His own delusion, I suspect. However, it's not an uncommon view amongst many in the States, and that includes people who are well educated and otherwise rational.

So there was no attempt to justify it? Is it propaganda, or is it him basically enjoying seeing minorities/“the libs” getting a kicking?

There are a lot of Americans, particularly high earners, who are satisfied as long as their portfolio is doing well. Somehow the market hasn't completely crashed yet, so these people think it's all not so bad because nothing is affecting them directly yet.