November 1, 2025 • 39 mins
Chris Markowski, the Watchdog on Wall Street, discusses the current financial landscape, focusing on the Federal Reserve's impact on interest rates and the economy. He critiques government assistance programs, particularly SNAP, and emphasizes the need for local community solutions to economic issues. The conversation also explores the implications of AI on the job market, highlighting the importance of human interaction in various sectors.
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Episode Transcript
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Speaker 1 (00:07):
Well, no one altered investment banking, consumer advocate, analyst, trader
Chris Markowski is the watchdog.
Speaker 2 (00:15):
On Wall Street.
Speaker 1 (00:16):
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 the truth bringing America the truth about
what really happens in the financial world.
Speaker 3 (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, everybody quarterback, It is the watchdog on Wall Street show.
Speaker 3 (00:50):
I continue on a little bit on the Federal Reserve
and interest rates and the economy and what it means
to you, what it means to you, and what you
need to do. I don't see any sort of change
coming out of Washington, DC when it comes to how
(01:13):
this country is going to be run. Our fiscal sanity
has been thrown out the window. We for for over
twenty five years now that all the all of major
Wall Street firms out there, advisory firms have been wrong
and we've been right. Their asset allocation models have all
(01:34):
basically the same sixty forty sixty percent stocks, forty percent bonds.
It's been a disaster. It's been an absolute disaster. And people,
you need to have your money working for you. Do
you understand you need to have your money working hard
(01:59):
for you because the value of your money is dropping
again three percent and that's just the.
Speaker 2 (02:06):
Government numbers year over year.
Speaker 3 (02:09):
You know what you know, Well, what you're buying power
is no, no, no, we're not Argentina, Turkey were inflation
running that rampant. But don't tell me that cash is
not trash. It has been. And you better, you better
be smart, and you better have your money working hard
for you because you're you're losing it. Essentially, you're losing money.
(02:35):
It's going backwards. I mean, let's go back.
Speaker 2 (02:38):
People, and I.
Speaker 3 (02:38):
Remember the earlier part of my career. You go to
take a look at what a like. I say, it's
a ten year treasury. Ten year treasury. Back in the
nineteen nineties, you know, five and three quarters six percent
five and three quarters six percent was what you were
getting paid and you weren't.
Speaker 2 (02:58):
You didn't. We didn't have the inflation that we have now.
Speaker 3 (03:01):
So again, cash wasn't trash back at that point in time,
you could put your money into ten year treasure, to
put your money into a CD, and you'd get a
decent return and you wouldn't be losing. Now you're losing.
You're losing. You think about it. Right now, you go
with to get the ten years right around four percent? Really,
(03:27):
that's what I want my money in earning around four percent.
With the government continuing to print, with us being thirty
eight trillion dollars in debt, why would I do that?
Speaker 2 (03:41):
It doesn't make any sense.
Speaker 3 (03:44):
Again, Wall Street is now now again twenty five years later,
twenty five years later, they're starting to recognize that their
sixty forty portfolio hasn't been working for their clients. You
don't say, you don't say. And you had a funny
thing ago, you know what was it about? It was
it two three weeks ago. We were making fun of
(04:04):
it here on the program. All of a sudden they
went in and they told their clients to put twenty
percent of their portfolio.
Speaker 2 (04:11):
In gold at the highs like Clockworth. They lose you
money at some point in time.
Speaker 3 (04:23):
People, some point in time, you have to deal with
somebody that's actually confident. And again, you know, it's your
advisor that he just does what he's told to do.
Okayes he does the what the firm heads and the
sales managers and what they are told to do. He's
a salesman, for crying out loud, that's what he's there for.
It's there to entertain you, maybe take your gulfing from
(04:46):
time to time and out to dinner. But as far
as competence is concerned with managing money, decade after decade,
I know I'm getting to be an old man because
I'm dating myself in decades now.
Speaker 2 (04:57):
They're wrong.
Speaker 3 (04:59):
Again and again and again. Why do you keep going
back to that well knowing that it's dry? Anyway, Anyway,
moving on, this is going to be a bit of
a sharp turn right now, a bit a bit of
a sharp turn here on the program. I've been wrestling,
(05:22):
wrestling with the demons this past week. I really have
a past couple of weeks. Matter of fact, this government
shut down taking place, and I'm sure you've seen it.
It's all over all over social media, it's all over
the news for that matter, talking about the cuts to
(05:44):
the government shut down, the cuts to the SNAP program,
the EBT program, also talking about you know, obviously the
government workers that are not getting paychecks at this point
in time, and we'll get into that a little bit.
I want to talk about the SNAP program right now.
(06:05):
And a lot of people are angry. A lot of
people are. They're they're seeing the videos on TV. They're
seeing the videos of people, you know, celebrating the fact
that you know, they don't have to work, and they
collect all of these government all this government assistance, and
now that uh, now that's cut back, they're gonna go
out and steal and all of these things. And people
(06:26):
are getting angry, and I understand their anger. I understand
their anger. It's funny my daughter seeing these things online.
And again, my daughter reminds me of a young Chris
Markowski reminds me of me when I was younger, and
that would have been my initial reaction to get really really.
Speaker 2 (06:49):
Angry over this.
Speaker 3 (06:52):
I I don't know, getting old, I'm changing to sundry.
I don't get angry, believe it or not. I feel
sorry for these people.
Speaker 2 (07:02):
I do have.
Speaker 3 (07:04):
I'm telling you, I've got great compassion for these people
that quite frankly, they've got nothing going on with their lives.
This is what they live for and I'm a big
believer that in life you need to be overcoming obstacles
and achieving goals. And these people have nothing going on.
(07:27):
This is this is all they have is getting this
free stuff. And no, dude, do I think we should
keep handing it out to them?
Speaker 2 (07:33):
No, we shouldn't. But this is part of the problem
that we have in this country. We've created this.
Speaker 3 (07:40):
And I wrote about this years ago title my column
was called drug Pusher, and I compared our government welfare,
our government assistance programs, to drugs, and I said, the
biggest drug deal in the country is the United States government,
because if you look at the pathologies that go along
(08:01):
with government permanent government assistance, it's the same thing that
you can equate it with with opiate abuse or cocaine abuse,
whatever it may be. You take a look at the
amount of money that's being spent on these programs, Okay, snap,
(08:22):
about one hundred and forty five billion dollars a year.
Snap recipients spend twice what the average worker does on groceries.
We take welfare, you take Medicaid, you take all the
other state programs that well, you're talking one point five
trillion dollars a year, we got about one hundred and
sixty five million Americans that are working right now. That's
(08:45):
ninety three hundred now, excuse me, ninety one hundred dollars
per working American per year. Think about that. The SNAP
program that everybody's flipping out about right now. How is
it possible that that program doubled doubled since Biden was president?
How is that possible? I remember, I remember, back in
(09:11):
the days, Neil Boards used to make this point all
the time. It was a great talk radio show host,
libertarian talk radio shows. You know, he was talking about
how you need to have a separate line for food stamps.
And that was back when there was food stamps. There
was actual coupons, and let's be honest, Okay, there was
a stigma attached to it. There was there was a
(09:33):
stigma attached to it. And then they changed that. They
made it like a credit card, so there's no stigma
attached to pulling that card and right or wrong?
Speaker 2 (09:42):
Okay.
Speaker 3 (09:43):
You know, I guess maybe in today's any's a lot
of people don't have the type of shame that they
had before. And I'm listening, I'm talking about shame. I
know that certain people need food stamps. I have no
problem with it. I'm gonna quote another great talk radio
show host and comedian, Dennis Miller, hel help the hope,
not the clueless. All social safety net programs need to
(10:06):
be judged based upon the amount of people you get
off them. That should be the goal. America is seeing
the stories. I can't even believe it. Okay, CBS News,
CBS News put out there one in eight Americans are
on food stamps. Forty three point one million people. You
(10:30):
don't think that that is a huge problem. Forty three
point one million people on food stamps.
