The 'Wolf of Wall Street' on US stock markets, recession, and Elon Musk

The S&P 500 and the Nasdaq notched their fourth straight weekly losses this week. The Dow also posted a Friday-to-Friday dip. However, according to Jordan Belfort, the infamous figure portrayed in Martin Scorsese's film The Wolf of Wall Street, the markets are doing just fine.

Speaking on Fox & Friends, Belfort dismissed recession fears and concerns over stock market volatility. When asked about the market correction amid the ongoing trade war, he brushed off the panic, stating, "The only people panicking are on CNBC," accusing the network of fueling unnecessary fear. He defended former President Donald Trump's shifting tariffs, arguing they would strengthen the economy in the long run by revitalizing U.S. manufacturing, which he called "mission critical."

Belfort on Tariffs: "I Believe in Reciprocity"

A staunch Trump supporter, Belfort downplayed the trade war’s impact on American consumers, asserting that foreign companies would bear most of the cost and eventually lower prices due to reduced demand.


"Other countries impose tariffs on us, and for decades, we’ve been taken advantage of. Now, President Trump, who I massively respect, is doing something very smart. I believe in reciprocal tariffs," he declared.

Belfort also took aim at Trump's critics, claiming they would oppose him no matter what:
"If he didn’t impose tariffs, they’d say, ‘Why isn’t he addressing tariffs?!’ Whatever he does, they’ll call it the worst thing ever—say he’s destroying democracy, a fascist, a moron. Just ignore it. It’s complete nonsense."

He further praised Trump for "cutting spending, waste, and fraud," ridiculing liberals for framing it as a negative move.

Belfort Calls Musk a "Hero"

Before wrapping up, Belfort shifted his praise to Elon Musk, calling the tech mogul a "Hero." In a moment of enthusiasm, he even pledged to buy a Tesla later that day. Co-host Brian Kilmeade responded, "Send us a picture of your purchase, we'll put it on Monday."