 Aug 2026 · 42 min · 17 chapters

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In short

The episode argues Trump and Republicans are politically panicked ahead of midterms due to unpopular wars (especially Iran), weak economic conditions (job losses/affordability crisis), and attempts to reshape media. It also claims Trump’s DOJ/AG nominee Todd Blanche reflects ongoing “lawlessness” and an anti-police agenda, including efforts to fund “MAGA convicts” (possibly including Jan. 6 defendants) via loopholes.

Guest backgrounds

Gene Robinson (Pulitzer Prize-winning columnist; MSNBC analyst). Michelle Goldberg (NYT columnist). Dylan Rattigan (Wall Street journalist/critic; CNBC and this network).

Key claims

Trump may privately float abandoning nuclear talks with Iran; Democrats and polling show headwinds for Republicans. Media takeover efforts (e.g., CBS/60 Minutes staffing changes) aim to make coverage more Trump-friendly. Blanche’s confirmation involved pressure and a memo rescinding the “MAGA crime fund,” but loopholes may remain.

Notable examples

Tucker Carlson/MTG agitation; Ross Douthat hired for 60 Minutes; Pew/“generic ballot” polls; Blanche confirmation by one vote; memo declaring the fund dead; discussion of job report and AI/deregulation risks.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Analyzing Trump's Political Landscape

1:01 to 2:18

Ari discusses the challenges facing Trump and Republicans as midterms approach.

“And we are tracking a lot of developments.”

Iran Policy and Trump's Foreign Relations

2:18 to 4:16

Exploration of Trump's foreign policy regarding Iran and its implications.

“Trump might just want to abandon the whole thing without getting any further concessions.”

The Shift in Conservative Media

4:16 to 7:10

Ari discusses the changes in conservative media landscape with new voices.

“And then I want to show you something else that kind of is cross-cutting several of these issues that we've been reporting on.”

AOC and the Future of Progressive Politics

7:10 to 10:32

Discussion on AOC's stance and the evolution of progressive politics.

“Pew's polling approval rating of every president in the summer going into the key midterms, all the way back to Reagan, Trump is at the lowest.”

Reflections on Political Messaging

10:32 to 14:01

Exploration of the need for Democrats to clarify their messaging and positions.

“And that is what Donald Trump is losing day by day.”

Introduction to Todd Blanche's Swearing-In

14:01 to 14:20

Discussion on the implications of Todd Blanche's swearing-in as attorney general.

“I want to thank Eugene Robinson, who was with us at the top of the show as well.”

Introduction to Todd Blanche's Swearing-In

14:24 to 14:50

Discussion on the implications of Todd Blanche's swearing-in as attorney general.

“Welcome to Omaha, where work and play meet, where productivity meets the after party.”

Introduction to Todd Blanche's Swearing-In

14:59 to 15:19

Discussion on the implications of Todd Blanche's swearing-in as attorney general.

“but there's one mistake you shouldn't make, being uninsured.”

Trump's Legal Challenges and Agenda

15:19 to 24:24

Analysis of Todd Blanche's confirmation and Trump's continued influence on DOJ.

“Normally in these ads, you expect somebody to ask you to buy something, but this is something different.”

Lighthearted Transition to Next Topics

24:33 to 26:14

A light-hearted discussion transitioning to lighter topics involving Obama and Larry David.

“Larry David for this big show that now is taking on RFK Jr.”
Show all 17 chapters

Economic Struggles Under Trump

28:00 to 31:26

Discussing the economic challenges facing average Americans and political implications.

“You know, you can't do anything with gas prices and you just can't afford to breathe at this point.”

Interview with Dylan Radigan

31:27 to 35:45

Dylan Radigan shares insights on the stock market's reaction to job losses and economic outlook.

“In terms of people, I never want to be the late, great Herbert Hoover.”

The Moral Injury of 2008

35:46 to 39:59

Analyzing the impact of the 2008 financial crisis on today's economic landscape and trust in institutions.

“So now we have a very deregulated approach to finance and banking in general under Trump and specifically AI.”

Closing Thoughts on Economic Issues

40:00 to 40:42

Ari summarizes key themes from the discussion and thanks Dylan for his insights.

“I think that it's not as much about his presidency as it is him and the as the culmination of something that's a wave that's coming offshore that came from an earthquake 15 years ago.”

Exploring Vaccine Controversies Through Comedy

42:01 to 45:11

A comedic portrayal of a fictitious conversation highlights the absurdity of vaccine skepticism and its real-world implications.

“Evelyn, I don't know if I happened to mention that my son Jonas is appearing in front of Congress next week.”

Impact of Unqualified Voices on Policy

45:11 to 45:24

Discussion on how unscientific beliefs can influence high-level decisions in government.

Economic Challenges Under Trump

45:24 to 46:16

Analyzing the economic downturn and job market struggles faced by Americans under the Trump administration.

