March 11, 2025

Trump's Tesla Bailout? Wall Street TANKS as Greenland Becomes America's New Obsession

Join host Patrick Gutfield as he delivers biting commentary on Wall Street's reaction to Trump's tariffs, the President's surprising Tesla purchase to support Elon Musk, and America's renewed interest in acquiring Greenland

Show Notes
Transcript

WEBVTT

1
00:00:03.160 --> 00:00:04.759
Calaruga Shark Media.

2
00:00:07.559 --> 00:00:11.199
From Washington, DC, where my fourh one k went to hell.

3
00:00:11.560 --> 00:00:13.160
This is valid. That's right.

4
00:00:13.279 --> 00:00:15.320
I was totally going to buy a new Tesla and

5
00:00:15.320 --> 00:00:18.600
now I can't afford one. Thanks Obama, Let's hit this.

6
00:00:22.559 --> 00:00:26.879
I'm Patrick Guttfield. The stock market took a nose dive yesterday,

7
00:00:27.039 --> 00:00:29.480
with the S and P five hundred having its worst

8
00:00:29.519 --> 00:00:33.119
day since September, completely erasing all of Donald Trump's post

9
00:00:33.119 --> 00:00:36.880
election games. The Nasdaq had its biggest one day drop

10
00:00:36.920 --> 00:00:40.359
since twenty twenty two, and the Dow Jones Industrial average

11
00:00:40.520 --> 00:00:45.399
plummeted about two point one percent. You know, back in January,

12
00:00:45.399 --> 00:00:49.520
Trump was practically doing victory laps around Wall Street. Everyone

13
00:00:49.600 --> 00:00:52.359
is calling it the Trump effect. He bragged at a rally.

14
00:00:53.119 --> 00:00:55.159
I mean he literally said I don't want to say this,

15
00:00:55.280 --> 00:01:00.200
it's too braggadocious, and then immediately said it anyway. That's

16
00:01:00.280 --> 00:01:02.399
like saying I don't mean to interrupt in the middle

17
00:01:02.399 --> 00:01:06.879
of interrupting someone. But now that his tariffs on Canada, Mexico,

18
00:01:07.079 --> 00:01:12.040
and China are actually taking effect, investors are suddenly less enthusiastic,

19
00:01:12.760 --> 00:01:16.799
and Trump has completely changed his tune. On Fox News

20
00:01:16.799 --> 00:01:20.120
this weekend, he said, you can't really watch the stock market.

21
00:01:20.560 --> 00:01:22.959
If you look at China, they have a one hundred

22
00:01:23.040 --> 00:01:23.680
year perspective.

23
00:01:23.760 --> 00:01:26.120
We have a quarter. That's right.

24
00:01:26.400 --> 00:01:28.640
The guy who used to tweet about stock market gains

25
00:01:28.640 --> 00:01:30.640
like they were his personal report card is now saying

26
00:01:30.799 --> 00:01:32.640
who cares about the stock market?

27
00:01:33.040 --> 00:01:33.599
Classic.

28
00:01:34.040 --> 00:01:37.159
This is the same man who measured his presidency's success

29
00:01:37.359 --> 00:01:40.439
by how many points the Dow gained. Now he's like

30
00:01:40.480 --> 00:01:42.640
a guy who used to brag about his golf score

31
00:01:42.680 --> 00:01:45.640
every weekend, suddenly pretending he plays for the love of

32
00:01:45.680 --> 00:01:50.760
the game. Meanwhile, Treasury Secretary Scott Bessent is calling this

33
00:01:50.799 --> 00:01:54.200
a detox period, which makes it sound like the economy

34
00:01:54.239 --> 00:01:57.799
is just getting over a wild weekend in Vegas, and

35
00:01:57.959 --> 00:02:01.920
Commerce Secretary Howard Lutnik amidst prices on some items will

36
00:02:01.959 --> 00:02:05.120
go up because of tariffs, but promises they won't increase

37
00:02:05.200 --> 00:02:09.400
overall inflation. That's like saying, yes, I set your living

38
00:02:09.439 --> 00:02:12.240
room on fire, but don't worry, the kitchen is still fine.

