JP Morgan Blasts Biden and Harris

JP Morgan Blasts Biden and Harris. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
So JV. Morgan, that's right, Jamie Diamond from JP Morgan
blass the Biden and Harris administration huge attack right before
the election, and there are floating rumors out there that
Harris wanted to make Jamie Diamond Treasury secretary if she won. Anyway, anyway,

(00:38):
Jamie Diamond's like Listen said, I've had enough, I've had
it off. We've got to start fighting back against absolutely
ridiculous regulations that the government is throwing down. And he's
basically saying, all these other banks are gonna have to
start fighting back against these regulators. This is hurting our customers.
It's actually hurting people that we want to be able
to give loans to the middle class out there, not

(00:59):
going to be able to do it because of all
of these regulations and how they're handling the banking industry.
This is quite frankly nothing new. Now. If Jamie Diamond
is pissed off about regulations. How do you think it
makes me feel? I'm not JP Morgan. Markowski Investments is

(01:21):
not JP Morgan. But guess what, we have lots of
rules and regulations that we have to deal with that,
quite frankly, are ridiculous, not to mention licensing costs and
everything that goes along with that. It has gotten much

(01:44):
much worse over the years. And one of the things
about regulations is is it helps. It helps the big
companies out there, quite frankly, and Jamie Diamond is complaining
about this. He wants to be able to do more
with his business, but the reality of this situation is
these same regulations are helping him by putting his competitors

(02:09):
out of business. Yeah, listen, I'm an SEC registered investment firm.
We've were a certain size, okay, so we only have
to deal with the SEC when it comes to regulation.
Smaller advisory firms that are out there, they have to
deal with the individual states and if they have clients

(02:32):
in more than one state, they've got to get registered
in these different states. And it's, uh, how should I
put It's pain the ass. It's all a big pain
in the ass, quite frankly, and it is very very expensive.
And I've mentioned this before, and this is this is

(02:52):
a problem for this country. The amount of money that
we had when we started market investments. If I adjusted
that for inflation today today's dollars versus the dollars from
thirty years ago, taking into account regulatory costs from then

(03:16):
until today, I wouldn't have been able to do it.
I wouldn't have been able to do it would have
been too cost prohibited regards to regulations, too difficult to
start up. You don't want that. You don't want to
put landmines and red tape and blocks up for people
that want to go out there and build and create.

(03:38):
That is, you know, the one thing that really differentiates
the United States from other places. You know, earlier on
today we're talking about the bond vigilantes, we're talking about
Europe in their situation. One of the great things about
this country is that you can fail. You can fail.
I guess what, You can fail again, and you can

(04:00):
fail again, and you can fail again, and you can
pick yourself up and you can have at it again.
And guess what. Okay, many tries out there you made,
then you might hit it. Then you might eventually hit
it and there's so many stories like that, it just
comes to mind. I don't know why it's popped into
my head. Steve Jobs got fired from Apple, got fired

(04:25):
fired from Apple. Then he started another computer company, was
this new educational company, I forget what it was called
this point in time, and it was a failure. It's
a failure. The computer was way too expensive for school.
So it was a myriad of different problems with Eventually
they brought him back to Apple and Wow, started really

(04:47):
getting it right again. This happens every single day and again.
With the more regulations, the more nonsense that we throw
up in front of people, the less people want to
go out there and build and create. You make it
that much more difficult. You make the country a non
user friendly country, which we don't want, and it stagnates growth.

Speaker 1 (05:12):
Again.

Speaker 2 (05:12):
I want to remind everybody, you want real growth here
in this country. You want really even jobs growth in
this country. This comes from new companies. And all of
these government regulators, with their miles and miles and miles
and miles of red tape, are holding us back. Watchdog
on Wallstreet dot Com