Newsmax host: “Perhaps stocks need to take a nosedive so the working man can get a little relief from all of this inflation”
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From the March 10, 2025, edition of Newsmax's Rob Schmitt Tonight
ROB SCHMITT (HOST): When Americans voted Donald Trump into office, they voted for massive change. And we're now starting to feel the turbulence that comes from such change. It is both political. It is also economic. The markets tanked today. Investors worried as Trump works to reimagine the American economy and our foreign policy economically. Massive government cuts, tariffs and the mass deportation of cheap, illegal American labor — all of that is instability, and Wall Street hates instability.
But it is important to remember as you look at the markets, that as most Americans were gutted by inflation these last three years, those same markets as indicators were skyrocketing. So perhaps stocks need to take a nosedive so the working man can get a little relief from all of this inflation.
Most Americans have little engagement with Wall Street. Maybe a modest 401 K, which, at this rate, will cover a few years of their retirement if they're lucky. Right now, Trump is attempting to reimagine our entire economy because it's not working too well when you really think about it. If this plan works, labor in this country will cost more as workers see better pay, less outsourcing, and fewer illegals plunging the pay scale. Deportations could also bring relief on home prices as well. Less demand for housing means the price of housing goes down. All of these that I just listed off are bad things for Wall Street. Every single one of them is bad for Wall Street, but they are great for Main Street.