39
00:02:13.599 --> 00:02:16.719
President Donald Trump announced Tuesday that he's buying a brand

40
00:02:16.759 --> 00:02:20.360
new Tesla to support his buddy Elon Musk, whose company

41
00:02:20.400 --> 00:02:23.520
is currently performing the financial equivalent of driving off a

42
00:02:23.560 --> 00:02:28.120
cliff with no autopilot engaged. Trump posted on truth Social

43
00:02:28.159 --> 00:02:31.319
that he's purchasing a Tesla as a show of confidence

44
00:02:31.520 --> 00:02:35.719
for Musk, who he called a truly great American, because

45
00:02:35.800 --> 00:02:39.360
nothing says presidential like dropping six figures on an electric

46
00:02:39.439 --> 00:02:42.319
car to make your friend feel better about tanking his

47
00:02:42.360 --> 00:02:46.599
own company. According to Trump, radical left lunatics are illegally

48
00:02:46.639 --> 00:02:51.360
and collusively boycotting Tesla. You know, the usual presidential vocabulary

49
00:02:51.360 --> 00:02:54.240
we've come to expect. He's basically claiming there's a vast

50
00:02:54.280 --> 00:02:57.520
conspiracy against Tesla, which is now one of the best

51
00:02:57.560 --> 00:02:58.919
automakers in the world.

52
00:03:00.000 --> 00:03:02.879
Remember when presidents used to just pardon turkeys. But here

53
00:03:02.919 --> 00:03:03.199
we are.

54
00:03:03.960 --> 00:03:08.280
Meanwhile, Tesla's stock just had its worst day since twenty twenty,

55
00:03:08.520 --> 00:03:11.840
dropping forty five percent this year alone. That's not a

56
00:03:11.879 --> 00:03:13.759
stock chart, that's a ski.

57
00:03:13.560 --> 00:03:14.400
Slope in the Alps.

58
00:03:15.360 --> 00:03:18.919
Musk admitted he's running his companies with great difficulty because

59
00:03:18.960 --> 00:03:22.080
of his role in the Trump administration as head of

60
00:03:22.080 --> 00:03:23.960
the Department of Government Efficiency.

61
00:03:24.360 --> 00:03:25.719
Yes, that spells doge.

62
00:03:25.759 --> 00:03:28.960
Like the meme coin, Musk said, you're giving up your

63
00:03:29.000 --> 00:03:33.319
other stuff. By stuff, he apparently means billions of dollars

64
00:03:33.360 --> 00:03:36.599
in market value, and it's not just about the stock.

65
00:03:37.479 --> 00:03:42.120
Tesla vehicles and dealerships are being vandalized, with protests erupting globally.

66
00:03:42.280 --> 00:03:45.560
In Europe, sales are dropping faster than my enthusiasm for

67
00:03:45.639 --> 00:03:49.879
superhero movies. As one analyst noted, even people who like

68
00:03:50.039 --> 00:03:52.960
Musk might think twice about buying a car that could

69
00:03:53.080 --> 00:03:56.319
end up looking like it survived a paintball war. So

70
00:03:56.520 --> 00:04:00.080
Trump's buying a Tesla, The real question is will he

71
00:04:00.199 --> 00:04:02.439
actually drive it or will he just park it at

72
00:04:02.439 --> 00:04:04.800
mar A Lago next to the golf carts? And does

73
00:04:04.800 --> 00:04:07.759
the Secret Service allow presidents to use autopilots?

74
00:04:08.479 --> 00:04:10.479
These are the questions keeping me up at night.

75
00:04:10.520 --> 00:04:34.439
America.

76
00:04:35.560 --> 00:04:38.920
Greenlandic politician Adja Kemni's Larsen says this week's election has

77
00:04:39.040 --> 00:04:42.839
unprecedented global attention, with influence coming from the US, Denmark

78
00:04:42.879 --> 00:04:46.879
and beyond. Trump told Congress last week to actual laughter

79
00:04:47.040 --> 00:04:49.920
that he plans to acquire Greenland one way or another.

