Financial Nihilism and Kamala Harris

Financial Nihilism and Kamala 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 that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Yeah, financial nihilism and Kamala Harris. I'm watching various different
talking heads and pundits go on programs there and you know,
basically advocate for Kamala Harris's tax on unrealized capital gains.
And they always making the point out that I'm only

(00:37):
going after people that worked over one hundred million dollars,
that's all going after. Just going after them doesn't concern you.
Does that make it right? First, informant, Does that make
it right? Then again, we've gone over the numbers here
in regards to who pays what here in this country.

(00:59):
I just want to let everybody know, taxes always start out,
always start at hitting the top slowly, but surely more
and more people get wrapped up in these taxes. Go
back and take a look at the history the income tax.

(01:20):
For crying out loud, I know, we ares sured assured.
Oh no, only those with more than a net worth
of one hundred million dollars and again they have to
pay their fair share, you know. And what's interesting is
what what what people account for as rich? Always know

(01:42):
that that number continues to drop, you know, what's that
that number always continues to drop, and what uh fair share?
What's fair always continues to go up? Anyway, financial nihilism.
We uh we encourage here on the program done this

(02:06):
for year is always encourage people to dollar cost average
save money. The earlier you start to save, the less
you have to save, max out all of your qualified plans.
We've discussed here on the program the amount of money,
the amount of money that people leave on the table
every single year in matching dollars they could have got

(02:29):
from their employer if they just contributed to their four
oh one K and they don't do that. What what's
going to be the point because again, this is what
will happen if they start out with the tax on
unrealized capital gains will start there and I'll continue to
go down. What will be the point in actually saving?

(02:53):
It changes the complete risk reward model? Does it not? Did?
Do you want to push people further and further to
financial nihilism where they're just going out there and spending. Spending,
what's the point. It's kind of in Argentina and countries
that have high inflation, spend the money as soon as

(03:14):
you possibly can, because the value of it is going
to drop. We've dealt with that here when it comes
to inflation. I've discussed this here on the program when
we've talked about negative interest rates in the past, and
also the problem with digital currency tying a lot in today.

(03:35):
I understand that, but you've got to follow along here.
If we don't have any sort of currency, no sort
of cash you can take out of the bank, well,
then effectively the government could basically direct negative interest rates,
which would do what what would negative What would negative
interest rates? And negative interest rates would allow the government
to say, hey, you know what, either spend it or

(03:56):
lose it. You couldn't take your money out of the bank,
so you would essentially lose it there, so the government
can stimulate the economy force you to buy by instituting
negative real est interest rates. The same thing holds true
with this. Spend it. What's the point in saving? You know,

(04:18):
we're at a point in time people where it's unfortunate.
People are very very distracted, distracted and again, listen. I'm
all for entertainment. I love sports, I love all this stuff,
but you're not paying close enough attention. And I was
reminded of this George Orwell in nineteen eighty four at

(04:42):
ninth the book nineteen eighty four. Okay, he actually said football, gambling,
and beer, and I wrote it down there. Filled up
the horizon of their minds. To keep control was not difficult. Again,
whatever it be, social media, football, gambling, beer, all these

(05:05):
things that fill up people's minds, not paying attention to
what's taking place right in front of you. Taxes on
unrealized gains. Again, I don't believe, and I've said at
this point, I don't believe it's going to happen. But
the idea that it's actually in floated, and you've got
people actually discussing it on aras as a good idea

(05:29):
a little disturbing if you ask me. Watchdog on Wall
Street dot com