THE DOLLAR IS COLLAPSING’: Panelist sounds alarm on Bidenomics disaster

The third quarter wraps up tomorrow. All major indices are up big, but can they rally through the final stretch of 2025? Meanwhile, President Trump announcing on True Social, our movie-making business has been stolen from the United States by other countries, like stealing candy from a baby. In order to solve this never-ending problem, I will impose 100% tariffs on all movies made outside of the U.S. So, interesting mix of things going on here with markets and movies and Hollywood. Brianna, I get tariffs exist to try to, you know, help domestic industry. Do you love helping out Hollywood with tariffs? I actually think this might hurt Hollywood. A lot of these Hollywood industries, they go to places like the UK, Canada, Australia, because there's very attractive tax incentives there. And I think that Trump threatening to impose 100% tariff actually exposes the hypocrisy of these Hollywood elites, because they want all these social government programs expanded, yeah, you can raise the taxes, but as soon as it's going to hit their bottom line, they flee to other countries. So I think this is a great move to show their hypocrisy, to bring back, you know, movie-making to America, and to hopefully change their minds for the next election. Jackie, do you want movie-making brought back to America? I sure do. Is Hollywood making the kind of movies that you want to see a heck of a lot more of in the world? Absolutely, and actually, Canada, for example, a lot of the movies on the Hallmark Channel are made in Canada, and some of the scenes are just gorgeous, but we've got beautiful, great planes here, too, where we can do it. You know, Trump went after Hollywood last time around, too, in his first term. He made agent fees that impacted Hollywood, when they pay their agents to secure them roles. That used to be a deductible expense, a business expense. He took that away. He knows how to sort of push on them where he needs to, and this is another way of doing it. It's not just about manufacturing of furniture, or trucks, or all the things that we were talking about last week, kitchen cabinets. It's also doing production here, too, so if you're gonna do it, throw the whole kitchen sink in and get on board with this. I think he's doing the right thing, and I think that Hollywood, when it talks about this country and the social programs and the need, then pay your taxes for those people who say the rich people don't pay their fair share. They should do their production here and pay for all of that stuff. That helps the people with social programs that they support. They should put their money where their mouth is. All right, Degan, we got a lot of fans of Make Hollywood American again. Is this gonna make Hollywood American again? Do you like it? I'm trying not to. There's a rule in TV not to take on the topic, but it is really hard for me to care about Hollywood. All of entertainment contributes a drop in the bucket in terms of our GDP. It's like, is it 1%? Is it even 1%? I don't even think it's probably that much. I think it's maybe 1% of our GDP. Chad GPG says it's four, which I think is too much because it's throwing everything in there. It's including all arts and cultural industries contribute about three to 4% of our GDP, which I think is wildly overstating it. My biggest concern is we started this show talking about all of the issues that President Trump is trying to tackle overseas and a market that is kind of blithely ignoring every imaginable risk. Love it. That we're facing. Again, you can ignore geopolitical risk, but investors are also ignoring economic risk, financial risk, fiscal risk. Help me understand. Why is that good? I guess there's opportunity to shore. Maybe I need some you to elucidate. What are the economic and financial risks you see? Because I look at an economy that's accelerating at 3.8% growth now estimated by the Econ Fed. Labor market's cooling, but under control. AI is energizing, no pun intended, actually pun intended, the entire economy. And it's not just AI that's driving GDP growth. If you look, there's contributions from every area of the sector. And corporate profitability is getting ready to accelerate even more. If you look at this bull market from 2020 to 2025, 75% of it has been driven on earnings growth, not multiple expansion. It's been mostly on the profits of companies doing better and investors doing better for investing in them. So that's good. All signs point to that continuing into the next two to three quarters. If everything is so awesometastic in this nation, why is this administration running a $2 trillion budget deficit? So now we're talking about two different things. No, I'm saying that's a risk. That is a risk. That is a risk that needs to be factored in that you have a $2 trillion budget deficit where basically bar when money and run in a massive budget deficit when times are good and emergency programs that never go away. And the energy department throw up that graph is telling people don't use the word subsidy or look at that tax breaks, tax credits and subsidies. Don't use those words. Oh, okay. So we're gonna pour more than half a billion dollars into coal and call it an investment. That's awfully by dynamics of you. Yeah. I'm not disagreeing with it. Stop spending money. But they won't, they've shown that it can't. So that's why gold and Bitcoin have been rallying because that's the hedge against runaway politicians. No, it's warning you that the dollar is collapsing and that's actually what triggered ultimately led to the financial crisis in 2007. You could go long-term capital management crisis. You could go the financial crisis. Yes, there's always a black swan event. I do agree with you that runaway spending is the big risk, existential risk to this. But politicians have shown time and time again, left, right, center, they don't know how to do anything but keep spending money that don't have. I'm looking at the fixed income risk. I don't mean to take the wheel and drive the car into the ditch, but that's the existential risk that the market is ignoring. Like credit markets, everything is fine. That's when you take the other side. When everything seems to be going just gravy, that's when you worry. You are a contrarian of sorts, Lou, from time to time. This seems like a very non-contrarian take. You're kind of riding this wave. When the facts line up, I can't argue with the facts. Stock