November 4, 2025 • 11 mins
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Trump’s playbook is back in full force — sweeping tariff authority claims, hints at emergency economic powers, and now pressure to nuke the Senate filibuster to speed policy through. Supporters call it decisive leadership; critics call it executive overreach that could come back to bite if the political tables turn. Mix in SNAP benefits whiplash, looming shutdown fallout, and chatter about shutting parts of U.S. airspace due to staffing shortages, and you’ve got a Washington moment where the only constant is unpredictability. Rule of law, checks and balances, and long-game consequences take center stage as political volatility meets constitutional stress-testing.
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
Trump’s playbook is back in full force — sweeping tariff authority claims, hints at emergency economic powers, and now pressure to nuke the Senate filibuster to speed policy through. Supporters call it decisive leadership; critics call it executive overreach that could come back to bite if the political tables turn. Mix in SNAP benefits whiplash, looming shutdown fallout, and chatter about shutting parts of U.S. airspace due to staffing shortages, and you’ve got a Washington moment where the only constant is unpredictability. Rule of law, checks and balances, and long-game consequences take center stage as political volatility meets constitutional stress-testing.
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):
The Tariff King and the Nuclear Option. You gotta say
one thing about Trump. I mean, I'll do a podcast here.
I'll do a show based upon something that Donald Trump
says he's going to do, the administration says that they're
going to do, and then could be an hour later
they do something completely different. It is what it is. Okay,
(00:38):
I gotta keep up with this guy. Anyway, Let's start
with the Tariff King, because that's starting up tomorrow. Scott
Bessent was on being interviewed by CNBC on Tuesday, and
he said that well, if the Supreme Court ruled against
(01:00):
the Trump administration, there are other options, other options. Again
best an express confidence that the administration will prevail, but
says has additional outlets in case decision goes the wrong way.
(01:21):
He cited He cited Section two thirty two of the
Trade Expansion Act of nineteen sixty two, which provides a
justification on grounds of national security as well as Section
three oh one of the Trade Act of nineteen seventy four,
which regulates unfair trading practices. Hmm. Again with some of
(01:46):
these countries, you gotta be kidney man. I mean, that's stretch.
Bit of a stretch if you ask me. Anyway, let's
take this and put this aside. The interviewer with Joe
Kernan in this case was asking Scott Bessett about this
emergency crap, and he basically voiced the same concerns that
(02:12):
I have. You never know, you look at New York
City as an example, about to elect a communist. What
if Bernie Sanders wins and becomes president. What if AOK
(02:33):
becomes president and all of a sudden declares and decrees
and economic emergency, And because it's an economic emergency, they
are going to spend trillions of dollars on green crap.
They're going to bring it all back the New Green Deal.
They kind of did that with the Inflation Reduction Act.
(02:58):
But at least they got that through Congress. At least
they got that through Congress. This would be imagine aoch
sitting on a throne. I do declare, I do decree.
We got an economic emergency, and it's tied to climate change.
We are going to ban all internal combustion engines. What's
(03:22):
the difference between what AOC is doing and what Trump
is doing?
Speaker 1 (03:29):
I do.
Speaker 2 (03:29):
I get a lot of butts coming out there, people.
This is why we have the rule of law. Do
you understand? This is why in the United States Constitution
they it the founders explicitly gave this power to Congress
(03:50):
for a reason, for a reason, they didn't want to
have really nearly taxes. President Trump likes to this is
from the Wall Street Journal's editorial piece today, likes to
call nineteenth century President William McKinley the tariff King. For
(04:13):
most of US history, Congress alone determined tariff policy, But
after the Smoot Holy Tariff disaster of nineteen thirty, Congress
delegated authority to the president to negotiate bilteral trade deals.
It has since seated more power now and in statutes
that stipulate specific and limited terms for imposing tariffs. Enter
(04:34):
Donald Trump, who has waved away such limits. He claims
the power to impose tariffs on any country at whatever
rate he wants under the nineteen seventy seven and International
Emergency Economic powers at that gives the president authority in
a national emergency to deal with any unusual and extraordinary threat,
(04:59):
including too regulate the importation of foreign property. Okay, now
Trump had been talking about FETNYL Okay, problem, without a doubt,
we've talked about that here on the program tariffs on
the entire world. You don't think that that's a bit
(05:20):
of stretch. I do, I got I don't know how.
I have no idea what the Supreme Court and how
they're going to cite this best. And it's like, well,
you know, it's Donald Trump's signature policy, and a Supreme
Court shouldn't push back on a certain signature policy. Yet
(05:40):
he should scott that. This is why we have checks
and balances. This is what the Supreme Court is for,
to interpret the Constitution and to keep whether it be Congress,
whether it be the President of the United State, eights
(06:01):
under control anyway. Anyway, you know, lots of pieces on this.
They're quote Scalia, you know, back in two thousand and one,
Congresses and typically high elephants in mouseholes. Presidents have used
this nineteen seventy seven Act to freeze assets of foreign
(06:24):
governments and nationals restrict US companies who are doing business
with them, limit the export of technologies and bad imports
from adversaries. No president has used tariffs. Just that simple. Okay,
just that simple. So again, the tariff King, We're going
to see what's going to happen. Now the nuclear option.
