Despite all the media pseudo savants’s end-of-the-world predictions about the Trump economy falling flat on their faces, MSNBC is still out there banging pots and pans over an incoming Great Depression-era crash.
MSNBC The 11th Hour host and economic dunce Stephanie Ruhle brought on CNBC Squawk Box co-anchor Andrew Ross Sorkin October 29 to hawk his new book 1929: Inside the Greatest Crash in Wall Street History–and How It Shattered a Nation.
The book served as a pretext for Ruhle to get Sorkin to draw parallels between the speculative market euphoria of the 1920s before the disastrous October 29, 1929, “Black Tuesday” crash and the current roaring stock market under President Donald Trump. “Today, the parallels between what was happening then and what’s happening now is quite remarkable.” Ruhle giddily urged Sorkin to his Armageddon scare-porn: “Explain because we all forget history.”
Ruhle’s segment was dubbed: “Shadows of 1929: Is the Trump economy on track for a crash?” Oh barf.
MSNBC had enough trouble trying to ridiculously connect Trump to Hitler in 1933. Apparently that didn’t work so they had to go back a few more years to the crazy speculators of 1929. Talk about flinging spaghetti at the wall and hoping something sticks. This is just as nutty as when CNBC Mad Money host Jim Cramer implied a 1987-style “Black Monday” crash was on the immediate horizon back in April due to Trump’s tariff agenda, which, of course, never panned out, because Cramer is routinely wrong.
Sorkin attempted to liken meme-like stocks such as RCA (radio) in the 1920s and juxtapose it with the explosion of tech and AI stocks in today’s market, both he argued were predicated on an arbitrarily optimistic outlook of a changing future. Ruhle suggested that the stock market today being powered by mass investment in AI innovation could be “the Death Star that’s going to take us down as this unregulated new frontier with the president, who is surrounded right now by tech CEOs, who I would argue, are playing him.”
Ah, so Trump is Emperor Sidious and we’re all the helpless inhabitants of Alderaan about to be blown to bits? Good grief.
Of course, neither Ruhle or Sorkin mentioned that there were a plethora of guardrails instituted post-1929 that were specifically designed to prevent such crashes from ever happening again. In fact, Sorkin himself even made the distinction between the two eras clear in a buried paragraph just four days after his book was published in a piece for The New York Times:
After 1929, we didn’t abandon speculation. We regulated it. The creation of the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, margin rules, disclosure requirements — these weren’t meant to stop risk-taking. They were designed to make it less toxic. They’ve mostly worked.”
Hmm. Go figure.
Did Ruhle, Sorkin or any of the other MSNBC panelists that treated Sorkin like a Nostradamus point any of this obvious context out during their on-air segment? Of course not, because doing so would undercut their agenda to force-feed the American people the media narrative that Trump is steering the U.S. economy into an iceberg.
Personal Finance Expert Suze Orman also slapped down the idea that the U.S. was headed for a 1929-style crash. According to Yahoo! Finance October 30, “Regarding the 1929 crash, Orman said it was caused by a unique set of conditions unlikely to happen again. ‘1929 was a whole other story that’s not going to happen at this point in time again,’ she told listeners.”
In 2022, investor and entrepreneur Darius Foroux outlined 8 reasons why a 1929 crash probably won’t happen again, with the most obvious reason being that the stock market and its structure has changed dramatically since the wild west of the Roaring 20s. First, “Pre-modern stock markets were casinos.” Second, “Colluding and cornering markets isn’t commonplace.” Aside from other factors like SEC investor protections, “Markets can halt trading when needed.”
Top economists like Mohamed El-Erian and Torsten Sløk have come out recently and admitted that the doom-and-gloom mongering about the Trump economy has all been wrong to date. But leave it to the MSNBC bottom feeders to try and cause conniptions amongst viewers just because they despise the guy in the White House.
