The US economy will not crash if President Donald Trump gets impeached, as the walls did not come tumbling down with Richard Nixon's impending impeachment and resignation in 1974, American political analyst Myles Hoenig says.

Trump’s lawyer Rudy Giuliani has said that impeaching the president would lead to “a people's revolt," while Trump has warned that the “market would crash” if he's ever impeached by Democrats.

"You'd only impeach him for political reasons, and the American people would revolt against that," Giuliani said.

Meanwhile, Trump on Thursday warned that the “market would crash” if he's ever impeached by Democrats.

“I don’t know how you can impeach somebody who’s done a great job,” Trump said in an interview with Fox News.

Michael Cohen once served as Trump's personal lawyer. On Tuesday, Cohen pleaded guilty to campaign finance violations and other charges, saying he made payments to influence the 2016 election at the direction of Trump.

Cohen said it is "absolutely clear that Donald Trump committed a felony" in the run-up to the presidential election.

Who will do more damage to Trump, Cohen or Giuliani?

“When Michael Cohen pleaded guilty the other day Trump sarcastically tweeted that if you needed a good lawyer, don’t hire Cohen. That snarky remark was mild compared to his vitriol directed at his Attorney General, Jeff Sessions,” Hoenig said in an interview with Press TV on Friday.

“Yet the one lawyer probably doing more damage to the Trump name and presidency is Rudy Giuliani. His on-air persona and statements have been ridiculed by nearly every late night talk show host and comedian, with Giuliani’s statements of what truth is and evolving explanations going from never did it to it wasn’t illegal what he did, added Hoenig, a former Green Party candidate for Congress.

“More and more Republicans are talking about impeachment, but not the need for it but how it’ll never happen. Democrats are bringing it up but only on the side as impeachment is a nuclear option in politics, and can backfire on them during the upcoming mid-term elections,” he said.

How to impeach US president

“Impeachment is a process. For it to really take off requires several things to happen. First is for the Democrats to take back the House of Representatives as they would control the Judiciary. Impeachment starts in the House. They would also need Republican supporters in the Senate to support Trump’s removal, and at this time it doesn’t look likely. There are no ‘respectable’ Senators like Baker, Dole, and Goldwater of the Nixon years telling him that the gig is up,” Hoenig said.

“One of Giuliani’s gems was to claim that there would be a people’s revolt. We don’t know how Trump’s base would react. With Gerald Ford in the wings, Nixon’s base was satisfied that the entire Watergate ordeal was behind them. A future President Pence, who is far more dangerous than Trump, might appeal to the base for calm and a guarantee of Trump’s agenda moving forward with him. And impeachment is only an indictment, to be tried by the compliant Senate. His removal will likely come only as a resignation or not being re-elected,” he noted.

“Lastly, Giuliani says that the economy will crash. That’s ridiculous as the economy is more than just the stock market, which would more likely be thrilled that uncertainty in the White House would be replaced by adults in the room. The economy is jobs, wages, trade, and everything else that a president has either direct or at times, no control over. The walls did not come tumbling down in August of 1974 when Nixon resigned,” he concluded.