“Prices are up, jobs are down, and Americans are sounding off.”
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Transcript

Automatic transcript. May contain errors.

0:00Exterior Remodels Inner Monologues. Brought to you by Power. The house looks good. Like, really good. That siding? Stunning. The roof? Elevated. Windows? I mean, wow. The process? Smooth. The neighbors? Jealous. Choose Power Home Remodeling and remodel how you think about remodeling. Schedule your free quote on windows, siding, roofing, and doors at PowerHomeRemodeling.com. Power. Our work shows. Welcome to Omaha, where work and play meet. Where productivity meets the after party. Where downtown convention space and hotels are within walking distance of 90 restaurants, pubs, and unique shops. Where locally made morning lattes meet 5 o 'clock craft cocktails.

0:45And where colleagues meet to explore the waterfront views in our 72-acre downtown urban oasis. And where in 2028, a modern streetcar will take you to even more entertainment options. Go to visitomaha.com slash meetings to learn more. Welcome to The Beat, everyone. I'm Ari Melberg. Great to be with you tonight. And we are tracking a lot of developments. President Trump and the assorted members of his Republican Party who wish someone else was president going into these midterms are panicked. If you're counting, it's summer. People are busy living lives. We are now 85 days out from the midterms.

1:18The old saying goes, campaigns are won or lost in the summer. If you believe that, it is a bad summer for these Republicans. Trump is now eyeing a concession in a war that he can't control at home. The breakaway figures from the Epstein history are still revolting against the Trump MAGA movement. So people like Tucker Carlson, who said Epstein was unacceptable, the war is a problem, are now kind of full-time agitators against Trump and what Tucker calls Trump's corruption. That is a wedge that matters when you look at the enthusiasm gap in these midterms. The new polls reinforce why Republicans are panicked.

1:55And then you have the blinking economic warning signals for regular people. I'm not talking about Wall Street stocks, although you could keep an eye on that. I'm talking about the job losses in the Trump economy. On that important story, we actually have Dylan Rattigan, a veteran of this network, as well as CNBC and a pretty prominent Wall Street critic these days, to help us understand how this matters for people, not just profits. But the big story is Iran. Trump might just want to abandon the whole thing without getting any further concessions. We've gone from the art of the deal to the art of the surrender.

2:28The journal reporting that Trump floats the idea privately to AIDS that he's willing to walk away without any nuclear deal at all, according to U.S. officials. I'm paraphrasing that new journal reporting. That would be more than humiliating. It would really undercut the entire second term foreign policy claims that he's made. The war is already unpopular. People know what's wrong with it and the gas prices. But what's left of Trump's support are people who say, well, even if they concede it's going poorly, you've got to stand up to regimes like Iran. Well, this would not be standing up. This would be cutting and running.

3:03We know what Trump has said. Take a look. Iran cannot have a nuclear weapon. We're not going to give them a nuclear weapon. They will not have a nuclear weapon. I'm talking about Iran. They can't have a nuclear weapon. that's what we heard to what we're now hearing then you have the pressure from people who said they supported aspects of trumpism said they liked things that he was doing and that makes them very credible again as i said in a time where summer is where people often see the breaking in campaigns and you have people like tucker carlson and mtg they've actually talked recently to each other, and they are trying to tap not a liberal or woke or Democratic response to Trump.

3:49They're just saying there needs to be change. And there are those in Trump's orbit who theorize that this effort could actually become a vehicle for attacking the president to damage Republicans writ large in November. Remember, Trump has sowed a lot of chaos and civil war among Republicans by attacking so many of them. So what's good for the goose is good for the gander. Politico reporting that another ally close to Trump says, get just enough folks to stay home so we lose the House and the president gets destroyed. And then I want to show you something else that kind of is cross-cutting several of these issues that we've been reporting on.

4:21I mentioned Tucker, MTG. We've seen how the Republican senators who lost primaries over Trump have made the second term more difficult. That's before you get to the midterms. And then you think about the way that Trump's kind of backup plan when he knows he's unpopular and things are going poorly is to try to rig the system, a word, of course, he famously used, but he does it when he tries to cheat or overthrow elections. He does it when he tries to shake down the press from comedians to the news industry. And we've all covered that a lot. I want to show you something that's pretty interesting, because the Trump theory is if you get enough of government power and your allies to control the media, maybe you can stem the other things I just mentioned, a poor economy, an endless war, and even Republicans criticizing you.

5:01But what happens if even your MAGA allies change, say, let's pick an example, 60 Minutes and hire new people. And then the people you get are also pointing out realities in the real world that are negative for Trump and Republicans. That's my introduction to the farewell column from Ross Douthat at the New York Times. He's considered a sort of independent conservative voice there. And in his last column at the Times, which he knew would be noticed, he says, Trumpism has flailed and failed. That means not just one policy or criticizing on Epstein. That is Trumpism has failed its leadership, its role for America and on the world stage.

