August 28, 2025 • 11 mins
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In this episode of Watchdog on Wall Street, Chris unpacks the growing storm around Federal Reserve Governor Lisa Cook, Trump’s trial balloon to oust Jerome Powell, and what it all means for America’s central bank. From mortgage fraud allegations and social media witch hunts to the dangerous precedent of presidents strong-arming monetary policy, Chris takes listeners through the history, the hypocrisy, and the high stakes of turning the Fed into a political pawn.
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
In this episode of Watchdog on Wall Street, Chris unpacks the growing storm around Federal Reserve Governor Lisa Cook, Trump’s trial balloon to oust Jerome Powell, and what it all means for America’s central bank. From mortgage fraud allegations and social media witch hunts to the dangerous precedent of presidents strong-arming monetary policy, Chris takes listeners through the history, the hypocrisy, and the high stakes of turning the Fed into a political pawn.
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):
A Federal Reserve COO. Yeah, I got funny. I got
some emails about my position in here on Cook and
the Fed and Trump and what's going on, And I'll
share this with you because it's just kind of one
of the points that many of Trump's soupa supporters are
(00:38):
echoing all over social medium, basically saying that I found
a way here on my podcast to spin the Cook
story to criticize Trump. Basically see Gelty Shelter. It isn't complicated.
Either she listed two places as primary residences or she didn't.
(01:00):
She hasn't shown any evidence to the contrary, so it
is obvious she did. Hmm, let me see here. Has
she been charged with anything at all? No? No, no, Uh.
You know, I'm not an attorney, and I didn't stay
(01:22):
at a holiday in express last night. But I know
you don't start defending yourself against charges that aren't even
been brought yet. She should have resigned or Powell should
have pressured her. Hmmm, they say both hate Trump. So
(01:43):
we have this soap opera. But I got credit for
for wanting to abolish the FED. No, I don't spin
here on the program. I just don't. I'm consistent, and
I bring receipts and I got lots of them. Let's go.
Let's go back in time here, shall we. You know what,
(02:05):
we'll go back to the last big, big FED scandal. Well,
you know what, we'll go back. Yeah, if you don't
this one that longo it's twenty twenty one. If you do,
recall Dallas FED President Robert Kaplan, Boston FED President Eric Rosenngren. Basically,
(02:25):
these guys were trading. Yeah, they were trading in their accounts,
making big bucks. Again, they were involved with a lot
of the stuff that was going on in Regound's COVID
and lowering interstrace. Eventually, Fed FECE chairman Richard Clarendam also
got in trouble. He rotated millions of dollars out of
(02:47):
a bond funded into a stock fund in February of
twenty twenty, right before the FED started slashing rates and again,
big scandal, big problem. They all stepped down. Now now
we know we know the FED is We've had massive
(03:11):
problems with it. I've talked about it here on the program.
We already know that Trump has basically floated trial balloons
when it comes to getting rid of Jerome Powell realize
that that would rattle the market, so he's backed off
from that. But the firing of Cook is a coup. Okay,
give me a break, people, And you know many of you,
(03:34):
I wish it would just be honest about it, because again,
there's there's a large swath of people out there that
would like freely admit, would like the Federal Reserve to
fall under the purview of the President of the United States.
So again you got Bill Poulte basically teeing up the dismissal.
(03:55):
He posted a criminal referral on social media. Yeah, it's
definitely the way we need to do things in life, right.
He said. She may have committed mortgage fraud by claiming
two different homes as primary residences on mortgage applications in
twenty twenty one, which may have enabled her to get
(04:18):
favorable loan terms. Yeah, possibly, could be, could be me,
call me crazy, but you are innocent until proven guilty.
Here in the United States last time I checked. Hey,
oh wait a second, wasn't there somebody else? I do
recall somebody else getting in trouble for falsifying documents and
(04:41):
lying about applications for loans. Who wasn't Oh that's right,
that was Donald Trump? Yeah, yeah, where he you know,
basically said that, Oh geez, you know, he gave the
wrong square footage by a mile of some of his properties.
The value euations that he put on his properties were
(05:02):
patently absurd, and here's the receipts. When it all came out,
I said to you, kid me, this is a big deal,
because it's not. It really not that big of a
deal in the grand scheme of things. I'm consistent. I am.
(05:24):
Now listen, listen, you want to charge Cook charger, charger,
go ahead, different story, but don't don't play this game
on social media. Okay, it's juvenile quite frankly. Anyway, we
haven't seen any anything in regards to Cook's explanation, and
(05:48):
maybe she'll give one when you know she is going
to be prosecuted. Is she going to be prosecuted? You
had this, this crackdown on mortgage fraud for some reason,
they just happen to be going after people that not
necessarily agree with Trump. Is this, you know, the old
(06:12):
gonna make an offer you can't refuse, either you cut
rates or else. The referral Trump wrote to miss Cook
provides sufficient reason to believe she exhibits the sort of
gross negligence and financial transactions that calls into question your
(06:33):
competence and trustworthiness as a financial regulator. Now that the
president can remove people for cause, but again that's this
federal law, but it doesn't clearly define the term, which
is a bit of a problem. So again, if the
(06:53):
president is able to fire her under these circumstances to
her not being charged. Basically, the president for cause can
be anything, can be anything. Hey, he will the president
at this point in time, and presidents down the line
will control the FOMC because they can fire people at will.
