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Unknown A
So Elon Musk and Donald Trump are floating the idea of stimulus checks this year from the supposed Doge savings. Could this actually happen? That's the subject of today's video. We'll also go over the markets and the economy, so let's jump right in. So headline Trump weighs direct payments to Americans from Doge savings. What the heck is going on here? Are we doing stimulus checks again? That's the question. President Trump said he is considering using a portion of the savings from Elon Musk's cost cutting initiative to provide direct payments to Americans. This is the quote, we're thinking about giving 20% back to the American citizens and 20% down to pay back debt. Trump said this at a Priority Summit, a gathering of business and a tech executive sponsored by Saudi Arabia Sovereign Wealth Fund. Quote, if it were a real estate balance sheet, the debt is tiny, but we still want to pay it down.
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Unknown A
Then it says Trump didn't offer to, didn't offer further details about the plan. And this idea actually comes from a guy named James Fischback. I know exactly where the idea comes from. I know exactly who this guy is. I'll just tell you the guy. This Fishback guy is kind of an idiot. He hangs out with Tesla stock promoters and Elon Musk. Kiss ups. This is all, frankly, nonsense. It's based on the way they came up with this numbers here. It's based on if Doge can indeed cut 2 trillion in savings from the budget or savings. Well, if they can do that. And then he's saying take 20% of that, which would be 400 billion. And then I said, I guess after that you figure out 5,000 per household. So whether or not this ever happens, one, it would be determined on. Can Elon Musk actually cut that much from the budget again, 2 trillion?
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Unknown A
I think that's unlikely. They've already been fudging the numbers over there at Doge. So that's kind of sketchy. And then the idea that they're going to do this without Congress, I think that's sketchy as well. So I put this in the very high sketchy land and I wouldn't trust anything that Musk and Trump would say on this. But you never know. I'm just letting you know, I'm just telling you what they're saying. But the numbers don't seem to add up to me when you talk about the markets, because I want to tie this in. The markets still are overvalued. The Shiller PE is at 38.75. So very very high. On top of that, Walmart just re released some earnings reports today and not as rosy as Wall street wanted. So I think the stock was down like 6% or something like that. They had a great year last year went up like crazy.
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Unknown A
Usually Walmart's a good defensive stock because you figure hey, if things aren't so great economically, everyone starts going to Walmart. And in fact it was actually really interesting. Some of the key stuff that Walmart was talking about was consumers. Over 100,000 are one of their growth sectors. So essentially wealthier consumers are now shopping at Walmart. That was what they said. I'll read it. It says here Walmart said it was seeing broad based gains with American shoppers looking for deals. Right. Especially among higher income households, a group Walmart defines as households that earned 100,000 or more. And that gain was especially strong for non grocery items driven by convenience of same day delivery services. So I've actually, I've never actually used Walmart for same day delivery. I don't think I've ever used Walmart for anything delivery. If you guys have experience that, just curious, you know how it works, is it worth it, et cetera.
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Unknown A
But that's, they're saying that's where the growth is. Also says here regarding Walmart, those gains came as prices in the US ticked up at Walmart especially for frequently bought items such as eggs and meat. And more shoppers embraced the retailer. Store brands compared with last year. Right. Store brands are the generically priced lower than the national brand. So what this is telling you and you can understand, I sort of read it what says higher income people are now shopping at Walmart so they're trading down a little bit and people overall they're not really necessarily buying like you know, your Kellogg or your which other one, you know like popular cereal brands and they're going for like the store ones. It's kind of like when you have a choice between you know, the Cheerios which is, you know, whatever. Is that Kellogg? I can't remember which one that one is.
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Unknown A
And then you have like kind of the store generic brand. They'll just call it like you know, O's or you get like, you know raisin brand. Is that post? I think whatever that one is. And then you know when you go to the more generic brand of the store it'd be like brand flakes. That's when you know things are bad. In my personal opinion generally speaking generic stuff is, is okay but I prefer the brand stuff and I'd be curious if you Guys, thoughts on that? When you trade down to generic brands, do you find that it's better or worse in quality? I always find just a little bit worse. But it depends on the product category. But that's what people are doing. You can see it in the economy. So there's that. They also have this. This is actually kind of an interesting one.