5:43I mentioned the wider context because Douthat is only leaving that plum perch of being a New York Times columnist to head for what he views as a promotion to 60 Minutes. You see him there. He's not as recognizable TV face, but that's Ross. In the middle, you have Barry Weiss, who is the MAGA allied leader of that effort to change CBS in maybe 60 minutes. She got rid of Scott Pelley, a face you probably do know if you watch the news. And having ousted vets like Pelley and having been accused credibly by journalists and longtime independent, you know, nonpartisan journalists there of meddling, she's hired someone like Ross.

6:20And that raises the question, if your replacement to Scott Pelley is more anti-Trump or at least more clearly quoting reality to say Trump is failing than Pelley, then what exactly is going on over there? And are you going to be able to pull off the political makeover that you claim to want? And when I say pull it off, I don't mean for accurate news. I mean for the stated allegation by many people at 60 Minutes that it's supposed to become more Trump friendly. And that's a merger we've been covering that may or may not ultimately happen. The Trump folks say they want certain kind of coverage to help get them the rest of that deal, which would mean taking on CNN as well.

6:59So that's an aside amid these problems that Trump is facing, because it reminds you that trying to change the channel isn't working for them either. And the polling is the wider crash. Pew's polling approval rating of every president in the summer going into the key midterms, all the way back to Reagan, Trump is at the lowest. Republicans face broader headwinds. Four polls show Democrats ahead when you look at the generic ballot. That doesn't tell you everything because there's no generic election, but these are the headwinds. And that's where we begin with Gene Robinson, Pulitzer Prize winning columnist, MSNOW analyst, and Michelle Goldberg, columnist with The New York Times.

7:33Gene, your view on what looks like a kind of a perfect storm against Republicans and Trump saying maybe they don't need to win anything in Iran. Right, well, look, Donald Trump doesn't really care about the Republican Party very much. I mean, loyalty flows one way as far as he's concerned. That's always been the case. And so I don't think anyone should be surprised that he's not really thinking about the midterm election politically in a lot of the things that he's doing. Even if he were to think about it right now, it's unclear exactly what he would do. He has made no gestures toward affordability, which is perhaps the biggest issue.

8:20The war continues after he promised that we would not have these kinds of wars. So clearly, it is a bad political situation for Republicans to be going into these elections. On the other hand, Democrats would obviously be foolish to start doing victory dances at this point. You know, there are 80 some days left. And so I think they'd better keep the pedal to the metal as best they can. Michelle, your view on all of that, as well as what normally would be a kind of insider story. I mentioned people might not know what Ross looks like. He's more of a print journalist. And yet if this is the new voice that that was promised to replace Scott Pelley at CBS and it still says, hey, look.

9:12The reality is a lot of what Trump's doing is failing. I wonder what that tells you about the state of conservative commentary as well. Well, look, I'm not going to speak about kind of internal New York Times things. You know, Ross and I co-hosted a podcast together. I think he's somebody who has a lot of integrity and has always been quite critical of Trump, but more open to conservative views. And so I think, you know, what it seems to me that what Barry Weiss is doing is in some ways making 60 Minutes more Trump friendly, but also embedding a set of conservative conservative assumptions into kind of the operating system of the broadcast, into the kinds of questions that they ask and the kind of stories that they think is worth covering.

9:55And I think that what we've seen with David Ellison, who now runs CBS and who wants to run CNN, is that he was sort of pushing on an open door going into this year because there was this sense that the vibe had shifted and the opposition to Trump and his kind of authoritarian attempts at consolidating the media behind his cronies was a big deal. was almost unchecked, you're starting to see more and more opposition as Donald Trump becomes more unpopular. And now his attempt to take over CNN is somewhat in doubt because, you know, even though you can, the president has power to rig a lot of things, but some of that power depends on popular legitimacy and it, or at least on popular acquiescence.

10:49And that is what Donald Trump is losing day by day. Yeah, I think that's really fairly put. And it's a reminder of how much things can shift. Here we are about 10 minutes into the hour. We've largely been on the Republican side of the ledger and they do control the White House and the Congress. I did want to turn while we're in this politics discussion to AOC, a congresswoman who is very much seen as a potential future face of this party. And she has gone public very deliberately as a working woman with the fertility journey that she's on and also a range of other issues. Some people think she's considering a bid for higher office.

11:29Let's take a look.

11:35That wasn't so bad. I have decided to start the process of freezing my eggs. And in this political environment where this administration is denying reproductive care to women across the country. Was it? I mean, did the movement go too far with some of those positions? I mean, you briefly supported the idea of defunding the police. Well, you know, I think that during this time and during, especially during COVID, there was a huge opening of the Overton window. We were shut down. There was some of the highest unemployment rates that we have seen because of those shutdowns. And I think that the doors were really open in trying to entertain any and every policy that was going to get us to a better place.

