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Stock Market Hammered, Columbia Ring Leader Legal Battle, 83% of USAID Programs Sacked

• Ranting Politics • Season 1 • Episode 126

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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/ 


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Speaker 1:

Hello America. 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. Wall Street takes a nosedive after Trump refuses to rule out a recession, the Dow plunges 900 points and tech stocks are getting hammered. We'll break down what this means for your money and why some analysts are saying to buckle up for a bumpy ride. Then major developments at Columbia University, as protest ringleader Mahmoud Khalil gets nabbed by ICE. Trump's calling it the first arrest of many as his administration cracks down on campus demonstrations. You won't believe what intelligence officials are saying about this case. And Secretary of State Marco Rubio just dropped a bombshell announcing plans to scrap a whopping 83% of USAID programs. We're talking billions in cuts and a complete overhaul of how America handles foreign aid. Stick around for all this and more in your daily dose of unfiltered news and common sense commentary.

Speaker 1:

This is Ranting Politics Headline Updates. Well, folks, wall Street just had one of those days that makes investors reach for the antacids. The Dow Jones took an absolute beating, dropping 900 points after President Trump's less than reassuring comments about a potential recession. 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. Now, what's really interesting here is how Trump framed this whole situation. He's calling it a period of transition as part of his bigger plan to bring wealth back to America. Quote we're bringing wealth back to America. That's a big thing. It takes a little time, but I think it should be great for us. He acknowledged there would be disruption, but insisted we're okay with that.

Speaker 1:

The market, however, didn't seem too okay with any of it. The tech sector really took it on the chin today. 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. Gina Bolvin over at Bolvin Wealth Management Group says we should all buckle up because this roller coaster isn't stopping anytime soon. Her advice Sit tight, buckle up. We finally have the correction we were waiting for and long-term investors will be rewarded again.

Speaker 1:

The big banks are getting nervous too. Jpmorgan Chase just bumped up their recession probability to 40%, up from 30% at the start of the year. Goldman Sachs is a bit more optimistic, putting it at 20%, but they're still worried about what they're calling extreme US policies. The bond market's also telling us something's up, with the 10-year treasury yield sliding down to 4.22%. And it's not just a US thing. Markets in Europe and Asia are feeling the heat too.

Speaker 1:

Trump's response to all this? He's basically saying don't watch the stock market, focus on the bigger picture. Quote what I have to do is build a strong country. You can't really watch the stock market. That might be cold comfort for anyone watching their 401k today, but hey, at least we know where we stand. 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.

Speaker 1:

Breaking news from Columbia University, where a major development has unfolded in the ongoing campus protest saga. 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. Khalil, a 30-year-old Syrian-born Palestinian who recently graduated from Columbia's School of many. 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. 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. 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. This comes after Trump's executive order cracking down on anti-Israel demonstrators in the US who are here on green cards. What makes this case particularly significant is Khalil's role as the lead negotiator for Columbia United Apartheid Divest. 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. Trump didn't mince words on Truth Social warning other universities that more arrests are coming. 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. This arrest is part of a broader federal initiative. Trump's task force to combat anti-Semitism has identified 10 universities for investigation, including heavy hitters like Harvard, berkeley and NYU. 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. Khalil's legal team has managed to temporarily halt his deportation through a Manhattan federal court filing claiming ICE detained him illegally. 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. 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.

Speaker 1:

Hold on to your hats, folks, because Secretary of State Marco Rubio just dropped a bombshell about USAID that's sending shockwaves through Washington. 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. We're talking about the cancellation of 5,200 contracts here, folks. 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. The numbers are staggering. 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. Now what's getting the axe? 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. The cuts included $45 million for DEI scholarships in Burma, and get this $20 million for an Iraqi version of Sesame Street.

Speaker 1:

But here's where it gets spicy. 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. 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. President Trump had to step in and dial back Musk's authority, giving more control to cabinet secretaries over personnel decisions. But don't worry about any lasting drama. Musk and Rubio were back to playing nice on social media, with Musk calling the USAID cuts tough but necessary. The remaining 18% of programs, about 1,000 in total, will be transferred to State Department control. 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.

Speaker 1:

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. What a news day, folks Listen. 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. For deep dives into these stories and exclusive content, head over to RantingPoliticscom. This is JOC signing off and thank you, our loyal listeners, for choosing Ranting Politics Headline Updates. We'll be back soon with the updates you need to navigate these interesting times. Until then, stay tuned, stay informed and, as always, stay free.