-President Trump has been
freaking out about the possibility of a recession. For more on this,
it’s time for “A Closer Look.” [ Cheers and applause ] ♪♪ If there’s one thing Trump
loves to brag about, it’s the stock market. He talks about it constantly,
and by talks about it, I, of course,
mean he lies about it because he lies
about everything. I would say lying for him
is as natural as breathing, but he’s not great
at breathing either. -[ Panting ] [ Laughter ] -In fact, this week
the “Washington Post” published an exhaustive study that found
that as of August 5th, Trump made over 12,000 false or
misleading claims as president. Which means that Trump said
something false about once every three hours
on average. Once every three hours,
that means he has to wake up in the middle of the night
just so he can get his lies in. -“Russia’s a witch hunt.” [ Laughter ] [ Applause ] How does he even keep track? He must have like a Fitbit
for lies. Like a — like a Fib-bit “Oh, no. I need to get my 10,000
lies in. I better hold a rally.” [ Laughter ] Trump’s apparently told so many
lies that if he never told a lie ever again in his life
he would still have average 8.7 untrue claims per day over
the span of his first term, even though, under this
imaginary scenario, he hasn’t said anything untrue
in more than a year. First of all, let’s just bask
in that imaginary scenario where Trump hasn’t said anything
untrue in more than a year. I mean, imagine what his rallies
would be like “Folks, people are coming
to the border and they’re seeking asylum,
which is perfectly legal. And we should welcome them
because diversity is our strength. Also, I’m terrible —
I’m terrible at golf. [ Cheers and applause ] In fact, Trump gave —
Trump gave a speech on energy to workers in Pennsylvania
on Tuesday, and it was one reporters job to basically sum
the whole thing up. It’s what’s known in politics
as the pool report. And here is the actual
White House pool report summing up Trump’s speech. “In a 60 minute speech,
that at times resembled a campaign rally,
the President meandered through several topics, meaning
have little to do with energy. He talked about trade,
immigration, trucks, emoluments, his 2016 victory,
union leaders, his poll numbers, the media, steel, China, the
amount of money he believes he’s losing as president,
the Green New Deal, windmills, the WTO screwing us,
President Obama’s book deal, Hillary Clinton’s comments
on coal workers, pipelines and New York, Iran,
veterans choice and more. Oh, my God. That sounded like a months worth
of “Jeopardy” categories. I’ll take windmills for $400. The answer, this famous idiot
believe they cause cancer. [ Laughter ] [ Cheers and applause ] Oof. They cause cancer. In fact, one of the lies Trump
told at that speech was about the various lawsuits against
him, including a lawsuit alleging that he is
violating a section of the constitution that
specifically prohibits what are known as emoluments
or gifts from foreign governments. For example, a Saudi-funded
lobbyist paid for 500 rooms at Trump’s hotel
after the 2016 election. Does Trump’s hotel
even have 500 rooms? I just assume there was a lobby,
and if you went upstairs, it was just fake doors painted
on the walls. Now, that seems like a pretty
clear violation of the constitution,
and yet Trump wasn’t concerned about that. He complained instead
about how much the lawsuits were supposedly
costing him. -This thing is costing me a
fortune being president. Somebody said, oh, he might have
rented a room to a man from Saudi Arabia
for $500. What about the $5 billion
that I’ll lose. It will probably cost me,
including upside, downside, lawyers ’cause everyday
they sue me for something. These are the
most litigious people. It’s probably costing me
from 3 to $5 billion. -I don’t believe you’re losing
$3 to $5 billion from lawsuits. I would believe you’re losing
$3 to $5 billion just from, you now,
like being Donald Trump. I mean, you lost $1 billion
in ten years, and that was in
the ’80s and ’90s, when everyone was making money. I mean, back then a little kid
could open a lemonade stand and make enough money
to buy a Bugati. So Trump lies about everything, and the stock market
is no exception. But if you compare his record to
the previous Presidents, it’s not as impressive. In fact, if you look at
the change in the Dow Jones industrial average
over the same period of time, Clinton saw 41.4 percent
increase, Obama saw a 41.7 percent
increase, and Trump has seen
a 30.1 percent increase. So, Trump’s been outdone by
Clinton and Obama, the two presidents
he hates the most. The only way that could be more
embarrassing for Trump is if he did loose
$3 to $5 billion and they had to repossess
his penthouse and rename it Hillary Tower. [ Cheers and applause ] More importantly — more importantly, the stock
market is not the whole economy. In fact, most working people aren’t really invested
in the stock market. It’s mostly just a sign at how
the wealthy few are fairing. In fact, one study found nearly
40 percent of the market is owned by the richest
one percent of the population while bottom 90 percent
of the population owns just 19%
of stock market wealth. Basically, for a lot of people
the stock market numbers in the bottom of the CNN corner
are just something you staring at while
waiting for your flight. It’s like, “I don’t know. I guess green is good
and red is bad. I’m gonna go to the Cinnabon.” [ Laughter ] Trump’s economic policy
has only benefited the elite few to begin with,
and that a recession seems like it might
be on the horizon, he’s freaking out because for
two years he’s been able to coast on the economic tide
left by Obama while ignoring the growing wealth gap,
massive inequality or the shuttering factories in
states he promised to rescue. In fact, Trump is so desperate
for something to brag about that during that rambling speech
in Pennsylvania he touted the Shell plant
that was about to open and repeatedly claimed
credit for it. -This would have never happened
without me and us, this would have never happened. It was the Trump administration
that made it possible. No one else. Without us, you would never have
been able to do this. -There you go. The Shell plant would never
would have happened without Trump.
Just one problem. Shell announced its plans
to build a complex in 2012 when President
Barack Obama was in office. “Oh, it’s been three hours. Better check my fib-bit.” [ Laughter ] I mean, he’s taking credit
for a plant that was announced
when Obama was in office. What’s next? “Do you know I killed
Osama bin Laden? I swear it’s true.
I have — I have a very real photo
to prove it.” [ Laughter ] Trump is freaking out
about the possibility of a recession after spending
2 1/2 years catering the wealthy elite. He doesn’t care about growing
inequality or shuttering factories. We’ve got a lot of problems,
and in many cases… -It was the Trump administration that made it possible. -This has been “A Closer Look.” [ Cheers and applause ]