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Unknown A
It says mass firings of federal workers by Trump White House not showing up in the jobless claims yet. And this is actually going to be maybe one month or two months from now. As you guys know, Trump and Musk want to fire as many people as they possibly can. And then when you start getting the headlines across the board that, you know, unemployment hits 5%, maybe 6% or whatever, you know, it's going to be, I can't predict that far ahead, but it'll probably, you know, unemployment is probably going to go up and then you have the ancillary effects to where if I'm firing lots of, you know, federal workers around the country, there they're gonna slowing down, right? In all the places that they shop and all the places that, you know, they seem that the economy is gonna slow down as well. And so it'll have a, have a ripple effect.
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Unknown A
So you're. And I'm just like. And I read through the stuff and then just like talking, hey, guys, we're all gonna get a stimulus check. But like, when you read through everything that's going on and people are saying it's just, there's not really much positive you can take away from the Trump people. There's really not. We were honest. This is cnbc. Today, the Fed conservative Trump tariffs might hold rates. They. A couple of the different Fed people were talking today. So it was Goolsbee and it was Bostic. They both said the same kind of stuff. Trump tariffs. I mean, that's really the talk. Goolsbee was actually kind of interesting. He was saying, coming in, unemployment, 4%, inflation 2%. Like, numbers don't look so bad. But with all of the policy uncertainty with Trump and the tariffs, with the global uncertainty, you know, the Fed's like, man.
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Unknown A
And they won't say it like, specifically, hey, Trump's awful. They won't say that, but they'll just say a lot of uncertainty doesn't look so good. You know, and the future, we better hold. Bostic was saying cut a couple times. I kind of think they're going to hold myself because inflation is a real big concern. And again, it's like all the Trump stuff, there's not really Much positive things you can say. And I'm just going through everything around the market. But, but we were warned by this from economists before, right? Nobel winning ones. So there's that. And then you got all this corruption on the Trump side. And it's ironic because Elon Musk says, hey guys, trust us, we're going to fire all these people and we're going to clean up corruption. But it's like, no, it's actually the opposite. When you fire all these government regulators, you're going to make corruption more easy.
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Unknown A
So for example, Trump's trying to take more control of the sec and agencies right now aren't really sure exactly how much control he's trying to exert. Right? So they're, you know, it's like, hey, if you try to make any changes, make sure you run it by the White House first. They're weakening their crypto regulations. That was reported before they were going to do it, now they're doing it. So basically they're just shrinking down the size of the team that's supposed to regulate crypto, but they're not even focusing on regulation anymore. Guys, it's pretty scary out there, I'm just telling you. And then I want to mention this. This is the kind of stuff that, you know, happens. So in this situation, this was reported today, it says an advisor allegedly switched clients to fee based accounts that cost more. Now he and his firm must pay.
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Unknown A
Now these particular people got caught, meaning that let's say some sort of fund manager, whatever is managing your money and they just move your money around and now they can charge you a fee to like skim off the top of it. Right? That's the kind of stuff to where it'll be. These kind of, you know, shady figures will try to make it as invisible as possible and sometimes they get caught, sometimes not. Depending on if you essentially bribe the Trump people, right? If you're on their side or if you are the Trump people trying to skim off the top. I mean that's sort of the people they hang out with. That's what they're doing. And so it's like you have bad policies by Trump, horrible terrorists, crazy, you know, global issues. And we'll get to that in a moment here to where like the people that the Trump people hang out with, like for example, one of their allies, Milei and Elon Musk, touts this guy all the time, this is the president of Argentina, he's involved with the crypto scam.
