1 00:00:00,200 --> 00:00:05,880 Speaker 1: This is the warning. And yesterday, shortly after four pm, 2 00:00:06,160 --> 00:00:10,320 Speaker 1: when the stock markets closed, Donald Trump ambled out to 3 00:00:10,440 --> 00:00:16,200 Speaker 1: the presidential podium and declared trade war America against the world. 4 00:00:16,520 --> 00:00:20,400 Speaker 1: He said, this is the key to our country being 5 00:00:20,480 --> 00:00:25,360 Speaker 1: great again. The Republican members of Congress cheered, and his 6 00:00:25,520 --> 00:00:32,160 Speaker 1: sycophants went on TV to celebrate. This is a decisive moment. 7 00:00:32,760 --> 00:00:38,320 Speaker 1: Millions of Americans will be hurt. But politically, though it 8 00:00:38,400 --> 00:00:42,760 Speaker 1: will not seem like it today, Donald Trump has destroyed 9 00:00:43,080 --> 00:00:47,240 Speaker 1: his MAGA movement. It will be remembered as an instrument 10 00:00:47,520 --> 00:00:53,640 Speaker 1: of economic recession, if not depression of lost dreams and hopes, 11 00:00:54,000 --> 00:00:59,000 Speaker 1: as a crusher of prosperity. And there is no country 12 00:00:59,240 --> 00:01:03,560 Speaker 1: that will pass a higher price than the United States. 13 00:01:03,920 --> 00:01:08,440 Speaker 1: And there is no group of voters, none that will 14 00:01:08,480 --> 00:01:12,520 Speaker 1: be more impacted, that will be more hurt by this 15 00:01:13,080 --> 00:01:16,000 Speaker 1: than Donald Trump's own voters. 16 00:01:16,280 --> 00:01:18,479 Speaker 2: We have to take care of our people, and we're 17 00:01:18,480 --> 00:01:20,040 Speaker 2: going to take care of our people first. 18 00:01:20,040 --> 00:01:24,480 Speaker 1: And I'm sorry to say that every single thing that 19 00:01:24,600 --> 00:01:28,880 Speaker 1: an American purchases will go up in less than one 20 00:01:28,959 --> 00:01:32,760 Speaker 1: hundred days. Donald Trump has set the following in motion. 21 00:01:33,319 --> 00:01:39,640 Speaker 1: Wages will go down, prices will go up, unemployment will 22 00:01:39,800 --> 00:01:45,240 Speaker 1: rise as prices go up and wages go down, and 23 00:01:45,319 --> 00:01:50,040 Speaker 1: because of the uncertainty, there will be no hiring. Everything 24 00:01:50,400 --> 00:01:51,280 Speaker 1: will freeze. 25 00:01:51,920 --> 00:01:55,000 Speaker 2: And today we're standing up for the American worker, and 26 00:01:55,040 --> 00:01:58,560 Speaker 2: we are finally putting America first. 27 00:02:00,360 --> 00:02:03,600 Speaker 1: The American economy had a lot of problems with it, 28 00:02:03,960 --> 00:02:09,760 Speaker 1: no doubt, but the answer to the most competitive, most innovative, 29 00:02:10,280 --> 00:02:15,839 Speaker 1: most entrepreneurial economy on planet Earth was not de detonated. 30 00:02:16,240 --> 00:02:21,919 Speaker 1: But the buffoon in chief, our mad King Donald knows best. 31 00:02:22,160 --> 00:02:26,560 Speaker 1: And so let's have a taste of the insanity as 32 00:02:26,600 --> 00:02:30,520 Speaker 1: it was announced, and then we'll see Scott the Scent, 33 00:02:30,919 --> 00:02:37,800 Speaker 1: the Treasury Secretary talking in absolute, incoherent terms on CNN. 34 00:02:38,240 --> 00:02:39,960 Speaker 3: One of the messages that I'd like to get out 35 00:02:40,000 --> 00:02:43,800 Speaker 3: tonight is everybody, sit back, take a deep breath, don't 36 00:02:43,840 --> 00:02:48,600 Speaker 3: immediately retaliate. Let's see where this goes, because if you retaliate, 37 00:02:48,680 --> 00:02:49,959 Speaker 3: that's how we had escalation. 