Obama Econ. Advisor: President Donald Trump Is Danger To World Economy | The Last Word | MSNBC

Obama Econ. Advisor: President Donald Trump Is Danger To World Economy | The Last Word | MSNBC


SAY WHAT GEORGE W. BUSH COULD SAY IN A MOMENT OF CRISIS IN THE SAY IN A MOMENT OF CRISIS IN THE AMERICAN ECONOMY. AMERICAN ECONOMY. “THIS SUCKER COULD GO DOWN.” “THIS SUCKER COULD GO DOWN.” LEADING OFF OUR DISCUSSION LEADING OFF OUR DISCUSSION TONIGHT, GENE SPERLING, FORMER TONIGHT, GENE SPERLING, FORMER DIRECTOR OF THE NATIONAL DIRECTOR OF THE NATIONAL ECONOMIC COUNCIL FOR PRESIDENTS ECONOMIC COUNCIL FOR PRESIDENTS OBAMA AND CLINTON. OBAMA AND CLINTON. HE IS WHO I PRAY TO WHEN I AM HE IS WHO I PRAY TO WHEN I AM LOOKING FOR A SOLUTION TO LOOKING FOR A SOLUTION TO AMERICAN ECONOMIC ISSUES. AMERICAN ECONOMIC ISSUES. AND RON KLAIN, FORMER SENIOR AND RON KLAIN, FORMER SENIOR AIDE TO VICE PRESIDENT JOE BIDEN AIDE TO VICE PRESIDENT JOE BIDEN AND PRESIDENT OBAMA. AND PRESIDENT OBAMA. HE’S AN ADVISER OF JOE BIDEN’S HE’S AN ADVISER OF JOE BIDEN’S 2020 PRESIDENTIAL CAMPAIGN NOW. 2020 PRESIDENTIAL CAMPAIGN NOW. GENE, YOU HAVE THE FLOOR. GENE, YOU HAVE THE FLOOR. I DIDN’T ANTICIPATE TALKING I DIDN’T ANTICIPATE TALKING ABOUT INVERTED YIELD CURVES THIS ABOUT INVERTED YIELD CURVES THIS WEEK, BUT HERE WE ARE. WEEK, BUT HERE WE ARE.>>YES.>>YES. WELL, I THINK WHAT WE’RE SEEING, WELL, I THINK WHAT WE’RE SEEING, LAWRENCE, IS THAT OUR BIGGEST LAWRENCE, IS THAT OUR BIGGEST FEAR WITH GEORGE — WITH FEAR WITH GEORGE — WITH PRESIDENT TRUMP ISN’T JUST PRESIDENT TRUMP ISN’T JUST ECONOMIC NATIONALISM. ECONOMIC NATIONALISM. IT IS ECONOMIC NARCISSISM. IT IS ECONOMIC NARCISSISM. IT IS THIS KIND OF DRUNK DRIVING IT IS THIS KIND OF DRUNK DRIVING TYPE OF ECONOMIC MANAGEMENT. TYPE OF ECONOMIC MANAGEMENT. NOW, WHEN YOU DRIVE DRUNK, YOU NOW, WHEN YOU DRIVE DRUNK, YOU DON’T ALWAYS GET INTO AN DON’T ALWAYS GET INTO AN ACCIDENT, BUT YOU DRAMATICALLY ACCIDENT, BUT YOU DRAMATICALLY INCREASE THE CHANCES OF INCREASE THE CHANCES OF SOMETHING VERY BAD HAPPENING. SOMETHING VERY BAD HAPPENING. DONALD TRUMP INHERITED, LIKE HE DONALD TRUMP INHERITED, LIKE HE INHERITED WEALTH FROM HIS DAD, INHERITED WEALTH FROM HIS DAD, HE INHERITED AN ECONOMY THAT WAS HE INHERITED AN ECONOMY THAT WAS SOLID, THAT WAS IMPROVING, AND SOLID, THAT WAS IMPROVING, AND WHAT WE SAW FIRST WAS A HUGE TAX WHAT WE SAW FIRST WAS A HUGE TAX CUT WHICH WE NOW SEE WAS REALLY CUT WHICH WE NOW SEE WAS REALLY BASED ON ONE THING THAT IT WAS BASED ON ONE THING THAT IT WAS GOING TO JUSTIFY THIS HUGE GOING TO JUSTIFY THIS HUGE INCREASE IN THE DEFICIT BECAUSE INCREASE IN THE DEFICIT BECAUSE IT WAS GOING TO HAVE A LASTING IT WAS GOING TO HAVE A LASTING EFFECT ON BUSINESS INVESTMENT. EFFECT ON BUSINESS INVESTMENT. WE’VE ALREADY SEEN FROM JAY WE’VE ALREADY SEEN FROM JAY POWELL, TO THE SECOND-QUARTER POWELL, TO THE SECOND-QUARTER RESULTS, THAT BUSINESS RESULTS, THAT BUSINESS INVESTMENT IS SLOWING. INVESTMENT IS SLOWING. IF YOU TAKE OUT OIL AND MINING, IF YOU TAKE OUT OIL AND MINING, IT’S ACTUALLY BEEN SLOWER THAN IT’S ACTUALLY BEEN SLOWER THAN IT WAS IN THE OBAMA SECOND TERM. IT WAS IN THE OBAMA SECOND TERM. BUT WHAT WE’VE ALSO SEEN IS THIS BUT WHAT WE’VE ALSO SEEN