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):
Don't say anymore you. Immigration has been a bloody train wreck,
slow motion train wreck for decades. It is a topic
that we've covered at length here on the program, and
again it just shows you the complete utter lack of
leadership in the United States on this issue for a
very long period of time. Both political parties use it,
(00:41):
use it to get the people going on their side,
trying to attract votes, never any sort of real compromise
in regards to actually getting something done to help solve
the problem. I'm gonna go. You know what we'll do
right now. We'll talk about some of the things that
should make angry, because they make me angry. They do.
(01:05):
You're watching watching people rioting in the streets holding foreign flags,
burning American flags. Not a good look. Not a good look.
If you think you're going to endear yourself to the
overall population here in the United States, you're not. But again,
(01:31):
I don't know who's doing it. I don't know who's
doing it. You've got these protests that are the only
way called process or riots, destroying public property. It's like
a redo the whole Black Lives Matter thing all over again.
All they're watching the same damn thing again. I don't
think Trump wants to have any part of what happened
(01:54):
back in twenty twenty happen again on his watch. And
this is why you know he's having the heavy handed approach.
And I don't say that I blame them by any stretch.
The LA Police Department chief admits professional left wing anarchists
are fueling the violence in Los Angeles. Rights again, this
(02:15):
is one of those things where, hey, you get the
Soros crowd there, you get them and they pay people
to go out, and Rights have paid positioning here in
the United States. Maybe some of these colleges and universities
might be offering it up as a major at this
point in time. Those robotaxis there, they're over two hundred
(02:38):
thousand dollars that pop. Those weaimos, that's Google. They're they're
calling them and they're setting them on fire. They're saying
that some of these riots are being organized by the
Coalition for Humane Immigrant Rights. That group is funded by
the major DNC group Act Blue. The other one is
(02:59):
the the the again, the Coalition for Humane Immigrant Rights,
And you and I pay for that. That comes out
of our tax dollars. Yeah, that we pay for that
group out of d C. So our tax dollars are
also paying for this protest. You're seeing various different strategically
(03:20):
placed palettes of bricks and stones. Interesting. Yeah, many of
these bricks, bags of rocks, and cinder blocks are actually
being stored in the back lot of the Contemporary Art Museum.
The Mayor of Los Angeles is on that board of directors. Oh,
(03:42):
by the way, if you want to take a look
at that group that I had just mentioned there, what
is it, the Coalition for Humane Immigrant Rights? Yeah, Karen
bass is on that too. You know else is on
that to Victoria Newland and all of the deep Staters,
all of the you know, the long time deep Staters,
the people that like the start wars all over the globe.
(04:04):
They can let that whole sort of thing. So I
just want to get that out there. Gavin Newsom is
also he's suing the federal government, suing Trump over the
National Guard deployment again, correct me if I'm wrong. I
think didn't George H deploy the National Guard in during
(04:26):
the LA riots. Again, I think he did it at
the behest of the governor at the times. Great, I'm
trying to remember it was at that point in time.
Some are saying that, and again I didn't check this,
but I've heard it several times that this is the
first time that the president of the United States has
deployed the National Guard since the Civil Rights Act. So
(04:53):
it's interesting. But now let's let's let's talk about this
slow motion train wreck and we can look at various
different things that have happened. I'm gonna go back to
the Clinton years. A matter of fact, one of the
things that a couple of things that Bill Clinton did
that again were precursors to this. The motor voter law. Yeah,
(05:17):
that that law. The motor voter law is like you
go to you know, get yourself a driver's license or
an ID. They when I asked, they sign you up
to register the vote right here and there. That was
at that point in time where you know, Rock the
Vote on MTV and voter registration drives trying to get
people out to vote. And this was a way to
(05:39):
expedite that. Again, what did it lead to? Clinton also
did something as well that bothered the hell. I made
the time forcing every single agency or hospital, whatever it
may be, that accepts federal dollars, forcing them to have
unlimited translations for everything everything. You know, somebody wants their
(06:04):
paperwork in Swahili, you have to provide it to them
in Swahili, And obviously that leads to higher costs. This
process that we've had for a very long period of time,
where press press one for English, press two for this,
(06:27):
it ticks people. And I can't blame them. I really
I can't blame them. And again, I've never been able
to understand other people's arguments when it comes to listen,
you come, you come to this country. You come to
this country. I think it should be expected of you
(06:51):
to assimilate to our culture, learn our language and our ways.
