Jon Stewart Forces Economist To Admit Capitalism Screws Us All
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- Опубліковано 23 бер 2023
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I like how economists explain the economy using weird metaphors to try and make it sound like the way the economy works is based on natural laws
It is amusing, I can admit that....they speak as if the majority are laymen from the 1950s and not high school or college grads from the 90s.
They like to forget that WE ARE THE FREAKIN MARKET. no market when people are paid in starvation
Well considering what the definition is, and as long as the practice has been established. You could say it is “natural” 🙄
If you, like me are unhappy with economy pay attention to the people you’re voting in. More programs means more taxes which means less money in your pocket. Majority of Americans income is already taxed to hell and back. When all said and done we have 1/2 of what we earned, and then their buddies raise prices on energy or food…None of those elected officials are here for us poor people. Quicker you understand, better off people will be. The politicians are the REAL welfare queens. Why they can’t collectively agree on term limits. Why end that gravy train?
Wordplay as always...like they mean something...NOT !!!
@@beeohbee713 I think what he meant is that he talked as if our current economy is natural. But capitalism in its current form is what... 200 years old?
Oh, nothing we can do when the system we invented does what it was designed to do...
This has always left me staggered. All the free marketeers love free markets, except on labour. The hypocrisy is unreal.
How exactly is that a fact? Employees are not slaves. They have agency.
@@zuzanazuscinova5209 so what? I never said employees are slaves.
They also hate the free market when they go bankrupt, so that the state (we) should bail them out.
ya, they love the free market, until that market hangs them out to dry (usually due to their greed), then they want bailouts (socialism) funny right?
Because worker solidarity and poverty can not both exist at once.
The truth of our political values lies in the risks we refuse to accept, and it is rising worker power, not continued poverty, that our political and corporate leaders find unacceptable.
They tell the workers to cheer capitalism while corporations get socialist benefits from the government.
Somehow, I am thinking of Walmart here in the United States. Lol.
That's not capitalism......
It's certainly not capitalism!- too big to fail.
More like "socialism for the rich!"
What with their tax breaks, bailouts,start up grants , interest free loans, etc
@@ianoliver3130It absolutely is capitalism though, a capitalist would do everything in their power so as to make and retain as much wealth as they possibly can. Tax breaks for the rich are inherently capitalist, it lets them keep more money which is a gain.
💯
I'm 57 years old. I honestly hope I live long enough to see the younger generations change this crappy system we live under. I might not live long enough to enjoy a world where people don't have to suffer and starve and work themselves to death, but I would love to be around long enough to see that world come into existence.
Truth, the suffering and stress caused by capitalism is just sad, life is so short, we’re allowing man to torture man…
I want to live long enough to participate in the revolution. I'd thoroughly enjoy being a Jacobin.
We are going to get it done.
They won't change anything like you or I didn't change anything. As long as there is Big money and idiots believing in Qanon this will always stay the same
@@keithhickey2207 that's depressing. I try hard to be positive about the future of our state and government, but it's kind of hard to do that when you see these people live in a fantasy world, and you see how the division between rich and poor is just getting wider and wider. It's just sad.
Economist is forced to admit that economic policy is based on an ideology, not on data and facts
it is based on data and facts
they know that labour is stronger with a tight market - based on the data
so they are looking to undermine that
@@progressivedemagogue8480
Who are you and where is the *real* supertroll *Progressive Demagogue* ?😂😂😂
Economics is just Astrology for billionaires. There's no actual factual information in it, it's basically just the rules of the game the wealthy decide everyone must play by.
They could change it immediately but that doesn't make them the money.
No shit, a liberal economist hates the economy being run by liberals because it turns out he cant actually make money in it because liberals run on ideology and not on data and facts...
Indeed, Profit Maximization is robbery, is screwing the planet, is totally the wrong logic on the purpose of companies. Companies should support needs of people, in exchange for all costs and a bit. All the rest above that is organized legal robbery turned into legal religion of 'getting rich at the cost of others is good'.
This isn't a cost of living crisis, it's a robbery.
Or a mugging.
With thanks to Frankie Boyle
I call it an austerity crisis
@@ShaunieDale it's more like paying for protection......
