March 11, 2025
Stock Market Hammered, Columbia Ring Leader Legal Battle, 83% of USAID Programs Sacked
Stock Market Hammered, Columbia Ring Leader Legal Battle, 83% of USAID Programs Sacked
Wall Street investors face a massive downturn as the Dow Jones plunges 900 points following President Trump's refusal to rule out a recession. Major political developments unfold simultaneously with the ICE arrest of a Columbia University protest leader and Secretary Rubio announcing cuts to 83% of USAID programs.
• Market crash triggered by Trump's comments framing economic uncertainty as a "transition period"
• Tesla shares tumble 15% with all "Magnificent Seven" tech stocks dropping more than 2.4%
• JPMorgan raises recession probability to 40%, up from 30% at the start of 2023
• ICE arrests Mahmoud Khalil, key Columbia protest figure and alleged national security threat
• Trump administration identifies 10 universities for investigation, including Harvard and NYU
• Secretary Rubio announces cancellation of 5,200 USAID contracts worth $58.4 billion
• Tension between Elon Musk and Rubio over pace of agency restructuring
• Remaining 18% of USAID programs to be transferred to State Department control
If you're enjoying this daily dose of unfiltered political commentary, make sure you're following us everywhere we are. You can catch us on X at RantingRP for real-time updates and hot takes. We're also streaming on all your favorite platforms - YouTube, Spotify, iHeartRadio and Apple Podcasts.
Source Credits:
https://nypost.com/2025/03/10/business/dow-sinks-700-points-nasdaq-sheds-4-after-trump-recession-comments/ https://nypost.com/2025/03/10/us-news/columbia-agitator-mahmoud-khalil-was-probed-as-national-security-threat-as-trump-calls-ice-bust-first-arrest-of-many/ https://nypost.com/2025/03/10/us-news/rubio-says-83-of-usaid-programs-to-be-scrapped-after-initial-plan-to-cut-58b-in-contracts-grants/
Apple Podcasts: https://podcasts.apple.com/us/podcast/ranting-politics/id1677427078
Spotify: https://open.spotify.com/show/2rFqmUhX6ReG2s2DX824Rk?si=b450dbea7a5a4dce
X/Twitter: @rantingRP
YouTube: @RantingPolitics
Website: www.RantingPolitics.com
This show is for entertainment and/or informational purposes only. All information should be verified and treated as an opinion.
FAIR USE NOTICE:
This show may use copyrighted material that is made available for commentary and educational purposes only. This constitutes a fair use of any such copyrighted material as provided for in Title 17 U.S.C. Section 106A-117 of the US copyright law.
Chapters
00:00 - Show Introduction
01:06 - Wall Street Nosedive After Trump Comments
03:45 - Columbia Protester Arrested By ICE
06:17 - USAID Program Cuts Announced
08:33 - Episode Closing and Social Media Plugs
Transcript
WEBVTT
00:00:01.826 --> 00:00:02.608
Hello America.
00:00:02.608 --> 00:00:13.263
Joc here with your Ranting Politics headline updates, where we are diving into today's most explosive political stories that you need to know about Coming up.
00:00:13.263 --> 00:00:21.746
Wall Street takes a nosedive after Trump refuses to rule out a recession, the Dow plunges 900 points and tech stocks are getting hammered.
00:00:21.746 --> 00:00:27.167
We'll break down what this means for your money and why some analysts are saying to buckle up for a bumpy ride.
00:00:27.167 --> 00:00:34.271
Then major developments at Columbia University, as protest ringleader Mahmoud Khalil gets nabbed by ICE.
00:00:34.271 --> 00:00:39.909
Trump's calling it the first arrest of many as his administration cracks down on campus demonstrations.
00:00:39.909 --> 00:00:43.685
You won't believe what intelligence officials are saying about this case.
00:00:43.685 --> 00:00:52.072
And Secretary of State Marco Rubio just dropped a bombshell announcing plans to scrap a whopping 83% of USAID programs.
00:00:52.072 --> 00:00:57.292
We're talking billions in cuts and a complete overhaul of how America handles foreign aid.
00:00:57.292 --> 00:01:03.273
Stick around for all this and more in your daily dose of unfiltered news and common sense commentary.
00:01:03.820 --> 00:01:06.161
This is Ranting Politics Headline Updates.
00:01:06.161 --> 00:01:28.218
Well, folks, wall Street just had one of those days that makes investors reach for the antacids.
00:01:28.218 --> 00:01:37.055
The Dow Jones took an absolute beating, dropping 900 points after President Trump's less than reassuring comments about a potential recession.
