Episode Transcript
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Speaker 1 (00:07):
Well, no one altered.
Speaker 2 (00:09):
Investment banker, consumer advocate, analyst, trader Chris Markowski is the
watchdog Wall Street?
Speaker 3 (00:16):
Do you want to answer exposing the lies and myths
that the big brokerage firms, the mainstream press, and the
government are pushing to keep Americans away from financial freedom.
Speaker 4 (00:28):
You can't handle the true.
Speaker 2 (00:30):
Bringing America the truth about what really happens in the
financial world.
Speaker 5 (00:35):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (00:40):
This is the watchdog on Wall Streets.
Speaker 1 (00:44):
Yes, it is walk up everybody.
Speaker 3 (00:47):
Ah.
Speaker 1 (00:47):
Last week on the show.
Speaker 3 (00:49):
We did a.
Speaker 6 (00:52):
Bit here on the program highlighting these anecdotal stories coming
from publications, in particular the Wall Street Journal, and I'm
I'm starting to call it the Woe the Woe Street Journal.
Now I've been reading daily, I mean the Wall Street Journal.
Now it's over thirty five years. Over thirty five years,
(01:14):
I've been reading it every single day. I remember taking
the thirty five bus when I lived in Manhattan on
my way to work, you know, paper edition before a smartphone.
I mean this long, long, long time ago. And I
also remember when Rupert Murdoch and News Corp. Bought The
Wall Street Journal, and I said, oh, no good, no good.
Speaker 1 (01:35):
And I was right. The paper now is a shell
of what it used to be.
Speaker 4 (01:42):
It really is.
Speaker 1 (01:43):
And I go through. I read columns there on a regular.
Speaker 6 (01:47):
Basis, and I don't even know how these people got jobs.
Speaker 1 (01:53):
I mean, I take a look.
Speaker 6 (01:54):
You can click on the writer of a story and
you'll give their resume there. And they went to Northwestern,
or they went to Columbia Journalism School, or they went
to Theracuse, they went to some you know, journalism outfit
out there, but they don't know a darn thing it
or it reminds me of Beverly Hills cop when Axel
(02:14):
Foley Wash was basically, you know, talking about the coffee
grinds at Victor Madland's warehouse and the Rosewood and Taggart
didn't have a clue and he's like, oh, you guys
just got your badges and your guns. You don't know
anything about anything. And that's basically what we have writing
columns for the Wall Street Journal. They still have, they said,
(02:35):
some good writers in their opinion pages, but.
Speaker 1 (02:39):
It's it's gotten really bad. It's gotten really bad.
Speaker 6 (02:42):
I spend a lot of time going through the media,
time on the podcast, time on the show, trying to
debunk all of the nonsense that is being shoved down
people's throats. And I did cover this on the podcast
this week, but I have to we have to go
over this again because I got ticked off I did.
Speaker 1 (03:03):
I'm reading this stuff.
Speaker 6 (03:04):
This is written by a Rachel wolf Wall Street journal
The American dream feels out of reach for most and
she saw a pole.
Speaker 1 (03:14):
This is what happens.
Speaker 6 (03:15):
She saw a pole, and she came to a conclusion,
and she went out and she found anecdotes to fit
her narrative and quite fact that that's not journalism. I
learn more about journalism in my eleventh grade journalism elective
in high school.
Speaker 1 (03:38):
She starts off with this pole.
Speaker 6 (03:40):
Out there fifteen hundred US adults and a stark gap
between people's wishes and their expectations, and goes through a
various different things. And eighty nine percent of the respondent
said owning a home is essential or important to their
vision of the future. One percent said home ownership is
(04:01):
easy or somewhat easy to achieve to attain only ten percent.
Financial security and a comfortable retirement were essential but easy.
Only nine to eight percent. Okay, first and foremost, Okay,
it's never ever been easy. It's not supposed to be easy.
(04:24):
What do we try to teach here on the program. Okay,
everything in life that has meaning, value and worth involves work,
time and effort.
Speaker 1 (04:34):
It's just that simple.
Speaker 6 (04:35):
But she compares that Wall Street Journal poll to a
different pole not done by the Wall Street Journal, different
questions from a different organization from twelve years ago, and
there are differences between the two. And again, you can't
do that. That's like comparing apples to oranges. And then
(04:58):
she goes she finds any miss out there, it's just
Emerson sprick Key. Aspects of the American dreams seem out
of reach in a way that they were not in
past generations.
Speaker 1 (05:09):
Listen.
Speaker 6 (05:11):
I know a lot of my older listeners, accomplished people
that listen to this program.
Speaker 1 (05:16):
There were times, there.
Speaker 6 (05:19):
Were times when I was building my business up and
I'm living in a railroad apartment with cockroaches and eating
ramen new There was a point in time where things
seem far away out of reach. Okay, that's just what
do you think It's different today than it ever has been.
Speaker 1 (05:40):
It's always been hard and in Emerson spricks.
Speaker 6 (05:44):
Well, you know, the issue was the decline of private
sector pensions, leading to their near disappearance. Hey Emerson, they
have disa They would have disappeared anyway, buddy. They were
Ponzi schemes for crying out loud, people living longer and
healthier lives.
Speaker 1 (06:02):
They didn't work out.
Speaker 6 (06:03):
There was one generation of bloody pensions for crying out loud,
and it didn't work because again, people got healthier.
Speaker 1 (06:11):
Yeah, sure, sure.
Speaker 6 (06:12):
You've got the government ones, the public ones, but private no,
they changed. And that's the reason why hope that people
can't get ahead in society.
Speaker 1 (06:22):
That's a load of bunk. And here come the anecdotes. Classic.
Speaker 6 (06:29):
This is how they write now, Wall Street Journal, New
York Times, Washington Post.
Speaker 1 (06:34):
Come up with the narrative, and then go out and
find some people.
Speaker 6 (06:38):
So they found a kid here, this Markel Washington, and
he remembers, he remembers that his elementary school teachers instilled
in him that high grades in a college degree would
be his ticket out of the Chicago neighborhood where he
grew up hearing gunshots every day. The promise, that's what
they called the promise. The twenty two year old says,
(07:01):
was that you'd get a good job and enjoy the
rest of your life in a house with a front gate. See,
Markel went to college, but he dropped out. He dropped
out his junior year. He said, dropped out because three
of his close friends were killed within months of one another.
(07:21):
Markel now makes thirty thousand dollars a year working part
time for youth development nonprofit My Block, my Hood, my City,
and he can't afford to move out of his mother's
Section eight apartment where he grew up. Okay, so his
mother has government subsidized government excuse me, taxpayer subsidized housing,
(07:46):
so they're basically not paying much for rent. Markell makes
thirty thousand dollars a year working for this nonprofit. Markel
is not married, he doesn't have kids. Hey, Markel, I
got an idea. Why don't you go out and find
yourself second job? I got a better idea. Okay, you
dropped out of college your junior year. Why don't you
(08:06):
go back and finish? I mean, this is your choice, man.
He says he hasn't given up on his American dream,
but he's finding it much less straightforward than he thought.
They don't tell you how hard it is to obtain
the American dream.
Speaker 1 (08:24):
You have to learn that on your own. Who in
the world.
Speaker 6 (08:30):
Said anything in life is supposed to be easy? And
then okay, and a Wall Street journal talks about economic mobility.
Economic mobility, it's declined in decades. And this I found fascinating.
They said, well, around ninety percent of children born in
nineteen forty, nineteen forty, okay, they were ultimately better off
(08:54):
than their parents. Where did their parents come from? Nineteen forty? Again,
is this journalist that vapid nineteen forty? What took place
in the nineteen thirties, for crying out loud, the Great
Bloody Depression, One would think that kids would be better
(09:14):
off than their parents, not to mention the fact that
all of the immigrants that came into that to the country,
my grandparents, for crying out loud, working their butts off
to make a better life for their kids.
Speaker 1 (09:29):
And then we all got we we gotta go to MIT.
Speaker 6 (09:31):
In Harwood and find a couple of economists here, And
he said, only only around half of those born in
the nineteen eighties were able.
Speaker 1 (09:39):
To say the same.
Speaker 6 (09:42):
Again, that's up to the individual, and first and foremost
I don't judge people based upon how.
Speaker 1 (09:50):
Much money they make.
Speaker 6 (09:53):
You know, if someone's parents, you know, are neurosurgeons and
they make a decent living, but their just decide that
they want to go be school teachers. Okay, they're not
making as much as their parents, but who cares?
Speaker 1 (10:08):
That was their choice.
Speaker 6 (10:09):
For crying out loud again, you know, the bar has
been raised. It's been raised since you had again migrants
coming into this country, immigrants coming into this country building
better lives for their kids.
Speaker 1 (10:28):
You have a choice.
Speaker 6 (10:30):
Now, it's a coin flip whether or not you'll earn
more than your parents.
Speaker 1 (10:37):
A coin.
Speaker 6 (10:38):
It's not about a coin flip, man, It's about choice.
This is this is not random a coin flip. I
got three kids, and I put zero, zero pressure on
them to come work for the family business, working with
(10:59):
my brothers.
Speaker 1 (11:00):
And myself, my nephew.
Speaker 6 (11:02):
My nephew decided to come work and he's doing a
phenomenal job. My kids, they've got to figure it out
on their own what they want to do.
Speaker 1 (11:14):
Again, you have choices.
Speaker 6 (11:16):
You don't I mean to decide. Oh, okay, you didn't
make it. It's somehow bad because you didn't make as
much money. As your parents.
Speaker 1 (11:25):
I don't get.
Speaker 6 (11:26):
That, I really don't. But again, this is you know,
this is how they write nowadays. This is how we
judge people nowadays. It's how we divide people nowadays. Then
the Wall Street Journal finds somebody else, another couple here,
honest couple in Mount.
Speaker 1 (11:41):
Vernon, New York.
Speaker 6 (11:42):
This is in Westchester County, Richard Thomas and Cherisoletti. They
pulled off their own version of the American dream. They
bought a five bedroom split level for six hundred and
twelve thousand dollars in twenty seventeen.
Speaker 1 (11:55):
It was like everything was going in the right direction.
Speaker 6 (11:58):
Says Sletti, forty two year old lawyer who grew up
a poor among nine siblings, bought their first home. Couple's
children have their own bedrooms, moved mom in and her
sister in. Now the couple's fifty four hundred dollars mortgage,
including a six hundred and eighty nine dollars private mortgage insurance,
(12:18):
it's becoming difficult. It was tight but doable back then
when they bought the house. But now because energy prices
have gone up doubled to more than a two thousand
bucks a month and grocery prices and insurance and other
bills of the family have now surged.
Speaker 1 (12:34):
Hmm.
Speaker 6 (12:35):
Well, first and foremost, you didn't put much money down. Okay,
if your mortgage is fifty four hundred dollars, you bought
the house back in twenty and seventeen with ultra low
interest rates. You didn't put a lot of money down. Okay,
you went house poor. You over extended yourself. But again
I looked into this because the one fella here he
(12:56):
was mayor, This Richard Thomas was mayor, and I started
thinking to myself, Wow, they're complaining about high energy costs.
Speaker 1 (13:04):
So I did a little digging. Again, I can't believe.
Speaker 6 (13:07):
At the Wall Street Journal that they didn't like do
a Google search. As it turns out, this fellaw. This
mayor was mayor, got in trouble. He's got misdemeanors against it.
They were originally felonies. They dropped him because he was
mayor of the town and he stole money from his
own campaign. Obviously doesn't have a job now, tried to
run again, doesn't have a job now. Of course, they're Democrats,
(13:29):
and they're complaining about high energy costs and high inflation
and expensive groceries. I mean, you can't make this stuff up.
We want to stay in our community, you want to
raise our kids here, but the dream of being able
to do that really escapes us. We had the American dream.
(13:50):
Now it's the American nightmare because it feels like the
country made us a promise and then took it away.
Is the this was the ex mayor spoken like a
true hack politician.
Speaker 1 (14:03):
Country made you a promise?
Speaker 6 (14:06):
How many people listening out there? How many people listening
to this program right now? Anybody country make you a promise,
promise you anything at all? No, No, what the country
gives you is the opportunity to go out there to
build and create and to build a life for yourself.
Speaker 1 (14:24):
Country made a promise and took it away.
Speaker 6 (14:26):
No, you made poor choices, and you can either whine
about them and complain about them, or you can learn
from them. Listen, and I gotta take a break right
here and listen. I don't mean I honestly, people, Okay,
I don't. I'm not looking to be a downer here
(14:50):
today on the program.
Speaker 1 (14:53):
Again. I want to explain this when we get back, people.
But let me tell you.
Speaker 6 (14:56):
Something, as difficult as it is, out there, tell me
you can't make it here in this country.
Speaker 1 (15:02):
I'm tired of hearing this nonsense. Gotta take a break.
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com
is our site.
Speaker 6 (15:12):
Become a part of the Watchdog on Wall Street family,
our personal CFO program, all sorts of great stuff. Watchdog
on Wall Street dot com or give us a call
eight hundred four seven one fifty nine eighty four.
Speaker 4 (15:27):
Does the enemy says?
Speaker 2 (15:31):
Listen, mister Crow, the only man who is taking on
the Wall Street establishments. You're listening to the Watchdog on
(15:52):
Wall Street with Chris Markowski.
Speaker 6 (15:56):
I've written about this from time to time over the years,
talked about it here on the program. I did a
column years ago when when the boss shrugs, many people,
many people out there, they don't they don't see they
don't understand the backstory.
Speaker 1 (16:15):
They don't.
Speaker 6 (16:16):
Yeah, they they'll look at somebody and they'll say, oh,
look at their car, look at you know, something that
they have, Look at the business that they will look
at the vacations that they can go on. And I'm
not again, not the people that are, you know, putting
on the credit card and put posting stuff all over
social media to make themselves look good. Now, true hard
workers that are out there, and they envy them, They
(16:42):
envy them very again. One of the deadly sins envy.
Remember the end of the movie seven, What was the
last sin?
Speaker 1 (16:51):
It was envy?
Speaker 6 (16:54):
And that's that's what happens. And then everybody looks to say, well,
you know what, Life's not fair. That's not fair. I'm
a victim.
Speaker 1 (17:02):
I deserve this. The country owes me something again.
Speaker 6 (17:08):
I know it's a bit of a smack upside the
head to maybe certain people listening to this program don't
work that way. He Another story in this Wall Street Journal,
This couple two women here complaining, oh, my dad was
able to buy an eight bedroom fixer upper in New
Orleans for one hundred and sixty thousand dollars in two thousand.
(17:31):
We're looking for a home in Louisville, and we thought
two hundred and fifty thousand dollars would be big enough budget.
But houses are too expensive. This one person is a
twenty eight year old second grade teacher. Doesn't say what
her partner does, but they make around one hundred thousand
dollars a year together. We're doing everything right. We're saving.
(17:53):
We went to good schools. I have a master's degree,
and it's still so hard.
Speaker 1 (17:58):
Shut up, I know, I'm.
Speaker 6 (18:02):
Going all you know, Don corleonis smacking uh Fin Taine
in the head at his daughter's wedding.
Speaker 1 (18:10):
You can act like a man. You can go out
and get yourself a second job.
Speaker 6 (18:17):
I mean, rather than going to Starbucks and buying coffee,
why don't you ask for an application and work nights
and work weekends. Because I'm here to tell you that's
what it takes.
Speaker 1 (18:32):
That's what it takes.
Speaker 6 (18:33):
It's not supposed to be easy, doesn't fall in your lap.
You need to work for it, and unfortunately many people
do not.
Speaker 1 (18:45):
And that's your choice. It's your choice. If you're happy
in your situation, well you're complaining. You're complaining.
Speaker 6 (18:53):
You're obviously not happy in your situation, but you're not
doing anything about it.
Speaker 1 (18:59):
You know.
Speaker 6 (19:00):
It was this story about the Great Kobe Bryant and
Kobe Bryant. It was a playoff game. It's a playoff
game that they lost. That they lost.
Speaker 1 (19:12):
He missed the last three shots.
Speaker 6 (19:17):
He missed the last three shots in the game, and
at the end, he was he was sitting there, sitting
there on the bench and he you know, he's had
his hands on his head with his head down. Then
you know, eventually he got up and he you know,
was walking off the court. Reporter talking about how does
it feel? How does it feel? Kobe made it perfectly clear. Okay,
(19:37):
when he had his hands in his head, Okay, he
was thinking about what he did wrong and why he
missed those shots. And he said, now I know why
I missed those shots. So next time, I'm not going
to miss them.
Speaker 1 (19:55):
See that's what life is all about.
Speaker 6 (19:57):
You're gonna have obstacles all along the way, and you
can either decide to blame them on someone. Blame them
on someone, you can wind your way through it, or guess.
Speaker 1 (20:11):
What you can learn from the obstacles.
Speaker 6 (20:13):
You can learn from your mistakes and you can overcome
them and you can become a success.
Speaker 1 (20:20):
This country has got to pick itself up.
Speaker 6 (20:23):
We've become a bunch of wusses for crying out loud.
Life is so hard. Suck it up, buttercut. Watchdog on
Wallstreet dot com. Watchdog on Wallstreet dot Com. Don't go anywhere,
We'll be back.
Speaker 2 (20:38):
You should believe Chris Markowski is the watchdog of Wallston
All right, bringing them America financial freedom. One listener at
(21:02):
a time. You're listening to the Watchdog on Wall Street
with Chris Markowski.
Speaker 1 (21:09):
Ok about everybody? It is the Watchdog on Wall Street show.
You know why not? I think it kind of goes along.
Speaker 6 (21:14):
We talked about here for you know, past half an
hour here on the program. One of the things that
we're now doing at Markowski Investments, I'm working.
Speaker 1 (21:25):
On a book.
Speaker 6 (21:26):
And no, no, it's it's not a financial planning book. Okay,
it's not. We're working on a book right now about
our clients. We're working on a book about our clients
and their backstory small business owners, different walks of life,
(21:48):
things that they've done throughout the life to build their business.
Speaker 1 (21:51):
True success stories. And again, I can't stand. I can't
stand all the is me crap around me all the time.
I never could stand it.
Speaker 6 (22:06):
And again, yes, you guys are getting kind of like
a feel of when I coach kids.
Speaker 1 (22:12):
It's the same thing. It's the same thing.
Speaker 6 (22:15):
You know, I all the time go out on the
field and make fast mistakes. When I say, go out
and make the field and make fast mistakes the kids.
One of my sayings to go out and play as
hard as you can. And I know you're gonna make mistakes.
Go out there and make them and then get up
and move on.
Speaker 1 (22:32):
Move on.
Speaker 6 (22:33):
It's that that's life people. Okay, you let emotion drag
you down, and woe is me. You're not gonna make it, man,
you're not. And I'm I see these stories, these young people.
Oh yeah, I can't get ahead. I can't do this.
Speaker 1 (22:50):
We'll work harder. I've told this story before.
Speaker 6 (22:55):
My father was a school teacher, but he had a
several businesses. He sold pool supplies, he had, we had
our janitorial business that I grew up. So when I
was all a kid, I started working for him. Yeah yeah, yeah, yeah.
I clean toilets, clean toilets, mop floors, clean sinks. After school,
(23:19):
working for my dad to different buildings in ed. I
remember when I was a kid. My dad would come home,
we'd have dinner together as a family. He'd go clean
a building. Then he'd get up before he had to
teach school. Get up at four o'clock in the morning,
do another building. Didn't go to work, people.
Speaker 1 (23:39):
I want Chris. You get up every day. You at
three thirty four o'clock in the morning. How do you
do that?
Speaker 6 (23:43):
Well, you know what, I just learned it. That's what
you do. That's what you do if you want to
get to a certain place.
Speaker 1 (23:51):
If you don't, you don't. But don't blame others.
Speaker 6 (23:56):
I know the terrain is more difficult right now. I
know the housing market is extraordinarily expensive.
Speaker 1 (24:03):
I understand inflation, all of these things. I get it.
I get it. But then you take a look around
the globe and.
Speaker 6 (24:13):
You see some of these these areas because again, we
don't get much international news.
Speaker 1 (24:17):
We'll see a little bit out of Ukraine.
Speaker 6 (24:18):
We'll see the horrors taking place there, the horrors that
are taking place in Gaza. We don't we don't get
much of the stories of people getting you know, Christians
getting hacked to death in Africa. I mean people, Okay,
sometimes you're gonna have to take a couple steps back
and understand where you are, okay, and stop your moaning,
(24:42):
stop your complaining, and go out there and build, create,
protect and teach.
Speaker 1 (24:51):
Anyway, But you know, I gotta I gotta mentioned it.
Speaker 6 (24:54):
Yet here on the program get For all of our
new affiliates were constantly handing new stations here, which is
a maz this is what's going on with talk radio nowadays.
Speaker 1 (25:03):
People. We help everybody out.
Speaker 6 (25:06):
At Markowski Investments, this radio show, watch Dog and Watterree.
We've been on the air since two thousand. I was
doing guests to PARENTSS even before that. We've never turned
anybody away. And this is why I invite each and
every one of you to get to our website. Get
to our website, sign up for our personal CFO program.
Speaker 1 (25:27):
Basically, that's what it is, is what we do for
our clients.
Speaker 6 (25:30):
Okay, there are family, all kinds of our family, and
we can handle everything nuts to bolt. Say, you need accounting,
we can do that. You need legal, we can do that.
But of course managing your money. And I've said it
again and again and again. This is why I'm doing
this book about my clients. It's just you know, over
the years, you watch you watch people build businesses up
(25:51):
and nothing makes us happier, Nothing makes us happier.
Speaker 1 (25:55):
And see people succeed.
Speaker 6 (25:59):
But guess what all of the only success stories, what
do you think that they were easy?
Speaker 1 (26:02):
No, no failures.
Speaker 6 (26:04):
I kind I think the amount of things that I've
done in my business, various different things that we tried
that haven't worked, haven't worked. You know what's so lot,
pick yourself up and move on. But again I invite y'all. Okay,
get to our website at Watchdog on Wallstreet dot com,
our personal CFO program, our podcast, our newsletter, all sorts
(26:27):
of great stuff Watchdog on Wallstreet dot com.
Speaker 1 (26:30):
We gotta get back.
Speaker 6 (26:31):
We're gonna talk a little bit about the IPO market,
and we're gonna talk about yes, magic spells, magic spells,
investment advice, legalies, all sorts of stuff.
Speaker 1 (26:40):
We gotta go Watchdog on Wallstreet dot com.
Speaker 4 (26:42):
We'll be one.
Speaker 2 (26:46):
Ntage taking Wall Streets liars, crooks and cheets out behind
the woodshed. You're listening to the Watchdog on Wall Streets.
Speaker 1 (27:10):
All right, Welcome back, everybody. It is the Watchdog on
Wall Street Show.
Speaker 6 (27:14):
Another column I saw on the Wall Street Journal last week,
and I gotta tear it apart. I'm talking about the
ip O market. Yes, IPOs, the IPO.
Speaker 1 (27:25):
Market gets cold feet.
Speaker 6 (27:28):
True story when I first started, when I first started
in this business. That's that's what the folks at the
big firm had us doing.
Speaker 1 (27:36):
They had us calling up calling.
Speaker 6 (27:38):
You old dune in brad streets, calling up people and
telling them we've got an IPO, would you like one
hundred chairs, a couple hundred chairs, And that's what we did,
and people jumped all over it. Again and this is,
you know, again early nineteen nineties, and back at that
point in time IPOs you were actually getting in at
the bottom where it's much much different today, where again,
(28:00):
when companies go public, more often than not, the company's
been around for a long time, already been around for
like ten years, may not be making any money, but
they've laddered the thing up, created a story, and the
IPO is when the insiders, the venture capitalists get out.
It was very different back in the nineteen nineties, and
(28:23):
we called it. We knew exactly exactly that this was
going to happen. Wall Street during the nineteen nineties, towards
the end there they went nuts with the dot coms
went nuts. They were taking everything public, everything was going up.
