Housing Market Whiplash Locks out Millions of Workers
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 9 November 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
On today's episode Walter Smolarek and Prof. Richard Wolff discuss how huge numbers of people are being locked out of the housing market amid soaring interest rates and home prices, marking a dramatic reversal for millions of people who were hoping to buy their own home. With prices spiking for renters as well, the failure of the capitalist market to provide something as basic as affordable shelter is on display.
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 | Huge numbers of people are being locked out of the housing market as soaring interest rates and home prices mark a dramatic reversal for millions of people who are hoping to buy their own home. |
| 0:12.9 | With prices spiking for renters as well, the failure of the capitalist market to provide something as basic as affordable shelter is on display. |
| 0:22.1 | We need a new system. We need a new society. We need to demand that which may have sounded |
| 0:28.2 | impossible even a few weeks ago, but is not only realizable, but an imperative necessity. |
| 1:01.7 | Thank you. imperative necessity. We're very excited to have Professor Richard Wolfe join us for a regular weekly segment where we discuss the biggest stories relating to the economy, the state of the working class, |
| 1:06.6 | and the crimes of big business. I'm Walter Smolerick, filling in for Brian Becker. |
| 1:10.8 | The Socialist Program brings new content three days a week thanks to the support of big business. I'm Walter Smolerick, filling in for Brian Becker. The Socialist Program brings new content three days a week thanks to the support of our patrons |
| 1:15.1 | at patreon.com slash the Socialist Program. We appreciate all of your support and encourage you |
| 1:21.8 | to become a patron today if you enjoy listening to the show. Richard Wolfe is the co-founder |
| 1:26.9 | of the organization Democracy at, and the author of |
| 1:30.5 | many books, the latest being, The Sickness is the System. |
| 1:33.9 | When Capitalism Fails to Save Us from Pandemics or itself, check out all of his work at |
| 1:38.8 | R.D.Wolf.com. |
| 1:41.7 | Well, Professor Wolfe, we've explored, you know, many different aspects, elements of |
| 1:47.2 | this economic crisis that's unfolding upon us, however you want to say it. Let's talk about what's |
| 1:54.2 | going on with the housing market, specifically in terms of people who are looking to buy a house, |
| 1:59.9 | to buy their own home. |
| 2:01.5 | You know, this is something that's sold to people as a key part of the American dream, right? |
| 2:06.4 | I mean, you're really in a stable position. |
| 2:09.0 | You've really made it once you buy your own house, right? |
| 2:11.4 | That's what we're all told. |
| 2:12.9 | But that's becoming extraordinarily difficult and very rapidly. |
... |
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