(06:50):
Trump is now demanding, demanding Republicans use the nuclear option
and nuke the Phillip Buster because he says the midterms
are at stake and also the Republican Party's ability to
govern the country. Now again, this is, this is what,
(07:12):
this is why this makes me nervous also, and it
should do in more ways than one. I know. Do
I want to see Democrats sweep into power in the midterms,
Absolutely not. But again it's not like the Republican you know,
Republicans are really putting up much and doing much anyway
in the first place. I'm just saying Donald Trump obviously
(07:35):
wants to get things done, and I think he's kind
of recognized that clocks on, clocks on. Hey again, I've
talked about this before on the show. Obama basically got
everything done in his first two years pretty much. Take a
look at the Obama presidency. Okay, want to mention he
(07:58):
got wiped out in twenty ten, wiped out, massive wipeout.
He got everything done in the first two years. Do
I think that's in the back of Donald Trump's mind? Yes,
yes I do. We are now hearing that this is
(08:24):
from the Secretary of Transportation Duffy that next week certain
parts of our skies are going to be shut down.
They're gonna be shut down because of the shutdown. We
don't have the air traffic controllers. Last time, when the
(08:45):
last time this happened, I mean, did they They didn't
really shut down the air I mean they will let
anybody fly. That it was during COVID. But nine to eleven,
How is this gonna vote for the economy? How it's
going to vote for hotels and airline a myriad of
different things. So Trump wants the nuclear option where they
(09:09):
can just again all have a majority. You can just
pass things, you don't need the sixty votes. Okay, Then
what what happens President? Ayok you lose You lose that
ability to defend against absolutely nonsensical things. I don't know.
(09:34):
I don't know. Going back from yesterday, this is an
example of me having to check something I said yesterday.
Not my fault. They it looks like they changed their mind. President.
President suggested yesterday that they're going to use funds. They're
(09:57):
gonna use funds. They're gonna pay people half of their
SNAP benefits because of the money that's in that contingency fund.
Today Tuesday, he suggested that the United States would not
pay any SNAP benefits during the government shutdown, again completely
contradicting what he said yesterday, which is again I wouldn't
(10:22):
be paying anything out either until you start making the
necessary cuts that we've talked about here on the program.
I don't know how the judge is going to react
to this. Who knows. I don't know what the calculus
is at this point in time. But again, you know,
by the time this gets up and posted, something else
could be completely different. That is the that's the nature
(10:43):
of governance at this point in time. And I'm not
saying he's necessarily doing anything wrong now. It could be
playing a long game on something like this. I'm just
reporting on what's going on. But what could that judge
actually do? What could the judge actually do? I mean
(11:04):
it could they appeal this? I don't know. I don't know.
Kind of unprecedented if you ask me, But Anyway, here
we go. We got the tariff King, we got the
newke option, we got snapped, and we got all sorts
of stuff going on. Health insurance premium is going through
the roof. Oh yeah, just another day in paradise. Watchdog
(11:27):
on Wallstreet 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):
The Tariff King and the Nuclear Option. You gotta say
one thing about Trump. I mean, I'll do a podcast here.
I'll do a show based upon something that Donald Trump
says he's going to do, the administration says that they're
going to do, and then could be an hour later
they do something completely different. It is what it is. Okay,
(00:38):
I gotta keep up with this guy. Anyway, Let's start
with the Tariff King, because that's starting up tomorrow. Scott
Bessent was on being interviewed by CNBC on Tuesday, and
he said that well, if the Supreme Court ruled against
(01:00):
the Trump administration, there are other options, other options. Again
best an express confidence that the administration will prevail, but
says has additional outlets in case decision goes the wrong way.
(01:21):
He cited He cited Section two thirty two of the
Trade Expansion Act of nineteen sixty two, which provides a
justification on grounds of national security as well as Section
three oh one of the Trade Act of nineteen seventy four,
which regulates unfair trading practices. Hmm. Again with some of
(01:46):
these countries, you gotta be kidney man. I mean, that's stretch.
Bit of a stretch if you ask me. Anyway, let's
take this and put this aside. The interviewer with Joe
Kernan in this case was asking Scott Bessett about this
emergency crap, and he basically voiced the same concerns that
(02:12):
I have. You never know, you look at New York
City as an example, about to elect a communist. What
if Bernie Sanders wins and becomes president. What if AOK
(02:33):
becomes president and all of a sudden declares and decrees
and economic emergency, And because it's an economic emergency, they
are going to spend trillions of dollars on green crap.
They're going to bring it all back the New Green Deal.
They kind of did that with the Inflation Reduction Act.
(02:58):
But at least they got that through Congress. At least
they got that through Congress. This would be imagine aoch
sitting on a throne. I do declare, I do decree.
We got an economic emergency, and it's tied to climate change.
We are going to ban all internal combustion engines. What's
(03:22):
the difference between what AOC is doing and what Trump
is doing?
Speaker 1 (03:29):
I do.
