October 18, 2025 • 39 mins
Chris Markowski, known as the Watchdog on Wall Street, discusses the harsh realities of the financial world, emphasizing the importance of long-term wealth building and the risks associated with Wall Street and crypto trading. He critiques the growing influence of private equity in 401(k) plans and the ethical dilemmas surrounding good money versus bad money. Markowski also highlights the impact of regulations on small banks and the ongoing subprime auto lending crisis, ultimately calling for greater financial integrity and accountability.
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Episode Transcript
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Speaker 1 (00:06):
Well, no one altered. Investment banker, consumer advocate, analyst, trader.
Chris Morkowski is the watchdog Wall Street? Do you want
to answer exposing the lies and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom. You can't handle
(00:28):
the true bringing America the truth about what really happens
in the financial world.
Speaker 2 (00:34):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 1 (00:39):
This is the watchdog on Wall Streets.
Speaker 2 (00:44):
Quarterback during the break, John my producer for many many years,
reminded me, I'd make a terrible therapist. I'd make a
terrible therapist. And I said, well, wait a second, I
wasn't there a commercial out there? And we went on, Yep,
sure enough, it was a It was a Geico commercial
(01:05):
where the drill sergeant the drill start. It was from
full metal jacket. The drill sergeant was a therapist or
funny commercial. You gotta bear with me. I've been doing
this for a long time. The amount of people that
have you know, cried on our shoulders at Markowski Investments
(01:28):
for the poor decisions that they have made after listening
to us for years, it will you know, hear it
listening but not hearing us and going through and doing
absolutely ridiculous things with their money. It's okay, put it
to you this way. Why why do I get so
fired up? Imagine if you could see into the future
(01:53):
and you could warn somebody of impending doom, if they're
getting into a car accident, whatever it may be, all
they needed to do is just listen to you.
Speaker 3 (02:03):
That.
Speaker 2 (02:03):
That's basically what I've been doing here on the program
for twenty five years. Longer than that before we had
a radio show doing the same darn thing, knowing, knowing
what is going to transpire, what is going to happen,
and how people are going to get hurt. And again,
(02:27):
you know, I'm getting a little long in the tooth.
I get that, but it weighs on you after a while.
And last weekend I'm watching this this transpire, I'm watching
what's happened, and you know, people checking out on life.
Speaker 3 (02:45):
It's tough.
Speaker 2 (02:47):
It is, uh what we what we're what we do
at Markowski Investments, by any stretch, the imagination is not exciting.
Speaker 3 (02:58):
Hey, we don't do that.
Speaker 2 (03:04):
We're in the wealth building business what people failed to realize. Okay,
and I'm gonna throw this out there as far Warren
Buffett is concerned.
Speaker 3 (03:14):
You take them all.
Speaker 2 (03:14):
And Warren Buffet's worth about most of his wealth he
built after the age of sixty five. That's the power
of compounding, putting money away in high quality companies and
watching it grow. You do that over time, you get
it to a certain ay, you're doing the right thing.
(03:37):
It blows your mind. It blows your mind.
Speaker 3 (03:41):
The type of wealth that you're able to create. Its nuts.
MOA was say a couple weeks ago on the program.
Speaker 2 (03:48):
What ten thousand, ten thousand bucks in the S and
P five, one hundred and fifty years ago is worth
over five million dollars without.
Speaker 3 (03:57):
Even adding to it, without even having to do a
darn thing.
Speaker 2 (04:03):
In fifty years you paid ten thousand bucks, put it
away up, it's over five million dollars. Why why do
you need to do it quickly? Why do you need
to have it tomorrow? Go out and do something real.
Start a business. Okay, get yourself a job, learn a skill,
(04:27):
a trade, take money away from every single paycheck and
pay yourself.
Speaker 3 (04:36):
And build wealth over time.
Speaker 2 (04:42):
You know, I did a podcast on his past week
and I actually I tried to come up, you know,
I was, you know, how to title it? And I
was like, you know, man, wolves, sharks going after individual investors.
And I thought about it a little bit more and
I said, like, you know that that's wrong. I gotta
you know, I gotta stop, you know, using animals. And
(05:04):
again I was reminded. I remember when I was much
younger and taking my kids. It was actually my my
you know kids at time. It was only two at
the time and I have three now. But I remember
my uh my eldest son, Stephen, we went to bush
Gardens in Tampa when he was very young and we
went by one of the animal exhibits was this massive vulture,
(05:27):
a huge scary looking thing, and my son.
Speaker 3 (05:31):
Asked us, is that a good bird or a bad bird?
Speaker 2 (05:35):
And I had to explain to him it's it's neither.
It's a bird. The bird does what it does. It's
like a shark. Sharks are bad. No, sharks are not bad. Okay,
sharks are actually great. As a matter of fact. That
one of the reasons why the fisheries on the east
coast of Florida and off of oh not the East
coast of the United States is because they got rid
(05:57):
of all of the long line fishing back in the day.
Speaker 3 (06:00):
Great whites are back. They're eating the seals.
Speaker 2 (06:03):
Seals aren't eating as many fish and fishing as a
hell of a lot better period the end. Okay, sharks
are good. They serve a purpose. Wolves are good, they
serve a purpose. These crooks on Wall Street, I had
to come up with something, so I basically said, Soren
(06:25):
rallies the orcs on private equity, but it doesn't have
to be just a private equity can be on crypto
as well.
Speaker 3 (06:33):
We'll get into the private equity bit. But I gotta
talk about this.
Speaker 2 (06:36):
First Monday, Monday, after the entire crypto collapse, people getting
wiped out, Morgan Stanley announces they're going to allow crypto
trading for all clients, all clients, all accounts.
Speaker 3 (06:53):
Currently, currently they limit.
Speaker 2 (06:57):
Crypto to clients with at least a one point five
million dollar portfolio and an aggressive risk tolerance, but as
of as of this past week, yep, those requirements will
be lifted. Basically, that's Morgan Stanley saying, hey, you know
what fiduciary responsibility doing the right thing by our clients.
Speaker 3 (07:18):
Forget about. We don't need to do that.
Speaker 2 (07:20):
Too much money in this crypto trading, and there is,
oh yeah, a lot of money, a lot of money
running the casino and having people lose money left, right
and all over the place. Oh you saw how all
the exchanges magically shut down Binance coin based robin Hood
with all of this stuff. You don't think that they
(07:42):
were working together to put money in their pockets.
Speaker 3 (07:45):
Apps saw bloody lotly they were. Oh yeah, the same way.
Speaker 2 (07:51):
When they had the short squeeze that happened. It went
on with game stop. Now game Stop was garbage, but
it was a legitimate short squeeze and magically everyone's accounts
got shut off so they could be made whole.
Speaker 3 (08:03):
Well, you don't think that this whole thing is rigged,
it is. It's rigged. Now you go, you go.
Speaker 2 (08:13):
Into a casino. Casinos aren't rigged. They're designed for you
to lose. You go there for entertainment. Okay, you think
what you're doing with this stuff is legit. No, of
course it's rigged. Been tine every years. You think you
got a shot. Oh, I people freaking out. I had
I had limit orders in I had was supposed to
get stopped out. Funny to go right past that in
(08:37):
two seconds. There's no liquidity, Man, are you out of
your mind? But again that they don't care. Now I've
talked this about some more. All the big investment firms,
the Douce Sherry responsibility and give a darn about you. Okay,
here's here's a you know, there's a bit of knowledge
(08:57):
gain for everybody out there. All of these publicly traded firms,
Morgan Stanley, Goldman, Sachs jpeople.
Speaker 3 (09:05):
That makes Amy, all the other crypto whatt' make a difference.
Who's who are they? Who is their number one obligation?
Speaker 2 (09:11):
CEO of any publicly traded company has an obligation number
one to their shareholders.
Speaker 3 (09:18):
That's what's most important.
Speaker 2 (09:21):
I remember talking about this in the infancy stages of
this radio show, even before I had a radio show.
