September 25, 2024 • 9 mins
Trump’s New American Industrialism. www.watchdogonwallstreet.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
So, Donald Trump's New American Industrialism yesterday, I spent a
great deal of time. He does, like his long speeches.
It's almost like you're panning, you know. It was, you know,
the miners panning for gold there, you know, looking for something.
So I was panning for gold and Donald Trump's speech
(00:39):
yesterday and I found some. I found some. And again
this is, in my opinion, the problem with his long
speeches is he just get to the damn point, man, Okay,
And if you can say something in a sentence or
to do it, you know, you don't have to give
us a chapter. But anyway, they're here nor there. Trump's
(01:01):
New American Industrialism. Now, this past week we had some
numbers come down the pike when it comes to manufacturing
and this ism manufacturing. The Purchasing Managers for Manufacturing Index
has been in contraction numbers here since twenty twenty two.
(01:23):
Since the fall of twenty twenty two, so basically you're
looking at almost all manufacturing jobs under Biden Harris were
basically bouncebacks Trump. Obviously, he pointed that out in the
speech yesterday. I also take a look at the jobs
and the hours that were worked. That's declined as well
(01:46):
since the fall of twenty twenty two. Real average wages,
what do we two point seven percent lower than in
January of twenty and twenty one. And this is including
all of the all of the nonsense, all of the
government subsidies, all of the handouts, all of the New
(02:07):
Green Deal, all the chips at crap that has been
shoved down our throat. What what's you know you would
think would all of this money, all the stimulus, why
wouldn't the manufacturing sector be booming? Well, certain areas of
our economy have been thwarted by nonsensical climate regulations. Again,
(02:28):
you get the various different acronym agencies within the executive
branch of government, in particular the EPA, and all of
this CO two nonsense and crap that that basically holds
a myriad of industries down. Take a look at the paper, steel, iron, glass, cement, chemicals.
(02:52):
Now again I am I've made it perfectly clear here.
You know, conservative means conserve. I'm very much I'm a
proud environmentalist. However, Okay, I want to focus on I
want to focus on protecting habitats, not polluting the overall environment.
(03:18):
And we'll give you an example. Okay, General Electric dumping
PCBs into the Hudson River. This whole climate change thing,
quite frankly, has been a distraction. I don't want any company,
any corporation, polluting. I want as small as footprint as
possible when it comes to plants. I get all of that.
That's important. But the things that the EPA has been doing,
(03:41):
quite frankly, in my opinion, haven't done much at all,
quite frankly, except hurt business. So I got some quotes
here from Donald Trump yesterday. He said, so, as your president,
here is a deal that I will be offering to
every major company and manufacture on Earth. I will give
(04:02):
you the lowest taxes, the lowest energy costs, the lowest
regulatory burden, and free access to the best and biggest
market on the planet. But only if you make your
product here in America. Now again, I don't have any
problem with it. I think it's great. I've been talking
about this I like this type of conversation. I like
this type of talk. I want to be the most
(04:22):
competitive economy in the entire world. I wrote a column
about this when George W. Bush was president. This is
where he wanted to start handing out Bush checks back
in two thousand and eight before he left office. And
at that point in time, I think we were ranked
fifteenth in the world as far as economic freedom, and
I said, with the United States of America, we need
(04:44):
to be number one. That's why you attract businesses here
to the United States. This is a step in the
right direction. Now Trump is calling this what his new
American Industrialism, and he went off on rants and we're
gonna make more of this, and we're gonna make more right,
(05:05):
the usual Trump Trump you know type of talk. More this,
more robots, more airplanes, you name it. He said. The
centerpiece of his plan, okay, is a manufacturing renaissance, which
will be a fifteen percent made in America tax rate. Again,
(05:27):
I understand what he's saying. However, however, we've talked about
this before here on the program. It's not difficult to
gain the system on this. For example, if you are
a company that is let's say, say you're assembling, Say
(05:48):
you're assembling I don't know, lawnmowers here in the United States.
You could say that you deserve that fifteen percent tax rate,
but you get all of your parts made from foreign
sources and they're brought here. There's various different ways that
companies can gain the system on this. I don't know
(06:09):
how they're going to go about getting around it. Again,
wants to get you know, the corporate tax rate down
to fifteen percent. That would make us very competitive with
the rest of the globe. What else did he say here?
