September 13, 2025 • 40 mins
Chris Markowski discusses the harsh realities of the financial world, reflecting on the impact of 9/11, the ongoing challenges of war, and the dangers of alternative investments. He emphasizes the importance of financial freedom and the need for transparency in the advisory industry. Markowski also critiques the buy now, pay later economy and the implications of government spending and national debt on the economy.
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Episode Transcript
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Speaker 1 (00:06):
Well known author, investment banker, consumer advocate, canalyst, trainer. Chris
Markowski is the watch dog the Wall Street You want
to answer exposing the lines and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom.
Speaker 2 (00:27):
You can't handle the truth.
Speaker 1 (00:29):
Truth bringing America the truth about what really happens in
the financial world.
Speaker 2 (00:34):
Ladies and gentlemen.
Speaker 3 (00:35):
We're not here to indulge in fantasy, but in political
and economic reality.
Speaker 2 (00:39):
This is the watchdog on Wall Streets.
Speaker 4 (00:43):
What about already quarterback?
Speaker 3 (00:45):
It is the one, the only watchdog on Wall Street Show.
And again, I want to make this perfectly clear to
everyone out there.
Speaker 4 (00:54):
You know, we're.
Speaker 3 (00:54):
Constantly adding new affiliates, and you know sometimes we lose
some well.
Speaker 4 (01:01):
Got phone calls, emails, some people, you.
Speaker 3 (01:04):
Know upset Christians show is not on the air and
on a station anymore. Listen, you can always get me
at my website. You can always we will put it
up on every Spotify, Apple, everything that's out there. The
reality of radio, and I even think it's even more
so today based upon the climate. Guys running radio stations.
(01:27):
If someone's got a couple bucks to rub together and
they're selling some sort of snake oil whatever it may be.
They're gonna take that money and they're gonna bump me
off on the weekend.
Speaker 4 (01:36):
That's always been the case. It's not really just that
as well.
Speaker 3 (01:39):
Sometimes you've got local shlockbrokers, bad advisors out there that
get wind of my program and you know, basically explaining
to the listenership out there how they don't know what
they're doing, and they call up and they get all
angry and they say, well, I'll buy some advertising a station,
but you got to take Markowski off the air. That is,
without a doubt, that's hindered our growth over the past
(02:00):
twenty five years.
Speaker 4 (02:01):
But I don't care.
Speaker 3 (02:02):
It is what it is, and it's one of the
great things about digital and the way we're able to
get it out. You can listen to us anywhere, any place,
any time. Not to mention the fact I'm doing podcasts
on a daily basis. Okay, as far as Markowski Investments
is concerned, we help everyone out.
Speaker 4 (02:22):
We are different.
Speaker 3 (02:22):
We run a family office. We've got everything. You know
you need lawyers, See we have lawyer. You need accountants,
We've got accountants and of course, what we do is
managing people's money. What we do not do at Markowski
Investments is say, hey, you're not rich enough to work
with us.
Speaker 4 (02:39):
No, we don't do that.
Speaker 3 (02:41):
We're not the country club types here to at Markowski
and we don't do that. It's not the way that
we roll. I've mentioned this again and again again. Quite frankly,
you know, it's great. You know I got guys got
a twenty million dollars account with us here. He's wealthy already. Again,
those are quite frankly, much easier to manage than the
(03:03):
ones we're trying to grow.
Speaker 4 (03:04):
Well, what do you think is more satisfying for me?
Speaker 3 (03:07):
Put yourself in my shoes watching somebody over thirty years
start off with, you know, twenty fifty thousand dollars and
now it's worth you know, held a lot more. That's
that's one of the most rewarding things that we do
and we're never going to change that. So again, become
a part of Markowski Investments. Simple, get to our website
Watchdog on Wall street dot com. You sign up for
(03:30):
our personal CFO program. Okay, second year on air, second
year on air. It's when obviously two thousand and one
nine to eleven and talk a little bit about I
do it every senior year. Go back to that point
time again, I got asked. I lived in New York
(03:50):
City at that point in time, that very day I
was supposed to go in.
Speaker 4 (03:56):
I lived in the Borough. I lived in Queen's with my.
Speaker 3 (03:58):
Wife, newly weed at the time, and I was gonna
make my way. We had a small office down on
Wall Street that I had to go to, and I
got delayed because I got invited, Like I often did,
do a lot of guest appearances on radio shows, so
I guess my wife could buy and she took the
bus in, and you know, I'm watching the news while
(04:19):
I'm getting ready to do the show and watching what happened,
and it was it was I'm like, what you see
it's crash. I'm like, man, I thought it was some
small commuter airplane that lost its way. I get a
call from my wife and she's wondering what's going on
because of the traffic, and I'm like, I don't know.
(04:40):
And then see the second one, and I knew right
then and there there was no question that this was intentional.
And I mentioned at the beginning of the program the
feeling that you had at that point in time. I
had that same exact feeling this past week with Charlie Kirk.
Speaker 4 (05:00):
Weird, it's a weird.
Speaker 3 (05:03):
It's a it's a it's an odd, it's a hopeless,
helpless excuse me, feeling not hopeless, helpless feeling.
Speaker 4 (05:11):
You don't and it's just it's awful. It's awful. People
ask me, what else do you remember from that day?
Speaker 3 (05:18):
I don't remember, you know, going to get my wife
in a story in Queen's because they had a walk
over the bridge, and my sister in law as well.
What I really remember. But I really remember about that
day more than anything else one that day. It was
the next, next few months, next few months. The neighborhood
(05:42):
I live in Queen's White Stone, and a lot of firefighters,
a lot of police officers, my neighbors lived around there.
And the constant, the constant bagpipes at a regular basis,
from one few after another after another.
Speaker 4 (06:04):
I'll never ever forget that, never forget that.
Speaker 3 (06:11):
One of the things that we did we did uh
at that time, the Watchdog on Wall Street Show.
Speaker 4 (06:17):
I went out and I.
Speaker 3 (06:19):
Bought hundreds and hundreds of NYPD f D new York
hats and it was I gave him away on the show.
I just you know, anybody signs up. I was, you know,
there for our count Repair kid. I was, we had
a count Repair kid or newsletter. I was sending hats
out all over the country and you know, people, it
(06:41):
was great people coming together again. It was it was
kind of a surreal feeling around New York. And man,
I wish that would come back.
Speaker 4 (06:57):
I really do. I wish.
Speaker 3 (06:59):
I wish that coming together thing would come back. As
far as the society is concerned. It did, but it
didn't last that long, which is unfortunate. Didn't last that
long because again, one of the things that we failed
to recognize is that the powers that be the people,
whether it be an elephants or donkeys or the media,
(07:20):
whatever it may be, they are much better served when
we are at each other's throats, when we are not
having civil conversations, when we're attacking one another. And again
you take a look, and I was asked about this,
and this is you know, it's gonna be a tough
(07:40):
pill for people swallow.
Speaker 4 (07:41):
But again, I'm brutally honest here on.
Speaker 3 (07:43):
The program in many respects, if you actually think about it.
Osama bin Laden, what he did? What did we do
to ourselves as a nation? What if we become think
about the Patriot Act, and again they call it the
(08:03):
Patriot It's just the most ridiculous name. Allowing the government
essentially spy on all of us. You remember that back
from twenty ten, collecting all of our info and search
history and all that stuff.
Speaker 4 (08:22):
Everything.
Speaker 3 (08:23):
We've been basically in a constant state of war for
the past twenty four years. President of the United States
can just launch an attack whatever, you know, he or
maybe someday she sees rett. We've spent trillions and trillions
(08:45):
of dollars, we have lost countless lives. My question has
always been, and I'm gonna stick with it. I know
some people might get what have we won? Did we
won anything? Spend twenty some odd years in Afghanistan for
(09:08):
what to replace the Taliban with the Taliban?
Speaker 4 (09:15):
Iraq? Yeah?
Speaker 3 (09:17):
How how many innocent civilians were killed there? How many
of our young men and women in Afghanistan? Iraq blowing
up Libya? Well you know, now they got open air.
You know, slave markets in that country, which used to
have the highest per capita GDP in Africa, but we
(09:37):
lost our way. We lost our way, and again I'm
always hoping and praying that we might be able to
find it again. Anyway, I gotta talk about this story.