I said, for the life of me, I don't understand
how anybody in the right mind would allow a big
bank a too big defail. But this was before too
big to fail any of the big investment firms, any
of the big banks to manage their money.
Speaker 3 (09:44):
Why would you do that? Oh yeah, they're looking out
for me. No, they're not. Okay, their number one.
Speaker 2 (09:52):
Concern is their shareholders, their bottom line. Been beating a drum.
I've been beating a drum here for ages, for Ages,
saying the same thing over and over and over again. Okay,
(10:12):
no investment firm should be allowed to trade publicly. It
shouldn't be allowed ever. Okay, it shouldn't happen. We get
asked all the time, or why don't you take Markowski
Investments public? Look at this company? Wow, look at the
money you can cash out, you can raise all these dollars.
Speaker 3 (10:33):
Are you nuts? You can't serve two masters. You can't
wonder who my master is.
Speaker 2 (10:40):
My clients, My clients are the most important thing, not shareholders.
Speaker 3 (10:48):
One of the shareholders are in my company.
Speaker 2 (10:52):
My brother Michael, my brother Matthew, and myself. Okay, our
clients come first. Morgan's now all of a sudden, go oh,
let's go all in, crypto, goggle all in and you
know what's next?
Speaker 3 (11:06):
No, it's next.
Speaker 2 (11:07):
And again I was talking about this, soar on rallies
the orcs on private equity because yeah, this story came
out this past week Blackstone. Blackstone joins the race to
bring private assets to four oh one K market.
Speaker 3 (11:23):
Oh boy, we told you, and we told you.
Speaker 2 (11:27):
Blackstone is officially entering the race to get assets such
as private equity and private credit into four oh one case.
The investment giant is launching a business unit devoted to
tapping the market for what are called define contribution plans.
This is a Wall Street Journal article, Wall Street Journal article.
This new unit is going to sit inside Blackstone's two
(11:51):
hundred and eighty billion dollar private wealth group. Oh, this
is what They're gonna focus on creating products for the
defined contribution market and managing strategic partnerships such as the
one Blackstone announced with Vanguard and Wellington Management to develop
offerings that combine public and private assets. It's gonna also
(12:12):
work on educating investors about private assets.
Speaker 3 (12:15):
Let me tell you what this is. Okay, they are
looking to get out. Okay.
Speaker 2 (12:23):
We have often talked about Wall Street and the demonic
game of musical chairs. Private equity right now is dead
dead in the sense that investors, the long term investor,
the partners, they can't get liquid.
Speaker 3 (12:44):
What that means is they bought all of these businesses
all around the country.
Speaker 2 (12:48):
They bought veterinary clinics, they bought eight vac companies. They
bought landscaping was they bought pet cemeteries. I kid you not,
at moronic valuations, absolutely moronic valuations, because guess what they
bought it at that valuation. Everybody that's in the private
equity company has to pay based upon that valuation two
(13:12):
percent of assets and then twenty percent of any gains.
And they find a way to create gains in these
things that are absolutely ridiculous. So they've been getting their
little paychecks. But it's tapped out. People want to get out.
So how to get out? You gotta find a buyer.
Right then, we talked about.
Speaker 3 (13:28):
This last game.
Speaker 2 (13:29):
You got to find someone to buy it. You know
that that it is, that's you. That's the target right now.
They they want they want the four to oh one
K market to bail out all the wealthy people and
get them liquid.
Speaker 3 (13:48):
And again he had the article.
Speaker 2 (13:49):
Here, Oh we got we got Heather von Zubin, a
Goldman sachs Alum. Thew's been heading up Blackstones open ended
credit funds aimed at the private wealth market. Oh, Tom nineties,
a veteran banker and diplomat who joined Blackstone. He's gonna
be units chairman Paul Quinlan, senior manage director Private Wealth,
is going to lead the US Defined Contribution effort.
Speaker 3 (14:12):
Again.
Speaker 2 (14:15):
I'll talk about, you know, good money versus bad money
here in a little bit. I'm very much against and
I made it perfectly clear here on the program. President
Trump made a huge mistake signing an executive order directing
the Labor Department n SEC to make it easier for
employers to include non traditional assets like private equity and
(14:37):
private credit.
Speaker 3 (14:38):
And for one k's plans. Huge mistake.
Speaker 2 (14:40):
I don't think someone directed him in regards to this
and gave him a load of bunk, because I don't
believe that he knows what's going to happen here.
Speaker 3 (14:50):
I really don't.
Speaker 2 (14:52):
Thirteen trillion dollars sits in four one K plans, thirteen
trillion dollars private equity, all of these, all these wealthy
crooks who've been running these little private equity scams. Now again,
they're not all bad, okay, ninety eight ninety nine percent
of them are.
Speaker 3 (15:13):
Okay.
Speaker 1 (15:14):
Uh.
Speaker 2 (15:14):
They want to get liquid now, and the way they
are going to do that is through you if.
Speaker 3 (15:20):
You let them.
Speaker 2 (15:22):
Says right here in the article, thirteen trillion dollars four
one K market is the holy grail for Blackstone.
Speaker 3 (15:30):
And its competitors. Thank god.
Speaker 2 (15:34):
Employers have been hesitant to introduce private assets to their
retirement plan lineups. All of any people human resources, you know,
people in human resource that do this stuff. Okay, I hope,
I'm hoping and I'm praying that they hold the line.
But I know what's gonna happen next. Okay, junkets. Oh yeah, Oh,
(15:58):
this is gonna happen. Human resources people work who work
at these various different companies that manage put together these
defined benefit programs. You're gonna get invited to golf outings,
You're gonna get invited out to dinner. You're gonna get
invited to the Bahamas. Oh yeah, you're not gonna ever
have to pay for a vacation because they're gonna take
you and they're gonna tell you the wonders of what
they do.
Speaker 3 (16:17):
Oh I've been there, I've been there.
Speaker 2 (16:20):
Like I said, I told you here, I never have
to pay for a vacation in my entire lifelight and
want to all these guys wanting to get my clients
involved in their garbage. And this has been going on
for years even really before private equ we want to
go back to hedge funds, the same nonsense. Don't do it,
don't do it. Let's stop playing the demonic game of
(16:44):
musical chairs. Have to take a break. Watchdog on Wallstreet
dot Com is our site. Watchdog on Wall Street dot
Com sign up our personal CFO program podcast newsletter.
Speaker 3 (16:58):
Yes, like Mike A saying we're your emotional rescue, where
your portfolio rescue. We'll be back.
Speaker 1 (17:22):
Ticking Wall Streets liars, crooks and cheets out behind the woodshed.
You're listening to the Watchdog on Wall Streets.
Speaker 3 (17:33):
Little police Action. I think the song is probably gonna
be the most gotta be one of the most sampled
songs of all times. It must be.
Speaker 2 (17:41):
I think Stinging the Police print money off that song. Anyway,
welcome back. It is the Watchdog on Wall Street show.
I'm gonna get because it happens. I gotta get nasty
messages from people that are involved in private equity and
private messages. They won't put their name to it because
(18:01):
even though they'll send me nasty message about what I'm
talking about when I'm trying to teach here on the program,
they continue, they continue to pitch my brothers and I
looking to buy Markowski Investments at an absolutely ridiculous valuation.
Speaker 3 (18:20):
Oh why don't you? I got one this past week.
Speaker 2 (18:22):
Hey, you know, big, big firm wants to take you,
take fifty one percent of your company. You get some
chips off the table and your brothers can cash out
on this stuff. I'm like, are you out of your mind?
Are you out of your mind? Because I know exactly
what they're going to do. They want to take Markowski
(18:44):
Investments in our client base which all over the country,
all over the world, and they want to take my
clients and they want to put private equity. Essentially, it's
kind of like round tripping in what's going on getting
themselves paying us a ridiculous multiple, but then also getting
(19:05):
themselves out at that ridiculous multiple again, this demonic game
of musical chairs. Now, all of this that I'm talking about.