12:20And I actually think that the discussions that were had in that time were quite fruitful. And when you're ready to make that decision about 2020, come back and talk. AOC leads in a different, very bold style. She's a proud progressive. And then she's also saying, hey, not everything ever said in the service of what you might call the progressive wing or sometimes, quote, woke politics got it right. What do you see happening here? Well, I think that it's not just AOC, right? There's a lot of progressive candidates who are now being haunted by things that they said in 2020 or 2021, including Abdul El-Sayed and Francesca Hong, the gubernatorial candidate in Wisconsin.

13:08And, you know, on the one hand, I think it's healthy that Democrats and including progressive Democrats are sort of disavowing some of the more outray and unpopular positions that they took then. I do think that there has to be maybe a little bit more of an explanation by people. I mean, I think that there's grace for people who've changed, but there has to be some sort of explanation of how that change occurred. you know, some sort of statement that we, you know, we made a mistake by putting, by taking a lot of kind of common sense policies about criminal justice reform and, you know, talking about them in maximalist or hyperbolic terms.

13:46It didn't do us any favors. I think that you can, you know, they don't need to disavow the sort of underlying values, but they maybe do need to explain away a

14:01Mm hmm. All makes sense. Michelle Goldberg. Thank you. I want to thank Eugene Robinson, who was with us at the top of the show as well. Next, we turn to the new attorney general, Todd Blanche, sworn in today. And I have a special breakdown on what really matters here, what it reveals about Trump's lawlessness and anti-police agenda. We're back with that in 90 seconds. Welcome to Omaha, where work and play meet, where productivity meets the after party. where downtown convention space and hotels are within walking distance of 90 restaurants, pubs, and unique shops. Where locally made morning lattes meet five o 'clock craft cocktails, and where colleagues meet to explore the waterfront views in our 72-acre downtown urban oasis.

14:45And where in 2028, a modern streetcar will take you to even more entertainment options. Go to visitomaha.com slash meetings to learn more. Support for this podcast comes from Progressive, America's number one boat insurer. We've all made mistakes on the water, but there's one mistake you shouldn't make, being uninsured. With Progressive Boat Insurance, you can choose coverage for most mistakes you or other boaters could make, helping you float carefree all season long. Quote today, Progressive Casualty Insurance Company and Affiliates, number one rating based on 2024 filings with state departments of insurance.

15:19Normally in these ads, you expect somebody to ask you to buy something, but this is something different. I'm Julian Barnes, and I'm a reporter for the New York Times. I'm a national security reporter, and that means I'm reporting on military operations. These are fast-paced, quickly-moving situations. What exactly is happening on the ground is often shrouded in mystery. But we turn to trusted sources, satellite imagery, and expertise built up over years in order to ferret out the facts that wouldn't otherwise come to light. I'm here to ask you to seek out a news source that does firsthand fact-based reporting.

16:01If it's your local paper, great. If it's the Times, thank you. Because where you go for your information matters.

16:17President Trump's former defense lawyer, Todd Blanch, sworn in today, a normally celebratory step, that was actually closed to the press, which is one of a few signs that the DOJ clash here didn't go well for Blanche and Trump. Another unusual, albeit minor, clue was that there's reporting the DOJ team asked people to clap Blanche in when he arrived this morning. You see him there, MS Now reporting. We don't know why that special request was made, but we do know that there's many indications that Blanche's credibility has been low in the department, even if they got some people to come out to the hallway for this spectacle.

16:56Indeed, unlike most of Trump's cabinet nominees, Blanche barely got confirmed at all. He struggled to get that original nomination out of committee. You may remember there was a lot of reporting on that. That first vote canceled because he was going to lose it had it been held then. He also ultimately lost the votes of some Republican senators leading to last week's nail-biter, where he got through by a single vote because he lost some Republicans. And he wouldn't even have gotten through by that vote had he not had to compromise under pressure, ruling out that already frozen MAGA crime front.

17:28That's what it took to win back two of what turned out to be needed Republican votes. So that is actually, I think, the most important development here legally. And it underscores two points. The first, pressure works. Donald Trump made a lot of noise about a lot of things that he could have done. Maybe he would skip the whole vote and just keep Blanche in there on an acting basis, try again next year if maybe they still held the Senate. It was bluster as usual. It was a bluff. Because the Republican senators did get Blanche to formally end that fund after Trump made all those big, cocky-sounding threats.

18:07That's one. Pressure works. Two, Donald Trump still wants to fund and reward MAGA convicts. He wanted to do that up to the end, meaning he still wants to do it right now, even if his hands are more tied legally. He was at one point musing about risking the whole nomination for that goal. He was undercutting Blanche and the others who had publicly claimed the fund was already over because it wasn't over because he wants it. it's Trump's priority, even depending on how you look at it, his possible obsession. As president, Donald Trump already infamously used more of his authority to act against police, against their well-being, against their safety, against punishing those who attack police, be they federal or other types of police.

