December 23, 2024 • 8 mins
Chris dives into the latest congressional spending bill, exposing bipartisan failures that continue to burden taxpayers. From subsidies for billionaires’ flood insurance to another hit on Social Security, Markowski explains how both parties work together to perpetuate government waste. He highlights the growing role of platforms like X in disrupting the mainstream media’s grip on public opinion. www.watchdogonwallstreet.com
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Episode Transcript
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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):
Sorry, everybody thinking that was a big win, big win
for Republicans and the Trump administration in doge with this
spending bill. Oh, I know, I know, the bill's not
fifteen hundred pages long, but it's not a win. It's
not a win. Lots of stories out about this. Again,
(00:39):
you get a lot of a lot of people within
the media just trying to get their arms around what's
going to happen NeXT's a Wall Street Journal headline, GOP
spending rebellion is ominous sign for Trump's all Republican government
ominous sign spending rebellion. No, No, there wasn't that much. Okay,
(01:06):
they got it on the third try. We thought, we
thought they were gonna actually do the right thing and
actually split the bill apart. But they didn't even do that.
They didn't even do that. Again, you know, you get
stories about Elon Musk and bringing his messy way of
doing things to Washington and how he torpedoed Speaker Mike
(01:30):
Johnson's end of the year measure. He didn't do it
by himself. Okay, I know what the media is trying
to do. We all know they're trying to create friction
between Donald Trump and Elon Musk. Elon just put out
some you know, some tweets on social media about the
(01:53):
nonsense that was in the spending bill. Again back in
the day. You remember Rush Limbaugh, you to rule the
the airwaves. Yeah. Remember even Bill Clinton went after rushling
ball back in the day, talking about the power that
he had, and he did. But only Elon did was
he He went on to Twitter, sounded off on these things,
(02:15):
and people started calling their congressman. If people didn't respond,
if people were not paying attention, they continued just to
get their you know, spoon fed their news from the
major networks. None of this would have happened. It would
have been business as usual and Congress would have been
home for the holidays much earlier. Yeah, they're they're pulling
(02:39):
that right now. Oh, Musk is the co president. It's
President Musk and Vice President Trump. Whatever. Whatever we the
taxpayers were, you want to talk about the biggest loser,
We lost again on this, we did federal employees and
(03:02):
they they made out no shut no government shut down.
Farmers don out of ten billion dollars in economic assistance.
They also extended the farm bill by one year. Again
one hundred billion dollars for disaster, a thirty billion of
(03:24):
which is going to go to FEMA. Why why would
you give any money to FEMA. They're just going to
waste it. So we're going to continue to throw money
at ineffective agencies. Oh yeah, Washington d C. They're getting
their they're getting their stadium. An we just keep we
(03:48):
just keep spending and spending and spending. So we the
tax payers were the biggest losers again and all of this,
I also want to talk a little bit about what
Congress did, both Democrats and republic when it came to
Social Security. Social Security is going to go bankrupt a
little bit earlier, okay, we already we were talked about that,
(04:11):
the twenty one percent cut that's coming. What you had
both Democrats and Republicans come together and basically sign off
sign off on Well, it's it's basically it's a Social
Security Fairness is what they're calling it. They're called the
Fairness Act. And what it does. It repeals two amendments
(04:36):
to the Social Security Act that sought to prevent windfall
benefits for government employees with pensions. Their income is actually
excluded from Social Security taxes since they receive government pensions.
But when it comes time to calculate retirement benefits, their
incomes look much lower than they actually are because solid
(05:01):
security benefits are supposed to be progressive. Then they receive
excessive Social Security payments on top of their government pensions.
Congress made two amendments to address this issue forty years
ago and said, what Congress did right now? They repealed
both amendments, reverting to the same windfall benefits problem. It's
(05:22):
going to cost about two hundred billion dollars, bigger hole
in sold security two and billion hours. Did Congress do
anything to try to figure out a way to recoup
that money. No, no, again, no talk at all. And
the funny thing is you get the leftist crack and
a joke. Rand Paul actually suggested raising the Social Security
(05:42):
age to seventy. They got crushed Democrats Republicans voting it
down because again they're not interested in actually solving the problem.
Ken not a good start. I would be honest with you,
this is not a good start at all. You got GOP,
You got the elephants and the donkeys working together, working
(06:05):
together to continue to spend everything into oblivion. We're already
starting to hear various different Republicans that have stupid green
green jobs projects within their district that you know, they
don't want it. They don't want the funding to dry up. No, no, no, no, no,
they don't care. They don't care whether or not it's
(06:26):
going to work, or whether or not. They just care
that the money is coming to their district. But again,
this is the people that you have running the country.
And again this is one of the reasons why they
hate Elon and they hate X so much, because people
are actually seeing the forest for the trees and again
not being spoon fed the nonsense from the major networks.
(06:48):
Was again some bright spots, Rand Paul, he could go online,
you could watch it. He basically it was an echo
echo of a podcast that we did here on the
program talking about rich people welfare, welfare for rich people. Yeah,
the uh, the subsidies, the subsidies that people get government
(07:11):
to flood insurance and Ran Paul, he actually he brought
pictures brought, pictures of Nicholas Cage's house, Matt Damon's house,
Phil Collins house, and the fact that these multi I
mean you're talking with Phil collins house, the forty million
dollar house. Yeah, we're subsidizing his flood insurance. Yeah. Like
(07:34):
I said, you know, a lot of the stuff is
like it's you know, rich people welfare. I don't tell
you people. You know, I don't get the Christmas holiday coming.