It's in regards to my industry. I know I've hit
upon this in the past.
Speaker 4 (09:57):
There was a.
Speaker 3 (09:57):
Big, big summit out in California, big summit in California,
and these big advisory shops, private equity companies there talking
about rolling up all of the small firms. And this
guy out there is uh he's the CEO of Creative Planning.
Speaker 4 (10:19):
His name is Peter Miluk, and his his thing.
Speaker 3 (10:23):
Is is you know, right now, got all these uh,
smaller players out there, We're gonna roll this all up.
We're gonna force all these companies to work under. It's
gonna be like the accounting firms. We're gonna have the
big four. No way, no way, no how. And his
his pitch, his pitch out there, that's the way it is.
(10:44):
You get you get better accounting services from.
Speaker 4 (10:47):
The big four. No you don't, No, you don't.
Speaker 3 (10:50):
Your number, your number, that that that's all you are.
Well what do you think, what do you think? What
does a point of rolling all of these big firms
in together into the you know, they want to have
three or four big advisory firms and want all the
join What again, they got they can? You can you
(11:10):
basically cut deals, cut deals with funds. Uh put basically
put various different products together that you tell your advisors
that they have to that that they have to use.
Speaker 4 (11:22):
Then they get paid more on that. Why would you
do that?
Speaker 3 (11:27):
Ice is a warning to everybody out there, because again,
I get it, I get it. Yeah, I'm uh, I'm
mid fifties, I'm mid fifties in this industry and i'm
you know, still kind of considered a baby. A lot
of advisors looking to retire, and we're obviously helping people
do that as well, but we're not doing it like this.
Speaker 4 (11:51):
Well, we're not.
Speaker 3 (11:51):
Rolling in these firms, firing the smaller clients, putting them
in to set it and forget it portfolios. You got
to be aware people, Okay, this is a conversation. If
your advisor is alluding to the fact that he's going
to be retiring soon and he may you know, sell
his business to who, to who, you need to know who,
(12:15):
because again it's I'm just telling you, okay, it's a requirement.
It's an sec requirement that they have a succession plan,
and I would hope, I would hope that your advisor
just wouldn't make like you know that Steve Miller's song,
take the money and run, Okay, I would hope that's
not the case. I would hope that they have that again,
(12:37):
they didn't have that ethical bypass at birth, and they
actually care about you and your future. But I know
that I know the temptation because it's out there right now.
They are offering multiples as far as revenue multiples. What
they're buying firms out that are obscene, obscene, and a
(12:58):
lot of I know a lot of advisors live way.
Speaker 4 (13:01):
I think, you know, I'm gonna take the money. I'm
gonna take the money.
Speaker 3 (13:04):
I'm like, well, do you do realize that they're not
gonna give a damn about your clients?
Speaker 4 (13:08):
I know I can't resist. Well, you know that what
does that say about you?
Speaker 3 (13:12):
There's quite frankly, there's more important things in life as
far as I'm concerned. And that's why I put my
name on my Firm's why I don't call it creative planning.
It's Markowski Investments from the Markowski family. That means something
we will not defer, we will not change, we will
(13:34):
not go public. I have made this perfectly clear called public.
Speaker 4 (13:39):
Yeah yeah, yeah, So I gotta.
Speaker 3 (13:40):
Be beholdened to shareholders. They're gonna tell me to cut
costs or get rid of my small cluckes.
Speaker 4 (13:46):
Are are we wasting too much of my time?
Speaker 3 (13:48):
No way, no how Three shareholders Markowski Investments, my brother Michael,
my brother Matthew, myself. The only other shareholders eventually will
have God willing our family.
Speaker 4 (14:05):
That's it.
Speaker 3 (14:08):
That's that's who you want to be dealing with when
it comes to money professions, doctor, accountant, advisors. That's what
that That's what our personal CFO program is all about.
We're your families c f Oh Get to our website
(14:31):
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com,
Sign up for our personal CFO program, Sign up for
our podcast newsletter count Repair, get all sorts of great
stuff there Watchdog on Wallstreet dot com, or give us
a call eight four seven.
Speaker 1 (14:49):
Eighty four, bringing America financial freedom, one listener at a time.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 4 (15:16):
Quarlback, give me hear the.
Speaker 3 (15:22):
Maybe hear the phrase you know that trade, it's like
it's a Wall Street term. Trade has gotten crowded. There
was a money manager for Yale University. His name was
David Swinson. H David Swinson was early early in as
(15:44):
far as alternative investments private equity at Yale, and he
put together a pretty good return because no one was
really getting involved in the stuff he was at the time,
the trade wasn't crowded. Again, what we're seeing right now,
we're seeing right now is all of these all of
(16:06):
these major colleges and universities, these endowments out there, they're
not doing well as far as the returns are concerned,
because they decided to copy exactly what David Swinson was
doing at that point in time, and the trade has
gotten crowded and the returns have been lackluster. We've been
(16:28):
perfectly clear here on the program that we use some alternatives,
some private equally some things for our clients when we
see fit, when we see fit, and we know we
know these companies and what we're doing.
Speaker 4 (16:43):
Very very well the ins and outs.
Speaker 3 (16:46):
I'm gonna I know, I've been beating this drum here
on the program for some time, and I'm gonna continue
to beat the drum. I'm going to continue to because
I know what's coming. There's going to be a major push,
a major push by all the big firms out there
to get you to buy private equity. They're gonna they're
(17:08):
gonna be talking about wow, wow, Look what David Swinson
did at Yale for thirty six years and look at
a thirteen percent return that he showed.
Speaker 4 (17:16):
And this is what alternatives can do.
Speaker 2 (17:18):
Uh.
Speaker 3 (17:18):
Yeah, the trade is crowded, man. Okay, these the gains
that actually you're seeing right now and that they're actually
posting are a bit of a fougacy because they're paper only.
Speaker 4 (17:33):
They're not liquid. You know what I mean.
Speaker 3 (17:36):
I only time you are. I can't you know, they
won't let me sell. I can't get out. They say
it's worth this, Well, you continue to pay the manager
and you can't get your money out. Holy Hotel, California.
And that's what's happening right now with many of these things.
But like clockwork, like clockwork, Wall Street is going to work.
Speaker 4 (17:57):
It's hard. They're gonna work, real.
Speaker 3 (17:59):
Real hard to find greater fools. That's you, Okay, that's you.
You're going to be the greater fools. They are going
to target you. They are gonna put experts on TV.
They're gonna be on CNVC, they're gonna write reports, they're
gonna invite you to dinner.
Speaker 4 (18:20):
They're gonna do all sorts of thing that they normally do.
Speaker 3 (18:23):
So you could be the greater fool in the greater
in the great game of demonic musical chairs.
Speaker 4 (18:30):
Don't do it.
Speaker 3 (18:32):
If you have any questions in regards to any alternative
investment that's being pitched to you or pushed on you,
whatever it may be, Please, while a love of God,
pick up the phone, give us a call, go to
our website. We will give you the skinny. We will
(18:55):
give you the skinny. You keep your vibe.
Speaker 4 (18:57):
I just don't.
Speaker 3 (18:58):
I hate seeing people lose money. Okay, Gordon, get go.
Nothing ruins my day more than losses. Nothing ruins my
day more than seeing people take unnecessary losses.
Speaker 4 (19:12):
That's what we're here for anyway.
Speaker 3 (19:15):
Anyway, inflation talked about it last hour in the program.
Going quickly touch on this again. Wage gains have been
whacked by inflation. You got to take a look at
the average Households haven't gained ground economically since COVID nineteen.
Speaker 4 (19:42):
That's that's not good.
Speaker 3 (19:45):
And that's part of the problem we're having right now
is you haven't seen the wage gains and the price
of everyday items, bare necessities continued to go up. Inflation
adjusted median household income last year was at roughly the
same level as it was in twenty nineteen, right before
the pandemic. Basically, from twenty twenty three to twenty twenty four,
(20:09):
it didn't statistically.
Speaker 4 (20:10):
Move at all. Again. Hope, hope that again, we get the.
Speaker 3 (20:18):
Trade stuff taken care of, We get the tariff stuff
taken care of.
Speaker 4 (20:21):
We get the big beautiful bill. We get company.
