Watchdog on Wall Street: Podcast for Weekend of September 14 - September 15 2024 - Watchdog on Wall Street with Chris Markowski

Episode Transcript
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Speaker 1 (00:07):
Well, no one altered investment banker, consumer advocate, analyst, traitor.
Chris Markowski is the watchdog on the 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.

Speaker 2 (00:28):
You can't handle the true.

Speaker 1 (00:30):
Bringing America the truth about what really happens in the
financial world.

Speaker 3 (00:35):
Ladies and gentlemen. We're not here to indulge in fantasy,
but in political and economic reality.

Speaker 1 (00:40):
This is the watchdog on wall streets.

Speaker 2 (00:44):
Damn straight Gordon, No fantasy. I'm just dealing with political
and economic reality. We deal with terrent the reality of
the terrain, and we don't complain about it. We state
facts here on the program and we handle it. That's

(01:08):
what we do at mark Howskin invest we do at
this show, and that's uh. You want to be successful
in life, that's what you need to do. Everybody's got
to put on their big boy and big girl pants,
big girl skirt there. You don't want to wear Hillary
Clinton pants suit anyway. Okay, we're going to tackle the
political and economic reality. We're going to tie it into

(01:29):
the uh. The realities of the debate here on the
program and trying to get everybody pointed in the right direction.
And it's part of our what we do is our
personal CFO program navigating financial storms, corrections, volatility, and being

(01:51):
able to move forward again. There was a very confusing
piece today and the Wall Street Journal. They were talking
about the recession again. We're back to in Search of
Recession and a recession signal is flashing red? Or is it?

(02:13):
And I picked this bloody thing up and I'm saying
myself and again we've discussed this here on the program.
We've talked about I go back to the nineteen seventies.
I talked about In Search of with Leonard Nimoy, one
of my favorite shows in the seventies, and he's doing
In Search of UFOs and he's doing In Search of
Bigfoot and Amelia Earhart and all we have right now

(02:34):
is in search of recessions. And the yield curve has
done this, and after the yield curve has done that,
and the solemn thing is this, And I'm like, would
you just shut up? I sometimes I want to yell
at the screen. I want to yell at these business
publications that are pumping out all of this nonsense, all

(02:57):
of this nonsense, whether using all sorts of nonsensical economic metaphors,
hard landing, soft landing. What's it gonna be? What's the
Fed gonna do? Oh, we gotta make sure we've got
a handicap. What the Fed? It's gonna be a quarter point,
there's gonna be fifty basis points. Let me give me
give you a bit of political and economic reality. Portfolio reality.

(03:19):
It doesn't matter, his newsflash, it doesn't matter, hasn't mattered
to us in decades now, now, now, three decades plus.
Do you think that I've changed, changed a portfolio around,
changed what we were doing for our clients based upon

(03:42):
some ridiculous economic metaphor or yield curve or other nonsense. No,
I mean ask a question. Do you think how you
think Warren Buffett and the late Charlie Munger. You think
that they were worried about what the FED was going
to do the next meeting? No, no, again, it's a

(04:06):
bloody awful hamster wheel that they like to get you on. People.
May I suggest getting off? May I suggest getting off
and start doing things the right way? The reality of
what's going on in our country. Listen to people. I
get it on this program weekend, week out, and now

(04:29):
I get some emails of people out there. You know,
it's easy for you to say, I get it. I
understand it's tough out there. It is. Here's some of
the headlines in this past week. Eighty two percent of
Americans say it's harder to retire comfortably than it was
for their parents. Thirty seven percent of American workers feel

(04:52):
good about their retirement savings. Retirement looks precarious for most
in middle class. Another one here for more Americans. One
job isn't enough. And I can go on and on
and on. Okay, okay, yeah, I'm not arguing any of

(05:13):
these points. I get it. I got listen. I'm aware
of how much everything costs. I understand. I mean, you
take a look, take a lok go to the debate
this past week. You better off than you were four
years ago. And Kamala Harris ducked that question. What food

(05:35):
prices are up? What twenty five percent? Shelter price is
up twenty five percent, Energy costs up forty two percent,
home heating oil up seventy percent, vehicles up twenty percent.
I go right on down the list. I understand why
people are really sour on the economy because guess what,

(05:56):
their wages are not keeping up. I don't like it either.
I don't like it. You gotta understand something. We at
Markowski Investments, we have clients from all walks of life.
I understand what they're going through. I mean, I'm just

(06:16):
dealing with multi multi, multi millionaires. We're helping everybody out.
I get this. But to think that we can't overcome it,
we can't beat this, you can. You can't. I mentioned
that headline before for more Americans, one job isn't enough. Guys,

(06:41):
I'm here to tell you there's nothing wrong. There's nothing
wrong with working a second job if you need to. Yeah.
I was talking to a bunch of recent college grants
this past week and I'm telling them and I think
they all have good jobs. They all have good jobs
and this, and I said. I basically went to I said, well, okay,

(07:03):
you guys are making good money, but where is it go?
How much is spending on rent? How much is spending
on going out? Nothing wrong, nothing wrong with working an
extra job on the weekend, bartend and waiting tables doing something.
It's it's keeping you from going out and spending money,
and it's allowing you to put more away. These are

(07:26):
the things that you need to do. People that guys,
there are ways to be successful in this country even
when times are tough, even when inflation is high. Yeah,
I'm a bit of a child. In nineteen seventies and
nineteen eighties, I did have a school teacher. They was

(07:50):
a school teacher. He had a second business. Inflation with choice.
It was tough in the nineteen seventies, was it not.
But he dealt with it and he didn't complain. He
worked his tail off and he instilled that type of
worth ethic in his kids. And that's what you need

(08:12):
to do as parents. I talk about it all the time.
You gotta get a big can of sucking up. As
as difficult as things are, again, it could be much worse.
You still have the ability here in this country. You

(08:32):
still have to do to go out and get a
second job, to go out there and build something. You
have no idea how much more difficult it is in
different places around the goal of places like Europe. It
was a great, great quote by Elon Musk And we're
talking going to talk about Europe a little bit later
on in the program, this past week he said, this
past week he said, you know, basically, in Europe, everything

(08:54):
is illegal. Everything is illegal, Everything is difficult, and you
have to fight to make it legal. And I get it.
Gear for many small businesses. Government here they want to
implement the same thing, command and control out of Washington, DC,
putting them our rules and regulations being run by some
ridiculous acronym agency out of Washington DC. Or you gotta

(09:18):
go down to city hall to fight for some other
nonsense and find some sort of government worker to let
you do your work. But you can still do it
if you want to, if you want to. I get
all of the gloom and doom. Okay, I see it.

(09:39):
I see it everywhere yet in STEAE clients all over
the country, all over the world for that matter, unprecedented, awful.
And I go back to other points in time where
this was the case also, and I am think about

(10:00):
it again. I've talked about my crystal ball and looking
at when times were tough. You can even go back, Wow,
what was it? Forty years ago? Forty some odd years
ago there was a magazine was what business week magazine?
Thing It's called Death of equities the time that Dow

(10:22):
was at eight seventy five. Think about that forty years ago.
You know, I uh, one of the first books I
want of parents get these for the kid, but I
bought was first book I bought for my son, who's
a senior in college right now, and it's the Doctor
Seuss book All the Places You Go. And you know

(10:45):
there's a part in there where you're talking about you
won't lag behind because you're going like gangbusters. You're going
to pass the whole gang. You're gonna take the lead.
Whenever you fly, you're gonna be the best of the best.
Wherever you go, you're gonna top all the rest, except
when you don't, because sometimes you won't. And this is

(11:05):
this is true for our country. Bang ups and hang
ups can happen to you, they can happen to me,
They can happen to all of us. And then you're
in a lurch, and then you're in another place. Memory
talks about where the streets are not marked and some
windows are lighted, but mostly they're dark. Do you dare

(11:27):
to stay out? Do you dare to go in? How
much can you lose? How much can you win? And
if you go in should you turn left or right again?
You end up in a place, and this doctor seuses
all the places you go and he calls it the
most useless place, the waiting place. People just waiting waiting

(11:47):
for a train to go, or a bus to come,
or a plane to go, or the mail to come,
or the rain to go, or the phone to ring,
or the snow to snow, or waiting around for a
yes or no. Everyone just waiting waiting for How about this, guys,
how do we change it? Waiting for a recession to
come or waiting for recession to end, or well, I'm

(12:08):
gonna wait for the right time. Riots the time is
not right now to start investing. Your markets are too crazy.
You see aways volatility out there. I'm gonna wait. No, No,
I don't know. Maybe I should wait to start this
new business. Maybe it's not the right time. No, don't
be that person. Don't don't fall into the trap of

(12:35):
the waiting place. I discussed downturns and recessions and volatility
and how they end us. That's what wealth is created.
Recessions are unbelievable opportunities to grab market share and increase

(12:59):
one's businessiness. If you're smart, Again, if you understand the terrain,
you take advantage. There was a speech that John F.
Kennedy gave in April fifteenth, nineteen fifty nine, and he said,
when written in Chinese, the word crisis is compounded of

(13:23):
two characters. One represents danger, the other represents opportunity. Now
there's debate whether or not that statement is completely accurate,
but whatever, it certainly makes a great deal of sense
any type of session, crisis, situation, downturn. Again, who does

(13:50):
well are the ones that use it to their advantage,
to take advantage. Do not listen to the people out
there that say that they tell you things are impossible.
All is possible, All is possible if you get yourself

(14:12):
out of the waiting place, you pick yourself up and
you just get started. Been making fun of the wall
streets or the Woe Street Journal out there, all of
these terrible stories, and believe you mean, I get it.
I know, I know what's going on outside. But again,
you want to be successful, you want to build wealth. Okay,

(14:35):
you need to stand in the face of the chattering classes.
And that's what we're here for. That's what we're here for.
That's what we do at Markowski investments. We build wealth.
We build wealth. So guess what you can take advantage
of the myriad of opportunities that are going to be

(14:56):
presented to you throughout life. Figure out what you're good at.
God has given each and every one of you a
talent and ability find out praying to figure out what
it is and then go out there and build and

(15:20):
create and protect and teach. But you gotta get started.
You gotta get started. At some point, you gotta pick
yourself up. You gotta get started, and you gotta stop
making excuses. We're here to help. Get to our website,
Watchdog on wallstreet dot com. That's Watchdog on wallstreet dot com.

