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Fare Jumpers, Fake Reform, and a Frozen Rink
The Paul Truesdell Podcast
Principal Storyteller and Analyst:
Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
352-612-1000 - Local
212-433-2525 - New York
Truesdell Wealth, Inc.
https://truesdellwealth.com
The Truesdell Companies
https://truesdell.net
The Truesdell Companies was a proud sponsor of the Eirinn Abu benefit concert for Tunnel to Towers, on February 28th at the Circle Square arena in Ocala, Florida. For more information, visit: https://eirinnabu.com or https://eirinnabu.com/event/5760795/695871447/eirinn-abu-and-tunnel-to-towers-foundation-concert
Events
Retirement Income: The Good, Bad, and Ugly
Casual Conversations
Stonewater – Stone Creek - Ocala
March 9 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
Single or With Dependent Spouse
Casual Conversations
May 16 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
The Truesdell Military Procurement Portfolio
Casual Conversations
May 23 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
June & July – A Financial Series in Oak Run – Ocala, Florida
Disclaimer
You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.
Rough Notes
Fare Jumpers, Fake Reform, and a Frozen Rink
Why Penn Station is still a dump, and how the guy who fixed an ice rink might save the whole rotten system
By Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC – Honest sarcasm from a man who reads the contracts
What do you get when you mix billions in taxpayer waste, a crumbling train station, fare-jumping chaos, and a guy named Trump who actually gets things done? You get Penn Station—the government’s greatest boondoggle on rails. In this episode, I take you through the Shinola-soaked mess, the federal clawbacks, the Attorney General’s hypocrisy, and why Elon Musk should audit the MTA. It is sarcastic, brutal, and absolutely true. If you like your comedy with facts, buckle up.
Disclaimer
You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.
You ever been to Penn Station? No, not the old one—the architectural cathedral they blew up in the 1960s like it was a bad Vegas act. I’m talking about the rat maze they built underneath Madison Square Garden, where dreams die, tiles peel, and the only thing flowing is urine... and not all of it from humans.
Penn Station today looks like Chernobyl’s forgotten subway. Seriously—if cockroaches had a convention center, this would be it. And if you’re a woman walking alone through Penn at night? God help you. It is not just sketchy, it is maximum-security-prison-yard-after-lights-out sketchy. You could be wearing a nun’s habit and still get followed. Try being mildly attractive and you’re basically reenacting The Walking Dead with hormones.
And what do they do about it? Oh, they announce things. Big glossy renderings! Fancy brochures! A PowerPoint extravaganza with more colors than a kindergarten art project. “We’re revitalizing Penn Station,” they say. “It’ll be beautiful!” Meanwhile, the ceiling’s leaking, the escalators are stuck on "never," and there’s a guy sleeping on the floor using a Pizza Hut box as a pillow. You walk in looking for a train and come out with tetanus.
But wait, it gets better. Or worse. Or both.
The MTA, which stands for “Maybe Tomorrow, Actually,” has been given billions—yes, with a B—to fix this place. Seven billion just for this round. And what have they done? They’ve managed to print some graphics showing escalators they will never install. That’s it. They spent more money on visual aids than on actual concrete. It’s like a magician who’s great with the smoke but forgot the mirrors.
And don’t even get me started on the fare gates. The city spends millions redesigning them every few years, hoping that this time, this time, people will stop jumping over them. They put spikes, lasers, facial scanners—hell, they tried “behavioral nudging.” That’s a real thing. You know what works? The old-school steel turnstiles from the ‘70s. Those tanks. Nobody jumps those unless they’re training for the Olympics. But the MTA does not want old stuff that works. No, they want new stuff that does not. Why? Because new stuff means new contracts, new consultants, new lunches at Le Bernardin. Ka-ching!
Now here’s the kicker—Amtrak owns Penn Station. Yep. Not New York. Not the MTA. Amtrak. As in the Feds. As in “surprise, we’re taking over now.” And who did that? That orange guy they all love to hate—Donald Trump.