Speaker 3 (20:23):
You know, company is going to expand start the hire again.
That that will change. Okay, need to have that change.
People need to be making more money to keep up
with inflation. Watchdogamallstreet dot com. Watchdogamallstreet dot com.
Speaker 4 (20:37):
We'll be back.
Speaker 2 (20:40):
You're listening to the Watchdog on Wall Street. That you
was just walking down the streets.
Speaker 1 (20:58):
Taking wall streets, crooks and sheets out behind the woodshed.
You're listening to the Watchdog on Wall Street.
Speaker 3 (21:08):
Whatever I hit a song, I think of Harold Remus
good teaching.
Speaker 4 (21:13):
Uh was teaching people English and stripes. Remember that anyway,
welcome back. Everybody is watchdog on Wall Street Show. Anyway,
ah right, we got ourselves another hot ipo this week. Woo,
it wasn't wasn't that long ago.
Speaker 3 (21:29):
Remember we were we were telling you what was going
to exactly happen with Figma, and it did well. We
got another one this week. We got Klara, Uh, Klarna,
there's I think their stock went up. I don't even
know where it is. I really don't. I don't pay aten.
It was up third I know it was up thirty
percent at the open, thirty percent went public at forty
(21:53):
dollars share pop thirty percent the open.
Speaker 4 (21:56):
I don't know where it's settled at the end of
the day. Anyway, anyway, people want you get involved in Clara, No,
why not? They won't let us, wellhy won't they let us?
Speaker 3 (22:13):
Let me let me explain to you, Okay, Figma, Clark
don't make any difference. Okay, when I see a company,
when I see the owner of the company, management of
a company, take a company public at X they think
it's worth X, thirty twenty fifty doesn't make any difference.
Speaker 4 (22:35):
And you know, in the case of Pigma, figure was
up what almost.
Speaker 3 (22:38):
Two more two on day one, uh sell morrimercel.
Speaker 4 (22:47):
If someone again, if if someone were to.
Speaker 3 (22:49):
Come to you, come to you, you're you're you know,
you're a business owner. Let's say you bought up let's
say you bought a parcel of real estate somewhere for
let's say one hundred dollars, and you closed on it.
Then somebody came the next day and said, hey, you
know what we're going to offer you four hundred thousand,
and you're going to make that quick of a profit.
Speaker 4 (23:09):
You're probably going to turn around and do that.
Speaker 3 (23:11):
Yes, of course you needed the real estate for some
you know, you go to build a building or what.
Speaker 4 (23:15):
I don't know, whatever it may be. Maybe it's a
poor example.
Speaker 3 (23:20):
The owner of the company was willing to sell his
business at forty dollars to share on that very day.
I can get out at fifty two dollars a share immediately.
Speaker 4 (23:31):
I'm going to do that.
Speaker 3 (23:31):
And that's why I can't get involved in any IPOs
because we are on a list. We're blackballed from that stuff.
The firms that take these companies public, they don't want
you to sell. They don't want you to sell because
they want they want to get all of their insiders out. Now,
in the case of Klarno, they raised one point five
(23:55):
billion dollars. You want to know how much money actually
is going to the company so they can expand I guess,
I say, want to buy a banking license here in
the United States, whatever it may be. Two hundred million,
two hundred million out of the one point five million raised,
where did the rest? Where'd that one point three billion
(24:16):
dollars go? That one point three billion.
Speaker 4 (24:18):
Dollars bought out.
Speaker 3 (24:21):
Insiders in the company they're getting out their selling.
Speaker 4 (24:26):
What does that tell you? Well, here you got liquid.
You know they were early.
Speaker 3 (24:30):
I'm like, well, yeah, no, maybe maybe you should have
gone public a little bit earlier.
Speaker 4 (24:35):
And I want to remind everybody as well, Klarna.
Speaker 5 (24:38):
Was supposed to go public, was supposed to go public
during the whole disruptor phase there on Wall Street, okay,
for evaluation of forty.
Speaker 4 (24:51):
Five billion dollars. The valuation for Karna right now was
fifteen billion. So if Wall.
Speaker 3 (24:57):
Street had their way, if they got their way on
this one back during oh that was back in the
days of Peloton and the Beyond Meat and all the
other crap that was going public at that point in time,
if they had their way, they would have sold you
this thing for forty five The company worth forty five
billion dollars. They took in public today for fifteen billion dollars.
What does that tell you about Wall Street and the
(25:18):
big firms and these investment banks.
Speaker 4 (25:22):
They don't care about you, do you understand?
Speaker 3 (25:29):
Listen, kids, I used to do this okay before Markowski
invent me.
Speaker 4 (25:34):
Yeah, we investment banking. Why do you think I left that? Again?
They didn't care.
Speaker 3 (25:43):
It was all about again that demonic game of musical.
Speaker 4 (25:47):
Chairs and man. That was back at a point in time,
the nineties.
Speaker 3 (25:52):
It was it was better companies went public very very early.
The system is set up today to ladder these companies
up over a period of time in private hands and
when it.
Speaker 4 (26:05):
Goes public, rather than raising most of.
Speaker 3 (26:08):
The money to build the company, Okay, that's already been
done in the private stages. The insiders are selling to you.
So who's taking the risk. You're going to have to
take the risk. I would rather take the risk in
a new company and upstart on a much better valuation.
Speaker 4 (26:32):
Anyway.
Speaker 3 (26:32):
Again, that's that's a system, kiddos. That that's how it's
operating and it's uh, how shall I put it?
Speaker 4 (26:40):
No bueno anyway.
Speaker 3 (26:43):
Anyway, I'm gonna talk a little bit more about this
buy now, pay later stuff.
Speaker 4 (26:49):
I think it's kind of important. Were gonna take quick
break right here.
Speaker 3 (26:52):
You're listening to the Watchdog on Wall Street show Watchdog
on Wallstreet dot com again. Sign up our personal CFO program, podcast,
Newslee Letter Everything, Watchdog on Wall Street dot Com or
give us a call eight four seven four here.
Speaker 2 (27:25):
This is the Watchdog on Wall Street.
Speaker 3 (27:31):
By Now Pay Later, Klarna Firm, some of these others
out there. My way back from Europe, I had to
stop in Uh. We stopped in New York City, uh
for a couple of days.
Speaker 4 (27:47):
Again.
Speaker 3 (27:48):
I my my best friend who runs our accounting and
at Markowsk Investments Danafrea Incorporated, John Danafrio. We Uh, we
go to the opening Jets game every year. Giants fan,
but I root for the Jets as well. Bouncing around
to New York City, haven't been there for a a
bit of time with my wife and we head downtown,
(28:10):
been around the Soho area of New York City and
I'm watching kids, watching kids going into these pretty expensive
stores buying stuff. How they buying stuff on buy now,
Pay later, and I'm like, this is this is no good,
(28:35):
this is gonna get ugly. I want to, you know, basically,
explain to someone, Okay, if you're using Klarna or a firm.
Speaker 4 (28:46):
You're a fool. You're fool.
Speaker 3 (28:51):
If you can't afford to buy the shoes, if you
can't afford to buy the pocketbook, the suit, the tie,
whatever it may be.
Speaker 4 (29:02):
Don't buy it, don't.
Speaker 1 (29:09):
You.
Speaker 4 (29:09):
I take a look at the numbers.
Speaker 3 (29:11):
We'll get into some of the numbers here a bit
as far as delinquencies are concerned. But it's not just
that you are depriving yourself of something you are. You're
depriving yourself of something wonderful down the road. You work
hard in life. You put money away again. We tried
(29:32):
to do here again. It's financial preparation. You're building wealth
over time. Over time, you're gonna be able to afford more.
There's certain moments and certain milestones and things you're gonna
achieve in life that you're never gonna forget.
Speaker 4 (29:47):
I will never I have vivid, vivid.
Speaker 3 (29:49):
Memory my first house, mowing my lawn, my lawn my
house for the very first time. Will never forget it,
and how great that cold beer tasted after I did that.
I also remember, remember when I got to that point
(30:10):
time where I could I bought my wife for first time.
I bought a pair of Gucci shoes for my wife,
or you know, purse, whatever it may be. It.
Speaker 4 (30:24):
Yeah, but when we.
