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Obama’s chief economist warns of ‘a very high chance’ Trump’s trade war could cause 2020 recession

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The former chair of the Council of Economic Advisers under President Barack Obama warned of “a very high chance” of Trump’s trade war with China resulting in a recession — “just in time for 2020.”

Austan Goolsbee was interviewed by MSNBC’s John Heilemann on Friday after the DJIA closed down over 600 points after the trade war escalated on Friday.

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“Just give us, if you would, Austan, your sense of what has unfolded today and how bad it is,” Heilemann asked.

“Yes, it’s terrible, I’m phoning from a bunker as we speak,” Goolsbee replied.

“There hasn’t been a day like this in a very long time. Yes, the markets sell a lot but the fact we’re going to have an escalating trade war, the president of the United States is publicly declaring the head of the Fed an enemy of the state and, oh, by the way, 40% of the Amazon is on fire and Ruth Bader Ginsburg is being treated for pancreatic cancer,” he continued. “If this is on a Friday, it makes it bad for Monday.”

“Now we’ve crossed some threshold that it’s clear the Chinese government is wanting to escalate the conflict rather than deescalate it. That, as we have seen President Trump’s behavior many times, if somebody escalates behavior, he wants to escalate back, and I think the reason the stock market reacted as badly as it did is there’s no lower bound to how that bad that can be,” he explained. “If we escalate that trade war — we’re already teetering on the edge of recession — and if you get in a full-blown trade war between the two biggest economies in the world, we will both have a recession. There’s no doubt about it.”

“The rest of the world is slowing, as they’re going to discuss at the G7 meeting that the president is headed to, and to add this on top of it I think is a very high chance this could drive us into recession just in time for 2020,” he warned. “I don’t know what the president is thinking.”

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Shortly after the segment ended, Trump announced he was raising tariffs on over half a trillion dollars of Chinese goods.

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‘The cost of acquitting Donald Trump just went up’ for the Republicans: MSNBC’s Joy Ann Reid

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MSNBC host Joy Ann Reid explained during the post-hearing wrap-up that things aren't looking good for Republican senators up for reelection in 2020.

In the wake of EU Ambassador Gordon Sondland's testimony, things are getting more difficult for Republicans faced with a vote on impeachment.

"Even if [the numbers] don't move, the problem is going to be a lot of these people have to run for re-election, letting the president off the hook when it's pretty clear what happened," Reid said. "This is pretty simple, and if I'm Cory Gardener (R-CO), I'm not feeling great."

Brian Williams noted that Rep. Will Hurd (R-TX) is one of the many Republicans "who's leaving town on a fast horse." If anyone could be pealed off by Democrats, Williams thinks it is Hurd.

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Indicted Giuliani associate helped Nunes arrange meetings during his overseas trips to discredit the Russia investigation

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On Thursday, The Daily Beast reported that Lev Parnas, the Rudy Giuliani associate currently under federal indictment for campaign finance violations, helped Rep. Devin Nunes (R-CA) arrange meetings in Europe as part of his efforts to discredit the investigation of Russian contacts within President Donald Trump's campaign.

According to congressional records, Nunes, in his capacity as then-House Intelligence Chairman, visited Europe from November 30 to December 3, of last year, during which he was accompanied by three staffers — Derek Harvey, Scott Glabe, and George Pappas — at a taxpayer expense of over $63,000.

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Rick Wilson mocks GOP as impeachment witnesses ‘obliterate’ their talking points: ‘Dumber than a sack of hair’

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On Wednesday, as the House wrapped up another day of bombshell impeachment testimony from multiple foreign service officers, former GOP strategist and Never Trump conservative Rick Wilson mocked President Donald Trump and his Republican allies, pointing out that all of their major talking points to defend the president's conduct in Ukraine have been "obliterated":

1/ Hey committee Republicans! Have you noticed every single line of defense that you've mounted this week for the president has been utterly fucking obliterated?

Is this clear to you yet?

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