Everybody was a guru. All you need is dot.
Speaker 1 (28:41):
Com and your name.
Speaker 6 (28:42):
All these garbage companies and when the you know, the
bottom fell out because they were garbage companies. Oh no,
we had to do something. I had to do something.
Nobody went to jail. Nobody in Wall Street went to jail,
even though they were lying to people telling everyone that
these companies were great and fantastic when they really weren't.
What they did they came up with a bill thousands
(29:03):
of pages. Bush just got into office Sarbines Oxley and
basically changed the dynamic when it came to IPOs and
we said, you know what, Well, Street will find a
way around. And this is when venture capital went crazy.
Speaker 1 (29:18):
Oh, we know we'll do.
Speaker 6 (29:20):
We'll we'll take companies and we'll build them up, and
we'll keep lett they need more money, I'll say, we'll
give them more money. We'll create a bigger story, we'll
create a buzz, and then eventually we'll blow out and
we'll make the public greater fools. And that, for the
most part, is what has been taking place for.
Speaker 1 (29:38):
A long time.
Speaker 6 (29:39):
You can't get in at the bottom. So it's Wall
Street Journal article talking about the IPO market getting cold feet.
They're oh, ex markets are tough, right now. Why should
it matter if a company is going public that needs money.
It's going public to raise money for a business. Okay, Well,
what difference does it make what the market's doing. Again,
you're looking five, ten, twenty years down the.
Speaker 1 (30:01):
Road, that's the goal. The IPO market has gotten cold
feet because.
Speaker 6 (30:05):
They're worried about what's gonna happen in the fourth quarter,
what's gonna happen with the election. With the markets, it's
because the insiders are concerned that they're not gonna get
out at inflated prices.
Speaker 1 (30:15):
Have you actually taken a look.
Speaker 6 (30:19):
The companies that have gone public over the past five
ten years. I mean, the over ninety percent of the
companies that have gone public just over the past two
and a half years are trading below their IPO prices.
Speaker 1 (30:35):
Why insiders sold? Insiders sold.
Speaker 6 (30:39):
It's the same racket, the same scam that Stratton Oakmont,
Wolf on Wall Street.
Speaker 1 (30:47):
It's the same thing. It's just bigger.
Speaker 6 (30:50):
And one of the things we try to teach people here,
try to teach you there.
Speaker 1 (30:54):
Are no shortcuts. Don't look for them through this nonsense.
Speaker 6 (31:00):
These people are not looking out for you. You to
the you are a mark, You are a greater fool
that they're looking to push their crap deals on. Stop
being a victim, build wealth slowly over time. It works
(31:21):
every single time.
Speaker 1 (31:23):
Watchdog on Wallstreet dot com.
Speaker 6 (31:25):
Watchdog on Wallstreet dot Com Again, our personal CFO program, podcast, newsletter,
Take Advantage Watchdog on Wallstreet dot Com.
Speaker 1 (31:33):
We'll be back what I've been.
Speaker 2 (31:40):
You're listening to the Watchdog on Wall Street. This is
(32:01):
the Watchdog on Wall Street.
Speaker 6 (32:07):
Yeah, McK jagger and the Stones, welcome back everybody.
Speaker 1 (32:11):
It is the Watchdog on Wall Street Show.
Speaker 6 (32:15):
I laughed again. I read a lot of obscure stuff
and studies on this. One was from MIT. MIT study.
Recent study explains why laws are written in an incomprehensible style.
MIT cognitive scientists believe they have uncovered the answer to
(32:37):
that question. Just as quote magic spells use special rhymes
and archaic terms to signal their power, the convoluted language
of legalese acts to convey a sense of authority.
Speaker 1 (32:51):
No kidding, It's not just the law.
Speaker 6 (32:57):
It's simple things like financial planning as well. What we
do we don't call it planning, we call financial preparation.
Speaker 1 (33:06):
They want to.
Speaker 6 (33:07):
Make you feel like you don't know what you're talking.
They make it on purpose, They make it complex.
Speaker 1 (33:14):
People through.
Speaker 6 (33:15):
I go over our process and how we do things
at Markowski Investments and are going to do an investment book.
It wouldn't be very long because quite Frankly, it's not
that complicated.
Speaker 1 (33:31):
They want you to think that there's some sort of
magic trick to it. Again, that they're not wrong on this.
They'd make things complicated on.
Speaker 6 (33:41):
Purpose in order to make you feel like that you
need them for certain things, when oftentimes you don't in
so many ways. Again, you watch these some of the
business programs on there and they start talking all this,
especially when they start getting into their technical analysis and
various different charts and graphs.
Speaker 1 (34:03):
And people's heads are spinning. I'm like, you don't have
to pay attention to any of that. It's not for you. Okay,
it's not for you, So don't pay attention to that.
Speaker 6 (34:13):
Build wealth over time, compounding the Royal Road to riches,
understanding to buy assets on sale, Understanding that you are
buying companies, underlying ownership in companies where you're looking to
own them over time, Understand that you need to cut
and trim as positions go up, and reallocate assets.
Speaker 1 (34:36):
Simple stuff people.
Speaker 6 (34:39):
Anyway, that is an example of this.
Speaker 1 (34:43):
Another column.
Speaker 6 (34:44):
I mean, I'm really going after the journal this week.
Holy Mackwell, they're talking about they call it the tried
and True sixty to forty portfolio and four percent withdrawal
rate and retirement could lead to catastrophic outcomes if mars
behave differently than in the past.
Speaker 1 (35:03):
Yeah, sixty forty portfolio.
Speaker 6 (35:05):
I remember learning about this way back when I got started,
and again that was part.
Speaker 1 (35:11):
Of you know, oh, just just try drum. This is
how you gotta do things.
Speaker 6 (35:15):
And you know, I'd be raising my hand like Tom
Hanks and uh remember in.
Speaker 1 (35:21):
Big I don't get it.
Speaker 6 (35:23):
That was me asking, I don't get it. I don't
understand why this is you know, the standard. Well, they
made it the standard because everyone would do it and
it would make their.
Speaker 1 (35:31):
Jobs very easy. Yeah, it makes it.
Speaker 6 (35:35):
Back in the day, shlockbrokers, make this the shlackbrokers jobs.
Speaker 1 (35:39):
Sixty forty portfolio. That's the way to go, and this
is how you do it.
Speaker 6 (35:42):
And you know, then they can go out and they
could have the another three four martini lunches. Scott Scott, Scotch,
I love Scotch or whatever they were drinking.
Speaker 1 (35:49):
You know what I'm saying. I never understood it.
Speaker 6 (35:53):
Sixty forty portfolio, one size fits all for everybody. It's
a load of punk. It's like these ridiculous funds.
Speaker 1 (36:03):
That they put together.
Speaker 6 (36:04):
Oh yeah, so you put these funds in, these target
date funds. A yeah, target date, target date?
Speaker 1 (36:11):
Did you It's just stupid.
Speaker 6 (36:14):
That is target date. You know, the date where you're
going to retire. Yeah, it's funny. Charlie Munger. Again, everybody
knows a big fan of Charlie Munger and the late
Charlie Munger. And we had this thing, he says. He says,
I don't how did he put it? He said, I don't.
Speaker 1 (36:33):
I don't know.
Speaker 6 (36:34):
I want to know when I'm gonna die. I want
to know where I'm going to die, so I know
not to go there. It's like, oh, yes, yes, I'm
gonna target date. This is when I'm going to retire.
This is this is the date when I'm gonna get married.
Come on, people, you want to make God laugh, tell
him your plans. That's not what we do at Markowski Investments.
It's financial preparation. We're building wealth. So guess what you
(36:57):
can take advantage of opportunities to out life? Life is
not Hey, hey, I'm twenty one years old, I got
my first job. Let's set it, forget it, Let's just
put life on auto pilot.
Speaker 1 (37:09):
That sounds like a hell of a lot of fun.
Speaker 6 (37:11):
That was everything everything that I hated about growing up
in Albany, New York. I want to dis I was
a lot of nice things. Albany, Sarah Toga was wonderful,
Lake George, all that good stuff. But growing up in Almney, York,
everybody wanted to play so many people, not everybody, most people,
you know high school.
Speaker 1 (37:27):
Well, let's just.
Speaker 6 (37:28):
Get a job with the state, basically putting your your
life on setate forget it.
Speaker 1 (37:32):
Ah.
Speaker 6 (37:33):
Yeah, yeah, I ain't gonna work these many days, work
this many years. Then I gotta get my pension time.
I'd rather stick a hot poker in my eye than
do that.
Speaker 1 (37:41):
But again, to each his own.
Speaker 6 (37:45):
So I got a lot of messages Chrish, course you
were in you were a Fox business. They've quoted you
in one of your articles this past week.
Speaker 1 (37:52):
Yeah. You know.
Speaker 6 (37:54):
The funny thing is is that I got a phone call.
A phone call was on vacation. This was like a
month ago, asking me about you know, the recession recessions coming.
You know, that was when everyone was freaking out because
the market sold off.
Speaker 1 (38:09):
Recessions coming.
Speaker 6 (38:10):
And I've been saying all along, people, if it wasn't
for all the government spending that was taking place, we
would be in a recession. And again the you don't
need you do not need the economists from you know,
the NBR to tell you what you're feeling. Reach and
every one of us can be our own own little economists.
(38:35):
You're gonna trust these people that are perpetually wrong on
TV with their nonsensical models when you know exactly how
you feel in your own household, and you know what
you're paying, and you're seeing what your car insurance costs on,
you're seeing what your food costs are, you're seeing everything
going up, your dollars not going as far.
Speaker 1 (38:51):
Does does it feel like everything is going well?
Speaker 6 (38:55):
Oh no, no, no, no, no, We're not in a
recession unless the uh the economists call it.
Speaker 1 (39:01):
Come on, people, we're all smarter than this. Gotta take
a break.
Speaker 6 (39:05):
Watchdog on Wall Street dot com. Watchdog on Wall Street
dot Com.
Speaker 1 (39:10):
Is our site.
Speaker 6 (39:11):
You know, we gotta we gotta get and bold some
of the politics and stuff that's taking place.
Speaker 1 (39:15):
Gotta do it, Gotta do it.
Speaker 6 (39:17):
Watchdog on Wall Street dot Com again our personal CFO program, podcast, newsletter.
Speaker 1 (39:22):
Don't go anywhere. We'll be back.
Speaker 2 (39:29):
Chris Markowski is the watchdog on Wall Streets well know
and altered investment banker, consumer advocate, analyst, trader Chris Markowski,
(39:53):
He's the watch dog.
Speaker 4 (39:54):
On Wall Street.
Speaker 3 (39:55):
Do you want to answer exposing the lines and myths
that the brokerage firms, the mainstream press, and the government
are pushing to keep Americans away from financial freedom.
Speaker 4 (40:07):
You can't handle the truth.
Speaker 2 (40:09):
Bringing America the truth about what really happens in the
financial world.
Speaker 5 (40:14):
Ladies and gentlemen were out here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (40:18):
This is the watchdog Wall Streets.
Speaker 1 (40:24):
Milt Friedman lives.
Speaker 6 (40:26):
I've seen a lot of Milton Friedman as of late
on x a lot of great old speeches and videos,
and I one.
Speaker 1 (40:39):
With him being interviewed by the late Phil Donahue.
Speaker 6 (40:44):
There was another one this past week and he was
talking about price controls and he was talking about inflation.
Speaker 1 (40:52):
It was a it was a speech he was.
Speaker 6 (40:55):
Given at Kansas University and in nineteen nineteen seventy eight, and.
Speaker 1 (41:01):
He was talking about this just how dumb it is.
Speaker 6 (41:07):
But he ended it he ended it, well again, how
dumb it is is, basically saying, hey, listen all of
the stuff, all the stuff that you're demanding. Okay, it's
either gonna get paid for all of this stuff that
Kamala Harris okay is promising.
Speaker 1 (41:23):
And what is that now?
Speaker 6 (41:24):
It's close to two trillion dollars in additional spending, at
least close to two trillion dollars.
Speaker 1 (41:32):
All of it is going to be paid for in
one of two.
Speaker 6 (41:35):
Ways higher taxes, higher taxes or inflation.
Speaker 1 (41:40):
That's it. The only way is gonna go after the
corporations and the rich people. Not enough money. No, listen,
you don't need to be a mathematician. You play with
a calculator.
Speaker 6 (41:53):
You could, you could, I've gone over this before. You
could just confiscate you you could confiscate.
Speaker 1 (42:01):
You could be like.
Speaker 6 (42:01):
That bad guy Bane in the Batman movie there and
they confiscate and take all the rich people's well, grab it,
take it all. It's not enough, it's not enough, not
enough taxes. And guess what they're gonna have to keep
printing and it's gonna cause more inflation.
Speaker 1 (42:21):
That's why we have inflation, kids, that's where it comes from. Anyway,
I have to talk about this as well.
Speaker 6 (42:31):
Kamala Harris has said that again we got to go
after the monopoly men. Gotta go after those those corporations
out there, those terrible corporations that are gouging you, stealing
from you.
Speaker 1 (42:41):
All that good stuff.
Speaker 6 (42:42):
Yeah, she wants to raise the corporate tax rate from
twenty one percent to twenty eight percent. Pay close attention,
Pay close attention to all of you people that.
Speaker 1 (42:56):
Think that this is a good idea. How many times
if I explained this to people here on the program,
countless countless. But it works.
Speaker 6 (43:05):
Raising corporate taxes work. At least the rhetoric works. It
will get your votes. It will get your votes because again,
we don't have a very intelligent electorate out there. I'm sorry,
I'm sorry. And again I don't mean to, you know,
talk about IQ points or whatever it may be. I
(43:27):
just people are woefully ignorant. They have no ideas corporations.
Corporate corporation is a tax id number and a bloody logo.
Speaker 1 (43:42):
They don't have a printing press.
Speaker 6 (43:45):
They don't have a tree at their corporate headquarters where
they can pick money off it.
Speaker 1 (43:50):
To pay their taxes. Corporations businesses.
Speaker 6 (43:55):
Sell goods and provide services, do they not people pay
for those things?
Speaker 1 (44:02):
That money that comes in is used to pay. I'll
get all their.
Speaker 6 (44:07):
Expenses, input costs, labor, and yeah, taxes. If you increase
the taxes that the corporation has to pay, they're going
to have to increase the price of the products or
what they're charging for their services.
Speaker 1 (44:24):
So who pays the bloody corporate tax? You do? You pay?
Speaker 6 (44:32):
The corporate taxes should be zero. They should be zero
because again, you know, corporations can finagle different ways and
cut deals with politicians to lower their tax whatever it
may be. You just eliminate that all together. Corporate taxes
(44:53):
should be zero. We pay the corporate tax.
Speaker 1 (44:58):
What happened?
Speaker 6 (45:00):
I go back in time. Obama thirty five percent. Obama
raised the corporate taxes to thirty five percent. What did
corporations do?
Speaker 1 (45:10):
They left? They left? Oh yeamm and Piden was all
upset about that being unpatriotic. Yeah.
Speaker 6 (45:17):
They were moving to Dublin and Bermuda and doing what
was known as tax inversions, where larger companies would be
acquired by a smaller company overseas.
Speaker 1 (45:29):
Now, why would CEOs do that? Well, guess what. The
corporate tax rate was much lower Dublin.
Speaker 6 (45:35):
For crying out loud, Ireland's economy built on the fact
that they had low corporate taxes, and people will move
there in the same way that people individuals are moving
from California and Illinois and New York to places like Florida, Tennessee, Texas,
other plate North, you name it, they're going to leave.
Speaker 1 (46:00):
Anyway. Debt.
Speaker 6 (46:03):
Nobody wants to talk about national debt. One point nine
trillion dollar federal deficit. And I'm going after both sides.
Lip service, lip service, it's not sex a, it's not
doesn't get the people going, So we're not gonna talk
(46:25):
about it.
Speaker 1 (46:26):
Why why I have.
Speaker 6 (46:32):
I wish the Republican Party would become the smart part again.
I left the Republican Party decades ago because of the
lies and the spending and all the war mongering and
go on and on and on. At some point in time,
can we can we bring back to the you know,
the Bill Buckley's Freeman, the intelligence and go out and
(46:55):
teach and explain to the American people what we're dealing
with at this point in time.
Speaker 1 (47:02):
I mean, you.
Speaker 6 (47:03):
Managed to scare the but Jesus out of everybody with
COVID and shut the country down.
Speaker 1 (47:09):
You can only make anybody drum up a war.
Speaker 6 (47:11):
Or something like that. You can you can get the
people going with that. You can't go out and actually
explain that this is something that we need to deal with.
And again, you know Kamala Harris's economic plan adding what
one point seven trillion dollars to two trillion dollars to
the national debt.
Speaker 1 (47:33):
And then you know they're saying that Trump tax cuts,
Trump tax cuts can do the same thing. Well, I'm
here to tell you something.
Speaker 6 (47:40):
When it comes to taxes, they're going out, They're going up.
I've explained this to everyone before. Whenever you even notice,
whenever they pass some sort of tax package or tax relief,
whatever it may be, you notice it always expires, which
(48:00):
makes no sense. Would you just set the rates for
what they are? But both Republicans and Democrats know. Both
Republicans and Democrats know that, in essence, once the tax
cuts expire, they raise your taxes without having to do
a damn thing, without have to without having to pass
a single piece of legislation, their taxes are going to
(48:25):
go up, and they are going to go up unless
Donald Trump wins and he gets a pretty strong majority
in the House and Senate that Trump tax cuts are
going to expire, just like the Bush tax cuts expired,
and then both sides can point the finger at one
another and nothing will get done. This is folks, This
(48:48):
is by design. You know that, right, This is by design.
Another tax bit I wanted to talk talk about. Kamala
Harris is uh.
Speaker 1 (49:05):
Just come up again?
Speaker 6 (49:07):
Ah, she's supporting Joe Biden's tax proposals for twenty twenty five,
which include a forty four point six percent capital gains
rate and a twenty five percent tax on unrealized gains.
It's it's so ridiculous, it's not gonna happen. Okay, it's again.
This is to say anything stuff this.
Speaker 1 (49:28):
To get the people going. Hey, people that.
Speaker 6 (49:32):
Are responsible to save their money and invest, you do
know what that would do to the the equity markets
with forty four point six percent capital gains rate. You
do understand the entire risk reward model will be thrown
into disarray and people be like, well, you know what,
(49:53):
it's not worth the risk. Understand how much that would
tank the market?
Speaker 1 (50:00):
Do you un't say?
Speaker 6 (50:01):
How stupid it is to twenty five percent tax on.
Speaker 1 (50:06):
On the realized gains. You're not gaining anything? What good?
Let me ask you a question.
Speaker 6 (50:16):
Okay, you have you have a portfolio that was one
hundred thousand, okay, one hundred thousand, and you have invested
wisely over the past several years, and let's say it's
one hundred and fifty thousand. At some point in time,
you're gonna want that to grow and you want to
use it for retirement.
Speaker 1 (50:39):
You can't.
Speaker 6 (50:40):
You can't go into a store and say, look at me,
look at my portfolio, look at my investment.
Speaker 1 (50:47):
Ekermen, I am up to one hundred and fifty thousand.
Speaker 6 (50:51):
You's not going to do anything for you until you
realize the gain.
Speaker 1 (50:59):
Why would you tax it? Yeah? Plus uh, you know,
how about all.
Speaker 6 (51:05):
Those people, how about all those people that you know
they invest in companies that went way up and didn't sell.
They didn't take profits off the table, they didn't reallocate
assets and the stocks way down. Now, now if they
had an unrealized capital gains tax, they would have paid
taxes on.
Speaker 1 (51:22):
Nothing, nothing. You know what I think it was Denmark
tried this, Denmark, We're gonna we're gonna do this in Denmark.
Speaker 6 (51:31):
Do you know how many how many people left the country,
You know, the billions of dollars in wealth that left
the country. I'm you know, anything like this comes close
to happen, I'm gonna have to expand my business. I'm
gonna have to expand my business and help people move,
(51:53):
help people move overseas, because that's what they're.
Speaker 1 (51:55):
Going to do.
Speaker 6 (51:59):
Even all this only gonna be on there people with
over one hundred dollars.
Speaker 1 (52:05):
You know how easy is if.
Speaker 6 (52:07):
It is for them to pick up and get residency
somewhere else. You know what a piece of cake that is. Again,
the idea is so stupid. Again, it only sounds good
to people. Again, not very high intelligence. And again they're
(52:28):
looking to get votes. Do I think that they will
ever enact No, No, because again you're talking about many Democrats,
many people that again the sponsors, the owners of the
Democratic Party. Okay, they've got a ton of money. They're
not gonna want to deal with this either. Okay, I
(52:52):
know that they're tired. It's been talked about how ridiculous
it is, and again you should point it out just
how dumb this is. This is a reach, this is
they're reaching out for the dumb voter and this I would,
you know, put the odds on us anything like this
happening at less than ten percent.
Speaker 1 (53:11):
But again we talk about it, talk about it.
Speaker 6 (53:14):
Hey, we do getting back to you know what wins elections,
No substance, just rhetoric. A little bit more on that
when we get back. I gonna take a quick break.
Watchdog on Wallstreet dot Com. Watchdog on Wallstreet dot Com
as our side again, our personal c FO program, our podcast,
our newsletter, all sorts of great stuff. Watchdog on Wallstreet
(53:34):
dot Com.
Speaker 3 (53:35):
You'll now.
Speaker 2 (53:52):
Bringing America financial freedom one listener at a time. You're
listening to the Watchdog on Wall Street with Chris Mark.
Speaker 6 (54:04):
Prety Goods Looking market is the one, the only the
watch Dog on Wall Street show. I know, I know
a lot of economics tied in with politics today. Again,
one of the things that we tried to do here,
which the networks don't do. We break things down the
way they are supposed to be broken down. And again
(54:26):
you've yet to hear a single network come out and
call politics as they exist in America today what they
actually are.
Speaker 1 (54:35):
It's fugeci. It's fake professional wrestling.
Speaker 6 (54:40):
For the most part, the overwhelming majority of the people
that you're speeing seeing speak at these conventions, they.
Speaker 1 (54:46):
Have their donors and the donors own the party.
Speaker 6 (54:52):
Are there fundamental philosophy differences between the left and the right, Yeah,
there are there are. I've talked about this on theod
My podcast this past week, and I know I've talked
about this on the show, but I want to give you.
Speaker 1 (55:09):
I want to give you an example.
Speaker 6 (55:10):
Okay, I guess I've got clients all walks of life,
all over the country, and one one client of ours
is a very very very successful attorney, very very successful attorney,
big time, big time donor to the left, big time
(55:33):
donor to the Democrats, and meeting with him, this is
years ago, back when Barack Obama was president. First out,
and we're having a you know, out to dinner, having
a conversation, debating back and forth, and basically basically his philosophy.
(55:53):
His philosophy is is that people, people for the most part,
are just they're helpless. For the most people are just dumb.
They're too stupid, you know that they need to be
taken care of. I described this before as like how
the left treats human beings like rescue pets, like rescue
dogs and rescue I rested in my pet that they
(56:15):
think that they have to rescue human beings.
Speaker 1 (56:19):
Now.
Speaker 6 (56:20):
My personal philosophy is is that I'm sorry. We're all
we're all God's children, We're all made in God's image
and likeness. God has given each and every one of
us something unique, a gift, and we're supposed to go
out there and do something with it. I have no
(56:43):
problem with helping out, helping out our neighbors, I have
no problem with that. That's what social safety nets are for.
But what they've become is they become an addiction. And
the left like, no, no, no, no, no, no no,
these people. You can't help them, Okay, he can't just
(57:05):
just give them hand out, take care of them and
keep them away from our lawn. I'm sorry that that
is their mentality, that is their mentality. Ah, I gonna
help that, gonna support them, They're gonna help me people,
And I get it. Sometimes, you know, people need help
(57:25):
from time to time, and that's okay, that's good.