Quick side story. You know, I'll never forget this. Two
thousand and one summer of two thousand and one, basically
knew I was away with my wife now visiting her
family in Greece, and we were on a beautiful island
(07:12):
of roads. Now this is this is even before the
I mean's still Dropwess were in place in Greece at
that point in time, went with my my wife's aunt
to uh There was a new sandwich shop not far
from where she was. We were going to the beach
and wanted to pick up some things I can't remember exactly,
(07:32):
or maybe it was breath I can't recall. And this
little shop, sandwich shop pasture shop was run by some
people from the UK. And you know, my wife's aunt
goes in there and she starts speaking to them and Greek,
and they didn't have a clue. They didn't understand what
(07:54):
she was saying. And she was this tough lady. She
basically told me she think because she's perfect English. She
was like, listen, so welcome your business. Want you know, fine,
come here, you know, do well, but learn the language
you're here, learn the language. If I have to move
(08:15):
to the UK, I'm gonna you know, I have knowing this,
but I'm going to have to use English there. You
learn the language if you're going to come here. And
she had a point, Is she wrong? I don't think so.
I don't think it's quite Frankly, I don't think it's
too much to ask. But again, we were well pass
that at this point in time, where we're at the
(08:38):
point in time where again you're rioting in the streets
and you're waving foreign flags on our nation soil, you
don't think that that's wrong. You don't think there's a
bit of a stretch. What do you think would happen if,
let's say American students decided to hold a protest in
(09:00):
Siga said you were studying abroad in Mexico. It's happened
before they got rested immediately. Now a lot you know, listen,
I don't you know again, you know you want to
have your peaceful protest. Whatever. We may make your point,
but again I can't get my arms around the fact
(09:20):
that if you're flying all these foreign flags, if the
place that you're advocating for is so wonderful, why don't
you go home? That's a logical question that would be
asked by anyone at this point. Immigration, again hasn't been
(09:45):
dealt with properly. A Night game, it was a joke
during the Obama administration. They actually made it was just
the gd A skit on it on Saturday Night Live.
Remember Obama, he talked about prosecutorial authority. He is not
going to prosecute not going to follow the laws of
the land. And they actually did a skit on Saturday
(10:06):
Night Live where they had Obama basically re enacting that
I'm just a bill bit from Schoolhouse Rock and pushing
the bill down the steps of the Capitol, basically saying,
I'm going to do whatever the hell I want to do.
Now we've laid all this out, laid all this out,
(10:26):
Let's let's talk about where we are. Because again, you know,
we can yell and we can scream, but you know,
by some estimates, ten percent of the population of Los
Angeles at this point in time is illegal. Ten percent
is illegal. Again, the idea, the idea that we're going
(10:52):
to be able to go out and round up millions
of people that are here in this country is quite frankly,
patently absurd, not gonna happen. It is patently it is
a logistical nightmare. If you tried to pull it off,
(11:13):
you would absolutely one hundred and ten percent bankrupt the car.
You couldn't hire enough, you couldn't do it. It's not possible. Again,
We've been doing this for a very very long time.
The wrong way to think that Trump's second term, He's
(11:34):
going to be able to do this is nuts in
my opinion. However, all right, you know I'm gonna go
to again. This is the Wall Street Journal. They've been
a very pro immigration publication for an extended period of time.
In quite frankly, I pro legal immigration when it's done
(11:54):
the right way. Good luck with that right now. So
what has taken place, what's taken place in Los Angeles
and other areas around the country where you get another
groups rioting against ICE as well, is not going to
be the political will to do anything when it comes
(12:16):
to legal immigration. It's I don't see how anyway, This
is the Journal today. Rounding up the porting millions of
legal immigrants was never going to go down without protest.
But President Trump is determined to do it, and no
one can say he didn't tell voters during the campaign.