(07:17):
They can whatever cause they want. Now, you know, when
central banks become the arm of presidents dictate whatever it
may be. You can take a look at how that
worked out in Turkey, you can take a look at Argentina.
You can take a look at the way that you know,
(07:40):
Richard Nixon strong armed Arthur Burns to keep monetary policy
easy yeah, I don't. I don't understand how Trump would
have the authority to fire an f o MC member
since they have not been charged yet, not even convicted. Again,
(08:03):
this is a government position. I mean they you can't
even fire school federal school teachers for crying out. You
can't fire anybody in government unless you actually showed something.
Even then you it's next to impossible anyway. You know,
it's interesting they're talking about now. It's on the conversation
in regards to who was going to replace these people
(08:25):
at the FED. You know, it's funny Stephn Mirren, who
I have. It's just a complete not a lightweight. But
you know, he does what the president tells him to do.
He's a pawn. He's a good little soldier. Last September.
Last September, Joe Biden was president, right, and the FED
was lowering rates. Mirron at the time was I don't know,
(08:49):
he was an investment fund strategist. I don't know for
like a you know, maybe a week or two. It
wasn't very long. He said. At the time, it was
in stake for the FED to rates because underlying inflation
was between two point five and three percent. Now he's
chairman of Trump's Council of Economic Advisors. Trump wants to
(09:12):
put him on the FED. Rates are one hundred basis
points lower than they were back then, and inflation is
exactly the same. But now he wants to start up
the presses. He wants to lower rates. And then you
(09:32):
got David Malpasso, used to be in charge of the
World Bank, said he wants to cut interest rates. This
was he wrote a piece in the Wall Street Journal.
Wants to cut interest rates and anchor itself in forward
looking market based data with a goal of defending the dollar.
(09:53):
I don't know if David is aware. David is your
you'll watch in the podcasts, which probably not. Uh see, you
know that the dollars drop over ten percent this year already,
that your argument that you're making is the inverse in
what you should be making when it comes to defending
(10:15):
the dollar. So yeah, yeah, they're they're they're are your
receipts again. I'm an equal opportunity basher people. I call
it like I see it. I don't pledge Lee. I
will never pledge allegiance to any politician ever. Okay, you
want they want to spin their bs, spin their bs, Hey, listen,
you want Trump to take over. There's a lot of people.
(10:36):
They'd be more than happy. Okay, you can watch some
of them. You know, these the sycophants out there on
social media, the super trumpery, they would be happy. They
they would be happy if Trump dissolved Congress. I should
you not. They would be happy if Trump said, you know,
we're gonna yeah. I do like Rome for crying out loud.
(10:56):
That's Rome, Dad, You're gonna be a caesar. If Trump
said that, you would have people on social media defend it.
Watchdog on Wall Street dot com,
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
A Federal Reserve COO. Yeah, I got funny. I got
some emails about my position in here on Cook and
the Fed and Trump and what's going on, And I'll
share this with you because it's just kind of one
of the points that many of Trump's soupa supporters are
(00:38):
echoing all over social medium, basically saying that I found
a way here on my podcast to spin the Cook
story to criticize Trump. Basically see Gelty Shelter. It isn't complicated.
Either she listed two places as primary residences or she didn't.
(01:00):
She hasn't shown any evidence to the contrary, so it
is obvious she did. Hmm, let me see here. Has
she been charged with anything at all? No? No, no, Uh.
You know, I'm not an attorney, and I didn't stay
(01:22):
at a holiday in express last night. But I know
you don't start defending yourself against charges that aren't even
been brought yet. She should have resigned or Powell should
have pressured her. Hmmm, they say both hate Trump. So
(01:43):
we have this soap opera. But I got credit for
for wanting to abolish the FED. No, I don't spin
here on the program. I just don't. I'm consistent, and
I bring receipts and I got lots of them. Let's go.
Let's go back in time here, shall we. You know what,
(02:05):
we'll go back to the last big, big FED scandal. Well,
you know what, we'll go back. Yeah, if you don't
this one that longo it's twenty twenty one. If you do,
recall Dallas FED President Robert Kaplan, Boston FED President Eric Rosenngren. Basically,
(02:25):
these guys were trading. Yeah, they were trading in their accounts,
making big bucks. Again, they were involved with a lot
of the stuff that was going on in Regound's COVID
and lowering interstrace. Eventually, Fed FECE chairman Richard Clarendam also
got in trouble. He rotated millions of dollars out of
(02:47):
a bond funded into a stock fund in February of
twenty twenty, right before the FED started slashing rates and again,
big scandal, big problem. They all stepped down. Now now
we know we know the FED is We've had massive
(03:11):
problems with it. I've talked about it here on the program.