(15:44):
What I suggest, What I suggest the Markowski Investments Personal
c f all program. It's absolutely free. You've got a
ton of tools there available to you at our website,
a lot of great information, my columns going back over
thirty years, my podcast, account repair kits, all sorts of

(16:05):
great stuff. Watchdog on Wallstreet dot com or give us
a call eight hundred four seven to one fifty nine
eighty four. Again, that's Watchdog on Wallstreet dot com. Or
give us a call eight hundred four seven one fifty
nine eighty four.

Speaker 1 (16:37):
The only man who is taking on the Wall Street establishment.
You're listening to The Watchdog on Wall Street with Chris Markowski.

Speaker 2 (16:46):
It was that it was some horror movie, well kind
of guess. I never saw it, but I know Samuel
Jackson was a part of it. Snake's on a plane,
Snake's on a plane, and again that would be a
horror for me. I don't like snakes. But anyway, I got, uh,
I know, my own version of Snake's on a plane
this past week. People, I'm not kidding. I got pitched
on a plane. Yeah, I had. I had to go

(17:10):
on a short little trip this past week. And again
on the plane and again I'm waiting to get on,
I'm looking around and I'm like's a lot of Wall
Street guys here. I could tell, just tell by what
they're wearing. I mean it's the latest Wall Street gear,
which is a suit with some sort of dress sneakers.

(17:33):
I don't do dress sneakers. They just don't do them. Okay,
But anyway, neither here nor there. Get on the plane,
I sit down and the guy next to me, he's
kind of looking at me, and he's like he's asking me.
And again when I go on a plane. Again. I'm
very polite to everybody, but I just am not one
to strike up a conversation with people. I just that's

(17:55):
not me. I just don't do that. I like to
sit down, put my head down, I like to read,
I do work on the plane. But if somebody ages me,
of course I'm going to talk with them. And he
asked me if I was heading down to the private
equity conference, the Morgan Stanley Private Equity Conference, and I said, no, no,

(18:15):
I'm not. He said, oh, you look like you look
like you'd be going to this. A lot of people
on the plane that are all going to this conference.
I'm like, yeah, oh okay. And he's like he introduces
himself and he explains that he is a portfolio manager.
That's right, he is a portfolio manager with the latest

(18:37):
and greatest, latest and greatest shiny object alternative investments. They're everywhere,
and I'm like, oh, boy, here comes here, it comes
now again. Okay. I get pitched every day. Every day
they're trying to get through to me on the phone.

(18:57):
They constant emails, invirite, you're there and everywhere. They want
their hands on my clients. But I'm I'm polite and
the gentleman's talking to me. Wow, all of these great
opportunities the first time ever, individuals, you're an ri a.
I actually saw him produced myself. He googled me. He

(19:21):
was like, oh boy, oh boy, Okay, this is firnt
a lot of clients. I could sell this guy. I
could sell this guy his clients now. And the funny
thing is right now, people, is that all these advisors
around the country are jumping into all of this utter

(19:42):
crap because it's sexy. It's sexy, it sells, it sells.
Oh yeah we can, Yeah baby, we can. We can
get you involved in alternative investments. Yeah you can. You
can invest like the big investors do, the big insiders do.
It is a ruse. I have seen this movie before.

(20:06):
It's like King Kong. The monkey dies in the end.
I know what's going to happen to you again. We'll
delve into this a little bit further when we get back.
The latest and greatest, bright shiny object for Wall Street
to dupe you and make you a greater fool. Don't
go anywhere Watchdog on Wallstreet dot com. Watchdog on Wallstreet

(20:28):
dot Com is our site. Take advantage there. We'll be back.

Speaker 4 (20:33):
Running up into the sunset, baby forever.

Speaker 1 (20:39):
Chris Markowski is the watchdog of Wall Street. You should

(20:59):
believe in math not magic. You're listening to the Watchdog
and Wall Street with Chris Markowski.

Speaker 2 (21:07):
All right, here comes our our weekly reminder. It's our
weekly reminder here on the program. Pay attention. Everything in
life that has meaning, value and worth involves work, time
and effort. Wall Street knows. Wall Street understands human nature

(21:29):
really well. They do that they are there to sell
you something at some point in time, and they know
they know that there are two ways, two ways to
sell things, greed and fear. Greed and fear and greed
sets the trap. I talked about, Get rich Quick connarist

(21:50):
the world's second oldest profession, and what they've done, what
they've done, in essence is that the same exact thing
that they were doing with mortgage securities not too long ago.
They're basically going out and saying, WHOA. What we can
do is we can package all of these alternative investments,

(22:14):
private equity, stuff that you couldn't get involved with, and
now we can get you involved. So on area, I'm
getting pitched onto plane with this stuff. And I just
start asking questions because he's talking about this fund of
fund of alternative investments, and I'm like, boy, so alternative
investments are extraordinarily expensive, and you're gonna make it on

(22:38):
top of that, you're gonna pile more fees on it
and make it a fund. And then he kind of
got quiet, and then I said, let me ask you
a question. You guys can price these assets at whatever
you want correct, and you're charging based upon those valuations
which are not liquid, And he gets quiet again again.

(23:05):
I'm not stupid, I'm not And listen, you know one
of the first things he said is how much money
I could make by putting these in my client's portfolios.
And let me be straightforward and honest here, that's BS.
That's BS, and a lot of advisors do that. That's
why I see, you know what I'm seeing a lot

(23:26):
now as well. I'm seeing a lot of older people
transferring accounts in in ill liquid real estate investment trusts.
Why because the lousy advisor said, I don't feel like
dealing with this person anymore. I'm just gonna do a
set it and forget it and cash out on a
massive commission. There are a lot of crooks out there,

(23:50):
people in my industry, A lot. Okay. That's how I
started out this program twenty five years ago, going after me,
and we're still going after them today, the next day,
the next day. And this was a Morgan standing the
guy at Wall Street Journal. Private markets seem out of

(24:12):
reach for individual investors. Blackrock thinks that it has an answer.
It might be getting easier for individual investors to tap
into the opaque world of private markets. The move is
the latest push by black Rock to get in the
more again. This is the sentence, the more lucrative business

(24:35):
of private investments lucrative for who the client? No, now
is that book where all the customers yachts? Not if
you're dealing with these guys. Private funds tend to charge

(24:55):
investors higher fees and are harder to sell than publicly
traded in investments. But investors are increasingly looking for ways
to access the growing sector. They are. I'm not arguing
that point. They are because that's what foolish investors do.

(25:17):
That's what greater fools do. They look for shortcuts in life.
The sooner you stop looking for shortcuts in life, the
better off you're going to be. I'm proud. I'm proud
of the fact that, guess what, we build wealth over time,

(25:38):
we make money slowly. Here, we don't look for shortcuts.
But again, again, you got a lot, many, many financial
advisors out there that, for whatever reason it may be,
might have had an ethical bypass at birth or got

(25:59):
one much later in life, are saying, you know what, Hey,
I'll present this to the clients. If they want it,
it's on them. I'm here to tell you, don't do that.
Don't do that. These private investments, these alternative investments, are

(26:22):
not the good stuff. Okay, They're not anything. Anything that's worthwhile.
This is how Wall Street is structured today. Okay, anything
that's worthwhile, that's decent has already been gobbled up. It's
already been gobbled up by the private equity firms out
there in the hedge funds they have access to that.

(26:44):
You are getting the scraps, the stuff that they don't want,
the stuff that they don't want to deal with. They've
just figured out a way to package it and sell
it to you. I want to remind you what they
call you. What does Morgan stand go? What is Merrill lanch?

(27:05):
What does Goldman Sachs call you muppets, pikers. I mean
they don't. They have no respect for you. And why
would gonna be honest with you? Why would they You
keep buying their junk, You keep falling for the same
lines of bs. Don't do that. Stop doing that. Manage

(27:32):
your portfolio properly. You do that, guess what your portfolio
is gonna take care of. You have to take a break.
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com
is our site again. Don't be a greater fool. Sign

(27:52):
up for our personal CFO program, account repair Kit, podcast, newsletter,
you name it Watchdog on Wallstreet dot com, or give
us a call eight hundred four seven one fifty nine
eighty four.

Speaker 1 (28:24):
Bringing America financial freedom one listener at a time. You're
listening to the Watchdog on Wall Street with Chris Markowski.

Speaker 2 (28:33):
I just kind of tell you the type of people
that you're you're doing business with. Okay, I was again.
We we warned you, We warned everybody about the story.
We talked about it here on the program. And I
had to do with a healthcare system, Steward Healthcare System,
and it's in bankruptcy right now, and it's in bankruptcy

(28:56):
because a private equity company sucked all of the cash
out of the company in a one time dividend that
they again no one knew about. They sued so the
regulators wouldn't put that information out, and they put a
myriad of hospitals. Well, a myriad of them have been

(29:18):
shut down. That's okay, because they made their money. Nothing
has changed. You see, I love capitalism. To me, this
is not capitalism, okay. This is theft, this is stealing,
and we have it happened again and again and again.

(29:39):
I wrote about this in two thousand and six. I
warned people. I did a column back then entitled financial
Parasites versus Gordon Gecko, and in a column I mentioned
how Hollywood always likes to take great liberties with the
Master of the Universe types, whether it be gor and

(30:00):
Geko or Richard Gear playing Edward Lewis and Pretty Woman,
or then you had bonfire the vanities of Tom Hanks
playing Sherman McCoy the Bond Trader. But if you remember
in the movie Gordon, in the movie going out of
the movie Wall Street, Gordon Gecko is giving a speech
you telled our paper and he talks about again taking

(30:22):
over a company and making it lean and mean and
strong and powerful again. Now again. Gordon Gecko, he got
caught for inside of trading. That's what he got nailed
for in the movie. He was in nineteen eighties, corporate raider. Okay,
you compare Gordon Gecko, the character in the movie Wall Street,

(30:43):
to the guys at the private equity firms today. He's bloody,
mother Teresa, Okay, He's a saint compared to these people today.
The corporate raiders are today, these private equity types out there,
buyout firms, financial engine they're parasites. They suck all of

(31:07):
the money out of the company. They put debt on
their balance sheets, they take companies out. They are corporate assassins.
You want to do business with them? Okay, how about it?
See how that works out for you anyway. Watchdog on
Wallstreet dot com. Watchdog on Wallstreet dot com again. Become

(31:29):
part of the Watchdog on Wall Street, Markowski Investments, family,
personal CFO program, all sorts of great stuff. We'll be back.

