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🗓️ 26 May 2020
⏱️ 33 minutes
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0:00.0 | We've had all these bailouts and some people are feeling the effect of those bailouts, |
0:05.0 | namely big companies in Wall Street, and some people are definitely not. |
0:09.0 | When you expand the money supply, which is what happens in a bailout, the people who get that money first are... money bailed out now. They're the ones who spent 6.3 trillion dollars on stock buybacks and dividends. |
0:27.6 | From the offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics with |
0:38.2 | Nick Hanauer. |
0:39.9 | One American capitalist take on how we got into this mess and how we can get out. |
0:44.0 | I'm Nick Hanauer, founder of Civic Ventures. |
0:51.0 | I'm David Goldstein, Senior Fellow at CivicVincher. Civic Ventures. |
0:57.0 | So Nick, as we record this on May 18th, the stock market is going gangbusters. |
1:07.0 | I think it's up 3-4 percent today. |
1:09.6 | So that means the crisis is over, right? |
1:12.0 | Yeah, well, we've had all these bailouts, |
1:14.5 | and more is still to come. |
1:16.7 | And definitely, some people are feeling |
1:19.6 | the effect of those bailouts, |
1:21.4 | namely big companies in Wall Street. |
1:23.4 | And some people, I mean, for sure, |
1:25.4 | are definitely not feeling the effects of those bailouts. |
1:30.0 | All the folks I know who run restaurants, low wage workers, those folks mostly unless you're working |
1:35.8 | for a grocery store are really struggling. |
1:38.6 | And that speaks to the dynamics of how these bailouts work. You know when they happen some people get lots of money first |
1:46.3 | and and other people just get dribs and drabs. A lot of the companies who are getting bailed out |
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