First Republic Bank Rescue & Secret Collusion Between the Government and Wall Street's Biggest Banks: Open the Books!
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 3 May 2023
⏱️ 30 minutes
🧾️ Download transcript
Summary
On today's episode Brian and Prof. Richard Wolff discuss the third bank failure in two months. First Republic collapsed Monday, a sure sign that the financial system is still in huge turmoil. Then JPMorgan Chase bought the bank's assets for a bargain. What does this say about the economic system and what does it mean for the rest of us?
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 | Another giant bank failure. First Republic Bank collapsed over the weekend, or at least it was taken over by J.P. Morgan Chase as of Monday, just two months after Silicon Valley Bank and signature bank collapsed, a sure sign that the current banking system |
| 0:22.4 | is still in huge turmoil. |
| 0:24.6 | We need a new system. |
| 0:27.2 | We need a new society. |
| 0:29.0 | We need to demand that which may have sounded impossible |
| 0:32.0 | even a few weeks ago, |
| 0:33.8 | but is not only realizable, |
| 0:36.0 | but an imperative necessity. We are excited to have Professor Richard Wolfe join us again for a regular weekly segment |
| 1:05.5 | where we talk about the biggest stories related to the economy. |
| 1:09.7 | I'm your host, Brian Becker. |
| 1:11.4 | The Socialist Program brings you content three days a week. |
| 1:14.8 | Thanks to the support of our patrons at patreon.com forward slash the socialist program. |
| 1:21.0 | We appreciate all of your support and encourage you to become a patron today if you enjoy listening to this show. |
| 1:28.4 | Richard Wolf is the co-founder of the organization, Democracy at Work. |
| 1:31.8 | He's the author of many books. |
| 1:33.1 | The latest being The Sickness is the System when Capitalism Fells to Save Us from Pandemics or itself. |
| 1:41.0 | Be sure to check out all of his work at R-D-Wolf.com. That's R-D-W-O-L-F-F.com. |
| 1:47.7 | Professor Wolf, welcome back. Thank you, Brian. Glad to be here. Well, we have a theme. Maybe our |
| 1:53.7 | audience will think, why are you guys so redundant? You keep talking about bank failures. |
| 1:58.8 | But of course, it's because there's one bank failure after another. |
| 2:03.3 | I want to talk a little bit about First Republic. It's reportedly the second biggest bank failure |
| 2:09.7 | in U.S. history, the largest being Washington Mutual, which went down during the recession, |
... |
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