Speaker 2 (10:43):
Now, let's take a look what's going on. You got
you know.
Speaker 3 (10:47):
Again, I don't even think he's a real Republican, Josh Hawley.
He's a politician and he wants to improve his position.
He's talking about no Americans should go to bed Hungary.
And they got all.
Speaker 2 (10:56):
These these other politicians as.
Speaker 3 (10:59):
Well, and we need fullest this program and get it
going again. I'm like, you give me a break, Okay,
first and first and foremost the Republicans out there, they're
missing out once again. And this is why I'm watching
what's going on, and I'm like, I don't think I'll
ever go vote. I don't even feel like voting. What's
(11:19):
the point. What's the point? Republicans right now could fix
go to great lengths to fix or get rid of Obamacare,
the Affordable Care Act, and what the disaster at is.
Speaker 2 (11:32):
And we'll get into that a little bit. But let's
talk about this program.
Speaker 3 (11:36):
You know, years ago, when that long ago, in fact,
they wanted to change the food stamp program. We're basically
limiting what you could buy. You know, the number one
food item, number one, you can't call it food. Number
one item bought with EBT soda, soda.
Speaker 2 (11:56):
The number one item bought with EBT soda. Now, you
take a look at our country and.
Speaker 3 (12:04):
Obviously the obesity problem we have in this country, I
don't know, could be me calling me crazy. Shouldn't we
limit what people are able to buy with food stamps
with EBT? Isn't that that logical? Well, it would be,
it would be, in fact that it's perfectly logical for
people that actually care about the welfare of the country.
(12:26):
You see, but whether they be Democrats or Republicans in Washington,
d C. They tell you they care about the country,
but really they care about their bottom line.
Speaker 2 (12:35):
Coca Cola writes nice checks.
Speaker 3 (12:37):
They do.
Speaker 2 (12:38):
Coca Cola will cut a.
Speaker 3 (12:39):
Nice check to your friendly neighborhood politician to make sure
something like that doesn't pass any other junk food companies
that are out there. Why do you think that didn't
go through. It's perfectly sane, perfectly logical.
Speaker 2 (12:55):
But no, no, no, no, no, no, no, no, no, no
no no.
Speaker 3 (13:00):
Let me tell you something, people. I have a bit
of an epiphany this past week. In this country. You
talk about the way it's a republican party, republic, and
you think about what is a republican?
Speaker 2 (13:12):
What does it mean? Doesn't mean anything anymore?
Speaker 3 (13:15):
Used to mean? Guess what states rights? What the founders is,
what the founders wanted out of us founders. The word
democracy is not mentioned one time in the United States Constitution.
You go take a look at the writings of our founders.
They didn't like democracy. They knew what democracy is my brule.
Think about how dumb we are and what we've done
(13:39):
with our society. We send all of our money to Washington,
DC to deal with food stamps, healthcare?
Speaker 2 (13:50):
What this is a big country, Why why why was
send that money there?
Speaker 3 (13:55):
Shouldn't we be handling these problems within our local communt unity.
Isn't that what the founders wanted? Shouldn't we be more concerned?
And again, it's a great racket that they got. Nobody
pays attention really to the local news anymore. Talk radio
around the country forget it, you don't really for most
(14:15):
most stations don't even have a local host. Used to
be drive time in the morning, drive time in the afternoon,
I don't even do that anymore. Let's all focus on
national news and what Fox is talking about. Now. What's
important is in your community. And that's what's wrong with
this country right now. We should be taking care of
one another. We shouldn't be sending money to Washington, d C.
(14:39):
To then send it back out. You want to take
a look. You don't believe me. Look it up, okay,
And it's not even close if you're to include fifty
states in Washington DC the highest per capita pay Washington
DC's close to two hundred and sixty thousand dollars a year.
Speaker 2 (14:54):
How do they make their money?
Speaker 3 (14:56):
They make their money by us sending them money and
then taking a cut, lots of cuts, before sending it
back to us in some sort of government program. How
stupid is that you want to revive this country. Want
to make this cut we want to make We really
want to make America great again.
Speaker 2 (15:16):
What crush Washington d C. Stop sending money to Washington
d C. We should be.
Speaker 3 (15:22):
Handling these problems in our own states, in our own communities.
Speaker 2 (15:29):
But what we've done maybe done here in this way.
You know. It was that song by Coldplay.
Speaker 3 (15:36):
It was Violet Hill and they were talking about you
know when the banks become cathedrals. You take a look
at this country and you take a look at the
city halls. You know people Washington d C. Capitol building
right there and said, I again, if we were more
focused on God, and we have maybe I don't know,
(16:00):
it could be me, the church, the center of our
lives and taking care of one another, we wouldn't need
Washington DC. We wouldn't need to make those people in
DC rich. This is our fault. We allowed this to happen.
We decided to outsource our communal responsibility to Washington d C.
(16:26):
We did it to ourselves. You want to fix this
country again? You know this is your father. Mike Schmid
says this all the time, and I grabbed it from
mother Teresa. We've forgotten that we belong to one another.
We can handle these problems ourselves. We don't need Washington
(16:46):
d C. We don't need these influencers that are now
all over TV putting on a show there at the
Capitol so they can get more popular, so they can't
get re elected, so they can collect more sex from
Coca Cola or whatever big.
Speaker 2 (17:02):
Corporation, United Healthcare, whatever it may be. Just stick it
to us. You want to make America great.
Speaker 3 (17:08):
Again, That's how you make America great again. Watchdog on
Wallstreet dot com. Watchdog on Wallstreet dot com is our site.
Become a part of the Watchdog on Wall Street family,
our personal CFO program, our podcast, newsletter, all sorts of
great stuff Watchdog on Wallstreet dot com or give us
a call.
Speaker 2 (17:29):
Eight hundred four seven one fifty nine eighty four.
Speaker 1 (17:46):
Ticking Wall Streets, Liars, crooks and sheets out behind the woodshed.
You're listening to the Watchdog on Wall Street.
Speaker 2 (17:56):
Bucco back.
Speaker 3 (17:58):
So that great genius from the state of Minnesota, Tim
Walls again, I don't get it again.
Speaker 2 (18:06):
Who votes for that guy? Seriously?
Speaker 3 (18:09):
Anyway, Tim Walls came out and he said that he
said food stamps and EBT is the greatest thing going
because for every dollar spent on EBT, you get a
dollar eighty in economic activity. Wow, Tim, while you're you're
a genius. You know what we should do?
Speaker 2 (18:28):
Tim?
Speaker 3 (18:29):
You know we really want to take it to China.
Oh boy, you know what we gotta do is we
should spend ten trillion dollars on food stamps.
Speaker 2 (18:36):
So we should just make.
Speaker 3 (18:37):
Everybody should We should force the entire country to be
on EBT. Man, oh man, our GDP would be you
wouldn't it, Tim? Who votes for somebody that says something
so stupid? Anyway, quick story, go along with Tim Walls.
Here you got You got two liberal economists walking in
(19:00):
a forest.
Speaker 2 (19:00):
When they come across a pile of poop.
Speaker 3 (19:04):
The first economist says to the other, I'll pay you
one hundred dollars to eat that.
Speaker 2 (19:09):
Pile of poop.
