AND THE BAND PLAYED ON...
The Hartmann Report
Thom Hartmann
4.5 • 1.3K Ratings
🗓️ 2 May 2020
⏱️ 61 minutes
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Summary
As the Fed loans hundreds of billions of dollars to major US corporations, has the performance of the stock market largely decoupled from the American economy? Economist Richard Wolff shares his views with Thom. Would it have been better to have given the same money to the people to the tune of tens of thousands of dollars each, or will trickle-down economics work this time? Or can we find leaders who are capable of admitting to our economic failures and correcting them?
Meanwhile, could it be for the sake of their financial interests that the billionaires are using their propaganda groups like so-called "Freedom Works" to push people to protest public health lockdowns? And would the Michigan police have allowed a crowd of black people with guns to storm the statehouse? (hint: no)
Plus- Pinning the numbers to Trump... When did it become almost impossible to opt-out of the internet?.. How is Trump coercing the slaughterhouse workers back to the kill floor?.. What are the Swedes up to?..
Plus!- astrology, aliens, and a virus creation conspiracy...
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Transcript
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| 0:00.0 | We have new unemployment numbers out by the way. We have over 30 million people who have |
| 0:10.6 | become unemployed in the last six weeks that's almost 20% 18.6% of the US |
| 0:15.8 | labor force that is great depression territory over 20% you're in a depression |
| 0:21.2 | but the stock market is still doing well. Why is that? |
| 0:26.0 | Well, we'll talk to Richard Wolf about that. The economist, the co-founder of Democracy |
| 0:29.8 | at Work. Info, author of numerous books his most recent understanding socialism. |
| 0:35.6 | In addition to Democracy at Work. Info he also has a website at rd wolf with two f's |
| 0:40.3 | com and his Twitter handle is Prof Wolf as in Professor Wolf. |
| 0:45.0 | Professor Wolf, welcome back. I'm so glad to have you with us. |
| 0:48.0 | Thank you, Tom. Glad to be here. |
| 0:50.0 | I'm seeing that the Fed now has $6 trillion on its balance sheet. Most of this |
| 0:58.0 | in corporate bonds. And that seems to be floating the economy. |
| 1:04.0 | William Cohen was writing about this in the, |
| 1:07.0 | what was it, the New York Times of the Washington Post. |
| 1:09.7 | I'm trying to make sense of all this. |
| 1:12.3 | And he talks about on March 23rd the Fed put together |
| 1:15.7 | an array of loans and other forms of credit totaling four trillion on April 9th the |
| 1:20.7 | Fed struck again providing an additional 2.3 trillion. |
| 1:24.6 | So now it's 6.3 on their balance sheet. |
| 1:27.7 | And now they're holding 3.7 trillion in credit assets. |
| 1:32.0 | He goes on that as a result of this companies like Yum |
| 1:35.1 | brands that owns KFC and Pizza Hut they issued 600 million dollars in new |
... |
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