Still waiting for prices to drop, but after watching this, I guess I should just accept the 'new normal'... Got $332k saved up as an emergency fund and was hoping to finally dive into investments. But seriously, where do I start when the market is still this wild? 😅 Any tips before I make my money cry?
I feel you, but holding off could mean missing out. I was in a similar boat until I caved and got myself an advisor. Trust me, they know how to navigate this craziness. Mine had me set up and winning quicker than I thought. Highly recommend it!
Same struggle here. I'm ready to invest but honestly, with so many options out there, I'm not even sure how to find the right advisor. It’s like a shot in the dark at this point
There are a handful of CFAs. I've tried a few over the years, but 'Linda Aretha Reeves' has been my go-to for a while now. Her performance is consistently solid, and she’s well-known in her field. Worth checking out if you’re looking for someone dependable
@@Justincase625 It's not just about who is giving it out, it's also wh is't paying their fair share. The government can't just stop supporting programs because the rich don't pay their taxes. Those programs are based on everyone following the rules. There are rich people on both sides evading their responsibility.
This is exactly what I think is happening. I’ve noticed that as soon as Walmart raises their prices like on eggs, my local HEB raises their prices even more than Walmart. Yesterday Walmart was selling a carton of 18 extra large eggs for $6.22. This morning HEB raised their price on those same eggs to $6.47. What the heck? In 2021, I used to buy a carton of 18 extra large eggs at Walmart for $2.48. Now those same eggs are $6.22. Why such a big difference? It’s called price gouging. People should be as pissed off as I am. This is not just inflation. The chickens are here. They are not coming from China. There is no supply chain issue. It’s greed plain and simple. GREEDY BASTARDS!!!
@@markkasprzyk3287 Yes, they are colluding with each other. Right now the government is suing AGRI STATS which is high tach software that allows the beef companies to share with each how much they are charging for their items so that prices stay high. That’s collusion. I have noticed that as soon as Walmart raised their prices on eggs, HEB also then raises their prices. It’s very obvious and should be stopped. GREEDY BASTARDS!!!
@@markkasprzyk3287 Yes. The government is right now suing AGRI STATS which is a high tech software that companies are using to inform each other of their pricing. You don’t think is funny that every meat producer has the same prices? It’s no coincidence that as soon as Walmart raised their prices on eggs, HEB does the same thing. They are colluding with each other.
What was once a felony, the 2010 Supreme Court ruled on an ironically named - "Citizens United." It legalized Corporate donations to politicians, now they're corporate employees.
Yes. Basically legalized bribery. It’s at the root of most of the country’s corruption. Corporations rule by way of the politicians they control. It’s very hard to beak that cycle for the handful of people who run on grassroots contributions. Corporations pour even more money into their opponents campaigns. It’s a very uphill battle for people like AOC who has broken through and been very successful and effective.
Please if you are not familiar with "Citizens United" look it up. This is why Elon Musk and others have been able to donate millions to candidates, this has allowed corporations to get the politicians elected. Congressman Adam Schiff introduced a constitutional amendment to overturn "Citizens United" just this year.
@@pauleywallnutz9429 how about not for profit organizations like Soros funding hundreds of leftist campaigns? Is that ok with you? Of course it is because your ilk is hypocritical at its core.
"THE MEDIA" is Corporate owned! Check out how much mainstream media is "Newsaganda", and the increasing percentage as Advertising in a Newsreel format. Subliminal messaging has come a long way ...
Wall Street should be kept out of housing. Americans are being price gouged for basic needs of food, housing, insurance and gas. Time for everyone to pay their fair share of taxes, not just working Americans.
Wall Street does not contribute anything. It is not their purpose. The purpose of Wall Street is to extract value. They take from the productive and give to the unproductive in the form of “unearned income.”
This is happening in Europe as well. Ppl in my country can’t even find rentals or properties to buy because they are bought up by wealthy investors. Sickening! Money is now the root of ALL evil. 😡😡😡
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless Sonia bless America.
They stopped giving up Christmas bonuses when the western world gave its people free healthcare and now they get unlimited CEO pay and stockbuybacks after 1 billion its just breaks the economy. We need many businesses paying tax not 1 taking it all and not paying tax XD
A lot of boomers are out of touch too because they got their start BEFORE Reagan. Back when rent was like $200 for a 2BR, so people could actually save to for a down payment on a house.
Since the Supreme Court says that money is speech, corporations can spend whatever it takes to elect politicians who will kill any efforts to control their greed.
@@jakephocas1396 your post is ignorant of economics. Price too high ….go somewhere else or buy something else. There are no monopolies except those set up by government…..like utilities.
In a broader view, start with replacing Citizens United. A candidate or Legislature that is not beholden to corporate lobbyists is the only way to protect consumers. Every candidate should have an even playing field- equity in campaign financing to break the hold of rich people running our country.
@Singlesix6 Unions are 1 member, 1 vote.. Corporations are 1 share 1 vote. $$ buys LOTS more votes. And Union organization and accounting can be at least partially understood by most people. Corporations accounting and structure is acctually designed to be as confusing as possible!
How can it be changed when ever politician gets money from it? The very least is we can shorten election campaigns to 3 months. Making them 1 or even 2 years make them so expensive, it is impossible NOT to spend huge sums to win.
It's quite simple why rates are climbing with rising imports and falling exports, the FED is obviously to be blamed for banking crisis. Something will eventually break if they keep the quantitative tightening and higher interest rates. Is this really a good time to have some savings in stocks?
first austerity, then brexit, now widespread bank failures. .always do your own research & speak to a license advisor before thinking about putting your money into these crazy markets
Exactly, most youtubers said the market would be fine few months back, but it's been a major downturn. Luckily, since the rona-outbreak in 2020, I've avoided the drawback of trial and error by simply following professional guidance. I'm semi-retd and work only 7.5 hours weekly, with nearly $1m ROI after subsequent investments to date.
Rebecca Nassar Dunne is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@@TheGreatSalsaMan Trump is the reason why nothing is getting passed. Whenever something productive like the Border bill needs to get passed, Trump urges his Republicans in Congress to vote against it so his opponent doesn't "look good". The dude is all for himself and it still surprises me how many people fall for him. When you hear him talk, he's either lying or not making any sense. Like I know kids with a better vernacular and maturity than that old selfish fart.
@@TheGreatSalsaMan The guy who encourages it? The guy who keeps telling his ignorant cult members it's "inflation and all Democrats fault for all the spending they let Republicans do while they had a super majority?"
and yet they keep buying. I know I have stopped buying a lot of foolish unnecessary things, like bottled water, or coffeeshop beverages. Those 2 items alone save probably $1,000 a year, per person. Pack your lunch and save another $2,000 a year.
Just FYI, currently 42 out of the 100 senators are MAGA Republicans (they endorsed Trump this year) This makes it incredibly difficult to get a supermajority (i.e. 60/100 senators) to vote in favor of bills, if Trump says no. This is why it's important to vote out GOP senators at every opportunity. Democrats and sane Republicans want Trump and MAGA gone.
A big problem are also the majority of Democrats that also rubber stamp many of these oligopolistic trends. They need to be put in check, especially during the primary phases.
@@JorgeGarcia-lw7vc One problem at a time. A Democrat majority would be significantly less of an issue, than a Republican one. People do also have to wake up and become politically literate, such that they vote the specific persons that act against their interests out of office.
@@Psychx_the problem is the DNC is neo liberal and always was. They reward their own. Biden is complicit with high prices by policy by being pro corporation and allowing monopoly
Gas gouging goes deeper than that. Gas retailers take market increases on gas already in their tanks. They pay one price at delivery and price it accordingly, but the first indice of a supply issue; war, weather, tanker spill, etc., they raise their prices on existing stock.
Still, your gasoline is WAY too cheap. Just look at the monstrosities in traffic in USA. 140 kg driver (fat) and 3000 kg vehicle, built like a barn wall. That is ridiculous!
That’s not how pricing for fungible commodities works… businesses have to set price based on the replacement cost of the commodity being sold, the original purchase price is irrelevant. For example, imagine a gas station bought gasoline at a wholesale price of $3/gal, intending to resell for $3.25, but an unexpected price shock means that the next wholesale delivery the gas station buys will cost $4/gal. If they sell the gas they already have now for $3.75 they will profit an extra 50¢/gallon, but then what? They have to buy more gas for $4! If the gas station across the street already bought gas at $4/gal, and are selling for $4.35, there is no reason to sell for anything significantly less, let’s say $4.30, and that provides not only higher profit, but also cash on hand for buying the next delivery. This applies to dropping prices as well, if the replacement cost has gone down, then the lower future price must be taken into account. Again, using the example of the seller across the street who already bought at the lower price, if he’s selling for $3.25, even if our hypothetical owner paid $4 for the gas already in their store, they have to sell for no more than $3.25 or else no one will buy. Hopefully they made enough extra profit when prices went up to make up for losses when the price came down. In reality it’s much more complicated, and that’s part of why futures markets exist, but the underlying facts are unavoidable.
While we think of greed as a bad thing, it’s what makes the whole system work. If we define greed as trying to get more for less, then every consumer is just as greedy as every supplier. For instance, let’s say Pepsi raises their price for no reason. As a “greedy” consumer, you want the most soda for your money, so you switch to Coke. Even if every soda company colludes to increase prices, you can switch to tea or water. Unfortunately, when you increase the money supply (free COVID money for everyone) without increasing the amount of goods and services, the price of EVERYTHING goes up. That’s what we’re experiencing now and it was the predictable consequence of our government increasing the monetary supply.
Because he's been screwing the college kids and they are so stupid they keep coming back. He teaches one class on poverty and get 100s of thousands. Then comes on UA-cam and begs for money a couple times a year. He was Trump before Trump. He's nothing but a con man trying to make his sheep happy. So they can give him more money.
I feel like he is doing his best work independently these days. We need people like him training the next generation of economists and experts. Besides, Mr. Reich has already suffered through his time in D.C. I don't feel good asking him to do so again!
A lot of people underestimate the power of those guys until being spanked. I was clueless about investing until I met the right professional, and that connection changed everything. A few smart moves, and my finances took off. Right person, right time!
I've experimented with a few over the past years, but I've stuck with ‘’Kristin Amy Rose” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
@@allenchurch2870 Yes! Especially since voting red has kept the south destitute & poor over 50 years! Wouldn't you think that fact might sink in? Or that for the nominal 'pro-lifers' never vote for any bills or policies that help women, kids, even to EAT? Check out how many and WHO voted against a bill that helped get infant formula into the mouths that were hungry! Despicable.
@@neonshadow5005how much you want to bet the majority of the CEOs of these major corporations are Republicans. Everyone knows that Republicans favor corporations incorporations vote for republicans. This is common knowledge
Four companies is a lot. Any one of those companies could lower prices and steal market share from the others. Market share is the most valuable asset a company has. And yet it’s not happening. Why? Because the Biden inflation is baked into the system permanently. You can’t undo that period of 9% inflation. The only hope is to wait for wages and salaries to catch up with the new baseline prices that exist.
@@Pseudify Oh, you sweet summer child... Once one starts lowering prices, they all lose money in having to compete. It's more beneficial to work together than against. That's why 4 isn't enough. The world, the whole world, from US to Europe to China saw inflation. Blaming Biden only shows your ignorance on the matter. What is to stop inflation when we raise wages? If I make 7 and the product costs 10, but then wages are raised so I make 14 but the product now costs 17, am I in a better place with my wages? Please educate yourself before engaging with others on a topic you know so little about.
@@Pseudifyexcept that is not a thing, the real problem is these companies have industries like farms they are choking out who receive none of the benefits of the price increases but all of the negatives, this allows the company as big as they are, to keep growing and tighten market share as much as they want.
Why use the word hypocrisy? I don't think a corporation saying, "First and foremost we exist to make as much money as possible." (Fiduciary duty) Then proceeds to do that is hypocritical. You're using the word wrong.
Stop blaming everything on corporate price gouging. You democrats caused the inflation by all your spending and giving tax payers money away . Such as paying off student loans.
One good way would be to buy your food from local small farms. Not only will your food taste way better. It will also force stores to lower their prices.
Our small local farms often charge as much as the grocery store, or much more for organic products. Driving over an hour to a “local” farm is not doable for most citizens. It is likely a healthier way to do things, but it’s not less expensive in my experience in Michigan. 😊
That’s the most entitled post ever! I am a farmer. I can’t afford farmers markets. Truck farming is expensive to do and small scale. If you think that’ll feed 340 million plus people you live in a fantasy world. We’re kinda stuck without other reforms and fair wages.