One hundred percent expensing right off for heavy machinery and
other equipment in the first year. I again, why just manufacturing.
(06:36):
I don't get this. I don't like this part that
there's parts of this, and I like the parts of them,
like you're picking and choosing, and I don't like picking
and choosing. And I'll go back to the Declaration of Independence. Oh,
men are created equal. No, we're not all equal. We're
equal under the law. We're equal under the law. And
what the Federal Registry and what the tax code do. Basically,
(07:00):
take the Constitution and flush it down the toilet. Why manufacturing?
Why do we need an industrial policy. Quite frankly, okay,
we don't. We don't. We want to be the most
attractive place to do business on the planet. And that's
all well and good, and some of these things will
get us there. But quite frankly, you know you're gonna,
you know, expense writing off for heavy machinery, for manufacturing companies.
(07:24):
What about what about allowing I don't know, a restaurant
owner to fully expense a stove or a new refrigerator,
or I mentioned I said, lawnmowers. Well, what about a
guy owns a landscaping business and he wants to go
out and buy new lawnmowers and you know, leaf blowers
and all that good stuff. Why shouldn't they be able
(07:47):
to fully expense what they're doing? Or you know what,
I'm going to throw my hat in the ring here, Well,
why am I not allowed to fully expense a purchase
that I want to make? I want to I want
to purchase another advisory because a guy is looking to retire,
Why shouldn't I be able to expense that fully? Again,
(08:09):
I don't like the picking and choosing of winners and losers.
He also went on to talk about again deregulation eliminating
ten regulations for every new one. Again, I think that
I think he might be able to sell this to
more people, quite frankly, if he talked about again habitat
protection and again we want to do things cleaner and
(08:31):
better than anyone else here, or getting away from the
ridiculous CO two stuff as we speak, this new American industrialism.
I like some of it.
Speaker 1 (08:42):
I do.
Speaker 2 (08:43):
I'm being honest. There's some there's some good in this.
But again he's got to he's got to get away
from trying to get micromanage the overall economy. If it's
good for the manufacturing sector, it's good for other sectors
in the economy as well. Why watchdog on Wall Street
dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
So, Donald Trump's New American Industrialism yesterday, I spent a
great deal of time. He does, like his long speeches.
It's almost like you're panning, you know. It was, you know,
the miners panning for gold there, you know, looking for something.
So I was panning for gold and Donald Trump's speech
(00:39):
yesterday and I found some. I found some. And again
this is, in my opinion, the problem with his long
speeches is he just get to the damn point, man, Okay,
And if you can say something in a sentence or
to do it, you know, you don't have to give
us a chapter. But anyway, they're here nor there. Trump's
(01:01):
New American Industrialism. Now, this past week we had some
numbers come down the pike when it comes to manufacturing
and this ism manufacturing. The Purchasing Managers for Manufacturing Index
has been in contraction numbers here since twenty twenty two.
(01:23):
Since the fall of twenty twenty two, so basically you're
looking at almost all manufacturing jobs under Biden Harris were
basically bouncebacks Trump. Obviously, he pointed that out in the
speech yesterday. I also take a look at the jobs
and the hours that were worked. That's declined as well
(01:46):
since the fall of twenty twenty two. Real average wages,
what do we two point seven percent lower than in
January of twenty and twenty one. And this is including
all of the all of the nonsense, all of the
government subsidies, all of the handouts, all of the New
(02:07):
Green Deal, all the chips at crap that has been
shoved down our throat. What what's you know you would
think would all of this money, all the stimulus, why
wouldn't the manufacturing sector be booming? Well, certain areas of
our economy have been thwarted by nonsensical climate regulations. Again,
(02:28):
you get the various different acronym agencies within the executive
branch of government, in particular the EPA, and all of
this CO two nonsense and crap that that basically holds
a myriad of industries down. Take a look at the paper, steel, iron, glass, cement, chemicals.
(02:52):
Now again I am I've made it perfectly clear here.
You know, conservative means conserve. I'm very much I'm a
proud environmentalist. However, Okay, I want to focus on I
want to focus on protecting habitats, not polluting the overall environment.
