Watchdog on Wall Street: Podcast for Weekend of January 18 - January 19 2025 - Watchdog on Wall Street with Chris Markowski

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:07):
Well, no one altered. Investment banker, consumer advocate, analyst, trainer.
Chris Markowski is the watch dog on the Wall Street.
Do you want to answer exposing the lines 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 (00:39):
This is the watchdog on Wall Streets.

Speaker 4 (00:44):
Welcome, everyone, Welcome. It is the one, the only watchdog
on Wall Street. Show. Quite the week that we had,
and we're going to try to get through as much
as we possibly can. I do want to address something
for a second, questions when you know, I try to
email everybody back when I get questions as best I

(01:05):
possibly can, but that's you know, next to impossible, and
oftentimes here if I get a similar question, I bring
it up here on the program because I mean, many
people are probably thinking the same thing. And this actually
has to do with my podcasts. And you know, if
you're not familiar, we're top twenty now in business and
finance podcast. But it's not just that, and again it's

(01:27):
not a long form podcasts, not like the Joe Rogan Show.
Every day, I'll do four or five six topics, various
different things, basically sim what do we do here in
the program? Dispelling various different narratives. The question that I
get from people is, you know, sometimes something will be happening,
something will be major, a big story in the news

(01:50):
that day, and they're like, Chris, you waited a day
or two to actually talk about that or discuss that.
How come you don't do it right away? Wouldn't it
be better if you did it right then and there,
get to the microphone, put out a podcast, hashtags, all
that stuff. Yeah, it would probably be much better as
far as hits are concerned, as far as coverage is concerned,

(02:15):
Would the actual podcast and information be better? No. I
take pride in what that's great, pride in what we
do here. Like my dad told me, don't do anything
half ass. I don't do anything half ass. And we
see this all the time. You get pundits, newspeople at

(02:35):
your job. They rush, they got to get the news.
Who's got to be first? How about not being first?
How about being right, how about being able to put
things into perspective. And what happens is is the news
media will create a narrative, a direction, and I all
run with that and they don't look back and see

(02:55):
where they were wrong. So yeah, oftentimes when there's a
story or something that's occurring, a breaking news, we will
break it down the next day, the day after I've
been able to actually do homework. And that's again something
that the anchors on TV do not do. They read
off the teleprompter. Anyway, Anyway, there's another thing as well. Listen,

(03:20):
whether's a give you a quote from Saint Francis to Sales.
I have made a pact with my tongue not to
speak when my heart is disturbed. The times you're getting
news and information that can be quite disturbing at first,
and it might be better to take a step back,

(03:40):
put things into perspective, and then report on them. And
that's what we do. Anyway. With that being said, we
are going to start off talking about stupid. Yeah, I
know I can give the old Forrest Gump. Stupid is
as stupid does. I use that word often here on

(04:01):
the program. And again, we live in a day and
age when you know, certain words can take on other meanings.
They can be twisted in a myriad of different ways.
I have my definition as stupid, and I want to
go over it with you. And it was great. It's

(04:24):
one of the great things that I love about what
I do for a living, is that the amount of
homework that I love homework, Okay, I loved I loved
the reading. I love the research. I love learning things
every day because you know, it's great about learning things
every single day. Reading on a regular basis, it humbles
you humility. You realize what an idiot you are. And

(04:50):
I take to those of my kids all the time.
I say, I'm in my mid fifties. Okay, when I
was forty five years old, Man, I was dumb when
I was thirty five years old. Oh my, I can't
believe how stupid I was twenty five. You go back
in time and you look at these points in time
you understand and it's again, it's a sign of intelligence,
is that you don't know what you don't know. Anyway,

(05:12):
I'm doing a little homework. And it was a great
column written by Barton Swain, and it was in regards
to a book. A book. It's written by Carlo Chippola.
It's called The Basic Laws of Human Stupidity. Now, Chippolo
is an Italian economic historian. And without a doubt, I'm

(05:36):
reading about this book, and you know, I gotta go
on Amazon, I gotta order it, and I gotta get
it right away. Anyway, Okay, the book starts off again.
They reprinted the book in twenty nineteen, and when they
printed it they put a couple quotes. The publishers are
trying to move a book. The publishers put a couple
quotes on the book jacket. One is from Bertrand Russell

(06:00):
says the trouble is that in the modern world, the
stupid are cocksure, while the intelligent are full of doubt.
And the second they put on was by Donald Trump.
Trust me, comma, I'm comma like comma a smart person. Now,
that is a publishing house trying to sell books and

(06:21):
being snarky in essence. Again, the Russell quotations like, oh ah,
where you enter the world of the nods stupid, you
are among the blessed people. Yeah. But if you actually
take a look at Bertrand Russell again, in many ways
he was a bit of a crack pot sucker for

(06:42):
conspiracy theories, had this this hatred for the United States.
But anyway, anyway, I also he was very cocksure. But
then you take a look at the Trump quotation, and
of course why did they put it there. Oh, we're
so clever here at the public agency. He's he's like
a smart person. Haha, nudge, nudge, We all know he's stupid.

Speaker 1 (07:06):
Ha.

Speaker 4 (07:07):
Yeah. If the people actually publishing the book, reissuing the book,
if they actually read the book, they would have realized
that Trump can't possibly be considered stupid based upon what
the author, Carla Chippola, was writing about. Chappola's conception of

(07:30):
stupidity is that it isn't synonymous with what the upper uppers,
the elites, the people in the big club, that what
they think is ill advised, foolish, dumb, whatever it may be.
He insists that stupid people are evenly distributed throughout society.

(07:56):
I'm reading this and I'm like this, Guys, we think
exactly the same way. Talk about this all the time
here on the program. For Chippola, there are per capita
as many stupid people among go kart salesmen and swamp
dwelling gator hunters, as there are among laureled economists and
tenured intellectuals. Brilliant something Talib talks about as well. He

(08:23):
divides people into four different categories helpless, hand it, intelligent
and stupid, and any normal interaction between two people, the
helpless person suffers a loss while the other gains. The

(08:48):
helpless person again, that might go in we'll talk about
the land of the program, my concept of greater fools.
The bandit, well, the bandit gets uh gets his, gets
his while leveling a loss on someone else. I've got
to get over on that person over there. I'm not

(09:10):
going to succeed less. I'm a killer, and I get
over on them and I take them. The intelligent person
gains while enabling the other person also to gain. Now,
my longtime listeners know this has been something we've preached

(09:30):
for decades plus here on the show, twenty five years
here on the program, that true capitalism is where two
people can sit down and do business and both walk
away happy, and that by design is not only better
for their relationship and more profitable for their relationship over

(09:51):
the long run, it's better for society's That's what we
want to have. I talk about this. You know, build, create, protect,
and teach. In this country of ours, you can become
enormously wealthy without being abandoned, without getting over on someone else.

(10:17):
The defining trait we'll get to stupid now, defining trait
of stupid is that he gains he or she gains nothing,
gains nothing while obliging others to take a loss. Yeah,

(10:37):
this basically goes right along what we talk about here
on the program all the time, all the time. And
it's important that you know, you understand these categories. Again,
it's you know, Chipotle, you wrote this obviously well before
you know. I came up with it in a different way.

(10:58):
And again this was a great discovery. And again I'm
looking forward to getting my Amazon delivery so I can
read the book. But it's something that either saying and
when I throw that word around here, you know, again, stupid, stupidity,
stupetti not only hurts the person, but it also hurts others.

(11:20):
And like I said, it's evenly distributed. The people you
see on TV, the people that are in Washington, the
people that are in your state capitals. They may have
gone to fancy schools and have fancy diplomas and guess what.
They may have a lot of followers on Instagram and

(11:40):
they might need might be enormously popular, but they're dangerous.
They're dangerous bandits, stupid the people that they injure others,
And our goal here on the programming And again I know,
like I said, I know, I'm very I can be

(12:01):
very sharp tongue here on the program and on the podcast.
It it's my nature, but it's also by design. Yeah,
am I trying to kick many listeners in the ass
here on the program?

Speaker 2 (12:16):
Yeah?

Speaker 4 (12:17):
Yeah, I am. I am, because again I don't you
gotta put yourself in my position, you know, the sissophy
and battle that I gotta go on, pushing the rock
up to the hill, having it rolled down, people being
ripped off, scammed, taken, taken advantage of. This has been
this has been our mission. It's we've been doing for
twenty five years, helping people out with their money. Stupid

(12:40):
people and bandits are you know, can cause great loss
to one's portfolio. And again, this is what this show
was about, what our podcast is about. It's it's a tool.
It's a tool, it's a resource. It's a resource. So again,
you don't have to be one of the helpless people

(13:04):
got to take a break. You are listening to the
Watchdog on Wall Street Show. I want to remind everybody, Okay,
we're here to help everyone out. Our design are originally
designed it. It's never changed. We're we're not going to
show anybody the door because they don't have a ten
million dollar account, they don't have a five million dollar account.

(13:25):
This is what we do. You sign up get this
is what you need to do. You need to get
to our website. You need to sign up for our
personal c f ol program. It's everything everything nuts to bolts,
portfolio management. If you need help with accountants, you need
help with our lawyers. Everything, We're here to help you.
Sign up for it our Personal CFO program at Watchdog

(13:47):
on Wallstreet dot com. That's Watchdog on Wallstreet dot com.
Or give us a call eight hundreds four seven to
one fifty nine eighty four. Our podcast newsletter all sorts
of great stuff. Take advantage Watchdog on Wallstreet dot com.
We'll be back.

Speaker 2 (14:13):
Amazing frazen two.

Speaker 1 (14:17):
Job teaking Wall streets, liars, crooks and cheeks out behind
the woodshed. You're listening to the Watchdog on Wall Street
Street back everybody.

