April 15, 2025 • 19 mins
Chris vents frustration over endless college campus controversies, from Columbia to Harvard, arguing that taxpayer money shouldn’t subsidize institutions with billion-dollar endowments like Harvard’s $50 billion. He slams government funding for universities, criticizes student loans for inflating tuition, and urges parents to pull their kids from schools that don’t align with their values, advocating for a free-market approach where colleges survive without public handouts. www.watchdogonwallstreet.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Trump's terif Festivus you're not familiar with Festivus while you're
not watching enough Seinfeld. Festivus was a made up holiday
by the Costanza family. It was the holiday for the
rest of us. And one of the aspects of Festivus
was the airing of grievances when families would get together
(00:37):
and complain about one another. I got a lot of
problem with you people, and then they would wrestle and
there was some pole as well. The Festivus poll rather
than a Christmas tree, so airing of grievances. Trump's grievances
when it comes to trade, wages haven't grown in fifty years.
(01:00):
Y that's not true. Manufacturing has been hollowed out by imports.
Countries with trade surpluses are ripping us off. These are
some of the airing of grievances that Trump has with trade,
and he's reasons why he's putting tariffs on things. We
(01:25):
continue to head down this path. And I know I've
covered this extensively, and I don't want to repeat myself.
I don't care. I don't care what any bank or
firm says at this point in time it's going to
lead to a global recession. What I'm hearing inside some
of these banks a Bank of America today, no, we
(01:48):
don't expect a recession in twenty twenty five, is that
they think that these things are slowly but surely going
to come off, hopefully sooner rather than later. Let's let's
go through nextly. There was a really good piece today
by Phil Graham and Donald Boudreaux talking about this, and
(02:08):
let's let's play a little game of pretend. First, let's
pretend what if Trump's policies actually succeed in bringing manufacturing jobs. Okay,
that's fine. I don't mind bringing back manufacturing jobs if
they make sense. But if they're forced like some sort
(02:31):
of centrally planned economy, that's going to actually slow growth
here in the United States, and quite frankly, that's going
to make us worse off. Actually, Graham rights today, the
logic of the Trump protectionist policy is that a nation
can become richer by producing at home products that it
(02:54):
could buy more cheaply abroad. Again, I want you to
think about this for a second. Would your household Would
your household become richer, wealthier if you all of a sudden,
you all of a sudden took things that you would
(03:16):
you would outsource or pay people to do, and do
them yourself. Let's say you know you. Let's say you said,
you know what, I am not going to pay I'm
not going to pay the people to cut my lawn
or I'm not going to pay the people to powerwash
the house, whatever it may be, whatever it may be,
and you decide to take that upon yourself and do that. Now,
(03:38):
you're gonna save the money, save the money that you
spent on the lawn guy and the powerwash guy or
pool guy, whatever it may be. But that eats into
your time that you could have spent working on your
job where you actually go out and you make money
(03:58):
where you can be the most efficient or even better.
Time you spent with your family takes time away from
that and your ability to go watch your kids play
or whatever it may be. Does that Does that make
you richer? No? No, Let's go to the Trump's first
(04:20):
term again they always point to this. All right, terms
the first term, it was great.
Speaker 3 (04:26):
M okay, okay, we had the well again, we had
US industrial production rose in twenty seventeen, in two thousand
and eighteen.
Speaker 2 (04:40):
Why why what did Trump do twenty seventeen, twenty eighteen
with lower taxes, lower taxes, We had deregulation that helped.
But under the tariff policies in twenty nineteen, economic growth,
(05:04):
which reached a thirteen year high in twenty eighteen went down.