You remember Trump, right? The one who actually got the Wollman Ice Rink in Central Park fixed in less time than it takes the city to open a mailbox? Yeah, when New York bureaucrats spent six years trying to fix an ice rink, Trump stepped in, said “Hold my hair spray,” and got it done in four months. Under budget. With working plumbing. You can Google it—if Google hasn’t censored it yet.
So now Trump’s back in the transit game. And oh boy, the same people who could not unclog a subway toilet in under three fiscal years are losing their minds. “You can’t let Trump near the station!” they scream. Why not? You already let him fix the last thing you broke. What are you afraid of, success?
So now that Trump has taken control of the Penn Station rebuild through Amtrak—because he legally could since it is federally owned, not some MTA playground of incompetence—you would think the city would breathe a sigh of relief, right? Wrong. Instead, they act like he just took a sledgehammer to Lady Liberty and asked her to hold a Big Mac.
You know why they are mad? Because Trump did what they could not—take back control of a federal asset they were mismanaging like it was a cash-spewing slot machine. And not only that—he tapped into one of the best things the federal government has done in years: the clawback program.
That’s right. The Department of Transportation and the feds started reviewing who got what money, what they did with it, and guess what? Billions in unspent, misallocated, and fraudulent transit funds have been identified, halted, and—get this—some of it is actually being recovered. Now there’s a concept. Accountability. You know, that thing that vanishes faster than a politician’s promise once the microphones are turned off?
Ah yes, congestion pricing—New York’s latest plan to charge people for the privilege of driving into a place they were already trying to avoid. You want to visit Midtown? That’ll be $23. Want to deliver food? That’s $23. Got a sick kid to take to a hospital? Congratulations, you just got toll-tagged for saving a life in a broken-down ambulance that stalled in a rat-infested pothole. Welcome to the Big Apple, baby. Bite it and bleed.
And now, Governor Kathy “Checkbook” Hochul is throwing a hissy fit because the Department of Transportation might yank $2.2 billion in federal funding. Why? Because Sean Duffy—yes, the guy who dares suggest that taxpayer money ...
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By Paul Grant Truesdell, JD., AIF, CLU, ChFCThe Paul Truesdell Podcast
Principal Storyteller and Analyst:
Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
The Truesdell Professional Building
200 NW 52nd Avenue
Ocala, Florida 34482
352-612-1000 - Local
212-433-2525 - New York
Truesdell Wealth, Inc.
https://truesdellwealth.com
The Truesdell Companies
https://truesdell.net
The Truesdell Companies was a proud sponsor of the Eirinn Abu benefit concert for Tunnel to Towers, on February 28th at the Circle Square arena in Ocala, Florida. For more information, visit: https://eirinnabu.com or https://eirinnabu.com/event/5760795/695871447/eirinn-abu-and-tunnel-to-towers-foundation-concert
Events
Retirement Income: The Good, Bad, and Ugly
Casual Conversations
Stonewater – Stone Creek - Ocala
March 9 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
Single or With Dependent Spouse
Casual Conversations
May 16 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
The Truesdell Military Procurement Portfolio
Casual Conversations
May 23 – 6:30 pm
Reservations Required - Call or Text: 352-612-1000
June & July – A Financial Series in Oak Run – Ocala, Florida
Disclaimer
You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.
Rough Notes
Fare Jumpers, Fake Reform, and a Frozen Rink
Why Penn Station is still a dump, and how the guy who fixed an ice rink might save the whole rotten system
By Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC – Honest sarcasm from a man who reads the contracts
What do you get when you mix billions in taxpayer waste, a crumbling train station, fare-jumping chaos, and a guy named Trump who actually gets things done? You get Penn Station—the government’s greatest boondoggle on rails. In this episode, I take you through the Shinola-soaked mess, the federal clawbacks, the Attorney General’s hypocrisy, and why Elon Musk should audit the MTA. It is sarcastic, brutal, and absolutely true. If you like your comedy with facts, buckle up.
Disclaimer
You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.
You ever been to Penn Station? No, not the old one—the architectural cathedral they blew up in the 1960s like it was a bad Vegas act. I’m talking about the rat maze they built underneath Madison Square Garden, where dreams die, tiles peel, and the only thing flowing is urine... and not all of it from humans.