IS THIS RECKLESS TYPE OF MANAGEMENT ON RECKLESS TYPE OF MANAGEMENT ON THE TRADE SIDE. THE TRADE SIDE. AND THIS IS SOMETHING WHERE AND THIS IS SOMETHING WHERE THERE COULD HAVE BEEN A SMART THERE COULD HAVE BEEN A SMART WAY TO DO IT. WAY TO DO IT. I AGREE, WE SHOULD BE TOUGHER ON I AGREE, WE SHOULD BE TOUGHER ON CHINA. CHINA. I AGREE, WE SHOULD TAKE SOME I AGREE, WE SHOULD TAKE SOME SHORT-TERM HITS BUT THIS KIND OF SHORT-TERM HITS BUT THIS KIND OF RECKLESS BACK AND FORTH HAS NOW RECKLESS BACK AND FORTH HAS NOW BEEN SUCH AN ASSAULT TO NOT JUST BEEN SUCH AN ASSAULT TO NOT JUST THE U.S. ECONOMY BUT THE GLOBAL THE U.S. ECONOMY BUT THE GLOBAL ECONOMY THAT NOW THE NUMBER ONE ECONOMY THAT NOW THE NUMBER ONE SINGLE RISK FACTOR IN ECONOMICS SINGLE RISK FACTOR IN ECONOMICS IN THE WORLD IS DRUPONALD TRUMP IN THE WORLD IS DRUPONALD TRUMP PERSONALLY. PERSONALLY. THAT’S WHEY I SAY ECONOMIC THAT’S WHEY I SAY ECONOMIC NARCISSISM BECAUSE IT IS HIS NARCISSISM BECAUSE IT IS HIS SENSE OF RECKLESSNESS AND HIS SENSE OF RECKLESSNESS AND HIS SENSE THAT SOMEHOW MAYBE IF HE SENSE THAT SOMEHOW MAYBE IF HE REALLY HURTS THE CHINA ECONOMY REALLY HURTS THE CHINA ECONOMY OR THE GERMAN ECONOMY OR THE OR THE GERMAN ECONOMY OR THE GLOBAL MANUFACTURING GOES DOWN GLOBAL MANUFACTURING GOES DOWN THAT THAT’S SOMEHOW GOOD FOR US. THAT THAT’S SOMEHOW GOOD FOR US. IT’S NOT. IT’S NOT. WHEN DEMAND GOES DOWN AROUND THE WHEN DEMAND GOES DOWN AROUND THE WORLD, IT HURTS OUR FARMERS. WORLD, IT HURTS OUR FARMERS. IT HURTS OUR STEELMAKERS. IT HURTS OUR STEELMAKERS. IT HURTS OUR AUTO PRODUCERS. IT HURTS OUR AUTO PRODUCERS. IT HURTS OUR ECONOMY. IT HURTS OUR ECONOMY. SO THE RISK THAT EXISTS RIGHT SO THE RISK THAT EXISTS RIGHT NOW IN THE ECONOMY LIES — IN NOW IN THE ECONOMY LIES — IN THE GLOBAL ECONOMY AND THE U.S. THE GLOBAL ECONOMY AND THE U.S. ECONOMY — LIES SQUARELY, ECONOMY — LIES SQUARELY, SCARILY ON DONALD TRUMP’S SCARILY ON DONALD TRUMP’S RECKLESS DRUNK DRIVING APPROACH RECKLESS DRUNK DRIVING APPROACH TO ECONOMIC MANAGEMENT. TO ECONOMIC MANAGEMENT.>>RON KLAIN, WE HAVE THE FAMOUS>>RON KLAIN, WE HAVE THE FAMOUS WORDS OF DONALD TRUMP, THE TRADE WORDS OF DONALD TRUMP, THE TRADE WARS ARE EASY TO WIN. WARS ARE EASY TO WIN. NO ONE BEFORE DONALD TRUMP HAS NO ONE BEFORE DONALD TRUMP HAS THOUGHT THAT. THOUGHT THAT. CERTAINLY NOT IN THE ERA OF CERTAINLY NOT IN THE ERA OF MODERN ECONOMIC THOUGHT. MODERN ECONOMIC THOUGHT.>>YEAH, I MEAN, ECONOMIC POLICY>>YEAH, I MEAN, ECONOMIC POLICY BASED ON RETWEETS, WHAT COULD BASED ON RETWEETS, WHAT COULD POSSIBLY GO WRONG? POSSIBLY GO WRONG?>>YEAH.>>YEAH.>>LOOK, I ALSO THINK, LAWRENCE,>>LOOK, I ALSO THINK, LAWRENCE, IT’S WORTH REPEATING SOMETHING IT’S WORTH REPEATING SOMETHING YOU MENTIONED BEFORE ABOUT THE YOU MENTIONED BEFORE ABOUT THE HOLLOW WHITE HOUSE STAFF. HOLLOW WHITE HOUSE STAFF. I WORKED FOR TWO BRILLIANT I WORKED FOR TWO BRILLIANT PRESIDENTS. PRESIDENTS. BILL CLINTON AND BARACK OBAMA. BILL CLINTON AND BARACK OBAMA. AS BRILLIANT AS THEY WERE, THEY AS BRILLIANT AS THEY WERE, THEY HAVE, LIKE, A BILLION I.Q. HAVE, LIKE, A BILLION I.Q. POINTS ON DONALD TRUMP, THERE POINTS ON DONALD TRUMP, THERE WASN’T A SINGLE MEETING WHERE WASN’T A SINGLE MEETING WHERE THEIR THOUGHTS ON THE