Speaker 4 (14:28):
It is the watchdog on Wall Street Show. Yep, clean
up on Aisle seven. Yes, that's our job here and
been cleaning up messes a lot as of late. And
again we're gonna have to do a little lot. We're
gonna do a little We're working a little bit on
the fundamentals today. But I gotta share with you this.
Kathy would, Yes, Kathy would not too long ago, she

(14:52):
was the darling. Yeah. Actual magazines had her out there
the next Warren Buffett is a woman, and here's how
to invest with her. This is an actual tweet from her. Okay,
this past week. As a result, our trading related capital
losses should offset trading related capital gains for years, an

(15:14):
underappreciated asset associated with our strategies. Basically, what she's saying
is that we lost so much money. We lost so
much money for our clients. We'll never have to pay
taxes again and again you will get people who do that.
Makes sense. Come on, come on, don't be a greater fool,

(15:38):
and we'll get into greater fools and a little bit. Okay,
the volatility in the markets, I if I was a
betting man, and I'm not a betting man. Okay, I
am an investor. I build wealth. I don't bet on
market movements, but if I was, I would expect quite

(15:59):
a bit of aolid utility moving forward. Again, I we
don't time markets. That's not what we do. We don't
do it because we like to, like I said, build wealth.
We don't like to speculate. I didn't talk about this
several weeks ago on the program talking about time horizon

(16:20):
and the importance of time. And it's great. It's because
they took the S and P five hundred and they
basically laid it out as far as investing in time frames.
If well, if you invested in the S and P
five hundred for one month, okay, for one month, the

(16:42):
odds are that you're going to lose money, maybe thirty
eight percent. That's your odds making money sixty two percent.
If you buy the SB five yon here the odds
of you making money seventy five percent, twenty five percent,
losing five years, lose eleven percent, gaining eighty nine percent,

(17:04):
ten years, losing five percent, winning ninety five percent, fifteen
years losing money point two percent, making money ninety nine
point eight percent. We build portfolios to protect from downsides

(17:26):
to look out for horrible situations, black swans, whatever they
may be. Willie chi Chi and the in Godfather too.
Remember what he's talking about. The uh talking about the
family is a year. The family's got a lot of buffers. Yeah,
our portfolios have a lot of buffers, a lot of buffers.

(17:49):
We tune out the noise. We've discussed this, We've discussed
this before here on the problem. Even the greats get
it wrong, even greats by and they screw up from
time to time. I remember, back in the infancy of
my career, Stanley Drunkenmiller, early parts of my Chris is

(18:10):
the nineteen nineties dot com run up. He bought in.
He bought six billion dollars worth of tech stocks, and
in six weeks he lost three billion dollars. During that
point in time, again, I'm getting yelled at, you know
what Stanley drunking Miller's doing. How come you guys are
not going all in on tech because what we've got buffers.

(18:34):
Markowski portfolios had buffers, And even Stanley Drunck and Miller,
he said, oh, you asked me what I learned from
that experience? Losing three billion dollars in six weeks. You
know what he said, I didn't learned damn thing. I
already knew that I wasn't supposed to do that. I

(18:54):
was just an emotional basket case and I couldn't help myself.
So maybe I learned not to do it again, but
I already knew it, which was Again, that's quite an
admission there. We at Markowski Investments we build ownership in

(19:15):
great businesses with great ideas, real simple companies, businesses that
have certain economic and niche advantages, companies that have great management.
We buy companies based upon what our expectation is for
performance over time. What we do not try to do

(19:40):
is time the market. If a company is solid, if
we feel like it's valued properly, I don't care what
the market is doing. Not stock pickers, not market timers.
We're great business owners and buyers. I remember, people know

(20:01):
it's crazy during the dot com runoff, during COVID, we're
buying all these companies. You know that everything's going down.
Why are you buying because again it's a great company
and theron sale. Anyway, we'll get a little bit more
in depth with this when we get back Watchdog on
Wall Street, dot cown Watchdog on Wallstreet dot com is
our site again. Become a part of the Watchdog on

(20:21):
Wall Street family, our personal CFO program podcast, Watchdog on
Wallstreet dot com, or give us a call eight hundred
four seven one fifty nine eighty four.

Speaker 1 (20:35):
Chris Markowski is the Watchdog of Wall Streets. Only man

(21:00):
who is taking on the Wall Street establishment. You're listening
to the Watchdog and Wall Street with Chris Markowski.

Speaker 4 (21:11):
Less it listen? And again, you know, I could I
could have have my interns put together various different clips
of all these wizards of smart on the business networks
giving you reasons why you should sell and why you
should buy and what the markets are going to do.
And again, it's it's TV people, It's it's TV. It's

(21:35):
it's not it's not serious. It's not it's not for
serious investors, all of that stuff. If listen, if you were,
if you built a portfolio, Okay, you've got you've got
great companies. You're worried about when when a market is
going to reverse or so oh geez, it's gonna be

(21:57):
rough sailing. I'm gonna get into some of the economic
numbers which are frightening right now. Frightening, that quite frankly,
and Trump's gonna have a lot to deal with when
he first get it, gets in and we'll deal with
that later. But does it does it gonna matter matter
for you? If if the market's reverse, who cares? Oh no,

(22:18):
my portfolio declined in value over this period. Oh you
know what, The world doesn't end. World doesn't end, you know,
don't bet on the end of world. It's not only
gonna happen one time. Great companies coming back. Okay, what
do you do? What do you do when things are shaky?
Okay if you own great companies? Okay, what you're gonna

(22:42):
do is you're gonna listen. Market goes down, you take advantage,
and you get some more on sale. Don't obsess over
finding a perfect time to buy a stock. Don't do it.
You want to aviate all of the pressure. I she's

(23:02):
I don't know what the market's gonna do. Oh my god.
And I've talked about this before when it comes to
dollar cost averaging. I don't have a clue. Okay, I'm
gonna say this again. Okay, I don't have any idea
what the market is gonna do when it opens up
on Monday. I don't know, not good at timing, but

(23:26):
I'm pretty damn good at figuring out when when I'm
getting enough enough with our money. Okay, uh, you know
you want you don't want your emotions. Your emotions they
beat people up. We've talked about this before and all
the behavioral scientists that have looked into this over the year. People,

(23:47):
human beings don't make for great investors buy because just
certainly because they're their fight or flight response. He hey, you.
The funny thing is my son since in college right
senior in college right now, and he helps manage money.
It's one of the things he does outside his classes
and his sports. He helps manage money for the schools endowment.

(24:10):
And he's also got his portfolio as well. And he
grew up in my household. But even Sanna, he grew
up my household, he's had this stuff ingrained in his brain.
I've taught this to him. But even saying, oh, geez,
I don't know what the market's good, I'm like, stop, stop,
stay the course. Don't let changes in the market, even
big ones, change your mind. Okay, any other thing people

(24:33):
this in or out of the market thing. No, No,
you're always in at a certain level. Now I mentioned
this before, and we're going to talk about this further
in a different way. It's this not my phrase. This
is Christopher Byron. Christopher Byron was a financial writer NBC

(24:57):
in the nineteen nineties and he was pretty darn good
and he had this thing was called the Greater Fools,
and he was talking about all the crap like we
were at the time. Maybe I meant maybe why I
got fired. I don't know all all of the crap
that Wall Street was putting out, and it was all
in an effort to find the greater fool. Who's going

(25:17):
to be left holding the bag? I like to call
it demonic musical chairs. Anyway, the idea is, okay, people,
you know, and then they do this when markets are
selling off the ways oh you know, you know, the
market's not going to turn around and until the average

(25:38):
retail investor throws in the towel and sells Okay. Again,
I've explained it this way before and again this is
in particular to a lot of our younger listeners out there.
Stock's on a casino chip. When you sell a company
from your portfolio, you are selling to someone else. Every
seller there's a buyer. Every seller, there's a buyer. And

(26:01):
then when there's a massive sale at the market, the
market again, think of it like a market, because that's
what it is. It's a stock market. People leave the
only market out there. When things go on sale. Do
people say no, no, I don't want to sale, I
want to pay more? Who is buying quality companies? When

(26:24):
markets sell off and a lot of value is created.
Smart money always takes me back to that JP Morgan
quote and bear markets stocks return to their rightful owners.
Don't be helpless, don't be stupid, I know using that word.

(26:45):
Don't be foolish with your money. Okay, understand this and
you will build wealth over time. Got to take a break.
Watchdog on Wallstreet dot com. Watchdog on Wall street dot
com again, our site, our personal CFO program, podcast, newsletter,
all sorts of wonderful stuff for you. There, take advantage

(27:06):
Watchdog on wallstreet dot com or again give us a call.
Eight hundred four seven one fifty nine eighty four.

Speaker 1 (27:31):
This is the Watchdog on Wall Street.

Speaker 4 (27:40):
Welcome back, everybody. This show has always been a as
far as my efforts are concerned. There's a lot of
people that are involved in putting this show together, John
does all the you know, board work for me. Putting
the music together is other things here. But as far

(28:01):
as the show prep for this program, it has always
been me, myself and I. It's just something that I've
done on my own. And you would be surprised, okay,
you'd be surprised. Some of the biggest names and talk
right over the years actually had writers and people helping
them with that. Now we do it on our own,
and it's it is unfortunate. Again. I've got all I've had,

(28:24):
all this prep, all this stuff that I've done over
the years, and sometimes it gets lost. I I got
files and files and files and stuff. I got tons
of recordings. How many people do that? How many people
use their phone They come up with an idea and
they start talking into their phone and save it and
I can go back and listen to some of these things.
I found something this past week and it back and

(28:45):
it's an actual analyst report, equity strategy report from City
Group from two thousand and five, and I saved it.
I saved it because I was disgusted by it at
the time, but into what I was talking about on
the show at the time. That was like the infancy
when I really started talking about the Watchdog and Wall

(29:05):
Street axis of evil, big business and politicians and the
media working hand in hand to further their own needs.
It's basically city groups laying out the strategy for how
they're crafting the world. They called it a plutonomy, talking
about the world being divided into blocks, the plutonomy and
the rest the wealthy and everyone else, the people in

(29:28):
the big club and everyone else outside of that, and
how you can use that strategy and invest. Well, they
weren't wrong, but they were also pushing that as well.
Kind of brings me to the greater fools, greater fools,
which we had just you know, discussed. I want to
get it into a little bit greater detail and our
little game of demonic musical chairs. This past week. This

(29:54):
past week, I got asked out on dates over twenty times.
And these are these are some good dates. I mean, wow,
fancy steakhouses, clubs, flying me to golf courses all over
the place, over twenty this week alone. Now it's not

(30:14):
because of my looks, not because of my personality. I'm married.
I got asked out on dates from private equity companies,
private equity companies and also big firms as well. They
want my clients. They see they see the money. We
manage a client base that we have all over the country,

(30:35):
and they would like nothing more, nothing more than for
me to go to all of my clients and start
putting it into their crappy private equity scams. What they're
looking for right now is they're looking for greater fools.
They're looking for greater fools. They need to unload all

(30:59):
of the app that they bought at a higher price. Unfortunately,
that's a lot of what that's and this is what
Wall Street has become unfortunately, as far as investment banking,
as far as raising money for companies anymore. It's a
game of greater fools. It is a demonic game of
musical chairs. Talk more about this when we get back.