Speaker 1 (57:29):
We should be a generous country like that.
Speaker 6 (57:34):
But the ultimate goal of any sort of social safety
that any sort of government program.
Speaker 1 (57:39):
Is to get people back up on their feet so
they can go out and build and create.
Speaker 6 (57:48):
Don't we say every single week here on the program, Okay, build, create, protect,
and teach. Do I think that that people do? You
honestly believe that people are happy, really happy deep down
inside when they're living on the dole. Again, I think,
(58:13):
as human beings are nature.
Speaker 1 (58:17):
Is that we need, we need to we need to
go out, we need.
Speaker 6 (58:21):
To overcome obstacles and achieve goals. But again, as the
plans and everything that they're putting forward here in this
it's it's insane, it is. But then we get down
to where we're at and this is this is a
(58:42):
shame right now. It's rhetoric. It's rhetoric. The Obamas spoke
on Tuesday night and hey, listen, I'm gonna be honest
with you. I A as far as the rhetic rhetoric
was concerned, they were spot on. They were spot on.
They went after Donald Trump, they went after him, they
(59:06):
went after him hard. But you'd notice and on these
speeches that are being given, they don't talk about any policy.
It's all handouts and giveaways. Again, I told the story,
I learned this in sixth grade. I learned this in
sixth grade. You promise things, you get yourself.
Speaker 1 (59:26):
Elected, you don't deliver. They don't have to deliver. These
people are just looking to obtain power, that's all the matter.
Speaker 6 (59:38):
Do you think that those big you think that those
big companies that are sponsoring Kamala Harris, those big donors,
that you think that they want to be taxed at
a ridiculous and no, no, they want a seat.
Speaker 1 (59:51):
At the table. They want the contracts going in their
directions anyway.
Speaker 6 (01:00:00):
Watchdog on Wallstreet dot com, watch Dog on Wallstreet dot
com again, become part of the Watchdog on Wall Street
family are personal, cf OL, program, podcast, newsletter, you name it.
Speaker 1 (01:00:11):
Watchdog on Wallstreet dot com. We'll be back.
Speaker 2 (01:00:19):
You're listening to the Watchdog on Wall Street taking Wall
(01:00:39):
Streets liars, crooks, and sheets out behind the woodshed. You're
listening to the Watchdog on Wall Street.
Speaker 1 (01:00:54):
Prety welllcome back if it is a Watchdog on Wall
Street show. Yeah, this is under.
Speaker 6 (01:01:00):
Files under the Don't Doubt Me files, Don't Doubt Me files.
Another c I told you so moment I am noticed,
I haven't. I've been going on TV and doing the
the Brady Bunch boxes on Jobs Friday, where we talk
about the job's numbers and hey, we're gonna guess what
(01:01:21):
the unemployment rate is going to be, what the jobs
numbers are going to be?
Speaker 4 (01:01:24):
Why?
Speaker 6 (01:01:25):
Because it's all the s. Yeah, it's it's all ridiculous.
Last time I did, I mean, I said so, I
said so on air, I said so off air. I said,
this is a joke. I said, you take a look
at these numbers. You take a look at the garbage,
(01:01:46):
the lies that the government is putting out.
Speaker 1 (01:01:50):
It's ridiculous, is what it is. It's utterly ridiculous.
Speaker 6 (01:01:56):
I told you that we're going to have review, vision
after revision after revision, government statistics.
Speaker 1 (01:02:05):
What was that song by public Enemy? Can't trust it,
can't trust them at all.
Speaker 6 (01:02:14):
You're talking massive revisions to the jobs and what do
you see, Oh, every every job's fry.
Speaker 1 (01:02:21):
Oh yes, doesn't matter, doesn't matter, donkey elephant.
Speaker 6 (01:02:25):
Oh yes, their president's working hard to create jobs here
in the country. That is always tipped me to hell
off And I said, you haven't figured out how much
my disdain is for political parties, and you're not listening
carefully enough.
Speaker 1 (01:02:38):
I can't stand them.
Speaker 6 (01:02:40):
I want to president that just you know, when there's
a great job to come out and say, you know,
I didn't do this.
Speaker 1 (01:02:45):
You know my job is to My job is to help.
Speaker 6 (01:02:49):
The environment, to remove the minefields for small business owners,
big business owners so they can go out there and
build and create jobs and create wealth for this country.
Speaker 1 (01:03:01):
I don't do it. They do it. But they've been
lying and every.
Speaker 6 (01:03:07):
Single time, come on, now, these these these statistical anomalies here,
they make no sense. So yeah, yeah, they've been lying
about the amount of jobs that have been created. But
you knew that already if you've been listening to the program.
Here now we're seeing that Americans, uh, twenty eight percent
(01:03:28):
of Americans searching for new jobs, the highest rate in
a decade. And why are they looking for new jobs.
They're looking for new jobs because they're afraid that they're
going to lose their current job. It's not like it
was before, like ah, I'm jumping shit because this one's
paying more the whole like COVID nonsense crap that was
going on.
Speaker 1 (01:03:49):
No no, no, no, no, no, no, no, no no no.
These are people that are frightened that they're going to
lose their job.
Speaker 6 (01:03:54):
Last week on the probe, we talked about this. I said,
you know, listen, you're a remote worker, and I don't
know how well my company. I suggest you high tail
it into the office. I suggest you get a little
bit of FaceTime.
Speaker 1 (01:04:10):
I think. I suggest you show up at the office now.
Speaker 6 (01:04:12):
I thought you may have to hang around the water cooler,
see how things are going at the company you're working for,
because one story after their company after company is warning
about the consumer. At this point in time, I told
you and I wouldn't be surprised as we watch these
massive revisions to jobs.
Speaker 1 (01:04:34):
I wouldn't be surprised.
Speaker 6 (01:04:36):
After the election, after election, late November, maybe December, all
of a sudden we get a backdated recession. Oh yeah,
we recalculated the numbers and yeah, we were interesting. Wouldn't
surprise me in the slightest bit. It's happened before. We've
(01:04:59):
already gone over here. Without all of the nonsensical government
spending that's been going on. For crying out loud, we
wouldn't have positive economic growth.
Speaker 1 (01:05:11):
It would be negative. And I'm not the only one
that's yelling screaming about this.
Speaker 6 (01:05:14):
You have actually the former CEO of Home Depot this
past week, Bob Nardelli saying job's dad is woefully understated,
and he said it's about time that the government got honest.
Speaker 1 (01:05:27):
Bob bug Biby a little older than I am, and
you've been around longer than me. I think you should
know better.
Speaker 6 (01:05:35):
The government all of a sudden, get honest, become honest
with why not gonna happen? Not going to happen anyway,
Take a break. Watchdog on Wallstreet dot com.
Speaker 1 (01:05:49):
Watchdog on Wall.
Speaker 6 (01:05:50):
Street dot Com again, become part of what we do.
Personal CFO program open for everybody everyone. Watchdog on Wallstreet
dot com or podcast, our newsletter, you name it.
Speaker 1 (01:06:04):
Watchdog on Wall Street dot Com will be back.
Speaker 6 (01:06:22):
Speed.
Speaker 2 (01:06:24):
This is the Watchdog on Wall Street.
Speaker 1 (01:06:31):
Quarterback. I gotta I gotta sound off on this as well.
It's difficult.
Speaker 6 (01:06:41):
I kind of tried to avoid this topic here on
the program, uh for twenty five years now.
Speaker 1 (01:06:49):
We talked about it a little bit. But but I'm
gonna be straight up and honest.
Speaker 6 (01:06:56):
If you are a one issue voter and that that
issue is pro abortion, I don't know what's.
Speaker 1 (01:07:08):
Wrong with you.
Speaker 6 (01:07:10):
I mean, take take a couple of steps back and
think think about what your your your number one issue,
what you're voting on, that's the most important issue to
you is to push for you know, the right, you
(01:07:31):
know the only medical procedure out there where you're terminating
a life.
Speaker 1 (01:07:35):
That's that's what you're pushing for.
Speaker 6 (01:07:39):
I just can have the debate until we're ruing the face, okay,
And you know it's a debate that we need to
have here in this country. But that's your number one issue.
It's honestly, the d n C. It's like a death
cult there.
Speaker 1 (01:08:00):
You the d n C.
Speaker 6 (01:08:02):
Attendees have the opportunity for free vasectomies and abortions. I
you know, you know, listen, we've we've had a nice
run as a country. We have had a pretty nice run. Again,
(01:08:24):
I'm a student of history, and this is this is
some uh, this is some old Testament, old Testament sick
nonsense that's transpiring here in this country.
Speaker 1 (01:08:36):
Sorry, it is what it is.
Speaker 6 (01:08:40):
And you know, I mentioned Milton Freeman like I'm kind
of getting a beat off the beat track earlier on
in the program. We're talking about some of his statements
when it comes to inflation, and you know, he talked
about it, and he talked about inflation.
Speaker 1 (01:08:54):
He said it's our fault.
Speaker 6 (01:08:56):
Like I say all the time, we yet we get
the government we vote for, we get the government we deserve.
Speaker 1 (01:09:08):
And again I I.
Speaker 6 (01:09:11):
Just can't get my it's time to get my arms
around this. How many people out there that that's the
most important thing? I did you watch some of these
people dressed up like abortion pills and marching around.
Speaker 1 (01:09:26):
Where Where do these people come from? Where do they
what did they do for work? It's uh, you know,
we live in a we live in a society.
Speaker 5 (01:09:36):
I know.
Speaker 1 (01:09:37):
I've talked about this before where it's unfortunately everybody is
it's it's all about me and what I want and
what makes me happy.
Speaker 6 (01:09:56):
And you know, I've talked about truth here on the program, right, Oh,
it's my truth? Was that ad campaign for Calvin Klin?
Speaker 1 (01:10:05):
My truth? My Calvins your truth?
Speaker 6 (01:10:10):
There's no such thing. There's no such thing, you know. Yeah,
people always talk about it.
Speaker 5 (01:10:22):
You know.
Speaker 1 (01:10:22):
I gotta follow your heart. I gotta find what I
want to do. No, no, no, no.
Speaker 6 (01:10:26):
Last week on this show, we talked extensively about freedom,
and it was put very succinctly to me this this
past week. Freedom is it's not about doing what you want.
Follow me here. Freedom is not about doing what you
(01:10:47):
want to do.
Speaker 1 (01:10:49):
It's not.
Speaker 6 (01:10:51):
Freedom is about having the choice to do what you
ought to do, think about it, contemplate and reflect. Watchdog
on Wallstreet dot com. Watchdog on Wallstreet dot com again
is our site. Become a part of our family to
Watchdog on Wall Street family, personal, CFO program, podcast, newsletter,
(01:11:13):
Watchdog on Wallstreet dot Com.
Speaker 1 (01:11:15):
We shall return.
Speaker 2 (01:11:20):
Chris Markowski is the Watchdog on Wall Street, the only
man who is taking on the Wall Street establishment. You're
(01:11:44):
listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 6 (01:11:50):
Chicago where the DNC is being out perfect. It is
the perfect city for the Democrats. It is the model
for democrats. Why well, well Chicago. Chicago hasn't had a
(01:12:11):
Republican hasn't had a conservative mayor in.
Speaker 1 (01:12:15):
One hundred years, in one hundred years, making it what it's.
Speaker 6 (01:12:19):
A private example to showcase this is a progress It's
a progressive town, baby, Mr Cardo Toyne Chico, progressive governance showcase.
Speaker 4 (01:12:40):
Let's go.
Speaker 6 (01:12:41):
The Chicago led the United States in homicides for the
twelfth year in a row.
Speaker 1 (01:12:51):
This year, violent crime is at a six year high.
Speaker 6 (01:12:55):
They police officers in Chicago are not even allowed to
pursue suspects on foot.
Speaker 1 (01:13:03):
So if you you could be standing next to a cop.
Speaker 6 (01:13:07):
Let's say, if you're standing outside a Michigan Avenue boutique
and you do a snatch and grab of a Gucci
bag and you start to run, the cop can't run
after you. He can only walk. Oh yeah, yeah, So again,
what's happening. It's Tony Michigan Avenue. Hey got empty, vacancy's here,
(01:13:32):
there and everywhere. Shoplifting in Chicago twenty two year high
on the city South and West science major retailers and
grocers have closed the Brandon Johnson Brandon Johnson again, probably
(01:13:53):
one of the most unqualified mayors of all time. But hey, hey,
they voted for him. I don't feel sorry. I can't
feel sorry for you know, you got you voted for
this nonsense. So you know Brandon Johnson wants to do
I'm not making this up because because grocery stores are
(01:14:16):
closing down, he wants to open three city owned grocery
stores to Charcole Food Inequity lead the way with a
new approach to fighting food insecurity. The Chicago metro area's
(01:14:38):
unemployment is at six point two percent.
Speaker 1 (01:14:41):
That's the highest of any big city in the country.
Speaker 6 (01:14:46):
The city's budget has a five hundred and thirty eight
million dollar hole.
Speaker 1 (01:14:51):
There's eight. But get this.
Speaker 6 (01:14:52):
I talked about this earlier, fifty one billion dollar pension debt.
Think about that fifty one billion dollars in pension debt. Taxpayers,
their money is going to service that debt. They've got
taxes galore, boat mooring tax, fountain drink tax, parking tax,
(01:15:17):
amusement tax.
Speaker 1 (01:15:19):
Top of a ten point twenty five percent combined.
Speaker 6 (01:15:21):
State in local sales tax, and Brandon Johnson has called
for adding another eight hundred million dollars in new levies.
Speaker 3 (01:15:33):
The h.
Speaker 6 (01:15:33):
Wall Street General also mentions talks about the the fiscal
imbalance and the alliance between politicians and government unions.
Speaker 1 (01:15:43):
Chicago schools.
Speaker 6 (01:15:46):
Only twenty one percent twenty one percent of eighth graders
were proficient in reading, Yet the teachers' unions run the schools,
and politicians, the Chicago teachers in your top donor two,
Brandon Johnson, and they want another nine percent raise.
Speaker 1 (01:16:07):
I can go on and on and on. You know,
Forrest Gump said, stupid? Is it stupid? Does you don't
pay attention again?
Speaker 6 (01:16:18):
You vote for this stuff again and again and again,
and it doesn't get any better.
Speaker 1 (01:16:24):
It's getting worse. I don't know what to say.
Speaker 6 (01:16:29):
I I really don't. I mean, do I feel I
feel horrible. We all see the stories, but again they've
almost They happen so often, all of the violent crime
that takes place, it doesn't even make national news anymore.
Speaker 1 (01:16:44):
It doesn't even we've gotten used to it.
Speaker 6 (01:16:46):
We're just accustomed to the shootings and the horrible violence
that takes place. When are you gonna when are you
gonna change course? At what point in time you watch
the hypocrisy at the d watched Pritzker, the governor of
Illinois up there. This guy is a billionaire, as a billionaire, you.
Speaker 1 (01:17:12):
Know, up there, crooked as crooked could be. I don't
have to tell you people, I really don't.
Speaker 6 (01:17:20):
Anyway, a little bit more here this past week we
actually heard, actually heard from Kamala. They let her speak twice,
let her speak twice, and not good at it, not
good at it. But she was asked about her two
trillion dollars in spending or added debt and or spending proposals.
(01:17:42):
She repeated the phrase return on investment four times, four times,
making absolutely no sense what soever and what she was saying, no, no, no,
how I was gonna pay for it's a return on investment.
Speaker 1 (01:18:02):
What does that mean? Where we're asking where the money
comes from.
Speaker 6 (01:18:08):
And the the uh she was in Pennsylvania. This is
another great Kamala word salad right here. Try to follow
along here. Our election is about understanding the importance of
this beautiful country of ours in terms of what we
stand for around the globe as a democracy.
Speaker 1 (01:18:27):
As a democracy, we know there's a duality to the
nature of democracy.
Speaker 6 (01:18:33):
On the one hand, incredible strength when it is intact
what it does for its people to protect and defend
their rights, incredibly strong and incredibly fragile.
Speaker 1 (01:18:45):
Kamala. I know you went to law school. I don't know.
Speaker 6 (01:18:48):
Maybe you slept through constitutional law. Democracy not a democracy. Sorry, no, no, no,
we protect the rights of individual republic not a democracy,
sa Kamala.
Speaker 1 (01:19:00):
Sorry.
Speaker 6 (01:19:03):
Watchdog on Wallstreet dot com. Watchdog on wallstreet dot com.
Speaker 1 (01:19:06):
Don't go anywhere. I'll be back.
Speaker 2 (01:19:11):
To well, No one altered. Investment banker, consumer advocate, analyst,
trader Chris Markowski is the watchdog on Wall Street.
Speaker 3 (01:19:33):
Do you want to answer? Exposing the lines and myths
that the big brokerage firms, the mainstream press, and the
government are pushing to keep Americans away from financial freedom.
You can't handle the truth bringing America the truth about
what really happens in the financial world.
Speaker 5 (01:19:51):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (01:19:56):
This is the watchdog on Wall Streets.
Speaker 1 (01:20:01):
Alrighty, welcome back everybody. It is the watchdog on Wall
Street Show.
Speaker 6 (01:20:09):
Yeah, one of one of the things I try to
avoid here on the program. But again, I screw up
all the time. I'm just broken like the rest of
us out there, and I make mistakes, and I get
worked up here on the show, get worked up on
the podcast, and again I start calling people stupid and
(01:20:32):
ignorant in all of these things. And I'm not wrong.
I know, it just doesn't maybe something to come across
right way. Its just sometimes I get frustrated.
Speaker 3 (01:20:46):
I do.
Speaker 6 (01:20:46):
I try to try to hide my frustration. I try
to mask it. I try to, you know again, not
mask it.
Speaker 1 (01:20:54):
It's a wrong word.
Speaker 6 (01:20:56):
Try to let people down gently to some degree. But
know those times I just I want to pull my
hair out. I do because in many ways, many respects,
I don't get it. I don't understand. Just again, it's
how vapid people are, and especially in today's day and age,
(01:21:20):
when you have the ability to go and learn and
the ability to have all of this information at your
fingertips and actually educate yourself on things, and how easy
it is. And again I'm an old man, old man now,
I said again, I'm back in the day. I'm just
(01:21:41):
playing my kids. Yeah, card catalogs and Dewey decimal systems
and taking books out of the library and how you
did your research papers and microfiche and all that other stuff.
And you don't need it anymore yet, for whatever reason
it may be, whatever reason it may be, people they
rather than go out and learn and think for themselves.
Speaker 1 (01:22:03):
They'd rather have others tell them what to think.
Speaker 6 (01:22:09):
An influencer, right, or somebody online. And it's sad, it
really is. And it's I'm bringing this up right now.
I want to talk a little bit about.
Speaker 1 (01:22:18):
Taxes. O got to get all that news right now.
Speaker 6 (01:22:21):
Fair shame, and you gotta tax all those wealthy people
out there, all those evil rich people, all of them.
You got to go after them because they're not paying
their fair share. Now, I want you to listen very carefully.
I want you to listen very carefully to all you
(01:22:43):
people that actually believe that line of bull.
Speaker 1 (01:22:47):
Okay, is this fair? I'm going to present this you.
Is this fair?
Speaker 6 (01:22:54):
The top one percent, and again they've got targets, got
targets on they're back. The top one percent, they paid
paid a total share of total income taxes paid. They
paid forty two point three percent. Forty two point three
(01:23:16):
percent of all income taxes paid were paid by the
top one percent. The top five percent paid sixty two
point seven percent of all taxes.
Speaker 1 (01:23:34):
The top ten percent.
Speaker 6 (01:23:36):
Again, one out of every ten people here in the
United States is footing seventy three point seven percent of
the entire income tax bill. The top twenty five percent
is paying eighty eight point five.
Speaker 1 (01:23:56):
And we're at the point in time right now pretty much.
Speaker 6 (01:24:01):
Where half the people in the country are paying for
it all and the other half nothing when it comes
to income taxes.
Speaker 1 (01:24:13):
Nothing.
Speaker 6 (01:24:15):
Again, this is more than two decades ago. More than
two decades ago, I did a column very popular. Whenever
I bring it up here on the show, people always
asking me, could you send that to me? And basically
we did a column talking about there's Bush tax cuts
at the time, and again all this usual nonsense and
(01:24:39):
fair share and taking advantage and all this stuff, and
they get in, Oh my god, it's what's it going
to cost the government?
Speaker 1 (01:24:45):
Cost the government, cost the government.
Speaker 6 (01:24:48):
Anything government takes from us goment government doesn't build and create,
cost the government. So simple story we came up with,
and we pretended that ten people, ten people go out
to dinner every single night. Ten people go out to
dinner every single night, same exact restaurant. And you know,
we said it was one hundred bucks. One hundred bucks
(01:25:10):
was the bill that they paid. And at the time
against two thousand and three, they paid the bill the
way we pay our taxes. Again, first four men, again,
you can talk about this right now again with the
tax you got, the Bush tax cuts, tax went up
under Obama and then the Trump tax cuts.
Speaker 1 (01:25:31):
Okay, this is two thousand and three.
Speaker 6 (01:25:33):
The tax code has become more progressive, not less progressive,
more progressive.
Speaker 1 (01:25:41):
The first four now would be the first five.
Speaker 6 (01:25:43):
The first four men would pay nothing, the fifth would
pay a dollar, the six would pay three, the seventh, seven,
the eighth, twelve, the ninth eighteen, and the tenth man,
the richest would pay fifty nine percent.
Speaker 1 (01:26:01):
Fifty nine dollars. Excuse me. So that's what they did,
ten men, eight dinner every day. That's what happened.
Speaker 6 (01:26:08):
One day the owner came up and said, hey, you
know what, we're gonna cut you guys deal. We're going
to cut you guys break. We're going to reduce the
cost of your daily meal. You're such great customers by
twenty dollars.
Speaker 1 (01:26:19):
So the meal is going to cost eighty bucks.
Speaker 6 (01:26:23):
But the group, they still wanted to pay their bill
the way we pay our taxes. Again, first four guys
not affected. They're still eating for free. But what about
the other six paying customers? How do you divvy up
that twenty dollars winfall? Right, somebody get their fear shape,
(01:26:44):
so you can't divide it, can't divide it by six.
That's three dollars and thirty three cents. And some people
ended up getting paid to have dinner. So the the
restaurant owner suggested he reduced each man's bill by roughly
the same amount. So he worked out the amounts each pay.
Now the fifth man is paying nothing, the sixth I
(01:27:06):
was pitching in two. The seventh paid five, the eighth
paid nine, the ninth paid twelve, The tenth man had
his bill of fifty.
Speaker 1 (01:27:16):
Two dollars rather than fifty nine dollars.
Speaker 6 (01:27:19):
Every single person at that table better off than they
were before, again except the first four, who continued to
eat for free. But again up there we got that
that deadly sin envy and looking at other people. And
I only got a dollar out of the twenty, said
the sixth man. He got seven bucks. Yeah, that's right,
(01:27:41):
I only saved a dollar two. It's unfair. He got
seven times more than me. Yeah, shouted the seventh man.
Why should he get seven dollars back when I only
got two. The wealthy get all the breaks. Wait a minute,
the first four men yelled in unison. We didn't get
(01:28:03):
anything at all. The system exploits the poor. They surrounded
the tenth man. They screamed at him, they pulled fingers
at him. You know what, next night he didn't show
up for dinner, and they kind of realized that they
were a fifty.
Speaker 1 (01:28:16):
Two dollars short. That that that that's basically the system. Right.
Speaker 6 (01:28:24):
You listen to these people on TV again telling you
these people got to get more from them. They're not
they're not paying enough. Meanwhile, they're paying the entire Bill.
You know, it's funny.
Speaker 1 (01:28:38):
One of the things that I get from time to time.
Speaker 6 (01:28:41):
People listen to this program and they'll send me a
message whatever it may be, and they'll say something. Always say, well,
what's easy for you to say, Well, it's easy for
you to say, Markowski, And.