ECONOMY THEIR THOUGHTS ON THE ECONOMY WAS IMPROVED BY HAVING A WAS IMPROVED BY HAVING A FIRST-CLASS TEAM AROUND THEM OF FIRST-CLASS TEAM AROUND THEM OF PEOPLE LIKE GENE SPERLING. PEOPLE LIKE GENE SPERLING. NOW YOU HAVE A PRESIDENT WHO’S NOW YOU HAVE A PRESIDENT WHO’S NOWHERE NEAR BARACK OBAMA AND NOWHERE NEAR BARACK OBAMA AND BILL CLINTON TRYING TO MANAGE AN BILL CLINTON TRYING TO MANAGE AN ECONOMIC SITUATION WITH A TEAM ECONOMIC SITUATION WITH A TEAM THAT’S NOWHERE NEAR THE TEAM THAT’S NOWHERE NEAR THE TEAM THOSE TWO PRESIDENTS HAD AND THOSE TWO PRESIDENTS HAD AND THAT IS A FRIGHTENING THAT IS A FRIGHTENING COMBINATION. COMBINATION. NOW, TRUMP HAS MADE HIS WHOLE NOW, TRUMP HAS MADE HIS WHOLE ECONOMY ABOUT THE STOCK MARKET ECONOMY ABOUT THE STOCK MARKET WHICH I THINK IS A MISTAKE FOR WHICH I THINK IS A MISTAKE FOR ANY PRESIDENT. ANY PRESIDENT. SINCE HE’S BEEN PRESIDENT, HE SINCE HE’S BEEN PRESIDENT, HE TWEETED 72 TIMES BRAGGING ABOUT TWEETED 72 TIMES BRAGGING ABOUT THE STOCK MARKET RESULTS. THE STOCK MARKET RESULTS. SEVEN TIMES IN THE PAST FOUR SEVEN TIMES IN THE PAST FOUR WEEKS. WEEKS. AND YOU KNOW WHAT GOES UP DOES AND YOU KNOW WHAT GOES UP DOES GO DOWN. GO DOWN. WITH HIS RECKLESS APPROACH TO WITH HIS RECKLESS APPROACH TO TRADE AND OTHER ECONOMIC ISSUES, TRADE AND OTHER ECONOMIC ISSUES, THE TAX CUT THAT WAS SQUANDERED THE TAX CUT THAT WAS SQUANDERED THE WAY IT WAS, WE GOT A BIG THE WAY IT WAS, WE GOT A BIG MESS ON OUR HANDS AND THERE’S NO MESS ON OUR HANDS AND THERE’S NO ONE IN THE WHITE HOUSE WHO CAN ONE IN THE WHITE HOUSE WHO CAN HANDLE THAT. HANDLE THAT.>>SO, GENE, WE’VE ALREADY SEEN>>SO, GENE, WE’VE ALREADY SEEN ONE QUARTER OF NEGATIVE ECONOMIC ONE QUARTER OF NEGATIVE ECONOMIC GROWTH IN GERMANY. GROWTH IN GERMANY. IF THE NEXT QUARTER IS NEGATIVE, IF THE NEXT QUARTER IS NEGATIVE, THAT’S OFFICIALLY A RECESSION THAT’S OFFICIALLY A RECESSION THERE. THERE. YOU WERE JUST ON THIS POINT, AND YOU WERE JUST ON THIS POINT, AND THIS IS SOMETHING THAT DONALD THIS IS SOMETHING THAT DONALD TRUMP DOESN’T UNDERSTAND, THAT TRUMP DOESN’T UNDERSTAND, THAT GERMANY IS A CUSTOMER OF THE GERMANY IS A CUSTOMER OF THE UNITED STATES, A MAJOR AND UNITED STATES, A MAJOR AND IMPORTANT CUSTOMER OF THE UNITED IMPORTANT CUSTOMER OF THE UNITED STATES. STATES. IF THEIR BUYING POWER DROPS, IF IF THEIR BUYING POWER DROPS, IF THEY’RE LESS ABLE TO PURCHASE THEY’RE LESS ABLE TO PURCHASE WHAT WE HAVE TO SELL THEM, WHAT WE HAVE TO SELL THEM, THAT’S A PROBLEM FOR US. THAT’S A PROBLEM FOR US. THEY ARE INTERCONNECTED TO US IN THEY ARE INTERCONNECTED TO US IN VARIOUS SUPPLY CHAINS IN VARIOUS SUPPLY CHAINS IN MANUFACTURING. MANUFACTURING. PARTS OF A MANUFACTURING PROCESS PARTS OF A MANUFACTURING PROCESS MIGHT GO FROM GERMANY TO THE MIGHT GO FROM GERMANY TO THE UNITED STATES, THAT’S ALL UNITED STATES, THAT’S ALL AFFECTED BY THIS AND DONALD AFFECTED BY THIS AND DONALD TRUMP HAS ALWAYS THOUGHT IN HIS TRUMP HAS ALWAYS THOUGHT IN HIS TRADE WAR HE CAN THROW PUNCHES TRADE WAR HE CAN THROW PUNCHES AT OTHER COUNTRIES AND WHEN HE’S AT OTHER COUNTRIES AND WHEN HE’S THROWING THE PUNCH, HE’S NEVER THROWING THE PUNCH, HE’S NEVER GOING TO HURT HIS KNUCKLES IN GOING TO HURT HIS KNUCKLES IN THE PROCESS AND IT TURNS OUT IN THE PROCESS AND IT TURNS OUT IN TRADE WARS, IT IS IMPOSSIBLE TO TRADE WARS, IT IS IMPOSSIBLE TO THROW THESE KINDS OF PUNCHES THROW THESE KINDS OF PUNCHES WITHOUT DOING DAMAGE TO YOUR OWN WITHOUT DOING DAMAGE TO YOUR OWN ECONOMY. ECONOMY.