18:53He did that on the side of convicts more than any other president. He might like you to forget that. He has a lot of aides who do a lot of rhetorical backflips trying to disappear that. And then he has a propaganda machine that lies about that. But on this network and on this program, we will always remind you of that very recent history that they are trying to memory hole because we don't want to relive it. This new clash, of course, was about seizing your tax dollars to pay MAGA convicts, including possibly those from January 6th. And that's where those key Republican senators drew their line.

19:27And when Blanche's confirmation looked doomed, he then relented and compromised and submitted this written and signed memo stating that that MAGA fund is dead, that those funds will not be used, I should say abused if it was actually tried, to fund convicts and other violent people just because they're aligned with the president. the fund, which I will not call by its propaganda name, although you can read it off the screen if you choose, the MAGA crime fund was rescinded, signed by Mr. Blanche. The Times reports that there could be loopholes there, and that could be by design, because that's the whole reveal here.

20:07Blanche may have been willing to write that up under the pressure, and others in the DOJ have tried to walk away from that, because by the way, it was already frozen in court, probably illegal, a lot of things, but Donald Trump wants to take your money and use it that way. This would be a reimbursement for the pain that they suffer. A lot of people like it. If they don't approve that, I put it back on the table. A lot of people like it. A lot of big supporters of Trump like it. Kind of a nonsensical, corrupt statement there. He wants to take your money without any act of Congress or under any legal authority and give it out to convicts.

20:50And then when he tries to defend it, this is why a lot of people say Trump is not the communicator he might have once been, he says the convicts getting the money like it. Yeah, most people like free money. Convicts might like it extra in the case of these folks who in any other normal time would still be incarcerated, but that's hardly a defense. Trump prioritized this on his first full day in office, pardoning on his first day in office, pardoning over a thousand of those convicts. The Trump DOJ also abandoned the seditious conspiracy case against the very militias who were part of that effort to overthrow democracy.

21:27Trump signaled it's okay to do this as long as it's on his behalf. And so this is the whole story. On the one hand, they were stopped and it took leverage and pressure. That's why I told you step one, pressure works. On the other hand, not only Donald Trump, and Blanche and those enablers, but a heck of a lot of other people in our country who would rather just look the other way or not deal with this or try to give Trump the benefit of the doubt or just hope they don't have to deal with this the next time there's a coup attempt in our Capitol are looking away from the fact that Trump does want this kind of paid militia.

22:06He has not changed. He has actually only gotten more anti-police and more direct in this. It's the warning we heard from Congressman Raskin. It's all about weaponizing the tax dollars of the American people to support Donald Trump's private militia. If these people had real viable causes of action against anybody, they would go to federal court. And the ones who have gone to federal court have lost their cases overwhelmingly. Fact check. True. That was kind of going into the beginning of the summer. Here we are in the heart of the summer, nearing the end, if you look at it that way in August. And we've gone from that idea of floating to being blocked in court to being fought back in Congress to, with the leverage of this confirmation fight, perhaps the one thing about it that upholds the rule of law, to the thing being signed and sealed as dead under the law of the new attorney general, under his hand.

22:59Now, if Trump does still get Blanche to try to reverse that, you can try to rescind a memo, just as you rescinded the fund, right? They will end up back in court. And they will have a problem, which is everything I've just told you that's happened up to now. This thing was already paused by a judge, but it's now rescinded, signed by Blanche. And so trying to revive that would be very hard. And this isn't something that the president can just do alone. That's why he's run into so much trouble. When you actually need to move money out of the treasury and you need to make bank transfers and you need all these different government officials involved, a judicial order blocking it blocks it.

23:40Now, when you look at this and you say, okay, I guess it's kind of over, but we should be vigilant. What is the final takeaway? I will tell you in plain English. He wanted a coup. He supported a violent sedition as adjudicated in our courts of law. He got back into power and he released every last one of those violent thugs. And as if that weren't enough, he wanted to take your money to fund them. Why? Donald Trump doesn't pay back his own contractors and lawyers and other staff. We've heard that for decades. Why is he suddenly so interested in getting money to these people, even though now it's been stopped?

24:14Apparently, he wants them on call and ready to act again in the next election or two. And we take that seriously. We're going to fit in a break. That's my special report on what we learned from the Blanche issues. But by the end of the hour, we will lighten up a little bit with Obama teaming up with Larry David for this big show that now is taking on RFK Jr. If I was in charge, I'd make sure that no kids took that vaccine. That goes for measles, too. Oh, if you were in charge. That's right. Oh, God help us all. It's some idiot. Some moron I never put you in charge. That would be the dark day for humanity.

24:56Do you want to know what's going on in that scene? Do you want more? We have that by the end of the hour. But first, we look at this economy. We look at the job losses, which are rattling the Trump midterms. And then you try to make sense of what you should be ready for. We have the great Dylan Radigan, a Wall Street expert and critic. Next.