We already know that Trump has basically floated trial balloons
when it comes to getting rid of Jerome Powell realize
that that would rattle the market, so he's backed off
from that. But the firing of Cook is a coup. Okay,
give me a break, people, And you know many of you,
(03:34):
I wish it would just be honest about it, because again,
there's there's a large swath of people out there that
would like freely admit, would like the Federal Reserve to
fall under the purview of the President of the United States.
So again you got Bill Poulte basically teeing up the dismissal.
(03:55):
He posted a criminal referral on social media. Yeah, it's
definitely the way we need to do things in life, right.
He said. She may have committed mortgage fraud by claiming
two different homes as primary residences on mortgage applications in
twenty twenty one, which may have enabled her to get
(04:18):
favorable loan terms. Yeah, possibly, could be, could be me,
call me crazy, but you are innocent until proven guilty.
Here in the United States last time I checked. Hey,
oh wait a second, wasn't there somebody else? I do
recall somebody else getting in trouble for falsifying documents and
(04:41):
lying about applications for loans. Who wasn't Oh that's right,
that was Donald Trump? Yeah, yeah, where he you know,
basically said that, Oh geez, you know, he gave the
wrong square footage by a mile of some of his properties.
The value euations that he put on his properties were
(05:02):
patently absurd, and here's the receipts. When it all came out,
I said to you, kid me, this is a big deal,
because it's not. It really not that big of a
deal in the grand scheme of things. I'm consistent. I am.
(05:24):
Now listen, listen, you want to charge Cook charger, charger,
go ahead, different story, but don't don't play this game
on social media. Okay, it's juvenile quite frankly. Anyway, we
haven't seen any anything in regards to Cook's explanation, and
(05:48):
maybe she'll give one when you know she is going
to be prosecuted. Is she going to be prosecuted? You
had this, this crackdown on mortgage fraud for some reason,
they just happen to be going after people that not
necessarily agree with Trump. Is this, you know, the old
(06:12):
gonna make an offer you can't refuse, either you cut
rates or else. The referral Trump wrote to miss Cook
provides sufficient reason to believe she exhibits the sort of
gross negligence and financial transactions that calls into question your
(06:33):
competence and trustworthiness as a financial regulator. Now that the
president can remove people for cause, but again that's this
federal law, but it doesn't clearly define the term, which
is a bit of a problem. So again, if the
(06:53):
president is able to fire her under these circumstances to
her not being charged. Basically, the president for cause can
be anything, can be anything. Hey, he will the president
at this point in time, and presidents down the line
will control the FOMC because they can fire people at will.
(07:17):
They can whatever cause they want. Now, you know, when
central banks become the arm of presidents dictate whatever it
may be. You can take a look at how that
worked out in Turkey, you can take a look at Argentina.
You can take a look at the way that you know,
(07:40):
Richard Nixon strong armed Arthur Burns to keep monetary policy
easy yeah, I don't. I don't understand how Trump would
have the authority to fire an f o MC member
since they have not been charged yet, not even convicted. Again,
(08:03):
this is a government position. I mean they you can't
even fire school federal school teachers for crying out. You
can't fire anybody in government unless you actually showed something.
Even then you it's next to impossible anyway. You know,
it's interesting they're talking about now. It's on the conversation
in regards to who was going to replace these people
(08:25):
at the FED. You know, it's funny Stephn Mirren, who
I have. It's just a complete not a lightweight. But
you know, he does what the president tells him to do.
He's a pawn. He's a good little soldier. Last September.
Last September, Joe Biden was president, right, and the FED
was lowering rates. Mirron at the time was I don't know,
(08:49):
he was an investment fund strategist. I don't know for
like a you know, maybe a week or two. It
wasn't very long. He said. At the time, it was
in stake for the FED to rates because underlying inflation
was between two point five and three percent. Now he's
chairman of Trump's Council of Economic Advisors. Trump wants to
(09:12):
put him on the FED. Rates are one hundred basis
points lower than they were back then, and inflation is
exactly the same. But now he wants to start up
the presses. He wants to lower rates. And then you
(09:32):
got David Malpasso, used to be in charge of the
World Bank, said he wants to cut interest rates. This
was he wrote a piece in the Wall Street Journal.
Wants to cut interest rates and anchor itself in forward
looking market based data with a goal of defending the dollar.
(09:53):
I don't know if David is aware. David is your
you'll watch in the podcasts, which probably not. Uh see, you
know that the dollars drop over ten percent this year already,
that your argument that you're making is the inverse in
what you should be making when it comes to defending
(10:15):
the dollar. So yeah, yeah, they're they're they're are your
receipts again. I'm an equal opportunity basher people. I call
it like I see it. I don't pledge Lee. I
will never pledge allegiance to any politician ever. Okay, you
want they want to spin their bs, spin their bs, Hey, listen,
you want Trump to take over. There's a lot of people.
(10:36):
They'd be more than happy. Okay, you can watch some
of them. You know, these the sycophants out there on
social media, the super trumpery, they would be happy. They
they would be happy if Trump dissolved Congress. I should
you not. They would be happy if Trump said, you know,
we're gonna yeah. I do like Rome for crying out loud.
(10:56):
That's Rome, Dad, You're gonna be a caesar. If Trump
said that, you would have people on social media defend it.
Watchdog on Wall Street dot com,
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