Trump Wakes up to NIGHTMARE NEWS as WALL STREET Sends WARNING

We got cockroaches with Donald Trump, but I don't mean Donald Trump. I mean cockroaches in the economy. Those aren't my words Those are those of the financial guru. Jamie diamond jp morgan chase See, there's no data coming out of the government because donald trump not only has a shutdown that he created But he's not letting any data out to go to the federal reserve or the financial markets and they are now in turmoil he is responsible for $1 trillion worth of value being shed in cryptocurrency. Remember, this was supposed to be the golden

era of cryptocurrency under Donald Trump? Well, look at it now. And in the stock market, and it all has to do with credit and fears about borrowing and credit. And big banks like JP Morgan Chase saying during, and Jamie Dimon saying during earnings call, I think we've got a cockroach and we don't just have one cockroach

in describing Donald Trump's economy. I couldn't put it better myself. You're on Legal AF Friday. Let's get to it about the cockroaches. We got two things here, cockroaches and canaries in

the coal mine, and neither of them are a good image for Donald Trump. We got to hold Donald Trump and his administration accountable, not just for his destruction on the global stage of world peace, not just for his destruction of domestic policy, of civil liberties and civil rights, but how he is managing the US economy. It's one of the requirements to be elected or to be re-elected president. It's one of the requirements for a party to prevail at the midterms is that they are proper

stewards of the economy. And what are we watching? What Jamie Dimon said out loud is that things like subprime auto lenders going out of business and taking with them half a billion half a trillion dollars worth of value is a bad thing. He's even saying during his earnings call that big banks should and his bank will put aside reserves to hedge against future losses meaning people aren't paying their credit they're not paying their subprime, meaning kind of bad or low credit auto loans.

I mean, who could blame them in this economy? They're not paying their mortgages and the rest, and banks are the ones on the hook. Here is a clip of how the financial markets are reacting to Jamie Dimond making a statement a day or so ago saying

we got a cockroach problem. Let's play it. JP Morgan CEO Jamie Dimond issued a warning on the earnings call Tuesday. He said, quote, I probably shouldn't say this. Okay, but of course, Jamie said it because that's Jamie. But when you see one cockroach, there are probably more. Diamond was referring to the bankruptcies recently of the auto dealer Tricolor Holdings and auto parts conglomerate First

Brands Group.

And that's all the financial markets and the economic newspapers can talk about. Jamie Diamond calling it a cockroach, a cockroach in the Trump management of the

economy. See, when we don't have proper independent data, reliable data coming out from the government, then there's a vacuum. The vacuum is going to be filled by analysts and leaders of banks and financial services companies like Jamie Dimond. Let me just give you where we are at the end of our week putting on my Wall Street hat a lot of people know I worked on Wall Street for about four years in

On the legal side running a large portion of the legal department of a large financial services company And I understand how the markets fit together Cryptocurrency remember it was all the rage under the Trump administration The only one making money right now in crypto, Donald Trump and his family, because they want turmoil, they want volatility, they want volume of people buying and selling, selling and panicking, because

they get the vig, they get the brokerage commission. In the last week, cryptocurrency has lost over $600 billion in a week. Remember when, Remember when Bitcoin was flying high at $126,000 of Bitcoin? Yeah, well, now it's down to about $103,000 or $104,000, $103,550 to be exact.

All cryptocurrency down 4%. It's even worse for people in business with Donald Trump. Company called Binance, which is in business with Donald Trump through World Liberty Finance, they lost 11% on their token value. They had to come out of pocket a half a billion dollars

to try to stop the stampede. What is causing this? Banks are going out of business, especially ones that are making auto loans. And that has spooked the market. That's why we've lost over a trillion dollars in a week between the stock market and cryptocurrency. And I put the blame at the feet of Donald Trump. And you know who else does? The Federal Reserve Chairman, Jay Powell. I guess Donald Trump's done

making him a punching bag, realizing that that's only destabilizing the financial markets more. And now Jay Powell's back, you know, in between the big rate-setting meetings by the Federal Open Markets Committee that gets together the SETS interest rates that Donald Trump's been bashing the Federal Reserve, the Federal Reserve Governor Lisa Cook, and bashing Jay Powell. You know what they do? They go out and give speeches, like they go to Philadelphia and talk to an economic

or a chamber of commerce and talk about the economy. And what Jay Powell has to say in the last 48 hours mirrors the cockroach theory of Jamie Dimon. And here's clips.