Speaker 1 (31:39):
You're listening to the Watchdog on Wall Street making Wall

(32:00):
Streets liars, crooks and cheets out behind the woodshed. You're
listening to the Watchdog on Wall Street.

Speaker 2 (32:12):
I mentioned having that ethical bypass at birth, or getting
it later on in life, or in any ways almost
get brainwashed into it to some degree. And talk a
little bit about this story that came out this past week.
There was a there was some outcry this past year.
If you remember when there was a Bank of America,

(32:37):
it was like a young trainee that just he got
some sort of blood clot in his heart to being
overworked he was in the military about the hours that
they were putting in. Well, JP Morgan announced this past
week that they're putting an eighty hour weekly cap. Bank
of America is making some changes as well in regards

(32:59):
to how many hours they're going to allow their young
they're young Wall Street trainees and bankers to log in
at the office there. And I kind of find that
that fascinating in a couple of ways. First and foremost,
just you know, I burn the MIDI it is what

(33:20):
it is. I mean, you're involved in this business, and anybody,
any small business owner knows that the amount of time
that you have to put in. Remember in the movie
The Firm, when they were explaining to uh was it
Mitch mcdeer, there played by Tom Cruise. At any time
you're thinking about a client, you may going to log

(33:41):
your hours in. Well, again, that's that's what it's like
to have your own business. Especially in my line of work.
You're working all the time. And again, we have an
effort here. I work with my brothers. We've got great
people around us. But there's a lot that's involved Walls
Street and their training programs for young people out of school.

(34:05):
They serve a couple different purposes, and it's it's kind
of hazing. It is, and you get treated like absolute garbage,
there's no doubt about it at all, but it's it's
also a way to Again, you start putting that type
of time and effort in and work in. You start

(34:27):
saying to yourself, you know how far am I willing
to go? You know, you've been there for let's say
a year, year and a half. You've been logging eighty
one hundred hour weeks plus for a period of time,
and your boss knows that, and your boss is a villain,
and your boss tells you to do something that you

(34:48):
know deep down inside is crossing a line. And you're
saying to yourself, I put all of this time work
and effort, and you know what I'm not. I'm not
you know, I'm doing what the boss told me to do.
I'm gonna go ahead and do it, but you know
it's wrong. So yeah, yeah, it's it's part of that people,

(35:09):
whether you want to believe it or not. I was there,
been there, done that, faced with the same ethical crap
because they know they have you every year every year
at you know, these big firms, they did it up
until COVID, but and it's now it's coming back again.

(35:30):
They start calling people. They dates are automatical layoffs. Ten
fifteen percent of the bankers that they hire they end
up firing. Now granted, some of them might be because
they're just not that good at what they do, didn't
work that hard, but make no bones about it. They're
also they're also checking you out, seeing what you will do,

(35:52):
how far you will go to make money for your
boss and the higher ups. That's that's really what this
is all about. Talk about this. Americans lost five point
six billion in cryptocurrency scams last year according to the FBI.

(36:19):
That's a very conservative estimate. A very conservative estimate. People. Again,
I've talked about cryptocurrencies. It's not something that I personally
mess around with. If you that's something that interests you,

(36:40):
use your speculative money. And I've explained speculation here on
the program. I'm gonna explain it again. There's nothing wrong.
There's nothing wrong with speculating on something. An idea. What
is it, eighty five ninety of small businesses fail. Okay,

(37:00):
so you investing in one of those, you're speculating. Okay,
this preference is speculating. And when you speculate something you
I don't understand that. Guess what, you might lose all
of your money. And that's again something people unfortunately can't
get their arms around. I can't magically get it to

(37:20):
make it come back. You know that South Park episode
where poof, it's gone. I had emails and phone go
all the time. Ah, this nice young gentleman I was
gonna be a cryptocurrency. He promised me he was gonna
limit my downside. And now my money's gone. It's gone. Okay,

(37:43):
you're not getting that money back. And that's what I'm saying.
Know that going in just as much as if you're
going into a casino and you pull the lever on
a slot machine. Again, I don't gamble, you could lose.
More than likely you're gonna lose. You're not getting that
money back. Another interesting story about the ins and outs

(38:04):
of Wall Street right now. Remember remember okay it was
the last the last bailout, last bank bail out there
with the First Republic and Silicon Valley Bank. Well, First
Republic got bought out by Morgan Stanley. Okay, actually I'm sorry,

(38:26):
I got brought up by JP Morgan. But some of
these advisors, they were under employment contracts with First Republic
and they said, oh, we're gonna jump ship. We're gonna
jump ship because of all the turmoil that's going on now.
They had employment contracts where they came over to First
Republic and they got a huge check. And this is

(38:48):
how Wall Street operates. This is how the big firms operate.
These brokers and these advisors. They stay there for a
period of time, they collect a massive check, and then
they move on to another firm, basically telling you that
there's no difference between one or the other. They're all
the same damn thing. Do you understand. And they'll say

(39:10):
you all, I'm jumping ship over to this firm because
they're going to provide a few better services, better than this.
It's all bs, it's all about them getting another bonus check.
How about working with somebody that's independent from all of
this crap. Just saying watchdog on Wallstreet dot Com. We'll

(39:31):
be back.

Speaker 4 (39:34):
Why awaken? I you see the politics guys.

Speaker 1 (39:39):
O well noe Alter investment banker, in someumer advocate, analyst,
trader Chris Morkowski is the wash dog Wall Street.

Speaker 2 (39:55):
You want answer.

Speaker 1 (39:57):
Exposing the lines and myths that the brokerage firms, the
mainstream press, and the government are pushing to keep Americans
away from financial freedom.

Speaker 2 (40:07):
You can't handle the truth.

Speaker 1 (40:09):
financial world.

Speaker 3 (40:14):
Ladies and gentlemen. We're not here to indulge in fantasy,

Speaker 1 (40:19):
This is the watchdog Wall Streets.

Speaker 5 (40:23):
We're going to continue here on this show and obviously
my podcast as well, to do our best try to
educate the general public the issues of the day, because
let's be honest here, people, they're just for the most part,
they're getting ignored.

Speaker 2 (40:41):
Many major issues, really important issues, were completely completely ignored
at the debate this past week, and that's by design.
And let's be honest. Quite frankly, both political parties are
whistling past the par of your graveyard when it comes
to many of these issues. I just want to let

(41:02):
you know. I want to let you know that the interest,
the interest that you and I are paying every single
day on our national debt is three billion dollars. Man,
take a deep breath, breathe in, breathe out, breath in,

(41:23):
breathe out. Just just get your arms around that three
billion dollars a day plus is being flushed down the
toilet in essence interest on our national debt. Let's start
talking about some of the reasons why that this is
the case. First and foremost, social Security. There was a

(41:47):
report that came out this past week. I'm saying that
social Security is facing a sixty three trillion dollar hole
unfunded liabilities in Social Security. Again, tried to get your
arms around sixty three trillion dollars, and this is a

(42:08):
conservative estimate, conservative estimate. For years here on the program,
we've tried tried very hard to explain to everybody out
there that Social Security is, has been, and always will
be a Ponzi scheme. And FDR himself knew that FDR

(42:32):
knew knew that around the nineteen sixties they were going
to have to switch over to private counts. They were
going to have to switch over to privately. They hadn't
have a choice. It wasn't going to work. The demographics
were going to change. And quite frankly, that's where we're
at right now. And what do we get that You

(42:56):
can go to both platforms and go to Kamala Harris's
platu form on her website, go to Donald Trump's platform
on their website, and what do they say about social
security and medicare? We're gonna protect it. We're gonna protect
it whenever I whatever I think. And i'd see these
politicians talk about protecting social security, I think of like

(43:18):
those those like beef eater guards from the UK, like
putting guards outside the lock box. Remember al Gore's bulls.
There is no lock box. There's no Harry Potter Gringott
Bank with dragons protecting your Social Security money under the ground. No, no, no.

(43:43):
Your payroll taxes, okay, are a tax. They just call
it a payroll tax, but it's still a tax. It
goes to Washington, DC. And then what happens to it?
Does he get put into an account. Does it collect
any interest? No? No, the money is shipped right out
the door. Money comes in, money goes out. Who else

(44:06):
did that? Oh yeah, well yeah, Bernie made Off did that.
But at least Bernie made off, took some of the
money that he hadn't actually invested it just not well,
and he made up ridiculous levels of return when people
were taken out, all sorts of problems. So we have
money coming in and money going out. That is your

(44:29):
Social Security program right there. It is a Ponzi scheme.
Not to mention. If you want to do it yourself,
don't believe me. Why don't you play around sometime, play
around sometime with a compounding calculator and see what your
check would really be if it actually was your money
was invested just in an ESS and P five hundred

(44:54):
index fun and the number's done here. The max that
one can pay into Social Security years, what about ten thousand,
five hundred bucks. Now, if you do that every year
from age eighteen to retirement, the max you would get
from Social Security. The max is four eight hundred and

(45:15):
seventy three dollars a month. Okay, that's the max you
would get if you would put that at the same time,
if you'd put it into an S and P index
fund instead, you know what you'd be getting a month
thirty two thousand, five hundred. Now I listen, I get it,
I get it. A lot of people we don't teach

(45:36):
financial literacy the way we should hear in this country.
I understand that. But again, think about this. Think about
if politicians didn't take that surplus dollars and spend it
on garbage. What if they actually invest in it. What
would people be getting in checks today. But that's just

(45:57):
one thing. That's just one thing. Another thing that wasn't
brought up at all. Again, they didn't bring up the debt.
They really didn't bring up spending. Let's talk about the
biggest drain that we have. What do you think the
biggest drain we have is on general revenue? Okay, what

(46:17):
I mean by general revenue. Let's let's talk about the
money that is not obligated. Let's let's eliminate Social Security,
let's eliminate Medicare, and let's eliminate interest. The three billion
dollars that we're paying a dat Okay, let's let's take
that away. Where's the money going? Okay, Welfare welfare. Right now,

(46:44):
welfare spending takes up seventy two point six percent of
unobligated general revenue. Seventy two point six percent. It's a
great police this past week by Phil Graham and Jody Arrington.