>>NO, I MEAN, THAT’S EXACTLY>>NO, I MEAN, THAT’S EXACTLY RIGHT, LAWRENCE. RIGHT, LAWRENCE. I MEAN, REALLY, IT’S BOTH WAYS, I MEAN, REALLY, IT’S BOTH WAYS, RIGHT? RIGHT? FIRST YOU END UP HAVING FIRST YOU END UP HAVING SELF-INFLICTED WOUNDS. SELF-INFLICTED WOUNDS. HOW’S IT GOING FOR AGRICULTURE HOW’S IT GOING FOR AGRICULTURE EX EX EXPORTS OF THE UNITED STATES? EXPORTS OF THE UNITED STATES? SOYBEAN EXPORTERS. SOYBEAN EXPORTERS. IT’S BEEN A DISASTER. IT’S BEEN A DISASTER. WE NOW HAVE INDUSTRIAL WE NOW HAVE INDUSTRIAL PRODUCTION, AND MANUFACTURING, PRODUCTION, AND MANUFACTURING, HIS BIG FOCUS, IS DOWN TWO HIS BIG FOCUS, IS DOWN TWO QUARTERS. QUARTERS. THAT’S A TECHNICAL RECESSION FOR THAT’S A TECHNICAL RECESSION FOR INDUSTRIAL PRODUCTION. INDUSTRIAL PRODUCTION. ONE, YOU END UP HITTING YOURSELF ONE, YOU END UP HITTING YOURSELF IN THE PROCESS, BUT SECONDLY, IN THE PROCESS, BUT SECONDLY, INSTEAD OF WORKING WITH GERMANY INSTEAD OF WORKING WITH GERMANY AND CANADA AND OTHER COUNTRIES AND CANADA AND OTHER COUNTRIES IN A COHERENT WAY THAT MIGHT IN A COHERENT WAY THAT MIGHT HAVE BEEN DIRECTED TOWARD HAVE BEEN DIRECTED TOWARD ISOLATING CHINA, THIS KIND OF ISOLATING CHINA, THIS KIND OF JUST, AGAIN, KIND OF DRUNK JUST, AGAIN, KIND OF DRUNK DRIVING APPROACH ENDS UP JUST DRIVING APPROACH ENDS UP JUST CREATING RISK AND HARM IN THE CREATING RISK AND HARM IN THE GLOBAL ECONOMY AND SO NOT ONLY GLOBAL ECONOMY AND SO NOT ONLY IS IT BAD WHEN GERMANY GOES TO IS IT BAD WHEN GERMANY GOES TO NEGATIVE GROWTH, BUT YOU’VE SEEN NEGATIVE GROWTH, BUT YOU’VE SEEN THAT CHINA NOW HAD INDUSTRIAL THAT CHINA NOW HAD INDUSTRIAL PRODUCTION AT ITS LOWEST IN, PRODUCTION AT ITS LOWEST IN, PERHAPS, 17 YEARS. PERHAPS, 17 YEARS. NONE OF THAT IS GOOD. NONE OF THAT IS GOOD. IT’S NOT GOOD WHEN YOU HURT YOUR IT’S NOT GOOD WHEN YOU HURT YOUR OWN AGRICULTURE EXPORTERS AND OWN AGRICULTURE EXPORTERS AND YOUR OWN MANUFACTURESRS, BUT WHE YOUR OWN MANUFACTURESRS, BUT WHE YOU LOWER DEMAND IN THE WORLD, YOU LOWER DEMAND IN THE WORLD, IN GERMANY, IMPORTANT CUSTOMER, IN GERMANY, IMPORTANT CUSTOMER, IN CHINA, IN THE GLOBAL ECONOMY, IN CHINA, IN THE GLOBAL ECONOMY, YOU HURT ALL OF THE PEOPLE IN YOU HURT ALL OF THE PEOPLE IN THE UNITED STATES WHO RELY ON THE UNITED STATES WHO RELY ON STRONG GLOBAL DEMAND, AND, YOU STRONG GLOBAL DEMAND, AND, YOU KNOW, THE QUESTION NOW IS, CAN KNOW, THE QUESTION NOW IS, CAN HE PULL OUT OF IT? HE PULL OUT OF IT? YOU KNOW, YOU ASKED WHAT YOU YOU KNOW, YOU ASKED WHAT YOU HAVE TO DO. HAVE TO DO. YOU ACTUALLY DON’T NEED TO KNOW YOU ACTUALLY DON’T NEED TO KNOW TOO MUCH ABOUT ECONOMICS TO KNOW TOO MUCH ABOUT ECONOMICS TO KNOW THAT WHEN YOU’RE DUGGING A HOLE, THAT WHEN YOU’RE DUGGING A HOLE, STOP DIGGING AND THE WAY DONALD STOP DIGGING AND THE WAY DONALD TRUMP HAS, AGAIN, MANAGED THIS TRUMP HAS, AGAIN, MANAGED THIS ECONOMY IS THAT HE IS THE ECONOMY IS THAT HE IS THE NUMBER-ONE RISK FACTOR. NUMBER-ONE RISK FACTOR. IF HE SIMPLY DID NOTHING, THE IF HE SIMPLY DID NOTHING, THE ENTIRE U.S. AND GLOBAL ECONOMY ENTIRE U.S. AND GLOBAL ECONOMY WOULD BE IN STRONGER SHAPE THAN WOULD BE IN STRONGER SHAPE THAN IT IS NOW. IT IS NOW.