SOLUTIONS FROM WOLFF AND POCAN
The Hartmann Report
Thom Hartmann
4.5 • 1.3K Ratings
🗓️ 2 February 2022
⏱️ 59 minutes
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Summary
Economist Richard Wolff shares his predictions for the economic and political consequences of raising interest rates- what can we expect?
Plus- Progressive Congressman Mark Pocan takes calls on many topics- Will any part of Build Back Better get passed? How is Congress trying protect our supply chain?
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Transcript
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| 0:23.2 | So take advantage of this, listen to everything you love on the iHeartRadio app for free. |
| 0:27.6 | I'm a line with us is our old buddy professor, Richard Wolff, the economist, co-founder of democracyatwork.info, |
| 0:53.7 | the author of numerous books, including his most recent, the sickness is the system when capitalism fails |
| 0:59.6 | to save us from pandemics or itself, democracyatwork.info, RdWolf with 2Fs.com, ProfWolf on Twitter, |
| 1:06.8 | 2Fs. Professor Wolff, welcome back. I'm wondering interest rates are in the news and the fed says the, |
| 1:13.0 | yeah, they're going to raise interest rates to try to tamp down inflation and all this kind of thing. |
| 1:18.1 | How specifically does the fed regulate interest rates? How do those interest rate changes |
| 1:25.5 | alter or affect the probably the two biggest markets that might, you know, bounce off the average |
| 1:32.0 | person, the housing market and the stock market? The first question is very easy, they have a number |
| 1:36.8 | of mechanisms they can use. The fed lends money to banks, it can change the interest rate, |
| 1:43.6 | that the banks have to pay and they in turn typically lead the banks to adjust the interest rates. |
| 1:50.4 | They charge, the Federal Reserve also buys and sells treasury securities and by changing the price |
| 1:59.1 | of that security, you in effect change the interest rate that whoever buys it has to get |
| 2:07.3 | as a result of having paid either more or less for it. So that's fairly straightforward |
| 2:13.1 | and everyone understands it. The really big question is the second one you asked, |
| 2:18.0 | what are the effects of it? And right now we are being told by people who know that is the biggest |
| 2:25.2 | bankers in the country who are very close every day with the Federal Reserve. Let's remember |
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