There's no robbery or muggings here :(
@@htui9992 paying for protection wouldn’t be that bad if we actually got any protection.
I use Jon’s talking points in conversations with my Trumpian coworkers and they all vehemently agree. Goes to show just how important it is for the rich to keep us split in two, because if we were all united they’d be completely screwed.
BIG FACTS!!! you know how many Republicans I've heard agree with me when I'm saying landlords are parasites? Kind of a over simplified way and loaded way to look at things I'll admit but still. This culture war bs is killing America.
Yes
TDS
Why I support actual socialism, aka democratic economy, democracy in OUR economy
And, the other option in inflation is to create more products, not raising prices
When I was younger economists kept saying “capitalism is great. It produces high quality products at an affordable price for everyone”. That was their understanding of how the economic system should be sold to the consumers.
In the meantime the economy is fried and economists tell us “of course it’s in each company’s interest to generate profits over anything else. There’s no other goal.”. So why exactly should we support them?
High quality tat that we don’t need!
we got crappy quality and excess surplus. We have reached landfill stage of capitalism
It's a consumer driven market. What we call crap someone in Algeria would call the greatest thing since sliced camel milk curd.
What do you suggest we do to not support corporations?
@@maureenmannion6748 if by “not support cooperations” you mean stop giving them tax breaks and public money without the need to deliver on promises to the public, yes.
“I don’t think it’s a tenable view that all of the sudden corporations became greedy” dude’s absolutely right. They’ve been greedy this whole F-ing time!
Oh yeah? That's weird, because I've never been offered a job by a broke, penniless nice person.
@@anthonyjesus6151 …but i wonder if you’d ever argue to be paid less?
@@anthonyjesus6151 The only reason people want jobs is because corporations own enough of the land and food and fuel and other resources that there literally isn't enough left for the rest of us to survive unless we submit to their will. What you are paid is _always_ worth less than the work you give in return. That's literally what profit is. And profits are hitting record highs.
It says a lot about society that so many people people talk about a "give us half your waking life to use as we desire, or die in agony alongside your children" ultimatum as if it were a generous sip of ambrosia bestowed upon them by the gods.
@@matthewhook3668 If you're just being paid with borrowed money, we still have to pay it back. Of course inflation will rise. Money buys real-world items. Money itself is worthless paper. The more you print and borrow, the more real world items cost, as that's what money buys. The commodity doesn't magically become worth less because you borrowed more money.
@@jakegerstein 100%! And as inflation rises so too does the impact of corporate greed. Unchecked (or less checked), corporate profits exponentially increase. Monopolies run this country, they own all of us including our most well-intentioned politicians.
“Do you think apple should just sell their phones for less?”
Bro holy fuck yes they should
And for those unaware: Apple phones cost about $150 in parts and labor. And then they turn around and charge $1000 for them. That's ridiculous.
@@thexalonHey bro, that's pretty disingenuous. You forgot the $0.50 for the labor costs
@@bigman3274 I specifically said parts *and labor*, but yes, the labor portion of that is tiny.
Exactly
Word. These phones are stale at best. Same shit, different year.
It always makes my brain want to explode when these economists talk about consumers and workers as though they are two separate things.
They are. One earns money and the other one spends it.
@danieldoucet9121 And how do they get that money?
They aren't working class, but they are consumers, so from their personal perspective it kind of is separate. One is them, the other is the people they are okay with exploiting because it doesn't include them.
@@danieldoucet9121 yeah some people only make money and others only spend money that comes from trees or something, thats how the economy works right?
lol
In college, I had a professor that would talk about how many CEO’s have teamed up on each other’s board of directors who in turn vote each other to have massive CEO bonuses each year. This is supposed to be illegal, yet we allow this to continue and screw us all.
😅there's nothing illegal about it. The shareholders made of man individuals decide and vote on bonuses for ceos. They're paying millions of dollars to retain ceos to run the company effectively. Its the shareholders money. Paying zero dollars to close won't lower cost or increase wages by one cent.
