Ben Shapiro: “It seems as though President Trump is going get what he wants, which means he owns the economy from here on out”
Shapiro: “Blaming Joe Biden ain't going to help at this point”
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From the October 16, 2025, edition of The Daily Wire's The Ben Shapiro Show
BEN SHAPIRO (HOST): All the talk about President Trump's economy grinding to a halt, that seems like that is not happening. According to the Wall Street Journal, Wall Street continues to fire on all cylinders. Deal making, trading, and corporate lending are gaining steam and fueling profits at the nation's largest banks, with Goldman Sachs, JP Morgan Chase, Citigroup, and Wells Fargo all beating third quarter profit and revenue forecast. Goldman is now on pace for its best year ever in its main investment banking and markets division. JPMorgan is on track to make over $50 billion dollars in annual profit for the second year in a row. BlackRock is sitting on a record $13.5 trillion in assets under management.
Now maybe this is a bubble. Maybe it is people trading and borrowing in order to buy even more securities. Maybe all of it is moving toward AI. Maybe the volatility eventually will tell. But for the moment, that is not true. For the moment, that is not what is happening.
Again, the trade wars could restart again. There's a stock market dump just a few days ago when the president seemed to be starting another trade war with China over China's unwillingness to send a wide variety of rare earth minerals to the United States. But there's also the possibility the Supreme Court strikes down a lot of these tariffs, saying it's not within the purview of the executive, and suddenly you have a free trading regime, lower taxes, less regulation, and then the economy takes off. All of that is quite possible, actually, and depends on whether the Supreme Court, I think, properly rules that the president does not have the unilateral power to simply increase tariffs as he sees fit.
Meanwhile, Jerome Powell left the central bank on track to reduce interest rates again at its meeting later this month, highlighting weaknesses in the job markets despite lingering concerns over sticky inflation. Powell says the central bank is trying to balance against two risks that could call for competing policy steps. He's afraid if he cuts rates too quickly, then inflation will continue to be higher than 2%. But moving too slowly to reduce borrowing costs could spur painful losses in the employment market. So it seems as though President Trump is going get what he wants, which means he owns the economy from here on out. Blaming Joe Biden ain't gonna help at this point. So it's either going to be a strong economy and MAGA winning into the future or a weak economy, in which case the country is in an awful lot of trouble.