Employment in manufacturing as a percentage of total employment continued
to fall. It was doing it before Trump's tariffs. It
went and happened after Trump's tariffs. So again you want
(05:26):
to take a look at tariff policies throughout the twenty
eeth century. Not very good, not very good. And they
always point to the nineteenth century all the time. The
US industrialized faster when tariff rates went down. Even for
(05:47):
William McKinley, who Trump points to all the time, he
put on tariffs in eighteen ninety and it was a
disaster both as far as the economy was concerned and
also politically as well. And he set it and I quote,
the period of exclusiveness is past. The expansion of our
trade and commerce is the pressing problem. Commercial wars are
(06:09):
un profitable. Now, let's play it this way, okay, and
both both Graham and Boudreaux talk about this in their
column today. Even if mister Trump's tariffs incite foreign companies
to tariff jump by building more factories and producing more
manufacturing output in the United States, it's not necessary. That
(06:33):
doesn't necessarily mean that we're going to benefit you. Get
that again. It will take a look at how Trump
put tariffs on washing machines. Okay, twenty eighteen raise the
costs to consumers by more than one point five billion
annually while bringing in only eighty two million dollars in
(06:59):
customs revenue tariff revenue. So after netting out the tax revenue,
the average annual cost to American consumers of each job
created by these tariffs was north of eight hundred and
fifteen thousand dollars, nineteen times the average annual salary earned
in twenty eighteen by production line workers that are employed
(07:20):
in manufacturing appliances. Again, this also the steel tariffs first term,
the American consumers paid an additional five point six billion
dollars for steel each job created by these tariffs cost
consumers six hundred and fifty thousand dollars, more than ten
times the average steel workers salary. The Cato Institute looked
(07:44):
into this. They surveyed America's history with tariffs and found
that the average annual costs to American consumers per job
saved or created from nineteen fifty to nineteen ninety and
twenty twenty five dollars was nearly eight hundred and ten
thousand dollars. Again, Trump, I know he airs his grievances
(08:06):
with all this stuff, but he never takes into consideration
the massive surplus that we have. And we've discussed this
here on the podcast when it comes to the service
sector where salaries are higher than in manufacturing. Now I've
discussed this, Graham and Boudreau distressed it today as well.
(08:28):
If all of these jobs supposedly are going to come back,
where are the workers going to come from? Forty three
percent look into these numbers. Forty three percent of US
manufacturers and the recent National Federation of Independent Businesses questionnaiers
said that they couldn't find employees to fill existing jobs.
(08:50):
And Trump's world, he says real prosperity comes from working
in manufacturing plants. Yet people don't want to do it.
Peil want to do it. The past what sixty years now,
parents have been sending their kids to college to work
in other industries where wages are higher and opportunities are greater.
(09:12):
I've discussed this here on the program. You want to
change the way people work here in the United States,
you're going to have to start doing that in the
eighth grade. And we got to get off this whole
let's put all these kids into debt by going to college.
We've gotta have to rejigger that. Currently eight percent of
our population or American workers, are employed in manufacturing, which
(09:35):
has been mechanized since nineteen seventy five. It produces. Manufacturing
produces two point five times the output value today than
it did in nineteen seventy five. And rather than it
being eight percent of the workforce it was today, back
(09:57):
in nineteen seventy five, it was twenty two percent of
the labor force. Again, the idea that we're going to
be bringing back cotton mills, I don't see that happening now. Again.
(10:19):
During the Biden administration, I rant and raved often here
on the program talking about how misguided state directed capitalism is.
That's what Bidnomics was, whether it be the Inflation Reduction Act,
the Chips Act, whatever they do. You want to go
back to Obama the same thing with his American Recovery
(10:41):
and Reinvestment Act. Picking and choosing winners and losers. That's
what China does. That's what China does, and that's what
Trump thinks that he can do here in the United States.
(11:01):
What it's going to end up doing is it's going
to end up creating various different jobs that are going
to need subsidies to exist. They're going to need subsidies.
And I had a wonderful conversation with a family clients
(11:27):
of ours is this past weekend and we're talking about
upstate New York, and we're talking about the micron plant.
And you know the reality that there was no way
that micron plant would ever be put outside of Syracuse,
New York and Upstate New York unless Chuck Schumer was
running the show in the Senate at the time. And
(11:48):
the power that he has, because he's got an enormous
amount of power these places, these plants, when they pick
and choose, they need to be subsidized or they won't exist.
They won't exist, and we're watching. We're watching the failure.
We watched the failures with all the green job crap
that came out of the American Recovery and Reinvestment Act
(12:10):
with Obama. We're watching the failures one after another, all
the subsidized businesses that Biden picked. It doesn't work. What
happens is you misallocate productive resources. This is what government does.
It doesn't allocate capital properly. It makes our country poorer,
(12:35):
not richer. It raises the price to we, the people,
the consumers. It crushes competition because it allows for regulatory
capture where certain companies get those carve outs and giveaways
and nobody can compete with them, which does what it
boxes out innovation. Again, here's a refresher. I've talked about
(12:59):
this before on the program. I'm gonna highlight green jobs.