@@antonionalesnik4706 you don’t get what I said. Say you are a CEO of company B, and I am on your board of directors. I am also a CEO of company C, a company you are on my board of directors. So you are the ceo of company B and on the board of directors for company C, I am the CEO of company C and also on the board of directors of company B. You come to me and say, I will vote for you to have a 10 million dollar bonus this year from company C if you vote for a 10 million dollar bonus for me from company B. CEO’s of large corporations make more than enough with their annual salaries (which is also determined by the board of directors btw). This became an issue after corporations took away workers entitlement to partial ownership in the 70’s (I believe it was, were all workers received mandatory pay of partial company ownership on top of their salary.)
@@antonionalesnik4706 There is a whole range of values between "millions of dollars" and "zero".
@@eskarina1000 'value' as in moral or as in worth?
@@antonionalesnik4706 yes. CEOs do not "run companies effectively" they often have no fucking idea what their business actually does or now it works. Throwing money at boomers to maintain the status quo to artificially inflate stock prices with buybacks and drastic cuts to labor costs isn't running anything. It's piracy.
The look on his face at 5:35 when he realises Stewart isn't going to defend Apple. It's inconceivable to him that someone might not be a completely amoral mercenary.
As if Jon Stewart controls what Apple does. Thankfully, he won't let them control what he does. Very few working people are in that position of freedom.
*_Shocked Pikachu face moment…_*
Larry's unfamiliar with people who are employed by corporations, but not beholden to them. In his mind, he must think that, if a person works for company A, that person DARE not speak ill of said company.
Enter Jon Stewart.
Another person who shit-talks their parent company on the regular is John Oliver. LOL
jon's in a privileged position that he can do that because his honesty is more valued than his loyalty (that's not to say he doesn't have loyalties). most people do not have that kind of latitude with their employer, nor would anyone even care to ask them
@@360.Tapestry I’m a teacher and have spoken out about my schools and yes Ive also been scapegoated and changed schools almost every year but my conscience is clear. I’m a special ed teacher who puts my children first. I don’t bow down to the district’s ridiculous demands that roll down from the state and the federal government. I teach and I love kids and I do what’s morally right. Parents, kids, and other staff love me. Admin, not as much cause I’m sure they see me as an unreliable wild card but sometimes you have to be willing to do those things to help move society forward. Is it easy? No. I’m not privileged. I’m a widowed middle age single mom special Ed teacher in Oklahoma, one of the lowest paying states for teachers in the nation, but I sleep well at night.
Suffer little workers, your overlords need 7-figure bonuses.
@@johnmatthews4717 With what money, "bootstrapper"?
@@johnmatthews4717 Are you on a seven-figure salary? I doubt it. Maybe you should have invested in your future.
I know plenty of people who did indeed "invest" but are still struggling in these difficult times. My sister was a straight A+ student, graduated with a First from a good university. She's in her late 30s, married, works full time and has two kids. She and her husband will never be rich, even though they're both law-abiding citizens with professional careers who live very modestly. Please enlighten me, what terrible life decisions did my sister make and how could she have done things differently?
What do you know about suffering @hg82met ?
Corporate greed and CEO greed are two factors which no economist would ever tackle. CEOs are their peers, the rest of us are the 'unwashed rabble'.
Because corporate greed doesn't matter nor do ceos.
It's amazing how the price of CEOs doesn't go down each year -- somehow it seems hard to get deluded greedy people for outrageous sums of money. How is there not MORE people flooding this market? Oh, maybe because it's an exclusive club and they don't actually just let anyone they don't like in these circles.
@@mpjstuff
9t you just don't understand what's going on.
Why do you think all the big companies is going the same direction because all the the bosses are not technocrats but accountants or allike, nowadays.They are only in it for profit for themselves
Sociopathy formalized.
Those dystopian movies showing a disparaging gap between the rich and poor is starting to feel more like reality. 😢
Yep. Today's society, at least, here in the United States, feels like anything but a utopian society.
Actually, I have rolled the thought around in my mind of thinking about today's society as a "post-dystopian society."
Media literacy is a hell of an attribute to have learned lol
Wait until they have become our ACTUAL reality.
Not too far out I wager.
The corporatist idea of letting rich people make economic decisions because they are not affected by it is like asking the wolf to decide which sheep gets eaten because he is not affected by missing sheep.