(47:07):
Since since funding for the War on Poverty kicked in
the gear nineteen sixty seven, welfare payments received by the
average work age household in the bottom quintile bottom in
quintyle of income recipients has risen from seven thousand, three
hundred and fifty two that's the inflation adjusted to sixty

(47:31):
four thousand dollars. Think about that seven hundred and eighty
percent increase, nine point two times the rise in income
earned by the average American household. Try to get your
arms around that. You want to compare in that nineteen

(47:53):
sixty seven, defense spending and again the Vietnam War was
going on, has fallen from sixty eight percent of unobligated
general revenue to thirty seven point two percent. Now, again,
we're spending a ton of money on defense. I get that,
but it's not like we took the money and decided to,
I don't know, send it back to the taxpayer so

(48:14):
they could go build and create that would actually create it,
that would actually build and help economic growth in wages.
All that money is being used to fund welfare payments.
Do you know that we here in the United States, okay,
we redistribute a larger share of our gross domestic product.
Twenty nine point four percent of GDP of this country

(48:39):
is transfers. France is the only country they're at thirty
point one percent that spends more of their GDP on welfare.
And again, the way it's structured now with the means testing,
how it goes about working, is that the people that

(49:01):
are not working with their transfer payments are making as
much money as the people that are working in the
middle class. How is that social justice? How is that right?
How is that fair? It's insanity. But that's where we are.

(49:28):
I've written about this in the past because I lament this,
I really do. And again I don't have any problems
at all with social safety nets and helping people out,
but I'm sorry, welfare and handouts is a drug. It's
a drug. FDR said it was a drug. That's right,

(49:52):
Patron Saint of the Left, nineteen thirty five State of
the Union message FDR of history confirmed by evidence immediately
before me show conclusively that continued dependence on relief induces
a spiritual and moral disintegration fundamentally destructive to the national fiber.

(50:13):
To dole out relief in this way is to administer
a narcotic, A narcotic, a subtle destroyer of the human spirit.
It is inimical to the dictates of sound policy. It
is a violation of the traditions of America f d R.
Good luck. Good luck getting a Republican to say that

(50:36):
today to being honest with the American people. The Cato
Institute put out a study Welfare in the Culture of
Poverty Groundbreak, showing that welfare is both a consequence and
a cause of conditions that each of us would describe

(51:01):
to social pathologies, dependency, poverty, out of wedlock, birth's, non employment, abortion,
violent crime, all conditions that one would feel comfortable being
associated with substance abuse. And my point in my column
fourteen years ago is that the money spent on welfare

(51:24):
and entitlements sort of horrible side effects theoretically made it
our nation's number one most destructive drug problem. This is
what we're doing to the American people now again. Last
week here on the show. We talked about we broke
down taxes, truth about taxes. Where we're at who pays taxes?

(51:47):
And again we're about fifty percent right now, right fifty
percent of the country's not paying anything. And I remembered,
I don't remember exact what year it was, but I
remember the quote, and idn't remember who said it, and
I had to do a bit of a search and
it was Alexander Fraser Tyler. He was a law professor,

(52:12):
he's a writer, and he was in Scotland, Scotland. He
was born in seventeen forty seventy died in eighteen thirteen.
And I remember reading this on the program. I had
to pull it up again. Democracy cannot exist as a
permanent form of government. It can only exist until the

(52:35):
voters discover that they can vote themselves largest from the
public treasury. From that moment on, the majority always votes
for the candidates promising the most benefits from the public treasury,
with the result that a democracy always collapses over loose
fiscal policy, always followed by a leadership. The average age

(53:03):
of the world's greatest civilizations has been two one hundred years.
These nations have progressed through this sequence from bondage to
spiritual faith, from spiritual faith to great courage, from courage
to liberty, from liberty to abundance, from abundance to selfishness,

(53:27):
from selfishness to apathy, from apathy to dependence, from dependence
back into bondage. Now we have pretty good run. We're
two hundred and fifty years here. I for one would

(53:48):
like to prove Professor Tyler wrong wrong, But again that's
gonna involve what work, time and effort. Absolutely, it's gonna
involve each in every one of us here again to
do what's necessary to build, to create, to protect and teach.

(54:11):
And we have to stop harming. It's involve some honesty.
We have to stop harming all of these people by
getting people hooked on welfare for the rest of their lives.
This at the beginning of this program. Each of each
and every human being out there. God has given us
something wonderful on the inside, some talent, some abilities, some

(54:33):
reason for us to be here. Why are we here?
You have a reason? Your reason is not to collect welfare.
We all know this. And the people out there that
continue to push for more and more and more handouts
and more and more giveaways and more of this and
more of that. You think that they're actually doing the

(54:54):
right thing. No, they're getting them addicted to a drug.
At some point in time, We've we've got to get
back and I think it has to do again what
what did what did Alexander say? What do you say here?
From bondage to spiritual faith? We got to go back

(55:14):
to spiritual faith. We gotta get got to get back
to that point in time. We get back to spiritual faith,
we can reset. We're at two hundred and fifty year anniversary.
Let's reset. Let's go back to spiritual faith and see
where we're going to be, see what we're capable of again. Truly,
you want to know what's gonna make America great again?

(55:35):
That will Watchdog on Wall Street dot com. Watchdog on
Wall Street dot com. New listeners, you weren't surprised to
hear this here on a financial program. Now you see,
I don't care. I'm again, I don't I'm honest here here.
You want you want nonsense, You want to you want

(55:56):
metaphors about the economy and whether it's too remmed up
or whether no, no, no, You're not gonna get that. You're
gonna get reality here, okay, want the country to survive,
want the country to move forward, want to make America
great again. That's what we got to revert back to
spiritual faith. Watchdog on Wallstreet dot Com You shall return.

Speaker 1 (56:29):
This is the Watchdog on Wall Street.

Speaker 2 (56:38):
A kind of apropos song for what we're gonna talk
about next. Welcome back, everybody. It is the Watchdog on
Wall Street Show I episode of The Simpsons. Episode of
The SIMPSONSUS early episode where Lisa Simpson is He's doing

(56:59):
a science experiment and she had done this really nice
thing and Bart wrecked it, and she had she had
to come up with something new. And her thing was,
is my pet hamster smarter than my brother? And she
proceeded to do these various different things proving that her
hamster was smarter brother one of them like them. It

(57:21):
was funny. She hooked up a battery to a cupcake
and the hamster went to go bite the cupcake and
realized got zapped. But Bart Bart kept grabbing a cupcake again,
even even though he kept getting zapped again and again again,
he wouldn't stop. Well anyway, anyway, I want to talk
a little bit about Lisa Simpson's hamster and the American

(57:42):
voter first and foremost. Okay, if if you you went
on your Instagram thing. I don't really do Instagram or
anything like that, and you saw that your favorite rock star,
pop star, whatever it may be, is telling you to
vote a certain way, and you listen to that person,

(58:05):
do us all solid and don't vote. I've gone off
on this before. Thank you for not voting. And I'm
here to tell you something. If you are not engaged,
if you are not paying attention, if you don't understand
the issues, you know what, go learn them, Go get

(58:26):
your arms around them. Listen to both sides, look at
both platforms. Read This voting thing is important, and we
we throw it around with Oh, I gotta have greater
access to voting, and we gotta have mail in ballots,
and we gotta do all of this stuff. No, you
want to do You want to do the right thing

(58:47):
by your country. You want to feel good about yourself.
If you don't know, don't vote. I can't stand those
stupid stickers that they hand out out when you go
to vote. They voted. They tried to give me one
every time I said I don't want it. I don't know. Oh,

(59:09):
I voted, I did something great today. No, no, no, no,
those should be reserved for people that are in the No.
I'm just saying. Anyway, understand when they're pulling the wool
over your eyes. One of the funniest things I've seen
this past week. Again, I've got to hand it. I

(59:31):
got to hand it to the Democrats and the Kamala
Harris campaign because they have basically structured Kamala Harris right now.
She's basically cutting taxes by raising them. That's right, cutting
taxes by raising them because she is saying that she's

(59:54):
not going to raise taxes as much as Joe Biden
was going to raise taxes, she is somehow cutting them.
But again, if you're one of those individuals out there,
and I'll be honest, did you fall for this nonsense,
don't vote they do us all. Don't don't, please don't.

(01:00:15):
We'll get into this a little bit further when we
get back Watchdog on Wallstreet dot com. Watchdog on Wallstreet
dot Com again is our site of personal CFO program,
podcast newsletter. We'll be back.

Speaker 1 (01:00:40):
The only man who is taking on the Wall Street establishment.
You're listening to the Watchdog on Wall Street with Chris Markowski.

Speaker 2 (01:00:51):
Anyway, welcome back everybody who's a watchdog on Wall Street Show.
And again I don't, I don't get it. I don't
understand and how you can fall for this be I don't.
Kamala Hare talks about taxing unrealized capital gains. Yet Mark Cuban,

(01:01:12):
one of her surrogates, goes on cnbcaying saying, no, no,
he's not gonna no, that's not gonna happen. But she
said she was gonna do again. You're pulling your hair
out with this stuff. Now again, not to mention the fact,
just raising capital gains to twenty eight percent, that was

(01:01:35):
that was basically absurd. When Hillary Clinton was running for
president against Barack Obama, they took Barack Obama to task
for wanting to raise This was in the Democratic debate.
They took him out. They were going at them, what
do you mean twenty eight percent? And they laid it out.