>>RON, WE HAVE A FOX NEWS POLL>>RON, WE HAVE A FOX NEWS POLL SAYING SAYING SAYING UNSATISFIED WITH THE WAY SAYING UNSATISFIED WITH THE WAY THINGS ARE GOING, A VERY GENERAL THINGS ARE GOING, A VERY GENERAL STATEMENT. STATEMENT. SATISFIED IS ONLY 40%. SATISFIED IS ONLY 40%. UNSATISFIED IS 59%. UNSATISFIED IS 59%. THAT IS BEFORE THE INVERTED THAT IS BEFORE THE INVERTED YIELD CURVE. YIELD CURVE.>>YEAH.>>YEAH. YEAH, I MEAN, I THINK THERE’S YEAH, I MEAN, I THINK THERE’S ALSO AN INVERTED APPROVAL CURVE ALSO AN INVERTED APPROVAL CURVE FOR DONALD TRUMP THERE. FOR DONALD TRUMP THERE.>>YES.>>YES.>>IT’S HEADED IN THE WRONG>>IT’S HEADED IN THE WRONG DIRECTION, AS IT SHOULD BE. DIRECTION, AS IT SHOULD BE. LOOK, I MEAN, AGAIN, I DON’T LOOK, I MEAN, AGAIN, I DON’T THINK YOU CAN JUDGE A PRESIDENT THINK YOU CAN JUDGE A PRESIDENT BY THE MARKET. BY THE MARKET. MARKETS ARE IMPACTED BY A LOT OF MARKETS ARE IMPACTED BY A LOT OF FACTORS OUTSIDE HIS OR HER FACTORS OUTSIDE HIS OR HER CONTROL. CONTROL. BUT YOU CAN JUDGE A PRESIDENT BY BUT YOU CAN JUDGE A PRESIDENT BY THE POLICIES THEY PURSUE ON THE THE POLICIES THEY PURSUE ON THE ECONOMY AND WHAT DONALD TRUMP ECONOMY AND WHAT DONALD TRUMP PROMISED WAS TO INVEST IN PROMISED WAS TO INVEST IN WORKING PEOPLE. WORKING PEOPLE. HE PROMISED TO HAVE AN HE PROMISED TO HAVE AN INFRASTRUCTURE PLAN. INFRASTRUCTURE PLAN. HE PROMISED THAT HE’D HAVE A HE PROMISED THAT HE’D HAVE A BIG, BEAUTIFUL HEALTH CARE PLAN. BIG, BEAUTIFUL HEALTH CARE PLAN. HE PROMISED A LOT OF FUNDAMENTAL HE PROMISED A LOT OF FUNDAMENTAL STAPLES, KITCHEN-TABLE THINGS STAPLES, KITCHEN-TABLE THINGS FOR WORKING PEOPLE AND I THINK FOR WORKING PEOPLE AND I THINK PEOPLE FOR BETTER OR WORSE PEOPLE FOR BETTER OR WORSE BELIEVED HIM WITH THOSE PROMISES BELIEVED HIM WITH THOSE PROMISES AND HE’S DELIVERED ABSOLUTELY UP AND HE’S DELIVERED ABSOLUTELY UP IN OF THEM. IN OF THEM. HE’S RUN THE MOST KLEPTOCRATIC HE’S RUN THE MOST KLEPTOCRATIC ADMINISTRATION IN HISTORY AND AN ADMINISTRATION IN HISTORY AND AN ECONOMIC POLICY THAT’S ECONOMIC POLICY THAT’S EXACERBATED INEQUALITY AND EXACERBATED INEQUALITY AND DELIVERS ALL OF ITS GAINS TO DELIVERS ALL OF ITS GAINS TO THOSE AT THE VERY TOP. THOSE AT THE VERY TOP. SO IT’S NO SURPRISE, UNLESS SO IT’S NO SURPRISE, UNLESS YOU’RE POLLING THE VERY TOP .1 YOU’RE POLLING THE VERY TOP .1 OF 1% THAT THE NUMBER IS PEOPLE OF 1% THAT THE NUMBER IS PEOPLE RUN SATISFIED WITH THAT. RUN SATISFIED WITH THAT. AND AS YOU SAY, THAT’S BEFORE AND AS YOU SAY, THAT’S BEFORE TODAY’S EVENTS. TODAY’S EVENTS. THAT’S GOING TO GET WORSE FOR THAT’S GOING TO GET WORSE FOR HIM, NOT BETTER. HIM, NOT BETTER.>>RON KLAIN, THANK YOU VERY>>RON KLAIN, THANK YOU VERY MUCH FOR JOINING US AGAIN MUCH FOR JOINING US AGAIN TONIGHT AND GENE SPERLING, TONIGHT AND GENE SPERLING, ECONOMIC ADVISER TO PRESIDENTS, ECONOMIC ADVISER TO PRESIDENTS, COULD NOT DO THIS WITHOUT YOU, COULD NOT DO THIS WITHOUT YOU, AND AS THIS ECONOMIC NEWS AND AS THIS ECONOMIC NEWS CONTINUES, WE’RE GOING TO NEED CONTINUES, WE’RE GOING TO NEED YOU. YOU. STAY BY THE PHONE, GENE.

