September 8, 2025 • 10 mins
LISTEN and SUBSCRIBE on:
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The latest jobs report is a disaster—22,000 lost jobs, a plunge in full-time work, skyrocketing underemployment, and native-born workers pushed out of the labor force. Yet the media response? Spin, denial, and absurd excuses that insult the public’s intelligence. From blaming Jerome Powell to bizarre “Chewbacca defense” talking points, it’s clear the real unemployment crisis isn’t just economic—it’s honesty in reporting.
Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
The latest jobs report is a disaster—22,000 lost jobs, a plunge in full-time work, skyrocketing underemployment, and native-born workers pushed out of the labor force. Yet the media response? Spin, denial, and absurd excuses that insult the public’s intelligence. From blaming Jerome Powell to bizarre “Chewbacca defense” talking points, it’s clear the real unemployment crisis isn’t just economic—it’s honesty in reporting.
Mark as Played
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):
Wow, real bad job numbers.
Speaker 1 (00:20):
I know.
Speaker 2 (00:20):
I was on my way back home on Friday, on
my way well back to the United States. Still had
some meetings in the States over the course of the weekend.
But me I got wind of the jobs numbers on
an aeroplane and people listen, they know, we kind of
expected the numbers to be bad, but wow, let's I'll
(00:44):
just go over some of them first and foremost. Twenty
two thousand jobs. Twenty two thousand jobs actually June, the
big number was June was actually twenty seven thousand, down
to negative thirteen, and that was the first negative jobs
print since twenty twenty. The internals, quite frankly, are actually
(01:10):
worse than what we were told on the headline. The
number of unemployed workers increased.
Speaker 3 (01:20):
U six, which.
Speaker 2 (01:22):
Is a number that I pay a lot more attention
to than the U three number. It's kind of the
underemployment number. That's eight point one percent the number of
full time jobs down by three hundred and fifty seven thousand,
the second consecutive month of full time job losses. Part
(01:44):
time jobs, however, up by five hundred and ninety seven
thousand jobs native born workers. Native born workers in the
workforce down by five hundred and sixty one one thousand,
where foreign born workers increased by fifty thousand. The number
(02:10):
of multiple job holders up by over four hundred and
forty three thousand. The number of long term unemployed those
jobless for twenty seven weeks or more, increased by three
hundred and eighty five thousand year over year. I can
continue to go through some of these things here trying
(02:32):
to find try to be some glasses half full type
of situation. Can't find it. Unemployment rate for sixteen to
twenty four year olds ten point five percent. We've lost
eighty thousand manufacturing jobs since February first, Well you are more.
(02:56):
Should I continue to beat this dead horse at this
point in time?
Speaker 3 (03:00):
Again?
Speaker 2 (03:01):
I was looking at the numbers while I was on
the airplane going through some of this, and the one
thing I thought my mind.
Speaker 3 (03:08):
Is, how in the world they going to spin this,
How in the world they going to spin.
Speaker 2 (03:13):
This they had, Well, they brought out Howard Lutnick, who
was smiling and laughing, and we got to make sure
these numbers are accurate. You had the various different producers
writers for Fox News out there putting out, putting out state.
(03:34):
Well again, you got understand. You know a lot of
these programs on Fox. You actually think that Jesse Waters
writes his material? Do you think Laura Ingram writes her material? No,
they just read off a teleprompter, not to mention the fact.
I think that they kind of had the heads up
that the numbers are going to be bad, because you
could have seen the lightweights that they had in the
(03:55):
Brady Bunch boxes on Friday when this report came out.
Nothing good, funny Laura Ingram came out again. Aren't you embarrassed?
I mean, I don't understand this.
Speaker 3 (04:12):
People.
Speaker 2 (04:12):
Some people just don't have shame, or they get paid
enough and it doesn't really matter to them. She did
an entire segment blaming this on Jerome Powell. Is Jerome
Powell happy now has refusal? The interest rates has slowed
the Trump economy? Did you understand how stupid that sounds?