Speaker 3 (30:25):
First went newly wed, save in every dime building business
would have been. But I worked my butt off and
I got to that point time. I remember when I
did that, and that self of it's a sense of
accomplishment that you're depriving yourself because you're buying something you
can't afford and you know it.
Speaker 4 (30:42):
Anyway. Uh ohs.
Speaker 3 (30:44):
Finley had a great piece in the Wall Street Journal
this past week talking about this sum buy now, pay.
Speaker 4 (30:50):
Later economy that we're living in.
Speaker 3 (30:53):
Serious credit card and auto loan delinquencies have climbed to
two thousand and eight two thousand and nine session levels.
The housing market shows cracks, while the labor market is weakening.
You wouldn't know it. Wouldn't know it from the stock
market or consumer spending credit. Americas buy now, pay later economy,
(31:15):
fueled by what leverage investors, businesses, and the government are
taking on more debt which we will all pay for later. Again,
Americans maxing out their credit cards after years of inflation.
Buy now, pay later offers are popping up everywhere, concert vendors,
(31:36):
travel booking sites, supermarkets, Hey Top and Half to split
the cost of their purchases into installment plans. It's not
going to end well, don't go anywhere. Watchdog on Wall
Street dot Com.
Speaker 4 (31:50):
We'll be back.
Speaker 1 (31:58):
Chris Markowski is the Watchdog on Wall Street, the only
(32:21):
man who is taking on the Wall Street establishment. You
are listening to The watch Dog on Wall Street with
Chris mark Kelskati.
Speaker 4 (32:32):
Look back, welcome back. It is the Watchdog on Wall Street.
Speaker 3 (32:38):
Shod always honored to have your tuned into the program.
My phone is perpetually blowing up. I just had to
stop the kids everything that's happened with Charlie Kirk, and
I'm trying to teach them history, trying to you know,
explain to them, put this in the perspective.
Speaker 4 (32:58):
It's just it's tough out there anyway. Anyway. I gotta
mention this.
Speaker 3 (33:04):
Elon Musk, Elon must I'm a I'm a big fan Elon,
and God bless him. You know what he tried to
do what he tried to do, and I really tried
to help the country. Again, how he was just the
way he was treated, fascist nazi, going after his business,
(33:25):
going after you know what he has built for for
Why again I don't it's awful the way people react
to things anyway, Again, he got sidelined, got sidelined.
Speaker 4 (33:39):
You know, Trump administration figured.
Speaker 3 (33:41):
Out that, you know, we can't cut costs, We're not
cutting spending. Republicans don't want to cut spending. Democrats don't
want to cut spending. And again I throw it up
there all the time. I said, again, I'm a I'm
a conservative guy, and I don't know how anybody can
be a member all the Republican Party.
Speaker 4 (34:03):
I've lost.
Speaker 3 (34:04):
I left the Republican Party over twenty something years ago
because I got wise and hit to their.
Speaker 4 (34:10):
Bull excrement in a Goods pudding. And you know, as
soon as they come into.
Speaker 3 (34:16):
Power, no party on Wayne, party on Garth, we gotta
bring we gotta bring home the began.
Speaker 4 (34:20):
We gotta bring home the began. We gotta bring them
more money back to our.
Speaker 3 (34:23):
Districts to you know, don't worry about balancing the budget
any of that nonsense. Anyway, he was doing an interview
and he said he hadn't been to hadn't been to Washington,
d C.
Speaker 4 (34:37):
Hadn't been to Washington, d C.
Speaker 3 (34:39):
Since May, and he said the government government is basically unfixable.
Speaker 4 (34:45):
He said, I applaud David sachs.
Speaker 3 (34:47):
Noble efforts, but at the end of the day, if
you look at our national debt, if AI and robots
don't solve our national debt, we're toast.
Speaker 4 (35:00):
And I agree again, maybe maybe the type.
Speaker 3 (35:05):
Of productivity gains that we're gonna see via technology, will
you know, help us, uh.
Speaker 4 (35:11):
You know, grow our way out of the situation.
Speaker 3 (35:14):
I keep your fingers cross, your fingers crossed, because again,
you know, the American people continue to vote in the
same fools over and over and over again. You see,
Ran Paul, if anybody just he had what was it
a couple of years ago, several years ago, was he
is two cent plan. It's to cut two cents out
(35:35):
of every dollar spent by the government moving forward, you
gonna be close to balancing the budget if we had
just done that two cent plan.
Speaker 4 (35:45):
But that was just way too much.
Speaker 3 (35:47):
Oh No, people are gonna be dying in the streets
and it's gonna be terrible, and it's gonna be anarchy
and cats living in dogs.
Speaker 4 (35:55):
And you know the usual nonsense out there.
Speaker 3 (36:01):
Anyway, Ah yeah, story here. Trump tariff's heading to the
Supreme Court might just be the start of a long
legal battle.
Speaker 4 (36:14):
I don't know.
Speaker 3 (36:17):
Again, I don't know what's going to happen when it
comes to the Supreme Court and these I really don't.
But what the administration is falling back on is interesting
to say the least. Again, I am a I'm a
gen xer, okay, a big fan of eighties movies and
(36:39):
of course Ferris Bueller's Day Off. It is seen in
Ferris Rueller's Day Off in the beginning of the movie
where ben Stein is talking about the Great Depression and
he talks about the Smoot Hawley Tariff Act.
Speaker 4 (36:56):
Well.
Speaker 3 (36:57):
US Treasury Secretary Scott Bessett told Old Reuters this past
week that there are other.
Speaker 6 (37:03):
Authorities that can be used to uphold the tariffs, and
one of them is the Smooth Holy Tariff Act, and
a gain in that Ferris Buller's Day Off, ben Stein.
Speaker 3 (37:16):
Was basically, you got to exacerbated, you know, the whole
Great Depression, which did anyway, I don't know. To me,
And again this is part of the problem. Bessin's been saying, Yeah,
we're gonna have to return all of this tariff money.
Scott Man, you do understand that the whole tariff thing
(37:36):
was on very shaky ground from the get go. Maybe
you should have just put that tariff revenue that you've got,
maybe put in ESCO, maybe not not spend it, because
again that's you know, you gotta get money in Washington,
d C.
Speaker 4 (37:49):
It's got to go out the door as quickly as possible.
Maybe you just put it away, made sure everything was okay.
Speaker 3 (37:57):
Because the entire tear tariff regime what Trump did okay
is based upon fetanyl. That was the emergency that he
cited that allowed him to circumnavigate the United States Constitution and.
Speaker 4 (38:17):
Implement tariffs fatanyl. Now again.
Speaker 3 (38:25):
Of a stretch, I could say maybe with maybe China
and maybe Mexico or you know where some of the
precursors are coming from. But UH tariffs on Madagascar due
to UH due to fentanyl.
Speaker 4 (38:42):
Again, I don't know.
Speaker 3 (38:44):
We'll see how it comes down as far as the
Supreme Court is concerned. But again we're starting to see
darnasy companies announce John Deere talking about how it's sales
are down and higher metal tariffs are gonna cost it
six hundred million dollars. The auto tariffs are starting to bite.
(39:05):
It's going to filter its way through. We're gonna give
a kudos right now to Scott Bessen. He put out
a lengthy piece. It really was quite good, going after
the Federal Reserve and the problems with the Federal Reserve
and many of these things we've discussed here on the program.
(39:26):
He called it the the Fed's new and again it's
kind of clever gain of function monetary policy. No gain
of function, that's what Fauci and his cohorts are doing.
And uh wuhan lab to uh, you know, kill lots
of people. Yeah, COVID. Yeah, we're we're we're gonna take
this virus and we're gonna it's a it's a bad virus.
Speaker 4 (39:49):
We're gonna make it really really bad.
Speaker 1 (39:52):
Uh.
Speaker 4 (39:52):
Why would you do something like that? But they did.
Speaker 3 (39:55):
And again he's basically talking about the FED, and so
some of the policies that they implemented called a gain
of function monetary policy. This is stuff that all came
out of the Great Recession, when the Federal Reserve said, oh,
you know what, we're gonna start buying assets and we're
(40:16):
gonna do quantitative easing because it's an emergency.
Speaker 1 (40:21):
You know.