100 thoughts on “Obama Econ. Advisor: President Donald Trump Is Danger To World Economy | The Last Word | MSNBC

  1. Trump's narcissistic personality disallows him from accepting any responsibility whatsoever for making inept economic decisions based upon an extremely limited grasp of world economics. Couple this with his inability to take any advice and his economic advisers also being woefully inadequate is an equation that would only ever lead to economic disaster.
    He has only himself to blame yet unfortunately blame is something he only directs at others and will never , never in a million years, ever accept as his doing due to his failings that clearly fall at his doorstep.

  2. I am puzzled. Isn't "individual no. 1" the one that has gone bankrupt many, many times in his past including the dubious honor to losing more money than any other person in the country. And now, we want to give him credit for running our economy…. with out going bankrupt???

  3. I'd like to know where are the funds that would be used to pay for all those still opened positions in the white house? Is mnuchin and his blow up doll on extravagant trips again?

  4. They say that Epstein had a broken neck, their also saying that it could be from him hanging himself…..I don't believe it. He was plain and simply murdered. They had too shut him up. He knew far too much. Besides it was said he was found on the floor curled up, no mention of a sheet…They can't even lie good..never could….JUST HEARD HE DIDN'T COMMIT SUICIDE HE WAS STRANGLED. THEY ARE NOW CALLING IT HOMICIDE.

  5. Trump STILL doesn’t know what an inverted yield curve means. He just re-tweeted it to “pretend” he knew what it was….as he pretends with literally EVERYTHING.
    DUMB as a post!

  6. OMG out of 30 presidents, their IQ levels Russian Trump was number 30….What a genius he is. His base probably has the same IQ. and they call him a genius???? What are they doing going from bottom up?????? Too fing funny. His base should make IQ appointments too see what their level is??????? I can't stop laughing.

  7. You can not make ten trillion in Red go away you SOB Obama/Biden was also a disaster.
    Our people are easily fooled but Obama was record RED. Poor Tom

  8. Trump doesn't comprehend goodness for everyone, he is always in the competitive, war mentality. He likes to hurt people, and countries. As we already know from the beginning he thrives on chaos and drama, I hope his fans have had enough, and will help our country by getting rid of him now.

  9. I'd love to see a chart of campaign promises/platforms from all previous presidents and what they actually delivered on. I bet it's abysmal for both Republicans and Democrats. Such a silly country with so much childish infighting. At least each side is getting sufficient dopamine kicks from posting about how the other side sucks! That certainly has made an useful impact… oh wait.

  10. Need to be tougher laws on companies like Goldman Sac. and all banking systems who in the last few days dumping stocks actually caused this dip. I guess like last economy crash in 2007 these companies will be looking for another bail out while Americans lose everything and cant afford to retire then they'll raise the retirement age again too talk about a system made to squeeze the money and life out of you.

  11. If a Dumbocrat gets in and the stock market goes back to Dumbo's level is he willing to pay everyone the difference. Democrats and the media are total idiots and I just want their name on the guarantee of my investments in their worthless hands.

  12. Anybody who knew anything about Trump before he managed to get elected knew that he was a human wrecking ball. Rick Wilson's book about Trump, entitled, "Everything Trump Touches Dies," encapsulates everything anyone needs to know about Trump in that very short title. Trump's enormous ego allows him to make grandiose pronouncements about what he can do and how much he knows and that no one else can equal his solutions, but the sad reality is, and, yes, we're finally beginning to figure this out, is that Trump is simply an inept, self-serving, egomaniacal fool, a fool who duped enough gullible people and, with help from a highly corrupt political party along with Russian interference, amazingly enough got elected President. Very sad, indeed.

  13. Just remember its not his fault, its the media and clinton, trade wars are good and easy to win, he's a stable genius!

  14. I am not a fan of trump but the media needs to stop with the sky falling bit. Economies throughout the world are down. If it goes back up next week will the media Praise Him?

  15. Are we talking about, dont want to show his tax returns trump? People please we ain't seen nothing yet. Trump is just getting started. Were is the best place to work our your corruption mr president. Hes untouchable and you people prove that to him each day, because ain't none of you going to bust s grape.

  16. I wonder if this mess Trump created has been planned in order to benefit some within Trump's circle of family and friends. Short selling comes to mind.

  17. America needs to hear this loud and clear: Trump has taken a healthy, growing economy, and through the combination of tax cuts and his drunken trade policies around the world, he has driven the US into a TECHNICAL INDUSTRIAL RECESSION!!!!!! For the past two quarters industrial production has declined in the US!!!!!!!!!