Speaker 3 (19:14):
Perfectly legal, perfectly legal. But is it right? Is it right?
Speaker 2 (19:24):
Is it ethical? This is where I get into good
money versus bad money? And I was thinking about this
past week and I always like to come up with
something from the Godfather, and I thought about it popped
into my head the meaning in Godfather won where the
Don is meeting with the Turk, maybe with the Turk,
and the Turk wants to get him involved in selling drugs.
(19:48):
And he knows to us, you know, not a good idea.
You know, politicians are no longer to be there. Whatever
it may be. The only problem I had, that's one
of the problems. The only problems I had with Don
Corleone in some of his wisdom is at the end
of that meeting, he says, you know.
Speaker 3 (20:02):
Don't bother me what you do for what a man
does for a living.
Speaker 2 (20:05):
It bothers me, Okay, it bothers me when you basically
are taking this wonderful idea, this system of capitalism where
two people can do business with one another and both
can walk away happy. You do not need to be
(20:27):
a success in life by getting over on someone, by
taking advantage of someone else. And unfortunately that's what many,
way too many people do. Anyway, a little bit more
on this, We get back Watchdog on Wallstreet dot com.
Watchdog on Wallstreet dot com, We show return.
Speaker 1 (21:00):
This is the Watchdog on Wall Street.
Speaker 3 (21:06):
Nothing like it, Nothing like it.
Speaker 2 (21:08):
Yeah, this is the longest running financial program in the country,
twenty five years. The Watchdog on Wall Street Show, and
we do it our way. We do it our way
twenty five years on the program. We've never given a recommendation.
Here on the program, we talk about society, We talk
(21:30):
about life, We talk about right and wrong.
Speaker 3 (21:33):
We talk about building wealth.
Speaker 2 (21:35):
Things that really matter, not fly by night, call in, shlockbroker, buy, sell,
hold crap, not fads, not nonsense. What has worked for
thousands and thousands of years.
Speaker 3 (21:52):
I want to talk a little about where we are
as a society.
Speaker 2 (21:57):
Okay, I talk about these people that work on Wall Street,
High five and one another closing a deal where they're
taking advantage of someone else. Why Why does it have
to be there? It doesn't have to be this way,
It doesn't. Capitalism works when you have a moral grounding,
(22:21):
just as much as our founding fathers knew that the
United States, the United States only works with a moral people.
Doesn't work any other way. How do you give how
do you give freedom? How do you have the concept
of a free society and a free people that can't
police themselves, there's no fear of God.
Speaker 3 (22:44):
Doesn't work? Doesn't work.
Speaker 2 (22:47):
I want to share with you something here and this
is where we're at today and how we skew things.
As a society, lustates love, Pride imitates joy, sin imitates freedom.
(23:08):
Do whatever I want, Satan imitates God. Don't be fooled
by counterfeits. I grab something. It's called the Sensitiveness of
the Innocent. It was written by Archbishop Fulton Jay Sheen.
Society can only live by standards of right and wrong,
(23:30):
but these standards can be lost. In earlier days, men
knew why anything was right or wrong. They could give
reasons to deter members of society from acting in a
certain way. But curiously enough, our age has forgotten the reasons.
Speaker 3 (23:43):
Right and wrong no matters of feeling, And even when
something is said to be wrong in itself, such.
Speaker 2 (23:52):
As murder, few seem to be able to say why
it's wrong. Morality is thus reduced to something as personal
as taste. The mind becomes like the stomach, preferring right
to wrong, as it might choose pickles rather than choose cucumbers.
It all depends on your point of view. How often
(24:13):
do we talk about that truth? Changing language?
Speaker 3 (24:17):
My truth?
Speaker 2 (24:17):
My calvins No, the ancient Greek historian through Cities and again,
I've recommended his book on many occasions here speaking of
class struggle to which his society had degenerated. Observed the
meaning of words has no longer the same relation to things,
but was changed by them as they thought proper. Reckless
(24:41):
daring was held to be loyal. Courage, prudent delay was
the excuse of a coward. Moderation was the disguise of
unmanly weakness. Frantic energy was the true quality of a man.
The conspirator who wanted to be safe was a recreant
in disguise. The lover of violence was always trusted, and
(25:03):
his opponent was suspected again the city's.
Speaker 3 (25:07):
History of the Peloponnesian War.
Speaker 2 (25:10):
Again, nothing new under the sun, says ancient Greece, Athens
versus Sparta. The false principles behind this feeling theory, this
feeling theory of right and wrong are very evident. First,
it is held that every experience is for its own sake,
whether that experience be sexual, political, social, or economic. The
(25:34):
experience cannot be for the sake of anything else, there
being nothing else but the self. Second, if we attempt
to make any judgment on our experience, it must be
done solely on the basis of whether or not the
experience is pleasurable to the ego. If it makes me
feel good, it's right. Finally, since pleasure or thrill or
(25:56):
utility is the sole standard of judgment, it follows the
more intense to thrill, the more useful anything is to
the self.
Speaker 3 (26:03):
The better it is.
Speaker 2 (26:06):
In contrast with this position, compare what might be called
the sensitiveness of innocence. The sensitive innocence does not mean
ignorance or not having lived. Rather, it's an awareness of
what is good and true, because one has avoided the
(26:30):
false and the evil. The grammarian who knows good style
is very sensitive to errors in writing or speaking. The
physician is sensitive to disease and any deviation from the
norm of health. The philosopher can detect at once a
false reasoning process.
Speaker 3 (26:46):
The director of any orchestra.
Speaker 2 (26:47):
Despite the number of musicians has for him, can hear
one false note from the smallest and least important of
the instruments. So in the moral order, when divine and
since sat at the table with the trader, he said,
one of you is about to betray me, holiness can
quickly detect blots. Have to take a break. You're listening
(27:13):
to the watchdog on Wall Street. Your Watchdog on Wallstreet
dot Com is our site. Watchdog on Wallstreet dot com.
Sign up for our personal CFO program, our podcast, our newsletter,
all sorts of great information.
Speaker 3 (27:27):
There Watchdog on Wall street dot Com.
Speaker 1 (27:29):
We'll be back the only man who is taking on
(27:52):
the walls Street establishments. You're listening to the Watchdog on
Wall Street with Chris Markowski.
Speaker 2 (28:00):
Front out.
Speaker 3 (28:02):
Look about some good news. I hope, I hope him. Uh.
Speaker 2 (28:09):
I'm not holding my breath, but I saw this this
past week and again I said, I'm an equal opportunity
basher here on the program. I go after the Trump administration.
I praise the Trump administration. I go after the Treasury
Secretary of the United States, and I'll praise the Treasury.
The United States Treasury Secretary, Scott vest came out and
(28:32):
went after something that we've been.
Speaker 3 (28:35):
Going after, Dodd Frank.
Speaker 2 (28:39):
Dodd Frank, the ridiculous regulations that were put into place
after the Great Recession.
Speaker 3 (28:46):
And quite frankly, he shouldn't.
Speaker 2 (28:48):
Stop there, Okay, he should go after Sarbines Oxley, which
were the ridiculous regulations that were put into place after
the dot com collapse.
Speaker 3 (28:58):
In fact, what he.
Speaker 2 (29:00):
Should do is go and bring back Glass Steegel and
break up all of the too big to fail banks.
Now again, I don't think that that's going to happen,
he said this past week. He said the purpose of
Dodd Frank was to end too big to fail, but
it ended up creating too small to succeed. The post
(29:21):
two thousand and eight regulatory framework entrenched the dominance of
the largest banks by rewarding economies of scale and lucrative
lobbying operations in Washington, what followed was a community bank
bottleneck that left America's hometown's reeling. The time has come
for a community bank comeback. That's why the President is
re empowering heartland bankers by rolling back the harmful regulations
(29:42):
of his predecessor to drive growth and prosperity on main street.
Speaker 3 (29:47):
What happened? What happens after.