00:01:37.055 --> 00:01:47.171
When asked directly about it on Fox News Sunday Morning Futures, trump did that thing where he doesn't quite answer the question, saying he hates to predict things like that.
00:01:47.171 --> 00:01:52.245
Now, what's really interesting here is how Trump framed this whole situation.
00:01:52.245 --> 00:01:58.504
He's calling it a period of transition as part of his bigger plan to bring wealth back to America.
00:01:58.504 --> 00:02:01.450
Quote we're bringing wealth back to America.
00:02:01.450 --> 00:02:02.620
That's a big thing.
00:02:02.620 --> 00:02:05.971
It takes a little time, but I think it should be great for us.
00:02:05.971 --> 00:02:09.991
He acknowledged there would be disruption, but insisted we're okay with that.
00:02:10.500 --> 00:02:13.370
The market, however, didn't seem too okay with any of it.
00:02:13.370 --> 00:02:16.028
The tech sector really took it on the chin today.
00:02:16.028 --> 00:02:31.682
Tesla got absolutely crushed, tumbling 15%, and if you're holding any of those fancy, magnificent seven stocks, you know Apple, microsoft, alphabet, amazon, nvidia and Meta well, they all took a beating too, dropping more than 2.4% across the board.
00:02:31.682 --> 00:02:38.786
Gina Bolvin over at Bolvin Wealth Management Group says we should all buckle up because this roller coaster isn't stopping anytime soon.
00:02:38.786 --> 00:02:41.973
Her advice Sit tight, buckle up.
00:02:41.973 --> 00:02:47.729
We finally have the correction we were waiting for and long-term investors will be rewarded again.
00:02:48.350 --> 00:02:49.872
The big banks are getting nervous too.
00:02:49.872 --> 00:02:57.691
Jpmorgan Chase just bumped up their recession probability to 40%, up from 30% at the start of the year.
00:02:57.691 --> 00:03:05.608
Goldman Sachs is a bit more optimistic, putting it at 20%, but they're still worried about what they're calling extreme US policies.
00:03:05.608 --> 00:03:12.543
The bond market's also telling us something's up, with the 10-year treasury yield sliding down to 4.22%.
00:03:12.543 --> 00:03:14.227
And it's not just a US thing.
00:03:14.227 --> 00:03:16.872
Markets in Europe and Asia are feeling the heat too.
00:03:17.419 --> 00:03:18.764
Trump's response to all this?
00:03:18.764 --> 00:03:23.227
He's basically saying don't watch the stock market, focus on the bigger picture.
00:03:23.227 --> 00:03:26.522
Quote what I have to do is build a strong country.
00:03:26.522 --> 00:03:28.651
You can't really watch the stock market.
00:03:28.651 --> 00:03:35.028
That might be cold comfort for anyone watching their 401k today, but hey, at least we know where we stand.
00:03:35.028 --> 00:03:43.347
Source for this story is the New York Post, and I've got to tell you this is just the beginning of what could be a very interesting ride for the markets.
00:03:45.575 --> 00:03:51.491
Breaking news from Columbia University, where a major development has unfolded in the ongoing campus protest saga.
00:03:51.491 --> 00:04:01.391
Mahmoud Khalil, a key figure in the university's anti-Israel demonstrations, has been arrested by ICE in what President Trump is calling the first arrest of many.
00:04:01.391 --> 00:04:05.917
Khalil, a 30-year-old Syrian-born Palestinian who recently graduated from Columbia's School of many.
00:04:05.917 --> 00:04:13.317
Khalil, a 30-year-old Syrian-born Palestinian who recently graduated from Columbia's School of International and Public Affairs, was reportedly being investigated as a potential national security threat.
00:04:13.317 --> 00:04:26.346
Secretary of State Marco Rubio had received intelligence suggesting Khalil's activities went beyond typical protest participation, with DHS specifically pointing to alleged activities aligned with Hamas.
00:04:26.346 --> 00:04:35.625
The arrest took place at Khalil's university-owned apartment on Saturday and he's currently being held at the Gina LaSalle detention facility in Louisiana.
00:04:35.625 --> 00:04:42.992
This comes after Trump's executive order cracking down on anti-Israel demonstrators in the US who are here on green cards.
00:04:42.992 --> 00:04:50.632
What makes this case particularly significant is Khalil's role as the lead negotiator for Columbia United Apartheid Divest.
00:04:50.632 --> 00:05:01.786
Even after graduating in December, he remained active in campus protests, including recent demonstrations at Barnard College, where students took over buildings and distributed controversial materials.