80
00:04:50.720 --> 00:04:54.000
Nothing says respect for sovereignty like treating an entire nation

81
00:04:54.120 --> 00:04:58.560
like a foreclosure opportunity. Even before Trump's inauguration in January,

82
00:04:58.720 --> 00:05:02.120
he was already floating his buy Greenland scheme again, but

83
00:05:02.199 --> 00:05:05.600
this time with some charming new additions like military threats

84
00:05:05.600 --> 00:05:09.199
and tariffs against Denmark if they don't comply. It's like

85
00:05:09.240 --> 00:05:12.000
when you really want someone's house, so you offer to

86
00:05:12.000 --> 00:05:14.480
buy it, and when they say no, you threaten to

87
00:05:14.519 --> 00:05:15.680
set their car on fire.

88
00:05:16.160 --> 00:05:17.759
Classic real estate negotiation.

89
00:05:18.720 --> 00:05:21.319
Trump Junior even made a private moote trip to NUK,

90
00:05:21.600 --> 00:05:26.360
Greenland's capital, and by private, I mean his entourage broadcasted

91
00:05:26.399 --> 00:05:30.079
across all social media like they were the Kardashians discovering

92
00:05:30.120 --> 00:05:34.319
a new country. The current Prime Minister, mute Egade's coalition

93
00:05:34.680 --> 00:05:39.240
might lose power to Nalarak, Greenland's largest opposition party that's

94
00:05:39.279 --> 00:05:43.120
more open to collaborating with the US. Politics in Greenland

95
00:05:43.120 --> 00:05:46.199
has gotten so tense that for the first time politicians

96
00:05:46.240 --> 00:05:49.480
need security while campaigning in a country of fifty seven

97
00:05:49.519 --> 00:05:52.920
thousand people. That's like needing a bodyguard go to your

98
00:05:52.959 --> 00:05:57.079
family reunion. There's also public anger over a Danish documentary

99
00:05:57.120 --> 00:06:00.519
claiming Denmark earned forty five billion pounds from a Greenland

100
00:06:00.519 --> 00:06:03.720
at cryolite mine between eighteen fifty four and nineteen eighty seven.

101
00:06:04.519 --> 00:06:08.079
Nothing says healthy relationship like mining a country's resources for

102
00:06:08.160 --> 00:06:10.079
over a century and keeping all the money.

103
00:06:10.920 --> 00:06:13.000
Add to that, an IUD scandal.

104
00:06:12.639 --> 00:06:15.199
Where forty five hundred women and girls were fitted with

105
00:06:15.240 --> 00:06:20.079
contraception without consent, which the Prime Minister has labeled genocide.

106
00:06:20.120 --> 00:06:24.319
Denmark also just backtracked on parenting competency tests that separated

107
00:06:24.360 --> 00:06:27.759
many Inuit children from their families. I'm starting to think

108
00:06:27.800 --> 00:06:32.319
Denmark wasn't the best colonial power. With only forty thousand voters,

109
00:06:32.319 --> 00:06:33.879
the margins are slim.

110
00:06:34.319 --> 00:06:35.800
But while Denmark.

111
00:06:35.439 --> 00:06:39.000
Panicked over Trump's interest, many in Greenland saw it as

112
00:06:39.079 --> 00:06:43.120
potential leverage for a better deal or quicker independence. Meanwhile,

113
00:06:43.240 --> 00:06:48.040
American investors are circling. One former Trump administration member claims

114
00:06:48.079 --> 00:06:50.279
there are tens of billions ready.

115
00:06:50.040 --> 00:06:51.240
To be invested in Greenland.

116
00:06:51.279 --> 00:06:55.519
Immediately, another investor called it frontier in the true sense

117
00:06:55.560 --> 00:06:58.319
of things, adding, we talk about outer space and trips

118
00:06:58.360 --> 00:07:00.439
to Mars, and then when you realize Duke is a

119
00:07:00.480 --> 00:07:04.399
three hour flight from New York City, it gets interesting. Yes,

120
00:07:04.560 --> 00:07:08.519
because what every indigenous population loves is being compared to Mars.

121
00:07:09.439 --> 00:07:13.720
We've colonized everything on Earth. What's next Mars? Or wait,

122
00:07:13.959 --> 00:07:17.959
have we tried Greenland yet? Portions of today's show were

123
00:07:18.000 --> 00:07:20.519
made with the help of AI my New Tesla and

124
00:07:20.560 --> 00:07:23.519
the Council to annex Greenland