38 00:02:51,360 --> 00:02:57,000 Speaker 1: Now let's focus on the Treasury Secretary's dishonesty. And unlike 39 00:02:57,040 --> 00:03:02,440 Speaker 1: the Commerce Secretary Howard Lugnik, five star shister, the Treasury 40 00:03:02,520 --> 00:03:08,320 Speaker 1: Secretary actually has a position of responsibility with deep consequences 41 00:03:08,480 --> 00:03:09,520 Speaker 1: for their actions. 42 00:03:09,880 --> 00:03:13,840 Speaker 2: Donald Trump understands America, he understands American workers, and he 43 00:03:13,919 --> 00:03:17,720 Speaker 2: understands national security. And thank goodness, he's going to protect us. 44 00:03:17,919 --> 00:03:21,440 Speaker 2: And today's the beginning of him really protecting America and 45 00:03:21,440 --> 00:03:23,080 Speaker 2: making America first. 46 00:03:23,800 --> 00:03:29,000 Speaker 1: And in this answer you see how dishonest and incoherent 47 00:03:29,160 --> 00:03:34,520 Speaker 1: all of this is. The purpose of the tariffs is 48 00:03:35,160 --> 00:03:40,320 Speaker 1: to raise prices high enough so that companies will be 49 00:03:40,560 --> 00:03:45,040 Speaker 1: forced to make their products in the United States. As 50 00:03:45,160 --> 00:03:49,320 Speaker 1: the means to lower the prices so that people will 51 00:03:49,360 --> 00:03:56,000 Speaker 1: buy the product. Treasury Secretary is comparing apples and oranges. First, 52 00:03:56,400 --> 00:04:02,520 Speaker 1: These Trump tariffs are massive. The initial Trump tariffs were minuscule. 53 00:04:03,000 --> 00:04:08,480 Speaker 1: Yet even with those minuscule tariffs, taxpayers had to bail 54 00:04:08,760 --> 00:04:13,800 Speaker 1: out the bankrupted farmers. So the economic impact of these 55 00:04:13,880 --> 00:04:19,320 Speaker 1: tariffs will be taxpayer bailouts. For example, for the farmers 56 00:04:19,360 --> 00:04:23,000 Speaker 1: in Iowa that a bankrupts. Does that make sense to 57 00:04:23,040 --> 00:04:26,160 Speaker 1: you if you're a lawyer in New Jersey, it does not. 58 00:04:26,800 --> 00:04:32,800 Speaker 1: Today the stock markets will crash, trillions of dollars will 59 00:04:32,839 --> 00:04:38,880 Speaker 1: be wiped from people's retirements, and Donald Trump doesn't care. 60 00:04:39,480 --> 00:04:45,080 Speaker 1: He has assaulted the country's national security establishment, he has 61 00:04:45,200 --> 00:04:50,160 Speaker 1: assaulted the rule of law. He has assaulted the constitution. 62 00:04:50,600 --> 00:04:55,800 Speaker 1: What Donald Trump is is an arsonist. And so this 63 00:04:55,880 --> 00:04:58,839 Speaker 1: is a day that will be long remembered because it 64 00:04:58,920 --> 00:05:03,760 Speaker 1: is the beginning of an economic disaster that began not 65 00:05:04,160 --> 00:05:08,840 Speaker 1: by confluential forces, but by the push of a detonation 66 00:05:09,120 --> 00:05:13,120 Speaker 1: button designed in the Oval Office. And no matter what, 67 00:05:13,600 --> 00:05:17,680 Speaker 1: no matter how bad and how chaotic things get, Donald 68 00:05:17,720 --> 00:05:21,640 Speaker 1: Trump will go out there and he will say we're winning. 