Love that analogy. Will inprint that to my memory bank that’s how much I love it
Yep.
excellent!!!
And their bellies are already full. They don't even need to eat any sheep.
Well put!
"Let me mention your corporate masters and see if that brings you to heel..."
"Oh shit, it's not working"
Larry Summers (the dude being interviewed) had to restrain himself and lower his volume at 4:15. He most likely knows Stewart is right. I love how Jon is able to remain calm throughout most of these interviews. I would not have the patience to sit across from these people.
The alternative is socialism, right? before capitalism and socialism what gov. did we have? monarchy or something equally as bad. Socialism does not work at all. and communism is the worst thing possible other than fascism
he really did stagger when john didn't give a shit lol
People like Larry can't understand morality and integrity.
Steinbeck said it best and I'm paraphrasing. The problem with the average American is that he sees himself as temporarily disadvantaged millionaire. Instead of the exploited proletariat that he is.
God bless John Stewart. He's not only a brilliant comedian, but a brilliant mind.
“I would absolutely call myself a gouger .” And this is why Jon Stewart is a treasure. Because he absolutely would.
Is he returning his salary back to the corporation that is employing him? Didn't think so. He's probably ramping up his investment portfolio.
@@zuzanazuscinova5209 I think the point is to accept to be highly taxed.
@@zuzanazuscinova5209 You think giving your salary to a billionaire corporation is somehow the right thing morally?
Using apple's money to speak truths, that's a moral use of their money.
Or instead of paying higher taxes how about we stop funding genocide and keep that money for American people. @etchalaco9971
Bottom line as soon as Jon hit a nerve the interviewer took his chance to attack Jon instead of answering the question
WhAt AbOuT aPpLe, ThOuGh?!
@@_jake_doran 😂😂😂ikr. The guy just couldn't address the issue at hand without pointing fingers first.
It's funny, Jon didn't understand where inflation comes from. 😂 It's easy to see inflation comes from the Central Bank, Larry Summers being the person from the establishment can't come out and say that, he couldn't defend. No person in the establishment will blame the central bank, that's what they depend on to fund their Guns and Butter schemes. Jon didn't understand that either
Jon does work for one of the largest corporations in the world while accepting millions of dollars for the same corporation that uses slave labor. Stewart got owned.
Yep!
“Every worker deserves to get the highest wage the CAN” is such a vile sentence when you consider it’s coming out of Larry’s mouth
I work for Pepsi. The biggest investor in Pepsi is Blackrock. The biggest investor in our company provided healthcare provider is also blackrock. Guess what my 401k investment is set up to as a default? A blackrock managed stock portfolio. The 2nd largest investor of the company I pay rent to is…..Blackrock. I go to Kroger and buy groceries, blackrock. This is their dream. A world where you work for them, and repay every cent of your check to them. You generate the labor and revenue for them so they can do nothing. It’s already happened. Be mad at the politicians, but be even madder at Blackrock, Vangaurd, and JP Morgan
It's so hilarious watching him try to do the "we're not so different, you and I" villain speech and then have it fall flat on its face.
This is the proof that of if you were dumb as a younger person you tend to be dumber as you get older!
He isbt wrong. Stewert is wealthy, and has benefitted from corporate greed. Wasnt he employed all his life by corporate media giants? And hes dissing Apple, who he is EMPLOYED BY. if he had ANY scruples, he wouldnt work for them, BUT HE DOES.
Seems he's doing a lot of good with it
Stewart pretends to care about workers' wages, corporate greed, etc while getting millions from Apple, the same company that uses slave labor around the world. Stewart got OWNED.
@@hepwo91222If a socialist is wealthy in a capitalist system he is an hypocrit. If he is poor he is jealous. Nothing new ....
Meanwhile, the expensive luxury goods market is thriving. Certain car companies are bringing out new models that cost several million pounds per car, and they are sold out before the first one is even made. That shows how wrong this world is. Greed, greed, greed.
CEO's are psychopathic and they are running the show. And we expect these people to save the world by self-regulating? LOL
I am curious about what cars/models this is about?
@@fongponto Then look it up yourself...there are videos all over UA-cam about ultra-expensive luxury items.