Speaker 2 (29:50):
We the people bailed out all of these big financial institutions,
which were They weren't the only ones to blame, but
they most certainly had their hand. And the great recession,
they put all of these disgusting regulations that made it
too expensive for small banks to even stay in business.
Speaker 3 (30:09):
That's why they shook, they closed up.
Speaker 2 (30:11):
It was great it's great for the big banks because
they were able to gobble all of them up. And
again that's part of the problem. We've discussed this here
in the program. We've called it regulatory capture. And it
doesn't just happen in banking. It can happen in a
myriad of industries here in this country.
Speaker 3 (30:28):
Regulation. Regulation puts a ball.
Speaker 2 (30:31):
And chain, a stranglehold on true capitalism here in this country.
The big companies, they love regulation. They may yell and scream,
but they're full of it. They love it. They can
afford it. It's a big deal to them. I talk
about it all the time. These big banks, they get
themselves into trouble, they do all these crooked things, they
pay a fine and they walk away.
Speaker 3 (30:51):
It's like kicking up to like a mafia. Don for
crying out loud, it's a joke.
Speaker 2 (30:55):
Back in twenty sixteen, twenty sixteen, in the republic platform,
Donald Trump's Republican platform back in twenty sixteen had a
whole section devoted to, in essence, breaking up the big banks. Now,
that never happened, unfortunately, But man, oh man, would I
(31:18):
love it if the President of the United States would
dust off that twenty sixteen.
Speaker 3 (31:23):
Platform and have at it. Gotta take a break.
Speaker 2 (31:28):
Watchdog on Wall Street dot Com. Watchdog on Wallstreet dot Com,
we get back. Yeah, con Artists on Washington and Wall Street,
we shall return. Watchdog on Wallstreet dot Com.
Speaker 3 (31:40):
We'll be back.
Speaker 1 (31:41):
Chris Markowski is the Watchdog on Wall Street. You should
(32:01):
believe in math not magic. You're listening to the Watchdog
on Wall Street with Chris Markowski.
Speaker 3 (32:12):
Walk about.
Speaker 2 (32:15):
You know, it's just telling a producer John amount of
stuff I go over on every single program, and it
is the reality of this terrestrial radio show. And this
has been true for twenty five years. Three hour radio program.
Many stations take the full three hours, some stations take
one hour, some stations take two hours.
Speaker 3 (32:38):
However, what we do do. What we do do is
this show is.
Speaker 2 (32:44):
Up on every single podcast platform out there. And even
though you know, the whole digital podcast thing has made
my life at a lot more complicated, to say the least,
it least allows me to communicate with greater regularity.
Speaker 3 (33:03):
And that's our podcast.
Speaker 2 (33:05):
Every single day I put out, not Necessaturday, every day,
I'm putting out several podcasts on various different things that
are happening within the country. It's not a long form show,
not like this one. Three hours, not a long form show,
five minutes, ten minutes, if thy twenty, various different topics.
Speaker 3 (33:27):
I talk about it, and then we move on to
the next thing. Again.
Speaker 2 (33:31):
It allows me, allows me to stay in front and
on top of everything and relay all this information you because,
quite frankly, even three hours, three hours once a week
here on the radio, quite frankly, it's just not enough.
So again, take advantage. Go to our website, Watchdog on
Wallstreet dot com. Sign up for odd podcasts available on Apple, Spotify, everywhere.
(33:53):
Watchdog on Wallstreet dot com. Again our site. Okay, okay,
gotta talk about this. Yeah, this is this is again.
This is like almost like a blast from the past, baby, Yeah,
blasts from the past.
Speaker 3 (34:09):
Crooks in Washington and Wall.
Speaker 2 (34:11):
Street, all sorts of stuff con on us everywhere. Oh
what was it two months ago here around the program,
two months ago. Yeah, it's funny. We always seemed to
be first when it comes to breaking stories here. Notice that,
longtime listeners that we always seemed to come first. And
there Wall Street Journal will pick up on a scam
(34:31):
or whatever it may be, if they.
Speaker 3 (34:33):
Even cover it.
Speaker 2 (34:34):
So a couple months ago, we were talking about Tricolor,
subprime auto lender Tricolor Holdings and how they were going bankrupt,
and I'm like, oh, oh, we've got problems in subprime again.
Speaker 3 (34:50):
Oh boy. Well.
Speaker 2 (34:53):
JP Morgan this past week announced that they they reported
one hundred and seventy million dollars charge they were invested
in this tri Color now again, one hundred and seventy
million dollar charge lost to JP Morgan.
Speaker 3 (35:08):
No big deal, No big deal.
Speaker 2 (35:11):
And I'm gonna explain to you again it's almost like
it's almost like they're paying a fee or a toll.
Speaker 3 (35:17):
And you'll learn how and why here in a second.
Speaker 2 (35:20):
So try Color declared bankruptcy last month, caught creditors off
guard really really again. If I had actually taken a
look at this thing, I would have laughed. I would
have left this company. Tricolor making loans to people with
(35:43):
no credit, auto loans to people with no credit.
Speaker 3 (35:47):
It sounds like a great business model you got there.
Speaker 2 (35:50):
Now the Justice Department is investigating this company for double
pledging collateral.
Speaker 3 (35:57):
Joke.
Speaker 2 (35:58):
You've got to be kidding me anyway, Jamie Diamond said, well,
you know what you see? One cockroach there's probably more
cockroaches out there. You don't say, Jamie, you don't say, yeah,
we're gonna have some more subprime failures.
Speaker 3 (36:13):
Okay. Eventually, eventually the light will be it.
Speaker 2 (36:16):
Will shine on them, and then again everyone will go
running and the thing will collapse. A Tricolor bond offering
this year, wait for It Okay, showed that more than
two thirds of its bowers didn't even have a credit score.
What didn't even have a credit score. For those with
(36:40):
credit scores, the average was six or fourteen. Now again,
auto lender, more than half didn't even have a driver's license.
Speaker 3 (36:55):
I'm like, wow, huh, how who? What?
Speaker 2 (37:00):
And essence and essence, they didn't care, They didn't care.
They were just just like the whole the whole run up,
the whole run up during the Great Recession. All they
were doing was taking those loans right as many as possible,
packaging those loans, and selling them. Texas regulators cited Tricolor
(37:22):
more than one hundred and thirty times between twenty nineteen
and twenty twenty two, including for selling cars for which
it didn't even hold the title. The dealer also sold
cars at prices on average forty six percent more than
Kelly Bluebook's fair purchase price. Do you understand how bloody
evil these people were. They were taking advantage of illegals,
(37:46):
is what they were doing.
Speaker 3 (37:48):
Well, they're legal, don't know you take it?
Speaker 2 (37:49):
What are you out of your mind? It's a human
being for crying out Loue taking advantage. Say hey, hey,
you know what, you know, we're gonna give you a law,
but this is the.
Speaker 3 (37:56):
Price for the car. You're illegal, you know what you're
gonna have to pay for it.
Speaker 2 (38:00):
And many customers defaulted in short order, resulting in cars
being repossessed, which then Tricolor would resell. Again, this is
an actual business business that Wall Street was heavily involved with.
How could this be? How could this happen? How could
(38:20):
things happen? This is terrible, this is awful. We're talking
about Washington, DC was heavily involved in this. Con Artists
on Wall Street con artists in Washington, DC. Treasury Department
twenty nineteen designated Tricolor as the Community Development Financial Institution.
Speaker 3 (38:40):
Again, this is a program.
Speaker 2 (38:42):
Again, a lot of this crap came out of.
Speaker 3 (38:45):
The Clinton administration.
Speaker 2 (38:46):
Andrew Cuomo was in charge of Housing and Urban Development.
He was the one that came up with all those
funky ninja loans no money down, interest only loans for houses.
But again, this came out of the Clinton administration. Oh,
this story gets much much worse. Gotta take a break.
(39:07):
We'll get into it when we get back. Watchdog on
Wallstreet dot com, Watchdog on Wall Street dot com.