(03:18):
And we'll give you an example. Okay, General Electric dumping
PCBs into the Hudson River. This whole climate change thing,
quite frankly, has been a distraction. I don't want any company,
any corporation, polluting. I want as small as footprint as
possible when it comes to plants. I get all of that.
That's important. But the things that the EPA has been doing,
(03:41):
quite frankly, in my opinion, haven't done much at all,
quite frankly, except hurt business. So I got some quotes
here from Donald Trump yesterday. He said, so, as your president,
here is a deal that I will be offering to
every major company and manufacture on Earth. I will give
(04:02):
you the lowest taxes, the lowest energy costs, the lowest
regulatory burden, and free access to the best and biggest
market on the planet. But only if you make your
product here in America. Now again, I don't have any
problem with it. I think it's great. I've been talking
about this I like this type of conversation. I like
this type of talk. I want to be the most
(04:22):
competitive economy in the entire world. I wrote a column
about this when George W. Bush was president. This is
where he wanted to start handing out Bush checks back
in two thousand and eight before he left office. And
at that point in time, I think we were ranked
fifteenth in the world as far as economic freedom, and
I said, with the United States of America, we need
(04:44):
to be number one. That's why you attract businesses here
to the United States. This is a step in the
right direction. Now Trump is calling this what his new
American Industrialism, and he went off on rants and we're
gonna make more of this, and we're gonna make more right,
(05:05):
the usual Trump Trump you know type of talk. More this,
more robots, more airplanes, you name it. He said. The
centerpiece of his plan, okay, is a manufacturing renaissance, which
will be a fifteen percent made in America tax rate. Again,
(05:27):
I understand what he's saying. However, however, we've talked about
this before here on the program. It's not difficult to
gain the system on this. For example, if you are
a company that is let's say, say you're assembling, Say
(05:48):
you're assembling I don't know, lawnmowers here in the United States.
You could say that you deserve that fifteen percent tax rate,
but you get all of your parts made from foreign
sources and they're brought here. There's various different ways that
companies can gain the system on this. I don't know
(06:09):
how they're going to go about getting around it. Again,
wants to get you know, the corporate tax rate down
to fifteen percent. That would make us very competitive with
the rest of the globe. What else did he say here?
One hundred percent expensing right off for heavy machinery and
other equipment in the first year. I again, why just manufacturing.
(06:36):
I don't get this. I don't like this part that
there's parts of this, and I like the parts of them,
like you're picking and choosing, and I don't like picking
and choosing. And I'll go back to the Declaration of Independence. Oh,
men are created equal. No, we're not all equal. We're
equal under the law. We're equal under the law. And
what the Federal Registry and what the tax code do. Basically,
(07:00):
take the Constitution and flush it down the toilet. Why manufacturing?
Why do we need an industrial policy. Quite frankly, okay,
we don't. We don't. We want to be the most
attractive place to do business on the planet. And that's
all well and good, and some of these things will
get us there. But quite frankly, you know you're gonna,
you know, expense writing off for heavy machinery, for manufacturing companies.
(07:24):
What about what about allowing I don't know, a restaurant
owner to fully expense a stove or a new refrigerator,
or I mentioned I said, lawnmowers. Well, what about a
guy owns a landscaping business and he wants to go
out and buy new lawnmowers and you know, leaf blowers
and all that good stuff. Why shouldn't they be able
(07:47):
to fully expense what they're doing? Or you know what,
I'm going to throw my hat in the ring here, Well,
why am I not allowed to fully expense a purchase
that I want to make? I want to I want
to purchase another advisory because a guy is looking to retire,
Why shouldn't I be able to expense that fully? Again,
(08:09):
I don't like the picking and choosing of winners and losers.
He also went on to talk about again deregulation eliminating
ten regulations for every new one. Again, I think that
I think he might be able to sell this to
more people, quite frankly, if he talked about again habitat
protection and again we want to do things cleaner and
(08:31):
better than anyone else here, or getting away from the
ridiculous CO two stuff as we speak, this new American industrialism.
I like some of it.
Speaker 1 (08:42):
I do.
Speaker 2 (08:43):
I'm being honest. There's some there's some good in this.
But again he's got to he's got to get away
from trying to get micromanage the overall economy. If it's
good for the manufacturing sector, it's good for other sectors
in the economy as well. Why watchdog on Wall Street
dot Com
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