But there are risks from both sides of this dispute,
(12:36):
and especially for the country for turns violet and triggers
a military response from the White House. What's happened in
LA could be signs of what could be head immigration
custom Fortan and staging raids around the city hunting for migrants,
including at businesses where they thought to work. Workers, union
(12:57):
leaders and pro migrant activists hit the street in protests,
and some of these things have turned pretty bad. Trump
has done a great job, a great job in stopping
stemming the problem, closing the border down and stemming the
problem at the border. People using asylum claims looking to
(13:19):
get in legal border crossings have slowed to nothing, basically
nothing over the past four months. Ice has done a
great job going after dangerous gang members and others accused
of crimes here in this country. On this, Trump has
overwhelming support, overwhelming support. However, like I said, you know,
(13:48):
Stephen Miller is behind this as well. He wants to
deport everyone here that is legal gay broke the law.
I understand that, but again again I'm trying to get
my arms around the logistics here, Steven, I really am,
(14:10):
how are you planning on doing this? I mean, even
even this past weekend, even had Tom Homan come out
and said, we arrested you know, several dozen people, several dozen,
several dozen. I mean, great, I hope you got people
that were criminals and bad guys, but that's not what's
(14:34):
coming out. You actually have Republican representatives saying, well, wait
a second here, why an't we going after the criminals first?
Why are you going after these people that are a
law abiding Well, they may be law abiding, but they're
still illegal. I mean, again, we made fun of it
last week, Steve Bannon wanted to deport Elon Musk, saying
that he might be illegal. We've allowed it, we we
(15:01):
we've allowed this to take place. And how do you
go about dealing with this? Well, Miller and the restrictions
want to deport everyone to send a message never to
come again. All right, here's I'm just given everybody a reality.
And yeah, we don't have the workers. We don't have
(15:27):
the workers to do these various different jobs. I mean
they've got job sites and again right now all over
the country who spoken with people, people have actually been
gone on social media jobs shut down the workers, the workers.
You've got to find people that are that go out
there and going to do this type of construction work
(15:48):
and a myriad of other things. And again, I like
to make these workers, these people to come and do
this type of work. I like to make them legal,
and I like them to be getting a prevailing wage.
It's going to help everyone out there. But at this
point in time, I mean, how the only you know,
(16:10):
the thing that I, you know, talked about you know
a while ago, is at the whole build a wall crowd, Okay,
build a wall, yeah, but we don't have a freaking
wall now. And and Trump has shut down at the
you know, shut down the border our wall now and
it's been shut down quite frankly, you do away with
any sort of government assistance, any sort of government assistance
(16:33):
when it comes to being illegal when you come here
or you know again, you have to have you verify,
you verify. Do I think that Do I think that
what we saw take place in Los Angeles represents most
of the immigrants in here in this country? No, like
(16:54):
I do not. I do not, and I you know again,
they're going to be having to deal with the fact
that that took place. We're getting a little off the
beaten track when it comes to, you know, how far
we've shifted again we have you know, we even talk
(17:14):
about foreign students. Throw this in there as well. Okay,
you know, no more foreign students, not going to prove
any foreign students for Harvard. They're talking about, you know,
the the revoking visas for Chinese students. Again, you might
want to do some more greater background check. But everyone
(17:40):
then this is interesting. Jade Vance did an interview news
Week News Becuse the news Max Interview last week where
he disputed that restrictions on foreign students could slow US innovation.
He said, this idea that American citizens don't have the
talent to do great things, that you have to import
a foreign class of servants and investors to do these things.
(18:01):
I just reject that we should invest in our own people,
and restricting student visas is an opportunity for American citizens
to really flourish. Yeah, yeah, JD Man, I'm sorry, but
you're saying a lot of stupid shit lately. Okay, you're
saying a lot of really dumb things. You want to
invest in our own people. Well, you know what, you
(18:22):
might want to start doing that, you know, maybe maybe
in the primary schools. For crying out loud, I mean,
you see what the test grades are. You see what
the test grades are. And to mention the guy and
they point this out, it's a false choice. And of
course we have great talent here in the United States
and we want to invest in that talent. But welcoming
(18:48):
foreign students doesn't hinder Americans. The reality here's the numbers.