Speaker 4 (40:21):
It's funny thing about emergencies here in the United States.
They never seem to end.
Speaker 3 (40:25):
Maybe should have stopped that at some point in time.
Watchdog on Wallstreet dot com, we'll get back
Well known author, investment banker, consumer advocate, canalyst, trainer. Chris
Markowski is the watch dog the Wall Street You want
to answer exposing the lines and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom.
Speaker 2 (00:27):
You can't handle the truth.
Speaker 1 (00:29):
Truth bringing America the truth about what really happens in
the financial world.
Speaker 2 (00:34):
Ladies and gentlemen.
Speaker 3 (00:35):
We're not here to indulge in fantasy, but in political
and economic reality.
Speaker 2 (00:39):
This is the watchdog on Wall Streets.
Speaker 4 (00:43):
What about already quarterback?
Speaker 3 (00:45):
It is the one, the only watchdog on Wall Street Show.
And again, I want to make this perfectly clear to
everyone out there.
Speaker 4 (00:54):
You know, we're.
Speaker 3 (00:54):
Constantly adding new affiliates, and you know sometimes we lose
some well.
Speaker 4 (01:01):
Got phone calls, emails, some people, you.
Speaker 3 (01:04):
Know upset Christians show is not on the air and
on a station anymore. Listen, you can always get me
at my website. You can always we will put it
up on every Spotify, Apple, everything that's out there. The
reality of radio, and I even think it's even more
so today based upon the climate. Guys running radio stations.
(01:27):
If someone's got a couple bucks to rub together and
they're selling some sort of snake oil whatever it may be.
They're gonna take that money and they're gonna bump me
off on the weekend.
Speaker 4 (01:36):
That's always been the case. It's not really just that
as well.
Speaker 3 (01:39):
Sometimes you've got local shlockbrokers, bad advisors out there that
get wind of my program and you know, basically explaining
to the listenership out there how they don't know what
they're doing, and they call up and they get all
angry and they say, well, I'll buy some advertising a station,
but you got to take Markowski off the air. That is,
without a doubt, that's hindered our growth over the past
(02:00):
twenty five years.
Speaker 4 (02:01):
But I don't care.
Speaker 3 (02:02):
It is what it is, and it's one of the
great things about digital and the way we're able to
get it out. You can listen to us anywhere, any place,
any time. Not to mention the fact I'm doing podcasts
on a daily basis. Okay, as far as Markowski Investments
is concerned, we help everyone out.
Speaker 4 (02:22):
We are different.
Speaker 3 (02:22):
We run a family office. We've got everything. You know
you need lawyers, See we have lawyer. You need accountants,
We've got accountants and of course, what we do is
managing people's money. What we do not do at Markowski
Investments is say, hey, you're not rich enough to work
with us.
Speaker 4 (02:39):
No, we don't do that.
Speaker 3 (02:41):
We're not the country club types here to at Markowski
and we don't do that. It's not the way that
we roll. I've mentioned this again and again again. Quite frankly,
you know, it's great. You know I got guys got
a twenty million dollars account with us here. He's wealthy already. Again,
those are quite frankly, much easier to manage than the
(03:03):
ones we're trying to grow.
Speaker 4 (03:04):
Well, what do you think is more satisfying for me?
Speaker 3 (03:07):
Put yourself in my shoes watching somebody over thirty years
start off with, you know, twenty fifty thousand dollars and
now it's worth you know, held a lot more. That's
that's one of the most rewarding things that we do
and we're never going to change that. So again, become
a part of Markowski Investments. Simple, get to our website
Watchdog on Wall street dot com. You sign up for
(03:30):
our personal CFO program. Okay, second year on air, second
year on air. It's when obviously two thousand and one
nine to eleven and talk a little bit about I
do it every senior year. Go back to that point
time again, I got asked. I lived in New York
(03:50):
City at that point in time, that very day I
was supposed to go in.
Speaker 4 (03:56):
I lived in the Borough. I lived in Queen's with my.
Speaker 3 (03:58):
Wife, newly weed at the time, and I was gonna
make my way. We had a small office down on
Wall Street that I had to go to, and I
got delayed because I got invited, Like I often did,
do a lot of guest appearances on radio shows, so
I guess my wife could buy and she took the
bus in, and you know, I'm watching the news while
(04:19):
I'm getting ready to do the show and watching what happened,
and it was it was I'm like, what you see
it's crash. I'm like, man, I thought it was some
small commuter airplane that lost its way. I get a
call from my wife and she's wondering what's going on
because of the traffic, and I'm like, I don't know.
(04:40):
And then see the second one, and I knew right
then and there there was no question that this was intentional.
And I mentioned at the beginning of the program the
feeling that you had at that point in time. I
had that same exact feeling this past week with Charlie Kirk.
Speaker 4 (05:00):
Weird, it's a weird.
Speaker 3 (05:03):
It's a it's a it's an odd, it's a hopeless,
helpless excuse me, feeling not hopeless, helpless feeling.
Speaker 4 (05:11):
You don't and it's just it's awful. It's awful. People
ask me, what else do you remember from that day?
Speaker 3 (05:18):
I don't remember, you know, going to get my wife
in a story in Queen's because they had a walk
over the bridge, and my sister in law as well.
What I really remember. But I really remember about that
day more than anything else one that day. It was
the next, next few months, next few months. The neighborhood
(05:42):
I live in Queen's White Stone, and a lot of firefighters,
a lot of police officers, my neighbors lived around there.
And the constant, the constant bagpipes at a regular basis,
from one few after another after another.
Speaker 4 (06:04):
I'll never ever forget that, never forget that.
Speaker 3 (06:11):
One of the things that we did we did uh
at that time, the Watchdog on Wall Street Show.
Speaker 4 (06:17):
I went out and I.
Speaker 3 (06:19):
Bought hundreds and hundreds of NYPD f D new York
hats and it was I gave him away on the show.
I just you know, anybody signs up. I was, you know,
there for our count Repair kid. I was, we had
a count Repair kid or newsletter. I was sending hats
out all over the country and you know, people, it
(06:41):
was great people coming together again. It was it was
kind of a surreal feeling around New York. And man,
I wish that would come back.
Speaker 4 (06:57):
I really do. I wish.
Speaker 3 (06:59):
I wish that coming together thing would come back. As
far as the society is concerned. It did, but it
didn't last that long, which is unfortunate. Didn't last that
long because again, one of the things that we failed
to recognize is that the powers that be the people,
whether it be an elephants or donkeys or the media,
(07:20):
whatever it may be, they are much better served when
we are at each other's throats, when we are not
having civil conversations, when we're attacking one another. And again
you take a look, and I was asked about this,
and this is you know, it's gonna be a tough
(07:40):
pill for people swallow.
Speaker 4 (07:41):
But again, I'm brutally honest here on.
Speaker 3 (07:43):
The program in many respects, if you actually think about it.
Osama bin Laden, what he did? What did we do
to ourselves as a nation? What if we become think
about the Patriot Act, and again they call it the
(08:03):
Patriot It's just the most ridiculous name. Allowing the government
essentially spy on all of us. You remember that back
from twenty ten, collecting all of our info and search
history and all that stuff.
Speaker 4 (08:22):
Everything.
Speaker 3 (08:23):
We've been basically in a constant state of war for
the past twenty four years. President of the United States
can just launch an attack whatever, you know, he or
maybe someday she sees rett. We've spent trillions and trillions
(08:45):
of dollars, we have lost countless lives. My question has
always been, and I'm gonna stick with it. I know
some people might get what have we won? Did we
won anything? Spend twenty some odd years in Afghanistan for
(09:08):
what to replace the Taliban with the Taliban?
Speaker 4 (09:15):
Iraq? Yeah?
Speaker 3 (09:17):
How how many innocent civilians were killed there? How many
of our young men and women in Afghanistan? Iraq blowing
up Libya? Well you know, now they got open air.
You know, slave markets in that country, which used to
have the highest per capita GDP in Africa, but we
(09:37):
lost our way. We lost our way, and again I'm
always hoping and praying that we might be able to
find it again. Anyway, I gotta talk about this story.
It's in regards to my industry. I know I've hit
upon this in the past.
Speaker 4 (09:57):
There was a.