Speaker 1 (01:28:52):
I'm like, what do you mean. That's easy for me
to say, well, you you a business, you have this,
you have that.
Speaker 6 (01:28:57):
But what it's easy for me to say, you think
all of this stuff and the things that I've done
and the business that you think it fell out of
the sky. Easy, yeah, funny, easy for me to say,
(01:29:18):
right right, sure, sure, uh uh yeah. That's part of
the problem that we have is is again people don't
you don't look at others backstories. You know, you don't
see what it what it actually took, the risks that
(01:29:40):
were taking. You know that the time that was put in.
I mentioned this, I was several months ago. I had
this picture sent to me from you.
Speaker 1 (01:29:48):
Know, Jeff Bezos, Jeff Bezos with his you know, little
a little there's a little Amazon signed behind his desk. Yeah.
Speaker 2 (01:29:59):
Yeah.
Speaker 1 (01:30:00):
He used to package up.
Speaker 6 (01:30:01):
The books himself, the books himself that he was selling
it because Amazon when first came out, it just sold
books online, take them down to FedEx himself to deliver them.
Speaker 1 (01:30:14):
Do you have any idea? Yeah, something.
Speaker 6 (01:30:17):
Sometimes somethings break your way, some things break your way
to you know when I call it luck, whatever it
may be. But I'm a big believer that, you know,
you work hard, you can make your own luck. You
can make your own luck. People ignore the backstory. I
(01:30:37):
get a column on this decades ago, the titled when
the Boss shrugs.
Speaker 1 (01:30:46):
And again, you know people will should a chat here
and there. Oh my god, Oh look what he's driving.
What he has stopped doing that? Some do it?
Speaker 6 (01:30:56):
Rather than do that, why not go up to someone.
I want to go up to the boss that you're
you're envious of, or whatever it may be. Oh, it
takes too many vacations, whatever it may be. Why don't
you speak to the boss and ask them their story
and how they were able to build that business, how
they were able to get to that point in life,
(01:31:18):
what it actually takes. Again, I hear this all the time. Oh,
you want you want to own your own business?
Speaker 1 (01:31:29):
Do you okay?
Speaker 6 (01:31:31):
You do understand that owning your own business is you
want to talk about a full time job. It's a
full time job. You're never on vacation. You're never ever
truly on vacation. You may go away, but you're still working.
You're still having to do stuff. You are responsible for workers,
(01:31:53):
you're responsible for customers. You can never it's it's not
you have some sort I'm not sorry you don't. You
have a government job where you can check out.
Speaker 1 (01:32:01):
You never check out. I never check out. Now possible
to check out? You want that? You want to spend?
Speaker 6 (01:32:11):
You want you every day, you know, seven days a week,
because it is what it is. You got to put
time in every single day. You got to get up
well before the sun goes up, well before the sun
comes up.
Speaker 1 (01:32:23):
Yeah, over time. Okay. You know you work hard, you
know you're able to to enjoy some benefits. But that concept, well,
that's easy for you to say. I've actually had this
conversation with kids, and I'm talking. I said, well, are
you capable of doing this?
Speaker 6 (01:32:44):
And I explained to them, you know, our my story
and growing up and all the work they've put in
and what we've done here at Markowski Investments, and they're
like no way. I'm like, okay, at least you know
at least you're not.
Speaker 1 (01:32:54):
You know, it's not for you. I enjoy my free time.
Speaker 6 (01:32:58):
Okay, you can enjoy your free time, but don't look
at others and say, oh, okay, like they owe you something.
Speaker 1 (01:33:07):
Why because they work harder, they put more time in. No, No,
that's that's nonsense. My friends.
Speaker 6 (01:33:16):
Anyway, got to take a break. Watchdog on Wallstreet dot com.
Watchdog on Wallstreet dot Com again. Become a part of
the Watchdog on Wall Street family. Take advantage our personal
CFO program, podcast, newsletter, you name it, Watchdog on Wallstreet
dot Com.
Speaker 1 (01:33:33):
We'll be back.
Speaker 2 (01:33:50):
You should believe in math not magic. You're listening to
the Watchdog on Wall Street with Chris Markowski.
Speaker 1 (01:33:59):
Hey, we'll let the I did there.
Speaker 6 (01:34:00):
I went to the Boss Shrugs and it had to
do with a letter that was making making the rounds
back in two thousand and eight, two thousand and nine.
This was in obviously reaction to some of Barack Obama
and some of his policies that he was putting forward.
Speaker 2 (01:34:15):
And this.
Speaker 6 (01:34:18):
Gentlemen was talking about his backstory and how he started
the company and what he did and you know what
it took. And I talked about my story, and I'm
not going to do that again today. But in this
this he you know, talks about staying home on weekends,
All my friends went out drinking and parting. Being married
(01:34:39):
to your business, hard work, discipline, sacrifice. Meanwhile, my friends
got jobs. They worked forty hours a week and made
you know, fifty seventy hundred thousand dollars a year, and
they spent every dime they earned, drove flash cars, lived
an expensive homes, wore nice clothes instead of hit They
Nordstrom's the latest hot fashion item. I was trolling through
(01:35:02):
the good will store, distracting any clothing item that didn't
look like it was birth. In the nineteen seventies, friends
refinance or mortgages, live the life of luxury. I, however,
did not my time, my money, my life into a
business with a vision that eventually, someday, I too would
be able to afford some luxuries that my friends supposedly had.
(01:35:24):
So while you physically arrive at the office at nine am,
mentally check in about noon and then leave at five,
I don't there's no off button. When you leave the office,
you're done and you have a weekend all to yourself.
I infer they do not have the freedom. I breathe
this company every minute of the day. There is no rest,
there's no weekend, there's no happy hour. Every day this
business attached to my hip like a one year old
(01:35:46):
special needs child. And again, you can see the fruits
of this garden. You never realize the backstory and the
sacrifices that have been made. And again, this was a
letter that I shared in this column from two thousand
and nine. And you know, eventually getting into who stimulates
(01:36:07):
the economy, and you know, calling for more from certain
people and more handouts and understanding, you take more money
away from the productive aspect of society, the ones that
are paying the salaries, that are building the business as well. Again,
it doesn't turn out well, does it.
Speaker 1 (01:36:28):
Anyway? I want to change, of course for a bit here.
I have to talk a little bit about this.
Speaker 6 (01:36:35):
This is the first first I've seen this, and I
was actually calling on this, all right, I was calling
on this. I said, somebody has got to do with tally.
Somebody's got to come up with the numbers that we
the people, we the tax payers, are paying when it
comes to immigration. And I'm not talking just what we're
(01:36:55):
paying in housing Okay, what we're paying for hotels, I'm
taking fucking everything, education, medical expenses, law enforcement, legal costs, welfare,
the whole kit can kamboodle. Well, the Federation for American
Immigration Reform put together what we're paying. This is year,
This is for twenty twenty three, one hundred and fifty
(01:37:20):
billion dollars. One hundred and fifty billion dollars. Again, you
see what's taking place. You see what's happening in Colorado.
Nancy Pelosi on Bill Maher basically saying, you know, we
(01:37:42):
got to make every give everybody paperwork, and give everybody mortgages.
Speaker 1 (01:37:48):
None of this, none of this is going to turn out.
Speaker 6 (01:37:51):
Well, Okay, many of us, many of us have had
parents and grandparents that came here to this country.
Speaker 1 (01:37:59):
I said, I'm all for immigration, legal immigration. The parents.
Speaker 6 (01:38:06):
We had grandparents that came here from various different places
around the globe, and they got nothing.
Speaker 1 (01:38:13):
They got nothing. They got No. No, that's not true,
that's not true. That's wrong. They got an opportunity, It's
what they got.
Speaker 6 (01:38:20):
They got an opportunity to go out and build and create,
and they did.
Speaker 1 (01:38:30):
They did you think opening.
Speaker 6 (01:38:33):
The door to the entire world and then getting them
on the dole is the recipe for success.
Speaker 1 (01:38:41):
Where we're in the world.
Speaker 6 (01:38:42):
Has that been tried? And actually, you see what's going
on in Europe right now. In many countries in Europe,
stock them for crying out. Like it used to be
one of the safest places in Europe. It's now got
the worst crime in Europe, gun violence, gangs. You see
(01:39:03):
what's taking place in Germany and all these places. Certain
countries are cracking down. Thank god for Italy and Greece,
but no, you're wrecking the place. You watch what's going
on in the UK. Do you think just opening the
door and then getting people on the dole is gonna
(01:39:24):
is a recipe for successes.
Speaker 1 (01:39:25):
That's what built America.
Speaker 6 (01:39:28):
No, no, it didn't again one hundred and fifty billion
dollars am I. We talked about compounding the Royal Road
to riches. Well, this is the inverse because it's gonna
get more expensive next year, and it's gonna get more
expensive the year after that.
Speaker 1 (01:39:42):
When's it gonna be enough?
Speaker 6 (01:39:45):
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com,
We'll be back.
Speaker 2 (01:39:56):
Chris Borkowski is the watchdog off Wall Streets bringing America
(01:40:18):
financial freedom one listener at a time. You're listening to
The Watchdog on Wall Street with Chris Markowski.
Speaker 6 (01:40:29):
Okay, again, I a lot of problems. We live at
a bit country. Okang, got issues here. I mentioned Colorado
and what's taking place in Colorado, and okay, we'll point
things out here on the show. I'll talk about, you know,
giving away free down payments to illegals and the nonsense
(01:40:52):
that they're doing in California.
Speaker 1 (01:40:54):
And yeah, I said, I got a.
Speaker 6 (01:40:56):
Phone call from my mom, you know, Christopher, do you
what's going on in Colorado?
Speaker 1 (01:41:02):
And I'm like, yes, Mom, I see what's going on
in Colorado. I get it. And I tried to cover
and I said, listen, man, is it near you? I mean,
is it near you?
Speaker 6 (01:41:13):
I said, look at where you live in Florida. Okay,
look at how great the situation is down there. I
got my job on the show is, you know, obviously,
to point out these areas the country that are failing.
And it was one of the genius aspects of the founders.
And you know, Thomas Jefferson talked about states being little
(01:41:35):
laboratories to try various different things out.
Speaker 1 (01:41:40):
I didn't vote for any of this nonsense. Okay, the
citizens of Colorado voted for this that you wanted this.
You remember that commercial.
Speaker 6 (01:41:53):
You asked for it, You got it, Toyota, that's America, baby.
Speaker 1 (01:42:00):
Okay, you asked for it, you voted for it, You
got it. Colorado, you.
Speaker 6 (01:42:07):
Got your sanctuary state with your migrant gangs coming in
taking over apartment complexes. Story in the New York Post
this past week, Jackson Heights, Jackson Heights.
Speaker 1 (01:42:23):
That I think I talked to us on the show
several months ago.
Speaker 6 (01:42:25):
He got the open air stolen goods market on Roosevelt
Avenue there, and now they were talking this past week
the amount of prostitutions and amount of prostitutes there have doubled,
and brothels.
Speaker 1 (01:42:40):
Opening up everywhere, and they're all migrants. You asked for it,
you got it. New York. You voted for this.
Speaker 6 (01:42:48):
You voted for Bill de Blasio, You pushed this, this
sanctuary thing, right, Mayor Adams, he was proud of being
a sanctuary city city. Billions of dollars in the hole.
I don't feel sorry, I don't.
Speaker 1 (01:43:07):
Is it sad to me? Is it depressing?
Speaker 6 (01:43:10):
Yes?
Speaker 3 (01:43:12):
It is?
Speaker 1 (01:43:14):
But I don't live there. Well, you live in New York.
Speaker 6 (01:43:17):
Well, again, I do live in New York. But again
New York's a big state too, and we have our pockets.
Let's just leave it at that.
Speaker 1 (01:43:25):
I don't have any problem where we are here.
Speaker 6 (01:43:28):
We know this, we know where we live, we know
the police offer, we know this area is protection basically
like a gated community. I'm thirty miles away from Jackson
Heights there in Queens. It might as well be ten
thousand miles away.
Speaker 1 (01:43:44):
Not coming here because if he does it, but he'll leave. Okay, this,
you know, this is something we need to learn people.
Speaker 6 (01:43:56):
Okay, if if the people in the area they don't care,
they don't care, what are you gonna do?
Speaker 1 (01:44:05):
What are you going to do?
Speaker 6 (01:44:07):
He had that story this past week. Was the football player.
They're the rookie San Francisco for first and foremost.
Speaker 1 (01:44:14):
Guy comes up to you with a gun and ask
you for your stuff. Give it to them.
Speaker 6 (01:44:22):
Okay, give them your stuff, just just hand it over
all right. I don't care how nice that.
Speaker 1 (01:44:29):
Watch is that you have on. It's just stuff.
Speaker 6 (01:44:34):
Got into a scuffle with a ken bad guy, seventeen
year old bag I Actually it turned out this this
bad guy got arrested three days before for having a gun.
Speaker 1 (01:44:46):
They let him go, of course, because that's what we do.
We let the bad guys go.
Speaker 6 (01:44:53):
And he ends up. He's okay, thank god, got you know,
shot my union Union Square that was stationed there in
San Francisco.
Speaker 1 (01:45:02):
I got a.
Speaker 6 (01:45:03):
Suggestion, don't wear a fancy watch and go out in
San Francisco or anything fancy at all, because you're gonna
get robbed. You're gonna get robbed. Okay, you gotta know
where the good areas are. Yeah, we're becoming like in
many areas of the country. It's like third world.
Speaker 1 (01:45:25):
They're friends. Like clients that.
Speaker 6 (01:45:27):
Were from South Africa. It's the time from South Africa.
They're here in the United State, but they still have
family down there in South Africa. Their family again basically
there they have a compound where they live.
Speaker 1 (01:45:39):
Compound. You gotta have gates and dogs and protection. Again,
we're kind of doing the same thing here. We're not.
I don't have to do that mic not physical gate
dogs or anything like that.
Speaker 6 (01:45:55):
But you know, police know they know this area. You
don't come here, okay, don't don't try your nonsense here,
don't you. It's not gonna work here. And not gonna
fly here in this neighborhood. Hey, Eventually, I hopefully people
will wisen up and recognize who's doing things well and
who's not doing things well. Again, the people in positions
(01:46:18):
of power in the States, they're telling you how awesome
everything is and how great it is that that Pritzker
from Illinois, the state's an absolute disaster. Business is leaving
left right over the place, and he's going up at
the DNC stage bragging that he is a he's a
bloody billionaire.
Speaker 1 (01:46:39):
Your state's a mess. You many people were killed during
the DNC, the violence that took place. I mean, come on,
but again.
Speaker 6 (01:46:48):
Again, you voted this way, you voted this way. At
some point in time, you know you might have to
might let me use your head.
Speaker 1 (01:46:55):
I'm just saying, watch Dog on Wall Street dot Com,
watch Dog on Wall Street dot Com. I look at
the clock. Where's the time going? Watchdog on Wall Street
dot Com. We show returned.
Speaker 2 (01:47:22):
Teaking Wall Streets, liars, crooks and cheets out behind the woodshed.
You're listening to the Watchdog on Wall Street set.
Speaker 1 (01:47:33):
All right, welcome back, everybody. Last last week on the show, we.
Speaker 6 (01:47:36):
Touched on the Mark Zuckerberg Mark Zuckerberg story, and you
know what he admitted to, and again that the type
of censorship and nonsense it was taking place at Facebook,
and it was a bit pretty pretty big story.
Speaker 1 (01:47:56):
Yeah, didn't go anywhere. Didn't go anywhere.
Speaker 6 (01:48:00):
An you talk about all of these people in the
press that are constantly banging the drum, that are talking about, ah,
you know how important their job is and free speech
and all of these things. They're not interested in any
of that. Okay, they're interested in narratives. I mean, you
can go, you can go one publication after another. They
(01:48:21):
should be they should be all over this story, outraged,
outraged that the government would dare put pressure and tell Facebook.
Speaker 1 (01:48:33):
What to put up there and censor people all these things.
But they're not. They rolled with the entire thing. I
gotta admit, I gotta admit my uh.
Speaker 6 (01:48:46):
I do a lot of obviously a lot of reading,
a lot of show prep for the podcasts in this show.
But what I've started doing I started doing is I've
thrown in the towel on many publications, many publications that
I used to read. I don't bother anymore. I don't
bother because they're useless. Well, you talk it when they
(01:49:07):
say good for nothing, they're good for nothing. They are
propaganda outlets. So yeah, publications that were used to be
a part of my land, they've gone away. I mean,
I got other stuff that I'm reading instead off of
a sub stack, and independent journalists and places from around
the globe.
Speaker 1 (01:49:25):
But you can eliminate a lot out there, and nothing
wrong with that.
Speaker 6 (01:49:28):
There's nothing wrong with cutting certain media outlets out of
your life.
Speaker 1 (01:49:34):
Once they start.
Speaker 6 (01:49:35):
Lying too and they think, you know, get huh, you
know what they lie to you want say they start
lying to you again, you start seeing you reading between
the lines, just there's no point and even reading it anymore.
Let it go away and hope that they fail, and
they rightfully should. I hope they do fail. If they're lying,
what what good are they? They're not good for society.
(01:49:57):
Time Magazine.
Speaker 1 (01:49:57):
I'm not making this up.
Speaker 6 (01:49:59):
I don't know if I don't know who reads Time, well,
but you know who it's owned by right now, Mark Bennioff.
Speaker 1 (01:50:07):
Yes, Yes, that's super lib jerk who's.
Speaker 6 (01:50:12):
Really tied into the world economic form and wants people
eating bugs, bugs, wants people eating bugs eating insects. Time Magazine.
Time Magazine had a column. I don't know what the
exact date was on this why ultraprocessed foods are so
Bad for you? And it was a year or two ago.
Speaker 1 (01:50:33):
All of a sudden, Robert F.
Speaker 6 (01:50:34):
Kennedy hits the scene and criticize ultraprocessed feuds, endorses President
Donald Trump.
Speaker 1 (01:50:41):
I'm not making you up.
Speaker 6 (01:50:43):
Time Magazine right now just published this why one dietitian
is speaking up for the ultra processed foods.
Speaker 1 (01:50:51):
Now, they're bad people, they're bad news.
Speaker 6 (01:50:53):
Stay away from the misinformation watchdog on Wall Street dot com.
Speaker 1 (01:50:58):
We'll be back.
Speaker 6 (01:51:07):
H h yah h this is the watchdog on Wall Streets.
Alrighty You ever noticed this? You ever notice on how
(01:51:30):
the left in the media they always like with this disdain,
They look down by the day. They they tak oh, yes, yes,
people who have and they say they quote faith in
the free market.
Speaker 1 (01:51:47):
Oh, those people who have faith in the free market.
Speaker 6 (01:51:50):
Like again, we would all die, the sky would fall,
the world would end if it wasn't for the wizards
of smart at the Federal Reserve and the NBER and
the White House Economic Advisors and all that crappy remember
what's his name there, Jared Bernstein being interviewed, didn't even
(01:52:11):
understand how the government gets his money in bonds.
Speaker 1 (01:52:16):
There's a great quote by the.
Speaker 6 (01:52:19):
Great greatest living economists today, Thomas Soul. The political left
loves to refer disdainfully to people who have quote faith
in the free market. Mountains of empirical evidence from countries
around the world on the superior performances of free markets
are thus dismissed as mere faith. Meanwhile, the repeated failures
(01:52:46):
of government run economies are attributed to personal mistakes by
Stalin Mao or others, thereby preserving the left's faith in
political control of economic decisions.
Speaker 1 (01:52:56):
If only the right people were in charge.
Speaker 6 (01:53:02):
Again, just thinking about this Thomas Soul quote and Thomas
Friedman there from the New York Times.
Speaker 1 (01:53:08):
Thomas Friedman remember him being interviewed.
Speaker 6 (01:53:12):
On Meet the Press and talking about man, if only
Obama had the power of like the Chinese leadership and
the polit Buro, all of the things, all the things
that he could get done.
Speaker 1 (01:53:29):
Right.
Speaker 6 (01:53:31):
Government and central control fail every single time I have
been lamenting public private partnerships. We engage in it now
and again. This is not a left right thing anymore,
because I'm being honest. The Trumpsters out there. They want
the same thing. They get involved in the free market. Two,
(01:53:55):
they too want to, you know, go and hand out
checking Republicans law and handing out money companies. Not their money,
of course, your money. Oh it's government money. No, there's
no such his thing. Okay, learn this. There's no such
thing as government money.
Speaker 1 (01:54:12):
What do you mean? Yes, the government can print money. Yes,
I can't yet that they can print it.
Speaker 6 (01:54:16):
But you pay for it in either higher taxes or
devaluating the currency and inflation.
Speaker 1 (01:54:22):
Okay, so you're paying. Ah, it's the government's paying for No,
you are.
Speaker 6 (01:54:29):
But anyway, we've talked about China, talked about China here
on the program, and this idea.
Speaker 1 (01:54:37):
I looked at you, Oh wow, look at that. Look
at the growth in China. Uh uh huh. It was
heading in the right direction.
Speaker 6 (01:54:44):
And then again a MAOIs came in ziesian Ping. Yeah, yeah,
we're smarter than everybody. Look to us in Beijing.
Speaker 1 (01:54:56):
You got to look at some of these numbers. Actually,
I don't know if you saw it.
Speaker 6 (01:54:59):
This pa last week he watched fifteen fifteen high rise
apartment buildings, office towers that were not completed. Just blew
them up, blew them up the developer ran out of money.
(01:55:19):
Right now, offices in China's biggest cities are more empty
than they were during the COVID nineteen lockdowns, A fifth
one fifth of high end office space vacant and Shenzhen,
(01:55:40):
while our office vacancy rates in Beijing, Laanzhau, and Shanghai
were also higher than in June of twenty twenty two.
You talk about some of the rents here. We obviously
seen what's happened here in the United States with some
of the flexible working making it hard for developers to
fill spaces around the country.
Speaker 1 (01:56:01):
Not the same in China. China, they said, oh yeah,
we're gonna grow at five percent this year.
Speaker 4 (01:56:07):
Right right.
Speaker 6 (01:56:11):
In Shenzhen they puts his prime office vacancy rate a
twenty seven percent, up from twenty percent of June of
twenty twenty two. Monthly rental prices at premium office towers
twenty two dollars per square meter. It's down fifteen percent
(01:56:32):
year over year. It's getting worse instead of better. Wherever
it is tried, it fails, it fails. And for the
life of me, all of you, you left this out
there again. I see somebody you know people, your Communist party,
(01:56:55):
hammer and sickle.
Speaker 1 (01:56:58):
Okay, well here we go.
Speaker 6 (01:56:59):
You you went to I talk about laboratory experiment. You see,
there's this this area of the world called Korea. Okay,
it's split in two. It's split Korea. Okay, Korean War.
The communists north got North Korea and you got South Korea. Ah.
Speaker 1 (01:57:20):
Where would you want to live? Where would you want
to live? Yeah, you guessed it, you guessed it. I
don't know what it is about these communistis leftists again,
I get it. I get it.
Speaker 6 (01:57:36):
If you are you know, you're in North Korea and
you're running the show and your buddies with Kim Jong lun.
You don't tick them off and he makes you go
missing or at some point in time, hey, you're gonna
you know, those people at the top are going to
do well. I mean Maduro's pals in Venezuela doing fantastic.
People that are the higher ups in Cuba are fine.
But meanwhile, the garbage trucks, right, you need to know
(01:57:58):
to hear about that. The garbage trucks, they're not running
anymore in Cuba, and the streets are filled with garbage.
At this point in time, Venezuela that can't even keep
the lights on, cell phones are down.
Speaker 1 (01:58:08):
This is what you want again? Something wrong with your
Medulla album? Gatta anyway, have a wonderful week, everybody. God
bless Watchdog on Wallstreet dot com. Watchdog on wallstreet dot
com is our site. Always welcome to become a part
of the Watchdog on Wall Street. Fem, well
Speaker 2 (01:58:34):
You're listening to the Watchdog on Wall Street.