(31:23):
Watchdog on Wall Street dot now, Watchdog on wall Street
dot Com again, Come part of our family, The Watchdog
on Wall Street, Joe Markowski Investments, personal CFO program, all
sorts of great stuff. Watchdog on Wallstreet dot Com. We'll
be back.

Speaker 1 (31:41):
You're listened to the Watchdog on Wall Street bringing America

(32:04):
financial freedom, one listener at a time. You're listening to
the Watchdog on Wall Street with Chris Markowski.

Speaker 4 (32:14):
Plunging back everybody, it is the Watchdog on Wall Street Show.
I'm well aware. I talked talked about private equity and
the dangers that I see ahead last week on the program,
and we are going to continue to hit on it.
Why well we get again obviously all the time, countless

(32:36):
people coming in, account transfers coming in, and I'm seeing
more and more portfolios that are stuck. And the word
stuck is right. Most of these closed end funds and
private equity things that they put in people's portfolios. Sometimes
we've got real estate ones. They are Hotel California. Man

(33:01):
can check in whenever you want, but you can never leave,
or they make it as difficult as they can for
you to leave. Again. People, you've become the greater fools.
They've laddered up these companies. What I mean by laddering
Sometimes I say things people don't understand. They have rounds
of financing that they do rounds of financing, and the

(33:23):
evaluation gets higher and higher and higher and higher, and
the ultimate goal, the ultimate goal is to get it
to a ridiculously high valuation and then sell it off
to everyone else. I don't mind investing in new companies.
I don't. I don't mind investing in new companies, but
I want to be involved because of the risk. I
want to get in at a lower level. I don't

(33:47):
want to be getting in way at the top. I
got to understand what this company's doing, and any of
the money that I'm investing in a new company better
be going to help grow that company. What happens in
this laddering process is that, in essence, you're just selling
off to somebody else at a higher price. Now, you

(34:10):
can do that all the time with companies that are liquid,
but these are ill liquid companies. I am I do.
I want me to put my clients in it, but
they want to buy me. They want to how many
offers I get a week for my firm? And again

(34:33):
I'm telling you ridiculous valuations, ridiculous valuations, And I'm like, what,
how can you afford to do this? How I am
saying this to myself Again, I'm not telling you know,
I'm telling people how I think you know the old
UH member Don Corleoni yelling at Sonny, never tell anybody
outside of the family. But you're thinking now, I'm thinking

(34:55):
to myself, I said, are you out of your mind?
You any mind? Only way that they're gonna end up
making money buying my firm out at ridiculous levels, which
I'm just telling everybody would never do, never, ever, ever,
ever never, okay, would be to churn and burn all
of my clients. So basically they'd probably take the company

(35:16):
over and then decide to put everybody in and convince
them to buy all sorts of private equity crap.

Speaker 1 (35:21):
Same thing.

Speaker 4 (35:23):
The valuations are insane. Tell you what. Somebody this was
two three weeks ago. I think I told this sold
his HVAC company for thirty million dollars, just like he
hit the lottery. He's like, if that worth that? They're
never gonna make any money on this. What these private
equity companies do is they need to build up portfolios

(35:45):
of companies. They've got cash that was given to them
by the big brokerage firms. They've got to put together
a portfolio so they can put together a nice brochure
and go out and to sell it to who to
you a greater fool, don't b one. And this has
always been the case. This is I'm going I'm gonna

(36:07):
go back to when I've told the story before. We
may may remember, you may not. During the dot com
run out, Morgan Stanley. Morgan Stanley is a very white
shoe firm, very white shoe firm. Yes, most of the
Morgan Stanley guys are hanging out at the country clubs
on Long Island and the Hampton's fuddy duddy. Okay, Well,

(36:30):
Morgan Stanley, Morgan Stanley. No, they didn't get into the
dot com game right away. They got in too late
and and they wanted to go all in. Okay, but
again they've got some big clients, dyad, these are these
are big time clients. So what did Morgan Stanley do.
Morgan Stanley needed greater fools, what do they do? They

(36:52):
bought Dean Witter. There's Dean Witter, you know, you know
Dean Witter thought it was E. F. Hutton, the old Guide,
the Dear Black and White commercial. Well, the Dean winners
were in sears roebucks for crying out loud. They actually
changed the symbol was MSDW and everybody did all the
streets like, why would they do it doesn't make any sense.
I don't understand the synergy here. All the experts, no,

(37:15):
I don't get it. I got it. I knew exactly
why they were buying Dean Winter. They wanted to sell
off all of their dot com companies, from their big
clients to all of the Dean Winter clients so they
can take advantage of them. I mentioned Dante. I wrote
a piece about infinity fraud years ago, and Dante, yeah,

(37:38):
I'm a big fan of Florence, Italy. Dante wrote in
his fourteenth century masterpiece of divine Comedy that in the
eighth Circle of Hell, in the eighth Day, fraudulent advisors
were sent to be trapped in flames. The ninth Circle
of Hell, traders were sent. Now they were distinguish from

(38:00):
the merely fraudulent, and that their deeds involved knowingly and
deliberately betraying others. These traders, according to Dante, are frozen
in a lake of ice that has kept frozen by
Satan's flapping wings while he sits chewing on sinners. Yeah,
the people that put together these these the so called investments,

(38:26):
they definitely fall under the guise of fraudulent advisors and
traders without a doubt. And people, it's it's good to know.
It's good to know, they said, you do your homework. Okay,
do your research. It's good to know who you're doing
business with, what these firms are all about, and where

(38:46):
you stand, and the pecking order at these places, because
there is a there is a pecking order. Okay, do
you do you do understand? Okay, if you're you know,
you got one hundred million dollars, you got a five
hundred million, you're a big client. Yeah, they're gonna take
care of you. But if you're not there, you're just
a greater fool to them. Just saying anyway, uh, not here,

(39:10):
not here, We don't do that at Markowski Investments, Watchdog
on Wallstreet dot com. Watchdog on wallstreet dot com again
our site. Take advantage of all the great stuff we have, newsletter, podcast,
personal CFO program, Watchdog on Wallstreet dot com or give
us a call eight hundred four seven one fifty nine
eighty four.

Speaker 1 (39:44):
Well known author, investment banker, consumer advocate, analyst, trainer, Chris Markowski.
He's the wash dog on Wall Street.

Speaker 2 (39:53):
Do you want to answer?

Speaker 1 (39:55):
Exposing the lines and myths that the big brokerage firms,
the mainstream credit and the government are pushing to keep
Americans away from financial freedom.

Speaker 2 (40:05):
You can't handle the truth.

Speaker 1 (40:07):
financial world.

Speaker 3 (40:11):

Speaker 1 (40:16):
This is the watchdog on Wall streets.

Speaker 4 (40:21):
All right. Like I've said, yeah, I'm not going to
sugar coat things here. No spoonful of sugar make the
medicine go down. We have to talk about where we are,
where the economy is at this point in time, and
what Trump is inheriting. The headwinds are very, very strong.

(40:46):
It's rough out there. And again, if you've been paying
attention to this program, we have, we've explained to you.
We've laid out for you here on the podcast a
regular basis. The Yeah, govern numbers are, for lack of
a better word, fugazy. It's a fugazy as Don Brasko,

(41:06):
it's it's not real, it's a fake. It's fogezy, again
and again and again. And of course the people in
the media most more often than not, that they don't
even understand money and how it works. They bring these
so called experts on from time to time to explain
different things, but more often than not they're pushing some
sort of narrative. Trump is inheriting a deeply, deeply damaged economy. Now.

(41:36):
The one thing that we have going for it right,
going first, right now, is that everybody else is worse
the US economy as the issues that we have. Everyone
else out there is in worse shape. You've got global problems,

(41:56):
structural problems all over the globe, as far as debt
is concerned, as far as ridiculous regulations are concerned. Right
now we are the least bad, but mean the least
bad doesn't doesn't make your problems go away, doesn't. Just

(42:21):
want to take a look. You're gonna talk a little
bit about inflation again, take a look at it in
terms of just just salary and take home. Okay, one
hundred thousand dollars salary today was about fifty thousand dollars
in two thousand and seven, twenty five thousand, nineteen eighty nine.

(42:41):
Again using numbers here to give you a little bit
of perspective. Now, the government numbers, which are what all
food gaysy. That's it. You know, if I was doing
a live on INCE, I'd do that. You'd have little cues.
Everybody's got a repeat. Ah, food gayzy government numbers. If
your income, according to the government numbers, hasn't risen by

(43:02):
twenty five percent since COVID, you're actually poor. You're actually
making less money. And that's the government numbers. My numbers,
my numbers, which are a hell of a lot more accurate.
The number is more likely it's mostly like around thirty
five percent. Well, thirty five percent. And let's let's talk
about why. From January twenty first to December twenty fourth,

(43:27):
the monthly mortgage payment on a median price home doubled,
more than doubled, one hundred and four point nine percent.
That's homeowner affordability right now. Because of all the government spending.
The interest expense on the national debt rose to one

(43:48):
point one five trillion last year's that's up ninety seven
percent over the past three years. And I mentioned this before.
We spend more more money on interest than we do
on national defense. The budget deficit, budget deficit again rose
and December and is now forty percent higher than it

(44:12):
was a year ago. Okay, and let's talk about the
bare necessities inflation. This is you know something I'm near
and dear to my heart. It was actually I had
some college kids come in this past week and asking
about the various different classes that they're taking, Economics, finance, whatnot.