Penn Station today looks like Chernobyl’s forgotten subway. Seriously—if cockroaches had a convention center, this would be it. And if you’re a woman walking alone through Penn at night? God help you. It is not just sketchy, it is maximum-security-prison-yard-after-lights-out sketchy. You could be wearing a nun’s habit and still get followed. Try being mildly attractive and you’re basically reenacting The Walking Dead with hormones.
And what do they do about it? Oh, they announce things. Big glossy renderings! Fancy brochures! A PowerPoint extravaganza with more colors than a kindergarten art project. “We’re revitalizing Penn Station,” they say. “It’ll be beautiful!” Meanwhile, the ceiling’s leaking, the escalators are stuck on "never," and there’s a guy sleeping on the floor using a Pizza Hut box as a pillow. You walk in looking for a train and come out with tetanus.
But wait, it gets better. Or worse. Or both.
The MTA, which stands for “Maybe Tomorrow, Actually,” has been given billions—yes, with a B—to fix this place. Seven billion just for this round. And what have they done? They’ve managed to print some graphics showing escalators they will never install. That’s it. They spent more money on visual aids than on actual concrete. It’s like a magician who’s great with the smoke but forgot the mirrors.
And don’t even get me started on the fare gates. The city spends millions redesigning them every few years, hoping that this time, this time, people will stop jumping over them. They put spikes, lasers, facial scanners—hell, they tried “behavioral nudging.” That’s a real thing. You know what works? The old-school steel turnstiles from the ‘70s. Those tanks. Nobody jumps those unless they’re training for the Olympics. But the MTA does not want old stuff that works. No, they want new stuff that does not. Why? Because new stuff means new contracts, new consultants, new lunches at Le Bernardin. Ka-ching!
Now here’s the kicker—Amtrak owns Penn Station. Yep. Not New York. Not the MTA. Amtrak. As in the Feds. As in “surprise, we’re taking over now.” And who did that? That orange guy they all love to hate—Donald Trump.
You remember Trump, right? The one who actually got the Wollman Ice Rink in Central Park fixed in less time than it takes the city to open a mailbox? Yeah, when New York bureaucrats spent six years trying to fix an ice rink, Trump stepped in, said “Hold my hair spray,” and got it done in four months. Under budget. With working plumbing. You can Google it—if Google hasn’t censored it yet.
So now Trump’s back in the transit game. And oh boy, the same people who could not unclog a subway toilet in under three fiscal years are losing their minds. “You can’t let Trump near the station!” they scream. Why not? You already let him fix the last thing you broke. What are you afraid of, success?
So now that Trump has taken control of the Penn Station rebuild through Amtrak—because he legally could since it is federally owned, not some MTA playground of incompetence—you would think the city would breathe a sigh of relief, right? Wrong. Instead, they act like he just took a sledgehammer to Lady Liberty and asked her to hold a Big Mac.
You know why they are mad? Because Trump did what they could not—take back control of a federal asset they were mismanaging like it was a cash-spewing slot machine. And not only that—he tapped into one of the best things the federal government has done in years: the clawback program.
That’s right. The Department of Transportation and the feds started reviewing who got what money, what they did with it, and guess what? Billions in unspent, misallocated, and fraudulent transit funds have been identified, halted, and—get this—some of it is actually being recovered. Now there’s a concept. Accountability. You know, that thing that vanishes faster than a politician’s promise once the microphones are turned off?
Ah yes, congestion pricing—New York’s latest plan to charge people for the privilege of driving into a place they were already trying to avoid. You want to visit Midtown? That’ll be $23. Want to deliver food? That’s $23. Got a sick kid to take to a hospital? Congratulations, you just got toll-tagged for saving a life in a broken-down ambulance that stalled in a rat-infested pothole. Welcome to the Big Apple, baby. Bite it and bleed.
And now, Governor Kathy “Checkbook” Hochul is throwing a hissy fit because the Department of Transportation might yank $2.2 billion in federal funding. Why? Because Sean Duffy—yes, the guy who dares suggest that taxpayer money ...