Bankers & The Fed Push the Economy Toward a Recession—But It's Workers Who Will Feel the Pain
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 12 October 2022
⏱️ 33 minutes
🧾️ Download transcript
Summary
On today's episode Brian Becker and Prof. Richard Wolff discuss the International Monetary Fund predicting a worse economy in 2023 and the illuminating comments from CEO Jamie Dimon of JP Morgan Chase, the largest US investment bank. Bankers like Dimon and The Fed (made up of majority bankers) are pushing the economy toward the brink, despite the crisis this will cause for workers and families nationwide.
Professor Richard Wolff is an author & co-founder of the organization Democracy at Work. You can find his work at rdwolff.com.
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Transcript
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| 0:00.0 | The International Monetary Fund is slashing its outlook for global growth. |
| 0:07.4 | Top capitalists are sounding the alarm about an imminent recession. |
| 0:12.1 | And the Federal Reserve is more determined than ever to purposefully drive the economy off a cliff. |
| 0:19.4 | It is appearing more and more certain that the coming months will |
| 0:22.7 | see a major economic crisis break out. How bad will it get? And for whom? We need a new system. |
| 0:32.5 | We need a new society. We need to demand that which may have sounded impossible even a few weeks ago, |
| 0:39.3 | but is not only realizable, but an imperative necessity. We are excited to have again, Professor Richard Wolf, join us for our regular weekly segment, where we discuss the biggest stories related to the again, Professor Richard Wolfe join us for our regular weekly segment where we discuss |
| 1:12.3 | the biggest stories related to the economy, the state of the working class, and the crimes of |
| 1:17.4 | big business. I'm your host, Brian Becker. The Socialist Program brings you content three days |
| 1:23.4 | a week thanks to the support of our patrons at patreon.com forward slash the socialist program. |
| 1:30.8 | We appreciate all of your support and encourage you to become a patron today if you enjoy listening |
| 1:36.8 | to this show. Richard Wolfe is the co-founder of the organization Democracy at Work. |
| 1:42.1 | He's the author of many books, the latest being |
| 1:44.5 | The Sickness is the System when Capitalism Fells to Save Us from Pandemics or Itself. |
| 1:51.6 | Be sure to check out all of his work at R-D-Wolf.com. That's R-D-W-O-L-F-F.com. |
| 1:58.8 | Professor Wolf, welcome back. Thank you, Brian. Glad to be here. |
| 2:02.9 | Thank you so much for joining once again. |
| 2:05.5 | J.P. Morgan Chase Bank, the president, Jamie Diamond, says, this is serious. |
| 2:12.8 | U.S. is headed for a recession. |
| 2:15.5 | IMF downgrades outlook for global economy in 2023 and then parenthetically |
| 2:20.9 | amid Ukraine war. I guess that's the blame. Here's another one. Is the U.S. economy in a recession |
| 2:28.1 | and taking the world with it? Professor Wolfe, when I was looking at the headlines, whether it's |
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