Speaker 3 (19:11):
The second economists takes the one hundred dollars and he
eats the pile of poop. And they continue walking through
the forest and look at that. They happen upon another
pile of poop. And then the second economist turns the
first and says, I'll pay you one hundred dollars to
eat that pile of poop. The first economist takes one
(19:34):
hundred dollars and eats the poop. So they go on
and they're walking a little more than the first economists
looks at the second economists and says, you know, I
gave you. I gave you one hundred dollars to eat poop,
then you gave me back the same one hundred dollars
to eat poop. I can't help but feel like we
(19:58):
both just ate poop for nothing. That's not true, respond
to the second economists. We increased the GDP by two
hundred dollars. That is that's liberal economics for you. Okay,
that's how they think. Sure, yeah, we're gonna make the
(20:21):
economy boom and put everybody on food stamps. Watchdog on
Wallstreet dot com. Watchdog on wallstreet dot com. Don't go anywhere.
Speaker 2 (20:31):
We'll be back.
Speaker 1 (20:37):
Chris Markowski is the watchdog on Wall Street. This is
(21:01):
the watchdog on Wall Streets.
Speaker 3 (21:08):
Welcome back, Welcome back to fire up the Dolorean. Go
back in time a little bit, a little bit. We're
gonna go back to the first tea party. First tea
party was something something Again, they didn't didn't allow any politicians.
(21:28):
I remember Michael Steele was in charge of Michael Steele
from MSNBC put it down. Michael Steele was the head
of the Republican Party at that point in time. Wouldn't
allow any politicians to speak at these things.
Speaker 2 (21:40):
And I gave a gave a speech.
Speaker 3 (21:43):
It's up there on my YouTube channel, a lot of
appearances that I've made, and it was in front of
thousands of people, thousands of people, and I made the
point perfectly clear that day that I I'm not upset.
I wasn't upset with Obama, wasn't upset with Democrats. Wasn't
(22:04):
they're honest and let they tell you what they're gonna do. Okay,
at least they tell you what they're gonna do. Upset
with is upset with the Republican Party. And again I
had left the Republican Party maybe four or five years
before that that Tea Party were on the nonsense would
I rack and w Bush and lying to us about
(22:25):
so many things? And you know, it's a shame. It's
a shame, it really is, because again, we have a
tremendous opportunity right now to not only reform We're talking
about reforming the SNAP program, the EBT program, and again
trying to reform the program so who can the money
can actually get to people that really need it, that
(22:50):
really need it, But also try to encourage people and
help them, because that's truly helping somebody. Okay, you know
I've told this story before. I'm gonna tell it again.
I talked about it on the podcast this past week.
I have, like I said, we've got clients walks of
life and some of the some of the big left
(23:11):
of center to say, the least clients of ours. They
you know, they tell me their their thought process is
very much that that most of the country. They're like,
you don't understand, Chris. They laugh at me in a
nice way. They just think you're just.
Speaker 2 (23:29):
So naive, Markowski, my iron naive. You don't understand.
Speaker 3 (23:33):
These people are just that they're not going to ever
do anything with their lives. Some people are just not
that smart, and we have to take care of them,
treating human beings like they're a bloody rescue pet.
Speaker 2 (23:48):
I don't believe that that's easy.
Speaker 3 (23:52):
The easiest thing to do in the entire world, you know,
is to cut somebody that needs just to cut them
a check and say here you go, just keep cutting
them checks.
Speaker 2 (24:02):
Just go away, go away, go away. I don't want
to deal with you. I don't want to deal with you.
Speaker 3 (24:06):
Hey, you rich people do that sometimes bad rich parents
do that with their kids. Just give them money, let
them go do whatever they want. I don't want to
actually parent them or anything like that. He let the
nanny handle out, Just keep writing checks. Same concept. No,
you truly help someone by getting them off of government
(24:29):
assistance so they be they can become self reliant, they
can do something with their lives that's truly helping them.
And we don't do that anymore. We just keep cutting checks.
I get fifty more than just a few years ago
food stamps in the United States America.
Speaker 2 (24:48):
And we're being told that the economy is awesome. This
is a disaster, and.
Speaker 3 (24:56):
You take that, you put that away, and you take
a look at the Republicans. Mike Johnson again, I'm getting
tired of seeing this guy step in front of a podium,
get upset about the government shutdown, and keep telling us
that the Republicans have all sorts of ideas.
Speaker 2 (25:10):
When it comes to the Affordable Care Act.
Speaker 3 (25:13):
Again, it reminds me it's like that you know from
Raiders in a Lost Arc the end of the movie.
We got top men working on it right now? Who
top men? Who do you have working on it?
Speaker 2 (25:24):
Mike? What do you got?
Speaker 3 (25:26):
You should see see some of the Oh my god
from the Affordable Care Act again, Inflation Reduction Act. Affordable
Care Act gets right out of an I Rand novel
right right at Atlas shrugged the air. Some of the
programs here, Blue Choice, Preferred Silver, Silver, Ppo, Family of
(25:49):
family of five, three and fifty five dollars a month. Oh,
but you only have to pay three to thirty dollars
for primary care?
Speaker 2 (25:57):
Who cares?
Speaker 3 (25:59):
Oh yeah, eighty six hundred dollars the doctor Boyer one,
you know, the thirty eight hundred. I mean, there's just
one after another. What's the point. It's not a it's
not affordable unless you're rich. So what you're saying is,
we're gonna throw more money at the bloody problem.
Speaker 2 (26:21):
They open the government, that's all they're gonna do.
Speaker 4 (26:24):
Ah.
Speaker 3 (26:24):
Yeah, we're gonna extend those Obamacare subsidies. You're not solving anything.
You're throwing gasoline out of fire. Yeah, for the life again,
it's it's it's people. Why do you get excited about
your political party, and you go, why do you spend
money your heart? You give it to these parties and
(26:46):
these politicians that don't do a damn thing. Why is
it making cause you feel like you're a member of
a club or something like that. Why what are they
gonna do? They fix anything? They fix any of these
things that really matter? No, now, anyway, it's gotta take
(27:09):
a break.
Speaker 2 (27:09):
Watchdog on Wallstreet dot com.
Speaker 3 (27:11):
Watchdog on Wallstreet dot com again. Become a part of
the Watchdog on Wall Street family, our personal c FO program,
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Speaker 2 (27:24):
Dot com or give us a call eight hundred four
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Speaker 1 (27:46):
The only man who is taking on the walls Street establishments.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 3 (27:55):
One of the questions that's being bantered about, and this
again all expected.
Speaker 2 (28:04):
We've talked about this for some time.
Speaker 3 (28:06):
What is what's the effect of ai AI on the
job market, because there's been it's been a lot of layoffs,
a lot.
Speaker 2 (28:18):
Of layoffs over the past couple of months.
Speaker 3 (28:22):
Now ups it was forty seven, forty eight thousand workers. Now,
the UPS, the layoffs there had nothing to do with AI.
The UPS layoffs had to do with the labor contract
that was pushed upon UPS two years ago.
Speaker 2 (28:44):
Shahn O'Brien, Yeah.
Speaker 3 (28:45):
Remember him, He spoke at the Republican Convention as well.
I mean I saw the labor contract that he put
forward for the UPS, and they're jumping up and down.
I'm like, really, one hundred and seventy thousand dollars for
a driver?
Speaker 2 (29:00):
What how do you figure? Man?
Speaker 3 (29:03):
How do you make those numbers work in a competitive
environment where you're also competing against Amazon?
Speaker 2 (29:09):
Can't do it?
Speaker 3 (29:11):
And I told you two years ago that yes, over
the next couple of years, you're going to see massive
amounts of layoffs at UPS.
Speaker 2 (29:17):
And we're right again. We're right again. Oh yeah, I
know they're not happy. The Team Search union's not happy
about this.
Speaker 3 (29:26):
And now UPS is outsourcing certain packages to other workers
and they're none too happy about it. Come on, man,
I mean, give me a break. And then they had
this woe is me story, you know, with the oh
you know, I think I'm going to retire. I mean
UPS retiring at fifty four years old, complain the job
(29:49):
is getting too difficult because they've got more packages they
got to deliver. Now they gotta be more efficient. Well,
Jimminy Cricket, you're getting paid a hell.