(44:34):
And I asked him, I said, let me guess. Let
me guess your economics professor. Your economics professor is probably
telling you just how bad deflation is. And man, we're lucky,
We're lucky with you know, we don't go into a
deflationary problem like it was during the Great Depression. And
they're like, you're, yeah, yeah, they do. I'm like, well,
your professors are wrong. Your professors are wrong. And if

(44:57):
you actually take a couple of steps back and actually think,
you try to explain to me why prices dropping for
the bare necessities, items that we need to purchase every
day to live on. We have no choice, but we
have to buy. Why that's bad. Why people having more

(45:19):
money in their pocket, more disposable income, Why that's somehow
a bad thing. Food prices are continuing, they're rapid ascent.
You take a look at you see the wholesale prices
for beef and eggs, and I get it. I get it.
You get the you know, the Avian flu and they're

(45:41):
having to kill chickens. I understand that. You can understand
that's not technically inflationary, that's something outside of that. Inflationary
is a modern as a monetary policy thing. Again, take
a look at some of the bare necessities here. Car
insurance inflation eleven point three percent, transportation and seven point
three percent, car repair inflation six point two percent, the

(46:06):
gas at your home four point nine, homeowner inflation four
point eight, rent inflation four point three, restaurants three points.
I can go on and on and on. None of
these things are good. Now. Again, I don't want to
be DeBie Downer here on the program. I really don't,

(46:26):
But I'm gonna tell you what's coming around the corner. Okay,
all of these things that we just discussed, these are
didn't happen overnight. Okay. Our economy it takes a lot.
We can it can withstand a lot. But for for decades, decades, decades,

(46:50):
bad federal reserve and government spending and stupid regulations and
all of this stuff, we've done this to ourselves. Donald
Trump is coming into office and he is telling everyone
that he's gonna be able to fix this again. What
you're gonna do actually fixes You need a racer. You
gotta start racing all sorts of ridiculous regulations. That's a

(47:12):
part of it. Got to get monetary policy, and there
you've got to cut government spending. Yeah, it can be done,
but it's most certainly is not going to be done overnight.
It's going to take time. Like I said, what do
we say here on the show? Everything in life that
has meaning, value and worth involves work, time and effort,

(47:37):
and that is applicable in everything. The media is gonna
come after them all. They're gonna be oh my god. Yeah,
Trump' said he's gonna fix the FLAC. Trump said he's
gonna do this. Yeah, you think it's it's gonna be
tomorrow with these things again, the type of damage that
we've done. So it's like saying, hey, you know what
I am. You know, two hundred pounds overweight. I'm gonna

(47:59):
go to the gym this week and by next week
I'm gonna be in great shape. Wow. No, No, it's
going to be a process and it's going to take time.
And this is why we said first out of the program,
we're going to be expecting increase of volatility this year.
Uh okay, I got to talk about this is again.
This is a seat I told you so a moment

(48:21):
here on the program I was Where was I? I was
a It was a Fox Business on Barnarromo's program. This
was a few years ago, two three years ago. I
can't remember the exact Zach year off the top of
my head, but I remember the day. It was the
day after Thanksgiving, the day after Thanksgiving, and I remember

(48:43):
Biden signing into law, signing into law this rule which
basically gave advisors investment advisors shlockbrokers a get out of
jail free card YEP. Basically get out of get out
of jail free card, bad performance, get out of bad performance,

(49:04):
and ripping your clients off card. That's what I called it,
because that's what it was. Bien put this rule into play,
saying that if you put your clients into any ESGDI
type of investments and they lose money, well that's okay.
You're not going to be held responsible for that. And

(49:24):
I laughed because I knew that all the DEI SG
suffers absolute garbage and was going to lose people money. Well.
As it turns out, a district court ruled that American
Airlines failed to prioritize the financial interests of its employees
retirement funds by enabling fund managers to pursue environmental, social

(49:47):
and government investments ESG. Yeah, there was a lawsuit filed
against American Airlines and the company's employee benefits committee. This
is this is the way that they have to fight back.
They can't even go after the advisors. They can't go
after the black rocks, the people that put these funds together.
They're going after the companies. Now, I'm gonna be honest

(50:08):
with you. Yeah, these companies money. Any of these chief
executive officers, they're just suckers and they're weighing various different
things in their mind. I mean, American Airlines. You know,
you get a call from the FAA, they're going to
come after you. Whatever. Maybe you kind of, oh, the
government wants me to have us put our clients into

(50:30):
these investments, maybe we better do that or else. I
get that. I get that. But again, it'd be it'd
be light. It'd be really nice to see more CEOs
actually stand up, not like Zuckerberg, who all of a sudden,
all of a sudden had to come to Jesus moment
when it came to Facebook. The people that actually did

(50:51):
the right thing when it wasn't popular. We've be in
a much better position. But yeah, we're gonna see more
and more of these lawsuits. These E S G d
I funds blow up. Hey, I told the story here.
This is several years ago. Uh, same thing. I get invited,

(51:12):
you know, to Buffalo, New York. This this firm up there,
you know, quired wanted us to take them over. So
I go up there to Buffalo, New York and I
meet with them and I take a look at what
they're doing for their clients, and it's all ees, G
D E I. And I'm like, what are you doing? Well,

(51:32):
you know, that's how we get across to people. You know,
we something we believe in here, and this is how
we're gonna We're gonna invest us as well. You know,
we want you to continue to do the same thing.
I'm like, why, well, you think I'm going to be
in the business of losing my client's money. Have you
lost their mind? They gotta all offended everything like this.
But again I'm blatantly honest with them. There's no way
I'm gonna do that. And I wonder where they're at today,

(51:55):
probably down forty fifty on their portfolios. Anyway, gotta take
a break. Watchdogg and Wall Street dot Com. Watchdog on
Wallstreet dot Com, personal CFO program, our podcast, our newsletter,
all sorts of great stuff we get back.

Speaker 5 (52:11):
Yeah, we are gonna delve into We're gonna delve into
the California, the California tragedy and the fires that took
place there, and we're gonna break it down in an
intelligent fashion, unlike what they're doing in the mainstream media.

Speaker 4 (52:27):
Watchdog on Wallstreet dot Com. Don't go anywhere. We'll be back.

Speaker 1 (52:49):
Taking Wall Streets liars, crooks, and cheeks out behind the woodshed.
You're listening to the Watchdog on Wall Streets.

Speaker 4 (53:00):
Welcome back, everybody. A lot we got to cover when
it comes to these California fires and the media coverage
and just the god awful tragedy that this is. And
again we're going to put away a lot, you know,
a lot of the again, a lot of the left
wingers still out there. And again I feel sorry for

(53:23):
a lot of these Hollywood types. I really do. I
mean they don't they're not deep thinkers by any stretch
the imagination. They keep carroting this climate change crap. Anyway,
I want to share with you this story because I
saw this out in California near the Pacific Palisades, near
the Pacific Palisades. This is back in twenty nineteen. It's

(53:45):
true story. The Los Angeles Department of Water and Power,
they set out to replace all of the wooden power
poles out there. They were one hundred years old and
they we're going to put them with fire resistant steel poles.
And I wanted to widen fire access lanes and the

(54:07):
wildfire prone Topanga State Park. Project was a couple million
dollars designed to bolster fire safety and the area has
an elevated fire risk. Again at the time, this was
the quote from the LADWP. This project will help ensure

(54:28):
power reliability and safety while helping reduce wild fire threats. Well,
well that got put to abrupt halt when some eco
warrior eco warrior amateur botanist hiking through the park happened

(54:53):
to notice that some of this again, it's a shrub,
rare shrub. It's called Bronton's milk for tech Bronton's milk fortet.
It's it's an endangered species. There's only a few thousand
wild specimens was damaged. One of them was damaged while

(55:15):
they were doing the work. Oh my god, here comes
the Sierra Club, Here comes all the eco warriors. Oh
my god, the city is working without proper permits. The
California's Coastal Commission ordered the LADWP stop the project, replant
the damaged shrubs, and pay two million dollars in fines. Well,

(55:39):
let's fast forward to today today. Yeah, that Panga Canyon
is gone. It's gone. So I was curious, okay, showing
you that the dork that I am. I'm like, what
is this Bronton's milk for tech shrub? So I looked

(56:02):
it up. Yeah, it's it's endangered, it is. But you
want to tell you this type of treatises. Okay, I'm
gonna quote the fire ecology. This plant, like many chaparral species,
is fire adapted and requires wildfire or other disturbance to propagate.

(56:27):
The bean like seeds require scarification to break down their
tough seed coats before they can germinate. The seeds persist
for years in the soil until fire allows them to sprout,
with populations of the sprant plants springing up in areas
that have been recently swept by wildfire. Well, all of

(56:48):
you ecobotanists out there, eco warriors out there, never fear
you're gonna get more of your shrub. Now again, let's
let's delve a little deeper. Okay, let's, you know, try
to think a little bit here. Why would that plant
be growing there? Well, it bros there because it's prone

(57:09):
to fires. Here's some history for you. When Juan Cabrillo
dropped anchor in what is now Los Angeles' San Pedro Bay.
This was in fifteen forty two. Tom McClintock put out
a great piece this past week on this. You know
what he called it. Yeah, San Pedro Bay was called

(57:33):
the Bay of Smokes. Annual wildfires fanned by Santa Anna winds.
It's nothing new, it's not climate change. This is how
nature gardens. Nature doesn't care whose lives are destroyed, when

(57:53):
homes are burned, or how long it takes to reclaim
the scarred land. That's us, that's human beings. Throughout the
twentieth century, we have taken measures to minimize the frequency
and the severity of wildfires, Land management agencies to do

(58:17):
some of the gardening ourselves, remove excess timber, creating resilient
fire resistant forces. Thriving mountain economies and a lucrative source
of public revenue. Again, infrastructure to stop the fire from
getting out of control. We cut fire brakes in the
soil to contain flames. These are the things. These are

(58:39):
the things that human beings have had to do. Okay,
your church, go, are you going to stand this? Since
we were thrown out of the garden? You get it,
it's nature. Listen to these facts. Prior to eighteen hundred,
California lost on average four point five five million acres

(59:01):
to fires every year. This is one of these arguments
that I give when they always talking about a seal
to global warming, Well, what happened on? All these wildfires
occurs and nobody could put it out four point five
million acres every year. By the end of the twentieth century,
because of human beings fire suppression management, the average dropped

(59:24):
to two hundred and fifty thousand acres twenty twenty. California
lost four point three million to wildfires between twenty nineteen
and twenty twenty three, and average of more than one
point five million acres burned every year. What changed? What
changed not the climate, the political climate. The wackos there

(59:48):
in California that don't allow you need you need to
permit to clean your own yard a brush for crying
out loud. Watchdog on Wallstreet dot com. Watchdog on Wall
Street dot com. Don't go anywhere, We'll be back. Man.