Well, no one altered.
Speaker 2 (00:09):
Investment banker, consumer advocate, analyst, trader Chris Markowski is the
watchdog Wall Street?
Speaker 3 (00:16):
Do you want to answer exposing the lies and myths
that the big brokerage firms, the mainstream press, and the
government are pushing to keep Americans away from financial freedom.
Speaker 4 (00:28):
You can't handle the true.
Speaker 2 (00:30):
Bringing America the truth about what really happens in the
financial world.
Speaker 5 (00:35):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (00:40):
This is the watchdog on Wall Streets.
Speaker 1 (00:44):
Yes, it is walk up everybody.
Speaker 3 (00:47):
Ah.
Speaker 1 (00:47):
Last week on the show.
Speaker 3 (00:49):
We did a.
Speaker 6 (00:52):
Bit here on the program highlighting these anecdotal stories coming
from publications, in particular the Wall Street Journal, and I'm
I'm starting to call it the Woe the Woe Street Journal.
Now I've been reading daily, I mean the Wall Street Journal.
Now it's over thirty five years. Over thirty five years,
(01:14):
I've been reading it every single day. I remember taking
the thirty five bus when I lived in Manhattan on
my way to work, you know, paper edition before a smartphone.
I mean this long, long, long time ago. And I
also remember when Rupert Murdoch and News Corp. Bought The
Wall Street Journal, and I said, oh, no good, no good.
Speaker 1 (01:35):
And I was right. The paper now is a shell
of what it used to be.
Speaker 4 (01:42):
It really is.
Speaker 1 (01:43):
And I go through. I read columns there on a regular.
Speaker 6 (01:47):
Basis, and I don't even know how these people got jobs.
Speaker 1 (01:53):
I mean, I take a look.
Speaker 6 (01:54):
You can click on the writer of a story and
you'll give their resume there. And they went to Northwestern,
or they went to Columbia Journalism School, or they went
to Theracuse, they went to some you know, journalism outfit
out there, but they don't know a darn thing it
or it reminds me of Beverly Hills cop when Axel
(02:14):
Foley Wash was basically, you know, talking about the coffee
grinds at Victor Madland's warehouse and the Rosewood and Taggart
didn't have a clue and he's like, oh, you guys
just got your badges and your guns. You don't know
anything about anything. And that's basically what we have writing
columns for the Wall Street Journal. They still have, they said,
(02:35):
some good writers in their opinion pages, but.
Speaker 1 (02:39):
It's it's gotten really bad. It's gotten really bad.
Speaker 6 (02:42):
I spend a lot of time going through the media,
time on the podcast, time on the show, trying to
debunk all of the nonsense that is being shoved down
people's throats. And I did cover this on the podcast
this week, but I have to we have to go
over this again because I got ticked off I did.
Speaker 1 (03:03):
I'm reading this stuff.
Speaker 6 (03:04):
This is written by a Rachel wolf Wall Street journal
The American dream feels out of reach for most and
she saw a pole.
Speaker 1 (03:14):
This is what happens.
Speaker 6 (03:15):
She saw a pole, and she came to a conclusion,
and she went out and she found anecdotes to fit
her narrative and quite fact that that's not journalism. I
learn more about journalism in my eleventh grade journalism elective
in high school.
Speaker 1 (03:38):
She starts off with this pole.
Speaker 6 (03:40):
Out there fifteen hundred US adults and a stark gap
between people's wishes and their expectations, and goes through a
various different things. And eighty nine percent of the respondent
said owning a home is essential or important to their
vision of the future. One percent said home ownership is
(04:01):
easy or somewhat easy to achieve to attain only ten percent.
Financial security and a comfortable retirement were essential but easy.
Only nine to eight percent. Okay, first and foremost, Okay,
it's never ever been easy. It's not supposed to be easy.
(04:24):
What do we try to teach here on the program. Okay,
everything in life that has meaning, value and worth involves work,
time and effort.
Speaker 1 (04:34):
It's just that simple.
Speaker 6 (04:35):
But she compares that Wall Street Journal poll to a
different pole not done by the Wall Street Journal, different
questions from a different organization from twelve years ago, and
there are differences between the two. And again, you can't
do that. That's like comparing apples to oranges. And then
(04:58):
she goes she finds any miss out there, it's just
Emerson sprick Key. Aspects of the American dreams seem out
of reach in a way that they were not in
past generations.
Speaker 1 (05:09):
Listen.
Speaker 6 (05:11):
I know a lot of my older listeners, accomplished people
that listen to this program.
Speaker 1 (05:16):
There were times, there.
Speaker 6 (05:19):
Were times when I was building my business up and
I'm living in a railroad apartment with cockroaches and eating
ramen new There was a point in time where things
seem far away out of reach. Okay, that's just what
do you think It's different today than it ever has been.
Speaker 1 (05:40):
It's always been hard and in Emerson spricks.
Speaker 6 (05:44):
Well, you know, the issue was the decline of private
sector pensions, leading to their near disappearance. Hey Emerson, they
have disa They would have disappeared anyway, buddy. They were
Ponzi schemes for crying out loud, people living longer and
healthier lives.
Speaker 1 (06:02):
They didn't work out.
Speaker 6 (06:03):
There was one generation of bloody pensions for crying out loud,
and it didn't work because again, people got healthier.
Speaker 1 (06:11):
Yeah, sure, sure.
Speaker 6 (06:12):
You've got the government ones, the public ones, but private no,
they changed. And that's the reason why hope that people
can't get ahead in society.
Speaker 1 (06:22):
That's a load of bunk. And here come the anecdotes. Classic.
Speaker 6 (06:29):
This is how they write now, Wall Street Journal, New
York Times, Washington Post.
Speaker 1 (06:34):
Come up with the narrative, and then go out and
find some people.
Speaker 6 (06:38):
So they found a kid here, this Markel Washington, and
he remembers, he remembers that his elementary school teachers instilled
in him that high grades in a college degree would
be his ticket out of the Chicago neighborhood where he
grew up hearing gunshots every day. The promise, that's what
they called the promise. The twenty two year old says,
(07:01):
was that you'd get a good job and enjoy the
rest of your life in a house with a front gate. See,
Markel went to college, but he dropped out. He dropped
out his junior year. He said, dropped out because three
of his close friends were killed within months of one another.
(07:21):
Markel now makes thirty thousand dollars a year working part
time for youth development nonprofit My Block, my Hood, my City,
and he can't afford to move out of his mother's
Section eight apartment where he grew up. Okay, so his
mother has government subsidized government excuse me, taxpayer subsidized housing,
(07:46):
so they're basically not paying much for rent. Markell makes
thirty thousand dollars a year working for this nonprofit. Markel
is not married, he doesn't have kids. Hey, Markel, I
got an idea. Why don't you go out and find
yourself second job? I got a better idea. Okay, you
dropped out of college your junior year. Why don't you
(08:06):
go back and finish? I mean, this is your choice, man.
He says he hasn't given up on his American dream,
but he's finding it much less straightforward than he thought.
They don't tell you how hard it is to obtain
the American dream.
Speaker 1 (08:24):
You have to learn that on your own. Who in
the world.
Speaker 6 (08:30):
Said anything in life is supposed to be easy? And
then okay, and a Wall Street journal talks about economic mobility.
Economic mobility, it's declined in decades. And this I found fascinating.
They said, well, around ninety percent of children born in
nineteen forty, nineteen forty, okay, they were ultimately better off
(08:54):
than their parents. Where did their parents come from? Nineteen forty? Again,
is this journalist that vapid nineteen forty? What took place
in the nineteen thirties, for crying out loud, the Great
Bloody Depression, One would think that kids would be better
(09:14):
off than their parents, not to mention the fact that
all of the immigrants that came into that to the country,
my grandparents, for crying out loud, working their butts off
to make a better life for their kids.
Speaker 1 (09:29):
And then we all got we we gotta go to MIT.
Speaker 6 (09:31):
In Harwood and find a couple of economists here, And
he said, only only around half of those born in
the nineteen eighties were able.
Speaker 1 (09:39):
To say the same.
Speaker 6 (09:42):
Again, that's up to the individual, and first and foremost
I don't judge people based upon how.
Speaker 1 (09:50):
Much money they make.
Speaker 6 (09:53):
You know, if someone's parents, you know, are neurosurgeons and
they make a decent living, but their just decide that
they want to go be school teachers. Okay, they're not
making as much as their parents, but who cares?
Speaker 1 (10:08):
That was their choice.
Speaker 6 (10:09):
For crying out loud again, you know, the bar has
been raised. It's been raised since you had again migrants
coming into this country, immigrants coming into this country building
better lives for their kids.
Speaker 1 (10:28):
You have a choice.
Speaker 6 (10:30):
Now, it's a coin flip whether or not you'll earn
more than your parents.
Speaker 1 (10:37):
A coin.
Speaker 6 (10:38):
It's not about a coin flip, man, It's about choice.
This is this is not random a coin flip. I
got three kids, and I put zero, zero pressure on
them to come work for the family business, working with
(10:59):
my brothers.
Speaker 1 (11:00):
And myself, my nephew.
Speaker 6 (11:02):
My nephew decided to come work and he's doing a
phenomenal job. My kids, they've got to figure it out
on their own what they want to do.
Speaker 1 (11:14):
Again, you have choices.
Speaker 6 (11:16):
You don't I mean to decide. Oh, okay, you didn't
make it. It's somehow bad because you didn't make as
much money. As your parents.
Speaker 1 (11:25):
I don't get.
Speaker 6 (11:26):
That, I really don't. But again, this is you know,
this is how they write nowadays. This is how we
judge people nowadays. It's how we divide people nowadays. Then
the Wall Street Journal finds somebody else, another couple here,
honest couple in Mount.
Speaker 1 (11:41):
Vernon, New York.
Speaker 6 (11:42):
This is in Westchester County, Richard Thomas and Cherisoletti. They
pulled off their own version of the American dream. They
bought a five bedroom split level for six hundred and
twelve thousand dollars in twenty seventeen.
Speaker 1 (11:55):
It was like everything was going in the right direction.
Speaker 6 (11:58):
Says Sletti, forty two year old lawyer who grew up
a poor among nine siblings, bought their first home. Couple's
children have their own bedrooms, moved mom in and her
sister in. Now the couple's fifty four hundred dollars mortgage,
including a six hundred and eighty nine dollars private mortgage insurance,
(12:18):
it's becoming difficult. It was tight but doable back then
when they bought the house. But now because energy prices
have gone up doubled to more than a two thousand
bucks a month and grocery prices and insurance and other
bills of the family have now surged.
Speaker 1 (12:34):
Hmm.
Speaker 6 (12:35):
Well, first and foremost, you didn't put much money down. Okay,
if your mortgage is fifty four hundred dollars, you bought
the house back in twenty and seventeen with ultra low
interest rates. You didn't put a lot of money down. Okay,
you went house poor. You over extended yourself. But again
I looked into this because the one fella here he
(12:56):
was mayor, This Richard Thomas was mayor, and I started
thinking to myself, Wow, they're complaining about high energy costs.
Speaker 1 (13:04):
So I did a little digging. Again, I can't believe.
Speaker 6 (13:07):
At the Wall Street Journal that they didn't like do
a Google search. As it turns out, this fellaw. This
mayor was mayor, got in trouble. He's got misdemeanors against it.
They were originally felonies. They dropped him because he was
mayor of the town and he stole money from his
own campaign. Obviously doesn't have a job now, tried to
run again, doesn't have a job now. Of course, they're Democrats,
(13:29):
and they're complaining about high energy costs and high inflation
and expensive groceries. I mean, you can't make this stuff up.
We want to stay in our community, you want to
raise our kids here, but the dream of being able
to do that really escapes us. We had the American dream.
(13:50):
Now it's the American nightmare because it feels like the
country made us a promise and then took it away.
Is the this was the ex mayor spoken like a
true hack politician.
Speaker 1 (14:03):
Country made you a promise?
Speaker 6 (14:06):
How many people listening out there? How many people listening
to this program right now? Anybody country make you a promise,
promise you anything at all? No, No, what the country
gives you is the opportunity to go out there to
build and create and to build a life for yourself.
Speaker 1 (14:24):
Country made a promise and took it away.
Speaker 6 (14:26):
No, you made poor choices, and you can either whine
about them and complain about them, or you can learn
from them. Listen, and I gotta take a break right
here and listen. I don't mean I honestly, people, Okay,
I don't. I'm not looking to be a downer here
(14:50):
today on the program.
Speaker 1 (14:53):
Again. I want to explain this when we get back, people.
But let me tell you.
Speaker 6 (14:56):
Something, as difficult as it is, out there, tell me
you can't make it here in this country.
Speaker 1 (15:02):
I'm tired of hearing this nonsense. Gotta take a break.
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com
is our site.
Speaker 6 (15:12):
Become a part of the Watchdog on Wall Street family,
our personal CFO program, all sorts of great stuff. Watchdog
on Wall Street dot com or give us a call
eight hundred four seven one fifty nine eighty four.
Speaker 4 (15:27):
Does the enemy says?
Speaker 2 (15:31):
Listen, mister Crow, the only man who is taking on
the Wall Street establishments. You're listening to the Watchdog on
(15:52):
Wall Street with Chris Markowski.
Speaker 6 (15:56):
I've written about this from time to time over the years,
talked about it here on the program. I did a
column years ago when when the boss shrugs, many people,
many people out there, they don't they don't see they
don't understand the backstory.
Speaker 1 (16:15):
They don't.
Speaker 6 (16:16):
Yeah, they they'll look at somebody and they'll say, oh,
look at their car, look at you know, something that
they have, Look at the business that they will look
at the vacations that they can go on. And I'm
not again, not the people that are, you know, putting
on the credit card and put posting stuff all over
social media to make themselves look good. Now, true hard
workers that are out there, and they envy them, They
(16:42):
envy them very again. One of the deadly sins envy.
Remember the end of the movie seven, What was the
last sin?
Speaker 1 (16:51):
It was envy?
Speaker 6 (16:54):
And that's that's what happens. And then everybody looks to say, well,
you know what, Life's not fair. That's not fair. I'm
a victim.
Speaker 1 (17:02):
I deserve this. The country owes me something again.
Speaker 6 (17:08):
I know it's a bit of a smack upside the
head to maybe certain people listening to this program don't
work that way. He Another story in this Wall Street Journal,
This couple two women here complaining, oh, my dad was
able to buy an eight bedroom fixer upper in New
Orleans for one hundred and sixty thousand dollars in two thousand.
(17:31):
We're looking for a home in Louisville, and we thought
two hundred and fifty thousand dollars would be big enough budget.
But houses are too expensive. This one person is a
twenty eight year old second grade teacher. Doesn't say what
her partner does, but they make around one hundred thousand
dollars a year together. We're doing everything right. We're saving.
(17:53):
We went to good schools. I have a master's degree,
and it's still so hard.
Speaker 1 (17:58):
Shut up, I know, I'm.
Speaker 6 (18:02):
Going all you know, Don corleonis smacking uh Fin Taine
in the head at his daughter's wedding.
Speaker 1 (18:10):
You can act like a man. You can go out
and get yourself a second job.
Speaker 6 (18:17):
I mean, rather than going to Starbucks and buying coffee,
why don't you ask for an application and work nights
and work weekends. Because I'm here to tell you that's
what it takes.
Speaker 1 (18:32):
That's what it takes.
Speaker 6 (18:33):
It's not supposed to be easy, doesn't fall in your lap.
You need to work for it, and unfortunately many people
do not.
Speaker 1 (18:45):
And that's your choice. It's your choice. If you're happy
in your situation, well you're complaining. You're complaining.
Speaker 6 (18:53):
You're obviously not happy in your situation, but you're not
doing anything about it.
Speaker 1 (18:59):
You know.
Speaker 6 (19:00):
It was this story about the Great Kobe Bryant and
Kobe Bryant. It was a playoff game. It's a playoff
game that they lost. That they lost.
Speaker 1 (19:12):
He missed the last three shots.
Speaker 6 (19:17):
He missed the last three shots in the game, and
at the end, he was he was sitting there, sitting
there on the bench and he you know, he's had
his hands on his head with his head down. Then
you know, eventually he got up and he you know,
was walking off the court. Reporter talking about how does
it feel? How does it feel? Kobe made it perfectly clear. Okay,
(19:37):
when he had his hands in his head, Okay, he
was thinking about what he did wrong and why he
missed those shots. And he said, now I know why
I missed those shots. So next time, I'm not going
to miss them.
Speaker 1 (19:55):
See that's what life is all about.
Speaker 6 (19:57):
You're gonna have obstacles all along the way, and you
can either decide to blame them on someone. Blame them
on someone, you can wind your way through it, or guess.
Speaker 1 (20:11):
What you can learn from the obstacles.
Speaker 6 (20:13):
You can learn from your mistakes and you can overcome
them and you can become a success.
Speaker 1 (20:20):
This country has got to pick itself up.
Speaker 6 (20:23):
We've become a bunch of wusses for crying out loud.
Life is so hard. Suck it up, buttercut. Watchdog on
Wallstreet dot com. Watchdog on Wallstreet dot Com. Don't go anywhere,
We'll be back.
Speaker 2 (20:38):
You should believe Chris Markowski is the watchdog of Wallston
All right, bringing them America financial freedom. One listener at
(21:02):
a time. You're listening to the Watchdog on Wall Street
with Chris Markowski.
Speaker 1 (21:09):
Ok about everybody? It is the Watchdog on Wall Street show.
You know why not? I think it kind of goes along.
Speaker 6 (21:14):
We talked about here for you know, past half an
hour here on the program. One of the things that
we're now doing at Markowski Investments, I'm working.
Speaker 1 (21:25):
On a book.
Speaker 6 (21:26):
And no, no, it's it's not a financial planning book. Okay,
it's not. We're working on a book right now about
our clients. We're working on a book about our clients
and their backstory small business owners, different walks of life,
(21:48):
things that they've done throughout the life to build their business.
Speaker 1 (21:51):
True success stories. And again, I can't stand. I can't
stand all the is me crap around me all the time.
I never could stand it.
Speaker 6 (22:06):
And again, yes, you guys are getting kind of like
a feel of when I coach kids.
Speaker 1 (22:12):
It's the same thing. It's the same thing.
Speaker 6 (22:15):
You know, I all the time go out on the
field and make fast mistakes. When I say, go out
and make the field and make fast mistakes the kids.
One of my sayings to go out and play as
hard as you can. And I know you're gonna make mistakes.
Go out there and make them and then get up
and move on.
Speaker 1 (22:32):
Move on.
Speaker 6 (22:33):
It's that that's life people. Okay, you let emotion drag
you down, and woe is me. You're not gonna make it, man,
you're not. And I'm I see these stories, these young people.
Oh yeah, I can't get ahead. I can't do this.
Speaker 1 (22:50):
We'll work harder. I've told this story before.
Speaker 6 (22:55):
My father was a school teacher, but he had a
several businesses. He sold pool supplies, he had, we had
our janitorial business that I grew up. So when I
was all a kid, I started working for him. Yeah yeah, yeah, yeah.
I clean toilets, clean toilets, mop floors, clean sinks. After school,
(23:19):
working for my dad to different buildings in ed. I
remember when I was a kid. My dad would come home,
we'd have dinner together as a family. He'd go clean
a building. Then he'd get up before he had to
teach school. Get up at four o'clock in the morning,
do another building. Didn't go to work, people.
Speaker 1 (23:39):
I want Chris. You get up every day. You at
three thirty four o'clock in the morning. How do you
do that?
Speaker 6 (23:43):
Well, you know what, I just learned it. That's what
you do. That's what you do if you want to
get to a certain place.
Speaker 1 (23:51):
If you don't, you don't. But don't blame others.
Speaker 6 (23:56):
I know the terrain is more difficult right now. I
know the housing market is extraordinarily expensive.
Speaker 1 (24:03):
I understand inflation, all of these things. I get it.
I get it. But then you take a look around
the globe and.
Speaker 6 (24:13):
You see some of these these areas because again, we
don't get much international news.
Speaker 1 (24:17):
We'll see a little bit out of Ukraine.
Speaker 6 (24:18):
We'll see the horrors taking place there, the horrors that
are taking place in Gaza. We don't we don't get
much of the stories of people getting you know, Christians
getting hacked to death in Africa. I mean people, Okay,
sometimes you're gonna have to take a couple steps back
and understand where you are, okay, and stop your moaning,
(24:42):
stop your complaining, and go out there and build, create,
protect and teach.
Speaker 1 (24:51):
Anyway, But you know, I gotta I gotta mentioned it.
Speaker 6 (24:54):
Yet here on the program get For all of our
new affiliates were constantly handing new stations here, which is
a maz this is what's going on with talk radio nowadays.
Speaker 1 (25:03):
People. We help everybody out.
Speaker 6 (25:06):
At Markowski Investments, this radio show, watch Dog and Watterree.
We've been on the air since two thousand. I was
doing guests to PARENTSS even before that. We've never turned
anybody away. And this is why I invite each and
every one of you to get to our website. Get
to our website, sign up for our personal CFO program.
Speaker 1 (25:27):
Basically, that's what it is, is what we do for
our clients.
Speaker 6 (25:30):
Okay, there are family, all kinds of our family, and
we can handle everything nuts to bolt. Say, you need accounting,
we can do that. You need legal, we can do that.
But of course managing your money. And I've said it
again and again and again. This is why I'm doing
this book about my clients. It's just you know, over
the years, you watch you watch people build businesses up
(25:51):
and nothing makes us happier, Nothing makes us happier.
Speaker 1 (25:55):
And see people succeed.
Speaker 6 (25:59):
But guess what all of the only success stories, what
do you think that they were easy?
Speaker 1 (26:02):
No, no failures.
Speaker 6 (26:04):
I kind I think the amount of things that I've
done in my business, various different things that we tried
that haven't worked, haven't worked. You know what's so lot,
pick yourself up and move on. But again I invite y'all. Okay,
get to our website at Watchdog on Wallstreet dot com,
our personal CFO program, our podcast, our newsletter, all sorts
(26:27):
of great stuff Watchdog on Wallstreet dot com.
Speaker 1 (26:30):
We gotta get back.
Speaker 6 (26:31):
We're gonna talk a little bit about the IPO market,
and we're gonna talk about yes, magic spells, magic spells,
investment advice, legalies, all sorts of stuff.
Speaker 1 (26:40):
We gotta go Watchdog on Wallstreet dot com.
Speaker 4 (26:42):
We'll be one.
Speaker 2 (26:46):
Ntage taking Wall Streets liars, crooks and cheets out behind
the woodshed. You're listening to the Watchdog on Wall Streets.
Speaker 1 (27:10):
All right, Welcome back, everybody. It is the Watchdog on
Wall Street Show.
Speaker 6 (27:14):
Another column I saw on the Wall Street Journal last week,
and I gotta tear it apart. I'm talking about the
ip O market. Yes, IPOs, the IPO.
Speaker 1 (27:25):
Market gets cold feet.
Speaker 6 (27:28):
True story when I first started, when I first started
in this business. That's that's what the folks at the
big firm had us doing.
Speaker 1 (27:36):
They had us calling up calling.
Speaker 6 (27:38):
You old dune in brad streets, calling up people and
telling them we've got an IPO, would you like one
hundred chairs, a couple hundred chairs, And that's what we did,
and people jumped all over it. Again and this is,
you know, again early nineteen nineties, and back at that
point in time IPOs you were actually getting in at
the bottom where it's much much different today, where again,
(28:00):
when companies go public, more often than not, the company's
been around for a long time, already been around for
like ten years, may not be making any money, but
they've laddered the thing up, created a story, and the
IPO is when the insiders, the venture capitalists get out.
It was very different back in the nineteen nineties, and
(28:23):
we called it. We knew exactly exactly that this was
going to happen. Wall Street during the nineteen nineties, towards
the end there they went nuts with the dot coms
went nuts. They were taking everything public, everything was going up.
Everybody was a guru. All you need is dot.