I buy from local farms. Their food costs more than the grocery store. They don't have the benefits of large scale farming, and quantity discounts for purchases of seed, fertilizer and such. I live next door to a farmer so I'm not just making up the numbers.
@@ace9840 His point is corporations are the ones using price fixing because they are collaborating on prices and reduced competition rather than free markets.
@@secretsunset101 I understand his point I just disagree. I agree with the rent one because I knew that was happening 4 years ago. But thats not the reason all prices are rising. They’re rising prices because the dollar is becoming worth less. If corporations are so bad why do they keep bailing them out since 2008.
@@ace9840 It will be good to understand why food prices have not reduced with the reducing inflation. If corporations are keeping higher profit margins they received during the pandemic then it would be fairer to reduce prices for consumers. They don’t have any incentive to do that, hopefully the threat of bans will encourage them to stop it. If they’re maintaining the same profits margins as pre-pandemic then they shouldn’t have anything to worry about. They had to be bailed out to keep competition in the market. That will be fairer in the end too.
Kroger and Albertsons merger has to be squashed! Kroger owns Smiths grocery stores in Utah. Prices at Smiths increase on a weekly basis. Food staples like eggs, meat have doubled in price forcing me to shop elsewhere. I refuse to shop at Walmart but seemingly other stores are "price matching" each other keeping prices high. I'm retired on a fixed income. Soon food will become a luxury. Kroger CEO paid over 20 million dollars a year, Kroger grocery employees not so much.
This might be a shock to you but since 2020 there's been almost a 100% increase in energy costs. Energy increases the cost of everything and has a huge multiplying factor because it's the root for everything. I'm 2016 Krogers profit margin was 1.25% and in 2023 it's 1.93% If the ceo did the job for free then their profit margin would be about 1.95% The price increases you're seeing isn't even mostly from corporate greed. It's mostly from the increase in energy costs.
@@kawkasaurous Bad timing. Kroger exec. just admitted under oath that they have been price gouging. They have raised prices way past what their excuses about supply chain BS and costs would add.
Maybe stop the government from over spending. Stay on budget .Every year the same thing happens. The government can't stay on budget. That is the problem.
If you believe what he's saying you probably won't ever make it to Congress. Are you young? Pick a better mentor...go read Free to Choose by Milton Friedman and your eyes will be open to Rubin's deception...and his ignorance.
@@zoponex3224 Biden's plan to grow the middle class "from the bottom up, middle out" is a failure or a lie as the middle class continues to shrink. I say continue because is was been shrinking before Biden was in office but he has done nothing to even slow the shrinkage. Regurgitating platitudes benefits no one. Here's a clue. Stop SPENDING money ! ! Period ! Not interested in any economic "plan" that does not include massive cuts in spending. The end. Additionally, the largest peacetime economic expansion began under Reagan. Sick and tired of hearing Regan blamed by people who simply hate conservatives and never consult a single fact.
Robert Reich is a gem. I hope he's around to contribute like this for many more years! I put more trust in his economic beliefs than anyone else in public life....well, Elizabeth Warren, too :). Sounds like he's in agreement with Harris' stated platform, without explicitly saying so here, to try to somehow control price gouging. I hope she knows what she's doing as far as that particular policy to succeed with it, with naysayers claiming that'd be counter-productive to the economy. I think she & Walz need to fine-tune that message to make it clear they're gonna pursue that policy with a scalpel rather than a hatchet. Mr. Reich: pls. do a video weighing in on this Harris policy, specifically.
He is fooling you modern...what he says tickles your ears but has nothing to do with why we have inflation. Go read anything by Milton Friedman and your eyes will be opened to this snake oil propaganda.
@@sylviagoodman6008 Harris stated she wanted price controls in a stump speech. Under which rock are you hiding?? WHy do you think people are talking about it?
My local Walmart is price gouging us to death. I keep track of prices of eggs and ground beef. Last week the price of 18 extra large eggs was $4.42. In 2021, those same eggs cost me $2.48. Yesterday, those same eggs went up to $5.73. Why such a price hike? My local HEB isn’t any better. Their prices are even higher than Walmart. Before the pandemic, I used to buy a 4 lb package of 93% fat free ground beef at Walmart for less than $15.00. Now, that same package of ground beef has doubled to $29.87. Why? These greedy corporations are price gouging us to death. Greedy bastards. They have no shame.
@@player627 In 2022, Walmart made an annual profit of $143.75 Billion. (3,54 increase from 2021) In 2023, Walmart made an annual gross profit of $147.568 Billion. (2.65 increase from 2022) So far in 2024, Walmart’s annual gross profit is $157,983 Billion. (7.06 increase from 2023)) The numbers keep going up. Since the profits keep going up, I hardly think that is considered a “poor job.” It just shows you that they are doing an excellent job at cheating consumers out of our hard earned money. Do you own stock in Walmart? Is that why you are defending them?
@@player627 I did my research, and looked for Walmart profits from 2022 to now. This is what I found. Walmart annual gross profit for 2022 was $143.754 Billion, a 3.54 % increase from 2021. Walmart annual gross profit for 2023 was $147.578 Billion, a 2.65% increase from 2022. Walmart annual gross profit for 2024 was $157.983 Billion, a 7.06% increase from 2023. And the year isn’t even over yet. So, from what I see, Walmart’s profits have continually gone up. If you just look at their profits going from 2.65% to 7.06%, I’d say they are doing a very good job of price gouging us to death. These people know exactly what they are doing. Greedy bastards.
Prices remain high because we are in an oligopoly market with little competition. Competition lowers prices. Without it, there is very little to push prices down. Does not even have to be collision (though sometimes it is), just organically there is no downward price pressure. This is why any small glitch and prices spike upward. When the glitch goes away prices slowly over months fall a little bit but never all the way down to where they were. For example they always blame oil prices and shortages for the cost of fuel. Today oil is around $78 and gasoline is $3.40. But there was a time in the past when oil was $78 and gasoline was $2.50. So WTF?
Free market mechanism doesn't work anymore in this day and age of the Internet and AI. The concept is outdated now. Regulations by government are needed more than ever.
Two observations. All inflation is a monetary phenomena. We have created wayyyy too much money in the last fifteen years. Oil prices are up because Biden cut supplies /production back. Gas was $2 range under Trump. That's why.
There's plenty of competition. There are no laws that prevent you from setting up your non for profit workers coop and starting to compete with these producers.
Depending on what state you live in, several governors have engaged in cap and trade programs related to climate initiatives that are gouging your wallet. This is on top of increasing state and federal taxes. Now that it costs more to get your fuel to you, that is passed on
@@philhunt26 Phil...ever studied micro economics? Have you? Corporations are not colluding. To have this much inflation would require a worldwide conspiracy of companies WHO ARE COMPETING WITH ONE ANOTHER FOR MARKET SHARE to price fix millions of goods produced. It ain't happening. You are falling for a ruse my friend. Ask yourself this...why are they gouging now? Why didn't they five years ago? Or ten? You think they waited for this moment in history to start? Don't be naive. Inflation is a monetary phenomena (unless a sudden fall off in supply...but crops are continuong to be grown). The prob is our govt is creating $1 trillion every 100 calendar days to fund our deficit and interest on that $35 trillion of debt. The Fed is creating new money out of thin air by hitting a few numbers on a computer keypad and crediting the shortfall at Treasury. This is called monetizing the debt and it is highly destructive to price stability. If you want a $20 Happy Meal at McDonalds in four years by all means keep buying the lies liberals are telling you. Because they have made the deficit much worse in the last four years. Now let me ask you this...just how long do you believe our govt can continue to borrow that kind of money before it collapses? You better start focusing on the bigger issues than claims of gouging and "profiteering", because that AIN'T why we are in the pickle we are in.
There is no monopoly in groceries are rentals. Tell me which law prevents people from building new units and offering them for rent or which laws prevent you to enter the grocery or food production market? The fact is that you are free to enter these market and free to try to compete on prices.
Are you sure about that? How is that sort of price control any different from what unions do when they negotiate higher wages for all their members? After all, wages are one of the costs a business has that impacts their bottom line and promote higher prices.
@@Pseudify the big difference is that they monopolize the free market. The big companies have a leverage both sides, to their workers and to their customers. The laborers have no leverage without union, the unions realize the companies have to make a profit in order to stay competitive.
Corporations use similar software to discriminate against people of color, older workers, etc. in the hiring process as well. What is illegal for a human being to do is legal for a computer, especially if it is an AI that "just happened" to learn to discriminate on its own.
@@gterhorst. Monopolize the free market? You mean like the govt does when it takes over entire industries? Why is monopolizing okay with the govt but not anyone else? And talk about leverage?! You don’t do what the govt mandates they send people with guns and haul you off to prison. The mafia only wishes they had it so good.
@@millerforester6237 they do, factory farms have a turnover rate of 50- 100% in the US depending on the type of farm. Slaughter houses have it even worse with a turnover rate of over 100%, but they find more people to exploit each time someone quits. So people are quitting, but America subsidizes meat production and these farms need people to exploit.
@@millerforester6237Spoken like a true dummy. Many folks live in areas with limited job opportunities (thats why prisons get built where they get built. So folks will work that awful job). Many folks can’t afford education, retraining or certification, especially if you’re already working, supporting a family or exhausted by a commute which you’re not compensated for. How does a single mom, commuting to a job, working 40+ hrs, paying for childcare & raising kids supposed to find the time & money for retraining? How is a family living in the boonies, where there’s a Walmart & a prison, supposed to access retraining? Most folks who don’t “like their jobs” are not able to survive on their wages. If you got a job that supports a family & doesn’t break you, shut up & be grateful.
You also do the same thing when you buy something. They to get the most and best that your dollar will buy. Greed is a constant and it’s on both sides of the consumer/supplier equation. It’s what keeps the store shelves full and prices fair.
@@skydvrboy Correct my friend. Even Reich who has held a cabinet position is clueless of this principle. Ppl in high places that know less than what ordinary ppl know.
@@zoponex3224 how much is a fair amount for them to make in profit? 1%, 5%, 10%, 20%. Remember, if their profit is too low they close the store and invest somewhere else. So what say you? What is an acceptable profit margin?
Congress is owned by the Power Elite who pays for their tens of million dollar elections that they get to keep the money not spent . Real change will come when we start many new parties that creates more choices which is true democracy .
Yes, much more needs to be done. I never hear anyone talking about the price of pet food and our pets’ medical care. Pet owners continue to be gouged as prices keep rising. Pets are an important part of our families and mental health. Something needs to be done!
Something needs to be done, but sadly you do not know what that something is. Have you noticed prices on ALL foods are up? Along with most other goods compared to just a few years ago? Question...if it's all greedy corporations doing price gouging so they can make more profits, then WHY did they not gouge five years ago. Or ten? Why now flannel? Why did they WAIT to do this? There is no gouging flannel. Prices are up because of reckless overspending (read my post above about monetizing the debt), which Biden has contributed heavily to. There has been too much monetary creation, and more money chasing fewer goods is why prices are up. But most ppl do not understand this and they fall for explanations that clueless leaders give them. Rubin is using terms that have nothing to do with our current problem. It's a monetary problem, not a corporation prob. But if it makes you feel better and you want more of the same, by all means go vote for Kamala in November. She is clueless too. Trump I assure you understands all about the Fed.
@@mr.g1758 The real core of the problem is that the dems are not protecting the people. No matter who wins this election the people will lose. Even if Harris wins the dems are heading for catastrophe because they don't have the brains or courage to stop this corporate nonsense. Any policy short of FDR's 1930s will not do..
@@thefix2573 Amen. They do not lead interest rate policy, they are trend followers anyway. The only role I see for them might be in proving emergency liquidity needs for banks under certain circumstances, but we need to go back to much larger reserve requirements to ensure that banks can meet probable demands for deposit withdrawals.
Yes the oil executives want us to vote for the party that gives them huge tax cuts, corporate subsidies (aka welfare), and cuts regulations so they can make even more profits and poison us all in the process
It should be noted that large corporations have a safety net that the rest of don’t enjoy. During the financial debacle a few years ago, a number of large corporations were on the verge of bankruptcy but they were bailed out by the American taxpayer. The rest of us,,,not so much. Can you say moral hazard. So, summing up. When things are bad, it’s the taxpayers to the rescue. When things return to normal, bend over and get ready. Those executive bonuses don’t pay themselves.