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26:59How is our economy? Well, there's no one way to answer that question. Most people think first about the inflation, the prices, the gas. When you look at a slightly larger trend, the monthly jobs report, you have trouble. Friday's weak jobs report is a problem for anyone living in the real economy, although the stock market actually took it as good news because of the way they think it will keep the money supply going and kind of affect the Fed. This is the tale of two cities that Americans know so well, the inequality, the billionaire class, and everybody else. People with a lot of money sitting around are cashing in on this, just as they see AI as a tech boom precisely because it could eliminate jobs.

27:44Trump and his advisors also trying to minimize the actual turmoil. I got sick of hearing about this K-shaped economy. You can't save now. Every dollar you have has to go to gas, groceries, bills, rent. I can say here definitively, the K-shaped economy is over. You know, you can't do anything with gas prices and you just can't afford to breathe at this point. And we're seeing more of a sea economy where the lower end of wage earners are finally calling it back just like they did in President Trump's first term. Low class might as well crawl in a hole because they can't afford anything.

28:31On the one side, you have the uber rich in Donald Trump's deregulatory economic system, using a lot of jargon when he says maybe this style of letter is ending. He's saying the inequality problem is not as bad. And then you have real people living through this where, A, you can't afford groceries, gas, basic needs, the affordability crisis. And then B, if it were the Great Depression and everyone was suffering, you might say, well, I guess we're all in this together. But that struggle, that affordability struggle comes against the time of incredible self-enrichment, double dealing, deregulation and outright corruption.

29:12The jobs report, the economic conditions are bad news politically for Trump, of course, because all those people that you heard worrying about this are living through it when he promised lower prices. Take the Wall Street Journal, which is not exactly an anti-Republican or anti-market outlets saying Republicans have just lost their edge with voters on the economy. The polling shows those Democrats beating Republicans, if you ask it generically, and voters know what they're living through. They punished Joe Biden and Kamala Harris for high prices, and they may punish the Republicans for being the party in power with high prices as well, although Republican leaders now just want to run back the clock.

29:54inflation three and a half percent why do republicans deserve to keep power in washington if that's part of the scorecard people have short memories and they forget that by under biden's economic but disastrous uh you know rain biden's price prices uh that we're still dealing with it's biden's disastrous economic record do you think that's a winning message to just say it's not our fault? And 18 months in, is it not Trump's economy yet? You know, President Trump was certainly left with a mess to clean up. This is what they can come up with over 550 days into the second term. And here's how Trump sounded in February.

30:39You said you inherited a mess from President Biden when it comes to the economy. But at what point is it on you? At what point are we in the Trump economy? Oh, I'd say we're there now.

30:51We're there now. We were there then. Welcome to the Trump economy, the job losses, the deregulation. A lot of problems if you're not in the top 1%. But how does this really work? Why do the markets bounce off the poor jobs numbers? What do you need to know in your own life as well as why Republicans are so nervous about this economy going into the midterms? Well, Dylan Radigan is a Wall Street expert and often Wall Street critic, a veteran of this network. He joins me next.

31:26I have one primary wish as president. In terms of people, I never want to be the late, great Herbert Hoover. I don't want to be a president that oversees the great worldwide depression. That was Herbert Hoover. And it was a terrible thing. Rather than possibly going into a depression, rather than having your favorite president be Herbert Hoover, I never want to be Herbert Hoover. Hoover on the mind. We are joined by Dylan Radigan, a journalist and author. He's anchored shows on this network and on CNBC, as I mentioned, a market expert, but also often a Wall Street critic, CEO of Euphoria Sneakers, owner of reservations.com, and looking nifty in the summer.

32:16I like Dylan the Great. I like Dylan the Great. I like that. And I like Italian philosopher. I think that we need to sort of update the lower third. Sort of the obvious thing. We'll work on it. Dylan, I don't know if living a lot of the year in Italy makes you an Italian philosopher. It might make you a sometime Italian. So that's, you know, that's a lot of work on the adverb. Maybe a financial philosopher. Let me turn you to the markets. talk to me like just a regular person who says job losses are bad obviously parts of the economy are doing worse than trump promised but the stock market liked that announcement friday and do you see this as a rough economy going into the election yeah it's short answer the obvious answer is yes the simple explanation is that the market benefits from a reduction in human beings.

33:17And so every time you move towards less human beings as a cost, as an overhead, as a point of overhead, it's market positive because what the market is pricing is productivity.

33:33So the answer is yes. And now brings up, I don't know, which then brings up the sort of hanging question, which is, okay, why is capital so misaligned with humanity that capital becomes asset owners benefit from things that are negative for everyone and particularly negative for non-asset owners? And why are we moving to a world that is based on asset owners as a tiny percentage of the world and then non-asset owners and then people that collect dividends from robots to live a life as a non-asset owner and then people that live on boats in Sardinia as asset owners. And I think that that is a disturbing thing.