Which will be summarized in tomorrow's Beige Book. Based on the data we do have, it's fair to say that the outlook for employment and inflation does not appear to have changed much since our September meeting four weeks ago. Data available prior to the shutdown, however, show that growth and economic activity may be on a somewhat firmer trajectory than expected. While the unemployment rate remained low through August, payroll gains have slowed sharply,

likely in part due to a decline in labor force growth due to lower immigration and lower labor force participation. In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen. While official employment data for September are delayed, available evidence suggests that both layoffs and hiring remain low and that both households' perceptions of job availability

and firms' perceptions of hiring difficulty continue their downward trajectories. Meanwhile, 12-month core PCE inflation was 2.9 percent in August, up slightly from earlier this year, as rising core goods inflation has outpaced continued disinflation in housing services. Available data and surveys continue to show that goods price increases primarily reflect tariffs rather than broader inflationary pressures.

Consistent with these effects, near-term inflation expectations have generally increased this year, while most longer-term expectation measures remain aligned with our 2 percent goal. Rising downside risks to employment have shifted our assessment of the balance of risks. As a result, we judged it appropriate to take another step toward a more neutral policy stance at our September meeting. There is no risk-free path for policy as we navigate the tension.

So that's certainly a risk. As I mentioned, there really isn't a risk-free path now since it appears that inflation is continuing, certainly is running above our target and appears to be continuing to increase quite gradually, but increase is still on the way up. So there's a risk there that that would

lend to greater persistence. But now the labor market has demonstrated pretty significant downside risks as payroll jobs have declined, and both the supply and demand for labor has declined quite sharply. So, you know, those two

states of affairs for our... The performance and the health of the American economy is an indictment of the Trump administration, among other things. When you take to the streets on the weekend and no King's Day, and you're protesting, this is part of what you're protesting about. That Donald Trump inherited from Joe Biden and Kamala Harris, a vibrant, growing engine of an economy that was helping people at the top, the bottom and the middle. It was helping the

middle class and the lower and the and the poor. It was helping them with their health care, helping them with their links to technology and being hooked into an AI future economy, getting It was helping them with their health care, helping them with their links to technology and being hooked into an AI future economy, getting them trained to do that, helping them with their schooling and their student loans and all of that so they could go to bed where they put their head on the pillow. They didn't have to worry about going bankrupt when they

went to the supermarket or to pay for health, or to pay for something for their children or grandchildren, or somebody in their life. And that was just 10 months ago. And now look at the economy. Between the tariffs, Donald Trump's warped policies that only benefit himself and those around him, not caring about the American people, him putting underground millions and millions of hardworking people that were in

the fields, that were at the construction sites, that were doing the dirty jobs that frankly Americans didn't want to do or there's not enough of Americans to do them. That has had a terrible impact on the economy. You just heard Jay Powell say it. So this is the referendum on Donald Trump. When you look at the stock market and more importantly, the overall financial markets and how they intersect and you see who's responsible and whose feet you lay the blame, it's an indictment of the Trump administration. It should motivate you and energize you for the no-Kings marches this weekend. We're not going to have our

First Amendment expression and thought and right to peaceably assemble crushed or chilled by Donald Trump in a show of force off the coast of California, whatever he's doing This is the incredible shrinking presidency The more he acts like a tough guy the more we see him for what he is. The Emperor has no clothes the mask is dropped He is incoherent He is dangerous. He is rogue. And if you want us if you want to ask yourself, why is he passing that policy? Why is Trump signing that executive

order? Why is he signing that presidential memorandum? It doesn't seem to make sense. There's three explanations, one of three or all three explanations. It either benefits himself, his family, or those around him financially, but nobody else. It's part of his retribution campaign. You're right, that's two.

That's really the main two. It's either helping him financially or it's part of his vindictiveness campaign. That's about it. But again, he doesn't have at bottom the interest of the American people.

So we're going to continue to follow it all right here on Legal AF. This is on Friday. Look, no kings, protests, streets, flooding the streets and signaling to Donald Trump like we did in the 60s that he needs to go. We need to run the bastards out of the rail is important. Protecting this community, protecting First Amendment speech, protecting independent journalism and commentary is so important now.

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