Why under the Bush admin they changed the laws allowing pensions to invest in the risky stockmarket so the next time we have another crash they can say " Too many people have their life savings in it its too big to fail bail us out again ! "
They were bailed out by our govt, just like the CA banks that collapsed a couple years ago. The FDIC insurance covers up to $250,000 per depositer's loss, but in this case our govt covered multi-million dollar losses for all depositers. All were made whole by our current administration in Washington. All at our expense. And who was President at the time? Who controlled Congress?
@@mr.g1758 ok? It still needs to be blocked. And allowing it to go through will result in prices going up for many people because Kroger will be the only game in town.
@@maximemeis2867 The problem is, you don't have anywhere else to shop if its one store within a small town. How can you not see how more competition is better to lower prices.
0:38 my corporation is also doing it. Suntree I think is their name . They raised it and fired management and then raised and fired next management firm and raised and finally said they will manage better while raising again
Remind them that we in other countries are experiencing the same price gouging and Biden doesn't have anything to do with it here (Canada) and elsewhere. Good luck!
Biden certainly contributed to the increases, the inflation, and realization that he had no idea how to be the President. And now the Democratic Party wants a President who is even less capable. Much less capable and has bizarre economic ideas.
Biden didn’t raise prices, but the policies and legislation he supported certainly did. You think the govt can pass trillion dollar pieces of legislation with no repercussions?!
As a hobby vegetable gardener… I can say that it’s never been more expensive to grow your own food. Which is bullshit. The price gouging is across the board.
@@JessMN1974 Exactly! I bought a packet of green bean seeds 15 years ago and I am still growing them every year. Same with heirloom tomatoes. Add to that my homemade compost and the free composted horse manure that I get from a local horseback riding business, and my only expense is water. I keep my family and my neighbors supplied with fresh vegetables all summer.
This is so informative and eye-opening that is should be a "Must Watch" for all of us! Thank you, Mr. Reich! If you're not appalled by this, then you've got more money than brains.
When a political party want's to use inflated prices as a campaign issue instead of fixing the problem, it sure doesn't help add pressure to the people setting the prices.
*Question:* If stock buybacks were made illegal, like they were before 1982, how would that affect most Americans? (Another way to ask the same question is: How important is it for Americans to push for the illegalization of stock buybacks?)
Taxes were also a lot higher then too. This put company's in the position of choosing to claim an amount above a certain dollar point as profits and pay almost all of it to Uncle Sam or reinvest that extra amount back into the company in the form of better employee pay, safer worker conditions and better products. As far as these anti-monopoly laws and regulations, many of them were put into place after the Great Depression in order to address the causes and to hopefully prevent a repeat of it.
By what right do you think you are entitled to dictate to business owners what they can do with the money that they have earned? Mind your own business, leech.
@@DeedieKidwell Thank you for the informative reply, I appreciate it. But if the _only_ difference between the America we live in now, versus the one I propose is that stock buybacks were still illegal, how would life in the US be any different. No other changes, just that. Any thoughts?
not at all. A company can deploy their profits any way the like. The can pay dividends, they can reinvest in a growing business (if they have one), or they can buy their own stock if they think it is a bargain.
people are too busy raising families, working, and dealing with real world life situations than to tap into, or realize the facts you present here. THANK YOU ! Knowledge is power !
One Republican and libertarian I know says it's not price gouging at all, but the operating costs for these corporations have gone up. My response was to say it didn't make sense that they're all making record profits while struggling with their bills to stay afloat. The person then began their gaslighting supply-side economics mumbo jumbo tirade. These Chicago School economists are incorrigible
@@daniellehall9679 Are they selling more products and services? Or has the cost gone up to manufacture and transport? Labor cost, taxes, fuel, raw materials have all gone up
@@youtubesucks1499 Doing the math on the increases is the key part. How much did their costs go up + how much did inflation make the dollars worth less versus how much additional revenue and profits. its not a simple 10-second discussion. I've looked at the math on it. Even accounting for additional costs and lower dollar values, CORPORATE PROFITS are the primary reason for inflation.
When a mega corporation barely breaks even when inflation is high, it's due to inflation. When they report record profits and stock buybacks when inflation is high, it's price gouging.
@@Singlesix6 coming off of COVID in '21, the president of Kroger made the comment that COVID gave them the opportunity to raise prices and they were okay\happy\thrilled with it.
What don’t you get about business, big or small? Pass prices to customers they go, elsewhere. Take it from workers, they go elsewhere. The business owner has the ability to profit well when she hets the mix right but shouldn’t be rewarded for running the business badly.
@@marketads1 I'm talking specifically about the mega corporations that took full advantage of COVID and high inflation over the past 4 years and monopolized their wealth with food, housing, rent, etc. Small business owners have suffered right along with consumers.
@@ssamelion1sard914 Yes mega corporations who have created monopolies through congress that they give tens of millions in lobby money to creating laws that benefit them and drive out competition where no one else can compete.
And if you don’t do yo own research to see if what he says is correct then if he’s wrong you’re wrong. And he is. But if his advice benefits you financially .. then I’m wrong.
@@ace9840. I can guarantee that almost no one who follows Reich even knows what it means to do your own research and fact check this guy. I’ve posted proof of his lies on many videos and never once has he posted a retraction or correction.
@@Pseudify The thing is I’ve studied those stuff for so long, and admittedly purely for financial reasons to protect family members from whats coming, and I can tell what someone knows within a comment or two. And Reich is nothing more than a socialist and gets most of it wrong.
Robert is right, err, correct again. We do need to crack down on corporate power and especially in the areas he mentioned. BUT! THERE IS NOTHING WRONG WITH PRICE FIXING IF THE GOVERNMENT DECIDES WHAT IS FAIR PROFIT AND FREEZES PRICES AT THAT LEVEL! We are in an emergency now. Too many of our people cannot afford rent. They can't even afford to move to cheaper digs and downsize. They already did that. Now our elderly, disabled, and especially our youth leaving foster care are having problems affording shelter. Homelessness is growing. For these people really affordable housing is unavailable. If the government decides that the cost of living has come down to about 2.5% for social security COLAs then they might want to freeze rents for seniors at 2.5% higher this year than last year. In my state landlords can raise rents by the amount of the cost of living PLUS 5%! Freezing rents at the rate of rise of the social security COLA would cause landlord profite to stay in line with what government expects tenants to cope with. The landlord is already profitable from years of excessive rent raises above the actual cost of living. Landlords can afford a little restriction. We tenants have been coping with cost plus 5%, and even cost plus 10, 20 or 50%, for decades! Tying landlord rent increases to the COLA would pour every penny of the social security COLA increases into rent but would still leave seniors in a financial hole looking for ways to pay for food, health care needs, and dental care. These are necessities. Food banks help a little but there is no help for basic problems like ill fitting dentures, broken glasses, hearing aids or even incontinence pads for elders and sanitary pads or diapers for younger poor people. We could stand a little price fixing there too. An easier way to bring corporate price gougers into line with worker income and COLAS is to freeze prices across the board until prices align with what our population needs to survive. At the same time, more really affordable housing must be built with government financing. Not luxury housing but adequate shelter that is not a miniature hut for a family to squeeze into, but normal shelter that can accommodate seniors adequately or a family of four or even six people. Real housing with adequate plumbing and spaces for storage of cleaning supplies and clothing is badly needed. The private sector only builds more profitable housing that workers and the elderly cannot afford.. Housing built to withstand the unpredictable weather of an overheating planet is what is required. That's expensive. We afford such a program by ENTIRELY REWORKING THE TAX SYSTEM AND RETURNING TO THE GRADUATED INCOME TAX SYSTEM OF THE 1950s. IT was a pain in the nether regions, but it worked!
Do yourself a favor Helen and read something... anything by Milton Friedman so you won't make such naive public comments. I'm not trying to shame you but you are wrong. It's not corporations that are robbing you...they don't need regulation. The government is what needs overhauling. Tell me this if you disagree...why do MOST corporations generally spend less than they earn in revenue...which gives them a PROFIT. Compare that to government which ALWAYS spends more than the take in, which leads to DEBT. Do you know what YOUR share of that government debt is dear? You owe about $200,000 to Uncle Sam...did you know that? But you owe NOTHING to any corporation in America. THAT is what freedom is my dear. You have it backwards. Learn.
Price fixing by the government is evil. Stop being entitled. You don't have a right to force producers to accept less than what their goods and services are worth on the market. If an offer for goods or services is too high for you, your only right is to decline that offer. You have no right to use force to extort others.
@@maximemeis2867 You assume "the market" is infallible. It's NOT! The market is manipulated every day in many ways. Landlords collude to keep rents high. Grocers do the same. Finally the DOJ is investigating this kind of price fixing and I hope they hurry up and force penalties on the companies that set the algorithms and on the landlords and grocers who use them. Every business organization colludes to set minimum prices. There is no real competition. These professional associations are unions for business and we consumers don't get to negotiate with them, but they feel good about busting our unions and they don't want to negotiate with our unions for better wages and working conditions. The system is rigged! If we enforced our laws against monopolies and we were rigorous about trust busting, if we appropriately taxed our corporations and the wealthy so that we could afford decent universal health care and housing we would have a bottom up economy instead of a top heavy, bottom stressed economy. It was that way when I was young. The rich didn't go begging. They still were rich! But ordinary people could buy a home, the government built the freeway system and it was possible to work your way through a college education. Our returning servicemen were treated well and could reintegrate into society instead of ending up on street corners with signs begging. We prospered as a nation. I know about working and going to college because my siblings did it. Their education did not leave them broke. They got Ph.Ds. without scholarships or borrowing. The jobs they worked supported their education. You cannot do that today. Crippling education debt is burdening our students and they delay marriage and parenthood, often until it's too late, because they simply cannot get our from under that debt. Our economy is screwed up by the greedy few who don't pay their fair share of taxes and by not enforcing unfair business and labor practices of employers and wealthy people. There is too much money in politics and the rich have had it all their way for far too long!
I replied to the reply below and it was censored. I explained why the market us not infallible. It is manipulated all the time in many ways. But the algorithm canceled my comment because it was NOT PRO BUSINESS.
For some reason, I doubt you are representing one of those huge corporations he was talking about. And, if you ARE making 'record profits' as he was referring to, then it's not just raising prices to cover inflation, is it?
@@crystalc1030it's "record profits" because the value of the dollar has gone down. It has gone down because of inflation. Demand can be exactly the same, but because of inflation, there is record profits.
@@edwardstark6817 Provide the dates of your claim that the value of the dollar has gone down. From what beginning and end date? I'd like to verify the facts.
Say it LOUD Robert! .. I so agree. It's too bad we, the average consumer couldn't establish a Consumer Union to pick and choose what Corporations we all choose to support and what Corporations we would boycott. That would get their attention I'll bet!
@@johnwalterbrabant7567 personally, I don’t want or need a union to tell me which corporations to support. Reich is a Marxist economist trying to convince others that corporations and capitalism are the cause of all your economic woes but doesn’t explain why corporations suddenly got so much worse beginning in 2021.
That's so stupid. To believe something so stupid you have to believe that for about fourty years corporations could have increased their prices and profits but chose not to and that they suddenly became greedy in 2021. Also you have to be stupid enough to believe that a year ago they suddenly became much less greedy. Food inflation over the past 8 months is less than 2%. Did they suddenly stop being greedy eight months ago?
And who said monopolies don't exist? When you share and collude on price fixing to pad your own pockets and the return of investments without thinking of the people that are impacted the most by your decisions/greed, then you have a monopoly. These are illegal and inhumane.
They don't exist. At least they don't exist in food production or housing. There are no laws that grant a monopoly to a certain company or to a certain group of companies to food production or housing. You are free to file the paperwork to set up your non for profit workers coop and start competing with these companies tomorrow.
@@erichaist826 businesses don t exist to take care of you. They exist to make money. Your life is your responsibility not theirs. So stop expecting others to care for you.
What's wrong with a corporation buying its own stock? That raises the stock price and lowers the cost of financing an expansion which provides more employment.
so as to be able to call things that are not a monopoly a monopoly? The fact is that there are no monopolies in these sectors. No law on the book prevents competitors from entering the market. You are free to set up shop tomorrow and start competing.
When these huge companies see these records revenues and profits, why hasn't the take home pay of regular employees increased in kind? People need to ask this more often.
This is why this should not be called “price gouging”: What it actually is is PRICE FIXING aka collusion- an anti-competitive practice that is illegal. Price gouging implies that a candidate or politician is intending to put artificial price cap on things which is not the way to do things, and is anti-capitalist. The proper way to do things is to prosecute offenders who engage in anti-capitalist practices such as collusion. And where the problem is oligopoly or monopoly- these are also illegal under capitalism and we need to pursue better enforcement of the Sherman antitrust act. I have been carrying on about this for well over a decade now there is way too much industry consolidation (I.e. Mergers and acquisitions activity). It’s great for businesses and terrible for consumers.
