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This week in Trumponomics: Sabotage

Yahoo Finance’s Adam Shapiro and Seana Smith speak with Rick Newman for his latest assessment of the Trump presidency, and how the latest moves are sabotaging the economy and the government.

Video Transcript

SEANA SMITH: It's time for this week's Trumpometer score, where we take a look at how President Trump performed the past week. Rick Newman, as always, is joining us here to grade President Trump. And Rick, clearly, I guess it was eventful and uneventful in some ways for President Trump. But how did he do from what you're looking at?

RICK NEWMAN: Not a good week on the Trumpometer, that's not a surprise. You know, the economy is probably getting worse, not better, because of all the shutdowns related to coronavirus. And a key question a lot of people have had about President Trump in his final weeks in office is, is he going to go quietly and, you know, basically try to do the right thing with regard to markets in the economy? Or is he going to try to burn the house down?

Well, I think we should be concerned. I mean, look what happened yesterday. Steve Mnuchin, the Secretary of Treasury, basically saying, it's time to end some of those stimulus programs that Congress put into place all the way back in March. And we got this very unusual response from the Federal Reserve saying, no, we shouldn't end them. But Treasury gets to call the shots in this case.

So this looks a little bit like economic sabotage, to be honest. Mnuchin has said, no, he didn't do this for political purposes. But, I mean, a lot of economists weighing in on this today saying, what is the point of this? Why would you do this? Why would you take aid off the table, given that we're still in a pretty deep hole? So the Trumpometer spiraling downward this week. The Trumpometer reads sad, the lowest rating.

And I wish I had better news. I'm tired of being so gloomy, but Trump is doing nobody any favors so far after losing the election on November 3.

ADAM SHAPIRO: Rick, you know, the droopy dog with the storm cloud over my head, I got to ask you this. I've been reluctant to ask our guests, but next week, we might have to. Everyone keeps writing about how the alleged coup that could happen if a legislature refused to seat electors, I keep reading, it won't happen, it won't happen. What happens to the markets if it does happen? We've got this secret meeting that's not so secret with the two Republican leaders from Michigan.

I mean, if they reject the will of the people, wow.

RICK NEWMAN: So let's say Trump found a way to remain president for another four years. I mean, that's what you're postulating. It's almost incomprehensible. But markets could not possibly like it. I mean, you know, what do we say all the time on our air, markets hate uncertainty. And it's hard to imagine anything more uncertain than if the results of a US election are nullified. And we-- I mean, that means we would have a dictator running the United States.

Now, the reason these election experts say it's not going to happen is this would have to-- you know, this would go through the courts. And the courts, one after the other, they have literally struck down at least 30 lawsuits by the Trump campaign. They've only prevailed in one of those, and it was small potatoes. So it doesn't look like it's going to be-- it's going to happen, but, I mean, it should be something we all worry about.

And obviously, once Trump is gone, perhaps we need to put in place some safeguards to make sure this can't happen in the future because Trump is basically creating a roadmap for the next potential US dictator.