During the latest edition of Fox News’s Justice with Jeanine, host Jeanine Pirro and her guest, conservative pundit Dan Bongino, accused the American media of trying to crash President Donald Trump’s economy, Mediaite reports.
Pirro complained that publications such as the New York Times are trying to destroy the American economy in order to take Trump down, opining that the newspaper appears to have moved on from the Trump-Russia theory, and accusations of racism, to ramping up talks of recession.
“Russia didn’t work. Racism thing isn’t working. Now they are on the recession,” she said, referencing opinion pieces and news stories the NYT had recently published about economic indicators strongly suggesting that an economic recession is around the corner.
“They are pushing on recession with no evidence of that either,” Bongino agreed, suggesting that the NYT is now a “tabloid” magazine.
Bongino said that he has no problem with the famous newspaper becoming a tabloid, but “stop pretending you’re journalists!”
After slamming the media, the Fox News duo introduced its viewers with their own economic theory. Pirro began by suggesting that the economy was doing well because of optimism caused by Trump winning the presidency; she described this psychological phenomenon as “animal instinct.”
“There is something called animal instinct that kicked in in the economy when the president was elected,” the host said, arguing that the media is now trying to do the opposite. According to her, the media is purposely talking about recession in order to convince the American people that the country is indeed on the brink of an economic crisis, because once convinced “everyone instinctively starts to pull back” thus slowing down the economy.
— Jeanine Pirro (@JudgeJeanine) August 25, 2019
“You are right, it’s called animal spirits,” Bongino agreed.
“You’re absolutely right, and the animal spirits are real,” he added, expanding on Pirro’s argument, and arguing that there is a “psychological component” in economics.
“People consume and spend the wealth effect when they feel like they are doing okay,” he said, slamming the “New York Slimes” as garbage, and accusing the paper of trying to psychologically manipulate the American people in order to cause a recession, and harm President Trump.
Neither Pirro, nor Bongino backed up their claims with evidence, and data heavily contradicts their arguments.
The bond market’s U.S. recession indicator — the spread between 2- and 10-year rates — flirted with inversion again today https://t.co/Olfr71P3ON
— Bloomberg (@business) August 23, 2019
As The Inquisitr reported, the yield curve — a reliable predictor of economic decline — inverted last week for the first time since 2007. The curve has inverted before every single recession in the past five decades.
Furthermore, the manufacturing sector is already in recession, having shrunk during two consecutive quarters.
On Friday, the Dow Jones Industrial Average cratered following Trump’s tweets about new tariffs on Chinese goods.