Speaker 3 (09:57):
Big, big summit out in California, big summit in California,
and these big advisory shops, private equity companies there talking
about rolling up all of the small firms. And this
guy out there is uh he's the CEO of Creative Planning.
Speaker 4 (10:19):
His name is Peter Miluk, and his his thing.
Speaker 3 (10:23):
Is is you know, right now, got all these uh,
smaller players out there, We're gonna roll this all up.
We're gonna force all these companies to work under. It's
gonna be like the accounting firms. We're gonna have the
big four. No way, no way, no how. And his
his pitch, his pitch out there, that's the way it is.
(10:44):
You get you get better accounting services from.
Speaker 4 (10:47):
The big four. No you don't, No, you don't.
Speaker 3 (10:50):
Your number, your number, that that that's all you are.
Well what do you think, what do you think? What
does a point of rolling all of these big firms
in together into the you know, they want to have
three or four big advisory firms and want all the
join What again, they got they can? You can you
(11:10):
basically cut deals, cut deals with funds. Uh put basically
put various different products together that you tell your advisors
that they have to that that they have to use.
Speaker 4 (11:22):
Then they get paid more on that. Why would you
do that?
Speaker 3 (11:27):
Ice is a warning to everybody out there, because again,
I get it, I get it. Yeah, I'm uh, I'm
mid fifties, I'm mid fifties in this industry and i'm
you know, still kind of considered a baby. A lot
of advisors looking to retire, and we're obviously helping people
do that as well, but we're not doing it like this.
Speaker 4 (11:51):
Well, we're not.
Speaker 3 (11:51):
Rolling in these firms, firing the smaller clients, putting them
in to set it and forget it portfolios. You got
to be aware people, Okay, this is a conversation. If
your advisor is alluding to the fact that he's going
to be retiring soon and he may you know, sell
his business to who, to who, you need to know who,
(12:15):
because again it's I'm just telling you, okay, it's a requirement.
It's an sec requirement that they have a succession plan,
and I would hope, I would hope that your advisor
just wouldn't make like you know that Steve Miller's song,
take the money and run, Okay, I would hope that's
not the case. I would hope that they have that again,
(12:37):
they didn't have that ethical bypass at birth, and they
actually care about you and your future. But I know
that I know the temptation because it's out there right now.
They are offering multiples as far as revenue multiples. What
they're buying firms out that are obscene, obscene, and a
(12:58):
lot of I know a lot of advisors live way.
Speaker 4 (13:01):
I think, you know, I'm gonna take the money. I'm
gonna take the money.
Speaker 3 (13:04):
I'm like, well, do you do realize that they're not
gonna give a damn about your clients?
Speaker 4 (13:08):
I know I can't resist. Well, you know that what
does that say about you?
Speaker 3 (13:12):
There's quite frankly, there's more important things in life as
far as I'm concerned. And that's why I put my
name on my Firm's why I don't call it creative planning.
It's Markowski Investments from the Markowski family. That means something
we will not defer, we will not change, we will
(13:34):
not go public. I have made this perfectly clear called public.
Speaker 4 (13:39):
Yeah yeah, yeah, So I gotta.
Speaker 3 (13:40):
Be beholdened to shareholders. They're gonna tell me to cut
costs or get rid of my small cluckes.
Speaker 4 (13:46):
Are are we wasting too much of my time?
Speaker 3 (13:48):
No way, no how Three shareholders Markowski Investments, my brother Michael,
my brother Matthew, myself. The only other shareholders eventually will
have God willing our family.
Speaker 4 (14:05):
That's it.
Speaker 3 (14:08):
That's that's who you want to be dealing with when
it comes to money professions, doctor, accountant, advisors. That's what
that That's what our personal CFO program is all about.
We're your families c f Oh Get to our website
(14:31):
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com,
Sign up for our personal CFO program, Sign up for
our podcast newsletter count Repair, get all sorts of great
stuff there Watchdog on Wallstreet dot com, or give us
a call eight four seven.
Speaker 1 (14:49):
Eighty four, bringing America financial freedom, one listener at a time.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 4 (15:16):
Quarlback, give me hear the.
Speaker 3 (15:22):
Maybe hear the phrase you know that trade, it's like
it's a Wall Street term. Trade has gotten crowded. There
was a money manager for Yale University. His name was
David Swinson. H David Swinson was early early in as
(15:44):
far as alternative investments private equity at Yale, and he
put together a pretty good return because no one was
really getting involved in the stuff he was at the time,
the trade wasn't crowded. Again, what we're seeing right now,
we're seeing right now is all of these all of
(16:06):
these major colleges and universities, these endowments out there, they're
not doing well as far as the returns are concerned,
because they decided to copy exactly what David Swinson was
doing at that point in time, and the trade has
gotten crowded and the returns have been lackluster. We've been
(16:28):
perfectly clear here on the program that we use some alternatives,
some private equally some things for our clients when we
see fit, when we see fit, and we know we
know these companies and what we're doing.
Speaker 4 (16:43):
Very very well the ins and outs.
Speaker 3 (16:46):
I'm gonna I know, I've been beating this drum here
on the program for some time, and I'm gonna continue
to beat the drum. I'm going to continue to because
I know what's coming. There's going to be a major push,
a major push by all the big firms out there
to get you to buy private equity. They're gonna they're
(17:08):
gonna be talking about wow, wow, Look what David Swinson
did at Yale for thirty six years and look at
a thirteen percent return that he showed.
Speaker 4 (17:16):
And this is what alternatives can do.
Speaker 2 (17:18):
Uh.
Speaker 3 (17:18):
Yeah, the trade is crowded, man. Okay, these the gains
that actually you're seeing right now and that they're actually
posting are a bit of a fougacy because they're paper only.
Speaker 4 (17:33):
They're not liquid. You know what I mean.
Speaker 3 (17:36):
I only time you are. I can't you know, they
won't let me sell. I can't get out. They say
it's worth this, Well, you continue to pay the manager
and you can't get your money out. Holy Hotel, California.
And that's what's happening right now with many of these things.
But like clockwork, like clockwork, Wall Street is going to work.
Speaker 4 (17:57):
It's hard. They're gonna work, real.
Speaker 3 (17:59):
Real hard to find greater fools. That's you, Okay, that's you.
You're going to be the greater fools. They are going
to target you. They are gonna put experts on TV.
They're gonna be on CNVC, they're gonna write reports, they're
gonna invite you to dinner.
Speaker 4 (18:20):
They're gonna do all sorts of thing that they normally do.
Speaker 3 (18:23):
So you could be the greater fool in the greater
in the great game of demonic musical chairs.
Speaker 4 (18:30):
Don't do it.
Speaker 3 (18:32):
If you have any questions in regards to any alternative
investment that's being pitched to you or pushed on you,
whatever it may be, Please, while a love of God,
pick up the phone, give us a call, go to
our website. We will give you the skinny. We will
(18:55):
give you the skinny. You keep your vibe.
Speaker 4 (18:57):
I just don't.
Speaker 3 (18:58):
I hate seeing people lose money. Okay, Gordon, get go.
Nothing ruins my day more than losses. Nothing ruins my
day more than seeing people take unnecessary losses.
Speaker 4 (19:12):
That's what we're here for anyway.
Speaker 3 (19:15):
Anyway, inflation talked about it last hour in the program.
Going quickly touch on this again. Wage gains have been
whacked by inflation. You got to take a look at
the average Households haven't gained ground economically since COVID nineteen.
Speaker 4 (19:42):
That's that's not good.
Speaker 3 (19:45):
And that's part of the problem we're having right now
is you haven't seen the wage gains and the price
of everyday items, bare necessities continued to go up. Inflation
adjusted median household income last year was at roughly the
same level as it was in twenty nineteen, right before
the pandemic. Basically, from twenty twenty three to twenty twenty four,
(20:09):
it didn't statistically.
Speaker 4 (20:10):
Move at all. Again. Hope, hope that again, we get the.
Speaker 3 (20:18):
Trade stuff taken care of, We get the tariff stuff
taken care of.
Speaker 4 (20:21):
We get the big beautiful bill. We get company.
Speaker 3 (20:23):
You know, company is going to expand start the hire again.
That that will change. Okay, need to have that change.
People need to be making more money to keep up
with inflation. Watchdogamallstreet dot com. Watchdogamallstreet dot com.