Hold hard numbers here. Too few Americans are pursuing fields
to meet the future needs of business and government. Of
all US bachelor's degrees, biology and engineering fields make up
about thirteen percent. The paucity at US grads pursuing advanced
(19:13):
STEM degrees lead to universities to fill their graduate programs
with foreigners. Universities typically cover tuition in return for assistance
with research. More than seventy percent of full time graduate
students and computer science and engineering are international students, and
Vance doesn't agree. He said that the America's space program
(19:36):
in the nineteen fifties, which he said was built by
American citizens with an assist from some German and Jewish
scientists who would come over during World War two. Sixteen
hundred German scientists who immigrated after the war were pretty
crucial to launching our first base satellite and the Apollo mission.
(19:56):
Werner von Brown, German immigrant main architect to the Saturn
rocket that was crucial to launching astronauts into space, into
keeping up with and surpassing the Soviet Union. And again
you got Steven Miller again basically giving a you know,
thumbs up cyber fist bump to vance. He tweeted out
that during the middle of the twentieth century, when the
(20:18):
US achieved unquestionable global scientific dominance, there was zero migration.
Another again kind of a half truth. Yeah, an immigration
fall mid century. This was restrictions that were all pre war. Yeah,
but immigrants were still crucial between nineteen forty five and
(20:41):
nineteen seventy fours. As a journal today, more than half
half of US winners of Nobel Prizes in physics and
forty two percent in medicine were immigrants. Polio vaccine developed
by Albert Saban immigrant Poland, and also Salk, who was
(21:02):
a son of an immigrant, Andy Grove, one of the
founders of intell pioneer the Integrated Circuit Hungarian immigrant nineteen
fifty six. Go on and on and on. So again,
it's a bit of a false choice. However, however, we
(21:29):
need to have legal immigration into this country. That there's
no I'm sorry, there's no debating that that. There's no
debating that. I don't care where all these you know,
you know, put a wall up stop. It's just not
going to not need the workers, need the workers. However,
one of the things that we do need to do
quite frankly, is we need to come up with a
(21:49):
system where we are assimilating people to our society. That
has been a problem for a very long period of time.
I've had long discussions about this year on the program,
where again you've got certain cultures that are coming in
and I know school teachers in these districts where parents
just don't care, They just don't care, And that's that's
(22:13):
a problem. That's a problem. You have very very young girls,
young girls part of the culture, young girls getting pregnant
at a very young age to please abuela. That's a problem.
That's a problem. People usually came to this country assimilated
(22:34):
and copied our ways because that was a way to success.
That's again no denying that that's a problem. I want
to go back to something that I highlighted a couple
of years ago, and again I thought that this might
have been a pretty good way, pretty good way to
(22:56):
help stem the tide and kind of work our way
out of the deep, deep hole that we're in when
it comes to immigration. This was Congresswoman Salazar from just
from Miami, Florida's Republican She called it the Dignity Act,
and we have gone over this here on the program
Dignity Act twenty five billion dollars to fully secure the border,
(23:19):
mandates one hundred percent nationwide e verify to ensure all
American businesses are hiring legal workers. Again, I've been beating
this drum now for I don't know how long. Achieve
operational control of southern border by employing a comprehensive Southern
border strategy. I don't know what that means. Again, Enhance
(23:43):
physical barriers, most up to date technology on the border. Again,
I'll cheep what this forth. Biden was present, Biden is present.
Hires thousands of new border patrol agents and customs officers,
border intelligence units. Again. We haven't even done that, and
it's already handled it so far. New policies to stop
(24:08):
criminals acrossing the border illegally. New authorities to track cartel spotters.
Raises penalties on human trafficking and sex trafficking. Authorized Department
Homeland Security to officially designate any or an organization as
a criminal street gang, making any alien involved in a
criminal gang inadmissible and deportable. Designates Mexican cartels as criminal
(24:30):
organizations again, gives you allowing. Department of Homeland securities, DNA,
to verify family relationships. Yeah, all sorts of stuff when
it comes to the board. But then to fix the system,
expedites processing and ends catch and release policies. That was
(24:51):
one of the dumbest things ever. But again it was
by design. I mean by didn't come up with it,
he did. You know, you put people, you know, you
get people coming in, you put them into detention centers,
you hear their case, and you let them go. You
don't spread them out all over the country in various
different hotels. They're going to find themselves lost and you're
never going to hear from them again. Establishes again at
(25:12):
least five humanitarian campuses that will receive individuals and families
arriving at the southern border for immediate processing. They will
remain there until their case is decided. Again, have medical
facilities there, everything, you know what, but you can not leave.