Speaker 3 (39:12):
Don't go anywhere, We'll be back. Susie Life, who beat you?
Speaker 1 (39:28):
You're listening to the Watchdog on Wall Street. Steal your
cra
Well, no one altered. Investment banker, consumer advocate, analyst, trader.
Chris Morkowski is the watchdog Wall Street? Do you want
to answer exposing the lies and myths that the big
brokerage firms, the mainstream press, and the government are pushing
to keep Americans away from financial freedom. You can't handle
(00:28):
the true bringing America the truth about what really happens
in the financial world.
Speaker 2 (00:34):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.
Speaker 1 (00:39):
This is the watchdog on Wall Streets.
Speaker 2 (00:44):
Quarterback during the break, John my producer for many many years,
reminded me, I'd make a terrible therapist. I'd make a
terrible therapist. And I said, well, wait a second, I
wasn't there a commercial out there? And we went on, Yep,
sure enough, it was a It was a Geico commercial
(01:05):
where the drill sergeant the drill start. It was from
full metal jacket. The drill sergeant was a therapist or
funny commercial. You gotta bear with me. I've been doing
this for a long time. The amount of people that
have you know, cried on our shoulders at Markowski Investments
(01:28):
for the poor decisions that they have made after listening
to us for years, it will you know, hear it
listening but not hearing us and going through and doing
absolutely ridiculous things with their money. It's okay, put it
to you this way. Why why do I get so
fired up? Imagine if you could see into the future
(01:53):
and you could warn somebody of impending doom, if they're
getting into a car accident, whatever it may be, all
they needed to do is just listen to you.
Speaker 3 (02:03):
That.
Speaker 2 (02:03):
That's basically what I've been doing here on the program
for twenty five years. Longer than that before we had
a radio show doing the same darn thing, knowing, knowing
what is going to transpire, what is going to happen,
and how people are going to get hurt. And again,
(02:27):
you know, I'm getting a little long in the tooth.
I get that, but it weighs on you after a while.
And last weekend I'm watching this this transpire, I'm watching
what's happened, and you know, people checking out on life.
Speaker 3 (02:45):
It's tough.
Speaker 2 (02:47):
It is, uh what we what we're what we do
at Markowski Investments, by any stretch, the imagination is not exciting.
Speaker 3 (02:58):
Hey, we don't do that.
Speaker 2 (03:04):
We're in the wealth building business what people failed to realize. Okay,
and I'm gonna throw this out there as far Warren
Buffett is concerned.
Speaker 3 (03:14):
You take them all.
Speaker 2 (03:14):
And Warren Buffet's worth about most of his wealth he
built after the age of sixty five. That's the power
of compounding, putting money away in high quality companies and
watching it grow. You do that over time, you get
it to a certain ay, you're doing the right thing.
(03:37):
It blows your mind. It blows your mind.
Speaker 3 (03:41):
The type of wealth that you're able to create. Its nuts.
MOA was say a couple weeks ago on the program.
Speaker 2 (03:48):
What ten thousand, ten thousand bucks in the S and
P five, one hundred and fifty years ago is worth
over five million dollars without.
Speaker 3 (03:57):
Even adding to it, without even having to do a
darn thing.
Speaker 2 (04:03):
In fifty years you paid ten thousand bucks, put it
away up, it's over five million dollars. Why why do
you need to do it quickly? Why do you need
to have it tomorrow? Go out and do something real.
Start a business. Okay, get yourself a job, learn a skill,
(04:27):
a trade, take money away from every single paycheck and
pay yourself.
Speaker 3 (04:36):
And build wealth over time.
Speaker 2 (04:42):
You know, I did a podcast on his past week
and I actually I tried to come up, you know,
I was, you know, how to title it? And I
was like, you know, man, wolves, sharks going after individual investors.
And I thought about it a little bit more and
I said, like, you know that that's wrong. I gotta
you know, I gotta stop, you know, using animals. And
(05:04):
again I was reminded. I remember when I was much
younger and taking my kids. It was actually my my
you know kids at time. It was only two at
the time and I have three now. But I remember
my uh my eldest son, Stephen, we went to bush
Gardens in Tampa when he was very young and we
went by one of the animal exhibits was this massive vulture,
(05:27):
a huge scary looking thing, and my son.
Speaker 3 (05:31):
Asked us, is that a good bird or a bad bird?
Speaker 2 (05:35):
And I had to explain to him it's it's neither.
It's a bird. The bird does what it does. It's
like a shark. Sharks are bad. No, sharks are not bad. Okay,
sharks are actually great. As a matter of fact. That
one of the reasons why the fisheries on the east
coast of Florida and off of oh not the East
coast of the United States is because they got rid
(05:57):
of all of the long line fishing back in the day.
Speaker 3 (06:00):
Great whites are back. They're eating the seals.
Speaker 2 (06:03):
Seals aren't eating as many fish and fishing as a
hell of a lot better period the end. Okay, sharks
are good. They serve a purpose. Wolves are good, they
serve a purpose. These crooks on Wall Street, I had
to come up with something, so I basically said, Soren
(06:25):
rallies the orcs on private equity, but it doesn't have
to be just a private equity can be on crypto
as well.
Speaker 3 (06:33):
We'll get into the private equity bit. But I gotta
talk about this.
Speaker 2 (06:36):
First Monday, Monday, after the entire crypto collapse, people getting
wiped out, Morgan Stanley announces they're going to allow crypto
trading for all clients, all clients, all accounts.
Speaker 3 (06:53):
Currently, currently they limit.
Speaker 2 (06:57):
Crypto to clients with at least a one point five
million dollar portfolio and an aggressive risk tolerance, but as
of as of this past week, yep, those requirements will
be lifted. Basically, that's Morgan Stanley saying, hey, you know
what fiduciary responsibility doing the right thing by our clients.
Speaker 3 (07:18):
Forget about. We don't need to do that.
Speaker 2 (07:20):
Too much money in this crypto trading, and there is,
oh yeah, a lot of money, a lot of money
running the casino and having people lose money left, right
and all over the place. Oh you saw how all
the exchanges magically shut down Binance coin based robin Hood
with all of this stuff. You don't think that they
(07:42):
were working together to put money in their pockets.
Speaker 3 (07:45):
Apps saw bloody lotly they were. Oh yeah, the same way.
Speaker 2 (07:51):
When they had the short squeeze that happened. It went
on with game stop. Now game Stop was garbage, but
it was a legitimate short squeeze and magically everyone's accounts
got shut off so they could be made whole.
Speaker 3 (08:03):
Well, you don't think that this whole thing is rigged,
it is. It's rigged. Now you go, you go.
Speaker 2 (08:13):
Into a casino. Casinos aren't rigged. They're designed for you
to lose. You go there for entertainment. Okay, you think
what you're doing with this stuff is legit. No, of
course it's rigged. Been tine every years. You think you
got a shot. Oh, I people freaking out. I had
I had limit orders in I had was supposed to
get stopped out. Funny to go right past that in
(08:37):
two seconds. There's no liquidity, Man, are you out of
your mind? But again that they don't care. Now I've
talked this about some more. All the big investment firms,
the Douce Sherry responsibility and give a darn about you. Okay,
here's here's a you know, there's a bit of knowledge
(08:57):
gain for everybody out there. All of these publicly traded firms,
Morgan Stanley, Goldman, Sachs jpeople.
Speaker 3 (09:05):
That makes Amy, all the other crypto whatt' make a difference.
Who's who are they? Who is their number one obligation?
Speaker 2 (09:11):
CEO of any publicly traded company has an obligation number
one to their shareholders.
Speaker 3 (09:18):
That's what's most important.
Speaker 2 (09:21):
I remember talking about this in the infancy stages of
this radio show, even before I had a radio show.
I said, for the life of me, I don't understand
how anybody in the right mind would allow a big
bank a too big defail. But this was before too
big to fail any of the big investment firms, any
of the big banks to manage their money.
