If You Get Scammed, It's YOUR Fault!

Chris critiques the Consumer Financial Protection Bureau's (CFPB) lawsuit against Zelle, arguing that forcing payment platforms to reimburse users for scams undermines personal accountability. He highlights how such policies could lead to higher transaction fees and discourage financial responsibility, emphasizing that individuals must own their financial decisions rather than expect bailouts for poor choices. 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 will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski Bailout Nation.

Speaker 2 (00:18):
I again, one of the things that I've talked about
here on the program. One becomes an adult. One becomes
an adult. And this is something I talk about with
my kids. When you take ownership of everything that happens
in your life, everything that happens in your life, good

(00:41):
or blad, you don't look to place blame. You take
ownership of it, and you're responsible for your actions. That's
what adults do, true adults do. Well we have right
now and again I can't stand this. Well again, it's

(01:03):
quite frankly, it's it's unconstitutional. The Consumer Financial Protection Bureau
again the name, it's right out of Atlas Shrugged for
crying out loud. The CFPB is suing the payment company
Zell payment service. I don't use Zel. I don't use

(01:25):
any of these things. My wife does for various different things.
I quite frankly, I it's I don't even know how
the accounting works for this and again I work under
the guise of another, you know, very powerful bureaucratic agency
called the Securities in Exchange Commission. And I know again
I don't even like using cash. I don't like taking

(01:47):
cash out of the bank. Okay, I want every single
thing that I recorded because again and it's the sec
But anyway, the CFPB is suing Zell, arguing that it
should be forced to reimburse anyone anyone who transfers money

(02:12):
to a scammer. Okay, why is that Zell's responsibility? Again?
You know, if this was something that everybody was clamoring for,
wouldn't there shouldn't Congress write along in regards to this. Well,

(02:37):
the head of the CFPB is this guy by the
name of Rohit Chopra. Again again, another another IVY league,
Another IVY league. Twit who can't bench press the bar
that never had a real job in his entire life,

(02:58):
went to have then went to grad school and has
been in bureaucratic training his entire life. Oh yeah, you know,
is it hanging out with Elizabeth Woarn Lena Khan as
another example, Well, he and his buddies at the CFPB.

(03:18):
They want to circumnavigate Congress and ant make regulations in
act laws laws. Again, we have a constitution where you know,
I'm just a bill, just an ordinary bill sitting here
own Capitol Hill. No, we don't do that anymore now,
ro hit Chopra because he went to had feels that

(03:44):
he is smarter, better and brighter than everybody else, and
he wants to act as a dictator and I do
declare and do decree and do whatever the hell he
wants to do. And if his ideas were so awesome,
so popular, hey man, you should go through Congress. Right. Basically,

(04:06):
to make a long story short, what they're asking Zell
to do is an essence, force them, force them to
reimburse others for their poor decisions.

Speaker 1 (04:24):
Yeah.

Speaker 2 (04:26):
Yeah. Basically, I mean, if I since you get ripped off,
if you're not paying attention to what you're supposed to
be doing with your money, and you decide to buy
some sort of hawke to a coin with your Zell
account and transfer money whatever the hell you decide to do.
Again not too smart, and you lose money, well, then

(04:49):
Zell has to reimburse you. Well again, doesn't that take
the risk out of any situation? How could any payment
platform out there and sure that every single time it's

(05:09):
customers transferred money from one to the other is not
a scam. Again, are you all growns up now? Or
you all growns up? You're not responsible for where you
send money? I'm sorry again. What this will do is again,

(05:33):
it's going to anything like this goes through, Zel's gonna
have to, in essence, start charging a boatload of money,
a boatload of money to process transactions because they're going
to be on the hook in bailout nation to bail
out people who do stupid things. But that nice young man,

(05:56):
I'm sorry. People, at some point in time, at some
point in time, you have to be personally responsible for
your choices and if you decide to do somehow shall
I put it, really dumb shit with your money. Why

(06:16):
should we collectively all be responsible? Watchdog on Wall Street
dot Com