@@fongponto there are more brands every year building models well over a million pounds. When the 2008 crisis happened there was only Bugatti, and they didn't sell out before they were announced. Ultra high-end cars are now another segment of ultra-high barrier-to-entry high return investing. Much like art sales.
Always happens. Give more money to the obscenely rich and their dollars go chasing collectables. How is society served when Van Gogh's inflate 300%?? They Do NOT pour the $ back in the economy. The $ goes offshore to tax havens. And the obscenely wealthy luxuriate in their yachts docked at their private islands and laugh about how easy it is to sucker the same people with the same shit over and over again.
There is a need to break up the giant corporations in favour of smaller businesses and more competition
As someone with an economic degree, thank you John Stewart.
Do you know , I'm just a working class guy brought up on a council estate in Sheffield South Yorkshire,had a basic education , worked for the council all my adult life,this great channel , Novara,as shown me enough to make me realise the working class have been well and truly screwed over many decades by the so called privately educated and the wealthy .and still they try to keep us down . I'm a pensioner now ,so it's too late for me ,but all you young people from the same background as me ,you fight for your rights and always walk with your heads held high 👍✌️
((hug)) Thank you. ✊🏻💪🏼🕊️❤
" working class have been well and truly screwed over "
What do you think you are viewing this video on? A free website with virtually endless educational and amusing and artistic content that can be seen by almost anyone, almost anywhere in the world, at almost any time, on devices that were impractical 20 years ago, and inconceivable 40 years ago. Today, a modest budget can afford a smartphone and internet access is literally given away for free all over the place. That gives access to the world's largest market, job boards, and educational materials. If you want to learn Italian or C++ or woodworking or welding or ballroom dance, you can-for free. Again, this is inconceivable less than a lifetime ago. There are more food options than ever before. More food and product delivery systems than ever before. Flying, once the purview of the rich, is so inexpensive that even modest incomed people can travel internationally. Consumer electronics have increased in quality and are far cheaper when adjusting for inflation. Many cancers and other diseases that were once a certain death sentence are now highly treatable or even curable in some instances.
So, with all due respect, what in the hell are you talking about? "Screwed over"? Get a little perspective.
@@racechick2033 ✌️❤️🤗👍
@@alanpattinson6211 👍✌️
Was thinking about moving to sheffield next year. Went to sea and saved up some money for a house. Want to do a degree level aprenticehip if i can, the only places that offer it, that are remotely affordable are leeds and sheffield. How is the area, how do they compare? :)
Capitalist says capitalism should be suspended when it makes rich people feel less rich.
If we were capitalist the market would set the interest rate as opposed to Jerome Powell.
@@LetsgoB Capitalism is defined by privatized ownership of capital, not market economies having little to no regulations.
@@rare_goth_metal_and_shoegaze No it actually does, the definition of ownership is having full control and rights over something. If a third party has the final say over what you can do with your stuff, you don’t really own it do you?
Monopolies are only possible through govt regulation.
@@Sincerely_MrX No, because corporations have shown time and time again that they would stop at nothing to price their competition out of the market.
Less regulations always leads to market forces becoming monopolies because they are much more free to dispense their terror on smaller competitors and then buy them up.
@@rare_goth_metal_and_shoegaze Markets are not restricted by regulation, they are produced by regulation. No regulation, no market. Its like chess - you take away the rules and you don't have a game.
"No, the FED is intervening to control the overall level of demand growth..."
That's just like "No, I'm not a accepting bribes, I'm just accepting and not reporting expensive gifts, from people whose cases are under my purview and in whose favor I tend to rule"
How stupid do they think we are? Obviously they do.
Jon Stewart is a national treasure.💯❤
You explained why corporations want an unemployment reserve, perfectly. Thank You!
Or may be that's what you wanted to hear. Be truthful to yourself, you had made up your mind before you ever listened to this interview, because it is not clear to me at all after watching the whole thing, how corporations cause inflation. It's rubbish theory.
@@holdmybeer123 I’ve watched the interview and done further research on this issue and the Larry guy was a joke in the whole thing, for someone who was responsible for the economy he either knows very little about it or has a certain agenda both are equally worrying tbh.