(04:35):
Do you understand? Do you understand how dumb you sound
by sounding again?
Speaker 3 (04:41):
I get it, you know. Listen, you know we use
the word the world's oldest profession prostitution, right, I call
it the world's oldest profession. There are more ways.
Speaker 2 (04:54):
There are more than one way to prostitute yourself rather
than just selling sex. And one could argue, quite frankly,
going on the TV and lying for a living. Quite frankly,
I think that does more harm than what a prostitute.
I don't know how we can debate that back and forth,
(05:15):
But are you serious? Everything would be awesome that you do?
You honestly believe that the employment numbers would be better
if J.
Speaker 3 (05:28):
Powell had lowered rates by another quarter or a half
a basis point?
Speaker 2 (05:34):
How do you even know what it means? Do you
don't even know what the Fed funds rate is? You
have any idea you think the Federal reserve is like
like holding back from giving the economy a cookie? Anyway, Anyway,
(05:55):
I thought of two different things that little sub reference.
Speaker 3 (05:59):
I'm back anyway, some of the spin out. What was
it Hassett? He was on? When I see him on?
Speaker 2 (06:06):
Was it Faced the Nation or Meet the Press? And
he said the employment numbers are bad because people are
leaving Portland. Huh uh people when people are leaving, he said,
you know they're leaving. Unemployment numbers are worse than blue
states and people are leaving those states.
Speaker 3 (06:28):
What the hell does that have to do with the
employment numbers? You mean they're they're.
Speaker 2 (06:37):
Leaving the state and leaving their job and just collecting unemployment.
Speaker 3 (06:42):
Is that what you're saying?
Speaker 2 (06:43):
All right, I can understand if they're leaving the state,
but they probably are leaving the state and they probably
have another job lined up. They're probably not collecting unemployment. Again,
the spin was incredible, and it was South Park episode.
I've done this before here on the program, and basically,
(07:06):
you know that the premise was is that one of
the characters on the show was getting sued by the
record label because.
Speaker 3 (07:15):
You know, it had to do.
Speaker 2 (07:17):
With suing over a song, and Johnny cochrane was made
a guest appearance on it, and they get this thing
was called the Chewbacca defense, where you just say something
so ridiculous that has nothing to do with the argument,
and you confuse and in this case it was a
(07:37):
jury trial, you confuse the jurors. And he called it
his Chewbacca defense that and some of the other statements
were made. I'd have to, you know, Billy Madison, that
you know, the things that they were saying were just
so stupid that we were all we're all now dumber
(07:58):
for having listened to this. I find it very difficult,
I really do. I find it really difficult, and it's
quite frankly, it's embarrassed. I'm embarrassed by it. I'm embarrassed
for these people, quite frankly. I did a piece maybe
(08:19):
how to Be Made about eight years ago, maybe longer,
was going after probably longer, I can't remember exactly. I
called it the and I never finished it. I never
finished it, but I remember I collected a bunch of points,
and I know I used it here on the show.
At some point in time. I called it the dumb
Donkey cult. It might have been during the Obama years,
(08:40):
I can't recall, and it was like a cult like
behavior that people have and following Barack Obama and everything.
Speaker 3 (08:50):
That he said.
Speaker 2 (08:51):
I'm sorry, okay, that that's the same thing that we're
seeing right now with the sick ephants on social media
and on TV. When it comes to Trump, warning signs,
Warning signs, of a cult.
Speaker 3 (09:09):
Okay.
Speaker 2 (09:10):
Number one, the leaders always right. Number two, criticism of
the leader are questioning the leader is considered persecution. Anything
the leader does is justified, no matter how harmful it
may be. The leader is the only source of truth.
Everyone else is just lying, and disciples must be devoted
(09:32):
to the leader, never question him. Drawn out there, Okay,
if you got upset by what I just said, well
then you're probably a member.
Speaker 3 (09:48):
You're probably a member. I'm just saying. You know, we
had things.