Speaker 3 (09:44):
Why would you do that? Oh yeah, they're looking out
for me. No, they're not. Okay, their number one.
Speaker 2 (09:52):
Concern is their shareholders, their bottom line. Been beating a drum.
I've been beating a drum here for ages, for Ages,
saying the same thing over and over and over again. Okay,
(10:12):
no investment firm should be allowed to trade publicly. It
shouldn't be allowed ever. Okay, it shouldn't happen. We get
asked all the time, or why don't you take Markowski
Investments public? Look at this company? Wow, look at the
money you can cash out, you can raise all these dollars.
Speaker 3 (10:33):
Are you nuts? You can't serve two masters. You can't
wonder who my master is.
Speaker 2 (10:40):
My clients, My clients are the most important thing, not shareholders.
Speaker 3 (10:48):
One of the shareholders are in my company.
Speaker 2 (10:52):
My brother Michael, my brother Matthew, and myself. Okay, our
clients come first. Morgan's now all of a sudden, go oh,
let's go all in, crypto, goggle all in and you
know what's next?
Speaker 3 (11:06):
No, it's next.
Speaker 2 (11:07):
And again I was talking about this, soar on rallies
the orcs on private equity because yeah, this story came
out this past week Blackstone. Blackstone joins the race to
bring private assets to four oh one K market.
Speaker 3 (11:23):
Oh boy, we told you, and we told you.
Speaker 2 (11:27):
Blackstone is officially entering the race to get assets such
as private equity and private credit into four oh one case.
The investment giant is launching a business unit devoted to
tapping the market for what are called define contribution plans.
This is a Wall Street Journal article, Wall Street Journal article.
This new unit is going to sit inside Blackstone's two
(11:51):
hundred and eighty billion dollar private wealth group. Oh, this
is what They're gonna focus on creating products for the
defined contribution market and managing strategic partnerships such as the
one Blackstone announced with Vanguard and Wellington Management to develop
offerings that combine public and private assets. It's gonna also
(12:12):
work on educating investors about private assets.
Speaker 3 (12:15):
Let me tell you what this is. Okay, they are
looking to get out. Okay.
Speaker 2 (12:23):
We have often talked about Wall Street and the demonic
game of musical chairs. Private equity right now is dead
dead in the sense that investors, the long term investor,
the partners, they can't get liquid.
Speaker 3 (12:44):
What that means is they bought all of these businesses
all around the country.
Speaker 2 (12:48):
They bought veterinary clinics, they bought eight vac companies. They
bought landscaping was they bought pet cemeteries. I kid you not,
at moronic valuations, absolutely moronic valuations, because guess what they
bought it at that valuation. Everybody that's in the private
equity company has to pay based upon that valuation two
(13:12):
percent of assets and then twenty percent of any gains.
And they find a way to create gains in these
things that are absolutely ridiculous. So they've been getting their
little paychecks. But it's tapped out. People want to get out.
So how to get out? You gotta find a buyer.
Right then, we talked about.
Speaker 3 (13:28):
This last game.
Speaker 2 (13:29):
You got to find someone to buy it. You know
that that it is, that's you. That's the target right now.
They they want they want the four to oh one
K market to bail out all the wealthy people and
get them liquid.
Speaker 3 (13:48):
And again he had the article.
Speaker 2 (13:49):
Here, Oh we got we got Heather von Zubin, a
Goldman sachs Alum. Thew's been heading up Blackstones open ended
credit funds aimed at the private wealth market. Oh, Tom nineties,
a veteran banker and diplomat who joined Blackstone. He's gonna
be units chairman Paul Quinlan, senior manage director Private Wealth,
is going to lead the US Defined Contribution effort.
Speaker 3 (14:12):
Again.
Speaker 2 (14:15):
I'll talk about, you know, good money versus bad money
here in a little bit. I'm very much against and
I made it perfectly clear here on the program. President
Trump made a huge mistake signing an executive order directing
the Labor Department n SEC to make it easier for
employers to include non traditional assets like private equity and
(14:37):
private credit.
Speaker 3 (14:38):
And for one k's plans. Huge mistake.
Speaker 2 (14:40):
I don't think someone directed him in regards to this
and gave him a load of bunk, because I don't
believe that he knows what's going to happen here.
Speaker 3 (14:50):
I really don't.
Speaker 2 (14:52):
Thirteen trillion dollars sits in four one K plans, thirteen
trillion dollars private equity, all of these, all these wealthy
crooks who've been running these little private equity scams. Now again,
they're not all bad, okay, ninety eight ninety nine percent
of them are.
Speaker 3 (15:13):
Okay.
Speaker 1 (15:14):
Uh.
Speaker 2 (15:14):
They want to get liquid now, and the way they
are going to do that is through you if.
Speaker 3 (15:20):
You let them.
Speaker 2 (15:22):
Says right here in the article, thirteen trillion dollars four
one K market is the holy grail for Blackstone.
Speaker 3 (15:30):
And its competitors. Thank god.
Speaker 2 (15:34):
Employers have been hesitant to introduce private assets to their
retirement plan lineups. All of any people human resources, you know,
people in human resource that do this stuff. Okay, I hope,
I'm hoping and I'm praying that they hold the line.
But I know what's gonna happen next. Okay, junkets. Oh yeah, Oh,
(15:58):
this is gonna happen. Human resources people work who work
at these various different companies that manage put together these
defined benefit programs. You're gonna get invited to golf outings,
You're gonna get invited out to dinner. You're gonna get
invited to the Bahamas. Oh yeah, you're not gonna ever
have to pay for a vacation because they're gonna take
you and they're gonna tell you the wonders of what
they do.
Speaker 3 (16:17):
Oh I've been there, I've been there.
Speaker 2 (16:20):
Like I said, I told you here, I never have
to pay for a vacation in my entire lifelight and
want to all these guys wanting to get my clients
involved in their garbage. And this has been going on
for years even really before private equ we want to
go back to hedge funds, the same nonsense. Don't do it,
don't do it. Let's stop playing the demonic game of
(16:44):
musical chairs. Have to take a break. Watchdog on Wallstreet
dot Com is our site. Watchdog on Wall Street dot
Com sign up our personal CFO program podcast newsletter.
Speaker 3 (16:58):
Yes, like Mike A saying we're your emotional rescue, where
your portfolio rescue. We'll be back.
Speaker 1 (17:22):
Ticking Wall Streets liars, crooks and cheets out behind the woodshed.
You're listening to the Watchdog on Wall Streets.
Speaker 3 (17:33):
Little police Action. I think the song is probably gonna
be the most gotta be one of the most sampled
songs of all times. It must be.
Speaker 2 (17:41):
I think Stinging the Police print money off that song. Anyway,
welcome back. It is the Watchdog on Wall Street show.
I'm gonna get because it happens. I gotta get nasty
messages from people that are involved in private equity and
private messages. They won't put their name to it because
(18:01):
even though they'll send me nasty message about what I'm
talking about when I'm trying to teach here on the program,
they continue, they continue to pitch my brothers and I
looking to buy Markowski Investments at an absolutely ridiculous valuation.
Speaker 3 (18:20):
Oh why don't you? I got one this past week.
Speaker 2 (18:22):
Hey, you know, big, big firm wants to take you,
take fifty one percent of your company. You get some
chips off the table and your brothers can cash out
on this stuff. I'm like, are you out of your mind?
Are you out of your mind? Because I know exactly
what they're going to do. They want to take Markowski
(18:44):
Investments in our client base which all over the country,
all over the world, and they want to take my
clients and they want to put private equity. Essentially, it's
kind of like round tripping in what's going on getting
themselves paying us a ridiculous multiple, but then also getting
(19:05):
themselves out at that ridiculous multiple again, this demonic game
of musical chairs. Now, all of this that I'm talking about.
Speaker 3 (19:14):
Perfectly legal, perfectly legal. But is it right? Is it right?