All cases have to be adjudicated within sixty days. Again,
(25:38):
asylum seekers will undergo an initial interview fear interview within
fifteen days of their arrival, and further screening by train
asylum officers within another forty five days. Which other things
here crack sound an asylum fraud by increasing penalties for
(25:59):
false documentation, to strike policy for anyone caught crossing at
a nonport of entry, to ensure asylum seekers are processed appropriately.
And here is the dignity part of it. That again,
I didn't have any problem with it all, any problem
with it at all. Creates a protected status for Dreamers
(26:24):
and TPS recipients. This is, again I thought, was a
pretty practical solution. You're got to get blowback on this,
you are, But again, I'm trying to solve the problem here,
trying to be practical, and I think that this does this.
If you've been undocumented, you've been the US for more
(26:47):
than five years, you'd be offered a chance to work,
pay restitution, get right with the law, and wait for it,
earn legal stats. Must comply all applicants, must comply with
all federal and state laws, pass a criminal background check,
(27:10):
pay outstanding taxes or debts. Dignity participants will also pay
five thousand dollars in restitution during the seven years of
the program. They have to check in with Department Homeland
Security every two years remain in good public standing. They
will not have access to any federal means tested benefits
(27:33):
or entitlements. You are not allowed to get any aid again.
Two options after successful completion of this program Dignity Status
or Redemption Program Dignity Status. Dignity Recipients who choose this
option will immediately receive a five year dignity status, which
(27:54):
provides full work authorization and the ability to live in
the United States and travel authorization outside. They will remain
ineligible for citizenship means tested government programs and entitlements. Now,
Digny status can be renewed and an indefinite number of
times as long as the individual remains in good standing
(28:15):
with the law. Redemption program. You want to go a
little bit further, this is five plus years. It requires
completion of the seven year Dignity program. Okay. It offers
these people a chance to redeem themselves and earn permanent
legal status. Must learn English, must learn US civics. Must
(28:41):
contribute to their local community, either through community service or
additional five thousand dollars in restitution payments. Again, successful completion
of the redemption program provides legal permanent residence status and
eligibility for existing pathways to citizenship. Participating individuals would go
back go to the back of the line. I again,
(29:04):
there's some more to this program as well. Is it
gonna make everyone happy? No? No do. I think it's
a step in the right direction when it comes to
solving the problems. I'm gonna end with Alexander Hamilton. Alexander Hamilton,
(29:24):
who oh yeah, Hamilton, big play. He was an immigrant,
and did he understood Even though he was an immigrant,
he understood the consequences from the unqualified admission of foreigners.
(29:45):
The safety of the republic depends essentially on the energy
of a common national sentiment, similation, on a uniformity of
principles and habits, on the exemption of citizens from foreign
bias and prejudice, and on that love of country, which
almost invariably be found to be closely connected with birth, education,
(30:06):
and family. The mass influx of foreigners must therefore tend
to produce a heterogeneous compound, to change and corrupt the
national spirit, to complicate and cofound public opinion, to introduce
foreign propensities in the composition of society. The harmony of
the ingredients is all important, and whatever tends to a
(30:27):
discordant intermixture must have an injurious tendency. The United States
have already felt the evils of incorporating large number of
foreigners into their national mass. It is served very much
to divide the community and to distract our councils by
promoting in different classes, different predilections in favor of particular
foreign nations and antipathies against others. It's been often likely
(30:48):
to commit compromit the interests of our own country in
favor of another. To admit mass foreigners indiscriminately to the
rights of citizens the moment they put their foot in
our country would be nothing less than to admit the
trojan horse into the citadel of our liberty and Sambia. Again,
this is coming from an immigrant here into this country.
(31:11):
We've got ourselves a problem that has been decades decades
in the making. At some point in time we're gonna
have to take a step and try to actually solve it.
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