34:17And I think actually this goes to the original moral injury of 2008, which now Trump is the final exploiter of. And so there was an there's an American and even a global dream that a child, any child can change their circumstances by creating extraordinary value for other people. That's a foundational myth of America, of childhood, of capitalism. And the more we move to a place where that is no longer true and the belief in that myth is no longer true because trust is in full collapse, at the same time that the technology, AI, bigger than the horse and buggy, blah, blah. So you're going to have the biggest technological transition ever at the direct benefit of asset owners and the direct detriment of non-asset owners at a time when trusted institutions to manage that is at an all-time low.

35:12Yeah. And so is Donald Trump guilty? Sure. Yes, he is. Is it easy to walk around and to talk about the list of horrendous things and corruption and the crypto and the absurdity? The inventory is an abomination. And is he alone in this? Absolutely not. He is the continuation of it, in my opinion, and the validation of something that was unspoken and more perhaps restrained going back to 2008 in terms of asset transfer within the government and the banks. let me jump in you're saying a lot and you're as as you want to do you're getting us back to the core of it which is what you described as asset owners so the minority of super rich who are living different than most people and then how that affects all of us on this yeah on this little marble that we live on and share uh unless we destroy political crisis of this gender for the humanity of gen z and the creativity that is actually possible in the positive expression of this technology as something that works for you as opposed to you working for the technology to you mentioned the hangover from 08 and well the moral of the issues was whether yeah and one of the issues is whether the rules protected everybody enough or not and the deregulation which as you said yes it predates trump and and a lot of it was bipartisan it was a banker class in both parties He's pushing that rather than Larry Summers, Rubin, blah, blah, blah.

36:38So now we have a very deregulated approach to finance and banking in general under Trump and specifically AI. It was this really deeply reported New York Times piece that I want to quote from looking at what might be a deregulated AI bubble. Reading from this this piece, they talk about how we're trillions of dollars in investments on the back of just tens of billion in revenue. The AI bubble estimated to be 17 times as large as the dot-com bubble and quadruple the 08 housing bubble, which you just mentioned. The piece goes on to note the housing crash is instructive. It rippled across the entire economy like a contagion because the market itself had drawn investments from across the entire economy.

37:22And they observe in this piece that's more true of the AI boom, which has been driving America's growth across the spectrum. Your view of that. obviously that's a real risk we'll find out together what happens i think the most important thing is to actually just look at what the most extreme case of what is there of what is being financed i think i spoke with you about about this last time i was here with the space expert prospectus as a story whether we believe it or not they wrote it down morgan's like they wrote a book and they said this is the future we believe and this is why you should give me your dollar or whatever your money is and i think that that narrative which is then again 60 of the jobs 10 ,000 % growth, asset owners, non-asset owners, space data centers, this whole sort of futuristic story is one that implicitly ignores and doesn't talk about the human consequences of the economic benefits of what is being described.

38:18And so for sure, everybody wants to be an asset owner. And so the richest among us, if you're like, it comes down to it after we're done philosophizing, If the AI tsunami is coming, you'd rather be an asset owner, whether it's your personal brand, your bank account, your house, whatever it is, some stock market thing, a 401k down the line, than somebody making$65 ,000 a year in Memphis who's got to do Uber to pay for a health insurance policy that's no longer subsidized, which represents 25 % of the people in this country who are not the homeless and are not some whatever, but just are people.

38:52And I think at the end of the day, every single thing that was set in motion, whether it was distrust in 2008 or actually financial policy, has been coming home to roost slowly as manifest through inflation and lack of trust in institutions. And then the open invitation for effectively a corrupt cancer to take it over in this classic sort of family corruption sense of, you know, Erbil, Iraq or something like this, where it's just, listen, I can make a lot of money doing this. And I will as a as a as a invitation that was opened, in my opinion, in 2008, when there was a moral decision, a moral injury that refused to acknowledge that the structure of the policymaking was uniquely to the benefit of the class that controlled the government at the expense of the taxpayer.

39:40And it didn't matter even the dollars or how it happened or whether you believe me or you or anybody else or whatever movie person. You knew on some level that something unfair had happened and that that now, I think, has opened up both the cynicism and the hopelessness and the anger and the ambition of this moment. And I think Trump is really just a reflection of it. I think that it's not as much about his presidency as it is him and the as the culmination of something that's a wave that's coming offshore that came from an earthquake 15 years ago. Yeah, and that makes a lot of sense. And what you're describing is the warning system, right?

40:19You can change the politician. You could look at who are the different tools of the deregulatory environment, the risk factor we're all carrying. but I love that you always go broader like that. So Dylan, thank you. Keep on rocking in the free world. I'll see you in a month or two. Dylan the Great, I thought it was. You could say it. I just, I might not. We love you. That's an issue, but then what's the point? Then what's the point? Well, it's for you to decide. Again, our thanks to Dylan. Let me tell folks what's coming up because RFK Jr. is under fire talking about how he'll eat anything and there's a fact check that's next.