@kineahora8736 - "To-may-to" vs "To-taw-to", price gouge vs price fixing - all semantics. People are getting unfairly screw and you're arguing anti-capitalism? What dream state do you live in because this IS NOT Capitalism? To let fellow human be poor, sick, homeless or uneducated for some else to make a buck is sick. Expecting the Gov't to always come in on a white horse EVERYTIME, EVERYWHERE to make bad actors do the right thing is a fool's view of the world.
Diesel fuel was $5 a gallon in Half the country when I drove cross country in July, that means higher prices for everything. Make gasoline 75 cents a gallon and watch the economy soar.
The question is, why aren't the media disseminating this information? Are they in cahoots with the price-raising entities? Why do journalists use the misleading language "prices are rising" instead of so and so 'raised their prices'? The public is misled by language that obscures the actors and then wrongly . blames the government.
Mainstream media is owned by the Power Elite those old money mega billionaire families we all know the names of mainly on the east coast who profit from the current economic system. Which allows them to rule america behind the scenes . The reason why we never hear stories on the news about how the Fed works who is on the board of the most important institution in our country our money system ?
If you’re talking semantics, why didn’t you mention this one: “$3 used to buy me a gallon of gas, now it only gets me 3/4 of a gallon. My dollar is worth less.” I know, doesn’t fit your narrative.
@@kaischmidt8030 Devaluation of my currency occurs when I get less for my dollar. And that is connected to businesses raising the prices; some may have good reasons, others don't. Raised prices = inflation.
THANK YOU BOB!!! This is what America needs to know. It could be SO powerful during the election. I have started a long list that includes other effective monopolies on another one of your vids. Please keep going!
@@maximemeis2867 Doesn't it seem strange when people talk about Free Markets but push for mergers until the market is no longer free? Or do you really think one company is going to give you the best price?
The Walmart family did it again. Avocados are now $1.08! Just Yesterday they were .74 The Walton family is ripping us off! I made a video about it This is unbelievable. I'm 61 still working for my Dollar
WHY do we allow oil companies to mine petroleum on lands owned by the PUBLIC and then keep the profits? Norway does it right: the government digs the oil, and uses the money and profit for public programs. That’s what we would do…if we weren’t the United States of Corporations.
Strengthen antitrust laws, promote competition, break up monopolies, empower workers, and regulate corporate influence on politics and policy in both parties.
I LOVE how you quickly and concisely get to the point. I appreciate Midas Touch for their reporting and work, but get so frustrated with how many times in a video they repeat the same information. I don’t always have time to watch a 30min video, especially when much of it is simply rehashing the same material. Thank You for your precision.
Dr. Robert Reich is a real Patriot! Thanks for your research and great ability to explain these vital and complex issues to all of us! Robert Reich, you NEED to be included in the HARRIS/WALZ administration!
As far as groceries, I remember as a 70s child my mom would be angry about high food prices and say "it can sit on their shelf and rot". She would shop very carefully, shop what was on sale, shop local, grow a garden, shop farmer's markets and cook at home. I'm sure it wasn't easy but it was her way of fighting back.
Similar to reverse and reduce; such as reverse direction of an auto vs reduce speed of an auto. Deflation = backwards. Disinflation - slowing, but still forward.
Sure, blame the dramatic increases in minimum wage on the Republicans. Labor costs are up everywhere for every company large and small. Are the workers price gouging and price fixing too? Please start thinking and stop listening the Party mouthpieces and their spin on things.
You know you are being price gouged when you can a dozen free range, organic eggs for $4 from a local famer, but it costs you nearly $7 at Safeway for the same thing.
Still waiting for prices to drop, but after watching this, I guess I should just accept the 'new normal'... Got $332k saved up as an emergency fund and was hoping to finally dive into investments. But seriously, where do I start when the market is still this wild? 😅 Any tips before I make my money cry?
I feel you, but holding off could mean missing out. I was in a similar boat until I caved and got myself an advisor. Trust me, they know how to navigate this craziness. Mine had me set up and winning quicker than I thought. Highly recommend it!
Same struggle here. I'm ready to invest but honestly, with so many options out there, I'm not even sure how to find the right advisor. It’s like a shot in the dark at this point
There are a handful of CFAs. I've tried a few over the years, but 'Linda Aretha Reeves' has been my go-to for a while now. Her performance is consistently solid, and she’s well-known in her field. Worth checking out if you’re looking for someone dependable
Looked her up just now-Linda Aretha Reeves seems like exactly what I need to get my financial plans off the ground. Thanks for the tip!
I actually caught Linda Aretha Reeves at the Bloomberg Finance Summit like four years ago. Her presentation was top-notch! Really knew her stuff.
Corporations should not be allowed to own residential housing.
So where does all the currency come from to allow corporations to buy up all these houses?
Problem - small landlords who put their properties into an LLC to shield themselves from liabilities. You have to qualify that in detail.
Government owns the mortgage liquidity Monopoly. Shut down FHFA and you shut down housing inflation
Neither should government then.
@@ace9840 Real Estate Investment Trusts. If you have a 401k, you probably have money tied up in this.
“This country has socialism for the rich, rugged individualism for the poor." -Martin Luther King, Jr.
Still as true as ever today.
This is not socialism for the rich. This is simply capitalism, where only the rich benefit from everyone else's labor.
MLK was truly a visionary.
Yeah and look who's giving out the money.... D
@@Justincase625 It's not just about who is giving it out, it's also wh is't paying their fair share. The government can't just stop supporting programs because the rich don't pay their taxes. Those programs are based on everyone following the rules. There are rich people on both sides evading their responsibility.
@@Justincase625who’s giving out money?
companies being able to collude with each other to fix prices is one of the things that should be stopped.
IKR? Isn't that against the law? We don't allow cartels, do we?
This is exactly what I think is happening. I’ve noticed that as soon as Walmart raises their prices like on eggs, my local HEB raises their prices even more than Walmart.
Yesterday Walmart was selling a carton of 18 extra large eggs for $6.22. This morning HEB raised their price on those same eggs to $6.47.
What the heck? In 2021, I used to buy a carton of 18 extra large eggs at Walmart for $2.48. Now those same eggs are $6.22. Why such a big difference?
It’s called price gouging. People should be as pissed off as I am. This is not just inflation. The chickens are here. They are not coming from China. There is no supply chain issue. It’s greed plain and simple.
GREEDY BASTARDS!!!
So you're saying they are all colluding? Seriously?
@@markkasprzyk3287
Yes, they are colluding with each other.
Right now the government is suing AGRI STATS which is high tach software that allows the beef companies to share with each how much they are charging for their items so that prices stay high. That’s collusion.
I have noticed that as soon as Walmart raised their prices on eggs, HEB also then raises their prices. It’s very obvious and should be stopped.
GREEDY BASTARDS!!!
@@markkasprzyk3287
Yes. The government is right now suing AGRI STATS which is a high tech software that companies are using to inform each other of their pricing.
You don’t think is funny that every meat producer has the same prices? It’s no coincidence that as soon as Walmart raised their prices on eggs, HEB does the same thing.
They are colluding with each other.
What was once a felony, the 2010 Supreme Court ruled on an ironically named - "Citizens United." It legalized Corporate donations to politicians, now they're corporate employees.
Yes. Basically legalized bribery. It’s at the root of most of the country’s corruption. Corporations rule by way of the politicians they control. It’s very hard to beak that cycle for the handful of people who run on grassroots contributions. Corporations pour even more money into their opponents campaigns. It’s a very uphill battle for people like AOC who has broken through and been very successful and effective.
If you’re going to tax corporations like persons then they should have the same rights as persons.
Please if you are not familiar with "Citizens United" look it up. This is why Elon Musk and others have been able to donate millions to candidates, this has allowed corporations to get the politicians elected.
Congressman Adam Schiff introduced a constitutional amendment to overturn "Citizens United" just this year.
Legalized Bribery!
@@pauleywallnutz9429 how about not for profit organizations like Soros funding hundreds of leftist campaigns? Is that ok with you? Of course it is because your ilk is hypocritical at its core.
What's really sad is the media doesn't report this news.
There is a very good financial program. Twice a day on NPR
"THE MEDIA" is Corporate owned! Check out how much mainstream media is "Newsaganda", and the increasing percentage as Advertising in a Newsreel format.
Subliminal messaging has come a long way ...
social media is not a news outlet
Because even they know they could get sued for lying if they acted like Bobby here!
Why would corporate news do that? That would be against their interests.
Wall Street should be kept out of housing. Americans are being price gouged for basic needs of food, housing, insurance and gas. Time for everyone to pay their fair share of taxes, not just working Americans.
Wall Street does not contribute anything. It is not their purpose. The purpose of Wall Street is to extract value. They take from the productive and give to the unproductive in the form of “unearned income.”
Housing, medical, journalism, and food.
This is happening in Europe as well. Ppl in my country can’t even find rentals or properties to buy because they are bought up by wealthy investors. Sickening! Money is now the root of ALL evil. 😡😡😡
And set some pricing rules and remove options for stock buybacks!
Don’t forget about insider trading allowing them to make millions upon the millions they Already have.
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless Sonia bless America.
Please how
I am from Canada I have bitcoin but don't know what to do
Can you share more info
Actually I am from Singapore but I really need a financial couch as well
😢😢
Out of touch rich people who don't even need more money: "Stop wasting your money on all these luxuries like rent, food and gas."
They expect everyone to sacrifice so they stay rich and we stay poor.
They stopped giving up Christmas bonuses when the western world gave its people free healthcare and now they get unlimited CEO pay and stockbuybacks after 1 billion its just breaks the economy. We need many businesses paying tax not 1 taking it all and not paying tax XD
A lot of boomers are out of touch too because they got their start BEFORE Reagan. Back when rent was like $200 for a 2BR, so people could actually save to for a down payment on a house.
And get a couple more jobs while you're at it.
Comon, they need a larger yachts!
Since the Supreme Court says that money is speech, corporations can spend whatever it takes to elect politicians who will kill any efforts to control their greed.
Yes, that's why most of the billionaires back Trump.
The spending of money is a form of self expression or free speech, but money itself is not. This is where they got it wrong.
@@brianmcconnell1817 LOL
@@jakephocas1396 your post is ignorant of economics. Price too high ….go somewhere else or buy something else. There are no monopolies except those set up by government…..like utilities.
@@timkarcher6724 Please provide a list of lies that multiple sources have caught Elon musk telling
In a broader view, start with replacing Citizens United. A candidate or Legislature that is not beholden to corporate lobbyists is the only way to protect consumers. Every candidate should have an even playing field- equity in campaign financing to break the hold of rich people running our country.
Stop unions from donating too. Even the teachers' unions. All of them.
@Singlesix6
Unions are 1 member, 1 vote..
Corporations are 1 share 1 vote. $$ buys LOTS more votes.
And Union organization and accounting can be at least partially understood by most people.
Corporations accounting and structure is acctually designed to be as confusing as possible!
How can it be changed when ever politician gets money from it? The very least is we can shorten election campaigns to 3 months. Making them 1 or even 2 years make them so expensive, it is impossible NOT to spend huge sums to win.
Exactly! Giving money to people isn't free speech, it's BUSINESS. And Congress shall regulate that business!
Repeal, not replace.
It's quite simple why rates are climbing with rising imports and falling exports, the FED is obviously to be blamed for banking crisis. Something will eventually break if they keep the quantitative tightening and higher interest rates. Is this really a good time to have some savings in stocks?
first austerity, then brexit, now widespread bank failures. .always do your own research & speak to a license advisor before thinking about putting your money into these crazy markets
Exactly, most youtubers said the market would be fine few months back, but it's been a major downturn. Luckily, since the rona-outbreak in 2020, I've avoided the drawback of trial and error by simply following professional guidance. I'm semi-retd and work only 7.5 hours weekly, with nearly $1m ROI after subsequent investments to date.
this is incredible! how can I vet your advisor, mind sharing info, if you please?
Rebecca Nassar Dunne is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Americans don’t feel like they’re being gouged - they know that they are.
This is why you vote Trump in November
@@TheGreatSalsaMan Trump is the reason why nothing is getting passed. Whenever something productive like the Border bill needs to get passed, Trump urges his Republicans in Congress to vote against it so his opponent doesn't "look good". The dude is all for himself and it still surprises me how many people fall for him. When you hear him talk, he's either lying or not making any sense. Like I know kids with a better vernacular and maturity than that old selfish fart.