00:05:01.786 --> 00:05:07.192
Trump didn't mince words on Truth Social warning other universities that more arrests are coming.
00:05:07.192 --> 00:05:19.389
Quote we know there are more students at Columbia and other universities across the country who have engaged in pro-terrorist, anti-semitic, anti-american activity and the Trump administration will not tolerate it.
00:05:19.389 --> 00:05:22.435
This arrest is part of a broader federal initiative.
00:05:22.435 --> 00:05:31.586
Trump's task force to combat anti-Semitism has identified 10 universities for investigation, including heavy hitters like Harvard, berkeley and NYU.
00:05:31.586 --> 00:05:43.911
The administration has already shown it means business by clawing back roughly $400 million in grants and contracts from Columbia University for alleged noncompliance with anti-discrimination laws.
00:05:43.911 --> 00:05:52.687
Khalil's legal team has managed to temporarily halt his deportation through a Manhattan federal court filing claiming ICE detained him illegally.
00:05:52.687 --> 00:06:02.771
The situation has sparked a heated debate about the limits of First Amendment rights for green card holders, with civil rights attorneys questioning the administration's legal grounds for such actions.
00:06:02.771 --> 00:06:15.125
According to the New York Post, ice raids and investigations are likely just beginning as the administration ramps up its efforts to address what it views as national security concerns on college campuses nationwide.
00:06:17.028 --> 00:06:25.295
Hold on to your hats, folks, because Secretary of State Marco Rubio just dropped a bombshell about USAID that's sending shockwaves through Washington.
00:06:25.295 --> 00:06:37.362
In a sweeping announcement that's got everyone talking, rubio declared they're pulling the plug on more than 80% of USAID's programs, with the surviving pieces being folded into the State Department's portfolio.
00:06:37.362 --> 00:06:41.932
We're talking about the cancellation of 5,200 contracts here, folks.
00:06:41.932 --> 00:06:51.391
That's billions of taxpayer dollars that Rubio claims did not serve, and in some cases even harmed, the core national interests of the United States.
00:06:51.391 --> 00:06:53.567
The numbers are staggering.
00:06:53.567 --> 00:07:04.956
Initial estimates showed they were looking at voiding nearly 6,000 USAID contracts and over 4,000 State Department grants, totaling a whopping $58.4 billion in savings.
00:07:04.956 --> 00:07:06.966
Now what's getting the axe?
00:07:06.966 --> 00:07:20.742
We're seeing everything from engineering services in Liberia to climate change tools getting the boot of the more eyebrow-raising programs that caught attention before.
00:07:20.742 --> 00:07:25.634
The cuts included $45 million for DEI scholarships in Burma, and get this $20 million for an Iraqi version of Sesame Street.
00:07:26.040 --> 00:07:27.324
But here's where it gets spicy.
00:07:27.324 --> 00:07:37.802
Special White House employee Elon Musk, who's been gunning for USAD since day one of the Trump administration, apparently got into quite the heated exchange with Rubio during a cabinet meeting.
00:07:37.802 --> 00:07:45.951
Sources say Musk wasn't happy with the pace of employee terminations, while Rubio pushed back against what he saw as a too aggressive approach.
00:07:45.951 --> 00:07:52.764
President Trump had to step in and dial back Musk's authority, giving more control to cabinet secretaries over personnel decisions.
00:07:52.764 --> 00:07:55.252
But don't worry about any lasting drama.
00:07:55.252 --> 00:08:01.855
Musk and Rubio were back to playing nice on social media, with Musk calling the USAID cuts tough but necessary.
00:08:01.855 --> 00:08:07.692
The remaining 18% of programs, about 1,000 in total, will be transferred to State Department control.
00:08:07.692 --> 00:08:17.951
According to Rubio, this move will lead to more effective administration of these crucial initiatives, but with a court order demanding the unfreezing of about $2 billion in funding to various groups.
00:08:20.086 --> 00:08:33.304
This story is far from over, and that wraps up today's headlines on Ranting Politics, where we've covered everything from Wall Street's wild ride after Trump's recession comments to the dramatic arrest at Columbia University and that massive shakeup at USAID.
00:08:33.304 --> 00:08:35.765
What a news day, folks Listen.
00:08:35.765 --> 00:08:41.572
If you're enjoying this daily dose of unfiltered political commentary, make sure you're following us everywhere we are.
00:08:41.572 --> 00:08:46.197
You can catch us on X at RantingRP for real-time updates and hot takes.