Speaker 2 (19:24):
Is it ethical? This is where I get into good
money versus bad money? And I was thinking about this
past week and I always like to come up with
something from the Godfather, and I thought about it popped
into my head the meaning in Godfather won where the
Don is meeting with the Turk, maybe with the Turk,
and the Turk wants to get him involved in selling drugs.
(19:48):
And he knows to us, you know, not a good idea.
You know, politicians are no longer to be there. Whatever
it may be. The only problem I had, that's one
of the problems. The only problems I had with Don
Corleone in some of his wisdom is at the end
of that meeting, he says, you know.
Speaker 3 (20:02):
Don't bother me what you do for what a man
does for a living.
Speaker 2 (20:05):
It bothers me, Okay, it bothers me when you basically
are taking this wonderful idea, this system of capitalism where
two people can do business with one another and both
can walk away happy. You do not need to be
(20:27):
a success in life by getting over on someone, by
taking advantage of someone else. And unfortunately that's what many,
way too many people do. Anyway, a little bit more
on this, We get back Watchdog on Wallstreet dot com.
Watchdog on Wallstreet dot com, We show return.
Speaker 1 (21:00):
This is the Watchdog on Wall Street.
Speaker 3 (21:06):
Nothing like it, Nothing like it.
Speaker 2 (21:08):
Yeah, this is the longest running financial program in the country,
twenty five years. The Watchdog on Wall Street Show, and
we do it our way. We do it our way
twenty five years on the program. We've never given a recommendation.
Here on the program, we talk about society, We talk
(21:30):
about life, We talk about right and wrong.
Speaker 3 (21:33):
We talk about building wealth.
Speaker 2 (21:35):
Things that really matter, not fly by night, call in, shlockbroker, buy, sell,
hold crap, not fads, not nonsense. What has worked for
thousands and thousands of years.
Speaker 3 (21:52):
I want to talk a little about where we are
as a society.
Speaker 2 (21:57):
Okay, I talk about these people that work on Wall Street,
High five and one another closing a deal where they're
taking advantage of someone else. Why Why does it have
to be there? It doesn't have to be this way,
It doesn't. Capitalism works when you have a moral grounding,
(22:21):
just as much as our founding fathers knew that the
United States, the United States only works with a moral people.
Doesn't work any other way. How do you give how
do you give freedom? How do you have the concept
of a free society and a free people that can't
police themselves, there's no fear of God.
Speaker 3 (22:44):
Doesn't work? Doesn't work.
Speaker 2 (22:47):
I want to share with you something here and this
is where we're at today and how we skew things.
As a society, lustates love, Pride imitates joy, sin imitates freedom.
(23:08):
Do whatever I want, Satan imitates God. Don't be fooled
by counterfeits. I grab something. It's called the Sensitiveness of
the Innocent. It was written by Archbishop Fulton Jay Sheen.
Society can only live by standards of right and wrong,
(23:30):
but these standards can be lost. In earlier days, men
knew why anything was right or wrong. They could give
reasons to deter members of society from acting in a
certain way. But curiously enough, our age has forgotten the reasons.
Speaker 3 (23:43):
Right and wrong no matters of feeling, And even when
something is said to be wrong in itself, such.
Speaker 2 (23:52):
As murder, few seem to be able to say why
it's wrong. Morality is thus reduced to something as personal
as taste. The mind becomes like the stomach, preferring right
to wrong, as it might choose pickles rather than choose cucumbers.
It all depends on your point of view. How often
(24:13):
do we talk about that truth? Changing language?
Speaker 3 (24:17):
My truth?
Speaker 2 (24:17):
My calvins No, the ancient Greek historian through Cities and again,
I've recommended his book on many occasions here speaking of
class struggle to which his society had degenerated. Observed the
meaning of words has no longer the same relation to things,
but was changed by them as they thought proper. Reckless
(24:41):
daring was held to be loyal. Courage, prudent delay was
the excuse of a coward. Moderation was the disguise of
unmanly weakness. Frantic energy was the true quality of a man.
The conspirator who wanted to be safe was a recreant
in disguise. The lover of violence was always trusted, and
(25:03):
his opponent was suspected again the city's.
Speaker 3 (25:07):
History of the Peloponnesian War.
Speaker 2 (25:10):
Again, nothing new under the sun, says ancient Greece, Athens
versus Sparta. The false principles behind this feeling theory, this
feeling theory of right and wrong are very evident. First,
it is held that every experience is for its own sake,
whether that experience be sexual, political, social, or economic. The
(25:34):
experience cannot be for the sake of anything else, there
being nothing else but the self. Second, if we attempt
to make any judgment on our experience, it must be
done solely on the basis of whether or not the
experience is pleasurable to the ego. If it makes me
feel good, it's right. Finally, since pleasure or thrill or
(25:56):
utility is the sole standard of judgment, it follows the
more intense to thrill, the more useful anything is to
the self.
Speaker 3 (26:03):
The better it is.
Speaker 2 (26:06):
In contrast with this position, compare what might be called
the sensitiveness of innocence. The sensitive innocence does not mean
ignorance or not having lived. Rather, it's an awareness of
what is good and true, because one has avoided the
(26:30):
false and the evil. The grammarian who knows good style
is very sensitive to errors in writing or speaking. The
physician is sensitive to disease and any deviation from the
norm of health. The philosopher can detect at once a
false reasoning process.
Speaker 3 (26:46):
The director of any orchestra.
Speaker 2 (26:47):
Despite the number of musicians has for him, can hear
one false note from the smallest and least important of
the instruments. So in the moral order, when divine and
since sat at the table with the trader, he said,
one of you is about to betray me, holiness can
quickly detect blots. Have to take a break. You're listening
(27:13):
to the watchdog on Wall Street. Your Watchdog on Wallstreet
dot Com is our site. Watchdog on Wallstreet dot com.
Sign up for our personal CFO program, our podcast, our newsletter,
all sorts of great information.
Speaker 3 (27:27):
There Watchdog on Wall street dot Com.
Speaker 1 (27:29):
We'll be back the only man who is taking on
(27:52):
the walls Street establishments. You're listening to the Watchdog on
Wall Street with Chris Markowski.
Speaker 2 (28:00):
Front out.
Speaker 3 (28:02):
Look about some good news. I hope, I hope him. Uh.
Speaker 2 (28:09):
I'm not holding my breath, but I saw this this
past week and again I said, I'm an equal opportunity
basher here on the program. I go after the Trump administration.
I praise the Trump administration. I go after the Treasury
Secretary of the United States, and I'll praise the Treasury.
The United States Treasury Secretary, Scott vest came out and
(28:32):
went after something that we've been.
Speaker 3 (28:35):
Going after, Dodd Frank.
Speaker 2 (28:39):
Dodd Frank, the ridiculous regulations that were put into place
after the Great Recession.
Speaker 3 (28:46):
And quite frankly, he shouldn't.
Speaker 2 (28:48):
Stop there, Okay, he should go after Sarbines Oxley, which
were the ridiculous regulations that were put into place after
the dot com collapse.
Speaker 3 (28:58):
In fact, what he.
Speaker 2 (29:00):
Should do is go and bring back Glass Steegel and
break up all of the too big to fail banks.
Now again, I don't think that that's going to happen,
he said this past week. He said the purpose of
Dodd Frank was to end too big to fail, but
it ended up creating too small to succeed. The post
(29:21):
two thousand and eight regulatory framework entrenched the dominance of
the largest banks by rewarding economies of scale and lucrative
lobbying operations in Washington, what followed was a community bank
bottleneck that left America's hometown's reeling. The time has come
for a community bank comeback. That's why the President is
re empowering heartland bankers by rolling back the harmful regulations
(29:42):
of his predecessor to drive growth and prosperity on main street.
Speaker 3 (29:47):
What happened? What happens after.
Speaker 2 (29:50):
We the people bailed out all of these big financial institutions,
which were They weren't the only ones to blame, but
they most certainly had their hand. And the great recession,
they put all of these disgusting regulations that made it
too expensive for small banks to even stay in business.