@@TheGreatSalsaMan The guy who encourages it? The guy who keeps telling his ignorant cult members it's "inflation and all Democrats fault for all the spending they let Republicans do while they had a super majority?"
@@TheGreatSalsaMan Only if you are Dumb
and yet they keep buying. I know I have stopped buying a lot of foolish unnecessary things, like bottled water, or coffeeshop beverages. Those 2 items alone save probably $1,000 a year, per person. Pack your lunch and save another $2,000 a year.
Just FYI, currently 42 out of the 100 senators are MAGA Republicans (they endorsed Trump this year)
This makes it incredibly difficult to get a supermajority (i.e. 60/100 senators) to vote in favor of bills, if Trump says no.
This is why it's important to vote out GOP senators at every opportunity. Democrats and sane Republicans want Trump and MAGA gone.
🗳🔵🇺🇲🗽
A big problem are also the majority of Democrats that also rubber stamp many of these oligopolistic trends. They need to be put in check, especially during the primary phases.
@@JorgeGarcia-lw7vc One problem at a time. A Democrat majority would be significantly less of an issue, than a Republican one. People do also have to wake up and become politically literate, such that they vote the specific persons that act against their interests out of office.
Dang you want the reds out of office and blues take a supermajority? Talk about tyranny am I right?
@@Psychx_the problem is the DNC is neo liberal and always was. They reward their own. Biden is complicit with high prices by policy by being pro corporation and allowing monopoly
Another Robert’s video that should be advertised on air in national TV stations! Well done!
For WHAT? As an example of how the left's class warfare is nothing but LIES?
it pretty much already is
Gas gouging goes deeper than that. Gas retailers take market increases on gas already in their tanks. They pay one price at delivery and price it accordingly, but the first indice of a supply issue; war, weather, tanker spill, etc., they raise their prices on existing stock.
And when oil prices drop they claim they have to wait to decrease prices until existing quantities are sold. They win-we lose.
Still, your gasoline is WAY too cheap. Just look at the monstrosities in traffic in USA.
140 kg driver (fat) and 3000 kg vehicle, built like a barn wall. That is ridiculous!
Gas dealers price their gas according to the expected replacement cost. Any business person with any sense would do the same thing.
That’s not how pricing for fungible commodities works… businesses have to set price based on the replacement cost of the commodity being sold, the original purchase price is irrelevant. For example, imagine a gas station bought gasoline at a wholesale price of $3/gal, intending to resell for $3.25, but an unexpected price shock means that the next wholesale delivery the gas station buys will cost $4/gal. If they sell the gas they already have now for $3.75 they will profit an extra 50¢/gallon, but then what? They have to buy more gas for $4! If the gas station across the street already bought gas at $4/gal, and are selling for $4.35, there is no reason to sell for anything significantly less, let’s say $4.30, and that provides not only higher profit, but also cash on hand for buying the next delivery.
This applies to dropping prices as well, if the replacement cost has gone down, then the lower future price must be taken into account. Again, using the example of the seller across the street who already bought at the lower price, if he’s selling for $3.25, even if our hypothetical owner paid $4 for the gas already in their store, they have to sell for no more than $3.25 or else no one will buy. Hopefully they made enough extra profit when prices went up to make up for losses when the price came down.
In reality it’s much more complicated, and that’s part of why futures markets exist, but the underlying facts are unavoidable.
@@Singlesix6 I found the lying big oil shill, folks
GREED is why plain and simple
so why do you keep shopping at for profit businesses instead of shopping at non greedy non for profit businesses?
Name some with locations genius!
when are you going to give your employer that last raise [ YOU GOUGER ]
You'd like to have more yourself wouldn't you? At my expense maybe?
While we think of greed as a bad thing, it’s what makes the whole system work. If we define greed as trying to get more for less, then every consumer is just as greedy as every supplier.
For instance, let’s say Pepsi raises their price for no reason. As a “greedy” consumer, you want the most soda for your money, so you switch to Coke. Even if every soda company colludes to increase prices, you can switch to tea or water.
Unfortunately, when you increase the money supply (free COVID money for everyone) without increasing the amount of goods and services, the price of EVERYTHING goes up. That’s what we’re experiencing now and it was the predictable consequence of our government increasing the monetary supply.
Kamala needs to hire Robert !
YES! Agreed!
Yeah he is a really good liar
Because he's been screwing the college kids and they are so stupid they keep coming back. He teaches one class on poverty and get 100s of thousands. Then comes on UA-cam and begs for money a couple times a year. He was Trump before Trump. He's nothing but a con man trying to make his sheep happy. So they can give him more money.
I feel like he is doing his best work independently these days. We need people like him training the next generation of economists and experts.
Besides, Mr. Reich has already suffered through his time in D.C. I don't feel good asking him to do so again!
There's a nonzero chance of that. He used to work for Obama, after all!
What does this mean for a beginner? Afraid to buy the dip, it might keep dipping. I've got 120k cash not knowng where to put it
you mean you've got $120k? Ever heard of investing professionals?
A lot of people underestimate the power of those guys until being spanked. I was clueless about investing until I met the right professional, and that connection changed everything. A few smart moves, and my finances took off. Right person, right time!
Hey brother do you mind elaborating on the adviser maybe how to reach them. I've had it in mind to look for someone but didnt know who to trust
I've experimented with a few over the past years, but I've stuck with ‘’Kristin Amy Rose” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I just googled her and I'm really impressed with her credentials; I've reached out to her since I need all the assistance I can get.
It's called legal robbery. But people still vote Republican? It's mind-boggling.
Right its the Republicans. Now that you know the problem you can fix it.
Democrats have rich donors they obey too.
Biden/Harris have been in charge for 4 years, and you blame Republicans?
@@allenchurch2870 Yes! Especially since voting red has kept the south destitute & poor over 50 years! Wouldn't you think that fact might sink in? Or that for the nominal 'pro-lifers' never vote for any bills or policies that help women, kids, even to EAT? Check out how many and WHO voted against a bill that helped get infant formula into the mouths that were hungry! Despicable.
@@neonshadow5005how much you want to bet the majority of the CEOs of these major corporations are Republicans. Everyone knows that Republicans favor corporations incorporations vote for republicans. This is common knowledge
Food production is owned by four companies. GOP consolidation of industries drove these massive price increases.
If only you could produce food cheaper 😂
@@Justincase625
We can, CEO's and share holders (the dividend shares, not the ones you buy) take a lot off the top.
Four companies is a lot. Any one of those companies could lower prices and steal market share from the others. Market share is the most valuable asset a company has. And yet it’s not happening. Why? Because the Biden inflation is baked into the system permanently. You can’t undo that period of 9% inflation. The only hope is to wait for wages and salaries to catch up with the new baseline prices that exist.
@@Pseudify
Oh, you sweet summer child...
Once one starts lowering prices, they all lose money in having to compete. It's more beneficial to work together than against. That's why 4 isn't enough.
The world, the whole world, from US to Europe to China saw inflation. Blaming Biden only shows your ignorance on the matter.
What is to stop inflation when we raise wages? If I make 7 and the product costs 10, but then wages are raised so I make 14 but the product now costs 17, am I in a better place with my wages?
Please educate yourself before engaging with others on a topic you know so little about.
@@Pseudifyexcept that is not a thing, the real problem is these companies have industries like farms they are choking out who receive none of the benefits of the price increases but all of the negatives, this allows the company as big as they are, to keep growing and tighten market share as much as they want.
From a (former) life long republican and conservative, AMEN!
Congratulations on your escape. Republicans aren't Republicans anymore. I admire your ability to think critically and make such a big change.
Thank you Robert for pointing out the hypocrisy of Corporate Price Gouging.
Why use the word hypocrisy? I don't think a corporation saying, "First and foremost we exist to make as much money as possible." (Fiduciary duty) Then proceeds to do that is hypocritical. You're using the word wrong.
robert has been wrong for years on almost everything he has predicted
Stop blaming everything on corporate price gouging. You democrats caused the inflation by all your spending and giving tax payers money away . Such as paying off student loans.
@@leminpudding6512 When all else fails, blame corporations. Said every liberal.
@@leminpudding6512Nope. Give it a rest, TROLLBOT.
Bear in mind American companies operate here in the UK 🇬🇧 and europe too
It's not only you working class americans who are woefully effected 😒
Canada is really not good now but fascists and reactionaries are taking full advantage of our situation.
Affected*. 😊
And Australia.
We don't want them to behave this way at all, to anyone. Including you.
That's why people need to know this information, these FACTS, and need to demand better from those who can, and must, do better and change the system.
One good way would be to buy your food from local small farms. Not only will your food taste way better. It will also force stores to lower their prices.
I totally agree with you about that. But guess what the major corporations will do? Go to those farmers with a boat load of cash and buy them out.
Hard to do if all the farms around you produce only corn and soy or are corporation owned contract farms.
Our small local farms often charge as much as the grocery store, or much more for organic products. Driving over an hour to a “local” farm is not doable for most citizens. It is likely a healthier way to do things, but it’s not less expensive in my experience in Michigan. 😊
That’s the most entitled post ever! I am a farmer. I can’t afford farmers markets. Truck farming is expensive to do and small scale. If you think that’ll feed 340 million plus people you live in a fantasy world. We’re kinda stuck without other reforms and fair wages.
I buy from local farms. Their food costs more than the grocery store. They don't have the benefits of large scale farming, and quantity discounts for purchases of seed, fertilizer and such. I live next door to a farmer so I'm not just making up the numbers.
Thank you! You have a wonderful way of debunking all the myths and why the system is unfair to regular people.
Then why doesn’t he give solutions? The only one he has is central planning, aka price fixing, and that always ends in disaster.
It’s called lying. Reich is famous for it.
@@ace9840 His point is corporations are the ones using price fixing because they are collaborating on prices and reduced competition rather than free markets.
@@secretsunset101 I understand his point I just disagree. I agree with the rent one because I knew that was happening 4 years ago. But thats not the reason all prices are rising. They’re rising prices because the dollar is becoming worth less. If corporations are so bad why do they keep bailing them out since 2008.
@@ace9840 It will be good to understand why food prices have not reduced with the reducing inflation. If corporations are keeping higher profit margins they received during the pandemic then it would be fairer to reduce prices for consumers. They don’t have any incentive to do that, hopefully the threat of bans will encourage them to stop it. If they’re maintaining the same profits margins as pre-pandemic then they shouldn’t have anything to worry about. They had to be bailed out to keep competition in the market. That will be fairer in the end too.
Kroger and Albertsons merger has to be squashed! Kroger owns Smiths grocery stores in Utah. Prices at Smiths increase on a weekly basis. Food staples like eggs, meat have doubled in price forcing me to shop elsewhere. I refuse to shop at Walmart but seemingly other stores are "price matching" each other keeping prices high. I'm retired on a fixed income. Soon food will become a luxury. Kroger CEO paid over 20 million dollars a year, Kroger grocery employees not so much.
This might be a shock to you but since 2020 there's been almost a 100% increase in energy costs. Energy increases the cost of everything and has a huge multiplying factor because it's the root for everything.
I'm 2016 Krogers profit margin was 1.25% and in 2023 it's 1.93%
If the ceo did the job for free then their profit margin would be about 1.95%
The price increases you're seeing isn't even mostly from corporate greed. It's mostly from the increase in energy costs.
@@kawkasaurous Bad timing. Kroger exec. just admitted under oath that they have been price gouging. They have raised prices way past what their excuses about supply chain BS and costs would add.
@@Brett_S_420 literally didnt admit under oath you liar. he said they were higher than "needed" that is in fact, not price gouging
Do Kroger or Albertson's print their own money?
That's a sneaky way to collude on prices through the shared pricing app. Thanks for sharing.
I've always suspected that. Now big business has software that makes it easy.
Arizona, and I believe other states, are actually taking these companies using Real Page to court over price collusion.
This is true. On the next down-cycle, they will be forced to unload their properties.
Thank you Robert for all that you do. You're one of the rare voices out there fighting for the 99%
Some of the 99% are fighting against their own best interest. They think the big corp are god's gift to humanity!
He isn't fighting for you, he is trying to deceive you for the DNC.
MUST STOP CORPORATE GREED ASAP IN AMERICA
Maybe stop the government from over spending. Stay on budget .Every year the same thing happens. The government can't stay on budget. That is the problem.