Speaker 4 (20:37):
We'll be back.
Speaker 2 (20:40):
You're listening to the Watchdog on Wall Street. That you
was just walking down the streets.
Speaker 1 (20:58):
Taking wall streets, crooks and sheets out behind the woodshed.
You're listening to the Watchdog on Wall Street.
Speaker 3 (21:08):
Whatever I hit a song, I think of Harold Remus
good teaching.
Speaker 4 (21:13):
Uh was teaching people English and stripes. Remember that anyway,
welcome back. Everybody is watchdog on Wall Street Show. Anyway,
ah right, we got ourselves another hot ipo this week. Woo,
it wasn't wasn't that long ago.
Speaker 3 (21:29):
Remember we were we were telling you what was going
to exactly happen with Figma, and it did well. We
got another one this week. We got Klara, Uh, Klarna,
there's I think their stock went up. I don't even
know where it is. I really don't. I don't pay aten.
It was up third I know it was up thirty
percent at the open, thirty percent went public at forty
(21:53):
dollars share pop thirty percent the open.
Speaker 4 (21:56):
I don't know where it's settled at the end of
the day. Anyway, anyway, people want you get involved in Clara, No,
why not? They won't let us, wellhy won't they let us?
Speaker 3 (22:13):
Let me let me explain to you, Okay, Figma, Clark
don't make any difference. Okay, when I see a company,
when I see the owner of the company, management of
a company, take a company public at X they think
it's worth X, thirty twenty fifty doesn't make any difference.
Speaker 4 (22:35):
And you know, in the case of Pigma, figure was
up what almost.
Speaker 3 (22:38):
Two more two on day one, uh sell morrimercel.
Speaker 4 (22:47):
If someone again, if if someone were to.
Speaker 3 (22:49):
Come to you, come to you, you're you're you know,
you're a business owner. Let's say you bought up let's
say you bought a parcel of real estate somewhere for
let's say one hundred dollars, and you closed on it.
Then somebody came the next day and said, hey, you
know what we're going to offer you four hundred thousand,
and you're going to make that quick of a profit.
Speaker 4 (23:09):
You're probably going to turn around and do that.
Speaker 3 (23:11):
Yes, of course you needed the real estate for some
you know, you go to build a building or what.
Speaker 4 (23:15):
I don't know, whatever it may be. Maybe it's a
poor example.
Speaker 3 (23:20):
The owner of the company was willing to sell his
business at forty dollars to share on that very day.
I can get out at fifty two dollars a share immediately.
Speaker 4 (23:31):
I'm going to do that.
Speaker 3 (23:31):
And that's why I can't get involved in any IPOs
because we are on a list. We're blackballed from that stuff.
The firms that take these companies public, they don't want
you to sell. They don't want you to sell because
they want they want to get all of their insiders out. Now,
in the case of Klarno, they raised one point five
(23:55):
billion dollars. You want to know how much money actually
is going to the company so they can expand I guess,
I say, want to buy a banking license here in
the United States, whatever it may be. Two hundred million,
two hundred million out of the one point five million raised,
where did the rest? Where'd that one point three billion
(24:16):
dollars go? That one point three billion.
Speaker 4 (24:18):
Dollars bought out.
Speaker 3 (24:21):
Insiders in the company they're getting out their selling.
Speaker 4 (24:26):
What does that tell you? Well, here you got liquid.
You know they were early.
Speaker 3 (24:30):
I'm like, well, yeah, no, maybe maybe you should have
gone public a little bit earlier.
Speaker 4 (24:35):
And I want to remind everybody as well, Klarna.
Speaker 5 (24:38):
Was supposed to go public, was supposed to go public
during the whole disruptor phase there on Wall Street, okay,
for evaluation of forty.
Speaker 4 (24:51):
Five billion dollars. The valuation for Karna right now was
fifteen billion. So if Wall.
Speaker 3 (24:57):
Street had their way, if they got their way on
this one back during oh that was back in the
days of Peloton and the Beyond Meat and all the
other crap that was going public at that point in time,
if they had their way, they would have sold you
this thing for forty five The company worth forty five
billion dollars. They took in public today for fifteen billion dollars.
What does that tell you about Wall Street and the
(25:18):
big firms and these investment banks.
Speaker 4 (25:22):
They don't care about you, do you understand?
Speaker 3 (25:29):
Listen, kids, I used to do this okay before Markowski
invent me.
Speaker 4 (25:34):
Yeah, we investment banking. Why do you think I left that? Again?
They didn't care.
Speaker 3 (25:43):
It was all about again that demonic game of musical.
Speaker 4 (25:47):
Chairs and man. That was back at a point in time,
the nineties.
Speaker 3 (25:52):
It was it was better companies went public very very early.
The system is set up today to ladder these companies
up over a period of time in private hands and
when it.
Speaker 4 (26:05):
Goes public, rather than raising most of.
Speaker 3 (26:08):
The money to build the company, Okay, that's already been
done in the private stages. The insiders are selling to you.
So who's taking the risk. You're going to have to
take the risk. I would rather take the risk in
a new company and upstart on a much better valuation.
Speaker 4 (26:32):
Anyway.
Speaker 3 (26:32):
Again, that's that's a system, kiddos. That that's how it's
operating and it's uh, how shall I put it?
Speaker 4 (26:40):
No bueno anyway.
Speaker 3 (26:43):
Anyway, I'm gonna talk a little bit more about this
buy now, pay later stuff.
Speaker 4 (26:49):
I think it's kind of important. Were gonna take quick
break right here.
Speaker 3 (26:52):
You're listening to the Watchdog on Wall Street show Watchdog
on Wallstreet dot com again. Sign up our personal CFO program, podcast,
Newslee Letter Everything, Watchdog on Wall Street dot Com or
give us a call eight four seven four here.
Speaker 2 (27:25):
This is the Watchdog on Wall Street.
Speaker 3 (27:31):
By Now Pay Later, Klarna Firm, some of these others
out there. My way back from Europe, I had to
stop in Uh. We stopped in New York City, uh
for a couple of days.
Speaker 4 (27:47):
Again.
Speaker 3 (27:48):
I my my best friend who runs our accounting and
at Markowsk Investments Danafrea Incorporated, John Danafrio. We Uh, we
go to the opening Jets game every year. Giants fan,
but I root for the Jets as well. Bouncing around
to New York City, haven't been there for a a
bit of time with my wife and we head downtown,
(28:10):
been around the Soho area of New York City and
I'm watching kids, watching kids going into these pretty expensive
stores buying stuff. How they buying stuff on buy now,
Pay later, and I'm like, this is this is no good,
(28:35):
this is gonna get ugly. I want to, you know, basically,
explain to someone, Okay, if you're using Klarna or a firm.
Speaker 4 (28:46):
You're a fool. You're fool.
Speaker 3 (28:51):
If you can't afford to buy the shoes, if you
can't afford to buy the pocketbook, the suit, the tie,
whatever it may be.
Speaker 4 (29:02):
Don't buy it, don't.
Speaker 1 (29:09):
You.
Speaker 4 (29:09):
I take a look at the numbers.
Speaker 3 (29:11):
We'll get into some of the numbers here a bit
as far as delinquencies are concerned. But it's not just
that you are depriving yourself of something you are. You're
depriving yourself of something wonderful down the road. You work
hard in life. You put money away again. We tried
(29:32):
to do here again. It's financial preparation. You're building wealth
over time. Over time, you're gonna be able to afford more.
There's certain moments and certain milestones and things you're gonna
achieve in life that you're never gonna forget.
Speaker 4 (29:47):
I will never I have vivid, vivid.
Speaker 3 (29:49):
Memory my first house, mowing my lawn, my lawn my
house for the very first time. Will never forget it,
and how great that cold beer tasted after I did that.
I also remember, remember when I got to that point
(30:10):
time where I could I bought my wife for first time.
I bought a pair of Gucci shoes for my wife,
or you know, purse, whatever it may be. It.
Speaker 4 (30:24):
Yeah, but when we.
Speaker 3 (30:25):
First went newly wed, save in every dime building business
would have been. But I worked my butt off and
I got to that point time. I remember when I
did that, and that self of it's a sense of
accomplishment that you're depriving yourself because you're buying something you
can't afford and you know it.