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Unknown A
And I guess they people who follow the crypto stuff. There were eight accounts who withdrew a total of like 99 million. It's like, what? And get this. The dude's sister's involved for real. Like, look at me. Like, this is from Bloomberg Mile. A crypto scandal widens with allegations against his sister. Like, and it's the same as, like, the Trump people that most people don't. These people are corrupt. And so, you know, it's hard to. And because I'm just trying to be fair, I'm just like, like, okay, what positive things can we say if the people at the Fed are saying Trump's no good with the terrorists, If Walmart's even saying, man, we're uncertain about, you know, Trump. If, like, the market is overvalued and, like, they're weakening regulators, like, what good can you say? I mean, I don't know what to say. On top of that, you know, Musk connected, this is a Peter Thiel connected company, Palantir, they have a massive a bubble stock.
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Unknown A
I think it's like 600p or some stupid thing. The. The CEO has made a new plan. He was like, surprise. I'm going to sell a billion of stock, actually 1.2 billion. And it's really a lot. It's like nearly 10 million shares. Before he's like, oh, I'm not going to sell. We're going to be awesome. Right? And this is basically an AI defense kind of thing. And then Hagseth was saying too, they may cut defense spending like 9% a year for the next couple of years on that. So it's really. And I'm just telling you what's, what's going on in market. It's really just. And I'm trying my best to say positive things about Trump just to give you some balance. But it's like, what can you say? I mean, I guess you can say, okay, I got something. Trump's kind of a, we'll say overweight dude, obese dude.
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Unknown A
But he, you know, he gets pretty good suits. Yeah, you know, he really does. And it's true, he does. So I try to say something nice. But honestly though, he, him. And I noticed today with Musk, they're spouting out all sorts of pro wrestling stuff these days. I mean, and anytime you look into their claims, like, Trump was trying to make the claim that, you know, zelensky only has 4% approval rating. And I think that the last polling was like 57%. And then it turned out the numbers that Trump was citing was like a pro Russian dude. I mean, and Musk is attacking Zelensky nonstop now as well. So it's hard to take any of these people seriously. In terms of the Trump people, really not much you can say positively Frank. On top of that, Mitch McConnell is leaving. And this is actually kind of interesting.
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Unknown A
And if you want to talk about something a bit positive, I think he should have left a while ago. And he just, he was old. You guys know this. I don't wish any harm on his, you know, physical health, anything like that. So, you know, retire, you should just step down now. My opinion, but you know, he held this to say, I'm not going to run. I'll be really curious if this seat, if the Democrats put up a, you know, a pretty good contender to go for this guy's seat. The one thing I'll say about Mitch, which is very interesting and I think it says, well, you can read this either way, is that he started to vote against Trump stuff right now that he's retiring, doesn't have to worry about reelection. And the question I was thinking about is like, does this tell you more about the constituents and the voters there or does it tell you more about the politician?
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Unknown A
Meaning that. And you could read it, you know, one or two ways where he's just following his constituents who all love Trump and want, you know, people to represent their Trumpy views. Right. So then you, because as a representative you follow the will of the people or you could also argue, well, no, you know, you should sometimes go against the will of the people and go with your conscience because you know what's really happening. And then that's kind of a tricky one as a representative. So I just wanted to throw that out there. But either way, Mitch is stepping down. Let's hope we get some youngblood in there and like I said, we'll see if the Democrats can put up a good candidate. So in sum, I don't think Musk or Trump will give a stimulus. It's going to be tough to pass through, plus the quote, savings, it's not going to be as big as they say it's going to be.
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Unknown A
And the guy who started the idea of this plan, a total kiss up, whichever to say it, lackey everyone to say or that I'm trying to say something positive. So sometimes people, people that come in like they hate the child, say, oh, Chris, why are you so naked all the time? I just tell you literally what people are saying. And it's like any sane, reasonable person can see that these Trump people are pretty nuts and they're all corrupt and plus, it's not just the corruption, it's also the bad economic policy. So it's like you put all together and it's like, this is probably going to be the worst administration in history. And it's even worse than the first time around with Trump, which is insane. I didn't even think that was possible. But it is, I guess. So that's my thoughts. I want to hear yours, and I'll catch you on the next video.