Speaker 1 (28:41):
Com and your name.
Speaker 6 (28:42):
All these garbage companies and when the you know, the
bottom fell out because they were garbage companies. Oh no,
we had to do something. I had to do something.
Nobody went to jail. Nobody in Wall Street went to jail,
even though they were lying to people telling everyone that
these companies were great and fantastic when they really weren't.
What they did they came up with a bill thousands
(29:03):
of pages. Bush just got into office Sarbines Oxley and
basically changed the dynamic when it came to IPOs and
we said, you know what, Well, Street will find a
way around. And this is when venture capital went crazy.
Speaker 1 (29:18):
Oh, we know we'll do.
Speaker 6 (29:20):
We'll we'll take companies and we'll build them up, and
we'll keep lett they need more money, I'll say, we'll
give them more money. We'll create a bigger story, we'll
create a buzz, and then eventually we'll blow out and
we'll make the public greater fools. And that, for the
most part, is what has been taking place for.
Speaker 1 (29:38):
A long time.
Speaker 6 (29:39):
You can't get in at the bottom. So it's Wall
Street Journal article talking about the IPO market getting cold feet.
They're oh, ex markets are tough, right now. Why should
it matter if a company is going public that needs money.
It's going public to raise money for a business. Okay, Well,
what difference does it make what the market's doing. Again,
you're looking five, ten, twenty years down the.
Speaker 1 (30:01):
Road, that's the goal. The IPO market has gotten cold
feet because.
Speaker 6 (30:05):
They're worried about what's gonna happen in the fourth quarter,
what's gonna happen with the election. With the markets, it's
because the insiders are concerned that they're not gonna get
out at inflated prices.
Speaker 1 (30:15):
Have you actually taken a look.
Speaker 6 (30:19):
The companies that have gone public over the past five
ten years. I mean, the over ninety percent of the
companies that have gone public just over the past two
and a half years are trading below their IPO prices.
Speaker 1 (30:35):
Why insiders sold? Insiders sold.
Speaker 6 (30:39):
It's the same racket, the same scam that Stratton Oakmont,
Wolf on Wall Street.
Speaker 1 (30:47):
It's the same thing. It's just bigger.
Speaker 6 (30:50):
And one of the things we try to teach people here,
try to teach you there.
Speaker 1 (30:54):
Are no shortcuts. Don't look for them through this nonsense.
Speaker 6 (31:00):
These people are not looking out for you. You to
the you are a mark, You are a greater fool
that they're looking to push their crap deals on. Stop
being a victim, build wealth slowly over time. It works
(31:21):
every single time.
Speaker 1 (31:23):
Watchdog on Wallstreet dot com.
Speaker 6 (31:25):
Watchdog on Wallstreet dot Com Again, our personal CFO program, podcast, newsletter,
Take Advantage Watchdog on Wallstreet dot Com.
Speaker 1 (31:33):
We'll be back what I've been.
Speaker 2 (31:40):
You're listening to the Watchdog on Wall Street. This is
(32:01):
the Watchdog on Wall Street.
Speaker 6 (32:07):
Yeah, McK jagger and the Stones, welcome back everybody.
Speaker 1 (32:11):
It is the Watchdog on Wall Street Show.
Speaker 6 (32:15):
I laughed again. I read a lot of obscure stuff
and studies on this. One was from MIT. MIT study.
Recent study explains why laws are written in an incomprehensible style.
MIT cognitive scientists believe they have uncovered the answer to
(32:37):
that question. Just as quote magic spells use special rhymes
and archaic terms to signal their power, the convoluted language
of legalese acts to convey a sense of authority.
Speaker 1 (32:51):
No kidding, It's not just the law.
Speaker 6 (32:57):
It's simple things like financial planning as well. What we
do we don't call it planning, we call financial preparation.
Speaker 1 (33:06):
They want to.
Speaker 6 (33:07):
Make you feel like you don't know what you're talking.
They make it on purpose, They make it complex.
Speaker 1 (33:14):
People through.
Speaker 6 (33:15):
I go over our process and how we do things
at Markowski Investments and are going to do an investment book.
It wouldn't be very long because quite Frankly, it's not
that complicated.
Speaker 1 (33:31):
They want you to think that there's some sort of
magic trick to it. Again, that they're not wrong on this.
They'd make things complicated on.
Speaker 6 (33:41):
Purpose in order to make you feel like that you
need them for certain things, when oftentimes you don't in
so many ways. Again, you watch these some of the
business programs on there and they start talking all this,
especially when they start getting into their technical analysis and
various different charts and graphs.
Speaker 1 (34:03):
And people's heads are spinning. I'm like, you don't have
to pay attention to any of that. It's not for you. Okay,
it's not for you, So don't pay attention to that.
Speaker 6 (34:13):
Build wealth over time, compounding the Royal Road to riches,
understanding to buy assets on sale, Understanding that you are
buying companies, underlying ownership in companies where you're looking to
own them over time, Understand that you need to cut
and trim as positions go up, and reallocate assets.
Speaker 1 (34:36):
Simple stuff people.
Speaker 6 (34:39):
Anyway, that is an example of this.
Speaker 1 (34:43):
Another column.
Speaker 6 (34:44):
I mean, I'm really going after the journal this week.
Holy Mackwell, they're talking about they call it the tried
and True sixty to forty portfolio and four percent withdrawal
rate and retirement could lead to catastrophic outcomes if mars
behave differently than in the past.
Speaker 1 (35:03):
Yeah, sixty forty portfolio.
Speaker 6 (35:05):
I remember learning about this way back when I got started,
and again that was part.
Speaker 1 (35:11):
Of you know, oh, just just try drum. This is
how you gotta do things.
Speaker 6 (35:15):
And you know, I'd be raising my hand like Tom
Hanks and uh remember in.
Speaker 1 (35:21):
Big I don't get it.
Speaker 6 (35:23):
That was me asking, I don't get it. I don't
understand why this is you know, the standard. Well, they
made it the standard because everyone would do it and
it would make their.
Speaker 1 (35:31):
Jobs very easy. Yeah, it makes it.
Speaker 6 (35:35):
Back in the day, shlockbrokers, make this the shlackbrokers jobs.
Speaker 1 (35:39):
Sixty forty portfolio. That's the way to go, and this
is how you do it.
Speaker 6 (35:42):
And you know, then they can go out and they
could have the another three four martini lunches. Scott Scott, Scotch,
I love Scotch or whatever they were drinking.
Speaker 1 (35:49):
You know what I'm saying. I never understood it.
Speaker 6 (35:53):
Sixty forty portfolio, one size fits all for everybody. It's
a load of punk. It's like these ridiculous funds.
Speaker 1 (36:03):
That they put together.
Speaker 6 (36:04):
Oh yeah, so you put these funds in, these target
date funds. A yeah, target date, target date?
Speaker 1 (36:11):
Did you It's just stupid.
Speaker 6 (36:14):
That is target date. You know, the date where you're
going to retire. Yeah, it's funny. Charlie Munger. Again, everybody
knows a big fan of Charlie Munger and the late
Charlie Munger. And we had this thing, he says. He says,
I don't how did he put it? He said, I don't.
Speaker 1 (36:33):
I don't know.
Speaker 6 (36:34):
I want to know when I'm gonna die. I want
to know where I'm going to die, so I know
not to go there. It's like, oh, yes, yes, I'm
gonna target date. This is when I'm going to retire.
This is this is the date when I'm gonna get married.
Come on, people, you want to make God laugh, tell
him your plans. That's not what we do at Markowski Investments.
It's financial preparation. We're building wealth. So guess what you
(36:57):
can take advantage of opportunities to out life? Life is
not Hey, hey, I'm twenty one years old, I got
my first job. Let's set it, forget it, Let's just
put life on auto pilot.
Speaker 1 (37:09):
That sounds like a hell of a lot of fun.
Speaker 6 (37:11):
That was everything everything that I hated about growing up
in Albany, New York. I want to dis I was
a lot of nice things. Albany, Sarah Toga was wonderful,
Lake George, all that good stuff. But growing up in Almney, York,
everybody wanted to play so many people, not everybody, most people,
you know high school.
Speaker 1 (37:27):
Well, let's just.
Speaker 6 (37:28):
Get a job with the state, basically putting your your
life on setate forget it.
Speaker 1 (37:32):
Ah.
Speaker 6 (37:33):
Yeah, yeah, I ain't gonna work these many days, work
this many years. Then I gotta get my pension time.
I'd rather stick a hot poker in my eye than
do that.
Speaker 1 (37:41):
But again, to each his own.
Speaker 6 (37:45):
So I got a lot of messages Chrish, course you
were in you were a Fox business. They've quoted you
in one of your articles this past week.
Speaker 1 (37:52):
Yeah. You know.
Speaker 6 (37:54):
The funny thing is is that I got a phone call.
A phone call was on vacation. This was like a
month ago, asking me about you know, the recession recessions coming.
You know, that was when everyone was freaking out because
the market sold off.
Speaker 1 (38:09):
Recessions coming.
Speaker 6 (38:10):
And I've been saying all along, people, if it wasn't
for all the government spending that was taking place, we
would be in a recession. And again the you don't
need you do not need the economists from you know,
the NBR to tell you what you're feeling. Reach and
every one of us can be our own own little economists.
(38:35):
You're gonna trust these people that are perpetually wrong on
TV with their nonsensical models when you know exactly how
you feel in your own household, and you know what
you're paying, and you're seeing what your car insurance costs on,
you're seeing what your food costs are, you're seeing everything
going up, your dollars not going as far.
Speaker 1 (38:51):
Does does it feel like everything is going well?
Speaker 6 (38:55):
Oh no, no, no, no, no, We're not in a
recession unless the uh the economists call it.
Speaker 1 (39:01):
Come on, people, we're all smarter than this. Gotta take
a break.
Speaker 6 (39:05):
Watchdog on Wall Street dot com. Watchdog on Wall Street
dot Com.
Speaker 1 (39:10):
Is our site.
Speaker 6 (39:11):
You know, we gotta we gotta get and bold some
of the politics and stuff that's taking place.
Speaker 1 (39:15):
Gotta do it, Gotta do it.
Speaker 6 (39:17):
Watchdog on Wall Street dot Com again our personal CFO program, podcast, newsletter.
Speaker 1 (39:22):
Don't go anywhere. We'll be back.
Speaker 2 (39:29):
Chris Markowski is the watchdog on Wall Streets well know
and altered investment banker, consumer advocate, analyst, trader Chris Markowski,
(39:53):
He's the watch dog.
Speaker 4 (39:54):
On Wall Street.
Speaker 3 (39:55):
Do you want to answer exposing the lines and myths
that the brokerage firms, the mainstream press, and the government
are pushing to keep Americans away from financial freedom.
Speaker 4 (40:07):
You can't handle the truth.
Speaker 2 (40:09):
Bringing America the truth about what really happens in the
financial world.
Speaker 5 (40:14):
Ladies and gentlemen were out here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (40:18):
This is the watchdog Wall Streets.
Speaker 1 (40:24):
Milt Friedman lives.
Speaker 6 (40:26):
I've seen a lot of Milton Friedman as of late
on x a lot of great old speeches and videos,
and I one.
Speaker 1 (40:39):
With him being interviewed by the late Phil Donahue.
Speaker 6 (40:44):
There was another one this past week and he was
talking about price controls and he was talking about inflation.
Speaker 1 (40:52):
It was a it was a speech he was.
Speaker 6 (40:55):
Given at Kansas University and in nineteen nineteen seventy eight, and.
Speaker 1 (41:01):
He was talking about this just how dumb it is.
Speaker 6 (41:07):
But he ended it he ended it, well again, how
dumb it is is, basically saying, hey, listen all of
the stuff, all the stuff that you're demanding. Okay, it's
either gonna get paid for all of this stuff that
Kamala Harris okay is promising.
Speaker 1 (41:23):
And what is that now?
Speaker 6 (41:24):
It's close to two trillion dollars in additional spending, at
least close to two trillion dollars.
Speaker 1 (41:32):
All of it is going to be paid for in
one of two.
Speaker 6 (41:35):
Ways higher taxes, higher taxes or inflation.
Speaker 1 (41:40):
That's it. The only way is gonna go after the
corporations and the rich people. Not enough money. No, listen,
you don't need to be a mathematician. You play with
a calculator.
Speaker 6 (41:53):
You could, you could, I've gone over this before. You
could just confiscate you you could confiscate.
Speaker 1 (42:01):
You could be like.
Speaker 6 (42:01):
That bad guy Bane in the Batman movie there and
they confiscate and take all the rich people's well, grab it,
take it all. It's not enough, it's not enough, not
enough taxes. And guess what they're gonna have to keep
printing and it's gonna cause more inflation.
Speaker 1 (42:21):
That's why we have inflation, kids, that's where it comes from. Anyway,
I have to talk about this as well.
Speaker 6 (42:31):
Kamala Harris has said that again we got to go
after the monopoly men. Gotta go after those those corporations
out there, those terrible corporations that are gouging you, stealing
from you.
Speaker 1 (42:41):
All that good stuff.
Speaker 6 (42:42):
Yeah, she wants to raise the corporate tax rate from
twenty one percent to twenty eight percent. Pay close attention,
Pay close attention to all of you people that.
Speaker 1 (42:56):
Think that this is a good idea. How many times
if I explained this to people here on the program,
countless countless. But it works.
Speaker 6 (43:05):
Raising corporate taxes work. At least the rhetoric works. It
will get your votes. It will get your votes because again,
we don't have a very intelligent electorate out there. I'm sorry,
I'm sorry. And again I don't mean to, you know,
talk about IQ points or whatever it may be. I
(43:27):
just people are woefully ignorant. They have no ideas corporations.
Corporate corporation is a tax id number and a bloody logo.
Speaker 1 (43:42):
They don't have a printing press.
Speaker 6 (43:45):
They don't have a tree at their corporate headquarters where
they can pick money off it.
Speaker 1 (43:50):
To pay their taxes. Corporations businesses.
Speaker 6 (43:55):
Sell goods and provide services, do they not people pay
for those things?
Speaker 1 (44:02):
That money that comes in is used to pay. I'll
get all their.
Speaker 6 (44:07):
Expenses, input costs, labor, and yeah, taxes. If you increase
the taxes that the corporation has to pay, they're going
to have to increase the price of the products or
what they're charging for their services.
Speaker 1 (44:24):
So who pays the bloody corporate tax? You do? You pay?
Speaker 6 (44:32):
The corporate taxes should be zero. They should be zero
because again, you know, corporations can finagle different ways and
cut deals with politicians to lower their tax whatever it
may be. You just eliminate that all together. Corporate taxes
(44:53):
should be zero. We pay the corporate tax.
Speaker 1 (44:58):
What happened?
Speaker 6 (45:00):
I go back in time. Obama thirty five percent. Obama
raised the corporate taxes to thirty five percent. What did
corporations do?
Speaker 1 (45:10):
They left? They left? Oh yeamm and Piden was all
upset about that being unpatriotic. Yeah.
Speaker 6 (45:17):
They were moving to Dublin and Bermuda and doing what
was known as tax inversions, where larger companies would be
acquired by a smaller company overseas.
Speaker 1 (45:29):
Now, why would CEOs do that? Well, guess what. The
corporate tax rate was much lower Dublin.
Speaker 6 (45:35):
For crying out loud, Ireland's economy built on the fact
that they had low corporate taxes, and people will move
there in the same way that people individuals are moving
from California and Illinois and New York to places like Florida, Tennessee, Texas,
other plate North, you name it, they're going to leave.
Speaker 1 (46:00):
Anyway. Debt.
Speaker 6 (46:03):
Nobody wants to talk about national debt. One point nine
trillion dollar federal deficit. And I'm going after both sides.
Lip service, lip service, it's not sex a, it's not
doesn't get the people going, So we're not gonna talk
(46:25):
about it.
Speaker 1 (46:26):
Why why I have.
Speaker 6 (46:32):
I wish the Republican Party would become the smart part again.
I left the Republican Party decades ago because of the
lies and the spending and all the war mongering and
go on and on and on. At some point in time,
can we can we bring back to the you know,
the Bill Buckley's Freeman, the intelligence and go out and
(46:55):
teach and explain to the American people what we're dealing
with at this point in time.
Speaker 1 (47:02):
I mean, you.
Speaker 6 (47:03):
Managed to scare the but Jesus out of everybody with
COVID and shut the country down.
Speaker 1 (47:09):
You can only make anybody drum up a war.
Speaker 6 (47:11):
Or something like that. You can you can get the
people going with that. You can't go out and actually
explain that this is something that we need to deal with.
And again, you know Kamala Harris's economic plan adding what
one point seven trillion dollars to two trillion dollars to
the national debt.
Speaker 1 (47:33):
And then you know they're saying that Trump tax cuts,
Trump tax cuts can do the same thing. Well, I'm
here to tell you something.
Speaker 6 (47:40):
When it comes to taxes, they're going out, They're going up.
I've explained this to everyone before. Whenever you even notice,
whenever they pass some sort of tax package or tax relief,
whatever it may be, you notice it always expires, which
(48:00):
makes no sense. Would you just set the rates for
what they are? But both Republicans and Democrats know. Both
Republicans and Democrats know that, in essence, once the tax
cuts expire, they raise your taxes without having to do
a damn thing, without have to without having to pass
a single piece of legislation, their taxes are going to
(48:25):
go up, and they are going to go up unless
Donald Trump wins and he gets a pretty strong majority
in the House and Senate that Trump tax cuts are
going to expire, just like the Bush tax cuts expired,
and then both sides can point the finger at one
another and nothing will get done. This is folks, This
(48:48):
is by design. You know that, right, This is by design.
Another tax bit I wanted to talk talk about. Kamala
Harris is uh.
Speaker 1 (49:05):
Just come up again?
Speaker 6 (49:07):
Ah, she's supporting Joe Biden's tax proposals for twenty twenty five,
which include a forty four point six percent capital gains
rate and a twenty five percent tax on unrealized gains.
It's it's so ridiculous, it's not gonna happen. Okay, it's again.
This is to say anything stuff this.
Speaker 1 (49:28):
To get the people going. Hey, people that.
Speaker 6 (49:32):
Are responsible to save their money and invest, you do
know what that would do to the the equity markets
with forty four point six percent capital gains rate. You
do understand the entire risk reward model will be thrown
into disarray and people be like, well, you know what,
(49:53):
it's not worth the risk. Understand how much that would
tank the market?
Speaker 1 (50:00):
Do you un't say?
Speaker 6 (50:01):
How stupid it is to twenty five percent tax on.
Speaker 1 (50:06):
On the realized gains. You're not gaining anything? What good?
Let me ask you a question.
Speaker 6 (50:16):
Okay, you have you have a portfolio that was one
hundred thousand, okay, one hundred thousand, and you have invested
wisely over the past several years, and let's say it's
one hundred and fifty thousand. At some point in time,
you're gonna want that to grow and you want to
use it for retirement.
Speaker 1 (50:39):
You can't.
Speaker 6 (50:40):
You can't go into a store and say, look at me,
look at my portfolio, look at my investment.
Speaker 1 (50:47):
Ekermen, I am up to one hundred and fifty thousand.
Speaker 6 (50:51):
You's not going to do anything for you until you
realize the gain.
Speaker 1 (50:59):
Why would you tax it? Yeah? Plus uh, you know,
how about all.
Speaker 6 (51:05):
Those people, how about all those people that you know
they invest in companies that went way up and didn't sell.
They didn't take profits off the table, they didn't reallocate
assets and the stocks way down. Now, now if they
had an unrealized capital gains tax, they would have paid
taxes on.
Speaker 1 (51:22):
Nothing, nothing. You know what I think it was Denmark
tried this, Denmark, We're gonna we're gonna do this in Denmark.
Speaker 6 (51:31):
Do you know how many how many people left the country,
You know, the billions of dollars in wealth that left
the country. I'm you know, anything like this comes close
to happen, I'm gonna have to expand my business. I'm
gonna have to expand my business and help people move,
(51:53):
help people move overseas, because that's what they're.
Speaker 1 (51:55):
Going to do.
Speaker 6 (51:59):
Even all this only gonna be on there people with
over one hundred dollars.
Speaker 1 (52:05):
You know how easy is if.
Speaker 6 (52:07):
It is for them to pick up and get residency
somewhere else. You know what a piece of cake that is. Again,
the idea is so stupid. Again, it only sounds good
to people. Again, not very high intelligence. And again they're
(52:28):
looking to get votes. Do I think that they will
ever enact No, No, because again you're talking about many Democrats,
many people that again the sponsors, the owners of the
Democratic Party. Okay, they've got a ton of money. They're
not gonna want to deal with this either. Okay, I
(52:52):
know that they're tired. It's been talked about how ridiculous
it is, and again you should point it out just
how dumb this is. This is a reach, this is
they're reaching out for the dumb voter and this I would,
you know, put the odds on us anything like this
happening at less than ten percent.
Speaker 1 (53:11):
But again we talk about it, talk about it.
Speaker 6 (53:14):
Hey, we do getting back to you know what wins elections,
No substance, just rhetoric. A little bit more on that
when we get back. I gonna take a quick break.
Watchdog on Wallstreet dot Com. Watchdog on Wallstreet dot Com
as our side again, our personal c FO program, our podcast,
our newsletter, all sorts of great stuff. Watchdog on Wallstreet
(53:34):
dot Com.
Speaker 3 (53:35):
You'll now.
Speaker 2 (53:52):
Bringing America financial freedom one listener at a time. You're
listening to the Watchdog on Wall Street with Chris Mark.
Speaker 6 (54:04):
Prety Goods Looking market is the one, the only the
watch Dog on Wall Street show. I know, I know
a lot of economics tied in with politics today. Again,
one of the things that we tried to do here,
which the networks don't do. We break things down the
way they are supposed to be broken down. And again
(54:26):
you've yet to hear a single network come out and
call politics as they exist in America today what they
actually are.
Speaker 1 (54:35):
It's fugeci. It's fake professional wrestling.
Speaker 6 (54:40):
For the most part, the overwhelming majority of the people
that you're speeing seeing speak at these conventions, they.
Speaker 1 (54:46):
Have their donors and the donors own the party.
Speaker 6 (54:52):
Are there fundamental philosophy differences between the left and the right, Yeah,
there are there are. I've talked about this on theod
My podcast this past week, and I know I've talked
about this on the show, but I want to give you.
Speaker 1 (55:09):
I want to give you an example.
Speaker 6 (55:10):
Okay, I guess I've got clients all walks of life,
all over the country, and one one client of ours
is a very very very successful attorney, very very successful attorney,
big time, big time donor to the left, big time
(55:33):
donor to the Democrats, and meeting with him, this is
years ago, back when Barack Obama was president. First out,
and we're having a you know, out to dinner, having
a conversation, debating back and forth, and basically basically his philosophy.
(55:53):
His philosophy is is that people, people for the most part,
are just they're helpless. For the most people are just dumb.
They're too stupid, you know that they need to be
taken care of. I described this before as like how
the left treats human beings like rescue pets, like rescue
dogs and rescue I rested in my pet that they
(56:15):
think that they have to rescue human beings.
Speaker 1 (56:19):
Now.
Speaker 6 (56:20):
My personal philosophy is is that I'm sorry. We're all
we're all God's children, We're all made in God's image
and likeness. God has given each and every one of
us something unique, a gift, and we're supposed to go
out there and do something with it. I have no
(56:43):
problem with helping out, helping out our neighbors, I have
no problem with that. That's what social safety nets are for.
But what they've become is they become an addiction. And
the left like, no, no, no, no, no, no no,
these people. You can't help them, Okay, he can't just
(57:05):
just give them hand out, take care of them and
keep them away from our lawn. I'm sorry that that
is their mentality, that is their mentality. Ah, I gonna
help that, gonna support them, They're gonna help me people,
And I get it. Sometimes, you know, people need help
(57:25):
from time to time, and that's okay, that's good.
Speaker 1 (57:29):
We should be a generous country like that.