When the government says, yep, we're going with this technology,
we're subsidizing this technology, we're gonna put money behind this technology, well,
then the private sector says, we're we can't compete with
the government. Yeah, I know, you got this great idea
(13:19):
for this new you know energy, you know source or
whatever it may be. This new engine you have. But hey,
you know, I'm sorry. You know you're not going to
be able to compete in the development stages with the government,
so we're not going to fund you. It crushes innovation,
it crushes growth. Why do we want a less efficient
(13:43):
nation with slower growth and closed markets. That's not what
America is. We want money to flow here. We want
to be efficient. Now again, there comes I know people
are at the pub. Well, you know these countries have
were taking advantage of us and can't buy our cars
(14:05):
in Japan. Okay, you want to cut deals and you
want to actually use reciprocal tariffs in areas where we
can compete. Fine, fine, kind of had it go ahead.
I was recently, it was a month and a half ago.
(14:26):
I was in Italy, and I'm in Italy and I'm
in Florence, and they've got unbelievable shopping there in Florence.
Unbelievable shopping there in Florence. Again, it's Ferragamo's located, Gucci,
all these great stores that they have that everyone is
familiar with Italian brands. You know what they also have
as well? They get American brands there too, American brands
(14:51):
there too. Okay, and if there's certain areas of the
world where guess what, we're boxed out for whatever reason,
it may be that that is the reason of going
and sitting down and having a negotiation and figuring it out.
What we're doing right now, it's not going to work. Yesterday,
Scott bissent I was giving an interview and he was
(15:14):
talking about how Americans need to see the entire picture
when it comes. He says that this administration has a
three pronged economic approach to unleashing our national potential. And again,
I'm all about potential. How often do I talk about
wasted talent and red tape? And his three pronged approach
(15:35):
is tariff's, tax and deregulation. Okay, again, not the way
that you're doing tariffs, and I think Piscent knows that.
Not the way you're doing this. Now targeted fine, negotiate fine,
Now tax and deregulation. That's a whole another story. It's
(15:55):
a whole other story. That's what needs to be done.
And I'm going to reiterate how many businesses up and
left the United States during the Obama years because we
had the highest corporate tax rate in the world. A
lot it's called tax inversions. We've discussed this here on
(16:16):
the program. If you provide a terrain, the United States
of America is a terrain where businesses feel that they
can set up shop. Taxes are going to be low,
regulation is going to be sane. They're not going to
be constantly changing the rules all the time. You eliminate uncertainty,
(16:39):
you keep energy costs down, you have stable, insane labor rules.
You'll also have to have a certain workforce that's capable
of handling the type of work that you do. Again,
we discussed this when it came to Taiwan's semiconductor and
the fact that they are importing people from Taiwan to
(17:00):
work in their plants in Arizona because we just simply
don't have the workers who do it. We just don't
have the workers. And again that's you know, that's our
education system. That's something completely different. You become that type
of a country, you have that type of a terrain. Yeah,
businesses will come, they'll set up shop. That's how you
(17:23):
attract them. What we're doing right now. I don't know
if you saw the news today Boeing, which is again
it's a pretty big exporter, pretty big export. What are
the two big ones? You got Boeing here in the
United States. And I know we've been very critical of
Boeing over the years, and rightfully so. And Airbus China
(17:45):
just announced that they're not buying Boeing. Now they're halting
all of their Boeing orders. How is this beneficial, Well,
it's gonna benefit Airbus. It's gonna benefit Airbus. Well, certainly
(18:05):
not going to benefit Boeing. And now you're starting to
see and I told you this was going to be
the case to businesses banning together and filing a lawsuit
in the US Court of International Trade alleging that Trump
has illegally usurped Congress's power to levy tariffs by claiming
(18:27):
that trade deficits with other countries constitute an emergency. Congress
and I quote Congress has not delegated any such power.
The statute the President invokes the International Emergency Economic Powers
Act does not authorize the President to unilatterly issue across
the board worldwide tariffs. Again, you're going to see more
(18:48):
and more Republicans jump on board with this as well.