Speaker 1 (01:00:13):
Chris Markowski is the Watchdog Wall Street, the only man

(01:00:36):
who is taking on the Wall Street establishments. You're listening
to the Watchdog and Wall Street with Chris Markowski.

Speaker 4 (01:00:48):
Water back everybody. Yeah. I used to use a line
from the movie h Rising Sun. It was Sean Connery
talking about the Japanese nineteen eighties, you know, their way's
batteries to fix the fix the problem, rather than fix
the blame in this case. In this case, the blame

(01:01:09):
is part of the problem. Quite frankly, you have to
we have to take a look and everybody needs to
take a look at just to see that this they're
really really, really stupid decisions made by people in California
over the years. And again it's these are the choices
that they made that have led to this. Now, if
anybody thinks, and I'm not saying this, okay, okay, give

(01:01:30):
me thinks that you know, fire starts and there's one
hundred mile an hour winds that it's it's you're not
going to have an issue. You are, there's no doubt
about it. But you might want to eliminate, eliminate the
brush and make it easier, easier to slow these things down,

(01:01:50):
as difficult as it may be. In the same way. Okay,
I live in southwest Florida, our area which basically never
gets hit as far as hurricanes aren't concerned. I got
hit twice, hit twice within two weeks. Okay, I have
a home where again, I don't want to live on

(01:02:12):
the water and do what storm serve. It's got to
be on a certain level so I don't have to
deal with it when the water comes in. If it happens,
you had hurricane force windows to deal with part of
the problem. Could something terrible happen, absolutely, but that's quite frankly, people,
that's that's life. Okay, that's life. You get it. We
take a risk when you get out of bed in

(01:02:34):
the morning. But this is this is a disaster. This
didn't have to happen, you know.

Speaker 1 (01:02:42):
I know.

Speaker 4 (01:02:42):
There's the side stories as well, and the media kind
of walked away from this in the same way that
the media walked away from the financial crisis when they
were putting the blame on the Sandlers there. I remember
Saturday Live to the skit. Yeah, you know this whole
event with control in the water in Californa and how
it works. It's like Chinatown is basically the plot of

(01:03:04):
the movie Chinatown. Forget it Jack, It's Chinatown California water Wars,
and that movie was about how the bureaucrats and predatory
elites intentionally dump water into the ocean to create an
artificial drought to devalue Land so they could buy it up.
Now again, this family there, the Stuart and Linda Resnick,

(01:03:28):
they own a lot of the water and when the
water is down, they sell it back to California to
provide to their citizens. There's a question would they have
an incentive to pump water out into the ocean? Absolutely?
Is that what California does? Yes, they do. Why, I
don't know. Some delta smelt. I mean, whether it be

(01:03:50):
Quantum of Solace, the James Bond movie, whether it's about
controlling water or in this case, Chinatown, it's applicable. You wanna,
you wanna want to start solving these problems, and you
know it's gonna get better again. It's you're not gonna
prevent everything. There's no way you can do that. It's
mother nature. Man. We have to we have to get

(01:04:12):
past the complete and utter climate delusion of this country,
because it is this whole co two nonsense. It's stupid.
It is the hot we described to it. It's the
highest levels of stupid. California, all their mission cuts, they

(01:04:34):
don't have any any effect at all on the climate
in California or anywhere else. They've got no global effect nothing.
It's all a big fat illusion. See even Holman Jenkins
had a peace on this this past week in the
Wall Street term. Green energy subsidies do not reduce emissions.

(01:05:00):
They don't. It's news news to many people in California.
I think that they're all so awesome. Look at me,
I own a tatla. It contradicts a central tenet of
state policy. It isn't news to the actual enactors of
these subsidies. Again, the Democrats knew this. Okay, Obama is president.

(01:05:23):
Obama is president. This is two thousand and eight. The
Democrats concluded that subsidizing subsidizing green energy was not going
to work, but they did it anyway. This is the Democrats.
They knew it was their own studies said it wasn't
gonna work, but they did it anyway. Why why Well,

(01:05:45):
Obama didn't want to raise taxes. Their alternative was a
carbon tax, and oh no, no, no, no, world, we could
only do that if Republicans are in office. Twenty nineteen
University of Oregon study revealed the truth. Green energy doesn't
replace fossil fuels, it enables more energy consumption overall. The

(01:06:10):
EPA calculated that the potential emission savings from subsidizing electric
vehicles has been offset five times over, five times over
by Barack obamas bailout to the auto industry. Remember cash
for clunkers? What did everybody go out and buy four

(01:06:30):
and f one fifties n s u vs. Ninety six
percent of policies supported worldwide as reducing emissions have failed
to do so what have they been handouts? Because that's
what this is. This is it's going to come. We're
going to come back. We're going to come back in time,

(01:06:52):
and we're going to look at this as one of
the biggest financial scams in the history of the planet.
Mark my words, gotta take a break. Watchdog on Wallstreet
dot com. Watchdog on Wallstreet dot com is our site again.
Become a part of the Watchdog on Wall Street family.
Take advantage of all one of the stuff we have
Watchdog on Wallstreet dot com.

Speaker 5 (01:07:12):
We're back.

Speaker 1 (01:07:26):
Bringing America financial freedom. One listener at a time. You're
listening to the Watchdog on Wall Street with Chris Markowski.

Speaker 4 (01:07:38):
You want to hear something gross, You want to hear
something really gross, and I sound like I'm back in
elementary school here.

Speaker 2 (01:07:49):
Yeah.

Speaker 4 (01:07:50):
Both Elizabeth Warren and Gavin Newsom put out put out tweets.
Elizabeth Warren to help support the can Unity thround li
being devastated by wild fighters. You can split a donation
between the Los Angeles Fire Department Foundation and United Way
of Greater Los Angeles. Yeah, and then you had Gavin

(01:08:14):
Newsom Gravenussen doing the same thing, posted a link. You
do understand that both of these links took you took
you to the Democratic Party company. It's called Act Blue.
So basically what Elizabeth Warren Gavenusoen were doing was was
was funneling money to the Democratic Party and they were

(01:08:37):
taking their viig Yeah, three point nine five percent was
what the Democrats, the Democratic Party was taking from your donations,
if you ran it through them and act blue. All
right again, didn't hear about that? Didn't make national news?
Should have highlight another you know, pretty massive. You know

(01:09:03):
it's it's again. This is as stupid as as stupid
does Gavin knew some signs in executive order suspending environmental
permitting and review requirements so LA residents can build their
homes faster. Okay, if you don't need those regulations, I

(01:09:24):
don't know, just say it could be me, call me crazy. Uh,
why do you have him in the first place? What again?
This is who these people are. This is who these
bureaucrats are. They need to have more employees, more rules
and regulations, making life difficult for everybody, all of a sudden, No, no,
all these all these things were important not too long ago.

(01:09:47):
Now now now we're gonna suspend them. Oh, make make
no bones about it. They'll come around after the fact,
and they'll find a way to exact a fine. Listen,
everything that Trump has been saying when it comes to
all of this climate nonsense wind mills has been spot on,

(01:10:08):
spot on. You really want to see this country take off?
You know what we've got, We've got to we gotta
get Europe to do the same thing to the climate. Nonsense.
Has to stop win power for one win windmills. They again,
they give me adjura. Okay, it's like when I see

(01:10:29):
people wearing masks, they it just gives me as I
see a windmill, because they're dumb. They're dumb. Trump even
put this out and he's not wrong. Okay, wind farms
only work if you get a subsidy. The only people

(01:10:50):
that want them are the people that are getting rich
off of the windmills, the people getting tax dollars subsidies
from the US government. The most expensive energy there is
and it kills too many damn birds in whales. Target practice.
Start shooting the windmills down. Hire don Quixote for crying
out loud. Get don Quixote and Cento Panza out there,

(01:11:13):
knock these things down. Watchdog at Wallstreet dot Com will
be back.

Speaker 1 (01:11:18):
You're listening to the watch Dog on Wall Street, the

(01:11:38):
only man who is taking on the Wall Street establishment.
You're listening to The Watchdog and Wall Street with Chris Markowski.

Speaker 4 (01:11:48):
Hook about everybody. One of the talked about it. The
first time of the program. We used Willie chi Chi
from the Godfather. They're talking about a lot of buffers
protection insurance. Chris Rock in a one of his stand

(01:12:08):
up routines, he talked about insurance and he says, they
shouldn't call it. You shouldn't call it insurance. He decided
to call it in case blank happens, in case stuff happens.
That's why they have it. And it's unfortunate. It's unfortunate.
This is amazing to me. These are things that quite frankly,

(01:12:29):
the world will be a much better place if we
explained to kids in high school how money works, how
risk works, how pricing risk works is because again you
get people that actually have positions and they sit on
chairs on TV as experts and they don't even understand this.
I am. I'm a bit of a mentor of mine.

(01:12:49):
This is mid nineteen nineties. Gave me a book entitled
Against the Gods. It was like the history of risk
and it went all the way back to the Greeks
and you know, they shipping and the you know, there
had to be you know, risk priced in when you
are shipping. You know, if they find these you know,

(01:13:10):
fines at the bottom of the Mediterranean or Black Sea,
all these places where you know, ships went down in
storms and you had to price that in the risk
into your product. That's in essence insurance. Now the media
picks up the story, Oh my god, the evil assurce companies,

(01:13:32):
evil church companies canceled all the people's policies a couple
months ago. What did they know and when did they
know it? Though they're terrible? Why why did you've asked?
Why did the insurance companies cancel the policies? Well, the
insurance companies canceled the policies for those areas because the
state of California State of California wasn't doing their job

(01:13:55):
in cleaning up the brush and dealing with the risk,
and also because the state of California passed the law
back in nineteen eighty eight called Proposition one oh three,
which makes it next to impossible for insurance companies to
operate in the state without getting their butttocks kicked. You

(01:14:18):
got to get an insurance companies, you've got government permission
from an elected commission elected commissioner before raising rates. If
that commissioner wants to get re elected, he's not going
to agree to raising rates. Do you understand what that
does to the market? Why do you think these insurance

(01:14:39):
companies left? And listen? Okay, if you live, you live
in an area, you live beautiful southern California, you're looking
over the ocean. You've got a beautiful client. Well, guess what,
you also have the risk of fires. The taxpayer, taxpayer,

(01:15:04):
whether it be in this case of California, taxpayer, we
the people, as far as the United States is concerned,
it's not our responsibility to subsidize people's insurance. If you
want to live there, you you know what you need
to accept, accept that risk and the cost. I've talked

(01:15:28):
about this before here on the program, and you know,
sometimes I don't know if I'm speaking a different language
to people. You know, your government should help out with
the insurance and food insurance and hurricane insurance and fire insurance.
No they shouldn't. No, no, no, no, it's it's not
my responsibility. It's not your it's not my responsibility to

(01:15:49):
subsidize insurance in California. It's not the people in California's
responsibility to subsidize my insurance in Florida. Again, well, they
asked me how much I paid for insurance on my house,
and a shock at how little it is. You live
in four I got hit by two hurricanes. Yeah, but
I'm at a certain level as far as the flood

(01:16:10):
zone is concerned. I don't live in a flood zone.
I've you know, all the latest construction. Oh you know,
they're bake them hurricane proof. There's lower risk involved. If
I bought a house from the nineteen twenties right on
the water, well, that's a different story. I'm gonna have
to pay a ton of insurance to ensure that home.