prices ultimately follow earnings over the longer term. Are these risks existential and real? Yes, they are. But stock markets remain irrational a lot longer than people can stay solvent betting against it. So you look at when people called the top in the dot-com era, it was like 96 and 97. The market ran for another three years. People are calling the top an AI right now. I'm telling you the underlying fundamentals are just another two, three years. That's when Alan Greenspan called it. And nobody was looking at Alan Greenspan thinking, great stock picker. Well, but now they're saying that to Jerome Powell. Mister, I like writing on a legal pad in the bathtub. We don't hire Fed chairs to be our stock pickers. That is true. But Jackie, wade into this debate a little bit, because I think it's worth having. From the sort of the market perspective, earnings perspective, things look okay. From the fiscal perspective, you've got the problems Dagan came up with. Credit is one of those things we're debating a lot right now. Corporate credit spreads over Treasuries have shrunk big time. Indicative of recession. So again, it's another one of those situations where it's like, have we gotten too eager to buy that stuff? Because everyone's chasing yield. I don't know. I worry about it. I have brought it up. Cyclically speaking, I don't see a market that can keep going at this pace and have it be sustainable. Some people have tried to change my mind. And on some days I'll buy into this whole AI is changing the whole situation and this is different this time. And then the wiser part of me says, I'm not so sure that it is. But you're talking about spending. I mean, we're talking about a lot of different things here. We're talking about the market and the government. We're also dealing with this pending government shutdown, right? And you've got a president who's dealing with Democrats who want to spend, spend, spend. And they want to put all kinds of spending. They won't approve it. They will hold the country hostage. They will shut the government down if they don't get what they want. So this is the kind of world that we live in. And I still think about the big, beautiful bill. I know what the president was trying to do. He wanted to pass growth creating policies that would help the American people. A lot of that was tax incentivized. But he also had to rubber stamp a bunch of spending and not cuts that were deep enough for me. And so we've got to think about where we are as a nation, how much longer we can keep going at this pace. And $37 trillion is our national debt. It's not just a number on a paper. And we need politicians and officials who are going to look at it that way, figure out true ways to compromise. But otherwise, we're headed for not only, you know, a problem situation in the markets, which eventually, Lou. Well, always, yes. But right now my job is to make money while the markets are good, right? But we've got to get our personal fiscal house in order. And the problem is that the Democrats will just keep spending into complete oblivion because I think they want to see the whole thing blow up. Well, if you get a shutdown, you might get some permanent firing out of that. I don't know that Democrats wanted that, but that's what Russ Vought over at OMB is talking about. Shutdowns are still good for the markets, by the way. Yeah, shut it down. Shut it down. Just let it happen. We're not political. We don't have to run for our jobs. Well, not for a while. That's right. Yeah, Jett, keep coming. We're here for a while. If you get a shutdown, you'd have a lot more time to drink coffee. Today, I believe, is National Coffee Day. Jackie, what's going on with coffee? It is, and I love a good cup of black coffee, and that's the cheapest way that you're gonna get it anywhere, including Starbucks. The coffee chain celebrating with the launch of its new protein lineup. Starting today, Starbucks new protein lattes and cold foam drinks are available for purchase. The new lineup includes four signature protein drinks, along with a variety of protein cold foam flavors. Customers can also substitute protein-boosted milk for an extra charge, of course. And I learned this morning that some of our anchors here at Fox, like Brian Kilmeade, they do a lot of sugar with just like a little bit of coffee added in there. But you know, Starbucks has been struggling, Brian. We've talked about their food and drink options. Some have said they need to streamline the menu. In other ways, like this initiative, they're expanding their offerings. We'll see if that's gonna be beneficial. I'd love to see what the charge for an upshot of protein is. Brianna, is- Into your $8 drink. Is protein coffee gonna get the younger crowd excited about Starbucks again? Is it gonna make it that place that they gotta go? I don't think I have any leg to stand on. I don't drink coffee and I don't drink protein drinks. Okay. Well, you're not in on that one then. Lou, what do you think? I'm not going there. I mean, are these collagen peptides that have benefits for skin elasticity? Or is this like protein powder for us that work out at the gym? I'm still not going to Starbucks for this. And I don't know if I want that in my coffee. What is it? Does it have flavor? Does it just make it like soupy? What is it? They said four different flavors with cold foam. I just don't- Four different flavors. Yeah. Dagon. Because people who ingest extra protein this way, they're very often part of the health movement. Well, where's the protein come from, right? Is it whey protein? Well, that'll make you gassy. Yes, I was gonna say. Is it from animals? Is it hoof? Or peas? Protein. Just curious. A lot of kind of protein. Because again, it's like, I'm so healthy. Let me just put some random powder in my drink, not knowing really where it comes from. I'm so healthy. I'm just protein uptaken. I'm gonna say you're a no on this. I'm just, like, if you want to eat protein, eat some eggs, just boiled eggs. Are you saying I shouldn't be drinking my protein tea right now? Well, you're drinking it in a cup with microplastics. It has a piece of, like, bone in it. That's how you get protein. A bone broth? It's like bone. Bone tea. Gelatin? Yeah. Comes from bone. All right, we will break down this protein conversation later. You see where I'm going with this. Oh, with powdered, ugh, powdered hoof. That's where I get my protein. A little powdered hoof in your tea? Can't beat it. Okay, coming up.