Speaker 6 (57:34):
But the ultimate goal of any sort of social safety
that any sort of government program.
Speaker 1 (57:39):
Is to get people back up on their feet so
they can go out and build and create.
Speaker 6 (57:48):
Don't we say every single week here on the program, Okay, build, create, protect,
and teach. Do I think that that people do? You
honestly believe that people are happy, really happy deep down
inside when they're living on the dole. Again, I think,
(58:13):
as human beings are nature.
Speaker 1 (58:17):
Is that we need, we need to we need to
go out, we need.
Speaker 6 (58:21):
To overcome obstacles and achieve goals. But again, as the
plans and everything that they're putting forward here in this
it's it's insane, it is. But then we get down
to where we're at and this is this is a
(58:42):
shame right now. It's rhetoric. It's rhetoric. The Obamas spoke
on Tuesday night and hey, listen, I'm gonna be honest
with you. I A as far as the rhetic rhetoric
was concerned, they were spot on. They were spot on.
They went after Donald Trump, they went after him, they
(59:06):
went after him hard. But you'd notice and on these
speeches that are being given, they don't talk about any policy.
It's all handouts and giveaways. Again, I told the story,
I learned this in sixth grade. I learned this in
sixth grade. You promise things, you get yourself.
Speaker 1 (59:26):
Elected, you don't deliver. They don't have to deliver. These
people are just looking to obtain power, that's all the matter.
Speaker 6 (59:38):
Do you think that those big you think that those
big companies that are sponsoring Kamala Harris, those big donors,
that you think that they want to be taxed at
a ridiculous and no, no, they want a seat.
Speaker 1 (59:51):
At the table. They want the contracts going in their
directions anyway.
Speaker 6 (01:00:00):
Watchdog on Wallstreet dot com, watch Dog on Wallstreet dot
com again, become part of the Watchdog on Wall Street
family are personal, cf OL, program, podcast, newsletter, you name it.
Speaker 1 (01:00:11):
Watchdog on Wallstreet dot com. We'll be back.
Speaker 2 (01:00:19):
You're listening to the Watchdog on Wall Street taking Wall
(01:00:39):
Streets liars, crooks, and sheets out behind the woodshed. You're
listening to the Watchdog on Wall Street.
Speaker 1 (01:00:54):
Prety welllcome back if it is a Watchdog on Wall
Street show. Yeah, this is under.
Speaker 6 (01:01:00):
Files under the Don't Doubt Me files, Don't Doubt Me files.
Another c I told you so moment I am noticed,
I haven't. I've been going on TV and doing the
the Brady Bunch boxes on Jobs Friday, where we talk
about the job's numbers and hey, we're gonna guess what
(01:01:21):
the unemployment rate is going to be, what the jobs
numbers are going to be?
Speaker 4 (01:01:24):
Why?
Speaker 6 (01:01:25):
Because it's all the s. Yeah, it's it's all ridiculous.
Last time I did, I mean, I said so, I
said so on air, I said so off air. I said,
this is a joke. I said, you take a look
at these numbers. You take a look at the garbage,
(01:01:46):
the lies that the government is putting out.
Speaker 1 (01:01:50):
It's ridiculous, is what it is. It's utterly ridiculous.
Speaker 6 (01:01:56):
I told you that we're going to have review, vision
after revision after revision, government statistics.
Speaker 1 (01:02:05):
What was that song by public Enemy? Can't trust it,
can't trust them at all.
Speaker 6 (01:02:14):
You're talking massive revisions to the jobs and what do
you see, Oh, every every job's fry.
Speaker 1 (01:02:21):
Oh yes, doesn't matter, doesn't matter, donkey elephant.
Speaker 6 (01:02:25):
Oh yes, their president's working hard to create jobs here
in the country. That is always tipped me to hell
off And I said, you haven't figured out how much
my disdain is for political parties, and you're not listening
carefully enough.
Speaker 1 (01:02:38):
I can't stand them.
Speaker 6 (01:02:40):
I want to president that just you know, when there's
a great job to come out and say, you know,
I didn't do this.
Speaker 1 (01:02:45):
You know my job is to My job is to help.
Speaker 6 (01:02:49):
The environment, to remove the minefields for small business owners,
big business owners so they can go out there and
build and create jobs and create wealth for this country.
Speaker 1 (01:03:01):
I don't do it. They do it. But they've been
lying and every.
Speaker 6 (01:03:07):
Single time, come on, now, these these these statistical anomalies here,
they make no sense. So yeah, yeah, they've been lying
about the amount of jobs that have been created. But
you knew that already if you've been listening to the program.
Here now we're seeing that Americans, uh, twenty eight percent
(01:03:28):
of Americans searching for new jobs, the highest rate in
a decade. And why are they looking for new jobs.
They're looking for new jobs because they're afraid that they're
going to lose their current job. It's not like it
was before, like ah, I'm jumping shit because this one's
paying more the whole like COVID nonsense crap that was
going on.
Speaker 1 (01:03:49):
No no, no, no, no, no, no, no, no no no.
These are people that are frightened that they're going to
lose their job.
Speaker 6 (01:03:54):
Last week on the probe, we talked about this. I said,
you know, listen, you're a remote worker, and I don't
know how well my company. I suggest you high tail
it into the office. I suggest you get a little
bit of FaceTime.
Speaker 1 (01:04:10):
I think. I suggest you show up at the office now.
Speaker 6 (01:04:12):
I thought you may have to hang around the water cooler,
see how things are going at the company you're working for,
because one story after their company after company is warning
about the consumer. At this point in time, I told
you and I wouldn't be surprised as we watch these
massive revisions to jobs.
Speaker 1 (01:04:34):
I wouldn't be surprised.
Speaker 6 (01:04:36):
After the election, after election, late November, maybe December, all
of a sudden we get a backdated recession. Oh yeah,
we recalculated the numbers and yeah, we were interesting. Wouldn't
surprise me in the slightest bit. It's happened before. We've
(01:04:59):
already gone over here. Without all of the nonsensical government
spending that's been going on. For crying out loud, we
wouldn't have positive economic growth.
Speaker 1 (01:05:11):
It would be negative. And I'm not the only one
that's yelling screaming about this.
Speaker 6 (01:05:14):
You have actually the former CEO of Home Depot this
past week, Bob Nardelli saying job's dad is woefully understated,
and he said it's about time that the government got honest.
Speaker 1 (01:05:27):
Bob bug Biby a little older than I am, and
you've been around longer than me. I think you should
know better.
Speaker 6 (01:05:35):
The government all of a sudden, get honest, become honest
with why not gonna happen? Not going to happen anyway,
Take a break. Watchdog on Wallstreet dot com.
Speaker 1 (01:05:49):
Watchdog on Wall.
Speaker 6 (01:05:50):
Street dot Com again, become part of what we do.
Personal CFO program open for everybody everyone. Watchdog on Wallstreet
dot com or podcast, our newsletter, you name it.
Speaker 1 (01:06:04):
Watchdog on Wall Street dot Com will be back.
Speaker 6 (01:06:22):
Speed.
Speaker 2 (01:06:24):
This is the Watchdog on Wall Street.
Speaker 1 (01:06:31):
Quarterback. I gotta I gotta sound off on this as well.
It's difficult.
Speaker 6 (01:06:41):
I kind of tried to avoid this topic here on
the program, uh for twenty five years now.
Speaker 1 (01:06:49):
We talked about it a little bit. But but I'm
gonna be straight up and honest.
Speaker 6 (01:06:56):
If you are a one issue voter and that that
issue is pro abortion, I don't know what's.
Speaker 1 (01:07:08):
Wrong with you.
Speaker 6 (01:07:10):
I mean, take take a couple of steps back and
think think about what your your your number one issue,
what you're voting on, that's the most important issue to
you is to push for you know, the right, you
(01:07:31):
know the only medical procedure out there where you're terminating
a life.
Speaker 1 (01:07:35):
That's that's what you're pushing for.
Speaker 6 (01:07:39):
I just can have the debate until we're ruing the face, okay,
And you know it's a debate that we need to
have here in this country. But that's your number one issue.
It's honestly, the d n C. It's like a death
cult there.
Speaker 1 (01:08:00):
You the d n C.
Speaker 6 (01:08:02):
Attendees have the opportunity for free vasectomies and abortions. I
you know, you know, listen, we've we've had a nice
run as a country. We have had a pretty nice run. Again,
(01:08:24):
I'm a student of history, and this is this is
some uh, this is some old Testament, old Testament sick
nonsense that's transpiring here in this country.
Speaker 1 (01:08:36):
Sorry, it is what it is.
Speaker 6 (01:08:40):
And you know, I mentioned Milton Freeman like I'm kind
of getting a beat off the beat track earlier on
in the program. We're talking about some of his statements
when it comes to inflation, and you know, he talked
about it, and he talked about inflation.
Speaker 1 (01:08:54):
He said it's our fault.
Speaker 6 (01:08:56):
Like I say all the time, we yet we get
the government we vote for, we get the government we deserve.
Speaker 1 (01:09:08):
And again I I.
Speaker 6 (01:09:11):
Just can't get my it's time to get my arms
around this. How many people out there that that's the
most important thing? I did you watch some of these
people dressed up like abortion pills and marching around.
Speaker 1 (01:09:26):
Where Where do these people come from? Where do they
what did they do for work? It's uh, you know,
we live in a we live in a society.
Speaker 5 (01:09:36):
I know.
Speaker 1 (01:09:37):
I've talked about this before where it's unfortunately everybody is
it's it's all about me and what I want and
what makes me happy.
Speaker 6 (01:09:56):
And you know, I've talked about truth here on the program, right, Oh,
it's my truth? Was that ad campaign for Calvin Klin?
Speaker 1 (01:10:05):
My truth? My Calvins your truth?
Speaker 6 (01:10:10):
There's no such thing. There's no such thing, you know. Yeah,
people always talk about it.
Speaker 5 (01:10:22):
You know.
Speaker 1 (01:10:22):
I gotta follow your heart. I gotta find what I
want to do. No, no, no, no.
Speaker 6 (01:10:26):
Last week on this show, we talked extensively about freedom,
and it was put very succinctly to me this this
past week. Freedom is it's not about doing what you want.
Follow me here. Freedom is not about doing what you
(01:10:47):
want to do.
Speaker 1 (01:10:49):
It's not.
Speaker 6 (01:10:51):
Freedom is about having the choice to do what you
ought to do, think about it, contemplate and reflect. Watchdog
on Wallstreet dot com. Watchdog on Wallstreet dot com again
is our site. Become a part of our family to
Watchdog on Wall Street family, personal, CFO program, podcast, newsletter,
(01:11:13):
Watchdog on Wallstreet dot Com.
Speaker 1 (01:11:15):
We shall return.
Speaker 2 (01:11:20):
Chris Markowski is the Watchdog on Wall Street, the only
man who is taking on the Wall Street establishment. You're
(01:11:44):
listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 6 (01:11:50):
Chicago where the DNC is being out perfect. It is
the perfect city for the Democrats. It is the model
for democrats. Why well, well Chicago. Chicago hasn't had a
(01:12:11):
Republican hasn't had a conservative mayor in.
Speaker 1 (01:12:15):
One hundred years, in one hundred years, making it what it's.
Speaker 6 (01:12:19):
A private example to showcase this is a progress It's
a progressive town, baby, Mr Cardo Toyne Chico, progressive governance showcase.
Speaker 4 (01:12:40):
Let's go.
Speaker 6 (01:12:41):
The Chicago led the United States in homicides for the
twelfth year in a row.
Speaker 1 (01:12:51):
This year, violent crime is at a six year high.
Speaker 6 (01:12:55):
They police officers in Chicago are not even allowed to
pursue suspects on foot.
Speaker 1 (01:13:03):
So if you you could be standing next to a cop.
Speaker 6 (01:13:07):
Let's say, if you're standing outside a Michigan Avenue boutique
and you do a snatch and grab of a Gucci
bag and you start to run, the cop can't run
after you. He can only walk. Oh yeah, yeah, So again,
what's happening. It's Tony Michigan Avenue. Hey got empty, vacancy's here,
(01:13:32):
there and everywhere. Shoplifting in Chicago twenty two year high
on the city South and West science major retailers and
grocers have closed the Brandon Johnson Brandon Johnson again, probably
(01:13:53):
one of the most unqualified mayors of all time. But hey, hey,
they voted for him. I don't feel sorry. I can't
feel sorry for you know, you got you voted for
this nonsense. So you know Brandon Johnson wants to do
I'm not making this up because because grocery stores are
(01:14:16):
closing down, he wants to open three city owned grocery
stores to Charcole Food Inequity lead the way with a
new approach to fighting food insecurity. The Chicago metro area's
(01:14:38):
unemployment is at six point two percent.
Speaker 1 (01:14:41):
That's the highest of any big city in the country.
Speaker 6 (01:14:46):
The city's budget has a five hundred and thirty eight
million dollar hole.
Speaker 1 (01:14:51):
There's eight. But get this.
Speaker 6 (01:14:52):
I talked about this earlier, fifty one billion dollar pension debt.
Think about that fifty one billion dollars in pension debt. Taxpayers,
their money is going to service that debt. They've got
taxes galore, boat mooring tax, fountain drink tax, parking tax,
(01:15:17):
amusement tax.
Speaker 1 (01:15:19):
Top of a ten point twenty five percent combined.
Speaker 6 (01:15:21):
State in local sales tax, and Brandon Johnson has called
for adding another eight hundred million dollars in new levies.
Speaker 3 (01:15:33):
The h.
Speaker 6 (01:15:33):
Wall Street General also mentions talks about the the fiscal
imbalance and the alliance between politicians and government unions.
Speaker 1 (01:15:43):
Chicago schools.
Speaker 6 (01:15:46):
Only twenty one percent twenty one percent of eighth graders
were proficient in reading, Yet the teachers' unions run the schools,
and politicians, the Chicago teachers in your top donor two,
Brandon Johnson, and they want another nine percent raise.
Speaker 1 (01:16:07):
I can go on and on and on. You know,
Forrest Gump said, stupid? Is it stupid? Does you don't
pay attention again?
Speaker 6 (01:16:18):
You vote for this stuff again and again and again,
and it doesn't get any better.
Speaker 1 (01:16:24):
It's getting worse. I don't know what to say.
Speaker 6 (01:16:29):
I I really don't. I mean, do I feel I
feel horrible. We all see the stories, but again they've
almost They happen so often, all of the violent crime
that takes place, it doesn't even make national news anymore.
Speaker 1 (01:16:44):
It doesn't even we've gotten used to it.
Speaker 6 (01:16:46):
We're just accustomed to the shootings and the horrible violence
that takes place. When are you gonna when are you
gonna change course? At what point in time you watch
the hypocrisy at the d watched Pritzker, the governor of
Illinois up there. This guy is a billionaire, as a billionaire, you.
Speaker 1 (01:17:12):
Know, up there, crooked as crooked could be. I don't
have to tell you people, I really don't.
Speaker 6 (01:17:20):
Anyway, a little bit more here this past week we
actually heard, actually heard from Kamala. They let her speak twice,
let her speak twice, and not good at it, not
good at it. But she was asked about her two
trillion dollars in spending or added debt and or spending proposals.
(01:17:42):
She repeated the phrase return on investment four times, four times,
making absolutely no sense what soever and what she was saying, no, no, no,
how I was gonna pay for it's a return on investment.
Speaker 1 (01:18:02):
What does that mean? Where we're asking where the money
comes from.
Speaker 6 (01:18:08):
And the the uh she was in Pennsylvania. This is
another great Kamala word salad right here. Try to follow
along here. Our election is about understanding the importance of
this beautiful country of ours in terms of what we
stand for around the globe as a democracy.
Speaker 1 (01:18:27):
As a democracy, we know there's a duality to the
nature of democracy.
Speaker 6 (01:18:33):
On the one hand, incredible strength when it is intact
what it does for its people to protect and defend
their rights, incredibly strong and incredibly fragile.
Speaker 1 (01:18:45):
Kamala. I know you went to law school. I don't know.
Speaker 6 (01:18:48):
Maybe you slept through constitutional law. Democracy not a democracy. Sorry, no, no, no,
we protect the rights of individual republic not a democracy,
sa Kamala.
Speaker 1 (01:19:00):
Sorry.
Speaker 6 (01:19:03):
Watchdog on Wallstreet dot com. Watchdog on wallstreet dot com.
Speaker 1 (01:19:06):
Don't go anywhere. I'll be back.
Speaker 2 (01:19:11):
To well, No one altered. Investment banker, consumer advocate, analyst,
trader Chris Markowski is the watchdog on Wall Street.
Speaker 3 (01:19:33):
Do you want to answer? Exposing the lines and myths
that the big brokerage firms, the mainstream press, and the
government are pushing to keep Americans away from financial freedom.
You can't handle the truth bringing America the truth about
what really happens in the financial world.
Speaker 5 (01:19:51):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 4 (01:19:56):
This is the watchdog on Wall Streets.
Speaker 1 (01:20:01):
Alrighty, welcome back everybody. It is the watchdog on Wall
Street Show.
Speaker 6 (01:20:09):
Yeah, one of one of the things I try to
avoid here on the program. But again, I screw up
all the time. I'm just broken like the rest of
us out there, and I make mistakes, and I get
worked up here on the show, get worked up on
the podcast, and again I start calling people stupid and
(01:20:32):
ignorant in all of these things. And I'm not wrong.
I know, it just doesn't maybe something to come across
right way. Its just sometimes I get frustrated.
Speaker 3 (01:20:46):
I do.
Speaker 6 (01:20:46):
I try to try to hide my frustration. I try
to mask it. I try to, you know again, not
mask it.
Speaker 1 (01:20:54):
It's a wrong word.
Speaker 6 (01:20:56):
Try to let people down gently to some degree. But
know those times I just I want to pull my
hair out. I do because in many ways, many respects,
I don't get it. I don't understand. Just again, it's
how vapid people are, and especially in today's day and age,
(01:21:20):
when you have the ability to go and learn and
the ability to have all of this information at your
fingertips and actually educate yourself on things, and how easy
it is. And again I'm an old man, old man now,
I said again, I'm back in the day. I'm just
(01:21:41):
playing my kids. Yeah, card catalogs and Dewey decimal systems
and taking books out of the library and how you
did your research papers and microfiche and all that other stuff.
And you don't need it anymore yet, for whatever reason
it may be, whatever reason it may be, people they
rather than go out and learn and think for themselves.
Speaker 1 (01:22:03):
They'd rather have others tell them what to think.
Speaker 6 (01:22:09):
An influencer, right, or somebody online. And it's sad, it
really is. And it's I'm bringing this up right now.
I want to talk a little bit about.
Speaker 1 (01:22:18):
Taxes. O got to get all that news right now.
Speaker 6 (01:22:21):
Fair shame, and you gotta tax all those wealthy people
out there, all those evil rich people, all of them.
You got to go after them because they're not paying
their fair share. Now, I want you to listen very carefully.
I want you to listen very carefully to all you
(01:22:43):
people that actually believe that line of bull.
Speaker 1 (01:22:47):
Okay, is this fair? I'm going to present this you.
Is this fair?
Speaker 6 (01:22:54):
The top one percent, and again they've got targets, got
targets on they're back. The top one percent, they paid
paid a total share of total income taxes paid. They
paid forty two point three percent. Forty two point three
(01:23:16):
percent of all income taxes paid were paid by the
top one percent. The top five percent paid sixty two
point seven percent of all taxes.
Speaker 1 (01:23:34):
The top ten percent.
Speaker 6 (01:23:36):
Again, one out of every ten people here in the
United States is footing seventy three point seven percent of
the entire income tax bill. The top twenty five percent
is paying eighty eight point five.
Speaker 1 (01:23:56):
And we're at the point in time right now pretty much.
Speaker 6 (01:24:01):
Where half the people in the country are paying for
it all and the other half nothing when it comes
to income taxes.
Speaker 1 (01:24:13):
Nothing.
Speaker 6 (01:24:15):
Again, this is more than two decades ago. More than
two decades ago, I did a column very popular. Whenever
I bring it up here on the show, people always
asking me, could you send that to me? And basically
we did a column talking about there's Bush tax cuts
at the time, and again all this usual nonsense and
(01:24:39):
fair share and taking advantage and all this stuff, and
they get in, Oh my god, it's what's it going
to cost the government?
Speaker 1 (01:24:45):
Cost the government, cost the government.
Speaker 6 (01:24:48):
Anything government takes from us goment government doesn't build and create,
cost the government. So simple story we came up with,
and we pretended that ten people, ten people go out
to dinner every single night. Ten people go out to
dinner every single night, same exact restaurant. And you know,
we said it was one hundred bucks. One hundred bucks
(01:25:10):
was the bill that they paid. And at the time
against two thousand and three, they paid the bill the
way we pay our taxes. Again, first four men, again,
you can talk about this right now again with the
tax you got, the Bush tax cuts, tax went up
under Obama and then the Trump tax cuts.
Speaker 1 (01:25:31):
Okay, this is two thousand and three.
Speaker 6 (01:25:33):
The tax code has become more progressive, not less progressive,
more progressive.
Speaker 1 (01:25:41):
The first four now would be the first five.
Speaker 6 (01:25:43):
The first four men would pay nothing, the fifth would
pay a dollar, the six would pay three, the seventh, seven,
the eighth, twelve, the ninth eighteen, and the tenth man,
the richest would pay fifty nine percent.
Speaker 1 (01:26:01):
Fifty nine dollars. Excuse me. So that's what they did,
ten men, eight dinner every day. That's what happened.
Speaker 6 (01:26:08):
One day the owner came up and said, hey, you
know what, we're gonna cut you guys deal. We're going
to cut you guys break. We're going to reduce the
cost of your daily meal. You're such great customers by
twenty dollars.
Speaker 1 (01:26:19):
So the meal is going to cost eighty bucks.
Speaker 6 (01:26:23):
But the group, they still wanted to pay their bill
the way we pay our taxes. Again, first four guys
not affected. They're still eating for free. But what about
the other six paying customers? How do you divvy up
that twenty dollars winfall? Right, somebody get their fear shape,
(01:26:44):
so you can't divide it, can't divide it by six.
That's three dollars and thirty three cents. And some people
ended up getting paid to have dinner. So the the
restaurant owner suggested he reduced each man's bill by roughly
the same amount. So he worked out the amounts each pay.
Now the fifth man is paying nothing, the sixth I
(01:27:06):
was pitching in two. The seventh paid five, the eighth
paid nine, the ninth paid twelve, The tenth man had
his bill of fifty.
Speaker 1 (01:27:16):
Two dollars rather than fifty nine dollars.
Speaker 6 (01:27:19):
Every single person at that table better off than they
were before, again except the first four, who continued to
eat for free. But again up there we got that
that deadly sin envy and looking at other people. And
I only got a dollar out of the twenty, said
the sixth man. He got seven bucks. Yeah, that's right,
(01:27:41):
I only saved a dollar two. It's unfair. He got
seven times more than me. Yeah, shouted the seventh man.
Why should he get seven dollars back when I only
got two. The wealthy get all the breaks. Wait a minute,
the first four men yelled in unison. We didn't get
(01:28:03):
anything at all. The system exploits the poor. They surrounded
the tenth man. They screamed at him, they pulled fingers
at him. You know what, next night he didn't show
up for dinner, and they kind of realized that they
were a fifty.
Speaker 1 (01:28:16):
Two dollars short. That that that that's basically the system. Right.
Speaker 6 (01:28:24):
You listen to these people on TV again telling you
these people got to get more from them. They're not
they're not paying enough. Meanwhile, they're paying the entire Bill.
You know, it's funny.
Speaker 1 (01:28:38):
One of the things that I get from time to time.
Speaker 6 (01:28:41):
People listen to this program and they'll send me a
message whatever it may be, and they'll say something. Always say, well,
what's easy for you to say, Well, it's easy for
you to say, Markowski, And.