(01:16:32):
I don't think my fellow taxpayer should have to do. So.
This is one of the things that people they just
can't get their arms. The same thing applies. And we've
talked about this before, you and the bro. When health
insurance can we call it health insurance, it's not health insurance.
It has nothing to do. It has nothing as far

(01:16:55):
as insurance is concerned. You say, you know, you sign
up for health insurance. They asking you, you know, what
your height is, what your weight is, how much you
drink a week. They make you get on a treadmill
to see how healthy your heart is, any of those things. No,
they don't car insurance. They do that. They keep track.

(01:17:16):
Oh boy, I know how many tickets. Does one guy
do they live in an area where cars are prone
to be stolen, how old it is, They have their
various different algorithms, what they check into. In fact, insurance companies.
Insurance companies will give you a device on your car
you can volunteer to track your driving. They will lower

(01:17:38):
your rates because you're conscious about driving slower. Not making
this up. We need to price risk accordingly. And again,
you know everybody would like, I want to have a
house on the beach, on the water, I want to
live in Pacific Palisades looking over the ocean. That's great,
but it's going to cost you. That's just a way

(01:18:00):
the world works people. And again it causes distortions in
the real estate market. Again, I know I'm getting into
some deeper economics here. Okay, we'll talk about it in
terms of homes. There's a cost. You want to buy home,
you want to buy home. Let's let's just say let's

(01:18:20):
just say you got to take out a mortgage. You
have your interest payment, you have your principal payment, you
have your property taxes, and you have the insurance on
that home. Now, if you live in an area like
the Pacific Palace ads or you live on the water
here in Florida, your insurance can get quite costly. And
then there's a function of affordability. Now interest rates, whatever

(01:18:43):
the mortgage rates would be. Yeah, they can change from
time to time, but for the most part, you're taking
out of mortgage. You know you're getting that rate. Let's
say it's seven percent at this point in time. The
only thing that can change in this equation is the principle,
meaning what the price to the home needs to drop
based upon the risk. But again, that's the way the

(01:19:05):
world works. Watchdog at wallstreet dot com we'll be back.

Speaker 1 (01:19:20):
Well known authored investment banker, consumer advocate, analyst trader Chris
Markowski is the watchdog the Wall Street. You want to
answer exposing the lines and myths that the big brokerage firms,
the mainstream press, and the government are pushing to keep
Americans away from financial freedom.

Speaker 2 (01:19:41):
You can't handle the true truth.

Speaker 1 (01:19:43):
financial world.

Speaker 3 (01:19:48):

Speaker 1 (01:19:53):
This is the watchdog on Wall Streets.

Speaker 4 (01:19:58):
Well, welcome everybody. It is the watchdog. Ah A Wall
Street Shoke. I always honored to have you tuned into
the program. I want to I want to start off
a third hour here today. I want to talk about eh.
I guess you want to call it a vaccine, but
this is a good vaccine. Okay, I'm not getting it.

(01:20:19):
I talk about COVID vaccines today. We all know I've
gotten into that won't almost killed me and all that nonsense.
And I got Robert F. Kennedy Junior coming up, and
you know his stance on many of these things. I'm
talking about a inoculation from bad choices, how to inoculate
oneself from bad show. And again, it's just it's not foolproof. Okay,

(01:20:43):
it's not full proof. We're all we're all broken human beings.
We're all gonna make some bad choices. I want to
share you something from one of the greats, Thomas Soul.
One of the most important reasons for studying history is
that virtually every stupid idea, every stupid idea that is

(01:21:08):
involved today that is cool today, has been tried before
and proved disastrous before time and time again. Do we
really need to keep repeating the same mistakes over and
over and over? And I laugh at this this stuff

(01:21:33):
all the time. Uh. It's about how the media, even
though the people immedia, they start throwing around words fascist, communist,
and nobody just people pick up on it. People use
it on social media. They don't know what it means. Fascism, communism.

(01:21:54):
You don't think about when you think of fascism and communism.
Well ein rand I ran it was they're not opposites
but rival gangs, rival gangs fighting over the same territory
based on the collectivist principle that man is the rightless

(01:22:16):
slave of the state. Think about the blood when you're
thinking about fascism in common, think about the blood and crips,
two gangs, and the sooner people understand again that study
their history to some degree, the better off were going
to be. You know, And I know John Adams. You

(01:22:38):
know John Adams talked about how and I've mentioned before
here on the program, the United States doesn't work. Capitalisms
can work unless you have a moral a centered morally
centered populous. Again, I also think a learned populace as
well helps. Anyway, Anyway, I gotta I gotta talk about

(01:23:03):
this too. I must start off this return on investment,
return on investment, for certain states. And actually we'll lead
this off with another genius, Walter Williams. I prefer a
thief to a congressman. A thief will take your money
and be on his way, but a congressman will stand

(01:23:24):
there and bore you with the reasons why he took it.
Am I right? Think of that? I think of that
scene in The Hunt for Red October where Jack Ryan
was played by Alec Baldwin. In this version of Jack Ryan,
he meets the president's chief of staff, and the chief
of staff basically comes right out and tells him I'm

(01:23:44):
a politician, meaning I am a cheat and a liar.
If I'm not kissing babies, I'm stealing their lollipops. Well,
how about also stealing your money? So put together the states.
This cut fifty states with the best and worst taxpayer

(01:24:06):
return on investment meaning the money, what do you get?
What are you getting for the money that you send
to your state capital. Okay, we'll go with the top
states the best return on your tax dollars New Hampshire, Florida,

(01:24:26):
South Dakota, Missouri, and Ohio. Want the worst return on
your tax dollars? Okay, California, surprising of Me forty nine, Hawaii,
forty eight, New Mexico forty seven, New York. These are

(01:24:47):
some of the highest tax states in the country. And again,
what as what is taxpayers? Are you actually getting from this?
Not much? Now much? Again, I've talked about this before
when it comes to taxes, tax conversations with people. Sometimes
I'll talk with clients of mine that are left of center.

(01:25:10):
They talk about taxes and fair share, and I've gotten
into that here on the program. For me. For me,
I don't like the feeling of wasting money. That's this
is my nature, Okay, I don't like waste. How many
how many people there grew up in a house you
know their parents are yealogy. Why are you living the bar?

(01:25:32):
And shut the bar now? Every day? Go around dad
yelling you because you leave the lights on? Why are
you leaving the lights on in the bathroom for free?
When you send money to your state cap and when
you send money to Washington, d C. And you know
the bulk of it is going to be misspent or wasted,

(01:25:53):
that that makes that makes high taxes less palatable. Get
it anyway, Ahna talk a little bit about this too.
Game of Thrones, Washington d c style. I'm often asked.
I'm often asked, Eh, Chris, I know you're not a

(01:26:14):
member of any political party, a bit of a libertarian.
Why why don't you get involved in politics? Why don't
you run for office? And I'm flattered and thank you
very much, but no, but no, Socrates know thyself, right,
I know myself. I watch I watch the stuff that
takes place on c SPAN. They like these hearings that

(01:26:37):
are taking place right now. You know, these hearings are
really about These hearings are really about creating content. These
congressmen are because the way that they're raising money, they
become influencers and content creators. You know, like those annoying
people at the gym that set up their tripods and
cameras while they're working out. All it is, all that's stuff.

(01:26:58):
It's content creation, and by these politicians, they're putting on
a show so their staffers can cut it up and
they can put it on YouTube. You see, I'm aware
of this. I couldn't be around these people. I wouldn't
be able to contain myself in a way that they operate.

(01:27:21):
You know, as I said, Washington, DC, in the Game
of Throne, at least in Game of Thrones, Hey, you
can come after somebody with a sword. I can't do
that in DC. Here's there's two examples as well. This
past week, the SEC SEC all of a sudden suing
Elon Musk over his purchase of Twitter. Yeah, Elon Musk

(01:27:45):
has come out and he has criticized the SEC like
we have as well, and the things that they do
and what they do. Why all of a sudden are
you doing this now because we all know that it's
going to get dropped next week. Again clicks the ability,
the ability for the media to say, oh my god,

(01:28:06):
Trump took it up his buddy Elon Musk. Now it's
all a joke. And again how they use their positions
of power to increase their power and hurt their fellow
American citizens. Again, I'm a big believer in the rule
of law and that we're equal under the law. But
you get you get dirt bags. I'm sorry, you know,

(01:28:28):
I don't try and trying to calm down with the
language like Merrick Garland and the lawfair that took place,
you had. Bob livingson this this past week talk about
his experience with Merrick Garland and the FBI over nothing

(01:28:48):
over nothing. But they made his life miserable with their
investigations over nothing because they could, because they can, and
because Bob Livingson happened to be a Trump supporter. Now
I come sorry, people, you know, get rid of this.
You get so we start putting some people a high

(01:29:09):
character in Washington, d C. When there's you know, more
of them than the absolute dirt bags, you know, then
sign me up, and sign me up. Can say I don't.
I don't have to agree with everybody. There's people can
have different positions. But but the the the the modus
operator shouldn't be about tearing somebody down and destroying somebody else.
It's to win based upon your ideas, not based upon destruction.