There are several factors which cause inflations. Corporate profit and supply chain are the two major ones at the moment, wages are at a historic low in their contribution to inflation, 20% as Jon says is already very low, but the EPI puts wages at only 8% when historically they have been around 50% or more.
You say you’re not sure “how corporations cause inflation”. That’s fine I’ll explain but it’s not a theory and it’s certainly not rubbish its just numbers. Warning this is pretty long.
So, let’s use an example. A can of soda made by the FizzyPop corporation and its $1 on the shelf, but later its $1.40. The inflation was $0.40. Now it used to cost $0.30 in labour to make the soda, the non-labour inputs like ingredients were another $0.50. So that left $0.20 for the company’s profit margin. Now its $0.35 in labour costs, $0.60 in non-labour inputs and $0.45 for the company. The main contributor to inflation here is the profit and FizzyPop corp is reporting record profits.
Now what Larry says should be done is hike interest rates. This helps with inflation by slowing the economy down by targeting the people. It does this by reducing demand due to things like higher interest on mortgages, higher cost of borrowing money, savings make you more money, unemployment goes up etc. Now if the major contributor was wage inflation this makes sense, you lower demand on the companies by reducing consumer spending, this means they need to produce less stuff, which means less staff, which means jobs are harder to come by, which means employee bargaining power goes down as employers have more to choose from and you get lower wages. At a macro level higher interest rates also appreciate a currency which is useful from an import export perspective as foreign capital increases as they get more return due the higher interest rates, this makes imports cheaper as your currency is worth more relative to other currencies.
The problem here in the current situation is that this approach, which will result in something called wage suppression, won’t do anything except hurt people. Fizzypop soda corp will need to make less cans of soda because there is less demand, but they just let people go as they need fewer workers so unemployment goes up, people lose jobs, are hit by the increased cost of mortgages, loans, wages go down etc but Fizzypop soda still makes $0.45 a can, the price of the can may come down by say $0.10 to $0.20 a can due to lower wage and lower import costs on nonwage inputs but Fizzypop is still laughing all the way to the bank.
So, the can of soda is now say $1.20 but a lot of the less affluent public now can’t afford the soda because they lost their jobs or real wages have gone down due to unemployment going up, their mortgage repayments are more expensive and loans are more expensive. Meanwhile Fizzypop corp has a little less total profit due to selling less soda, but their margins remain nice and fat, they got rid of the costs they could (employees they don’t need) and you have only tackled the smaller parts of the inflation.
I hope this helps you understand why Larry was talking utter shit because he’s advocating for hitting the wrong thing. It’s a very simplified view but this is hardly a good place for in-depth macroeconomic lessons.
@@thunderbug8640 Wow, if ever there was a chat GPT answer. Anyway.
@enoshadowwalker119 Lets say you had an ecnomy of $100. If there was a shortage of tomatoes, people would pay more for tomatoes, there would be an increase in prices of fizzypop. But since the economy has only $100 to spend, people would spend *less* on other produce because they spent more on fizzypops. The total inflation would be 0. Now if in that economy, you introduce a central bank, which increases the money supply to $110, prices of fizzy pops rises more, but so does everything else. This is called a "General Increase" in prices. Only an increase in money supply causes a "general increase" of prices of everything. And lets say the corporation earns a 10% margin on fizzypops. with the increase in prices, the nominal profit increases, you see it as "record profit". But dig deeper, the margins in % stayed the same for most corporations. Only the fizzypop corporation would see an improvement in margins because there was an actual shortage of fizzypops.
Larry mentioned the General increase in prices, but Stewart just decided to ignore the point. He should know that, he is a multi-millionaire after all. Or may be he just has propaganda to sell.
With that being said, there is no way i agree with Larry summers. What he actually should have said was that low interest rates and Quantitative easing are a drug, you have a party when there is plentiful drugs. As soon as the drug stops, the party ends and the hangover begins. We are in the beginning phases of the hangover. We took the 0% rate drugs and now we must pay the price.
