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Speaker 1: Ken Lagoon started a small operation called home Depot. These days,

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Speaker 1: he's a billionaire and a major donor to Donald Trump.

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Speaker 1: He is like the rest of us, looking on, incredulous

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Speaker 1: or furious, or in disbelief or in confusion. Yesterday, for

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Speaker 1: a very brief period of rumor that appeared to come

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Speaker 1: out of a very small account or two on X

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Speaker 1: swept the market. Trump was considering a nighty day pause

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Speaker 1: in Tariff's. The market, which had been continuing its downward

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Speaker 1: trajectory or tanking as some people call it, abruptly upped

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Speaker 1: sticks and reversed, and it searched about eight percent, which

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Speaker 1: is a lot. Until it turned out no, it was true,

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Speaker 1: So I fell apart again. That's, as one article suggested,

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Speaker 1: was an off ramp for the president. In other words,

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Speaker 1: had the rumor been true, had Trump decided it could

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Speaker 1: all be a mistake, the markets would have forgiven them,

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Speaker 1: put it all behind them, and we'd be on our

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Speaker 1: merry way. But back to Ken, Ken said, I don't

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Speaker 1: understand the goddamn formula, and in that he is not alone.

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Speaker 1: Many of the billionaires who backed Trump don't understand the formula.

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Speaker 1: They also didn't back the idea that Trump would trash

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Speaker 1: the place, and yet more of them, mainly headed by

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Speaker 1: the bloke who runs Blackrock, thinks the US economy is

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Speaker 1: already in recession. If it is in recession, Howard Lutnik

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Speaker 1: will need to be rolled out to explain how that happened,

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Speaker 1: given according to Lutnick, it wasn't possible. So once again

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Speaker 1: we ask the simple question. If the brightest people in

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Speaker 1: the room don't understand the goddamn formula, If Trump's closest

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Speaker 1: allies and supporters don't get it, who does or worse,

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Speaker 1: is it possible no one does? And this thing is

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Speaker 1: a runaway train. And if it's not a runaway train,

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Speaker 1: is it possible that yet another Trump backer is right

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Speaker 1: when he suggests America is now a global laughing stock

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Speaker 1: and most of them, to quote Elon, are dumber than

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Speaker 1: a sack of bricks. There's going to be no recession

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Speaker 1: in America. For more from the Mic Asking Breakfast, listen

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Speaker 1: live to news talks it'd be from six am weekdays,

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Speaker 1: or follow the podcast on iHeartRadio.