Stock Market Record: Wall Street Celebrates, Workers Suffer
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 22 May 2024
⏱️ 30 minutes
🧾️ Download transcript
Summary
On today's episode Brian Becker and Prof. Richard Wolff discuss The Dow Jones stock index closed above 40,000 for the first time in its history last Friday. Wall Street uncorked the champagne to celebrate this milestone, but working people are totally left out of the stock market boom.
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 Dow Jones Stock Index closed above the 40,000 mark for the first time in its history last Friday. |
| 0:09.7 | Wall Street uncorked the champagne to celebrate this milestone, but working people are totally left out of the stock market boom. |
| 0:18.5 | We need a new system. We need a new society. |
| 0:22.6 | We need to demand that which may have sounded impossible even a few weeks ago, but is not only |
| 0:28.6 | realizable, but an imperative necessity. We are excited to have Professor Richard Wolfe join us again for our regular weekly segment |
| 0:59.2 | where we talk about the biggest stories related to the economy, the state of the working class, |
| 1:05.1 | and the crimes of big business. |
| 1:07.2 | I'm your host, Brian Becker. |
| 1:08.8 | The Socialist Program brings you content several days a week thanks to the support of our patrons at patreon.com forward slash the socialist program. |
| 1:20.0 | We appreciate all of your support and encourage you to become a patron today if you enjoy or rely on this show. |
| 1:28.0 | Richard Wolfe is the co-founder of the organization Democracy at Work. |
| 1:31.7 | He's the author of many books. |
| 1:33.4 | The latest being, |
| 1:34.9 | The Sickness is the System when Capitalism Fails to Save Us from Pandemics or |
| 1:40.0 | Itself. |
| 1:41.2 | You can 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 very much, Brian. Glad to be here. |
| 1:52.9 | Were you on corking your champagne last Friday, Richard? No, I corked it because, as you |
| 2:00.7 | nicely pointed out at the beginning, what is good news for some, |
| 2:05.5 | unfortunately in this system virtually guarantees the bad news for somebody else. |
| 2:11.5 | Well, let's talk about why the stock market is over 40,000. I want to talk about several things here. Who owns stock? |
| 2:21.8 | You know, who's making a lot of money here? How big of a part of the population is that? |
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