Speaker 2 (03:29):
I get a lot of butts coming out there, people.
This is why we have the rule of law. Do
you understand? This is why in the United States Constitution
they it the founders explicitly gave this power to Congress
(03:50):
for a reason, for a reason, they didn't want to
have really nearly taxes. President Trump likes to this is
from the Wall Street Journal's editorial piece today, likes to
call nineteenth century President William McKinley the tariff King. For
(04:13):
most of US history, Congress alone determined tariff policy, But
after the Smoot Holy Tariff disaster of nineteen thirty, Congress
delegated authority to the president to negotiate bilteral trade deals.
It has since seated more power now and in statutes
that stipulate specific and limited terms for imposing tariffs. Enter
(04:34):
Donald Trump, who has waved away such limits. He claims
the power to impose tariffs on any country at whatever
rate he wants under the nineteen seventy seven and International
Emergency Economic powers at that gives the president authority in
a national emergency to deal with any unusual and extraordinary threat,
(04:59):
including too regulate the importation of foreign property. Okay, now
Trump had been talking about FETNYL Okay, problem, without a doubt,
we've talked about that here on the program tariffs on
the entire world. You don't think that that's a bit
(05:20):
of stretch. I do, I got I don't know how.
I have no idea what the Supreme Court and how
they're going to cite this best. And it's like, well,
you know, it's Donald Trump's signature policy, and a Supreme
Court shouldn't push back on a certain signature policy. Yet
(05:40):
he should scott that. This is why we have checks
and balances. This is what the Supreme Court is for,
to interpret the Constitution and to keep whether it be Congress,
whether it be the President of the United State, eights
(06:01):
under control anyway. Anyway, you know, lots of pieces on this.
They're quote Scalia, you know, back in two thousand and one,
Congresses and typically high elephants in mouseholes. Presidents have used
this nineteen seventy seven Act to freeze assets of foreign
(06:24):
governments and nationals restrict US companies who are doing business
with them, limit the export of technologies and bad imports
from adversaries. No president has used tariffs. Just that simple. Okay,
just that simple. So again, the tariff King, We're going
to see what's going to happen. Now the nuclear option.
(06:50):
Trump is now demanding, demanding Republicans use the nuclear option
and nuke the Phillip Buster because he says the midterms
are at stake and also the Republican Party's ability to
govern the country. Now again, this is, this is what,
(07:12):
this is why this makes me nervous also, and it
should do in more ways than one. I know. Do
I want to see Democrats sweep into power in the midterms,
Absolutely not. But again it's not like the Republican you know,
Republicans are really putting up much and doing much anyway
in the first place. I'm just saying Donald Trump obviously
(07:35):
wants to get things done, and I think he's kind
of recognized that clocks on, clocks on. Hey again, I've
talked about this before on the show. Obama basically got
everything done in his first two years pretty much. Take a
look at the Obama presidency. Okay, want to mention he
(07:58):
got wiped out in twenty ten, wiped out, massive wipeout.
He got everything done in the first two years. Do
I think that's in the back of Donald Trump's mind? Yes,
yes I do. We are now hearing that this is
(08:24):
from the Secretary of Transportation Duffy that next week certain
parts of our skies are going to be shut down.
They're gonna be shut down because of the shutdown. We
don't have the air traffic controllers. Last time, when the
(08:45):
last time this happened, I mean, did they They didn't
really shut down the air I mean they will let
anybody fly. That it was during COVID. But nine to eleven,
How is this gonna vote for the economy? How it's
going to vote for hotels and airline a myriad of
different things. So Trump wants the nuclear option where they
(09:09):
can just again all have a majority. You can just
pass things, you don't need the sixty votes. Okay, Then
what what happens President? Ayok you lose You lose that
ability to defend against absolutely nonsensical things. I don't know.
(09:34):
I don't know. Going back from yesterday, this is an
example of me having to check something I said yesterday.
Not my fault. They it looks like they changed their mind. President.
President suggested yesterday that they're going to use funds. They're
(09:57):
gonna use funds. They're gonna pay people half of their
SNAP benefits because of the money that's in that contingency fund.
Today Tuesday, he suggested that the United States would not
pay any SNAP benefits during the government shutdown, again completely
contradicting what he said yesterday, which is again I wouldn't
(10:22):
be paying anything out either until you start making the
necessary cuts that we've talked about here on the program.
I don't know how the judge is going to react
to this. Who knows. I don't know what the calculus
is at this point in time. But again, you know,
by the time this gets up and posted, something else
could be completely different. That is the that's the nature
(10:43):
of governance at this point in time. And I'm not
saying he's necessarily doing anything wrong now. It could be
playing a long game on something like this. I'm just
reporting on what's going on. But what could that judge
actually do? What could the judge actually do? I mean
(11:04):
it could they appeal this? I don't know. I don't know.
Kind of unprecedented if you ask me, But Anyway, here
we go. We got the tariff King, we got the
newke option, we got snapped, and we got all sorts
of stuff going on. Health insurance premium is going through
the roof. Oh yeah, just another day in paradise. Watchdog
(11:27):
on Wallstreet dot Com
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