69 00:05:22,120 --> 00:05:25,920 Speaker 1: In the media. We'll lap it up until it becomes 70 00:05:25,960 --> 00:05:30,480 Speaker 1: too farcical to continue. That happened during the Second Iraq 71 00:05:30,560 --> 00:05:34,400 Speaker 1: War when Baghdad Bob was standing in front of the 72 00:05:34,640 --> 00:05:38,280 Speaker 1: Baghdad airport and he said there were no Americans at 73 00:05:38,279 --> 00:05:41,120 Speaker 1: the airport as the American tanks came by. And that 74 00:05:41,240 --> 00:05:44,120 Speaker 1: is what will happen with the American economy. His misery 75 00:05:44,160 --> 00:05:49,080 Speaker 1: has spread. Donald Trump is trying to recreate a world 76 00:05:49,440 --> 00:05:52,240 Speaker 1: that's gone and it will never come back. The world 77 00:05:52,320 --> 00:05:56,000 Speaker 1: of the nineteen fifties, of the nineteen seventies. We live 78 00:05:56,240 --> 00:05:59,720 Speaker 1: in an integrated global economy that has made the United 79 00:05:59,760 --> 00:06:04,560 Speaker 1: State dates the richest nation in world history. The distribution 80 00:06:05,040 --> 00:06:08,560 Speaker 1: of the share of that wealth inside the boundaries and 81 00:06:08,640 --> 00:06:12,719 Speaker 1: borders of the United States, that's a domestic political issue 82 00:06:12,839 --> 00:06:15,920 Speaker 1: that won't be impacted one way or the other by 83 00:06:15,960 --> 00:06:19,960 Speaker 1: these tariffs, except for it will make everybody poorer. There 84 00:06:20,000 --> 00:06:23,720 Speaker 1: is no plan. Donald Trump doesn't have a plan, but 85 00:06:23,800 --> 00:06:26,960 Speaker 1: he's not allowed to be told no to. And so 86 00:06:27,520 --> 00:06:31,799 Speaker 1: we spiral and we drift, and he's surrounded by sycophants 87 00:06:32,000 --> 00:06:34,960 Speaker 1: who stab each other in the back to be the 88 00:06:35,000 --> 00:06:37,800 Speaker 1: first to say yes. And then they run out of 89 00:06:37,880 --> 00:06:41,120 Speaker 1: the room, stabbing each other in the back to be 90 00:06:41,279 --> 00:06:43,840 Speaker 1: the last to ever be in a position to have 91 00:06:43,920 --> 00:06:48,400 Speaker 1: to say no to madness. And that is where we are. 92 00:06:48,880 --> 00:06:53,200 Speaker 1: The country is in crisis. The fruits of the electoral 93 00:06:53,279 --> 00:06:57,480 Speaker 1: decision are coming due, and there will be immense suffering, 94 00:06:57,800 --> 00:07:01,920 Speaker 1: more homeless, more hungry. There will be chaos, there will 95 00:07:01,960 --> 00:07:07,200 Speaker 1: be crime, and in the end, economic war has always 96 00:07:07,440 --> 00:07:13,480 Speaker 1: yielded to the real thing. The most disastrous decision made 97 00:07:13,520 --> 00:07:17,400 Speaker 1: by free people in the world anywhere in the last 98 00:07:17,480 --> 00:07:21,400 Speaker 1: eighty years has been made by the American people, who 99 00:07:21,440 --> 00:07:26,840 Speaker 1: have grown fat and slothful, lazy and decayed enough to 100 00:07:26,920 --> 00:07:31,280 Speaker 1: elect a con man hustler from Queens to the office 101 00:07:31,440 --> 00:07:36,360 Speaker 1: of President of the United States. And every person who warned, 102 00:07:36,680 --> 00:07:40,120 Speaker 1: who said what was coming was different, what was coming 103 00:07:40,240 --> 00:07:43,720 Speaker 1: was terrible, will be proven right because what is coming 104 00:07:44,240 --> 00:07:50,200 Speaker 1: is terrible. Indeed, this is the warning, and I'm Steve Schmidt. 105 00:07:50,280 --> 00:07:52,880 Speaker 1: This is the warning. I invite you to join this 106 00:07:53,000 --> 00:07:57,320 Speaker 1: community where I promise to be honest, blunt and direct 107 00:07:57,640 --> 00:08:01,640 Speaker 1: about what is happening in this country. ARCA is in crisis. 108 00:08:01,800 --> 00:08:05,800 Speaker 1: Follow and subscribe to this channel and on substack. Thank you.