Speaker 4 (30:42):
Anyway. Uh ohs.
Speaker 3 (30:44):
Finley had a great piece in the Wall Street Journal
this past week talking about this sum buy now, pay.
Speaker 4 (30:50):
Later economy that we're living in.
Speaker 3 (30:53):
Serious credit card and auto loan delinquencies have climbed to
two thousand and eight two thousand and nine session levels.
The housing market shows cracks, while the labor market is weakening.
You wouldn't know it. Wouldn't know it from the stock
market or consumer spending credit. Americas buy now, pay later economy,
(31:15):
fueled by what leverage investors, businesses, and the government are
taking on more debt which we will all pay for later. Again,
Americans maxing out their credit cards after years of inflation.
Buy now, pay later offers are popping up everywhere, concert vendors,
(31:36):
travel booking sites, supermarkets, Hey Top and Half to split
the cost of their purchases into installment plans. It's not
going to end well, don't go anywhere. Watchdog on Wall
Street dot Com.
Speaker 4 (31:50):
We'll be back.
Speaker 1 (31:58):
Chris Markowski is the Watchdog on Wall Street, the only
(32:21):
man who is taking on the Wall Street establishment. You
are listening to The watch Dog on Wall Street with
Chris mark Kelskati.
Speaker 4 (32:32):
Look back, welcome back. It is the Watchdog on Wall Street.
Speaker 3 (32:38):
Shod always honored to have your tuned into the program.
My phone is perpetually blowing up. I just had to
stop the kids everything that's happened with Charlie Kirk, and
I'm trying to teach them history, trying to you know,
explain to them, put this in the perspective.
Speaker 4 (32:58):
It's just it's tough out there anyway. Anyway. I gotta
mention this.
Speaker 3 (33:04):
Elon Musk, Elon must I'm a I'm a big fan Elon,
and God bless him. You know what he tried to
do what he tried to do, and I really tried
to help the country. Again, how he was just the
way he was treated, fascist nazi, going after his business,
(33:25):
going after you know what he has built for for
Why again I don't it's awful the way people react
to things anyway, Again, he got sidelined, got sidelined.
Speaker 4 (33:39):
You know, Trump administration figured.
Speaker 3 (33:41):
Out that, you know, we can't cut costs, We're not
cutting spending. Republicans don't want to cut spending. Democrats don't
want to cut spending. And again I throw it up
there all the time. I said, again, I'm a I'm
a conservative guy, and I don't know how anybody can
be a member all the Republican Party.
Speaker 4 (34:03):
I've lost.
Speaker 3 (34:04):
I left the Republican Party over twenty something years ago
because I got wise and hit to their.
Speaker 4 (34:10):
Bull excrement in a Goods pudding. And you know, as
soon as they come into.
Speaker 3 (34:16):
Power, no party on Wayne, party on Garth, we gotta
bring we gotta bring home the began.
Speaker 4 (34:20):
We gotta bring home the began. We gotta bring them
more money back to our.
Speaker 3 (34:23):
Districts to you know, don't worry about balancing the budget
any of that nonsense. Anyway, he was doing an interview
and he said he hadn't been to hadn't been to Washington,
d C.
Speaker 4 (34:37):
Hadn't been to Washington, d C.
Speaker 3 (34:39):
Since May, and he said the government government is basically unfixable.
Speaker 4 (34:45):
He said, I applaud David sachs.
Speaker 3 (34:47):
Noble efforts, but at the end of the day, if
you look at our national debt, if AI and robots
don't solve our national debt, we're toast.
Speaker 4 (35:00):
And I agree again, maybe maybe the type.
Speaker 3 (35:05):
Of productivity gains that we're gonna see via technology, will
you know, help us, uh.
Speaker 4 (35:11):
You know, grow our way out of the situation.
Speaker 3 (35:14):
I keep your fingers cross, your fingers crossed, because again,
you know, the American people continue to vote in the
same fools over and over and over again. You see,
Ran Paul, if anybody just he had what was it
a couple of years ago, several years ago, was he
is two cent plan. It's to cut two cents out
(35:35):
of every dollar spent by the government moving forward, you
gonna be close to balancing the budget if we had
just done that two cent plan.
Speaker 4 (35:45):
But that was just way too much.
Speaker 3 (35:47):
Oh No, people are gonna be dying in the streets
and it's gonna be terrible, and it's gonna be anarchy
and cats living in dogs.
Speaker 4 (35:55):
And you know the usual nonsense out there.
Speaker 3 (36:01):
Anyway, Ah yeah, story here. Trump tariff's heading to the
Supreme Court might just be the start of a long
legal battle.
Speaker 4 (36:14):
I don't know.
Speaker 3 (36:17):
Again, I don't know what's going to happen when it
comes to the Supreme Court and these I really don't.
But what the administration is falling back on is interesting
to say the least. Again, I am a I'm a
gen xer, okay, a big fan of eighties movies and
(36:39):
of course Ferris Bueller's Day Off. It is seen in
Ferris Rueller's Day Off in the beginning of the movie
where ben Stein is talking about the Great Depression and
he talks about the Smoot Hawley Tariff Act.
Speaker 4 (36:56):
Well.
Speaker 3 (36:57):
US Treasury Secretary Scott Bessett told Old Reuters this past
week that there are other.
Speaker 6 (37:03):
Authorities that can be used to uphold the tariffs, and
one of them is the Smooth Holy Tariff Act, and
a gain in that Ferris Buller's Day Off, ben Stein.
Speaker 3 (37:16):
Was basically, you got to exacerbated, you know, the whole
Great Depression, which did anyway, I don't know. To me,
And again this is part of the problem. Bessin's been saying, Yeah,
we're gonna have to return all of this tariff money.
Scott Man, you do understand that the whole tariff thing
(37:36):
was on very shaky ground from the get go. Maybe
you should have just put that tariff revenue that you've got,
maybe put in ESCO, maybe not not spend it, because
again that's you know, you gotta get money in Washington,
d C.
Speaker 4 (37:49):
It's got to go out the door as quickly as possible.
Maybe you just put it away, made sure everything was okay.
Speaker 3 (37:57):
Because the entire tear tariff regime what Trump did okay
is based upon fetanyl. That was the emergency that he
cited that allowed him to circumnavigate the United States Constitution and.
Speaker 4 (38:17):
Implement tariffs fatanyl. Now again.
Speaker 3 (38:25):
Of a stretch, I could say maybe with maybe China
and maybe Mexico or you know where some of the
precursors are coming from. But UH tariffs on Madagascar due
to UH due to fentanyl.
Speaker 4 (38:42):
Again, I don't know.
Speaker 3 (38:44):
We'll see how it comes down as far as the
Supreme Court is concerned. But again we're starting to see
darnasy companies announce John Deere talking about how it's sales
are down and higher metal tariffs are gonna cost it
six hundred million dollars. The auto tariffs are starting to bite.
(39:05):
It's going to filter its way through. We're gonna give
a kudos right now to Scott Bessen. He put out
a lengthy piece. It really was quite good, going after
the Federal Reserve and the problems with the Federal Reserve
and many of these things we've discussed here on the program.
(39:26):
He called it the the Fed's new and again it's
kind of clever gain of function monetary policy. No gain
of function, that's what Fauci and his cohorts are doing.
And uh wuhan lab to uh, you know, kill lots
of people. Yeah, COVID. Yeah, we're we're we're gonna take
this virus and we're gonna it's a it's a bad virus.
Speaker 4 (39:49):
We're gonna make it really really bad.
Speaker 1 (39:52):
Uh.
Speaker 4 (39:52):
Why would you do something like that? But they did.
Speaker 3 (39:55):
And again he's basically talking about the FED, and so
some of the policies that they implemented called a gain
of function monetary policy. This is stuff that all came
out of the Great Recession, when the Federal Reserve said, oh,
you know what, we're gonna start buying assets and we're
(40:16):
gonna do quantitative easing because it's an emergency.
Speaker 1 (40:21):
You know.
Speaker 4 (40:21):
It's funny thing about emergencies here in the United States.
They never seem to end.
Speaker 3 (40:25):
Maybe should have stopped that at some point in time.
Watchdog on Wallstreet dot com, we'll get back
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