They're going to it's gonna get to the point in
time and I think it's going to be quickly where
that's right, all right enough to president, figure it out,
figure it out. I know you guys got all these big,
wonderful deals. I know Art of the Deal. You keep
telling this over and over and over again. But man, man,
(19:13):
it's taken you a while. You better put that Art
of the deal, you know, on full speed because you're
gonna get pushback. Watch Dog 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):
Trump's terif Festivus you're not familiar with Festivus while you're
not watching enough Seinfeld. Festivus was a made up holiday
by the Costanza family. It was the holiday for the
rest of us. And one of the aspects of Festivus
was the airing of grievances when families would get together
(00:37):
and complain about one another. I got a lot of
problem with you people, and then they would wrestle and
there was some pole as well. The Festivus poll rather
than a Christmas tree, so airing of grievances. Trump's grievances
when it comes to trade, wages haven't grown in fifty years.
(01:00):
Y that's not true. Manufacturing has been hollowed out by imports.
Countries with trade surpluses are ripping us off. These are
some of the airing of grievances that Trump has with trade,
and he's reasons why he's putting tariffs on things. We
(01:25):
continue to head down this path. And I know I've
covered this extensively, and I don't want to repeat myself.
I don't care. I don't care what any bank or
firm says at this point in time it's going to
lead to a global recession. What I'm hearing inside some
of these banks a Bank of America today, no, we
(01:48):
don't expect a recession in twenty twenty five, is that
they think that these things are slowly but surely going
to come off, hopefully sooner rather than later. Let's let's
go through nextly. There was a really good piece today
by Phil Graham and Donald Boudreaux talking about this, and
(02:08):
let's let's play a little game of pretend. First, let's
pretend what if Trump's policies actually succeed in bringing manufacturing jobs. Okay,
that's fine. I don't mind bringing back manufacturing jobs if
they make sense. But if they're forced like some sort
(02:31):
of centrally planned economy, that's going to actually slow growth
here in the United States, and quite frankly, that's going
to make us worse off. Actually, Graham rights today, the
logic of the Trump protectionist policy is that a nation
can become richer by producing at home products that it
(02:54):
could buy more cheaply abroad. Again, I want you to
think about this for a second. Would your household Would
your household become richer, wealthier if you all of a sudden,
you all of a sudden took things that you would
(03:16):
you would outsource or pay people to do, and do
them yourself. Let's say you know you. Let's say you said,
you know what, I am not going to pay I'm
not going to pay the people to cut my lawn
or I'm not going to pay the people to powerwash
the house, whatever it may be, whatever it may be,
and you decide to take that upon yourself and do that. Now,
(03:38):
you're gonna save the money, save the money that you
spent on the lawn guy and the powerwash guy or
pool guy, whatever it may be. But that eats into
your time that you could have spent working on your
job where you actually go out and you make money
(03:58):
where you can be the most efficient or even better.
Time you spent with your family takes time away from
that and your ability to go watch your kids play
or whatever it may be. Does that Does that make
you richer? No? No, Let's go to the Trump's first
(04:20):
term again they always point to this. All right, terms
the first term, it was great.
Speaker 3 (04:26):
M okay, okay, we had the well again, we had
US industrial production rose in twenty seventeen, in two thousand
and eighteen.
Speaker 2 (04:40):
Why why what did Trump do twenty seventeen, twenty eighteen
with lower taxes, lower taxes, We had deregulation that helped.
But under the tariff policies in twenty nineteen, economic growth,
(05:04):
which reached a thirteen year high in twenty eighteen went down.