  18. Well you know the director of the Ford car company knew that if he payed his workers more money they could afford to bye his cars and that that was good for his wallet. That is a reverse trickle down. And that is what I mean by socialism share more of the wealth and everybody will benefit.

  19. I researched orange when he threw his hat in the ring. I watched Apprentice the first season and enjoyed the concept. What I finally got (I know, I was a bit slow) was that everything was a commercial for him and his goods (and his narcissism like when the "prize" for one of the tasks was a tour of his apartment OMG!). So after his birtherism nonsense I wanted to see just what kind of a human being he is. Without being hyperbolic, I could literally find NOTHING redeemable about him. I mean he is a trainwreck of a human being and it is AMAZING to me that so many people (the deplorable one third… Hillary was really on point even if it was politically incorrect yet orange was nothing BUT politically incorrect) voted for him. Did they not have access to a computer? Could they not watch the debates and realized he could open his mouth and speak but nothing but gibberish was coming out? Faux news thought Obama was the devil incarnate as well as Hillary. Yet the Obamas and the Clintons were married ONCE, paid their TAXES, and were transparent as glass compared to orange clown. Remember drumpf went bankrupt SIX times, got FIVE deferments, got THREE wives, and stiffed HUNDREDS of contractors. He stiffed NYC on his first deal, the Hyatt. Look it up! He was supposed to give a percent of the profit in exchange for a 40 year tax abatement but when it got profitable, he got TWO sets of accounting books! Of course NYC got the book that showed no profit. He got a $17 million insurance claim on Maralago for NON EXISTENT hurricane damage! He even got some $200,000 from a 9/11 fund (after saying how lucky he was that none of his building were damaged). And what a lot of people don't know is that this very sick puppy wrote TWO letters to the City of New York complaining about sidewalk kiosks that were being run by WOUNDED VETERANS! He thought they were tacky under his gold plated shrine to his name. Not to mention his two lawsuits by the Feds for not renting to minorities and his Central Park 5 ad he took out basically condemning the kids before they got a trial and when they were found innocent years later (by both a confession and DNA) he still thought they were guilty. A racist POS who should rot in hades.

  20. Donald Trump is doing just what Putin wanted him to do destroy the United States by putting us in a recession in giving us trillions and trillions a trillion dollars a debt and not spending one penny of the citizens government tax payers money on any citizens of the United Statesthat is how you destroyed that United States of America and we are a destroyed statenot one country want to deal with the United States anymore you can't get anybody to help fight a war with the United everything is skyrocketed under this presidentwhy him and his family take advantage of the government money and the taxpayers money of the citizens of the United States no one in the United States can name one thing 56 predator president has done for the American people holla at jobs on leaving people getting laid off by an alarming ratewell he uses our taxpayers money in the government money to build buildings in other foreign country he has not get any money for any programhe needs to be any money so he's taking money from programs that benefit the American people and making deals do the senator Mitch McConnell in the White did benefit foreign governments in not the American citizens and you wonder why he does not criticize any foreign calcium and Mitch McConnell in the Republicans are passing bills and getting paid big money to pass Bill student Senate the benefit foreign governments and dictators and not the American people

  21. surprise, surprise. a democrat hands a republican a decent economy, the republican cuts taxes, the national debt skyrockets, and the economy crashes. insanity.

  22. Trump doesn't care about the economy, health care, global warming and mass shootings. The only thing that Trump cares about is Trump. His poor supporters will find out the hard way.

  23. The Best President United states of America has ever had or seen I feel it's Christmas every time I see you. LET THEM ALL HAVE IT IN SPADES PRESIDENT TRUMP. TRUMP 2020 & Jr 2024 FOR THE BIG WIN and keep it in the family for many many years to come.

  24. Trump inherited a lousy economy from B.O. and the Democrats. In 2 years it has soared. The Dow closed at 99 yesterday and it is over 200 right now. So, it has regained 40% from Wednesday's loss. Investors were just taking profits from their stocks which have been doing great under Trump. Trump wins easily next year.

  25. Trump is the dumbest guy in the room. He’s been a failure his entire life. And now he’s about to crash the world economy.

  26. how about having one Republican on the panel like fox do? talk about the echo chamber.
    let's all agree that Donald trump is evil and stupid. well he must be…no one disagreed

  27. God save the world from what we have unleashed. Oh my, I really could cry. Russia is winning and the US is helping her. Trump=suicide.

  28. How can u keep asking Trump to co-operate with the western world to isolate n fight China ?.
    How can MAGA work if USA has to share the fruits of success coming out of such an endeavor ?
    MAGA, MAGA, and no one else. MAGA, MAGA.

  29. Three laws need to be made for future presidents.
    * must show taxes
    * may not use Twitter for government or official purposes
    * Congress has the right to stop presidential pardons deemed unlawful in any way

  30. HE IS A disruptor and DEMON in charge of the world's largest economy clasp his real name IF YOU DON'T KNOW HIS REAL NAME is SATAN THE DEVIL AND the LIE is the truth if you say it wing.and HIS gargoyle Barr IS trying to get the papers FOR TRUMP

  31. Now we see how recklessly Trump ran his personal business. He was always robbing
    Paul to pay Peter. Abusing and using,not paying his workers. Hiring undocumented workers just so he won't pay them. The man is clearly sick ,for sure a LOSER.