Speaker 1 (01:28:52):
I'm like, what do you mean. That's easy for me
to say, well, you you a business, you have this,
you have that.
Speaker 6 (01:28:57):
But what it's easy for me to say, you think
all of this stuff and the things that I've done
and the business that you think it fell out of
the sky. Easy, yeah, funny, easy for me to say,
(01:29:18):
right right, sure, sure, uh uh yeah. That's part of
the problem that we have is is again people don't
you don't look at others backstories. You know, you don't
see what it what it actually took, the risks that
(01:29:40):
were taking. You know that the time that was put in.
I mentioned this, I was several months ago. I had
this picture sent to me from you.
Speaker 1 (01:29:48):
Know, Jeff Bezos, Jeff Bezos with his you know, little
a little there's a little Amazon signed behind his desk. Yeah.
Speaker 2 (01:29:59):
Yeah.
Speaker 1 (01:30:00):
He used to package up.
Speaker 6 (01:30:01):
The books himself, the books himself that he was selling
it because Amazon when first came out, it just sold
books online, take them down to FedEx himself to deliver them.
Speaker 1 (01:30:14):
Do you have any idea? Yeah, something.
Speaker 6 (01:30:17):
Sometimes somethings break your way, some things break your way
to you know when I call it luck, whatever it
may be. But I'm a big believer that, you know,
you work hard, you can make your own luck. You
can make your own luck. People ignore the backstory. I
(01:30:37):
get a column on this decades ago, the titled when
the Boss shrugs.
Speaker 1 (01:30:46):
And again, you know people will should a chat here
and there. Oh my god, Oh look what he's driving.
What he has stopped doing that? Some do it?
Speaker 6 (01:30:56):
Rather than do that, why not go up to someone.
I want to go up to the boss that you're
you're envious of, or whatever it may be. Oh, it
takes too many vacations, whatever it may be. Why don't
you speak to the boss and ask them their story
and how they were able to build that business, how
they were able to get to that point in life,
(01:31:18):
what it actually takes. Again, I hear this all the time. Oh,
you want you want to own your own business?
Speaker 1 (01:31:29):
Do you okay?
Speaker 6 (01:31:31):
You do understand that owning your own business is you
want to talk about a full time job. It's a
full time job. You're never on vacation. You're never ever
truly on vacation. You may go away, but you're still working.
You're still having to do stuff. You are responsible for workers,
(01:31:53):
you're responsible for customers. You can never it's it's not
you have some sort I'm not sorry you don't. You
have a government job where you can check out.
Speaker 1 (01:32:01):
You never check out. I never check out. Now possible
to check out? You want that? You want to spend?
Speaker 6 (01:32:11):
You want you every day, you know, seven days a week,
because it is what it is. You got to put
time in every single day. You got to get up
well before the sun goes up, well before the sun
comes up.
Speaker 1 (01:32:23):
Yeah, over time. Okay. You know you work hard, you
know you're able to to enjoy some benefits. But that concept, well,
that's easy for you to say. I've actually had this
conversation with kids, and I'm talking. I said, well, are
you capable of doing this?
Speaker 6 (01:32:44):
And I explained to them, you know, our my story
and growing up and all the work they've put in
and what we've done here at Markowski Investments, and they're
like no way. I'm like, okay, at least you know
at least you're not.
Speaker 1 (01:32:54):
You know, it's not for you. I enjoy my free time.
Speaker 6 (01:32:58):
Okay, you can enjoy your free time, but don't look
at others and say, oh, okay, like they owe you something.
Speaker 1 (01:33:07):
Why because they work harder, they put more time in. No, No,
that's that's nonsense. My friends.
Speaker 6 (01:33:16):
Anyway, got to take a break. Watchdog on Wallstreet dot com.
Watchdog on Wallstreet dot Com again. Become a part of
the Watchdog on Wall Street family. Take advantage our personal
CFO program, podcast, newsletter, you name it, Watchdog on Wallstreet
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Speaker 1 (01:33:33):
We'll be back.
Speaker 2 (01:33:50):
You should believe in math not magic. You're listening to
the Watchdog on Wall Street with Chris Markowski.
Speaker 1 (01:33:59):
Hey, we'll let the I did there.
Speaker 6 (01:34:00):
I went to the Boss Shrugs and it had to
do with a letter that was making making the rounds
back in two thousand and eight, two thousand and nine.
This was in obviously reaction to some of Barack Obama
and some of his policies that he was putting forward.
Speaker 2 (01:34:15):
And this.
Speaker 6 (01:34:18):
Gentlemen was talking about his backstory and how he started
the company and what he did and you know what
it took. And I talked about my story, and I'm
not going to do that again today. But in this
this he you know, talks about staying home on weekends,
All my friends went out drinking and parting. Being married
(01:34:39):
to your business, hard work, discipline, sacrifice. Meanwhile, my friends
got jobs. They worked forty hours a week and made
you know, fifty seventy hundred thousand dollars a year, and
they spent every dime they earned, drove flash cars, lived
an expensive homes, wore nice clothes instead of hit They
Nordstrom's the latest hot fashion item. I was trolling through
(01:35:02):
the good will store, distracting any clothing item that didn't
look like it was birth. In the nineteen seventies, friends
refinance or mortgages, live the life of luxury. I, however,
did not my time, my money, my life into a
business with a vision that eventually, someday, I too would
be able to afford some luxuries that my friends supposedly had.
(01:35:24):
So while you physically arrive at the office at nine am,
mentally check in about noon and then leave at five,
I don't there's no off button. When you leave the office,
you're done and you have a weekend all to yourself.
I infer they do not have the freedom. I breathe
this company every minute of the day. There is no rest,
there's no weekend, there's no happy hour. Every day this
business attached to my hip like a one year old
(01:35:46):
special needs child. And again, you can see the fruits
of this garden. You never realize the backstory and the
sacrifices that have been made. And again, this was a
letter that I shared in this column from two thousand
and nine. And you know, eventually getting into who stimulates
(01:36:07):
the economy, and you know, calling for more from certain
people and more handouts and understanding, you take more money
away from the productive aspect of society, the ones that
are paying the salaries, that are building the business as well. Again,
it doesn't turn out well, does it.
Speaker 1 (01:36:28):
Anyway? I want to change, of course for a bit here.
I have to talk a little bit about this.
Speaker 6 (01:36:35):
This is the first first I've seen this, and I
was actually calling on this, all right, I was calling
on this. I said, somebody has got to do with tally.
Somebody's got to come up with the numbers that we
the people, we the tax payers, are paying when it
comes to immigration. And I'm not talking just what we're
(01:36:55):
paying in housing Okay, what we're paying for hotels, I'm
taking fucking everything, education, medical expenses, law enforcement, legal costs, welfare,
the whole kit can kamboodle. Well, the Federation for American
Immigration Reform put together what we're paying. This is year,
This is for twenty twenty three, one hundred and fifty
(01:37:20):
billion dollars. One hundred and fifty billion dollars. Again, you
see what's taking place. You see what's happening in Colorado.
Nancy Pelosi on Bill Maher basically saying, you know, we
(01:37:42):
got to make every give everybody paperwork, and give everybody mortgages.
Speaker 1 (01:37:48):
None of this, none of this is going to turn out.
Speaker 6 (01:37:51):
Well, Okay, many of us, many of us have had
parents and grandparents that came here to this country.
Speaker 1 (01:37:59):
I said, I'm all for immigration, legal immigration. The parents.
Speaker 6 (01:38:06):
We had grandparents that came here from various different places
around the globe, and they got nothing.
Speaker 1 (01:38:13):
They got nothing. They got No. No, that's not true,
that's not true. That's wrong. They got an opportunity, It's
what they got.
Speaker 6 (01:38:20):
They got an opportunity to go out and build and create,
and they did.
Speaker 1 (01:38:30):
They did you think opening.
Speaker 6 (01:38:33):
The door to the entire world and then getting them
on the dole is the recipe for success.
Speaker 1 (01:38:41):
Where we're in the world.
Speaker 6 (01:38:42):
Has that been tried? And actually, you see what's going
on in Europe right now. In many countries in Europe,
stock them for crying out. Like it used to be
one of the safest places in Europe. It's now got
the worst crime in Europe, gun violence, gangs. You see
(01:39:03):
what's taking place in Germany and all these places. Certain
countries are cracking down. Thank god for Italy and Greece,
but no, you're wrecking the place. You watch what's going
on in the UK. Do you think just opening the
door and then getting people on the dole is gonna
(01:39:24):
is a recipe for successes.
Speaker 1 (01:39:25):
That's what built America.
Speaker 6 (01:39:28):
No, no, it didn't again one hundred and fifty billion
dollars am I. We talked about compounding the Royal Road
to riches. Well, this is the inverse because it's gonna
get more expensive next year, and it's gonna get more
expensive the year after that.
Speaker 1 (01:39:42):
When's it gonna be enough?
Speaker 6 (01:39:45):
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com,
We'll be back.
Speaker 2 (01:39:56):
Chris Borkowski is the watchdog off Wall Streets bringing America
(01:40:18):
financial freedom one listener at a time. You're listening to
The Watchdog on Wall Street with Chris Markowski.
Speaker 6 (01:40:29):
Okay, again, I a lot of problems. We live at
a bit country. Okang, got issues here. I mentioned Colorado
and what's taking place in Colorado, and okay, we'll point
things out here on the show. I'll talk about, you know,
giving away free down payments to illegals and the nonsense
(01:40:52):
that they're doing in California.
Speaker 1 (01:40:54):
And yeah, I said, I got a.
Speaker 6 (01:40:56):
Phone call from my mom, you know, Christopher, do you
what's going on in Colorado?
Speaker 1 (01:41:02):
And I'm like, yes, Mom, I see what's going on
in Colorado. I get it. And I tried to cover
and I said, listen, man, is it near you? I mean,
is it near you?
Speaker 6 (01:41:13):
I said, look at where you live in Florida. Okay,
look at how great the situation is down there. I
got my job on the show is, you know, obviously,
to point out these areas the country that are failing.
And it was one of the genius aspects of the founders.
And you know, Thomas Jefferson talked about states being little
(01:41:35):
laboratories to try various different things out.
Speaker 1 (01:41:40):
I didn't vote for any of this nonsense. Okay, the
citizens of Colorado voted for this that you wanted this.
You remember that commercial.
Speaker 6 (01:41:53):
You asked for it, You got it, Toyota, that's America, baby.
Speaker 1 (01:42:00):
Okay, you asked for it, you voted for it, You
got it. Colorado, you.
Speaker 6 (01:42:07):
Got your sanctuary state with your migrant gangs coming in
taking over apartment complexes. Story in the New York Post
this past week, Jackson Heights, Jackson Heights.
Speaker 1 (01:42:23):
That I think I talked to us on the show
several months ago.
Speaker 6 (01:42:25):
He got the open air stolen goods market on Roosevelt
Avenue there, and now they were talking this past week
the amount of prostitutions and amount of prostitutes there have doubled,
and brothels.
Speaker 1 (01:42:40):
Opening up everywhere, and they're all migrants. You asked for it,
you got it. New York. You voted for this.
Speaker 6 (01:42:48):
You voted for Bill de Blasio, You pushed this, this
sanctuary thing, right, Mayor Adams, he was proud of being
a sanctuary city city. Billions of dollars in the hole.
I don't feel sorry, I don't.
Speaker 1 (01:43:07):
Is it sad to me? Is it depressing?
Speaker 6 (01:43:10):
Yes?
Speaker 3 (01:43:12):
It is?
Speaker 1 (01:43:14):
But I don't live there. Well, you live in New York.
Speaker 6 (01:43:17):
Well, again, I do live in New York. But again
New York's a big state too, and we have our pockets.
Let's just leave it at that.
Speaker 1 (01:43:25):
I don't have any problem where we are here.
Speaker 6 (01:43:28):
We know this, we know where we live, we know
the police offer, we know this area is protection basically
like a gated community. I'm thirty miles away from Jackson
Heights there in Queens. It might as well be ten
thousand miles away.
Speaker 1 (01:43:44):
Not coming here because if he does it, but he'll leave. Okay, this,
you know, this is something we need to learn people.
Speaker 6 (01:43:56):
Okay, if if the people in the area they don't care,
they don't care, what are you gonna do?
Speaker 1 (01:44:05):
What are you going to do?
Speaker 6 (01:44:07):
He had that story this past week. Was the football player.
They're the rookie San Francisco for first and foremost.
Speaker 1 (01:44:14):
Guy comes up to you with a gun and ask
you for your stuff. Give it to them.
Speaker 6 (01:44:22):
Okay, give them your stuff, just just hand it over
all right. I don't care how nice that.
Speaker 1 (01:44:29):
Watch is that you have on. It's just stuff.
Speaker 6 (01:44:34):
Got into a scuffle with a ken bad guy, seventeen
year old bag I Actually it turned out this this
bad guy got arrested three days before for having a gun.
Speaker 1 (01:44:46):
They let him go, of course, because that's what we do.
We let the bad guys go.
Speaker 6 (01:44:53):
And he ends up. He's okay, thank god, got you know,
shot my union Union Square that was stationed there in
San Francisco.
Speaker 1 (01:45:02):
I got a.
Speaker 6 (01:45:03):
Suggestion, don't wear a fancy watch and go out in
San Francisco or anything fancy at all, because you're gonna
get robbed. You're gonna get robbed. Okay, you gotta know
where the good areas are. Yeah, we're becoming like in
many areas of the country. It's like third world.
Speaker 1 (01:45:25):
They're friends. Like clients that.
Speaker 6 (01:45:27):
Were from South Africa. It's the time from South Africa.
They're here in the United State, but they still have
family down there in South Africa. Their family again basically
there they have a compound where they live.
Speaker 1 (01:45:39):
Compound. You gotta have gates and dogs and protection. Again,
we're kind of doing the same thing here. We're not.
I don't have to do that mic not physical gate
dogs or anything like that.
Speaker 6 (01:45:55):
But you know, police know they know this area. You
don't come here, okay, don't don't try your nonsense here,
don't you. It's not gonna work here. And not gonna
fly here in this neighborhood. Hey, Eventually, I hopefully people
will wisen up and recognize who's doing things well and
who's not doing things well. Again, the people in positions
(01:46:18):
of power in the States, they're telling you how awesome
everything is and how great it is that that Pritzker
from Illinois, the state's an absolute disaster. Business is leaving
left right over the place, and he's going up at
the DNC stage bragging that he is a he's a
bloody billionaire.
Speaker 1 (01:46:39):
Your state's a mess. You many people were killed during
the DNC, the violence that took place. I mean, come on,
but again.
Speaker 6 (01:46:48):
Again, you voted this way, you voted this way. At
some point in time, you know you might have to
might let me use your head.
Speaker 1 (01:46:55):
I'm just saying, watch Dog on Wall Street dot Com,
watch Dog on Wall Street dot Com. I look at
the clock. Where's the time going? Watchdog on Wall Street
dot Com. We show returned.
Speaker 2 (01:47:22):
Teaking Wall Streets, liars, crooks and cheets out behind the woodshed.
You're listening to the Watchdog on Wall Street set.
Speaker 1 (01:47:33):
All right, welcome back, everybody. Last last week on the show, we.
Speaker 6 (01:47:36):
Touched on the Mark Zuckerberg Mark Zuckerberg story, and you
know what he admitted to, and again that the type
of censorship and nonsense it was taking place at Facebook,
and it was a bit pretty pretty big story.
Speaker 1 (01:47:56):
Yeah, didn't go anywhere. Didn't go anywhere.
Speaker 6 (01:48:00):
An you talk about all of these people in the
press that are constantly banging the drum, that are talking about, ah,
you know how important their job is and free speech
and all of these things. They're not interested in any
of that. Okay, they're interested in narratives. I mean, you
can go, you can go one publication after another. They
(01:48:21):
should be they should be all over this story, outraged,
outraged that the government would dare put pressure and tell Facebook.
Speaker 1 (01:48:33):
What to put up there and censor people all these things.
But they're not. They rolled with the entire thing. I
gotta admit, I gotta admit my uh.
Speaker 6 (01:48:46):
I do a lot of obviously a lot of reading,
a lot of show prep for the podcasts in this show.
But what I've started doing I started doing is I've
thrown in the towel on many publications, many publications that
I used to read. I don't bother anymore. I don't
bother because they're useless. Well, you talk it when they
(01:49:07):
say good for nothing, they're good for nothing. They are
propaganda outlets. So yeah, publications that were used to be
a part of my land, they've gone away. I mean,
I got other stuff that I'm reading instead off of
a sub stack, and independent journalists and places from around
the globe.
Speaker 1 (01:49:25):
But you can eliminate a lot out there, and nothing
wrong with that.
Speaker 6 (01:49:28):
There's nothing wrong with cutting certain media outlets out of
your life.
Speaker 1 (01:49:34):
Once they start.
Speaker 6 (01:49:35):
Lying too and they think, you know, get huh, you
know what they lie to you want say they start
lying to you again, you start seeing you reading between
the lines, just there's no point and even reading it anymore.
Let it go away and hope that they fail, and
they rightfully should. I hope they do fail. If they're lying,
what what good are they? They're not good for society.
(01:49:57):
Time Magazine.
Speaker 1 (01:49:57):
I'm not making this up.
Speaker 6 (01:49:59):
I don't know if I don't know who reads Time, well,
but you know who it's owned by right now, Mark Bennioff.
Speaker 1 (01:50:07):
Yes, Yes, that's super lib jerk who's.
Speaker 6 (01:50:12):
Really tied into the world economic form and wants people
eating bugs, bugs, wants people eating bugs eating insects. Time Magazine.
Time Magazine had a column. I don't know what the
exact date was on this why ultraprocessed foods are so
Bad for you? And it was a year or two ago.
Speaker 1 (01:50:33):
All of a sudden, Robert F.
Speaker 6 (01:50:34):
Kennedy hits the scene and criticize ultraprocessed feuds, endorses President
Donald Trump.
Speaker 1 (01:50:41):
I'm not making you up.
Speaker 6 (01:50:43):
Time Magazine right now just published this why one dietitian
is speaking up for the ultra processed foods.
Speaker 1 (01:50:51):
Now, they're bad people, they're bad news.
Speaker 6 (01:50:53):
Stay away from the misinformation watchdog on Wall Street dot com.
Speaker 1 (01:50:58):
We'll be back.
Speaker 6 (01:51:07):
H h yah h this is the watchdog on Wall Streets.
Alrighty You ever noticed this? You ever notice on how
(01:51:30):
the left in the media they always like with this disdain,
They look down by the day. They they tak oh, yes, yes,
people who have and they say they quote faith in
the free market.
Speaker 1 (01:51:47):
Oh, those people who have faith in the free market.
Speaker 6 (01:51:50):
Like again, we would all die, the sky would fall,
the world would end if it wasn't for the wizards
of smart at the Federal Reserve and the NBER and
the White House Economic Advisors and all that crappy remember
what's his name there, Jared Bernstein being interviewed, didn't even
(01:52:11):
understand how the government gets his money in bonds.
Speaker 1 (01:52:16):
There's a great quote by the.
Speaker 6 (01:52:19):
Great greatest living economists today, Thomas Soul. The political left
loves to refer disdainfully to people who have quote faith
in the free market. Mountains of empirical evidence from countries
around the world on the superior performances of free markets
are thus dismissed as mere faith. Meanwhile, the repeated failures
(01:52:46):
of government run economies are attributed to personal mistakes by
Stalin Mao or others, thereby preserving the left's faith in
political control of economic decisions.
Speaker 1 (01:52:56):
If only the right people were in charge.
Speaker 6 (01:53:02):
Again, just thinking about this Thomas Soul quote and Thomas
Friedman there from the New York Times.
Speaker 1 (01:53:08):
Thomas Friedman remember him being interviewed.
Speaker 6 (01:53:12):
On Meet the Press and talking about man, if only
Obama had the power of like the Chinese leadership and
the polit Buro, all of the things, all the things
that he could get done.
Speaker 1 (01:53:29):
Right.
Speaker 6 (01:53:31):
Government and central control fail every single time I have
been lamenting public private partnerships. We engage in it now
and again. This is not a left right thing anymore,
because I'm being honest. The Trumpsters out there. They want
the same thing. They get involved in the free market. Two,
(01:53:55):
they too want to, you know, go and hand out
checking Republicans law and handing out money companies. Not their money,
of course, your money. Oh it's government money. No, there's
no such his thing. Okay, learn this. There's no such
thing as government money.
Speaker 1 (01:54:12):
What do you mean? Yes, the government can print money. Yes,
I can't yet that they can print it.
Speaker 6 (01:54:16):
But you pay for it in either higher taxes or
devaluating the currency and inflation.
Speaker 1 (01:54:22):
Okay, so you're paying. Ah, it's the government's paying for No,
you are.
Speaker 6 (01:54:29):
But anyway, we've talked about China, talked about China here
on the program, and this idea.
Speaker 1 (01:54:37):
I looked at you, Oh wow, look at that. Look
at the growth in China. Uh uh huh. It was
heading in the right direction.
Speaker 6 (01:54:44):
And then again a MAOIs came in ziesian Ping. Yeah, yeah,
we're smarter than everybody. Look to us in Beijing.
Speaker 1 (01:54:56):
You got to look at some of these numbers. Actually,
I don't know if you saw it.
Speaker 6 (01:54:59):
This pa last week he watched fifteen fifteen high rise
apartment buildings, office towers that were not completed. Just blew
them up, blew them up the developer ran out of money.
(01:55:19):
Right now, offices in China's biggest cities are more empty
than they were during the COVID nineteen lockdowns, A fifth
one fifth of high end office space vacant and Shenzhen,
(01:55:40):
while our office vacancy rates in Beijing, Laanzhau, and Shanghai
were also higher than in June of twenty twenty two.
You talk about some of the rents here. We obviously
seen what's happened here in the United States with some
of the flexible working making it hard for developers to
fill spaces around the country.
Speaker 1 (01:56:01):
Not the same in China. China, they said, oh yeah,
we're gonna grow at five percent this year.
Speaker 4 (01:56:07):
Right right.
Speaker 6 (01:56:11):
In Shenzhen they puts his prime office vacancy rate a
twenty seven percent, up from twenty percent of June of
twenty twenty two. Monthly rental prices at premium office towers
twenty two dollars per square meter. It's down fifteen percent
(01:56:32):
year over year. It's getting worse instead of better. Wherever
it is tried, it fails, it fails. And for the
life of me, all of you, you left this out
there again. I see somebody you know people, your Communist party,
(01:56:55):
hammer and sickle.
Speaker 1 (01:56:58):
Okay, well here we go.
Speaker 6 (01:56:59):
You you went to I talk about laboratory experiment. You see,
there's this this area of the world called Korea. Okay,
it's split in two. It's split Korea. Okay, Korean War.
The communists north got North Korea and you got South Korea. Ah.
Speaker 1 (01:57:20):
Where would you want to live? Where would you want
to live? Yeah, you guessed it, you guessed it. I
don't know what it is about these communistis leftists again,
I get it. I get it.
Speaker 6 (01:57:36):
If you are you know, you're in North Korea and
you're running the show and your buddies with Kim Jong lun.
You don't tick them off and he makes you go
missing or at some point in time, hey, you're gonna
you know, those people at the top are going to
do well. I mean Maduro's pals in Venezuela doing fantastic.
People that are the higher ups in Cuba are fine.
But meanwhile, the garbage trucks, right, you need to know
(01:57:58):
to hear about that. The garbage trucks, they're not running
anymore in Cuba, and the streets are filled with garbage.
At this point in time, Venezuela that can't even keep
the lights on, cell phones are down.
Speaker 1 (01:58:08):
This is what you want again? Something wrong with your
Medulla album? Gatta anyway, have a wonderful week, everybody. God
bless Watchdog on Wallstreet dot com. Watchdog on wallstreet dot
com is our site. Always welcome to become a part
of the Watchdog on Wall Street. Fem, well
Speaker 2 (01:58:34):
You're listening to the Watchdog on Wall Street.
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