@@Stoney47 WHAT DID DICTATOR DEMENTIA DONNIE RACK UP GIVING TAX BREAKS TO THE WEALTHY????? DO YOU STILL HAVE YOUR TAX CUT. THE WALTHY DOES
MUST NOT STOP PROFIT MOTIVE EVER IN WORLD
You’re like my father and professor and soft spoken cool uncle all in one! When I get to congress, I hope you’ll have me on your podcast once.
Hell ya !
If your in my state, you will have MY VOTE, from a baby boomer. 👍✊️🖖🇺🇸
Man that warms my heart! Running for congress in NC2026!
If you believe what he's saying you probably won't ever make it to Congress.
Are you young? Pick a better mentor...go read Free to Choose by Milton Friedman and your eyes will be open to Rubin's deception...and his ignorance.
Does your father, professor, and cool uncle all lie to you about what causes inflation?
Trickle down economics THANKS REAGAN!
Reagan has been out of office 35 years. Try again . . .
Reagan won his 1984 re-election by winning 49 states.
@@skyboy1956 in the unlikely chance you are not a troll, he likely knows that. you need to do some reading, friend. the mess we're in has DEEP roots.
@@zoponex3224 Biden's plan to grow the middle class "from the bottom up, middle out" is a failure or a lie as the middle class continues to shrink. I say continue because is was been shrinking before Biden was in office but he has done nothing to even slow the shrinkage. Regurgitating platitudes benefits no one.
Here's a clue. Stop SPENDING money ! ! Period ! Not interested in any economic "plan" that does not include massive cuts in spending. The end.
Additionally, the largest peacetime economic expansion began under Reagan. Sick and tired of hearing Regan blamed by people who simply hate conservatives and never consult a single fact.
America should have had a clue when Reagan used the word "Trickle"!
Thanks (R)eagan for making stock buybacks legal
Reagan, the worst president ever.
@@winterwoman Reagan won his 1984 re-election by winning 49 states.
Haha what in the left field of history are you talking about? Companies sell stock, they can buy it back. It's good for them.
Robert Reich is a gem. I hope he's around to contribute like this for many more years! I put more trust in his economic beliefs than anyone else in public life....well, Elizabeth Warren, too :). Sounds like he's in agreement with Harris' stated platform, without explicitly saying so here, to try to somehow control price gouging. I hope she knows what she's doing as far as that particular policy to succeed with it, with naysayers claiming that'd be counter-productive to the economy. I think she & Walz need to fine-tune that message to make it clear they're gonna pursue that policy with a scalpel rather than a hatchet. Mr. Reich: pls. do a video weighing in on this Harris policy, specifically.
What policy? Other that stump speeches where is it written?
He is fooling you modern...what he says tickles your ears but has nothing to do with why we have inflation.
Go read anything by Milton Friedman and your eyes will be opened to this snake oil propaganda.
Yeah, 'price controls'...that'll work. It will make American supermarkets look like Soviet ones.
No one said anything about price controls except you!
@@sylviagoodman6008 Harris stated she wanted price controls in a stump speech. Under which rock are you hiding?? WHy do you think people are talking about it?
My local Walmart is price gouging us to death. I keep track of prices of eggs and ground beef.
Last week the price of 18 extra large eggs was $4.42. In 2021, those same eggs cost me $2.48. Yesterday, those same eggs went up to $5.73. Why such a price hike? My local HEB isn’t any better. Their prices are even higher than Walmart.
Before the pandemic, I used to buy a 4 lb package of 93% fat free ground beef at Walmart for less than $15.00. Now, that same package of ground beef has doubled to $29.87. Why?
These greedy corporations are price gouging us to death. Greedy bastards. They have no shame.
@@PyewacketCharmer-w6m as of 7/31/2024 Walmart’s gross profit margin was 2.63%. If they’re gouging they’re doing a poor job of it.
@@player627
In 2022, Walmart made an annual profit of $143.75 Billion. (3,54 increase from 2021)
In 2023, Walmart made an annual gross profit of $147.568 Billion. (2.65 increase from 2022)
So far in 2024, Walmart’s annual gross profit is $157,983 Billion. (7.06 increase from 2023))
The numbers keep going up. Since the profits keep going up, I hardly think that is considered a “poor job.”
It just shows you that they are doing an excellent job at cheating consumers out of our hard earned money.
Do you own stock in Walmart? Is that why you are defending them?
@@player627
It’s difficult to respond when my comments keep getting deleted.
@@player627 that’s actually pretty high compared to mom and pop grocery stores.
@@player627
I did my research, and looked for Walmart profits from 2022 to now. This is what I found.
Walmart annual gross profit for 2022 was $143.754 Billion, a 3.54 % increase from 2021.
Walmart annual gross profit for 2023 was $147.578 Billion, a 2.65% increase from 2022.
Walmart annual gross profit for 2024 was $157.983 Billion, a 7.06% increase from 2023. And the year isn’t even over yet.
So, from what I see, Walmart’s profits have continually gone up. If you just look at their profits going from 2.65% to 7.06%, I’d say they are doing a very good job of price gouging us to death.
These people know exactly what they are doing. Greedy bastards.
Watch my video --> How Wall Street Priced You Out of a Home: ua-cam.com/video/q9TOGxDJ0TE/v-deo.html
Prices remain high because we are in an oligopoly market with little competition.
Competition lowers prices. Without it, there is very little to push prices down.
Does not even have to be collision (though sometimes it is), just organically there is no downward price pressure.
This is why any small glitch and prices spike upward. When the glitch goes away prices slowly over months fall a little bit but never all the way down to where they were.
For example they always blame oil prices and shortages for the cost of fuel.
Today oil is around $78 and gasoline is $3.40.
But there was a time in the past when oil was $78 and gasoline was $2.50. So WTF?
Nowadays they know it's better to collude than compete. With the help of technology they can.
Free market mechanism doesn't work anymore in this day and age of the Internet and AI. The concept is outdated now. Regulations by government are needed more than ever.
Two observations.
All inflation is a monetary phenomena. We have created wayyyy too much money in the last fifteen years.
Oil prices are up because Biden cut supplies /production back. Gas was $2 range under Trump. That's why.
There's plenty of competition. There are no laws that prevent you from setting up your non for profit workers coop and starting to compete with these producers.
Depending on what state you live in, several governors have engaged in cap and trade programs related to climate initiatives that are gouging your wallet. This is on top of increasing state and federal taxes. Now that it costs more to get your fuel to you, that is passed on
The problem is monopolies, which they made all sorts of laws against, way back when, then ignored or changed those laws to get what we have now.
Name three companies that have a monopoly please. Can you do that or just saying that to make yourself feel better?
@@mr.g1758 Amazon, Tyson, Google, and the list can go on.
@@mr.g1758Do you think corporations should be allowed to collude to raise prices?
@@philhunt26 Phil...ever studied micro economics? Have you?
Corporations are not colluding. To have this much inflation would require a worldwide conspiracy of companies WHO ARE COMPETING WITH ONE ANOTHER FOR MARKET SHARE to price fix millions of goods produced. It ain't happening. You are falling for a ruse my friend.
Ask yourself this...why are they gouging now? Why didn't they five years ago? Or ten? You think they waited for this moment in history to start? Don't be naive.
Inflation is a monetary phenomena (unless a sudden fall off in supply...but crops are continuong to be grown). The prob is our govt is creating $1 trillion every 100 calendar days to fund our deficit and interest on that $35 trillion of debt. The Fed is creating new money out of thin air by hitting a few numbers on a computer keypad and crediting the shortfall at Treasury. This is called monetizing the debt and it is highly destructive to price stability.
If you want a $20 Happy Meal at McDonalds in four years by all means keep buying the lies liberals are telling you. Because they have made the deficit much worse in the last four years.
Now let me ask you this...just how long do you believe our govt can continue to borrow that kind of money before it collapses? You better start focusing on the bigger issues than claims of gouging and "profiteering", because that AIN'T why we are in the pickle we are in.
There is no monopoly in groceries are rentals. Tell me which law prevents people from building new units and offering them for rent or which laws prevent you to enter the grocery or food production market? The fact is that you are free to enter these market and free to try to compete on prices.
Many older Americans still believe we don’t need regulation on corporations because “they can regulate themselves!”
People who are brainwashed from the pundits of neolibralism that get paid to promote that .
That’s like saying toddlers don’t need supervision
Tom, if you let bureaucrats regulate businesses they wouldn't profit at all, and there'd be less jobs for you and me.
@@mr.g1758 not true. That’s like saying traffic laws prevent people from getting around. It’s a straw man and going to extremes.
We need regulation on the amount of fake, fiat money Congress and the Fed can create.
We can no longer blame inflation. In 2018 inflation was 2.9%. Today inflation is... Exactly - 2.9%.
It's what happened between those meaningless stats that tells the tale.
I spend $130 on stuff that cost $ 80 in 2019.
It was over 7% and we have had no deflation.
The use of software to evade illegitimate price agreements should at least become illegal aswel.
Are you sure about that? How is that sort of price control any different from what unions do when they negotiate higher wages for all their members? After all, wages are one of the costs a business has that impacts their bottom line and promote higher prices.
@@Pseudify the big difference is that they monopolize the free market. The big companies have a leverage both sides, to their workers and to their customers. The laborers have no leverage without union, the unions realize the companies have to make a profit in order to stay competitive.
Corporations use similar software to discriminate against people of color, older workers, etc. in the hiring process as well. What is illegal for a human being to do is legal for a computer, especially if it is an AI that "just happened" to learn to discriminate on its own.
@@gterhorst. Monopolize the free market? You mean like the govt does when it takes over entire industries? Why is monopolizing okay with the govt but not anyone else? And talk about leverage?! You don’t do what the govt mandates they send people with guns and haul you off to prison. The mafia only wishes they had it so good.
@@solracer66 I totally agree.
Exploiting workers who work on factory farms is a no for me. It’s a horrible business that breaks people.
Better to open our borders for illegal immigrants to work on farms.
If you don't like your job, learn a better one and leave.
@@millerforester6237 they do, factory farms have a turnover rate of 50- 100% in the US depending on the type of farm. Slaughter houses have it even worse with a turnover rate of over 100%, but they find more people to exploit each time someone quits.
So people are quitting, but America subsidizes meat production and these farms need people to exploit.
@@millerforester6237Spoken like a true dummy. Many folks live in areas with limited job opportunities (thats why prisons get built where they get built. So folks will work that awful job). Many folks can’t afford education, retraining or certification, especially if you’re already working, supporting a family or exhausted by a commute which you’re not compensated for. How does a single mom, commuting to a job, working 40+ hrs, paying for childcare & raising kids supposed to find the time & money for retraining? How is a family living in the boonies, where there’s a Walmart & a prison, supposed to access retraining? Most folks who don’t “like their jobs” are not able to survive on their wages. If you got a job that supports a family & doesn’t break you, shut up & be grateful.
Mutually beneficial voluntary exchange is not exploitation. Taxing income is exploitation.
Maximize profits minimize quality, mantra of the greedy.
This country should be called The United States of Greed.
You do the same thing when you sell an asset.
You also do the same thing when you buy something. They to get the most and best that your dollar will buy. Greed is a constant and it’s on both sides of the consumer/supplier equation. It’s what keeps the store shelves full and prices fair.
@@skydvrboy Correct my friend. Even Reich who has held a cabinet position is clueless of this principle. Ppl in high places that know less than what ordinary ppl know.
@@skydvrboy Wow. If you find current prices fair, you are not a working class person.
@@zoponex3224 how much is a fair amount for them to make in profit? 1%, 5%, 10%, 20%.
Remember, if their profit is too low they close the store and invest somewhere else. So what say you? What is an acceptable profit margin?
Robert, you're a breath of fresh air. Thanks.
Price fixing was illegal where is our justice dept not protecting the American people only the corporations
Price fixing? That’s exactly what Harris proposed in her first speech!
Congress is owned by the Power Elite who pays for their tens of million dollar elections that they get to keep the money not spent . Real change will come when we start many new parties that creates more choices which is true democracy .
@@Pseudify Trump wants to get rid of FDA, and fire all the current FTC attorneys.
and its price cap not pricing fixing - know the difference.
@@Pseudify, wrong. Banning price gouging is not the same as fixing prices. Please educate yourself before posting false info. ✌🏼
For the record, the first thing maga will scream is communism.
Thanks for the information Robert.
The best way to end “trickle down “ economics
Is to vote republicans out
WTF are you talking about? Bidet and kamal are running this shit show and you more of it?
$35T in out of control government spending is thousands of times more damaging.
Fuck one sane person here. Finally. I'm goin' a bed. Thank you CJ.