(01:29:37):
Hat talk about this as well, the Nipon Steel deal.
So I'm going to up early on my way to
the gym, and I'm listening to the satellite radio in
the car, listening to Fox and was Laura Ingram was on.
I was from the night before rerun and she's got

(01:29:58):
the CEO of Cleveland cl If it's another steel company
on the program and they're bashing they're bashing this Nipon
Steel deal. And again it was embarrassing really was. I mean,
I'm sorry. You know, Laura didn't have She obviously didn't
have by listening, she didn't have a clue what she
was talking about. She's reading off the teleprompter. Who was

(01:30:19):
prepared for her. They set this up and she automatically decided, well, yeah,
that's right, this is this is bad. We can't can't
have this here in this country. Can't happen to all
you people out there, all you people that are that
are drinking the kool aid and are listening to the
nonsense that this nipon steel buying US steal is a
national security concern. Have you wondered why? Oh? Did you

(01:30:46):
hear it? You'll hear all the people on TV. It's
a grave national security concern. You know. Biden just put
out an order. Oh no, this could impair the national
security the United States. How how a is they closing
down US steel? Are they offshoring US steel? No? In fact,

(01:31:09):
they're doing the opposite. They're investing in it. They're modernizing
the plants. Ah, we're gonna have domestic production. It is
domestic production. It's here. Why do you why do you
care if the Japanese of a Japanese company owns it.

(01:31:29):
What difference does it make the war breaks out, We've
gotta make sure we have wait a second here, but basically,
if you don't think that, you know, there was a
war and we needed a World War II situation, we
had an amped up steel production that the government wouldn't
just seize all of those plants at that point in
time and tell them what to make. Come on, man,

(01:31:52):
it's not a national security concern. It's a carve out.
It's a handout to the unions in this case. And
what it's gonna end up doing is raising the prices
for every buddy. Is essentially gonna leave Cleveland Cliffs as
being a monopoly here in the United States. Anyway, Watchdog
on Wallstreet dot com, Watchdog on Wall Street dot com
again become partner of the Watchdog on Wall Street family again, newsletter, podcasts,

(01:32:18):
and of course our personal c FO program again. Welcome
to everybody. Get to work with us, get to work
with our accountants, our lawyers handling all of your finance
nuts the bolts. We are your CFO. Watch Dog on
Wallstreet dot com, Watchdog on Wallstreet dot com, or give
us a call, heyne of course, every one thirty nine four.
We'll be back.

Speaker 2 (01:32:42):
Trunk Kennet.

Speaker 1 (01:32:56):
The only man who is taking on the Wall Street establishments.
You are listening to the Watchdog in Wall Street with
Chris Markowski.

Speaker 4 (01:33:05):
Is that was my FM radio voice right there? You
like that give it away cash, We're give it away
cash with the federal government. We're giving it away cash anyway. Actually,
I gotta share with you this. I'm familiar with the AfD.
This is the this is a German political party that

(01:33:26):
the media, the media here in the United States and
also the media and Europe, they like to say or
neo Nazis. You're a far right wing party. And Elon
Musk caught some flak because he threw his support behind
the a FD and the woman in charge of the
a f D, she actually did an interview with Elon
Musk's past week and you can go and watch it.

(01:33:48):
Her name is Alice Widel and kind of goes along.
We were talking about with fascists and communists. This great
quote she gave German She said Hitler was a commonist.
He considered himself a socialist. Again, again, what is the
Nazi party? They nationalized all private companies and asked for

(01:34:11):
a huge Texas. The biggest success, she says, of what
Germany did was to label Adolf Hitler as a conservative
or a libertarian. He was not. He was a communist
socialist guy, full stop. The AfD is the exact opposite.

(01:34:32):
It's a conservative libertarian party. Hitler was not on the right.
Hitler played with people's envy against each other. That was
a socialist weapon. He was nothing other than an anti
Semitic socialist. Prove me wrong. You can't, you can't. It's true,

(01:34:56):
it's true. But again, what's conventional wisdom? Say something can
something entirely different? Again, why we warn you again and
again and again. Conventional wisdom is poison. So saw this story. Okay,
forty one percent forty one percent of companies worldwide plan

(01:35:18):
to reduce workforce by twenty thirty due to AI. I
saw the story and it reminded me of a movie.
I think it came out two thousand and eight. It
was it was phenomenal, say Pixar Disney Pixar movie called

(01:35:38):
Wally And you got to actually go back and watch
some clips from that movie and some of the things
that it actually predicted people being in front of screens.
But anyway, the movie bothered me when I saw it again.
It was a children's film yet, but again, if you're
you're thinking, if you look deeper, it bothered me and

(01:36:02):
it was like this future, we become so consumer and throwing.
We re ruin planet Earth and the big company puts
everybody onto spaceship and flies them off into space and
nobody walks around. Everybody just sits and eats and plays
on their screens all day. It's it's a little depressing,
quite frankly, this story here. Forty one percent of companies

(01:36:23):
plan to reduce workforces. Companies always are reducing workforces. Jobs
come and go. Technology has replaced more jobs than have
been created over this past year. But that's okay because
something new will come along. I mean, you could just

(01:36:45):
change the headline this. You know, fifty percent of Blacksmith's
plan to reduce workforce or shut down due to the automobile.
It's not not accurate. There's just this concept that's called
creve destruction. Something is destroyed, something else is created. There

(01:37:05):
are going to be other things that are gonna come along,
without a doubt, it's always been the case. It's going
to continue to allow people to be more productive Yes,
you gotta pay attention. Yes, you got to get a
handle on it. Like all technology. Okay, technology is a tool.
It's neither good nor bad. It's how you use it.

(01:37:29):
It's again, I just mentioned Wally and in that. You know,
everybody's looking at their screens. By the way, the iPhone
came out in two thousand and seven and in two
thousand and eight. In this movie, they weren't particularly phones.
But there's people looking at screens all day long, not
looking at the world around them. We have that today.
That's a bad use of technology. You don't have to
do that. You don't have to walk around like some

(01:37:51):
numbskull recording everything human beings. Nowadays, it's like it didn't
happen unless they put it on their phone for a
video that they're never gonna ever watch again. Why do that?
Life's a beautiful thing? Okay? What was it? Line from
Ferris Bueller's life gets kind of hectic out there. If

(01:38:13):
you don't stop, you might miss it, or gets a
little fast out there. If you know, you don't stop
and take a look around, you might miss it. Yeah,
put your phone down. You talk about the social media,
what it's become. In my opinion more often than not
a divisive force. Describe it as the pink slime from

(01:38:34):
Ghostbusters too. It's how we go about deploying AI that's
gonna make the difference. Anyway, I got to talk quickly
about this Special Council Jack Smith. Yes, he came out
defended his decision to bring charges against Donald Trump. Yep

(01:38:59):
again and this is again he's trash talking on his
way on his way out the door. What is he
gonna say again? Every you know what funny thing was this?
Every every publication out there picked up this story. Special
Council said truck would have been convicted. He is the
special counsel. What was he gonna say that he's going
we were planning on losing. We were gonna lose. How

(01:39:22):
is that even a news store? Watch dog on Wallstreet
dot com, watch dog on Wall Street dot Com, don't
go anywhere, We'll be back.

Speaker 2 (01:39:41):
Revalume this.

Speaker 1 (01:39:51):
Chris Borkowski is the watchdog bringing America financial freedom one

(01:40:16):
listener at a time. You're listening to the Watchdog on
Wall Street with Chris Markowski.

Speaker 4 (01:40:26):
Already. Yeah, we were picking on Elizabeth Warren and her
fundraising scam not too long ago. I have to. We
got to have some fun with this here because again
this is a teachable moment too. Here is Elizabeth Warren.
Elizabeth Warren has her own little government agency, the Consumer

(01:40:50):
Financial Protection Bureau, which quite frankly, is completely and utterly
un constitutional. Well well, all of a sudden, Elizabeth Warren
takes to the pages of the Wall Street Journals trying
to make nice. Here she says, if Trump wants to

(01:41:10):
unrig the economy in so here she goes. She says,
the mission Democrats on the Senate Banking, Housing, and Urban
for Airs Committee is to deliver what Americans I've asked
for an election after election, unrigging the economy to make
life more affordable for working families. Right, She says She's

(01:41:32):
ready to work with Tim Scott and Donald Trump and
other business leaders to support policies that rebuild the middle class. Now,
listen to this one. First, we must lower costs. In
the end, this paragraph makes no sense. We must lower
costs and improve access to financial services. What I don't know,

(01:41:55):
correct me from home. I know I've had you know,
banking out some time. Is it difficult to open up
a new bank account? Is it difficult? But of checking
Is it difficult to open up a savings Is it
difficult to open up an investment account? Lower costs, improve access,
lower costs. Okay, I haven't paid for checking and god

(01:42:16):
knows how long. Then she goes to housing. Right, at
this last year, housing costs reached the highest level in decades.
Ge wh why do you think that is? Yeah? Yeah, Elizabeth,
there's some there's something called supply and demand. And she says, conservatives,

(01:42:38):
I believe this is a supply problem. Are right? WHOA?
She agrees, But there's just liberals who believe price fixing
and corporate landlords are culprits. Are also right? Congress has
been asleep with a switch on both fronts. Yeah, are
are there some some landlords out there that, you know,

(01:42:59):
canny at corporate landlords in certain areas control you. Yeah,
that's that's gonna happen. But the reality is supply is
always the issue. You increase the supply, the price will
come down. You lower regulations, the costs of putting homes together,
the price will come down. She also said that the

(01:43:23):
h they should look into incentives, create incentives. Her home
Construction established partnerships with local communities to cut red tape
and take on Wall Street landlords that are squeezing families
out of local markets. Okay, No, your committee shouldn't do
a damn thing. Your committee is part of the problem.
Government is the problem. Okay. No federal investment. Okay, the

(01:43:45):
market will take care of it all by stuff. Don't
need you, Elizabeth, don't. What we need is an eraser, eraser.
We're erasing ridiculous regulations so people can go out and
build and create. Then she talks about the Federal Reserve
Federal Deserver driving mortgage rates to the highest level since
in two thousand and eight. No, they're not, Elizabeth, you're
on the Senate Banking Kimmedy. The Federal Reserve doesn't control

(01:44:09):
mortgage rates. In fact, the Federal Reserve had lowered rates
by one hundred basis points the bond market because all
the profit gates spending in Washington, DC went in the
opposite direction by one hundred basis points, something we've never
seen before. Ever, the Fed can't just lower interest rates,

(01:44:29):
she sounds, Oh, the Fed needs a cut rates further. Yeah,
how has that worked out so far? How's it worked out?
But again she talks about no, no, no, we can't
avoid anything that risks raising housing prices, such as privatizing
Fanny and Freddy. Fanny and Freddie are part of the problem.