Speaker 2 (29:57):
Of a lot of money.
Speaker 3 (29:57):
I mean, iend to certain things that I just can't
get my arms around.
Speaker 2 (30:02):
But again, I've never been a member of a union.
Actually I was.
Speaker 3 (30:07):
I was supposed to, was supposed to be required to
actually join the team. Serves as a matter of fact,
if I was going to be an adjunct professor, and I.
Speaker 2 (30:18):
Said, no, no, not much union.
Speaker 3 (30:20):
Yeah yeah, in order for me to be an adjunct professor,
I don't have to. This was back when I was
in New York. I had to join the teams. No, no, no,
no thanks, Okay, not going to do it anyway. Stories
in the news tens of thousands of white collar jobs
disappearing as AI starts to bite more. Big companies. Bet
(30:41):
they can still grow without hiring. You know, Amazon fourteen
thousand corporate jobs and major AI era restructuring. It's not
just AI, Okay, many of these companies, And we talked
about it during COVID went not so went crazy during
COVID with their hiring went nuts again.
Speaker 2 (31:04):
The world was a wash with cash governments give.
Speaker 3 (31:07):
It away, cash handouts here, incentives here, free loans here, money.
Speaker 2 (31:12):
Here, money there. Oh, we're gonna hire, we're gonna expand,
and again time to cut the fat a little bit.
Speaker 3 (31:19):
AI a part of it, absolutely, absolutely, but there will
be an adjustment. We'll get into that a little bit
when we get back. I gotta take a quick break
right here. Watchdog on Wallstreet dot com. Watchdog on Wallstreet
dot com.
Speaker 2 (31:32):
We'll be back, astras.
Speaker 1 (31:40):
You're listening to the Watchdog on Wall Streets. You should
(32:02):
believe in math, not magic. You're listening to the Watchdog
and Wall Street with Chris Markowski.
Speaker 4 (32:08):
Yes, talk about a little bit more on the jobs
situation again.
Speaker 3 (32:27):
AI is going to be the big culprit. It is
for a lot of jobs, and without a doubt, without
a doubt, many jobs are going to go by the wayside.
You even got the major Wall Street firms or they're
telling you, okay.
Speaker 2 (32:39):
Uhould take a six.
Speaker 3 (32:40):
You know, little junior bankers right out of college. You know,
a week, week and a half to put together a
pitch deck. Now, ay, I can do it. Hey, I
can do it. Look at the split. Get it done,
and we just need one person to check it over.
Speaker 2 (32:56):
Yeah.
Speaker 3 (32:58):
Yeah, again, I go back in time. You know, this
is uh decades ago when I first started in the industry,
and how my business was structured and the need for
so many more employees, I mean writing out paper tickets
and sales assistants and keeping books and all of that
(33:18):
stuff has has gone away. What's been consistent though, people,
What's been consistent A couple of things. Every new technology
that comes out, it's always the sky is going to fall,
the world is going to end.
Speaker 2 (33:34):
What are people going to do?
Speaker 3 (33:37):
Remember when Obama, picking on Obama when he uh, he
was talking about how banks don't have tellers anymore because
of ATM machines, and I was terrible. I'm like, yeah, Barack,
they don't have tellers anymore, but they have workers doing
other things at the banks. By freeing up, you know,
money and saving money there allows them to invest and
(33:59):
do things in other areas. And that has always been
the case. We've often talked about here on the program,
the concept it's a Joseph Schumpeter economist creative destruction. Something
is destroyed and then something else will be created. Not
(34:19):
to mention the fact I think people are getting a
little too nuts about AI for everything. I talked about
this earlier on in the program. In my industry, where
all these firms now, no, no, no, we don't need
human beings to help our clients anymore. We're gonna have
them talk to chatbots. No no, And it's not just there,
(34:43):
it's everywhere. Tell me you have not been annoyed by
some AI chat bot at some point in time over
the past month.
Speaker 2 (34:53):
I know, I have, I know I have.
Speaker 4 (34:57):
You know.
Speaker 3 (34:57):
The funny thing is that they're trying to incorporate this
into every industry, every industry out there, whether it be
a veterinary clinic, whether it be your doctor, whether it
be your.
Speaker 2 (35:10):
Plumber, h fat guy, all this stuff.
Speaker 3 (35:14):
And guess what, people are going to get tired of it.
They are, They're gonna get tired of it. Here is
my reverse AI. I'm gonna call it reverse AI. Be different,
be different. When I when I talk to young people,
(35:36):
kids that are in entrepreneurship programs whatnot, I talk about
finding a niche, find it, find it a niche, finding
something you're good at, whatever it may be, with a
niche in your business, and to do things differently than
everybody else. We were never at Markowski Investments. We've never,
(35:58):
never will be upset with no interest in being the
biggest firm out there.
Speaker 2 (36:03):
None.
Speaker 3 (36:03):
If that was the case, we would have went public
many many, many, many, many moves ago. No interest in that.
We want to be the best. We want to be
the best at what we do. We want to provide
our clients with the top level of service. We want
to help everyone. We didn't want to shut the door
and only have massive You know, you gotta have five
(36:26):
million dollars worth at Markowski's ten million dollars worth.
Speaker 2 (36:28):
No, no, no, that's not who we are. I know who
we are.
Speaker 3 (36:33):
If you don't think there's going to be tremendous opportunities
right now for people any.
Speaker 2 (36:37):
Type of skill.
Speaker 3 (36:40):
Plumbers, you go out and you market yourself as yeah,
we're a non AI plumber. You're gonna actually speak to
human beings at our company. You can run an ad
like that on TV. And I'm telling you right now,
people are gonna call that guy because they're sick of
they're getting sick and tiredness crap already. One of the
(37:01):
things I tell young people all the time, I again,
I'm I'm out of retirement. Coaching youth lacrosse again. I'm
back coaching high school here in Tampa, Florida. Uh, and
I do enjoy it. And I talked to kids, you know,
I catch them doing things. I catch them when when
they when they're using foul language you know, out there,
(37:23):
and I'm what do you stop it? Okay, you don't
have to talk like this, it's not cool. And I
explained that you look people, I put the phone down.
I said, if you develop interpersonal skills, that's what you
need to do. You gotta be able to communicate with people.
Be different, like that that great Apple computer head. Never
(37:44):
think different that it's gonna be ai. Oh, I'm gonna
ruin this job. It's gonna change the nature in this business. No, no, no,
it's not. You know, people like dealing with people. They
don't like dealing with computers. I'm just sorry. It's the
(38:04):
way it's been. Yeah, it's funny. Go back, you can go.
And I have, you know, the opportunity. And again been
blessed to see ruins from yesteryear, whether it be you know,
the Minoan civilization that they're digging up, the ancient Minoan
civilization in Santorini or you go to POMPEII and you
(38:26):
can walk the streets back. Then, what do you notice
more things? The same bar barstools, painting on the walls.
I mean it's same thing. Okay, nothing has really changed.
Human beings are gonna be human beings. They're gonna want
to deal with them. Okay, yeh Ai is going to
(38:48):
help in many different ways. It helps me out searches,
research various different things.
Speaker 2 (38:55):
Absolutely, take a transcript.
Speaker 3 (38:57):
Of the show, clean it up all that stuff. Yes,
but when push comes to shove, do you want to
talk to a doctor or do you want to talk
to a chat bob? Do you want to talk to
your advisor or do you want to talk to a
chat bob?
Speaker 2 (39:15):
Watchdog on wallstreet dot com.
Speaker 3 (39:17):
Watchdog on wallstreet dot com again is our site becoming
part of the Watchdog on Wall Street family All sorts
of great stuff. Sign up personal CFO program, We'll be back.
