Nov 6, 2026 · 46 min
Midterm losses force MAGA and Democrats to rethink their next moves
Is This The End Of MAGA? — ft. Anthony Scaramucci
The discussion connects an electoral backlash against Donald Trump to possible policy reversals, market relief, and a broader test of political ethics.
- 1Democratic gains signal voter backlash against tariffs, inflation, foreign-policy choices, perceived corruption, and cultural confrontation.
- 2Trump could reverse signature policies, but his political calculations and the Republican Party’s succession fight complicate any reset.
- 3Wall Street welcomed divided government while war, interest rates, and data-center politics exposed the economy’s political vulnerabilities.
Don't miss
Scaramucci links divided government to Wall Street’s post-election relief, arguing that gridlock can reduce the odds of extreme policy outcomes.
The brief
Anthony Scaramucci reads Democrats’ strong midterm performance as a repudiation of Donald Trump, but not necessarily the end of MAGA or Trump’s influence over the Republican Party.
The backlash combined economic pain, tariffs, foreign-policy disputes, perceived corruption, cruelty, and threats toward allies—leaving Trump room to reverse course, but little guarantee that voters will trust the change.
Scaramucci says Democrats should emphasize affordability, moderation, and pragmatic governance rather than revive culture-war politics, while investigating corruption across both parties instead of targeting Trump alone.
War and higher interest rates are pressuring energy costs, borrowing, savings, and retirement accounts; markets nevertheless rallied because divided government may limit extreme policy outcomes.
The conversation’s sharpest tension is whether Trump can adapt without losing MAGA, and whether Democrats can convert rejection into a credible governing alternative.
What was said on this episode
34 statements · 13 positive · 16 negative · 1 mixed · 4 neutral
Democrats are unlikely to lose House or Senate control over the next six years.
“it seems impossible over the next six years that the Democrats will lose the House and the Senate.”
Listen at 4:06
Moderate candidates are currently more likely to win United States elections.
“if you bring the moderates to the game, or as your colleague Scott Galloway says, raging moderates, they're going to win elections in the United States right now.”
Listen at 4:38
Glenn Youngkin is less aligned with MAGA than other MAGA figures.
“Glenn Youngkin, I would say he's probably the least MAGA of the MAGAs.”
Listen at 7:38
Trump’s tariffs were illegal, and current tariffs are likely illegal.
“Of course, they were illegal. Even the ones he's put on right now are likely illegal.”
Listen at 8:30
Reversing Trump’s policies could restore their political popularity.
“If he pulls the plug on those things. Their popularity will equalize.”
Listen at 12:42
Trump could plausibly reverse his positions toward Bezos and Zuckerberg.
“So so it is very plausible that he could do that.”
Listen at 13:43
A broad rollback of Trump’s tariffs is unlikely soon.
“A broad rollback of the tariffs would likely be unlikely.”
Listen at 14:48
Donald Trump has benefited Mark Carney’s political career.
“The best thing that's happened to Mark Carney's political career is Donald Trump.”
Listen at 15:26
Democrats are very unlikely to lose power within six years.
“six years, very unlikely they'll lose power.”
Listen at 22:06
A moderate, coalition-building Democratic strategy could greatly strengthen party control.
“if they run it up the middle and they put more moderates in place and they try to build a coalition. with some level of compromise to common sense pragmatists in the Republican Party look out, they could really control the card table.”
Listen at 22:17
A return of woke politics would harm Democrats.
“if woke is back, that's going to be very bad for the Democrats.”
Listen at 22:57
The war costs approximately half a trillion dollars.
“The war is a half a trillion dollar venture”
Listen at 23:37
The war increased national energy costs by $2,400 per family.
“It's $2,400 a family in the increase in energy costs in the country”
Listen at 23:53
“the 10 years at 396 going into the war. It's over 490 now. It peaked in the 530s.”
Listen at 24:31
Higher interest rates increased borrowing costs across society.
“you have increased borrowing costs all over the society.”
Listen at 24:49
The war will probably continue indefinitely.
“this will probably go on forever.”
Listen at 25:06
Mixed government benefited the United States.
“that mixed government helped the country.”
Listen at 27:55
Mixed government has historically benefited stock and bond markets.
“anytime you get in a situation like this, it's been better for the stock and bond market.”
Listen at 28:00
Data centers are currently very unpopular.
“the data centers are very unpopular.”
Listen at 28:44
The AI boom became a local utility-cost issue rather than a Republican economic success story.
“the AI boom was supposed to be the GOP's economic story, but it ended up on the ballot as somebody's utility bill.”
Listen at 28:55
Voters rejected AI infrastructure expansion in most ballot contests.
“The voters rejected the AI buildout almost everywhere it was on the ballot.”
Listen at 30:57
Fourteen Ohio municipalities passed data-center bans or restrictions.
“There were 14 municipalities that passed bans and or restrictions. on data centers in the state of Ohio.”
Listen at 31:02
Pausing data-center expansion pending regulation would likely be good policy.
“Which actually would be good policy, and I think the Americans would be relieved by that, and it would actually probably turn out more positively.”
Listen at 35:32
Democrats would benefit from not prosecuting the president directly.
“I think they would be better served, and this would be really contrarian, is to say, you know, we're not going to go after the president.”
Listen at 36:20
Democrats should pursue a comprehensive ethics review of Washington.
“we're going to have an omnibus evaluation of the ethics in Washington.”
Listen at 36:30
A bipartisan ethics crackdown would increase Democrats’ popularity.
“I think that message would really help them and that would engender a lot of popularity.”
Listen at 37:01
Congress passed a law barring lawmakers from trading on insider information.
“they passed a law that denied them all the right to do the trading.”
Listen at 38:17
Congress reinstated lawmakers’ ability to trade using congressional inside information.
“they did a voice vote by telephone to reinstate their ability to trade with inside information based on what goes on in the Congress.”
Listen at 38:27
Trump may partially reverse course after the election defeat.
“there could be fragments of this as what you and I witnessed this morning during what seemed like a rambling conference call. that had a concession speech laced into it.”
Listen at 40:01
Pete Hegseth will leave the White House.
“I definitely think Hegseth is gone.”
Listen at 40:47
MAGA will enter another phase rather than simply end.
“I think we're going to go into another stage.”
Listen at 42:51
Trump may field more MAGA candidates to challenge House members.
“It's not clear to me that he doesn't field more MAGA candidates to see if he can dislodge some of these members of the House.”
Listen at 42:53
Trump tends to recover politically after being counted out.
“when you count out Trump, he rises from the ashes.”
Listen at 43:04
J.D. Vance and Marco Rubio will not lead the GOP’s 2028 field.
“it's not going to be J.D. Vance or Marco Rubio now.”
Listen at 43:22
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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