  32. trump was a respected business in ny for decades winning awards for helping and donating to the poor and minorities

    do your research , and msnbc isnt going to talk about trump before he became president

    he has 214 successful money making business's

    he built trump tower 2 dozen trump hotels

    30 world class golf courses

    he owns 200 properties that make money in NY

    our gdp under trump=$27.4 trillion

    under obama it was $16.4

    our unemployment is the lowest in 50 years

    msnbc is spreading lies and you are buying into it

    china has been abusing trade for decades and trump is addressing this

  33. When Trump won the presidency in 2016, many news outlets in Latin American were calling him the first Latin American president of the U.S. Why you ask? Because he sounded, behaved, and acted like a DICTATOR. Latin Americans know about dictatorship.

  34. I watch a lot of news. Only way I know how to keep track of the millions of things going on everyday. One item I saw was congressional testimony that interviewed John Kerry. Kerry, mentioned the tax cuts to the wealthy. He said that he was part of the 1% and didn't need that tax break. I came away from that with the feeling, the wealthy are truly in charge of our culture and future. No wonder they can't do any thing to help the most important part of their wealth, citizens. This also should indicate what Individual No. 1 really feels. America is a target of this man. He and companies like Amazon think taking wealth out of our economy with out putting anything back without regard. I can not see a future where that will continue to work.

  35. Trump tries to act like he knows a lot about business, but he actually has a long record of failure. I think Russian money has kept him afloat.

  36. Wasn't this economist responsible for multiple years of a sub 2% GDP? Why would anyone listen to this guy? Don't know about you guys but my 401k and investments are growing fine . Sure Trump can be a jerk sometimes but as long as he keeps the insults and mind games pointed at the people who ask for it, let's see what happens in 2020.

  37. Jean Sterling can only wish he had a trump economy.. 8 years never reached above 3% GDP unemployment never less then 12% these people are a joke

  38. America elected a Fake person and you are getting what you voted for. Unfortunately, the rest of the world did not get to vote.

  39. WARNING: The CONTROL GROUP that dominates the Mainstream Media is largely related to the CONTROL GROUP that dominates the Federal Reserve Bank of New York. If it looks like Trump is going to win 2020, these two control groups could very easily CONSPIRE to crash the economy. If the economy is crashed, stupid and ignorant votors in Trump's base could defect. If, on the other hand, voters in Trump's base are well aware of this possible conspiracy, Trump's re-election will be assured. So spread this message and watch this movie: https://youtu.be/evYyDsmSzdo The Mainstream Media only "hates" conspiracy theories because it is THEY who most PROFIT from them.

  40. Stock market is not the economy, but if that's where your 401k is partly invested, those 800-point dives are not good. Unlike soybean farmers, retirees don't get billions in Trump welfare.

  41. This crook is going to destroy the country of United States of America by who, Trump the lunatic psychopath.

  42. "Economic narcissism" The man is a narcissist in every are who doesn't or can't read why is this decision any surprise. He doesn't listen to his own advisers. He thinks he knows it all so here we are once again screwed by Wall St. greed and the banking industry.

  43. How did half of the voters get bamboozled into voting for a member of the criminal class with a public record of misogyny and white supremacy?

  44. Stupidity of Trump's Economics. The first one is that Tariffs do not affect consumers and producers but China pays the Tariffs to Trump. This Trump BS. Tariffs increase prices on consumers and increase cost on producers. These costs are paid bt Americans. The second is that the US economy is excellent under Trump with high economic growth, rising wages, and the lowest unemployment rate. Given these super indicatoes the Fed based on Trump shouting has to cut the interest rate. No stupid would believe that during high growth and low unemployment the interest rate should decline. usually, the interest must increase in response to higher demand for money. But under Trump the world of Economics is up-side-down.

  45. Trump cant connect with working class because he has never had to work hard for anything . He will never do anything that will benefit the working class.

  46. Knock off the reality, this man is the biglist loser worldwide, a thief and liar who cannot stand up to Russia and especially China, the most savy and patient businessmen who have existed ..

  47. He's a danger to HUMANITY! Impeach this Moron NOW!!!
    His father gave him over 400 Million Dollars and he managed to file for bankruptcy not 1, not 2 but 6 TIMES!

  48. He promise the American People would win so much they would get tired from winning. That Mexico would pay for the wall, not to take money from the U.S. Military to pay for a wall. All DJT promises. DIDN'T HAPPEN!!
    One Nation under God!

  49. Chump inherited millions of dollars from his father. He scundered every dollar on bad investment's. Now he is going to scuander us into a recession. Impeach Chump now!

  50. Trusting anything donald "LOUIE DUMPS" trump, the biggest loser in American history, says about the economy is the financial equivalent of taking life extending medical advice from doctor Kevorkian….remember people, EVERYTHING donald trump TOUCHES DIES…

  51. However is Trump an alcoholic justNa question on curiosity? He doesn't look mentally concious for whatever words he said or twitted😯

  52. Trump doesn't have a clue about the market, economy, immigration, foreign relations…! All he knows is how to take money that is given to him, not pay people, assault women, and lie. Oh, and create a Cult following.

  53. Of course, Dumb Donald is a danger to the world economy. After all, he filled for bankruptcy 6 times! He inherited a good economy and did what he did when he came into millions from his rich father — lost a lot of money.

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