Speaker 3 (30:09):
That's why they shook, they closed up.
Speaker 2 (30:11):
It was great it's great for the big banks because
they were able to gobble all of them up. And
again that's part of the problem. We've discussed this here
in the program. We've called it regulatory capture. And it
doesn't just happen in banking. It can happen in a
myriad of industries here in this country.
Speaker 3 (30:28):
Regulation. Regulation puts a ball.
Speaker 2 (30:31):
And chain, a stranglehold on true capitalism here in this country.
The big companies, they love regulation. They may yell and scream,
but they're full of it. They love it. They can
afford it. It's a big deal to them. I talk
about it all the time. These big banks, they get
themselves into trouble, they do all these crooked things, they
pay a fine and they walk away.
Speaker 3 (30:51):
It's like kicking up to like a mafia. Don for
crying out loud, it's a joke.
Speaker 2 (30:55):
Back in twenty sixteen, twenty sixteen, in the republic platform,
Donald Trump's Republican platform back in twenty sixteen had a
whole section devoted to, in essence, breaking up the big banks. Now,
that never happened, unfortunately, But man, oh man, would I
(31:18):
love it if the President of the United States would
dust off that twenty sixteen.
Speaker 3 (31:23):
Platform and have at it. Gotta take a break.
Speaker 2 (31:28):
Watchdog on Wall Street dot Com. Watchdog on Wallstreet dot Com,
we get back. Yeah, con Artists on Washington and Wall Street,
we shall return. Watchdog on Wallstreet dot Com.
Speaker 3 (31:40):
We'll be back.
Speaker 1 (31:41):
Chris Markowski is the Watchdog on Wall Street. You should
(32:01):
believe in math not magic. You're listening to the Watchdog
on Wall Street with Chris Markowski.
Speaker 3 (32:12):
Walk about.
Speaker 2 (32:15):
You know, it's just telling a producer John amount of
stuff I go over on every single program, and it
is the reality of this terrestrial radio show. And this
has been true for twenty five years. Three hour radio program.
Many stations take the full three hours, some stations take
one hour, some stations take two hours.
Speaker 3 (32:38):
However, what we do do. What we do do is
this show is.
Speaker 2 (32:44):
Up on every single podcast platform out there. And even
though you know, the whole digital podcast thing has made
my life at a lot more complicated, to say the least,
it least allows me to communicate with greater regularity.
Speaker 3 (33:03):
And that's our podcast.
Speaker 2 (33:05):
Every single day I put out, not Necessaturday, every day,
I'm putting out several podcasts on various different things that
are happening within the country. It's not a long form show,
not like this one. Three hours, not a long form show,
five minutes, ten minutes, if thy twenty, various different topics.
Speaker 3 (33:27):
I talk about it, and then we move on to
the next thing. Again.
Speaker 2 (33:31):
It allows me, allows me to stay in front and
on top of everything and relay all this information you because,
quite frankly, even three hours, three hours once a week
here on the radio, quite frankly, it's just not enough.
So again, take advantage. Go to our website, Watchdog on
Wallstreet dot com. Sign up for odd podcasts available on Apple, Spotify, everywhere.
(33:53):
Watchdog on Wallstreet dot com. Again our site. Okay, okay,
gotta talk about this. Yeah, this is this is again.
This is like almost like a blast from the past, baby, Yeah,
blasts from the past.
Speaker 3 (34:09):
Crooks in Washington and Wall.
Speaker 2 (34:11):
Street, all sorts of stuff con on us everywhere. Oh
what was it two months ago here around the program,
two months ago. Yeah, it's funny. We always seemed to
be first when it comes to breaking stories here. Notice that,
longtime listeners that we always seemed to come first. And
there Wall Street Journal will pick up on a scam
(34:31):
or whatever it may be, if they.
Speaker 3 (34:33):
Even cover it.
Speaker 2 (34:34):
So a couple months ago, we were talking about Tricolor,
subprime auto lender Tricolor Holdings and how they were going bankrupt,
and I'm like, oh, oh, we've got problems in subprime again.
Speaker 3 (34:50):
Oh boy. Well.
Speaker 2 (34:53):
JP Morgan this past week announced that they they reported
one hundred and seventy million dollars charge they were invested
in this tri Color now again, one hundred and seventy
million dollar charge lost to JP Morgan.
Speaker 3 (35:08):
No big deal, No big deal.
Speaker 2 (35:11):
And I'm gonna explain to you again it's almost like
it's almost like they're paying a fee or a toll.
Speaker 3 (35:17):
And you'll learn how and why here in a second.
Speaker 2 (35:20):
So try Color declared bankruptcy last month, caught creditors off
guard really really again. If I had actually taken a
look at this thing, I would have laughed. I would
have left this company. Tricolor making loans to people with
(35:43):
no credit, auto loans to people with no credit.
Speaker 3 (35:47):
It sounds like a great business model you got there.
Speaker 2 (35:50):
Now the Justice Department is investigating this company for double
pledging collateral.
Speaker 3 (35:57):
Joke.
Speaker 2 (35:58):
You've got to be kidding me anyway, Jamie Diamond said, well,
you know what you see? One cockroach there's probably more
cockroaches out there. You don't say, Jamie, you don't say, yeah,
we're gonna have some more subprime failures.
Speaker 3 (36:13):
Okay. Eventually, eventually the light will be it.
Speaker 2 (36:16):
Will shine on them, and then again everyone will go
running and the thing will collapse. A Tricolor bond offering
this year, wait for It Okay, showed that more than
two thirds of its bowers didn't even have a credit score.
What didn't even have a credit score. For those with
(36:40):
credit scores, the average was six or fourteen. Now again,
auto lender, more than half didn't even have a driver's license.
Speaker 3 (36:55):
I'm like, wow, huh, how who? What?
Speaker 2 (37:00):
And essence and essence, they didn't care, They didn't care.
They were just just like the whole the whole run up,
the whole run up during the Great Recession. All they
were doing was taking those loans right as many as possible,
packaging those loans, and selling them. Texas regulators cited Tricolor
(37:22):
more than one hundred and thirty times between twenty nineteen
and twenty twenty two, including for selling cars for which
it didn't even hold the title. The dealer also sold
cars at prices on average forty six percent more than
Kelly Bluebook's fair purchase price. Do you understand how bloody
evil these people were. They were taking advantage of illegals,
(37:46):
is what they were doing.
Speaker 3 (37:48):
Well, they're legal, don't know you take it?
Speaker 2 (37:49):
What are you out of your mind? It's a human
being for crying out Loue taking advantage. Say hey, hey,
you know what, you know, we're gonna give you a law,
but this is the.
Speaker 3 (37:56):
Price for the car. You're illegal, you know what you're
gonna have to pay for it.
Speaker 2 (38:00):
And many customers defaulted in short order, resulting in cars
being repossessed, which then Tricolor would resell. Again, this is
an actual business business that Wall Street was heavily involved with.
How could this be? How could this happen? How could
(38:20):
things happen? This is terrible, this is awful. We're talking
about Washington, DC was heavily involved in this. Con Artists
on Wall Street con artists in Washington, DC. Treasury Department
twenty nineteen designated Tricolor as the Community Development Financial Institution.
Speaker 3 (38:40):
Again, this is a program.
Speaker 2 (38:42):
Again, a lot of this crap came out of.
Speaker 3 (38:45):
The Clinton administration.
Speaker 2 (38:46):
Andrew Cuomo was in charge of Housing and Urban Development.
He was the one that came up with all those
funky ninja loans no money down, interest only loans for houses.
But again, this came out of the Clinton administration. Oh,
this story gets much much worse. Gotta take a break.
(39:07):
We'll get into it when we get back. Watchdog on
Wallstreet dot com, Watchdog on Wall Street dot com.
Speaker 3 (39:12):
Don't go anywhere, We'll be back. Susie Life, who beat you?
Speaker 1 (39:28):
You're listening to the Watchdog on Wall Street. Steal your
cra
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