Speaker 1 (39:30):
Chris Markowski is the Watchdog on Wall Streets
Well, no one altered investment banking, consumer advocate, analyst, trader
Chris Markowski is the watchdog.
Speaker 2 (00:15):
On Wall Street.
Speaker 1 (00:16):
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 the truth bringing America the truth about
what really happens in the financial world.
Speaker 3 (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, everybody quarterback, It is the watchdog on Wall Street show.
Speaker 3 (00:50):
I continue on a little bit on the Federal Reserve
and interest rates and the economy and what it means
to you, what it means to you, and what you
need to do. I don't see any sort of change
coming out of Washington, DC when it comes to how
(01:13):
this country is going to be run. Our fiscal sanity
has been thrown out the window. We for for over
twenty five years now that all the all of major
Wall Street firms out there, advisory firms have been wrong
and we've been right. Their asset allocation models have all
(01:34):
basically the same sixty forty sixty percent stocks, forty percent bonds.
It's been a disaster. It's been an absolute disaster. And people,
you need to have your money working for you. Do
you understand you need to have your money working hard
(01:59):
for you because the value of your money is dropping
again three percent and that's just the.
Speaker 2 (02:06):
Government numbers year over year.
Speaker 3 (02:09):
You know what you know, Well, what you're buying power
is no, no, no, we're not Argentina, Turkey were inflation
running that rampant. But don't tell me that cash is
not trash. It has been. And you better, you better
be smart, and you better have your money working hard
for you because you're you're losing it. Essentially, you're losing money.
(02:35):
It's going backwards. I mean, let's go back.
Speaker 2 (02:38):
People, and I.
Speaker 3 (02:38):
Remember the earlier part of my career. You go to
take a look at what a like. I say, it's
a ten year treasury. Ten year treasury. Back in the
nineteen nineties, you know, five and three quarters six percent
five and three quarters six percent was what you were
getting paid and you weren't.
Speaker 2 (02:58):
You didn't. We didn't have the inflation that we have now.
Speaker 3 (03:01):
So again, cash wasn't trash back at that point in time,
you could put your money into ten year treasure, to
put your money into a CD, and you'd get a
decent return and you wouldn't be losing. Now you're losing.
You're losing. You think about it. Right now, you go
with to get the ten years right around four percent? Really,
(03:27):
that's what I want my money in earning around four percent.
With the government continuing to print, with us being thirty
eight trillion dollars in debt, why would I do that?
Speaker 2 (03:41):
It doesn't make any sense.
Speaker 3 (03:44):
Again, Wall Street is now now again twenty five years later,
twenty five years later, they're starting to recognize that their
sixty forty portfolio hasn't been working for their clients. You
don't say, you don't say. And you had a funny
thing ago, you know what was it about? It was
it two three weeks ago. We were making fun of
(04:04):
it here on the program. All of a sudden they
went in and they told their clients to put twenty
percent of their portfolio.
Speaker 2 (04:11):
In gold at the highs like Clockworth. They lose you
money at some point in time.
Speaker 3 (04:23):
People, some point in time, you have to deal with
somebody that's actually confident. And again, you know, it's your
advisor that he just does what he's told to do.
Okayes he does the what the firm heads and the
sales managers and what they are told to do. He's
a salesman, for crying out loud, that's what he's there for.
It's there to entertain you, maybe take your gulfing from
(04:46):
time to time and out to dinner. But as far
as competence is concerned with managing money, decade after decade,
I know I'm getting to be an old man because
I'm dating myself in decades now.
Speaker 2 (04:57):
They're wrong.
Speaker 3 (04:59):
Again and again and again. Why do you keep going
back to that well knowing that it's dry? Anyway, Anyway,
moving on, this is going to be a bit of
a sharp turn right now, a bit a bit of
a sharp turn here on the program. I've been wrestling,
(05:22):
wrestling with the demons this past week. I really have
a past couple of weeks. Matter of fact, this government
shut down taking place, and I'm sure you've seen it.
It's all over all over social media, it's all over
the news for that matter, talking about the cuts to
(05:44):
the government shut down, the cuts to the SNAP program,
the EBT program, also talking about you know, obviously the
government workers that are not getting paychecks at this point
in time, and we'll get into that a little bit.
I want to talk about the SNAP program right now.
(06:05):
And a lot of people are angry. A lot of
people are. They're they're seeing the videos on TV. They're
seeing the videos of people, you know, celebrating the fact
that you know, they don't have to work, and they
collect all of these government all this government assistance, and
now that uh, now that's cut back, they're gonna go
out and steal and all of these things. And people
(06:26):
are getting angry, and I understand their anger. I understand
their anger. It's funny my daughter seeing these things online.
And again, my daughter reminds me of a young Chris
Markowski reminds me of me when I was younger, and
that would have been my initial reaction to get really really.
Speaker 2 (06:49):
Angry over this.
Speaker 3 (06:52):
I I don't know, getting old, I'm changing to sundry.
I don't get angry, believe it or not. I feel
sorry for these people.
Speaker 2 (07:02):
I do have.
Speaker 3 (07:04):
I'm telling you, I've got great compassion for these people
that quite frankly, they've got nothing going on with their lives.
This is what they live for and I'm a big
believer that in life you need to be overcoming obstacles
and achieving goals. And these people have nothing going on.
(07:27):
This is this is all they have is getting this
free stuff. And no, dude, do I think we should
keep handing it out to them?
Speaker 2 (07:33):
No, we shouldn't. But this is part of the problem
that we have in this country. We've created this.
Speaker 3 (07:40):
And I wrote about this years ago title my column
was called drug Pusher, and I compared our government welfare,
our government assistance programs, to drugs, and I said, the
biggest drug deal in the country is the United States government,
because if you look at the pathologies that go along
(08:01):
with government permanent government assistance, it's the same thing that
you can equate it with with opiate abuse or cocaine abuse,
whatever it may be. You take a look at the
amount of money that's being spent on these programs, Okay, snap,
(08:22):
about one hundred and forty five billion dollars a year.
Snap recipients spend twice what the average worker does on groceries.
We take welfare, you take Medicaid, you take all the
other state programs that well, you're talking one point five
trillion dollars a year, we got about one hundred and
sixty five million Americans that are working right now. That's
(08:45):
ninety three hundred now, excuse me, ninety one hundred dollars
per working American per year. Think about that. The SNAP
program that everybody's flipping out about right now. How is
it possible that that program doubled doubled since Biden was president?
How is that possible? I remember, I remember, back in
(09:11):
the days, Neil Boards used to make this point all
the time. It was a great talk radio show host,
libertarian talk radio shows. You know, he was talking about
how you need to have a separate line for food stamps.
And that was back when there was food stamps. There
was actual coupons, and let's be honest, Okay, there was
a stigma attached to it. There was there was a
(09:33):
stigma attached to it. And then they changed that. They
made it like a credit card, so there's no stigma
attached to pulling that card and right or wrong?
Speaker 2 (09:42):
Okay.
Speaker 3 (09:43):
You know, I guess maybe in today's any's a lot
of people don't have the type of shame that they
had before. And I'm listening, I'm talking about shame. I
know that certain people need food stamps. I have no
problem with it. I'm gonna quote another great talk radio
show host and comedian, Dennis Miller, hel help the hope,
not the clueless. All social safety net programs need to
(10:06):
be judged based upon the amount of people you get
off them. That should be the goal. America is seeing
the stories. I can't even believe it. Okay, CBS News,
CBS News put out there one in eight Americans are
on food stamps. Forty three point one million people. You
(10:30):
don't think that that is a huge problem. Forty three
point one million people on food stamps.
Speaker 2 (10:43):
Now, let's take a look what's going on. You got
you know.