Employment in manufacturing as a percentage of total employment continued
to fall. It was doing it before Trump's tariffs. It
went and happened after Trump's tariffs. So again you want
(05:26):
to take a look at tariff policies throughout the twenty
eeth century. Not very good, not very good. And they
always point to the nineteenth century all the time. The
US industrialized faster when tariff rates went down. Even for
(05:47):
William McKinley, who Trump points to all the time, he
put on tariffs in eighteen ninety and it was a
disaster both as far as the economy was concerned and
also politically as well. And he set it and I quote,
the period of exclusiveness is past. The expansion of our
trade and commerce is the pressing problem. Commercial wars are
(06:09):
un profitable. Now, let's play it this way, okay, and
both both Graham and Boudreaux talk about this in their
column today. Even if mister Trump's tariffs incite foreign companies
to tariff jump by building more factories and producing more
manufacturing output in the United States, it's not necessary. That
(06:33):
doesn't necessarily mean that we're going to benefit you. Get
that again. It will take a look at how Trump
put tariffs on washing machines. Okay, twenty eighteen raise the
costs to consumers by more than one point five billion
annually while bringing in only eighty two million dollars in
(06:59):
customs revenue tariff revenue. So after netting out the tax revenue,
the average annual cost to American consumers of each job
created by these tariffs was north of eight hundred and
fifteen thousand dollars, nineteen times the average annual salary earned
in twenty eighteen by production line workers that are employed
(07:20):
in manufacturing appliances. Again, this also the steel tariffs first term,
the American consumers paid an additional five point six billion
dollars for steel each job created by these tariffs cost
consumers six hundred and fifty thousand dollars, more than ten
times the average steel workers salary. The Cato Institute looked
(07:44):
into this. They surveyed America's history with tariffs and found
that the average annual costs to American consumers per job
saved or created from nineteen fifty to nineteen ninety and
twenty twenty five dollars was nearly eight hundred and ten
thousand dollars. Again, Trump, I know he airs his grievances
(08:06):
with all this stuff, but he never takes into consideration
the massive surplus that we have. And we've discussed this
here on the podcast when it comes to the service
sector where salaries are higher than in manufacturing. Now I've
discussed this, Graham and Boudreau distressed it today as well.
(08:28):
If all of these jobs supposedly are going to come back,
where are the workers going to come from? Forty three
percent look into these numbers. Forty three percent of US
manufacturers and the recent National Federation of Independent Businesses questionnaiers
said that they couldn't find employees to fill existing jobs.
(08:50):
And Trump's world, he says real prosperity comes from working
in manufacturing plants. Yet people don't want to do it.
Peil want to do it. The past what sixty years now,
parents have been sending their kids to college to work
in other industries where wages are higher and opportunities are greater.
(09:12):
I've discussed this here on the program. You want to
change the way people work here in the United States,
you're going to have to start doing that in the
eighth grade. And we got to get off this whole
let's put all these kids into debt by going to college.
We've gotta have to rejigger that. Currently eight percent of
our population or American workers, are employed in manufacturing, which
(09:35):
has been mechanized since nineteen seventy five. It produces. Manufacturing
produces two point five times the output value today than
it did in nineteen seventy five. And rather than it
being eight percent of the workforce it was today, back
(09:57):
in nineteen seventy five, it was twenty two percent of
the labor force. Again, the idea that we're going to
be bringing back cotton mills, I don't see that happening now. Again.
(10:19):
During the Biden administration, I rant and raved often here
on the program talking about how misguided state directed capitalism is.
That's what Bidnomics was, whether it be the Inflation Reduction Act,
the Chips Act, whatever they do. You want to go
back to Obama the same thing with his American Recovery
(10:41):
and Reinvestment Act. Picking and choosing winners and losers. That's
what China does. That's what China does, and that's what
Trump thinks that he can do here in the United States.
(11:01):
What it's going to end up doing is it's going
to end up creating various different jobs that are going
to need subsidies to exist. They're going to need subsidies.
And I had a wonderful conversation with a family clients
(11:27):
of ours is this past weekend and we're talking about
upstate New York, and we're talking about the micron plant.
And you know the reality that there was no way
that micron plant would ever be put outside of Syracuse,
New York and Upstate New York unless Chuck Schumer was
running the show in the Senate at the time. And
(11:48):
the power that he has, because he's got an enormous
amount of power these places, these plants, when they pick
and choose, they need to be subsidized or they won't exist.
They won't exist, and we're watching. We're watching the failure.
We watched the failures with all the green job crap
that came out of the American Recovery and Reinvestment Act
(12:10):
with Obama. We're watching the failures one after another, all
the subsidized businesses that Biden picked. It doesn't work. What
happens is you misallocate productive resources. This is what government does.
It doesn't allocate capital properly. It makes our country poorer,
(12:35):
not richer. It raises the price to we, the people,
the consumers. It crushes competition because it allows for regulatory
capture where certain companies get those carve outs and giveaways
and nobody can compete with them, which does what it
boxes out innovation. Again, here's a refresher. I've talked about
(12:59):
this before on the program. I'm gonna highlight green jobs.
