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Trump Freaks Out About the Possibility of A Recession: A Closer Look - YouTube
Channel: Late Night with Seth Meyers
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-President Trump has been
freaking out about
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the possibility of a recession.
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For more on this,
it's time for "A Closer Look."
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[ Cheers and applause ]
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鈾櫔
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If there's one thing Trump
loves to brag about,
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it's the stock market.
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He talks about it constantly,
and by talks about it,
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I, of course,
mean he lies about it
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because he lies
about everything.
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I would say lying for him
is as natural as breathing,
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but he's not great
at breathing either.
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-[ Panting ]
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[ Laughter ]
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-In fact, this week
the "Washington Post" published
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an exhaustive study that found
that as of August 5th,
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Trump made over 12,000 false or
misleading claims as president.
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Which means that Trump said
something false about
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once every three hours
on average.
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Once every three hours,
that means he has to wake up
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in the middle of the night
just so he can get his lies in.
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-"Russia's a witch hunt."
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[ Laughter ]
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[ Applause ]
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How does he even keep track?
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He must have like a Fitbit
for lies.
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Like a -- like a Fib-bit
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"Oh, no. I need to get my 10,000
lies in.
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I better hold a rally."
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[ Laughter ]
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Trump's apparently told so many
lies that if he never told a lie
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ever again in his life
he would still have average
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8.7 untrue claims per day over
the span of his first term,
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even though, under this
imaginary scenario,
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he hasn't said anything untrue
in more than a year.
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First of all, let's just bask
in that imaginary scenario
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where Trump hasn't said anything
untrue in more than a year.
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I mean, imagine what his rallies
would be like
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"Folks, people are coming
to the border
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and they're seeking asylum,
which is perfectly legal.
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And we should welcome them
because diversity
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is our strength.
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Also, I'm terrible --
I'm terrible at golf.
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[ Cheers and applause ]
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In fact, Trump gave --
Trump gave a speech on energy
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to workers in Pennsylvania
on Tuesday,
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and it was one reporters job
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to basically sum
the whole thing up.
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It's what's known in politics
as the pool report.
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And here is the actual
White House pool report
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summing up Trump's speech.
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"In a 60 minute speech,
that at times resembled
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a campaign rally,
the President meandered
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through several topics, meaning
have little to do with energy.
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He talked about trade,
immigration, trucks,
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emoluments, his 2016 victory,
union leaders, his poll numbers,
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the media, steel, China, the
amount of money he believes
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he's losing as president,
the Green New Deal,
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windmills, the WTO screwing us,
President Obama's book deal,
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Hillary Clinton's comments
on coal workers,
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pipelines and New York, Iran,
veterans choice and more.
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Oh, my God.
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That sounded like a months worth
of "Jeopardy" categories.
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I'll take windmills for $400.
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The answer, this famous idiot
believe they cause cancer.
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[ Laughter ]
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[ Cheers and applause ]
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Oof.
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They cause cancer.
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In fact, one of the lies Trump
told at that speech was about
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the various lawsuits against
him, including a lawsuit
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alleging that he is
violating a section
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of the constitution that
specifically prohibits
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what are known as emoluments
or gifts
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from foreign governments.
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For example, a Saudi-funded
lobbyist paid
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for 500 rooms at Trump's hotel
after the 2016 election.
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Does Trump's hotel
even have 500 rooms?
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I just assume there was a lobby,
and if you went upstairs,
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it was just fake doors painted
on the walls.
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Now, that seems like a pretty
clear violation
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of the constitution,
and yet Trump
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wasn't concerned about that.
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He complained instead
about how much
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the lawsuits were supposedly
costing him.
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-This thing is costing me a
fortune being president.
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Somebody said, oh, he might have
rented a room
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to a man from Saudi Arabia
for $500.
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What about the $5 billion
that I'll lose.
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It will probably cost me,
including upside, downside,
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lawyers 'cause everyday
they sue me for something.
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These are the
most litigious people.
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It's probably costing me
from 3 to $5 billion.
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-I don't believe you're losing
$3 to $5 billion from lawsuits.
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I would believe you're losing
$3 to $5 billion
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just from, you now,
like being Donald Trump.
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I mean, you lost $1 billion
in ten years,
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and that was in
the '80s and '90s,
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when everyone was making money.
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I mean, back then a little kid
could open a lemonade stand
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and make enough money
to buy a Bugati.
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So Trump lies about everything,
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and the stock market
is no exception.
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But if you compare his record to
the previous Presidents,
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it's not as impressive.
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In fact, if you look at
the change in
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the Dow Jones industrial average
over the same period of time,
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Clinton saw 41.4 percent
increase,
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Obama saw a 41.7 percent
increase,
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and Trump has seen
a 30.1 percent increase.
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So, Trump's been outdone by
Clinton and Obama,
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the two presidents
he hates the most.
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The only way that could be more
embarrassing for Trump
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is if he did loose
$3 to $5 billion
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and they had to repossess
his penthouse
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and rename it Hillary Tower.
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[ Cheers and applause ]
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More importantly --
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more importantly, the stock
market is not the whole economy.
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In fact, most working people
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aren't really invested
in the stock market.
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It's mostly just a sign at how
the wealthy few are fairing.
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In fact, one study found nearly
40 percent of the market
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is owned by the richest
one percent of the population
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while bottom 90 percent
of the population
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owns just 19%
of stock market wealth.
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Basically, for a lot of people
the stock market numbers
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in the bottom of the CNN corner
are just something
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you staring at while
waiting for your flight.
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It's like, "I don't know.
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I guess green is good
and red is bad.
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I'm gonna go to the Cinnabon."
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[ Laughter ]
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Trump's economic policy
has only benefited
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the elite few to begin with,
and that a recession
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seems like it might
be on the horizon,
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he's freaking out because for
two years he's been able
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to coast on the economic tide
left by Obama while ignoring
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the growing wealth gap,
massive inequality
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or the shuttering factories in
states he promised to rescue.
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In fact, Trump is so desperate
for something to brag about
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that during that rambling speech
in Pennsylvania
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he touted the Shell plant
that was about to open
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and repeatedly claimed
credit for it.
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-This would have never happened
without me and us,
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this would have never happened.
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It was the Trump administration
that made it possible.
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No one else.
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Without us, you would never have
been able to do this.
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-There you go.
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The Shell plant would never
would have happened
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without Trump.
Just one problem.
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Shell announced its plans
to build a complex
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in 2012 when President
Barack Obama was in office.
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"Oh, it's been three hours.
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Better check my fib-bit."
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[ Laughter ]
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I mean, he's taking credit
for a plant
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that was announced
when Obama was in office.
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What's next?
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"Do you know I killed
Osama bin Laden?
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I swear it's true.
I have --
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I have a very real photo
to prove it."
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[ Laughter ]
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Trump is freaking out
about the possibility
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of a recession after spending
2 1/2 years
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catering the wealthy elite.
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He doesn't care about growing
inequality
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or shuttering factories.
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We've got a lot of problems,
and in many cases...
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-It was the Trump administration
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that made it possible.
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-This has been "A Closer Look."
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[ Cheers and applause ]
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