Speaker 3 (10:47):
Again, I don't even think he's a real Republican, Josh Hawley.
He's a politician and he wants to improve his position.
He's talking about no Americans should go to bed Hungary.
And they got all.
Speaker 2 (10:56):
These these other politicians as.
Speaker 3 (10:59):
Well, and we need fullest this program and get it
going again. I'm like, you give me a break, Okay,
first and first and foremost the Republicans out there, they're
missing out once again. And this is why I'm watching
what's going on, and I'm like, I don't think I'll
ever go vote. I don't even feel like voting. What's
(11:19):
the point. What's the point? Republicans right now could fix
go to great lengths to fix or get rid of Obamacare,
the Affordable Care Act, and what the disaster at is.
Speaker 2 (11:32):
And we'll get into that a little bit. But let's
talk about this program.
Speaker 3 (11:36):
You know, years ago, when that long ago, in fact,
they wanted to change the food stamp program. We're basically
limiting what you could buy. You know, the number one
food item, number one, you can't call it food. Number
one item bought with EBT soda, soda.
Speaker 2 (11:56):
The number one item bought with EBT soda. Now, you
take a look at our country and.
Speaker 3 (12:04):
Obviously the obesity problem we have in this country, I
don't know, could be me calling me crazy. Shouldn't we
limit what people are able to buy with food stamps
with EBT? Isn't that that logical? Well, it would be,
it would be, in fact that it's perfectly logical for
people that actually care about the welfare of the country.
(12:26):
You see, but whether they be Democrats or Republicans in Washington,
d C. They tell you they care about the country,
but really they care about their bottom line.
Speaker 2 (12:35):
Coca Cola writes nice checks.
Speaker 3 (12:37):
They do.
Speaker 2 (12:38):
Coca Cola will cut a.
Speaker 3 (12:39):
Nice check to your friendly neighborhood politician to make sure
something like that doesn't pass any other junk food companies
that are out there. Why do you think that didn't
go through. It's perfectly sane, perfectly logical.
Speaker 2 (12:55):
But no, no, no, no, no, no, no, no, no, no
no no.
Speaker 3 (13:00):
Let me tell you something, people. I have a bit
of an epiphany this past week. In this country. You
talk about the way it's a republican party, republic, and
you think about what is a republican?
Speaker 2 (13:12):
What does it mean? Doesn't mean anything anymore?
Speaker 3 (13:15):
Used to mean? Guess what states rights? What the founders is,
what the founders wanted out of us founders. The word
democracy is not mentioned one time in the United States Constitution.
You go take a look at the writings of our founders.
They didn't like democracy. They knew what democracy is my brule.
Think about how dumb we are and what we've done
(13:39):
with our society. We send all of our money to Washington,
DC to deal with food stamps, healthcare?
Speaker 2 (13:50):
What this is a big country, Why why why was
send that money there?
Speaker 3 (13:55):
Shouldn't we be handling these problems within our local communt unity.
Isn't that what the founders wanted? Shouldn't we be more concerned?
And again, it's a great racket that they got. Nobody
pays attention really to the local news anymore. Talk radio
around the country forget it, you don't really for most
(14:15):
most stations don't even have a local host. Used to
be drive time in the morning, drive time in the afternoon,
I don't even do that anymore. Let's all focus on
national news and what Fox is talking about. Now. What's
important is in your community. And that's what's wrong with
this country right now. We should be taking care of
one another. We shouldn't be sending money to Washington, d C.
(14:39):
To then send it back out. You want to take
a look. You don't believe me. Look it up, okay,
And it's not even close if you're to include fifty
states in Washington DC the highest per capita pay Washington
DC's close to two hundred and sixty thousand dollars a year.
Speaker 2 (14:54):
How do they make their money?
Speaker 3 (14:56):
They make their money by us sending them money and
then taking a cut, lots of cuts, before sending it
back to us in some sort of government program. How
stupid is that you want to revive this country. Want
to make this cut we want to make We really
want to make America great again.
Speaker 2 (15:16):
What crush Washington d C. Stop sending money to Washington
d C. We should be.
Speaker 3 (15:22):
Handling these problems in our own states, in our own communities.
Speaker 2 (15:29):
But what we've done maybe done here in this way.
You know. It was that song by Coldplay.
Speaker 3 (15:36):
It was Violet Hill and they were talking about you
know when the banks become cathedrals. You take a look
at this country and you take a look at the
city halls. You know people Washington d C. Capitol building
right there and said, I again, if we were more
focused on God, and we have maybe I don't know,
(16:00):
it could be me, the church, the center of our
lives and taking care of one another, we wouldn't need
Washington DC. We wouldn't need to make those people in
DC rich. This is our fault. We allowed this to happen.
We decided to outsource our communal responsibility to Washington d C.
(16:26):
We did it to ourselves. You want to fix this
country again? You know this is your father. Mike Schmid
says this all the time, and I grabbed it from
mother Teresa. We've forgotten that we belong to one another.
We can handle these problems ourselves. We don't need Washington
(16:46):
d C. We don't need these influencers that are now
all over TV putting on a show there at the
Capitol so they can get more popular, so they can't
get re elected, so they can collect more sex from
Coca Cola or whatever big.
Speaker 2 (17:02):
Corporation, United Healthcare, whatever it may be. Just stick it
to us. You want to make America great.
Speaker 3 (17:08):
Again, That's how you make America great again. Watchdog on
Wallstreet dot com. Watchdog on Wallstreet dot com is our site.
Become a part of the Watchdog on Wall Street family,
our personal CFO program, our podcast, newsletter, all sorts of
great stuff Watchdog on Wallstreet dot com or give us
a call.
Speaker 2 (17:29):
Eight hundred four seven one fifty nine eighty four.
Speaker 1 (17:46):
Ticking Wall Streets, Liars, crooks and sheets out behind the woodshed.
You're listening to the Watchdog on Wall Street.
Speaker 2 (17:56):
Bucco back.
Speaker 3 (17:58):
So that great genius from the state of Minnesota, Tim
Walls again, I don't get it again.
Speaker 2 (18:06):
Who votes for that guy? Seriously?
Speaker 3 (18:09):
Anyway, Tim Walls came out and he said that he
said food stamps and EBT is the greatest thing going
because for every dollar spent on EBT, you get a
dollar eighty in economic activity. Wow, Tim, while you're you're
a genius. You know what we should do?
Speaker 2 (18:28):
Tim?
Speaker 3 (18:29):
You know we really want to take it to China.
Oh boy, you know what we gotta do is we
should spend ten trillion dollars on food stamps.
Speaker 2 (18:36):
So we should just make.
Speaker 3 (18:37):
Everybody should We should force the entire country to be
on EBT. Man, oh man, our GDP would be you
wouldn't it, Tim? Who votes for somebody that says something
so stupid? Anyway, quick story, go along with Tim Walls.
Here you got You got two liberal economists walking in
(19:00):
a forest.
Speaker 2 (19:00):
When they come across a pile of poop.
Speaker 3 (19:04):
The first economist says to the other, I'll pay you
one hundred dollars to eat that.
Speaker 2 (19:09):
Pile of poop.
Speaker 3 (19:11):
The second economists takes the one hundred dollars and he
eats the pile of poop. And they continue walking through
the forest and look at that. They happen upon another
pile of poop. And then the second economist turns the
first and says, I'll pay you one hundred dollars to
eat that pile of poop. The first economist takes one
(19:34):
hundred dollars and eats the poop. So they go on
and they're walking a little more than the first economists
looks at the second economists and says, you know, I
gave you. I gave you one hundred dollars to eat poop,
then you gave me back the same one hundred dollars
to eat poop. I can't help but feel like we
(19:58):
both just ate poop for nothing. That's not true, respond
to the second economists. We increased the GDP by two
hundred dollars. That is that's liberal economics for you. Okay,
that's how they think. Sure, yeah, we're gonna make the
(20:21):
economy boom and put everybody on food stamps. Watchdog on
Wallstreet dot com. Watchdog on wallstreet dot com. Don't go anywhere.