Yes, much more needs to be done. I never hear anyone talking about the price of pet food and our pets’ medical care. Pet owners continue to be gouged as prices keep rising. Pets are an important part of our families and mental health. Something needs to be done!
Something needs to be done, but sadly you do not know what that something is. Have you noticed prices on ALL foods are up? Along with most other goods compared to just a few years ago?
Question...if it's all greedy corporations doing price gouging so they can make more profits, then WHY did they not gouge five years ago. Or ten? Why now flannel? Why did they WAIT to do this?
There is no gouging flannel. Prices are up because of reckless overspending (read my post above about monetizing the debt), which Biden has contributed heavily to. There has been too much monetary creation, and more money chasing fewer goods is why prices are up.
But most ppl do not understand this and they fall for explanations that clueless leaders give them. Rubin is using terms that have nothing to do with our current problem. It's a monetary problem, not a corporation prob.
But if it makes you feel better and you want more of the same, by all means go vote for Kamala in November. She is clueless too. Trump I assure you understands all about the Fed.
Yep! Trump contributed 8 trillion to the national debt with his tax cuts to big corp!
@@mr.g1758 The real core of the problem is that the dems are not protecting the people. No matter who wins this election the people will lose. Even if Harris wins the dems are heading for catastrophe because they don't have the brains or courage to stop this corporate nonsense. Any policy short of FDR's 1930s will not do..
@@mr.g1758 END THE FED!
@@thefix2573 Amen. They do not lead interest rate policy, they are trend followers anyway. The only role I see for them might be in proving emergency liquidity needs for banks under certain circumstances, but we need to go back to much larger reserve requirements to ensure that banks can meet probable demands for deposit withdrawals.
Oil has fallen to $75 yet gas prices don't fall. Of course when oil goes up so does gas. Pretty easy to see the price gouging there
I'm pretty sure oil companies price based on election cycles, not supply cost. No proof, just a feeling I get from watching gas station prices.
Yes the oil executives want us to vote for the party that gives them huge tax cuts, corporate subsidies (aka welfare), and cuts regulations so they can make even more profits and poison us all in the process
Biden closed many of our domestic drilling practices. If you want cheaper gas check on what they were under your hated but competent former president.
It's called supply & demand.
@@millerforester6237 If that was true...as the price of oil falls...so would the price of gas
It should be noted that large corporations have a safety net that the rest of don’t enjoy. During the financial debacle a few years ago, a number of large corporations were on the verge of bankruptcy but they were bailed out by the American taxpayer. The rest of us,,,not so much. Can you say moral hazard. So, summing up. When things are bad, it’s the taxpayers to the rescue. When things return to normal, bend over and get ready. Those executive bonuses don’t pay themselves.
Why under the Bush admin they changed the laws allowing pensions to invest in the risky stockmarket so the next time we have another crash they can say " Too many people have their life savings in it its too big to fail bail us out again ! "
And CEO's get huge salaries and benefits. Even when they get fired they leave with "golden parachutes ". Greed has ruined us.
They were bailed out by our govt, just like the CA banks that collapsed a couple years ago. The FDIC insurance covers up to $250,000 per depositer's loss, but in this case our govt covered multi-million dollar losses for all depositers. All were made whole by our current administration in Washington. All at our expense. And who was President at the time? Who controlled Congress?
Why did you bail them out?
@@jeffhollingsworth9452 AND they don't pay taxes. Or certainly not a fair share.
It's always been corporate greed including gas, food, rentals, car parts.
Yes, and the people they donate to make the laws that let them avoid a competitive market.
The Kroger and Albertsons merger needs to be blocked. If it goes through they’ll be the only game in town for many places in my state.
That has NOTHING to do with why food prices are up 30, 40, 50 percent.
@@mr.g1758 ok? It still needs to be blocked. And allowing it to go through will result in prices going up for many people because Kroger will be the only game in town.
No law on the books stops you from entering the market
@@mr.g1758 Yes it does, it creates a monopoly, how can you be so ignorant about this? My god!
@@maximemeis2867 The problem is, you don't have anywhere else to shop if its one store within a small town. How can you not see how more competition is better to lower prices.
0:38 my corporation is also doing it. Suntree I think is their name . They raised it and fired management and then raised and fired next management firm and raised and finally said they will manage better while raising again
I'm sharing this to the next Trumper that seems to think Biden somehow raised prices. They won't listen, but I'm gonna try.
Remind them that we in other countries are experiencing the same price gouging and Biden doesn't have anything to do with it here (Canada) and elsewhere. Good luck!
Good luck!
Just make sure to remember its deregulation that increases competition and lowers prices.
Biden certainly contributed to the increases, the inflation, and realization that he had no idea how to be the President. And now the Democratic Party wants a President who is even less capable. Much less capable and has bizarre economic ideas.
Biden didn’t raise prices, but the policies and legislation he supported certainly did. You think the govt can pass trillion dollar pieces of legislation with no repercussions?!
I'm on disability and can't even afford eggs at Walmart anymore
As a hobby vegetable gardener… I can say that it’s never been more expensive to grow your own food. Which is bullshit. The price gouging is across the board.
THANK YOU!! It's not corporations.
It's that money has grown precipitously and that's why we have inflation.
Grow from non GMO seeds and then save seeds every year. I hardly spend any money to garden anymore and I fertilize with homemade compost
Seriously! Have you looked at big corp profits over the past several years?
Do you have a cow, a pig and chickens too?
@@JessMN1974 Exactly! I bought a packet of green bean seeds 15 years ago and I am still growing them every year. Same with heirloom tomatoes. Add to that my homemade compost and the free composted horse manure that I get from a local horseback riding business, and my only expense is water. I keep my family and my neighbors supplied with fresh vegetables all summer.
This is so informative and eye-opening that is should be a "Must Watch" for all of us! Thank you, Mr. Reich!
If you're not appalled by this, then you've got more money than brains.
The bottom line is that it all boils down to CORPORATE GREED.
When a political party want's to use inflated prices as a campaign issue instead of fixing the problem, it sure doesn't help add pressure to the people setting the prices.
@@4336aaa Kamala’s promise to fix the problems that she and Biden caused is not a winning platform. For one thing, why doesn’t she start now?
*Question:* If stock buybacks were made illegal, like they were before 1982, how would that affect most Americans?
(Another way to ask the same question is: How important is it for Americans to push for the illegalization of stock buybacks?)
Great question! 💙🤝💙✊
Taxes were also a lot higher then too. This put company's in the position of choosing to claim an amount above a certain dollar point as profits and pay almost all of it to Uncle Sam or reinvest that extra amount back into the company in the form of better employee pay, safer worker conditions and better products. As far as these anti-monopoly laws and regulations, many of them were put into place after the Great Depression in order to address the causes and to hopefully prevent a repeat of it.
By what right do you think you are entitled to dictate to business owners what they can do with the money that they have earned? Mind your own business, leech.
@@DeedieKidwell Thank you for the informative reply, I appreciate it. But if the _only_ difference between the America we live in now, versus the one I propose is that stock buybacks were still illegal, how would life in the US be any different. No other changes, just that. Any thoughts?
not at all. A company can deploy their profits any way the like. The can pay dividends, they can reinvest in a growing business (if they have one), or they can buy their own stock if they think it is a bargain.
Basically, boycott those price gougers..let them have a surplus that forces them to lower prices.
people are too busy raising families, working, and dealing with real world life situations than to tap into, or realize the facts you present here. THANK YOU ! Knowledge is power !
One Republican and libertarian I know says it's not price gouging at all, but the operating costs for these corporations have gone up.
My response was to say it didn't make sense that they're all making record profits while struggling with their bills to stay afloat.
The person then began their gaslighting supply-side economics mumbo jumbo tirade.
These Chicago School economists are incorrigible
@daniellehall9679 absolutely right. The lie about high costs somehow leading to record profits has been around for a long time
@@daniellehall9679 Are they selling more products and services? Or has the cost gone up to manufacture and transport?
Labor cost, taxes, fuel, raw materials have all gone up
@@daniellehall9679 Record profits assuming the value of the dollar stays the same due to no inflation. But we know that isn’t the case.
@@youtubesucks1499 Doing the math on the increases is the key part. How much did their costs go up + how much did inflation make the dollars worth less versus how much additional revenue and profits. its not a simple 10-second discussion.
I've looked at the math on it. Even accounting for additional costs and lower dollar values, CORPORATE PROFITS are the primary reason for inflation.
@@Silver-jv1us Factor in a 24% inflation rate then. (hint: they are still record profits)
When a mega corporation barely breaks even when inflation is high, it's due to inflation. When they report record profits and stock buybacks when inflation is high, it's price gouging.
Of course the silly people think it's okay for a company to lose money some years, and immoral for them make money other years.
@@Singlesix6 coming off of COVID in '21, the president of Kroger made the comment that COVID gave them the opportunity to raise prices and they were okay\happy\thrilled with it.
What don’t you get about business, big or small? Pass prices to customers they go, elsewhere. Take it from workers, they go elsewhere. The business owner has the ability to profit well when she hets the mix right but shouldn’t be rewarded for running the business badly.
@@marketads1 I'm talking specifically about the mega corporations that took full advantage of COVID and high inflation over the past 4 years and monopolized their wealth with food, housing, rent, etc. Small business owners have suffered right along with consumers.
@@ssamelion1sard914 Yes mega corporations who have created monopolies through congress that they give tens of millions in lobby money to creating laws that benefit them and drive out competition where no one else can compete.
Keeping stockholders happy is the one and only task of a corporation.
yes and if you don't like it you are free to spend your money at non for profit or at workers coops.
I agree completely. Thank you
And if you don’t do yo own research to see if what he says is correct then if he’s wrong you’re wrong. And he is. But if his advice benefits you financially .. then I’m wrong.
@@ace9840. I can guarantee that almost no one who follows Reich even knows what it means to do your own research and fact check this guy. I’ve posted proof of his lies on many videos and never once has he posted a retraction or correction.
@@Pseudify The thing is I’ve studied those stuff for so long, and admittedly purely for financial reasons to protect family members from whats coming, and I can tell what someone knows within a comment or two. And Reich is nothing more than a socialist and gets most of it wrong.
@@Pseudify See they took down my comment. Basically said I never have or would. He’s wrong way too much and it’s obvious why.
Excellent work Robert Reich!! THIS video is a GREAT communication tool!! Let's get it VIRAL!!
A wealthy person was once asked how much is enough... After pausing for just a few seconds he said I'll let you know when I get there
Exactly. The only kind of hoarding we don't call a mental illness is hoarding money.
Robert is right, err, correct again. We do need to crack down on corporate power and especially in the areas he mentioned. BUT!
THERE IS NOTHING WRONG WITH PRICE FIXING IF THE GOVERNMENT DECIDES WHAT IS FAIR PROFIT AND FREEZES PRICES AT THAT LEVEL!
We are in an emergency now. Too many of our people cannot afford rent. They can't even afford to move to cheaper digs and downsize. They already did that. Now our elderly, disabled, and especially our youth leaving foster care are having problems affording shelter. Homelessness is growing. For these people really affordable housing is unavailable.
If the government decides that the cost of living has come down to about 2.5% for social security COLAs then they might want to freeze rents for seniors at 2.5% higher this year than last year. In my state landlords can raise rents by the amount of the cost of living PLUS 5%! Freezing rents at the rate of rise of the social security COLA would cause landlord profite to stay in line with what government expects tenants to cope with. The landlord is already profitable from years of excessive rent raises above the actual cost of living. Landlords can afford a little restriction. We tenants have been coping with cost plus 5%, and even cost plus 10, 20 or 50%, for decades!
Tying landlord rent increases to the COLA would pour every penny of the social security COLA increases into rent but would still leave seniors in a financial hole looking for ways to pay for food, health care needs, and dental care. These are necessities. Food banks help a little but there is no help for basic problems like ill fitting dentures, broken glasses, hearing aids or even incontinence pads for elders and sanitary pads or diapers for younger poor people. We could stand a little price fixing there too.
An easier way to bring corporate price gougers into line with worker income and COLAS is to freeze prices across the board until prices align with what our population needs to survive. At the same time, more really affordable housing must be built with government financing. Not luxury housing but adequate shelter that is not a miniature hut for a family to squeeze into, but normal shelter that can accommodate seniors adequately or a family of four or even six people. Real housing with adequate plumbing and spaces for storage of cleaning supplies and clothing is badly needed. The private sector only builds more profitable housing that workers and the elderly cannot afford.. Housing built to withstand the unpredictable weather of an overheating planet is what is required. That's expensive. We afford such a program by ENTIRELY REWORKING THE TAX SYSTEM AND RETURNING TO THE GRADUATED INCOME TAX SYSTEM OF THE 1950s. IT was a pain in the nether regions, but it worked!