(01:01:55):
Every single time, every single time you lower capital gains, taxes,
more revenue comes into the treasury. Why would you do that?
The reality is you are you don't know what you're
gonna get, Okay, isn't It's sad? Remember Forrest Gump Live

(01:02:16):
with lack a box charcoalates, never know what you're gonna get,
and interesting that you're voting. You're gonna vote for a
candidate you don't know what you're going to get. You
don't have a clue what she's gonna do, her own campaign,
her own surrogates. They're contradicting each other. It's nut. So anyway,

(01:02:39):
I gotta talk a little bit about this because this
was this was interesting this past week. We got problems
with immigration here in this country, and we're gonna get
into that a little bit later on in the program.
But Europe it's a disaster as well. Now Germany, Germany

(01:02:59):
is doing something right now, which is again shocking, kind
of shows to you how far the pendulum has swung
there in a short period of time for the Shingan Treaty. Countries.
These are the countries, twenty nine of them. You can
go country to country without a passport. You don't need
a passport. I gotta remember way way way back when

(01:03:22):
you know, be on train and remember're's in college and
we're going to Hey, we're going October Fest and we're
taking a train from Italy. We're going up to Munich.
Now you pass over the country. On the border, they
had people come down and check your passports. Don't he
do that now? Well, Germany's bringing that back. They can't
take it anymore when it comes to immigration. And another

(01:03:46):
really interesting piece this past week as you had the
former European Central Bank President Mario Draghi Molto. Mario comes
out and he basically says, we're we're kind of done
right now as a continent. We're done. What do you
mean we're done? He says, we got to spend close

(01:04:06):
to a trillion dollars years about nine hundred, nine hundred
billion euros every single year to revitalize our economy. And
then he also talked about all of the regulations and
all of the issues that Europe has and why they
cannot compete with the United States and China. Now again,

(01:04:30):
I don't think they need to spend not well, there's
no point in them spending, no point in them spending
nine hundred billion dollars a year. It's you know what,
it's the equivalent of It was like a South Park
episode where Cartman thought that if he would just eat
all sorts of like weight gainer and protein without exercising,
he would get jacked and instead he got really, really overweight.

(01:04:55):
What's the point of injecting all of this money into
your economy that is just going to stag if you
can't build and create there. The only thing that the
European Union seems to do right now is go after
American companies because we actually build and create things over here.
They make it too difficult. Yeah, they need to get

(01:05:17):
out of the way, and quite honestly, I wish they would.
They're their own worst enemy now. They're freaking out right
now in Europe volkswagons' we're breaking as these employment contracts.
We can't do it anymore. How Germany, how are you
going to be a manufacturing powerhouse like you used to

(01:05:40):
be when you drove your energy prices through the roof
with all of your green nonsense. Not possible. You can't
do it. It's too expensive to manufacture goods there. They're
gonna go elsewhere. Or if you make it too hard
to get rid of people that they are not good

(01:06:00):
at their job, do you blow up the risk reward model?
And this is what happens when you manage an economy
out of Brussels, or if you manage an economy out
of Washington, DC, or if you manage your an economy
out of Beijing, things go awry. These technocrats, these are

(01:06:25):
whatever you whatever they call them. They can't control it.
Allow people to compete against one allow allow the free
market to work, and you will be successful. Make funny
Europe all the time, it's the most part. In many places,
it's a museum. It is it is a museum. It

(01:06:51):
was interesting, is that Nicholas talibus past who was talking
about retirees and the fact that when you retire, you know,
unfortunately many people, they become museums rather than being dynamic.
Europe's no longer dynamic. I love the place, love going there.
It's it's great again. It's like it's almost like a
you know, Disney World for adults to some degree. But again,

(01:07:15):
that's not good for an economy. You're gonna continue to stagnate.
And we need to learn from this so we don't
make the same mistakes. Watchdog on Wallstreet dot Com Watchdog
on Wallstreet dot Com again. Become a part of the
Watchdog on Wall Street Family, How do you do that?
Our personal CFO program, our podcast, our newsletter, all sorts

(01:07:39):
of great stuff. Watchdog on Wallstreet dot com or give
us a call eight hundred four seven one fifty four.

Speaker 1 (01:08:02):
You should believe in math, not magic. You're listening to
the Watchdog in Wall Street with Chris Markowski.

Speaker 2 (01:08:10):
You know, I'm encouraging people. I'm sure. I'm sure many
lefties are first tuning into this program. They probably changed
the channel and they don't want to hear things that
they don't like. They like stuff that found good. Wow,
rent control Yeah, terrible, Landlord, let's do it doesn't work

(01:08:32):
and it's never worked. And again that's part of the
problem is people don't think things through. Politicians don't think
things through. Yeah, we call the Capital the Grand Cathedral
of Unintended Consequences. Sounds good, Yeah, you might want to
think that through. Here's another absolutely ridiculous, ridiculous, frightening idea

(01:09:00):
by Kamala Harris. Remember of Barack Obama member of the
Healthcare Terper Holter, What if you like your town like town,
you can keep your town. No.

Speaker 1 (01:09:16):
No.

Speaker 2 (01:09:18):
Her Her idea would basically say that her butt her bureaucrats,
the people that work in Washington, d C. At some agency,
She's going to appoint them. Some leftists are going to
be able to come to your town again. If you
don't believe me, look it up. She wants the ability

(01:09:41):
to set zoning rules in Washington, d c. Oh, that's right.
You got your nice little community, you got your nice town,
and you you don't want to have big apartment buildings
and condos. Got that old world type of feel. Okay, no, no, no, no, no, no, no, no,
no all dude, the fairness all due to fairness. Uh,

(01:10:06):
you know what you don't wanted part of that. She's
gonna come in. That's what she wants to do and
be able to change your town's zoning laws. Rent control
as well. Oh yeah, we're gonna cap landlord annual increases
at five percent. We're gonna take on these landlords. Uh huh.
Why don't you take a look what happened in Argentina.

(01:10:28):
The new president A he had, you know, came in
office triple digit inflation, economy, that's failing, shock therapy. He
had eliminated, eliminated government jobs, contracts, subsidies. But one of
the things that he did was he repealed a rent
control law. Could repealed it and guess what happened. More

(01:10:52):
apartments came on the market, prices came down. You want
to destroy a city, you want to you want to
rack a city, start putting in rent control. It's a disaster.
Watchdog on Wallstreet dot Com, Watchdog on Wallstreet dot Com,
a lot more. We gotta go over on the program.
Don't go anywhere, We'll be back.

Speaker 1 (01:11:21):
Chris Markowski is the watchdog of bringing America financial freedom.

(01:11:44):
One listener at a time, you're listening to the Watchdog
on Wall Street with Chris Markowski.

Speaker 2 (01:11:54):
What I It was a compliment that this past week, UH,
new listeners to the program and they're like, Chris, I
don't know how you do it? How do you continue
to grow this show you've been on all these years.
You tick everybody off. You took both sides of the
aisle off. Yeah, I do, Yeah, I do again. We

(01:12:15):
are independent thinkers here on the program. I don't I
don't take my marching orders from an elephant, a donkey,
a program director, a network boss. I don't care. I
don't care. Again. I'd rather be off the air. I

(01:12:35):
rather they throw me off there. It was funny. I
was doing a guest appearance on a radio program this
past week, and while I was waiting to go on
this conservative radio station. They had one of the national
conservative hosts talking about he buys all his gold all
those gold coins here, this brant and I remember, I
don't know what the topic was at the time. I

(01:12:56):
made fun. I made fun of the commercial, made fun
of the commercial. Uh on air, I'm saying, what you
mean to tell me, you think that this guy's buying
gold coins and you know, filling up his portfolio with
this stuff. No way, it's a racket. But anyway, not
neither here nor there. Okay, here is a dumb, dumb,

(01:13:17):
dumb idea by both the Trump and Harris campaign. Why
in the world, Why in the world are you telling
Japan Nippon Steele, why why why are you telling them
that their money is no good here? Do you do
understand how dumb that is? You want other countries, especially

(01:13:44):
allied countries, to invest in this country. That's not a
bad thing. That's a good thing. And cot the b
s I mean, are people you really that's stupid to
think it's a national six security concern that Japan upgrades

(01:14:05):
upgrades steel plants here in the United States are not
moving them overseas anyway? Anyway? Intel, yeah, Intel is looking
to I don't do something, break up the company. Again,
I like to like to thank Joe Biden for taking

(01:14:25):
my tax dollars and giving it to Intel, a private concern.
And again you take a look at Intel's stock price dropped. Hey,
I don't even we don't even know what stock in
the company. He just took our money and gave it
to them. Here you go, here you go, here's taxpayer cash.
This has to stop again, both Democrats and Republicans do

(01:14:50):
the same bs because that's what it is. Your tax
dollars should not be given to a private company, public
private partnerships. No, it shouldn't be. You want to invest
in Intel, you invest in Intel. Good luck with that.
It's not up to the government to be doing any

(01:15:12):
of this nonsense. Anyway. This is interesting, it's kind of
a business thing. People are talking again. Obviously European Union
going after American tech companies and every which way possible.
But we've watched and I've made fun of here on
the program Lina Khan after FTC flailing around all over

(01:15:34):
the place looking to break up everything and anything. Now
I get it. If there is a true monopoly that's
out there that hurts the consumer, Yeah, yeah, I think
that that's a pretty good standard. For example, I'd have
no problem if Lena con said, you know what, maybe

(01:15:54):
we should break up these big banks. That should have
happened a long time ago. Okay, we allow these big
financial conglomerates to come together. They were Peel Glass Steegel,
huge problem. Told you that was coming. We allowed for
these massive financial supermarkets, and now we've got too big
to fail and we've had to bail it out already

(01:16:14):
one time. That should have never happened. They would have happened,
would have never happened if they didn't allow for commercial
banks and investment banks to get together. Anyway, most companies,
as they get bigger, if they are smart, what they

(01:16:35):
should do is divest, divest of certain areas of their business.
It starts doing well, spin them off. Andy Kessel had
a really interesting piece about Google and how the government
shouldn't be forcing any breakups of these companies, but Google
should start breaking it up on its own, start selling

(01:16:58):
off certain aspects of the company, taking that money, and
then having a more of a start up culture. I
was talking about this all the time. If you're not growing,
you're dying. And sometimes again, companies can become unwieldy, impossible
to manage. You think about IBM. There was a time

(01:17:23):
with the government that wanted it, but they were actually
thinking about breaking up IBM in nineteen eighty two. But
guess what the market because IBM didn't divest of certain
assets crushed IBM. Well, well, IBM, what twenty two consecutive
quarters of down sales? So it's the same place it

(01:17:45):
was in two thoy and thirteen. Again, this has to
happen naturally. You don't need the wizards of smart to
go out and do that. This I want to talk
about as well. Again, here's the government failing and took
forty two billion dollars in his magical broadband program. Yeah,
it's gonna hook up rural America. Forty two billion dollars.