Speaker 2 (20:31):
We'll be back.
Speaker 1 (20:37):
Chris Markowski is the watchdog on Wall Street. This is
(21:01):
the watchdog on Wall Streets.
Speaker 3 (21:08):
Welcome back, Welcome back to fire up the Dolorean. Go
back in time a little bit, a little bit. We're
gonna go back to the first tea party. First tea
party was something something Again, they didn't didn't allow any politicians.
(21:28):
I remember Michael Steele was in charge of Michael Steele
from MSNBC put it down. Michael Steele was the head
of the Republican Party at that point in time. Wouldn't
allow any politicians to speak at these things.
Speaker 2 (21:40):
And I gave a gave a speech.
Speaker 3 (21:43):
It's up there on my YouTube channel, a lot of
appearances that I've made, and it was in front of
thousands of people, thousands of people, and I made the
point perfectly clear that day that I I'm not upset.
I wasn't upset with Obama, wasn't upset with Democrats. Wasn't
(22:04):
they're honest and let they tell you what they're gonna do. Okay,
at least they tell you what they're gonna do. Upset
with is upset with the Republican Party. And again I
had left the Republican Party maybe four or five years
before that that Tea Party were on the nonsense would
I rack and w Bush and lying to us about
(22:25):
so many things? And you know, it's a shame. It's
a shame, it really is, because again, we have a
tremendous opportunity right now to not only reform We're talking
about reforming the SNAP program, the EBT program, and again
trying to reform the program so who can the money
can actually get to people that really need it, that
(22:50):
really need it, But also try to encourage people and
help them, because that's truly helping somebody. Okay, you know
I've told this story before. I'm gonna tell it again.
I talked about it on the podcast this past week.
I have, like I said, we've got clients walks of
life and some of the some of the big left
(23:11):
of center to say, the least clients of ours. They
you know, they tell me their their thought process is
very much that that most of the country. They're like,
you don't understand, Chris. They laugh at me in a
nice way. They just think you're just.
Speaker 2 (23:29):
So naive, Markowski, my iron naive. You don't understand.
Speaker 3 (23:33):
These people are just that they're not going to ever
do anything with their lives. Some people are just not
that smart, and we have to take care of them,
treating human beings like they're a bloody rescue pet.
Speaker 2 (23:48):
I don't believe that that's easy.
Speaker 3 (23:52):
The easiest thing to do in the entire world, you know,
is to cut somebody that needs just to cut them
a check and say here you go, just keep cutting
them checks.
Speaker 2 (24:02):
Just go away, go away, go away. I don't want
to deal with you. I don't want to deal with you.
Speaker 3 (24:06):
Hey, you rich people do that sometimes bad rich parents
do that with their kids. Just give them money, let
them go do whatever they want. I don't want to
actually parent them or anything like that. He let the
nanny handle out, Just keep writing checks. Same concept. No,
you truly help someone by getting them off of government
(24:29):
assistance so they be they can become self reliant, they
can do something with their lives that's truly helping them.
And we don't do that anymore. We just keep cutting checks.
I get fifty more than just a few years ago
food stamps in the United States America.
Speaker 2 (24:48):
And we're being told that the economy is awesome. This
is a disaster, and.
Speaker 3 (24:56):
You take that, you put that away, and you take
a look at the Republicans. Mike Johnson again, I'm getting
tired of seeing this guy step in front of a podium,
get upset about the government shutdown, and keep telling us
that the Republicans have all sorts of ideas.
Speaker 2 (25:10):
When it comes to the Affordable Care Act.
Speaker 3 (25:13):
Again, it reminds me it's like that you know from
Raiders in a Lost Arc the end of the movie.
We got top men working on it right now? Who
top men? Who do you have working on it?
Speaker 2 (25:24):
Mike? What do you got?
Speaker 3 (25:26):
You should see see some of the Oh my god
from the Affordable Care Act again, Inflation Reduction Act. Affordable
Care Act gets right out of an I Rand novel
right right at Atlas shrugged the air. Some of the
programs here, Blue Choice, Preferred Silver, Silver, Ppo, Family of
(25:49):
family of five, three and fifty five dollars a month. Oh,
but you only have to pay three to thirty dollars
for primary care?
Speaker 2 (25:57):
Who cares?
Speaker 3 (25:59):
Oh yeah, eighty six hundred dollars the doctor Boyer one,
you know, the thirty eight hundred. I mean, there's just
one after another. What's the point. It's not a it's
not affordable unless you're rich. So what you're saying is,
we're gonna throw more money at the bloody problem.
Speaker 2 (26:21):
They open the government, that's all they're gonna do.
Speaker 4 (26:24):
Ah.
Speaker 3 (26:24):
Yeah, we're gonna extend those Obamacare subsidies. You're not solving anything.
You're throwing gasoline out of fire. Yeah, for the life again,
it's it's it's people. Why do you get excited about
your political party, and you go, why do you spend
money your heart? You give it to these parties and
(26:46):
these politicians that don't do a damn thing. Why is
it making cause you feel like you're a member of
a club or something like that. Why what are they
gonna do? They fix anything? They fix any of these
things that really matter? No, now, anyway, it's gotta take
(27:09):
a break.
Speaker 2 (27:09):
Watchdog on Wallstreet dot com.
Speaker 3 (27:11):
Watchdog on Wallstreet dot com again. Become a part of
the Watchdog on Wall Street family, our personal c FO program,
our podcast, our newsletter, all sorts of great stuff Watchdog
on Wallstreet.
Speaker 2 (27:24):
Dot com or give us a call eight hundred four
seven one fifty nine eighty four.
Speaker 1 (27:46):
The only man who is taking on the walls Street establishments.
You're listening to the Watchdog on Wall Street with Chris Markowski.
Speaker 3 (27:55):
One of the questions that's being bantered about, and this
again all expected.
Speaker 2 (28:04):
We've talked about this for some time.
Speaker 3 (28:06):
What is what's the effect of ai AI on the
job market, because there's been it's been a lot of layoffs,
a lot.
Speaker 2 (28:18):
Of layoffs over the past couple of months.
Speaker 3 (28:22):
Now ups it was forty seven, forty eight thousand workers. Now,
the UPS, the layoffs there had nothing to do with AI.
The UPS layoffs had to do with the labor contract
that was pushed upon UPS two years ago.
Speaker 2 (28:44):
Shahn O'Brien, Yeah.
Speaker 3 (28:45):
Remember him, He spoke at the Republican Convention as well.
I mean I saw the labor contract that he put
forward for the UPS, and they're jumping up and down.
I'm like, really, one hundred and seventy thousand dollars for
a driver?
Speaker 2 (29:00):
What how do you figure? Man?
Speaker 3 (29:03):
How do you make those numbers work in a competitive
environment where you're also competing against Amazon?
Speaker 2 (29:09):
Can't do it?
Speaker 3 (29:11):
And I told you two years ago that yes, over
the next couple of years, you're going to see massive
amounts of layoffs at UPS.
Speaker 2 (29:17):
And we're right again. We're right again. Oh yeah, I
know they're not happy. The Team Search union's not happy
about this.
Speaker 3 (29:26):
And now UPS is outsourcing certain packages to other workers
and they're none too happy about it. Come on, man,
I mean, give me a break. And then they had
this woe is me story, you know, with the oh
you know, I think I'm going to retire. I mean
UPS retiring at fifty four years old, complain the job
(29:49):
is getting too difficult because they've got more packages they
got to deliver. Now they gotta be more efficient. Well,
Jimminy Cricket, you're getting paid a hell.
