Cutthroat Bankers' New Scheme: Why Banks Are Suddenly Closing Accounts
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 8 November 2023
⏱️ 33 minutes
🧾️ Download transcript
Summary
On today's episode Brian and Prof. Richard Wolff discuss why people all over the country are finding out at the checkout counter that their bank accounts aren't working. Banks are suddenly closing accounts—sometimes without any notice—in what bankers are calling "de-risking," despite the individuals, families, and small businesses that are hit not doing anything wrong.
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 | Bank customers across the country are increasingly being hit by a surprise. |
| 0:07.0 | Their bank accounts are being closed without warning, causing chaos in their personal finances. |
| 0:14.0 | What's behind this new trend in capitalist banking? |
| 0:19.0 | We need a new system. We need a new society. |
| 0:22.6 | We need to demand that which may have sounded impossible |
| 0:25.6 | even a few weeks ago, |
| 0:27.6 | but is not only realizable, but an imperative necessity. We are excited to have Professor Richard Wolfe join us again for our regular weekly segment |
| 0:59.8 | where we talk about the biggest stories related to the economy. |
| 1:04.3 | I'm your host, Brian Becker. |
| 1:06.4 | The Socialist Program brings you content several days a week. |
| 1:09.2 | Thanks to the support of our patrons |
| 1:11.0 | at patreon.com forward slash the socialist program. We appreciate all of your support and encourage you, |
| 1:20.1 | if you're not yet, to become a patron today. Richard Wolfe is the co-founder of the organization |
| 1:25.5 | Democracy at Work. He's the author of many books, the latest being The Sickness is the System when capitalism |
| 1:32.6 | fails to save us from pandemics or itself. |
| 1:36.2 | Be sure to check out all of his work at RD.Wolf.com. |
| 1:39.5 | That's R-D-W-O-L-F dot com. |
| 1:43.0 | Professor Wolf, welcome back. |
| 1:44.9 | Thank you, Brian. |
| 1:45.9 | Glad to be here. |
| 1:47.7 | There's a few things we want to talk about today, Richard, and they're all related to the banks. |
| 1:53.0 | There's new stories about the banks getting rid of risk or hedging risk or creating new |
... |
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