(01:18:09):
How many people have been hooked up? How many? Nothing? Nothing,
It is not connected. Forty two billion dollars allocated, Not
one person hooked up with that money. Think about that.
Think about what Elon Musk has been able to do
with a hell of a lot less with Starlink. That's

(01:18:33):
all all you needed to do is just to get
out of the way. Instead, you take our money and
you flush it down the toilet. When they start proposing
these pie in the sky ideas, people laugh at them,
laugh at them, and most retainly don't vote for Watchdog

(01:18:55):
on wallstreet dot com. Watchdog on wallstreet dot com again
our site, personal CFO program, podcast, newsletter, you name it,
Watchdog on wallstreet dot Com. We'll be back.

Speaker 1 (01:19:07):
You're listening to the Watchdog on Wall Street. Well, no
one authored investment banker, consumer advocate, analyst, trainer Chris Markowski

(01:19:32):
is the watchdog on 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.

Speaker 2 (01:19:46):
You can't handle the truth.

Speaker 1 (01:19:49):
financial world.

Speaker 3 (01:19:53):
Ladies and gentlemen, We're not here to indulge in fantasy,

Speaker 1 (01:19:58):
This is the watchdog.

Speaker 2 (01:20:00):
Must alrighty d JD the Trumpster and the terrible horrible,
no good, very bad debate DJT terrible, horrible, no good,
very bad debate Again. I tick everybody off. Oh yeah again.

(01:20:23):
I wish I wish people would put down there, pledge
their allegiance to way, a party, a team, a single politician,
and I wish we had more critical thinkers out there.
Donald Trump, they didn't do well at all, didn't do

(01:20:44):
well at all. As far as the debate is concerned,
I just listen to what I have to say before
we start yelling at the radio, okay, because I gotta
get to my point at the end. That doesn't really
even matter. My My thing is is why even have debates.
I love real debates. The Reason magazine that puts out

(01:21:06):
a it's called a Soho form where again get a topic,
two different sides, where they actually have a debate facts issues.
The job isn't that. You're not there to get a
zinger in. You're not there to tear down personally your opponent.
You're debating how you go about tackling an issue, for example,

(01:21:29):
how to go about handling a problem, whether this way
is the right way or that way is the right way. Now,
that would be great, That would you know, be fantastic.
As far as being you know, informative was concerned, I
wish debates were held that way. But again that's not
how our country is right now. We'd rather turn it

(01:21:50):
into some childish bit of nonsense. Now Donald Trump. Donald
Trump took the bait again. I don't understand it. I
don't know. That reminded me of I came with the
idea of this past week. I did a podcast on
this as well. There was that great Jim Carrey movie.

(01:22:11):
It's a Farley Brothers movie. Me myself and Irene and
Jim Carrey played this Rhode Island State police officer. Was
a really sweet guy, nice guy, but everyone took advantage
of him all the time, and you know, kind of
talk behind his back, and eventually he just snapped. When

(01:22:33):
something happened, he would stap it. He turned to this
alter ego, Hank, that's like Trump. If you say certain
things to him, it's like he just goes off the rails.
And I watched it, I know about fifteen twenty minutes
into debate, where Kamala Harris was like started talking about

(01:22:54):
his rallies and he flipped out, why would you even
entertain that? Why wouldn't you just laugh at that nonsense?
But you took debate anyway. I started watching it and
Kamala Harris got the first question and it was a

(01:23:14):
very good question. It should have been Donald Trump. It
should have been like Tyson back in the day where
the fight last maybe maybe forty five seconds, a minute
and a half into the first round. Tyson would knock
somebody out. Trump could have knocked her out in the
first round with that question. He didn't, And I don't

(01:23:35):
know why. I don't know why he is. He's terrible
at debates. I'm just telling you right now, up the
pooch't just beat Biden. No, he didn't beat Biden. Biden
beat Biden. Okay, could I could barely even speak in

(01:23:58):
that thing for crying out? Anybody could have gone up
that I got a six year old could have beaten
Biden in that debate for crying out loud. He's not
good at it, He's not. He gets upset, doesn't keep
his cool. But again, it's not even a debate. We've
redefined the world. This is not what a debate is.
This is what they've turned into. Is like rapper battles

(01:24:21):
from like the nineteen nineties when Eminem battling a rap
with somebody else for crying out loud. Okay, I don't
want to hear this as well. This is the other
one too. All the conservatives, I'm sorry, how do you
conservative pundits out there. When when when? When? When about
the moderators? Okay, you knew what you were going to get.

(01:24:46):
Let me tell you some when I when I coach,
When I coach, and if I ever hear my players
ever complaining about the referees and we lost because of
the referees, I get, I go, I go ballistic on this.
And this is kend I coached lacrosse and there's a
big rivalry in lacrosse between you know, Long Island and Maryland.

(01:25:10):
And when our club teams would go down and play
at Maryland, we knew we were not getting any calls.
We knew we weren't going to get anything. In practice,
my practice is I went when I was officiating games
on purpose, on purpose, I would make bad call after
bad call to try to rattle the kids. How are

(01:25:31):
you going to go about handling it? You knew what
you were going to get. ABC had one hundred percent
positive coverage of Kamala Harris for crying out loud. You
could have laughed at it, You could have you could
have given some zingers back at the moderators. You know,
in fact check goes two ways. Guys, just saying and

(01:25:53):
just smile and move on. But again, stop making it
excuses for not being prepared, because Harris's record speaks for itself.
It speaks for itself. If you want to counter a point.

(01:26:15):
For example, Yeah, talks about arm people and Trump's Trump's
administration are not voting for him, and he fired certain people.
Trump could have just responded and I actually got this.
My son was blown away. The senior in college, he's watches.
He sends me a text. I don't understand. All you
need to say is ninety percent of your staff have

(01:26:38):
quit when you were senator, when you were a prosecutor,
and when you were a vice president. That's it, case closed,
move on. That's all you need to say. How are
you not prepared for this? Listen again, I mistaken. I
was wishing. I was hoping, hoping that you know, he

(01:27:01):
would come out and you know, give a more positive
vision for the country moving forward. We know we talk
about the problems. Problems are out there all the time,
but it's also about you know, letting people know that
guess what we got this? Okay, we got this. Yeah. Again,

(01:27:22):
as a coach, I'm gonna go out. We're losing by
five goals at at halftime, Am I gonna go into
the locker room and I'm like, am I going to
address what's wrong? We address how we're gonna fix this.
But you know what, we got this no problem. Okay,
we're gonna win this game. We're just gonna do this
simple smile. Let's go get him. No, he's not that,

(01:27:47):
he's not capable of doing it. And then you know, again,
you know, I get it with many of the things
that he says. He's gonna get checked because he does
have talked about this before. He's got that. You know,
I got caught a fish, this big problem. He goes
on Fox News the next day. Ah n of the

(01:28:09):
people said it that I wanted debate. No they didn't. No,
they didn't. You know, stop doing that. Stop doing that.
When you have when you have reality, when you have
the facts on your side, you just might want to
utilize them. You don't need to en handsome. You know,
you don't need the sugarcoat reality. Okay, don't have to

(01:28:32):
do it, So don't. And I you know what does
this mean? Okay, the DJT and the terrible, horrible, no good,
very bad debate Kamala Harris won. Sorry, Maga people, she won.
What did she win? What did she win? What does
she get for winning the debate? Nothing? Nothing? She didn't

(01:28:56):
win on policy, policy, anything. Forward. See, we're starting to
again this. I'm kind of optimistic, optimistic, kind of moving
forward little by little because people are gravitating away from
the mainstream media. They are. Yeah, Megan Kelly's podcast is
blowing away all the networks as far as you know,

(01:29:19):
people that are tuning in, Joe Rogan, many others out there,
and we continue to grow this show. We continue to grow.
Our podcast is growing like gangbusters. Maybe just maybe people
are starting to question everything, which is a great place
to be in. Not everybody. You're gonna get a lot
of mind numb fools out there. I know, I know

(01:29:39):
you got a lot of mind numb idiots out there.
Who's Kim Kardashian foot flu Yeah we got those, we
got those. But other people are starting to look at
things and say, wait a second, these people were lying
to us a long time. Maybe maybe I should look
into this, Maybe I should look into this policy. And
it was interesting, it's interesting as you took a look,

(01:30:01):
take a look, take a look at you know, the
polls post debate as far as independence and undecideds are concerned.
Didn't move an eel, didn't move the neel. Yeah, most certainly,
most certainly. You know, Maga pissed off about the demoderators

(01:30:21):
and what took place at that just helped him. I'm
sure Kamala Harris solidified her base, but it's not about
that at this point. It's about adding people, right. Neither
side is going to win with just their base. It's
the people that you have to attract and bring over,
and quite frankly, the debates don't do that. And even

(01:30:43):
though Kamala Harris won, he didn't bring anybody over. So
I guess we're going to see what's going to happen
with these undecided moving forward. I got to talk talk
a little bit again. I saw this this past week,
and again, this is part of the problem that we

(01:31:04):
have here with this country. I basically explained it this way.
I thought about the van Halen song Everybody Wants Some,
great Van Halen song. They actually used it in the
movie Better Off Dead. Everybody Wants Some And they did
this little survey on campaign proposals that Americans like best.