Speaker 2 (29:57):
Of a lot of money.
Speaker 3 (29:57):
I mean, iend to certain things that I just can't
get my arms around.
Speaker 2 (30:02):
But again, I've never been a member of a union.
Actually I was.
Speaker 3 (30:07):
I was supposed to, was supposed to be required to
actually join the team. Serves as a matter of fact,
if I was going to be an adjunct professor, and I.
Speaker 2 (30:18):
Said, no, no, not much union.
Speaker 3 (30:20):
Yeah yeah, in order for me to be an adjunct professor,
I don't have to. This was back when I was
in New York. I had to join the teams. No, no, no,
no thanks, Okay, not going to do it anyway. Stories
in the news tens of thousands of white collar jobs
disappearing as AI starts to bite more. Big companies. Bet
(30:41):
they can still grow without hiring. You know, Amazon fourteen
thousand corporate jobs and major AI era restructuring. It's not
just AI, Okay, many of these companies, And we talked
about it during COVID went not so went crazy during
COVID with their hiring went nuts again.
Speaker 2 (31:04):
The world was a wash with cash governments give.
Speaker 3 (31:07):
It away, cash handouts here, incentives here, free loans here, money.
Speaker 2 (31:12):
Here, money there. Oh, we're gonna hire, we're gonna expand,
and again time to cut the fat a little bit.
Speaker 3 (31:19):
AI a part of it, absolutely, absolutely, but there will
be an adjustment. We'll get into that a little bit
when we get back. I gotta take a quick break
right here. Watchdog on Wallstreet dot com. Watchdog on Wallstreet
dot com.
Speaker 2 (31:32):
We'll be back, astras.
Speaker 1 (31:40):
You're listening to the Watchdog on Wall Streets. You should
(32:02):
believe in math, not magic. You're listening to the Watchdog
and Wall Street with Chris Markowski.
Speaker 4 (32:08):
Yes, talk about a little bit more on the jobs
situation again.
Speaker 3 (32:27):
AI is going to be the big culprit. It is
for a lot of jobs, and without a doubt, without
a doubt, many jobs are going to go by the wayside.
You even got the major Wall Street firms or they're
telling you, okay.
Speaker 2 (32:39):
Uhould take a six.
Speaker 3 (32:40):
You know, little junior bankers right out of college. You know,
a week, week and a half to put together a
pitch deck. Now, ay, I can do it. Hey, I
can do it. Look at the split. Get it done,
and we just need one person to check it over.
Speaker 2 (32:56):
Yeah.
Speaker 3 (32:58):
Yeah, again, I go back in time. You know, this
is uh decades ago when I first started in the industry,
and how my business was structured and the need for
so many more employees, I mean writing out paper tickets
and sales assistants and keeping books and all of that
(33:18):
stuff has has gone away. What's been consistent though, people,
What's been consistent A couple of things. Every new technology
that comes out, it's always the sky is going to fall,
the world is going to end.
Speaker 2 (33:34):
What are people going to do?
Speaker 3 (33:37):
Remember when Obama, picking on Obama when he uh, he
was talking about how banks don't have tellers anymore because
of ATM machines, and I was terrible. I'm like, yeah, Barack,
they don't have tellers anymore, but they have workers doing
other things at the banks. By freeing up, you know,
money and saving money there allows them to invest and
(33:59):
do things in other areas. And that has always been
the case. We've often talked about here on the program,
the concept it's a Joseph Schumpeter economist creative destruction. Something
is destroyed and then something else will be created. Not
(34:19):
to mention the fact I think people are getting a
little too nuts about AI for everything. I talked about
this earlier on in the program. In my industry, where
all these firms now, no, no, no, we don't need
human beings to help our clients anymore. We're gonna have
them talk to chatbots. No no, And it's not just there,
(34:43):
it's everywhere. Tell me you have not been annoyed by
some AI chat bot at some point in time over
the past month.
Speaker 2 (34:53):
I know, I have, I know I have.
Speaker 4 (34:57):
You know.
Speaker 3 (34:57):
The funny thing is that they're trying to incorporate this
into every industry, every industry out there, whether it be
a veterinary clinic, whether it be your doctor, whether it
be your.
Speaker 2 (35:10):
Plumber, h fat guy, all this stuff.
Speaker 3 (35:14):
And guess what, people are going to get tired of it.
They are, They're gonna get tired of it. Here is
my reverse AI. I'm gonna call it reverse AI. Be different,
be different. When I when I talk to young people,
(35:36):
kids that are in entrepreneurship programs whatnot, I talk about
finding a niche, find it, find it a niche, finding
something you're good at, whatever it may be, with a
niche in your business, and to do things differently than
everybody else. We were never at Markowski Investments. We've never,
(35:58):
never will be upset with no interest in being the
biggest firm out there.
Speaker 2 (36:03):
None.
Speaker 3 (36:03):
If that was the case, we would have went public
many many, many, many, many moves ago. No interest in that.
We want to be the best. We want to be
the best at what we do. We want to provide
our clients with the top level of service. We want
to help everyone. We didn't want to shut the door
and only have massive You know, you gotta have five
(36:26):
million dollars worth at Markowski's ten million dollars worth.
Speaker 2 (36:28):
No, no, no, that's not who we are. I know who
we are.
Speaker 3 (36:33):
If you don't think there's going to be tremendous opportunities
right now for people any.
Speaker 2 (36:37):
Type of skill.
Speaker 3 (36:40):
Plumbers, you go out and you market yourself as yeah,
we're a non AI plumber. You're gonna actually speak to
human beings at our company. You can run an ad
like that on TV. And I'm telling you right now,
people are gonna call that guy because they're sick of
they're getting sick and tiredness crap already. One of the
(37:01):
things I tell young people all the time, I again,
I'm I'm out of retirement. Coaching youth lacrosse again. I'm
back coaching high school here in Tampa, Florida. Uh, and
I do enjoy it. And I talked to kids, you know,
I catch them doing things. I catch them when when
they when they're using foul language you know, out there,
(37:23):
and I'm what do you stop it? Okay, you don't
have to talk like this, it's not cool. And I
explained that you look people, I put the phone down.
I said, if you develop interpersonal skills, that's what you
need to do. You gotta be able to communicate with people.
Be different, like that that great Apple computer head. Never
(37:44):
think different that it's gonna be ai. Oh, I'm gonna
ruin this job. It's gonna change the nature in this business. No, no, no,
it's not. You know, people like dealing with people. They
don't like dealing with computers. I'm just sorry. It's the
(38:04):
way it's been. Yeah, it's funny. Go back, you can go.
And I have, you know, the opportunity. And again been
blessed to see ruins from yesteryear, whether it be you know,
the Minoan civilization that they're digging up, the ancient Minoan
civilization in Santorini or you go to POMPEII and you
(38:26):
can walk the streets back. Then, what do you notice
more things? The same bar barstools, painting on the walls.
I mean it's same thing. Okay, nothing has really changed.
Human beings are gonna be human beings. They're gonna want
to deal with them. Okay, yeh Ai is going to
(38:48):
help in many different ways. It helps me out searches,
research various different things.
Speaker 2 (38:55):
Absolutely, take a transcript.
Speaker 3 (38:57):
Of the show, clean it up all that stuff. Yes,
but when push comes to shove, do you want to
talk to a doctor or do you want to talk
to a chat bob? Do you want to talk to
your advisor or do you want to talk to a
chat bob?
Speaker 2 (39:15):
Watchdog on wallstreet dot com.
Speaker 3 (39:17):
Watchdog on wallstreet dot com again is our site becoming
part of the Watchdog on Wall Street family All sorts
of great stuff. Sign up personal CFO program, We'll be back.
Speaker 1 (39:30):
Chris Markowski is the Watchdog on Wall Streets
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