Do yourself a favor Helen and read something... anything by Milton Friedman so you won't make such naive public comments. I'm not trying to shame you but you are wrong.
It's not corporations that are robbing you...they don't need regulation. The government is what needs overhauling.
Tell me this if you disagree...why do MOST corporations generally spend less than they earn in revenue...which gives them a PROFIT. Compare that to government which ALWAYS spends more than the take in, which leads to DEBT.
Do you know what YOUR share of that government debt is dear? You owe about $200,000 to Uncle Sam...did you know that?
But you owe NOTHING to any corporation in America.
THAT is what freedom is my dear. You have it backwards. Learn.
Price fixing by the government is evil. Stop being entitled. You don't have a right to force producers to accept less than what their goods and services are worth on the market. If an offer for goods or services is too high for you, your only right is to decline that offer. You have no right to use force to extort others.
@@helengarrett6378 government price controls have never worked. But just like socialism, the left assures us that this time they can make it work.
@@maximemeis2867 You assume "the market" is infallible. It's NOT! The market is manipulated every day in many ways. Landlords collude to keep rents high. Grocers do the same. Finally the DOJ is investigating this kind of price fixing and I hope they hurry up and force penalties on the companies that set the algorithms and on the landlords and grocers who use them. Every business organization colludes to set minimum prices. There is no real competition. These professional associations are unions for business and we consumers don't get to negotiate with them, but they feel good about busting our unions and they don't want to negotiate with our unions for better wages and working conditions. The system is rigged!
If we enforced our laws against monopolies and we were rigorous about trust busting, if we appropriately taxed our corporations and the wealthy so that we could afford decent universal health care and housing we would have a bottom up economy instead of a top heavy, bottom stressed economy. It was that way when I was young. The rich didn't go begging. They still were rich! But ordinary people could buy a home, the government built the freeway system and it was possible to work your way through a college education. Our returning servicemen were treated well and could reintegrate into society instead of ending up on street corners with signs begging. We prospered as a nation.
I know about working and going to college because my siblings did it. Their education did not leave them broke. They got Ph.Ds. without scholarships or borrowing. The jobs they worked supported their education. You cannot do that today. Crippling education debt is burdening our students and they delay marriage and parenthood, often until it's too late, because they simply cannot get our from under that debt.
Our economy is screwed up by the greedy few who don't pay their fair share of taxes and by not enforcing unfair business and labor practices of employers and wealthy people. There is too much money in politics and the rich have had it all their way for far too long!
I replied to the reply below and it was censored. I explained why the market us not infallible. It is manipulated all the time in many ways. But the algorithm canceled my comment because it was NOT PRO BUSINESS.
Maple syrup just went crazy high and Olive Oil. I saw two rib eye steaks for $50. Robbery!
What are you waiting for to enter the market and compete with lower prices?
Not if you don't buy them.
@@Firedog-ny3cq I didn't buy them because who could afford that? Not me. So it's hamburger at 7.50 a pound. I haven't had a steak in 6 months.
@@cynthiahofer2903 i buy beef round steak for 4.99 a pound at the grocery store
All I need as a business owner is some random UA-cam guy telling me why I shouldn’t raise prices during massive inflation
For some reason, I doubt you are representing one of those huge corporations he was talking about. And, if you ARE making 'record profits' as he was referring to, then it's not just raising prices to cover inflation, is it?
@@crystalc1030 yeah because he's just another liberal media socialist with an agenda
@@crystalc1030it's "record profits" because the value of the dollar has gone down. It has gone down because of inflation. Demand can be exactly the same, but because of inflation, there is record profits.
@@edwardstark6817 Provide the dates of your claim that the value of the dollar has gone down. From what beginning and end date? I'd like to verify the facts.
@@crystalc1030 how about instead you get a life?
Kroger has admitted that they are raising prices more than inflation. VOTE BLUE 💙 Kamala will prosecute these price gouging taticts VOTE BLUE 💙💙
Say it LOUD Robert! .. I so agree. It's too bad we, the average consumer couldn't establish a Consumer Union to pick and choose what Corporations we all choose to support and what Corporations we would boycott. That would get their attention I'll bet!
@@johnwalterbrabant7567 personally, I don’t want or need a union to tell me which corporations to support. Reich is a Marxist economist trying to convince others that corporations and capitalism are the cause of all your economic woes but doesn’t explain why corporations suddenly got so much worse beginning in 2021.
You can. In fact those coops already exist. REI is one.
To make it even more a kick in the jewels... not only are the gas companies price gouging us, we're also subsidizing them to do it!
⚓️ Thanks Bob 🌈
What really irks me is that the auto companies that sell EVs price in the federal rebate so that they benefit the most. Grrrr…
EVs would not exist in a free market.
It's not inflation. It's greedflation.
No, it's massive fake money creation.
That's so stupid. To believe something so stupid you have to believe that for about fourty years corporations could have increased their prices and profits but chose not to and that they suddenly became greedy in 2021. Also you have to be stupid enough to believe that a year ago they suddenly became much less greedy. Food inflation over the past 8 months is less than 2%. Did they suddenly stop being greedy eight months ago?
And who said monopolies don't exist? When you share and collude on price fixing to pad your own pockets and the return of investments without thinking of the people that are impacted the most by your decisions/greed, then you have a monopoly. These are illegal and inhumane.
They don't exist. At least they don't exist in food production or housing. There are no laws that grant a monopoly to a certain company or to a certain group of companies to food production or housing. You are free to file the paperwork to set up your non for profit workers coop and start competing with these companies tomorrow.
And they also don't exist.
@@erichaist826 businesses don t exist to take care of you. They exist to make money. Your life is your responsibility not theirs. So stop expecting others to care for you.
Make stock buy-backs illegal again!
Then if a company has too much issued stock how would they decrease it?
What's wrong with a corporation buying its own stock? That raises the stock price and lowers the cost of financing an expansion which provides more employment.
By what right? Profits rightfully belong to shareholders. You have no right to dictate to them what they can do with them.
@@maximemeis2867 under socialist thinking government has the right to do all decision making.
It's market manipulation to increase the value of C-suite options rather than invest in the actual company.
Thank you, Robert, for keeping us informed of American Oligarchy and Price Gouging!🤬
Time to redefine monopoly and give smaller businesses a chance again or we’ll always be at their mercy!
so as to be able to call things that are not a monopoly a monopoly? The fact is that there are no monopolies in these sectors. No law on the book prevents competitors from entering the market. You are free to set up shop tomorrow and start competing.
You're kidding, right?
When these huge companies see these records revenues and profits, why hasn't the take home pay of regular employees increased in kind? People need to ask this more often.
If they are republicans...they are defending getting screwed over by big corp!
If you don't like where you a working, then qualify yourself for a better job. Life is not fair, quit whining and get on with it.
Great point.
This is why this should not be called “price gouging”:
What it actually is is PRICE FIXING aka collusion- an anti-competitive practice that is illegal. Price gouging implies that a candidate or politician is intending to put artificial price cap on things which is not the way to do things, and is anti-capitalist.
The proper way to do things is to prosecute offenders who engage in anti-capitalist practices such as collusion. And where the problem is oligopoly or monopoly- these are also illegal under capitalism and we need to pursue better enforcement of the Sherman antitrust act. I have been carrying on about this for well over a decade now there is way too much industry consolidation (I.e. Mergers and acquisitions activity). It’s great for businesses and terrible for consumers.
@kineahora8736 - "To-may-to" vs "To-taw-to", price gouge vs price fixing - all semantics. People are getting unfairly screw and you're arguing anti-capitalism? What dream state do you live in because this IS NOT Capitalism? To let fellow human be poor, sick, homeless or uneducated for some else to make a buck is sick. Expecting the Gov't to always come in on a white horse EVERYTIME, EVERYWHERE to make bad actors do the right thing is a fool's view of the world.
Diesel fuel was $5 a gallon in Half the country when I drove cross country in July, that means higher prices for everything. Make gasoline 75 cents a gallon and watch the economy soar.
The question is, why aren't the media disseminating this information? Are they in cahoots with the price-raising entities? Why do journalists use the misleading language "prices are rising" instead of so and so 'raised their prices'? The public is misled by language that obscures the actors and then wrongly . blames the government.
Mainstream media is owned by the Power Elite those old money mega billionaire families we all know the names of mainly on the east coast who profit from the current economic system. Which allows them to rule america behind the scenes . The reason why we never hear stories on the news about how the Fed works who is on the board of the most important institution in our country our money system ?
If you’re talking semantics, why didn’t you mention this one:
“$3 used to buy me a gallon of gas, now it only gets me 3/4 of a gallon. My dollar is worth less.” I know, doesn’t fit your narrative.
@@kaischmidt8030 You might be surprised, that also fits my 'narrative'. We only have to add the question" who and what caused that change?"
@@klauskarbaumer6302 inflation, not price gouging. Corporations can’t devalue your currency.
@@kaischmidt8030 Devaluation of my currency occurs when I get less for my dollar. And that is connected to businesses raising the prices; some may have good reasons, others don't. Raised prices = inflation.
Shrinkflation as well. Cutting down on size and amounts for the same price or more.
bingo!! exactly 😢
Same as inflation.
THANK YOU BOB!!! This is what America needs to know. It could be SO powerful during the election.
I have started a long list that includes other effective monopolies on another one of your vids. Please keep going!
What effective monopoly? You are perfectly free to set up shop and enter these markets.
@@maximemeis2867 Doesn't it seem strange when people talk about Free Markets but push for mergers until the market is no longer free? Or do you really think one company is going to give you the best price?
Note that anti-Trump/Putin/China comments are frequently censored on YouRube
Oh please! Try competing with Walmart or Home Depot!
Someone keeps deleting my replies
In all ways, we are right!
Not only are they raising prices on groceries-they are shrinking the product!!!!
now look up dynamic pricing. nightmares will ensue.
The Walmart family did it again. Avocados are now $1.08! Just Yesterday they were .74 The Walton family is ripping us off! I made a video about it This is unbelievable. I'm 61 still working for my Dollar
WHY do we allow oil companies to mine petroleum on lands owned by the PUBLIC and then keep the profits? Norway does it right: the government digs the oil, and uses the money and profit for public programs. That’s what we would do…if we weren’t the United States of Corporations.
all land should be private. If you want oil money, buy the mineral rights of a property an dig for it
The United States is not supposed to own land.
Strengthen antitrust laws, promote competition, break up monopolies, empower workers, and regulate corporate influence on politics and policy in both parties.
Excellent!
I LOVE how you quickly and concisely get to the point. I appreciate Midas Touch for their reporting and work, but get so frustrated with how many times in a video they repeat the same information. I don’t always have time to watch a 30min video, especially when much of it is simply rehashing the same material. Thank You for your precision.
The term corporation is looking like a facade for Fed backed privateers.
Thank you Prof Reich
Dr. Robert Reich is a real Patriot! Thanks for your research and great ability to explain these vital and complex issues to all of us! Robert Reich, you NEED to be included in the HARRIS/WALZ administration!
So you want socialists in our govt?
He is a commie, minnie mao.
As far as groceries, I remember as a 70s child my mom would be angry about high food prices and say "it can sit on their shelf and rot". She would shop very carefully, shop what was on sale, shop local, grow a garden, shop farmer's markets and cook at home. I'm sure it wasn't easy but it was her way of fighting back.
Go Joe!!
This is why Kamala Harris is talking about going after companies for price gouging
@@gregscottfordemocracy💙🤝💙🤝💙✊
Maybe you can explain the difference between Deflation and Disinflation. Republican stooges are having a heyday in Yahoo Finance Comments.
Similar to reverse and reduce; such as reverse direction of an auto vs reduce speed of an auto. Deflation = backwards. Disinflation - slowing, but still forward.
Sure, blame the dramatic increases in minimum wage on the Republicans. Labor costs are up everywhere for every company large and small. Are the workers price gouging and price fixing too? Please start thinking and stop listening the Party mouthpieces and their spin on things.
If you think the fed will allow negative inflationary pressures, I’ve got some beach front property in Kansas to sell you.
You know you are being price gouged when you can a dozen free range, organic eggs for $4 from a local famer, but it costs you nearly $7 at Safeway for the same thing.
Does the local farmer have the same overhead and cost of getting the product to market?
@@jillfeatherman5523 No and that is part of the point of supporting our local farmers.