Speaker 2 (09:51):
You know, I coach for years, and one of the
things that when college coaches would come to me about
players and ask about them and whether or not the
kids coachable. What does that mean the kids gonna listen?
Is it gonna be able to accept criticism and learn?
I think quite frank, it's a pretty good quality to have.
(10:15):
Not seeing much of it right now, not seeing it again.
After Liberation Day, we told you exactly what was gonna
happen with the jobs market, and it happened. 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):
Wow, real bad job numbers.
Speaker 1 (00:20):
I know.
Speaker 2 (00:20):
I was on my way back home on Friday, on
my way well back to the United States. Still had
some meetings in the States over the course of the weekend.
But me I got wind of the jobs numbers on
an aeroplane and people listen, they know, we kind of
expected the numbers to be bad, but wow, let's I'll
(00:44):
just go over some of them first and foremost. Twenty
two thousand jobs. Twenty two thousand jobs actually June, the
big number was June was actually twenty seven thousand, down
to negative thirteen, and that was the first negative jobs
print since twenty twenty. The internals, quite frankly, are actually
(01:10):
worse than what we were told on the headline. The
number of unemployed workers increased.
Speaker 3 (01:20):
U six, which.
Speaker 2 (01:22):
Is a number that I pay a lot more attention
to than the U three number. It's kind of the
underemployment number. That's eight point one percent the number of
full time jobs down by three hundred and fifty seven thousand,
the second consecutive month of full time job losses. Part
(01:44):
time jobs, however, up by five hundred and ninety seven
thousand jobs native born workers. Native born workers in the
workforce down by five hundred and sixty one one thousand,
where foreign born workers increased by fifty thousand. The number
(02:10):
of multiple job holders up by over four hundred and
forty three thousand. The number of long term unemployed those
jobless for twenty seven weeks or more, increased by three
hundred and eighty five thousand year over year. I can
continue to go through some of these things here trying
(02:32):
to find try to be some glasses half full type
of situation. Can't find it. Unemployment rate for sixteen to
twenty four year olds ten point five percent. We've lost
eighty thousand manufacturing jobs since February first, Well you are more.
(02:56):
Should I continue to beat this dead horse at this
point in time?
Speaker 3 (03:00):
Again?
Speaker 2 (03:01):
I was looking at the numbers while I was on
the airplane going through some of this, and the one
thing I thought my mind.
Speaker 3 (03:08):
Is, how in the world they going to spin this,
How in the world they going to spin.
Speaker 2 (03:13):
This they had, Well, they brought out Howard Lutnick, who
was smiling and laughing, and we got to make sure
these numbers are accurate. You had the various different producers
writers for Fox News out there putting out, putting out state.
(03:34):
Well again, you got understand. You know a lot of
these programs on Fox. You actually think that Jesse Waters
writes his material? Do you think Laura Ingram writes her material? No,
they just read off a teleprompter, not to mention the fact.
I think that they kind of had the heads up
that the numbers are going to be bad, because you
could have seen the lightweights that they had in the
(03:55):
Brady Bunch boxes on Friday when this report came out.
Nothing good, funny Laura Ingram came out again. Aren't you embarrassed?
I mean, I don't understand this.
Speaker 3 (04:12):
People.
Speaker 2 (04:12):
Some people just don't have shame, or they get paid
enough and it doesn't really matter to them. She did
an entire segment blaming this on Jerome Powell. Is Jerome
Powell happy now has refusal? The interest rates has slowed
the Trump economy? Did you understand how stupid that sounds?
(04:35):
Do you understand? Do you understand how dumb you sound
by sounding again?
Speaker 3 (04:41):
I get it, you know. Listen, you know we use
the word the world's oldest profession prostitution, right, I call
it the world's oldest profession. There are more ways.
Speaker 2 (04:54):
There are more than one way to prostitute yourself rather
than just selling sex. And one could argue, quite frankly,
going on the TV and lying for a living. Quite frankly,
I think that does more harm than what a prostitute.