(01:44:51):
They need to be done away with. They should have
been done away with after the financial crisis for cride
out loud. But again, you can't get it to them
because they're quasi government agencies, and it offers up the
opportunity for politicians and people in power to get their
their dumb cousins and uncles in relatives jobs. Oh you
think I'm kidding, I'll give you an example. I'll give

(01:45:13):
you an example. And if you don't believe me, looking
up Bardi Flink. You remember Bardy Flank. Bondy Flank used
to be the Democrat in Troyes at the Senate Banking
Committee back of the day. Fuck, that just sounded like
Sylvester the Cat. Barney Frank got his his gay lover,
and this his gay lover. His previous experience was running

(01:45:34):
a gay brothel in Boston, and Bernie knew by about anyway,
neither here nor that he got his gay lover a
job making hundreds of thousands of dollars. Yes, I know
it was either Fanny or Freddy Oh, don't believe me.
Go look it up, Go look at it up. We
used to continue President Biden's popular fights against junk fees,

(01:45:54):
corporate consolidation, and price gouging. Dumb, dumb and dumber price gouging. Really,
that's what think's going on. You tried that before. Nobody
is believing it. Nobody's believing it. But this one, this one,
I disagree with her, and I disagree with Donald Trump.

(01:46:14):
She writes. Mister Trump won up Democrats by proposing to
cap credit card rates at ten percent. I'll work with
Republicans to make it happen. If the president elected serious
about protecting consumers, he should support the Consumer Financial Protection
Bureau's work to lower costs. Right, we'll talk a little
bit about this and credit card rates. Why you gets

(01:46:37):
ten percent credit card rates? Well, we'll talk about that
when we get back. You shall see Watchdog on Wallstreet
dot com. Watchdog on Wallstreet dot com is our site.
Become a part of the Watchdog on Wall Street family,
personal CFO program, podcasts, newsletter, all sorts of great stuff
Watchdog on Wallstreet dot Com. We'll be back.

Speaker 2 (01:46:57):
Loves geezes in American.

Speaker 1 (01:47:15):
The only man who is taking on the Wall Street Establishments.
You're listening to the Watchdog in Wall Street with Chris Markowski.

Speaker 4 (01:47:25):
Get it, Hey, We'll come back everybody. It is the
Watchdog on Wall Street show. Okay, okay, Well again, I
should have probably covered this earlier. And we talked about risk.
It sounds good, and I again I cringed. Donald Trump
was in Long Island. He was in Uniondale, Long Island.

(01:47:46):
I was a near Hofstra there and he mentioned this,
and I'm like what he is saying? Man, come on,
I know it sounded good, but it doesn't make any
sense what I mean? Trump said it, telling me great, no, no, no, okay.
Capping credit card interest rates at ten percent? What will happen?

(01:48:14):
Let's just let's pretend that they do that. Well, many many, many, many, many, many, many, many,
many many Americans are going to have their credit cards canceled.
The next day, their credit cards are going to be
canceled again. When a bank lends you money, lends you money,

(01:48:37):
they lend it out at a certain rate based upon
whether or not your your credit history, your credit risk,
also based upon what type of loan it is. Why
do you think why do you think car loans are
not at twenty five thirty percent. Why are mortgage rates
not at twenty five thirty percent, Well, you stop paying

(01:49:01):
on your mortgage. The bank can actually recoup by repossessing
your house. They can repossess your car. Credit card companies can't.
They can't recoup the dinner that you had last week
or the vacation you went on last summer. Again, you

(01:49:23):
can't cap them at ten percent because they'll just take
them away. The only people that are going to have
these credit cards are the people with the highest level
of credit. That's it. That's it. Would you do that?
Would you lend money out? They can't make money that way. Again,
I've gone off on rants about this a lot as

(01:49:45):
of late, and listen, people, credit cards. I'll be honest.
I use them for everything, absolutely everything. I use credit
card because again the government s see, they scare me.
So I want to keep track of every expense that
I am So again they want to come bother me.

(01:50:07):
I can say, here you go, here's all my expenses.
This is where we spent, where I spent it, when
I spent it, all sorts of stuff. So I use
that and guess what I pay it in full? Every
single month I pay it in full every single month.
That's what you need to do. I mentioned this before
here on the program. Okay, this idea here in this country,

(01:50:29):
people treading water. Well, if you're treading water, you're living
paycheck to paycheck. If you've got high interest credit card,
you are treading water holding a brick. Watchdog on Wallstreet
dot com, Watchdog on Wallstreet dot com will be back.

Speaker 1 (01:50:51):
Chris Morkowski is the watchdog of all streets bringing America

(01:51:17):
financial freedom one listener at a time. You're listening to
the Watchdog on Wall Street with Chris Markowski.

Speaker 4 (01:51:31):
Water about everybody. Nice jacket, bra That was the one
thing I thought of when I saw come on. It
was funny you knew what you know exactly who this
fool is. How you see it in the ABC promos. Yeah,
David Weir. David Weir actually wearing his fake his fake

(01:51:57):
fire jacket, putting clothes pins in the back to make
it look tailored while he was covering the fires in California.
I honestly, this is right out of and it's a
great film if you've ever seen it before, is Broadcast
News with William Hurt and Holly Hunter. As a scene

(01:52:18):
in that you know, Holly Hunter actually thinks that William
hurt you as a true journalist, since she gets disgusted
when she finds out that he put fake drops in
his eyes to fake crying in a story. Again, this
is who they are. They're a bunch of phonies. And
you know you people tune into this stuff. I you
know will more and more are turning in the channel. Anyway.

(01:52:41):
I want to share with you a headline, a headline
from the New York Times. This was one week after
Donald Trump won the election New York Times. Trump's win
is likely to prolong GAZA talks uncertainty. Any major progress

(01:53:03):
on a ceasefire will probably have to wait until after
January's inauguration. Gosden say they were divided about whether mister
Trump would do much to stop the war. You know,
New York Times, Washington Posts, mainstream media outlets. You guys
got to go back and you got to watch this.
There was an episode episode of Seinfeld where George Costanza.

(01:53:25):
I think it was Jerry's suggestion that every instinct that
you have, George in life and the decisions you make
have been wrong, so if you do the opposite, therefore
they would be right. And I remember he was at
the deli and rather than ordering the tuna fish sandwich,
he ordered the chicken salad, and all of a sudden

(01:53:47):
he got this date. But anyway, all of you people
in the mainstream media, Okay, if you want to start
being accurate, you have to do exactly the opposite of
what your instincts are, what your narratives are, because you're
always wrong. Again, I gotta touch on this aok there's

(01:54:08):
a go watch it aoch. This past week, Okay, the
House passed a bill banning males from competing in girls' sports,
males from competing in girls sports and claims claim this.
Jackson went off on this rant. Women are bleeding out
in parking lots across the country. What are you talking

(01:54:34):
again to all you people there in the Bronx and
queens that voted for her. Aren't you embarrassed? I know,
Mada Scalco. Okay, you kidding. Aren't you at all embarrassed
that this is the mental midget that's representing you come

(01:54:56):
on for I mean, you gotta be kidning. And again
this bill. How many Democrats voted against this? It was
ridiculous amount And the same thing there was one, there's
I guess there's some trans congressman woman, but I don't
even know how to call it. Well, was a man

(01:55:17):
dresses up like a girl? Now I don't know. Actually
a video this past week in a kindergarten classroom reading
some pro grooming trans book My name is Jazz, two kindergarteners.
And again I saw that, and I'm like, first and
foremost parents that allow your kids to be doing watching

(01:55:42):
be exposed as kindergarteners, is something wrong with your medulla?
Oblan Gatta. And I also thought about again that great
scene in Kindergarten Cop, Kindergarten Cop where the little boy
raises his hand. His boys have a penis, girls have
a vagina. Yeah, that would have been perfect. Again, That's
what I would have done if my kid was in
kindergarten class and I knew that this was coming in,

(01:56:03):
I would have I would have made my kid. I
would have told them to do that the thing and
cause of ruckus, because guess what, my kid's not wrong anyway. Anyway,
some of the Trump tweets of late have been pretty
spot on. I have to say that he's improved a

(01:56:24):
great deal when it comes to his tweeting his tweets,
have it that, you know, there's points of time during
his last presidency, you know, I don't know, midnight tweets
sounding a little unhinged, the all caps tweets, even during
the election, to some degree, they've been pretty darn good
so far. This one I loved. This is Donald Trump

(01:56:45):
this past week. The actual irony. A homeowner consents to
pay property taxes that will go to the fire department.
The funds are diverted to illegal immigrants because la is
a sanctuary city. An illegal immigrant comes and set your
house on fire, and the fire department doesn't have the
resource to put it out. The homeowner paid for their

(01:57:06):
own destruction. On top of that, the government is so
inept that the insurance companies won't sure house is here anymore,
so the homeowner is left with nothing. Okay, is he wrong?
Is he wrong? People want to just fill me in?

(01:57:27):
Is he wrong? I don't think so anyway. Quickly on
this as well, again, it was kind of funny to
see that that, you know, that Jerusalem Cross that has
caused Pete hegset so much trouble because they all said
it was some sort of white supremacy stuff. You know,

(01:57:47):
just so happened to be on the floor of the
National Cathedral where Jimmy Carter was they were having the
funeral services for him. But anyway, neither here nor there.
Why in the world are you playing the song imagine
in a church? I mean, Garth Brooks, aren't you embarrassed
you're in a church? You ever look at the lyrics

(01:58:08):
and a communist manifesto? I can't stand that song, can't
stand it anyway. Watchdog on Wallstreet dot com. Watchdog on
Wallstreet dot com is our site. Become a part of
our family personal CFO program, our podcast, our newsletter, all
sorts of great stuff Watchdog on Wallstreet dot com or
give us a call eight hundred four seven one fifty

(01:58:29):
nine eighty four God bless us. See you next week.

Speaker 1 (01:58:34):
You're listening to the watchdogg on Wall Street

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