(01:31:28):
And it's it's telling. It's telling both sides, both sides
seventy five percent Republicans, ninety six percent Democrats. Cap insulin
prices at thirty five dollars. Again, he wants something. Eliminate
taxes on Social Security income seventy six percent of Democrats.
Eighty nine percent of Republicans want that. Eliminate taxes on

(01:31:50):
tips for service workers. Seventy six democratic want it, eighty
five percent Republican cap out of pockets spending on prescription
drugs ninety five percent Democrats, sixty percent Republicans. Penalized companies
that engage in price gouging on food and groceries ninety
three percent Democrats, fifty seven percent Republicans. Again, it's it's

(01:32:12):
frustrating to me that that so called conservatives Republicans, they
actually believe that that takes place. Here we go both
sides eighty five percent Democrats, fifty percent Republicans. Hand out
money tax credit six thousand bucks to families with newborns.
Here's one where there's a bit of a divergence. Twenty

(01:32:35):
percent of Democrats want to keep the Trump tax cuts,
eighty one percent of Republicans. Another handout here, twenty percent
of Republicans think it's a good idea. To give people
twenty five thousand dollars toward a down payment on the house.
Eighty percent of Democrats think so again, I go down
the list. But you know what's what's I don't like

(01:32:59):
about this. It's upsetting to me, quite frankly, is that
it's not what we're supposed to be people. What we
should be asking of our government, obviously, is to protect
our borders, to keep the country safe, to do the
things that the federal government can only do, but to

(01:33:19):
get out of our way. To let let us build
and create, Let the free market work. If states want
to try out certain thing, let that be at the
state level. The shrink government. Stop looking to Washington to
solve your problems and give you stuff. Watchtock on Wallstreet

(01:33:44):
dot com. Watchtock on Wallstreet dot com is our site.
Take advantage of all the great stuff we have again
our personal CFO program. You learn how to navigate financial storms, corrections, volatility,
avoid risk. You discerned a difference between conventional wisdom of
the day and the reality the train all sorts of podcasts,

(01:34:07):
count repair my columns. Watchdog on Wallstreet dot com or
give us a call eight hundred four seven one fifty
nine eighty.

Speaker 1 (01:34:14):
Four, Taking Wall Streets, Liars, crooks, and sheets out behind

(01:34:35):
the woodshed. You're listening to the watchdog on Wall Street.

Speaker 2 (01:34:40):
Yeah, I got a kudos to represent Thomas Massey from
Kentucky taking Washington both parties out to the woodshed this
past week about the stupid trade that we're engaging in
with the government spending bill. You got one job, We
got one job to do it. Bill Parcells, do your job. Job. Congress,

(01:35:00):
your job is to pass appropriations bills. They can't do that,
and they never do, they never do. And what we
end up with is we end up with a continuing
resolution and then we end up with an omnibus spending bill,
and both Democrats and Republicans, both Democrats and Republicans get
all of the spending. Republicans get stuff for defense and
stuff back to the district's pork nonsense. Democrats get welfare spent,

(01:35:23):
sending money back to their district pork nonsense, and rinse
and repeat, and it's a joke. It's an absolute joke.
And this is their job, this is their job. And
you know what they're also doing as well, they're attaching
the Save Act. You know, Trump doesn't want them to
pass this because wants the Save Act attached. Don't allow
a legal immigrants to vote now. Again, Democrats are not
going to pass that, So all they're looking to do

(01:35:45):
is just to get Democrats to vote on it so
they can use it as a political toy. It's a bright,
shiny object. Again, I don't think the legals should vote either.
You know, it's amazing. Again, the entire quote end quote,
debate talk about the debt, we talk about spending. Since
we didn't, I'm gonna leave it to Saturday Night Live.

(01:36:06):
This is an oldie, but goodie to explain to both
Kamala Trump, Republicans and Democrats what you need to do.

Speaker 4 (01:36:15):
I just can't get these numbers to add up.

Speaker 2 (01:36:17):
Like we're never going to get out of this hole.

Speaker 4 (01:36:19):
Credit card debt? Does it ever end?

Speaker 2 (01:36:22):
Maybe I can help. We sure could use it.

Speaker 4 (01:36:25):
We've tried debt consolidation companies. We've even taken out loans
to help make payments.

Speaker 2 (01:36:31):
Well, you're not the only ones. Did you know? Millions
of Americans live with debt they cannot control. That's why
I developed this unique new program from managing your debt.
It's called Don't Buy stuff you cannot afford.

Speaker 4 (01:36:47):
Let me see that if you don't have any money,
you should not buy anything.

Speaker 1 (01:36:54):
Sounds interesting, sounds confusing?

Speaker 4 (01:36:57):
I don't know, honey, this makes a lot of sense.
There's a whole set here on how to buy expensive
things using money you saved. Give me that, and where
would you get this saved money?

Speaker 2 (01:37:10):
I tell you where and how in chapter three.

Speaker 4 (01:37:13):
Okay, what if I want something but I don't have
any money, you don't buy it.

Speaker 2 (01:37:18):
Well, let's say I don't have enough money to buy something.
Should I buy it anyway?

Speaker 1 (01:37:23):
No?

Speaker 2 (01:37:26):
Now I'm really confused. It's a little confusing at first.

Speaker 4 (01:37:30):
Well, what if you have the money, can you buy something?

Speaker 1 (01:37:33):
Yes?

Speaker 4 (01:37:34):
Now take the money away, same story.

Speaker 2 (01:37:37):
Nope, you shouldn't buy stuff when you don't have the money.
I think I got I buy something I want and
then hope that I can pay for right. No, you
make sure you have money, then you buy it. Oh,
then you buy it. But shouldn't you buy it before
you have the money?

Speaker 3 (01:37:57):
No?

Speaker 2 (01:37:58):
Why not? It's in the book.

Speaker 1 (01:38:01):
It's only one page log, the advice is priceless, and
the book is free.

Speaker 2 (01:38:06):
Well, yeah, we can put it on our credit card,
So get out of debt now right for your free
copy of Don't Buy Stuff You kind of there you go?
Yeah again? Is it that hard? No, it's not. Whoa,
it's so difficult. We can't do it. They don't want

(01:38:28):
to do it. They're not held accountably. Help feet to
the fire. How many times are about debt ceilings. There's
no such thing as a debt ceiling. If there was,
we would have hit it already. But we hit it,
didn't go right through it, so it's not a ceiling.
It's a misnomer.

Speaker 6 (01:38:48):
Every single year we go through this and both sides
cave and we're told, oh my god, the car's gonna fall,
the world is gonna and government shut down or Republicans
are gonna lose if there is a government shutdown, shut
it down.

Speaker 2 (01:39:07):
Oh, just essential services. That's all that there should be,
is he said? You know what, we at Markowski Investments,
we run a very tight ship here. We only run
essential services all the time. We don't waste money on nonsense.
Shut it down, get spending under control. But they won't.

(01:39:34):
They won't. We'll just print more, right, We'll just go
to our friendly neighborhood federals there, we'll just print more
money and continue to devalue the currency. Watchdog on Wallstreet
dot com, Watchdog on Wallstreet dot com. Don't go anywhere,
We'll be back.

Speaker 3 (01:39:57):
This.

Speaker 1 (01:39:57):
Markowski is the Watchdog on Wall Street. You should believe

(01:40:21):
in math, not magic. You're listening to the Watchdog on
Wall Street with Chris Markowski.

Speaker 2 (01:40:27):
Look about, kiddos. It is the Watchdog on Wall Street show. Again,
take advantage of everything we have to offer here at
the Watchdog on Wall Street Show. Markowski Investments or personal
CFO program, podcast newsletter. Do a solid with the podcast
as well. When you know subscribe, you know, I don't care.
I don't care if you don't like it. Give it
a rating either way, you want to write something up

(01:40:49):
on it. It's all good. It helps us with the algorithms.
You gotta get the alla. We want to continue to
get the message out. We got to master these crazy algorithms.
So you can sign up for that. All sorts of
great stuff at the website at Watchdog on Wall Street
dot com. Okay, I want to talk about another dumb

(01:41:10):
the dumb dumb, dumb dumb idea from both sides. Sovereign
Wealth Fund. Both Harris and Trump were talking about a
sovereign wealth fund. When most of the country they hear
sovereign wealth fund. That found nice Wow, sovereign wealth fund

(01:41:33):
money three nice words, ah boy. When we we help
people around the country, obviously all walks of life, people
get started when it comes to their finances. Oftentimes people
come in and they their finances are in disarray. Not

(01:41:53):
that they haven't been saving properly, they've been spending improperly,
and they've got tens of thousands of dollars in credit
card debt. Now I can't I'm gonna go building portfolios
for people until they get that down because guess what
they're paying twenty five thirty percent on credit card debt.
You might want to whack that down before you start

(01:42:13):
actually investing. Okay, Now we are paying three billion dollars
a day, three billion dollars a day in interest on
our debt. And these guys want to start a sovereign
wealth fund with what money? Where is the money going
to come from? And it could be me, call me crazy,

(01:42:35):
thirty five trillion dollars in debt. Wouldn't it be maybe
a little bit more prudent, wouldn't be a little bit
smarter to I don't know, balance the budget and start
paying that down. Listen. Sovereign wealth funds are fine, fine,
if you can afford them. We can't. We can't afford

(01:42:58):
them because we continue to spend, spend, and spend beyond
our means. Listen, I wish a long time ago, when
Social Security was running surplus, they had taken those surplus
dollars and invested it. And you have to invest it
in a hole of market funds s and P five
hundred fund and that's it, because the politics in this

(01:43:18):
country is a disaster. You have a sovereign wealth fund.
You got all this money, these billions of dollars in
this fund, and all of a sudden you get a
crop of characters like the Biden administration coming in there
and tell oh, we got to invest in socially conscious
stuff and ESG and DEI and they blow all the money.
Can't do that, there's too much politics involvement. Lot's like

(01:43:41):
when the government takes our tax dollars and gives them away,
gives them the way to companies that they like at
that point in time. So you'd have to find out
a way to make it work. But first you can't
put the cart before the horse got to balance a budget,
You got to pay down the debt before you could
tackle anything like a sovereign wealth fund. Anyway, I'm gonna

(01:44:02):
talk about this, uh Venezuela. Uh ven is weel in
gangs here, there and everywhere, And it's going into memes
and stories and apartment buildings being ripped off. Let me
give you the skinny here. Okay, you know it's kind
of fascinating too. Everybody's very concerned about whether or not

(01:44:26):
somebody is eating fluffy or spot uh you know, in
somewhere in Springfield, Ohio. But I don't know. It could
be mean, call me christ actually killing people and taking
over apartment buildings. That might be a bigger problem. Anyway,
this came out. This is a leaked US Army document

(01:44:49):
saying that these Venezuela and gangs are. Yeah, they're everywhere
now here, there, and everywhere. Now, why would these venezuel
and gang come to the United States. Well, that's where
the money is. That's where the money is, So that's
why they're coming here. This is this they're calling this gang.