00:08:46.197 --> 00:08:53.937
We're also streaming on all your favorite platforms YouTube, spotify, iheartradio and Apple Podcasts.
00:08:53.937 --> 00:08:59.511
For deep dives into these stories and exclusive content, head over to RantingPoliticscom.
00:08:59.511 --> 00:09:06.229
This is JOC signing off and thank you, our loyal listeners, for choosing Ranting Politics Headline Updates.
00:09:06.229 --> 00:09:10.167
We'll be back soon with the updates you need to navigate these interesting times.
00:09:10.167 --> 00:09:14.827
Until then, stay tuned, stay informed and, as always, stay free.
00:00:01.826 --> 00:00:02.608
00:00:02.608 --> 00:00:13.263
00:00:13.263 --> 00:00:21.746
00:00:21.746 --> 00:00:27.167
00:00:27.167 --> 00:00:34.271
00:00:34.271 --> 00:00:39.909
00:00:39.909 --> 00:00:43.685
00:00:43.685 --> 00:00:52.072
00:00:52.072 --> 00:00:57.292
00:00:57.292 --> 00:01:03.273
00:01:03.820 --> 00:01:06.161
00:01:06.161 --> 00:01:28.218
00:01:28.218 --> 00:01:37.055
00:01:37.055 --> 00:01:47.171
00:01:47.171 --> 00:01:52.245
00:01:52.245 --> 00:01:58.504
00:01:58.504 --> 00:02:01.450
00:02:01.450 --> 00:02:02.620
00:02:02.620 --> 00:02:05.971
00:02:05.971 --> 00:02:09.991
00:02:10.500 --> 00:02:13.370
00:02:13.370 --> 00:02:16.028
00:02:16.028 --> 00:02:31.682
00:02:31.682 --> 00:02:38.786
00:02:38.786 --> 00:02:41.973
00:02:41.973 --> 00:02:47.729
00:02:48.350 --> 00:02:49.872
00:02:49.872 --> 00:02:57.691
00:02:57.691 --> 00:03:05.608
00:03:05.608 --> 00:03:12.543
00:03:12.543 --> 00:03:14.227
00:03:14.227 --> 00:03:16.872
00:03:17.419 --> 00:03:18.764
00:03:18.764 --> 00:03:23.227
00:03:23.227 --> 00:03:26.522
00:03:26.522 --> 00:03:28.651
00:03:28.651 --> 00:03:35.028
00:03:35.028 --> 00:03:43.347
00:03:45.575 --> 00:03:51.491
00:03:51.491 --> 00:04:01.391
00:04:01.391 --> 00:04:05.917
00:04:05.917 --> 00:04:13.317
00:04:13.317 --> 00:04:26.346
00:04:26.346 --> 00:04:35.625
00:04:35.625 --> 00:04:42.992
00:04:42.992 --> 00:04:50.632
00:04:50.632 --> 00:05:01.786
00:05:01.786 --> 00:05:07.192
00:05:07.192 --> 00:05:19.389
00:05:19.389 --> 00:05:22.435
00:05:22.435 --> 00:05:31.586
00:05:31.586 --> 00:05:43.911
00:05:43.911 --> 00:05:52.687
00:05:52.687 --> 00:06:02.771
00:06:02.771 --> 00:06:15.125
00:06:17.028 --> 00:06:25.295
00:06:25.295 --> 00:06:37.362
00:06:37.362 --> 00:06:41.932
00:06:41.932 --> 00:06:51.391
00:06:51.391 --> 00:06:53.567
00:06:53.567 --> 00:07:04.956
00:07:04.956 --> 00:07:06.966
00:07:06.966 --> 00:07:20.742
00:07:20.742 --> 00:07:25.634
00:07:26.040 --> 00:07:27.324
00:07:27.324 --> 00:07:37.802
00:07:37.802 --> 00:07:45.951
00:07:45.951 --> 00:07:52.764
00:07:52.764 --> 00:07:55.252
00:07:55.252 --> 00:08:01.855
00:08:01.855 --> 00:08:07.692
00:08:07.692 --> 00:08:17.951
00:08:20.086 --> 00:08:33.304
00:08:33.304 --> 00:08:35.765
00:08:35.765 --> 00:08:41.572
00:08:41.572 --> 00:08:46.197
00:08:46.197 --> 00:08:53.937
00:08:53.937 --> 00:08:59.511
00:08:59.511 --> 00:09:06.229
00:09:06.229 --> 00:09:10.167
00:09:10.167 --> 00:09:14.827