41:04RFK Jr. is in hot water again. Obama and Larry David have teamed up with this HBO show that mines history to talk about what's happening now. Obama even played himself in a recent episode discussing the infamous tan suit controversy. As for RFK Jr., the embattled health secretary has been known for riding waves and waves of vaccine misinformation. And history can be a guide because if you go back before our recent controversies, back in the old days, having a medical breakthrough where you create a vaccine that saves tens of millions of lives was an unadulterated good thing, celebrated like apple pie or ice cream.

41:49There were anti-vaxxers, to be sure, but they were, before the Internet, a very fringe, much smaller group with much less influence on government policy and, frankly, much less discussion and media coverage. So that's part of the context of how Larry David imagines a proud mom of the scientist who actually invented the polio vaccine and ends up arguing with a neighbor who seems not just a historical relic, but very much an example of the kind of science leadership we have in Trump's administrations. Evelyn, I don't know if I happened to mention that my son Jonas is appearing in front of Congress next week.

42:33Yes, you've mentioned that before several times. And do you know why he's appearing in front of Congress? Yes. Because he discovered the cure for polio. Do you know that Jonas hasn't made a nickel from this vaccine? He didn't get a patent for it. He just wants to serve mankind. He's a very good boy. That vaccine's gonna kill people. It's gonna give them heart attacks. Oh, drop dead, Bobby. You should die a dog's death. I heard shrivels up your jaw. Oh, please give me a break, okay? You don't know anything about science. I know more than you do. You're not a doctor. If I was in charge, I'd make sure that no kids took that vaccine.

43:11That goes for measles, too. Oh, if you were in charge? That's right. Oh, God help us all. If some idiot, some moron ever put you in charge, That would be the dark day for humanity. I could tell you that. Ma, ma, ma, ma, relax, relax. You don't need to talk to him. He doesn't know what he's talking. You don't know what you're talking about, Bobby. I don't know what I'm talking about. You guys are crazy over there with your vaccine. Yeah, you're right. We're crazy, Bobby. We're in so much. We're completely out of our minds. We're crazy. Thanks to you, everybody's got to take vaccines. Excuse me.

43:39Is this 437B69 Street? This is 439. I think you're looking next door. I know, and by the way, fluoride causes gender confusion. I'm smart enough to drink unpasteurized milk every day. Drink the milk right from the cow. Take it from the tit. Everybody knows. Does everybody know that? Everybody knows that. Oh, and by the way, the Spanish flu, it's a bioweapon, except it's designed not to touch Ashkenazi Jews and Chinese people. And the government doesn't want you to know about that. Yes, I cut the head off a whale with a chainsaw, but I put the head up on my wall so I made use of it. Hey, what are you doing?

44:15I'm not crazy. Lock him up. What are you doing? He's got worms in his brain. And he's got a dead bear in his trunk. I'm going to eat that bear. By the time you get to the dead bear, it's clearly an RFK Jr. send up, although they are operating in a different historical universe for the sake of the show. But the joke here, of course, is also deadly serious. the ranting of that unhinged, untrained, uneducated, unscientific neighbor was just that, the ranting of a neighbor. And the punchline is the deadly serious fact, and I say deadly because you need a measles vaccine, that this person, abetted by Donald Trump, actually has some impact at the highest levels of the regulatory, medicinal, and scientific oversight of the United States government.

45:11And there's nothing funny about that. We'll be right back.

45:24Prices are up, jobs are down, and Americans are sounding off. The July jobs report came out this morning, and it is an absolute disaster for Trump. But we are in a deep recession. People are not being paid enough to live a sustainable life. The United States is currently hemorrhaging jobs. It's like the capitalism is turning into feudalism. And all people are living below their means. They're not spending on anything unnecessary. They're not really indulging in anything anymore. And they still can't afford to live. I've made the most money I've ever made in my life. I never see the money. It's in my account and poof, out, gone.

45:59Are we having fun yet?

46:03Those are the facts. That's what people are living through. That disappointing jobs number from the Trump administration. and we're going to see what we do about it. But the last word tonight goes to the people. Thanks for watching. The weeknight starts now. Hey, everybody. It's Rob Lowe here. If you haven't heard, I have a podcast that's called Literally with Rob Lowe. And basically, it's conversations I've had that really make you feel like you're pulling up a chair at an intimate dinner between myself and people that I admire, like Aaron Sorkin or Tiffany Haddish, Demi Moore, Chris Pratt, Michael J.

46:44Fox. There are new episodes out every Thursday. So subscribe, please, and listen wherever you get your podcasts.

From the publisher

Aug 10, 2026; 6pm; MS NOW’s Ari Melber delivers a special report on how the Trump White House is resurrecting parts of the failed Jan. 6 coup attempt. Plus, journalist Dylan Ratigan joins to discuss the Trump economy.

To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts.


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