But again, this is kind of par for the course.
Let's shove nonsense down the taxpayers throats before they all
head off to Dulles Airport and get the hell out
of Dodge. Watchdog on Wall Street dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Sorry, everybody thinking that was a big win, big win
for Republicans and the Trump administration in doge with this
spending bill. Oh, I know, I know, the bill's not
fifteen hundred pages long, but it's not a win. It's
not a win. Lots of stories out about this. Again,
(00:39):
you get a lot of a lot of people within
the media just trying to get their arms around what's
going to happen NeXT's a Wall Street Journal headline, GOP
spending rebellion is ominous sign for Trump's all Republican government
ominous sign spending rebellion. No, No, there wasn't that much. Okay,
(01:06):
they got it on the third try. We thought, we
thought they were gonna actually do the right thing and
actually split the bill apart. But they didn't even do that.
They didn't even do that. Again, you know, you get
stories about Elon Musk and bringing his messy way of
doing things to Washington and how he torpedoed Speaker Mike
(01:30):
Johnson's end of the year measure. He didn't do it
by himself. Okay, I know what the media is trying
to do. We all know they're trying to create friction
between Donald Trump and Elon Musk. Elon just put out
some you know, some tweets on social media about the
(01:53):
nonsense that was in the spending bill. Again back in
the day. You remember Rush Limbaugh, you to rule the
the airwaves. Yeah. Remember even Bill Clinton went after rushling
ball back in the day, talking about the power that
he had, and he did. But only Elon did was
he He went on to Twitter, sounded off on these things,
(02:15):
and people started calling their congressman. If people didn't respond,
if people were not paying attention, they continued just to
get their you know, spoon fed their news from the
major networks. None of this would have happened. It would
have been business as usual and Congress would have been
home for the holidays much earlier. Yeah, they're they're pulling
(02:39):
that right now. Oh, Musk is the co president. It's
President Musk and Vice President Trump. Whatever. Whatever we the
taxpayers were, you want to talk about the biggest loser,
We lost again on this, we did federal employees and
(03:02):
they they made out no shut no government shut down.
Farmers don out of ten billion dollars in economic assistance.
They also extended the farm bill by one year. Again
one hundred billion dollars for disaster, a thirty billion of
(03:24):
which is going to go to FEMA. Why why would
you give any money to FEMA. They're just going to
waste it. So we're going to continue to throw money
at ineffective agencies. Oh yeah, Washington d C. They're getting
their they're getting their stadium. An we just keep we
(03:48):
just keep spending and spending and spending. So we the
tax payers were the biggest losers again and all of this,
I also want to talk a little bit about what
Congress did, both Democrats and republic when it came to
Social Security. Social Security is going to go bankrupt a
little bit earlier, okay, we already we were talked about that,
(04:11):
the twenty one percent cut that's coming. What you had
both Democrats and Republicans come together and basically sign off
sign off on Well, it's it's basically it's a Social
Security Fairness is what they're calling it. They're called the
Fairness Act. And what it does. It repeals two amendments
(04:36):
to the Social Security Act that sought to prevent windfall
benefits for government employees with pensions. Their income is actually
excluded from Social Security taxes since they receive government pensions.
But when it comes time to calculate retirement benefits, their
incomes look much lower than they actually are because solid
(05:01):
security benefits are supposed to be progressive. Then they receive
excessive Social Security payments on top of their government pensions.
Congress made two amendments to address this issue forty years
ago and said, what Congress did right now? They repealed
both amendments, reverting to the same windfall benefits problem. It's
(05:22):
going to cost about two hundred billion dollars, bigger hole
in sold security two and billion hours. Did Congress do
anything to try to figure out a way to recoup
that money. No, no, again, no talk at all. And
the funny thing is you get the leftist crack and
a joke. Rand Paul actually suggested raising the Social Security
(05:42):
age to seventy. They got crushed Democrats Republicans voting it
down because again they're not interested in actually solving the problem.
Ken not a good start. I would be honest with you,
this is not a good start at all. You got GOP,
You got the elephants and the donkeys working together, working
(06:05):
together to continue to spend everything into oblivion. We're already
starting to hear various different Republicans that have stupid green
green jobs projects within their district that you know, they
don't want it. They don't want the funding to dry up. No, no, no, no, no,
they don't care. They don't care whether or not it's
(06:26):
going to work, or whether or not. They just care
that the money is coming to their district. But again,
this is the people that you have running the country.
And again this is one of the reasons why they
hate Elon and they hate X so much, because people
are actually seeing the forest for the trees and again
not being spoon fed the nonsense from the major networks.
(06:48):
Was again some bright spots, Rand Paul, he could go online,
you could watch it. He basically it was an echo
echo of a podcast that we did here on the
program talking about rich people welfare, welfare for rich people. Yeah,
the uh, the subsidies, the subsidies that people get government
(07:11):
to flood insurance and Ran Paul, he actually he brought
pictures brought, pictures of Nicholas Cage's house, Matt Damon's house,
Phil Collins house, and the fact that these multi I
mean you're talking with Phil collins house, the forty million
dollar house. Yeah, we're subsidizing his flood insurance. Yeah. Like
(07:34):
I said, you know, a lot of the stuff is
like it's you know, rich people welfare. I don't tell
you people. You know, I don't get the Christmas holiday coming.
But again, this is kind of par for the course.
Let's shove nonsense down the taxpayers throats before they all
head off to Dulles Airport and get the hell out
of Dodge. Watchdog on Wall Street dot Com
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