I don't know how we can debate that back and forth,
(05:15):
But are you serious? Everything would be awesome that you do?
You honestly believe that the employment numbers would be better
if J.
Speaker 3 (05:28):
Powell had lowered rates by another quarter or a half
a basis point?
Speaker 2 (05:34):
How do you even know what it means? Do you
don't even know what the Fed funds rate is? You
have any idea you think the Federal reserve is like
like holding back from giving the economy a cookie? Anyway, Anyway,
(05:55):
I thought of two different things that little sub reference.
Speaker 3 (05:59):
I'm back anyway, some of the spin out. What was
it Hassett? He was on? When I see him on?
Speaker 2 (06:06):
Was it Faced the Nation or Meet the Press? And
he said the employment numbers are bad because people are
leaving Portland. Huh uh people when people are leaving, he said,
you know they're leaving. Unemployment numbers are worse than blue
states and people are leaving those states.
Speaker 3 (06:28):
What the hell does that have to do with the
employment numbers? You mean they're they're.
Speaker 2 (06:37):
Leaving the state and leaving their job and just collecting unemployment.
Speaker 3 (06:42):
Is that what you're saying?
Speaker 2 (06:43):
All right, I can understand if they're leaving the state,
but they probably are leaving the state and they probably
have another job lined up. They're probably not collecting unemployment. Again,
the spin was incredible, and it was South Park episode.
I've done this before here on the program, and basically,
(07:06):
you know that the premise was is that one of
the characters on the show was getting sued by the
record label because.
Speaker 3 (07:15):
You know, it had to do.
Speaker 2 (07:17):
With suing over a song, and Johnny cochrane was made
a guest appearance on it, and they get this thing
was called the Chewbacca defense, where you just say something
so ridiculous that has nothing to do with the argument,
and you confuse and in this case it was a
(07:37):
jury trial, you confuse the jurors. And he called it
his Chewbacca defense that and some of the other statements
were made. I'd have to, you know, Billy Madison, that
you know, the things that they were saying were just
so stupid that we were all we're all now dumber
(07:58):
for having listened to this. I find it very difficult,
I really do. I find it really difficult, and it's
quite frankly, it's embarrassed. I'm embarrassed by it. I'm embarrassed
for these people, quite frankly. I did a piece maybe
(08:19):
how to Be Made about eight years ago, maybe longer,
was going after probably longer, I can't remember exactly. I
called it the and I never finished it. I never
finished it, but I remember I collected a bunch of points,
and I know I used it here on the show.
At some point in time. I called it the dumb
Donkey cult. It might have been during the Obama years,
(08:40):
I can't recall, and it was like a cult like
behavior that people have and following Barack Obama and everything.
Speaker 3 (08:50):
That he said.
Speaker 2 (08:51):
I'm sorry, okay, that that's the same thing that we're
seeing right now with the sick ephants on social media
and on TV. When it comes to Trump, warning signs,
Warning signs, of a cult.
Speaker 3 (09:09):
Okay.
Speaker 2 (09:10):
Number one, the leaders always right. Number two, criticism of
the leader are questioning the leader is considered persecution. Anything
the leader does is justified, no matter how harmful it
may be. The leader is the only source of truth.
Everyone else is just lying, and disciples must be devoted
(09:32):
to the leader, never question him. Drawn out there, Okay,
if you got upset by what I just said, well
then you're probably a member.
Speaker 3 (09:48):
You're probably a member. I'm just saying. You know, we
had things.
Speaker 2 (09:51):
You know, I coach for years, and one of the
things that when college coaches would come to me about
players and ask about them and whether or not the
kids coachable. What does that mean the kids gonna listen?
Is it gonna be able to accept criticism and learn?
I think quite frank, it's a pretty good quality to have.
(10:15):
Not seeing much of it right now, not seeing it again.
After Liberation Day, we told you exactly what was gonna
happen with the jobs market, and it happened. Watchdog on
Wall Street dot Com
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