(01:45:15):
Remember was MS thirteen was the big thing? They say,
this is MS thirteen on Royd's That's how big of
a deal. This is now in South America. South America,
they've got their little Don Finucci racket going on down there.
Remember Don Finucci from Godfather to going around shaking down businesses.

(01:45:35):
Protection racket. Got to pay your little viig Well, here
in the United States, mostly in New York, they just
go into stores and just steal stuff. It's much more
cost of much better business they've got going on here
in New York. So they just walk in, steal seven
eight thousand dollars worth of stuff and just start selling

(01:45:56):
it on the street. Why not. But anyway, Yeah, they're
getting arrested. Yeah, there's seventy five percent of the arrests
in Midtown Manhattan are migrants. Migrants, but we have this
catch and release policy, so we're just going to go ahead.
We're just going to go ahead and let them go.

(01:46:18):
And you report on this stuff. You've voted for it, people,
you've voted for it. We see what's happening around the country.
You've allowed this to take place, Sanctuary city, sanctuary states,

(01:46:38):
blowing all of these people to come into this country
when we can't handle it. And listen, I'm all for
legal immigration. Legal immigration is fine. Assimilating people into our society.
What we've got right now is anarchy is what we've got.
And it was another big part of the debate as well.
Come on, I asked, well, Trump and here's republic and

(01:47:00):
cronies rejected a bipartisan compromise and the Senate where we
would have added I forget you said how many thousands
of border agents? At My response to her would have
been simple, you know what, why don't we Why don't
we add a million border agents? What's the point you
can add a million, add two million, What difference does

(01:47:21):
it make. You're just gonna you just catch people and
you let them into the country and you give them
a court date ten years down the road. That's that's
solving the problem. Is that what you're telling me, sird
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com
is our site again. Become a part of the Watchdog

(01:47:44):
on Wall Street family. Take advantage Watchdog on Wall Street
dot com, or give us a call eight hundred four
seven one fifty nine eighty four.

Speaker 1 (01:48:09):
Bringing America financial freedom one listener at a time. You're
listening to the Watchdog on Wall Street with Chris Markowski.

Speaker 2 (01:48:20):
Yeah, I'm going, uh, concern of ours here at the
Watchdog on Wall Street, h O, and something that we've
talked about for years and years and years state of
education here in the United States, which is just an
absolute disaster. One of the problems is that, unfortunately, I'm
I guess these teachers that we hire, sorry, sorry, you

(01:48:40):
know who you are, a lot of them are just
not that bright. Let me to explain you why they're
not that bright is because they continue to vote the
way that the union tells them to vote and follow
all these union dictats. For what, I'm curious here because
I've got numbers for you there. Okay, school funding, public

(01:49:05):
school funding per student. Okay, this is public school inflation
adjusted public school funding per student reversus the average teachers
salary since nineteen seventy. We're spending one hundred and fifty
two percent more per student since nineteen seventy, and the

(01:49:27):
outcomes were much better in nineteen sevent they were today,
and we're spending eight percent more, eight percent more on
teacher salaries. How those unions working out for you guys there? Anyway,
Biden and Harris continue to have their push to cut
funding for the charter school program, which again the federal

(01:49:52):
program has done a great job in helping kids out.
Seventy seven percent of parents, including eighty percent of black
seventy one percent of Hispanics, had a favorable view of
charter schools. You cannot say that charter schools don't work,
given all of the research that is out there, in

(01:50:14):
the decades of research that shows otherwise. Researchers at Stanford
University assess the performance of sixty two hundred charter schools
and twenty nine states between twenty fourteen twenty nineteen, found
that charter school students, on average, outperform their peers in
traditional public schools. Why their parents care. Their parents care.

(01:50:34):
They want to get them into these better schools. That's
why you know FTC they hate monopolies. You know what
the biggest monopoly of them all is public school Education.
Department of Education started by Jimmy Carter. What a stupid idea.
Watchdog on Wallstreet dot com. Watchdog on Wallstreet dot com.
We'll be backs refleted the stellars that time guitar itself.

Speaker 1 (01:51:00):
You're listening to the Watchdog on Wall Street teaking Wall Streets, liars,

(01:51:21):
crooks and cheets out behind the woodshed. You're listening to
the watchdog on Wall Street.

Speaker 2 (01:51:30):
You know these guys, Well, they're they're they're set up.
They're obviously set up. The SEC chairman, Gary Gensler, And
we've been going after him for some time for absolutely
ridiculous ideas. And I'm gonna be honest with you, every
single time I discussed it. Am I looking over my shoulder?
Am I a little bit nervous? Yeah? Security is an

(01:51:51):
exchange Commission is my regulator. And yeah, they could come
up and they could wreck havoc here and drive me
crazy and just you know, send a zillion agents over
here making sure that all of our paper clips are
lined up properly. That's how they operate. But Gary Gensler again,

(01:52:11):
he's got a couple months left. All of his ridiculous,
his idiotic, but I'm calling it his idiotic. Did he
do it or was he told to do it? Again?
All of his ESG and public disclosure crap is going away. Yeah,
the whole ESG thing, the whole love affair at ESGDI

(01:52:35):
is going away. Some of the things that he was
asking for board diversity disclosures, having to show you know,
whether or not you're going to be carbon neutral. All
of this garbage, these disclosures that you're going to force
Corporate America to disclose, why it makes some sense and

(01:53:02):
it calls again, this is inflationary too. We always talk
about inflation as a monetary issue. There's other forms of
inflation also. There's regulatory inflation. When you force companies to
spend insane amounts of money on ridiculous regulations, they're just
going to pass those costs on down to their customers,

(01:53:25):
not to mention the fact those same regulations they can
be quite a burden if you are a new company,
if you're a startup, and you have to follow this
and you've got to spend that type of money, which
then causes what it's a form of what we call
regulatory capture, where big businesses, through regulation, entrench their power.

(01:53:51):
The regulations actually make them more powerful because any upstart
or any new company can't afford them anyway. You couldn't
make this one up if you wanted to. Now, when
some of he thinks of what the NYPD commissioner, police commissioner,

(01:54:16):
you're thinking, who who's the first New York, New York
Police commissioner was Teddy Roosevelt people have the televisionhow Tom Selleck,
Tom Selek from Blue Blood's we actually had here in
the City of New York agents, federal agents raiding the
home of the NYPD commissioner and all of these other

(01:54:40):
top allies of the mayor Eric Adams. You can't make
this stuff up, how corrupt this is. But again, oh,
sure made it into some of the local papers, a
little bit in the New York Times, not that much obviously,
the New York Post, they did, well, anything happened. Now again,

(01:55:04):
the feeling that many of these public officials are just like,
do it, we get caught, We get caught, Okay, no
big deal. We'll end up getting off and we'll end
up in some sort of cushy position elsewhere. Nuts anyway, Oh,
how about this one. Okay, we've talked about this before
here on the program. All of the COVID money, all

(01:55:28):
that COVID is. Do you know how to billions and
billions and billions of COVID dollars that are still floating
around out there that haven't been spent. It was a
funny story. If you're looking for a family friendly escape
from the heat this summer, you should have checked out
the new Aquatic Center and DANVILLINOI, Well, the central Illinois
town might not ring a bell. What should catch your

(01:55:48):
attention is that you help pay for Danville's splashy venture
thanks to a cool thirteen million dollar injection from the
American Rescue Plan Act of twenty twenty one. Yeah, so again,
your money that Biden took and had for COVID relief
was taken and then spent. The people in Danville bought

(01:56:11):
water slide with it. Well, what does that have to
do with COVID? Now over three one hundred and fifty
billion dollars just splashed splashed around the country to various

(01:56:32):
different constituencies. So what does that do? So it goes
out there and then these politicians in these communities start saying, Hey,
why don't you donate to my campaign? Why don't you
support the donkey, Why don't you support the elephant? This case,
it would be the donkey was handed out by Biden,
and then we'll give you a contract to build a

(01:56:53):
water slide or something else. Again, we are spending three
billion dollars a day in interest on our national debt.
We're thirty five trillion dollars in debt and this is
somehow acceptable anyway, not good here, the bad news continues

(01:57:16):
to pile ups. Fascinating to me, it really is fascinating. California, Illinois,
New York their most upwardly mobile. I call them kids millennials. Well,
on that note, gen d the millennials are a little
bit older. Now, Okay, they're most upwardly mobile. Millennials are

(01:57:39):
getting out of dodge. They're leaving California, they're leaving Illinois,
They're leaving New York, high tax state, brain drain. Where
are they're going? Where do you think? But first, it's
not just them. Michigan, Delaware, Minnesota, Missouri. The biggest gains
of these kids Texas states with no income tax. They

(01:58:04):
attracted more than twice as many households as any other state. Again,
that's the way this country is supposed to work. Okay,
States are supposed to do things every way. You go
to the state that's doing it the right way. Watchdog
on Wallstreet dot Com. Watchdog on Wallstreet dot Com is

(01:58:25):
our site. Again, take advantage of everything we have Watchdog
on Wallstreet dot Com or personal CFO program, you name it.
God bless and we'll see you next week.

Speaker 1 (01:58:37):
Chris Markowski is the watchdog of Wall streets.

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Watchdog on Wall Street: Podcast for Weekend of September 14 - September 15 2024

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Watchdog on Wall Street: Podcast for Weekend of September 14 - September 15 2024