When the government says, yep, we're going with this technology,
we're subsidizing this technology, we're gonna put money behind this technology, well,
then the private sector says, we're we can't compete with
the government. Yeah, I know, you got this great idea
(13:19):
for this new you know energy, you know source or
whatever it may be. This new engine you have. But hey,
you know, I'm sorry. You know you're not going to
be able to compete in the development stages with the government,
so we're not going to fund you. It crushes innovation,
it crushes growth. Why do we want a less efficient
(13:43):
nation with slower growth and closed markets. That's not what
America is. We want money to flow here. We want
to be efficient. Now again, there comes I know people
are at the pub. Well, you know these countries have
were taking advantage of us and can't buy our cars
(14:05):
in Japan. Okay, you want to cut deals and you
want to actually use reciprocal tariffs in areas where we
can compete. Fine, fine, kind of had it go ahead.
I was recently, it was a month and a half ago.
(14:26):
I was in Italy, and I'm in Italy and I'm
in Florence, and they've got unbelievable shopping there in Florence.
Unbelievable shopping there in Florence. Again, it's Ferragamo's located, Gucci,
all these great stores that they have that everyone is
familiar with Italian brands. You know what they also have
as well? They get American brands there too, American brands
(14:51):
there too. Okay, and if there's certain areas of the
world where guess what, we're boxed out for whatever reason,
it may be that that is the reason of going
and sitting down and having a negotiation and figuring it out.
What we're doing right now, it's not going to work. Yesterday,
Scott bissent I was giving an interview and he was
(15:14):
talking about how Americans need to see the entire picture
when it comes. He says that this administration has a
three pronged economic approach to unleashing our national potential. And again,
I'm all about potential. How often do I talk about
wasted talent and red tape? And his three pronged approach
(15:35):
is tariff's, tax and deregulation. Okay, again, not the way
that you're doing tariffs, and I think Piscent knows that.
Not the way you're doing this. Now targeted fine, negotiate fine,
Now tax and deregulation. That's a whole another story. It's
(15:55):
a whole other story. That's what needs to be done.
And I'm going to reiterate how many businesses up and
left the United States during the Obama years because we
had the highest corporate tax rate in the world. A
lot it's called tax inversions. We've discussed this here on
(16:16):
the program. If you provide a terrain, the United States
of America is a terrain where businesses feel that they
can set up shop. Taxes are going to be low,
regulation is going to be sane. They're not going to
be constantly changing the rules all the time. You eliminate uncertainty,
(16:39):
you keep energy costs down, you have stable, insane labor rules.
You'll also have to have a certain workforce that's capable
of handling the type of work that you do. Again,
we discussed this when it came to Taiwan's semiconductor and
the fact that they are importing people from Taiwan to
(17:00):
work in their plants in Arizona because we just simply
don't have the workers who do it. We just don't
have the workers. And again that's you know, that's our
education system. That's something completely different. You become that type
of a country, you have that type of a terrain. Yeah,
businesses will come, they'll set up shop. That's how you
(17:23):
attract them. What we're doing right now. I don't know
if you saw the news today Boeing, which is again
it's a pretty big exporter, pretty big export. What are
the two big ones? You got Boeing here in the
United States. And I know we've been very critical of
Boeing over the years, and rightfully so. And Airbus China
(17:45):
just announced that they're not buying Boeing. Now they're halting
all of their Boeing orders. How is this beneficial, Well,
it's gonna benefit Airbus. It's gonna benefit Airbus. Well, certainly
(18:05):
not going to benefit Boeing. And now you're starting to
see and I told you this was going to be
the case to businesses banning together and filing a lawsuit
in the US Court of International Trade alleging that Trump
has illegally usurped Congress's power to levy tariffs by claiming
(18:27):
that trade deficits with other countries constitute an emergency. Congress
and I quote Congress has not delegated any such power.
The statute the President invokes the International Emergency Economic Powers
Act does not authorize the President to unilatterly issue across
the board worldwide tariffs. Again, you're going to see more
(18:48):
and more Republicans jump on board with this as well.
They're going to it's gonna get to the point in
time and I think it's going to be quickly where
that's right, all right enough to president, figure it out,
figure it out. I know you guys got all these big,
wonderful deals. I know Art of the Deal. You keep
telling this over and over and over again. But man, man,
(19:13):
it's taken you a while. You better put that Art
of the deal, you know, on full speed because you're
gonna get pushback. Watch Dog on Wall Street dot com
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