@@holdmybeer123 It doesn't claim that corporations directly cause inflation. It claims that corporations *benefit* from inflation generated by screwing over average Americans, by driving unemployment up and cranking interest rates. (Of course the Federal Reserve and the government are ultimately responsible for making decisions in their favor.) Hence everyone going "there's a recession right now" while technically speaking there isn't one at all, and most large buisnesses post record profits.
The point is that the alternative (looking to shift things in the favor of everyday people) is largely ignored, because who's really bankrolling the people who make these decisions, in the end?
@@colbyboucher6391 I don't really understand your point there. Jon Stewart absolutely did say in that interview that corporate profits are causing some 20-30% of the inflation. He's wrong dead to rights.
I think you fundamentally misunderstand the nature of the wealth transfer here. You are correct in your observations that the little guy gets screwed, but your analysis is wrong. Here is my analysis.
The Rich have a lot of assets. When you print money to artificially lower the interest rates, the price of assets (land, shares, paintings etc.) goes up. The Rich borrow against these assets and amass more assets. The poor who depend on a paycheck, suffer because inflation ruins the value of the paycheck. Poor don't have much assets to borrow against, they lose out on all the gains in asset prices, hence the double whammy of eroding paycheck and missing out on the asset inflation. Corporate profits do not cause inflation and are very puny. Majority of the wealth comes from asset inflation, NOT corporate profits. Profits are double taxed anyway, corporations don't even want any profits to be honest.
The solution is to end the Fed.
There can be no interference in the value of money, central planning absolutely fails, always. It is synonymous with the law of nature. Nobody knows what the proper interest rates should be, and I don't care how many PhD that person has. You can have a stadium full of people all with economic PhD and they would still get it wrong. They made a mistake, the bill has come due. Unless you find some foreign buyers to buy some more $$$ treasuries than they are already buying, it is not possible to export this inflation problem to another country. The damage has been done and Americans have to weather the storm. Hopefully they realize that the Federal Reserve is behind this mischief, and cut off the head of this drug dealer.
'should the super rich pay more tax or should we have redundancies and a reduction in wages ' ? .We really shouldn't put up with this shit . Good job Jon Stewart, and thankyou Novara Media
This wasn't even about tax hikes,it was about addressing price gouging,these rich folks are insane
They need to lower the cap on how much people (especially the rich) can write off.
The super rich should pay the same percentage as everyone else. Should you have to give away more apples because your trees produce more than your neighbors?
@@watchmakingman9342 Who do you think is hiding their money in off shore tax havens ?
Corporations. The wealthy in CA for example make up 40-50% of all the income tax in the state. Corporations are getting away with murder.
I'm going to have to agree with Mr Summers on one point so far. It really isn't like corporations "suddenly got greedy". Of, course, that's because hey always have been, clear back to the birth of modern capitalism.
Seriously! When is Jon Stewart going to run for public office?!?!
Another aspect of this, there seems to be less competition among corporations than ever before. If you want oil, a phone, a certain kind of food, internet access, etc. etc. there are usually at most 2 or 3 companies to give your money to for each of those products. We live in a world of monopolies who can basically charge whatever they want because there's no real competitor forcing them to compete on price. Roosevelt's trust-busting policies of the 1930s and 1940s are desperately needed again, in the U.S. at least.
That's why their customer service is SO bad! You need it so we can be as crappy as we want!
Most corporations do controlled economics, anyway. There's a reason one company doesn't come in and underbid others by half on any product.
If it's a product, odds are there is some kind of regulatory mafia of owners running it.
Wrong Roosevelt. Wrong decade.
Internet service: “2 or 3 companies” !?…where do you live? I’ve never seen more than one (not counting horsesh1t satellite “service”).
They're called oligopolies, almost as bad as monopolies in terms of lack of competition.
I do not even consider John Stewer a "liberal TV host" at this point. I think he is a true journalist that is a comedian that has not fear in challenging peoples opinions and pushing back.
True. I play both sides as there are necessary aspects of each for the world the function . Need more straight shooters out for everyone!
TBF, Liberal means different things outside of the US.
John does not drink the GOP Koolaide, therefore so far as conservatives are concerned, he is liberal. But yes in the real world you are correct.
@Yu Qn That is the most unfounded observation, ever.
@Yu Qn progressivism is when no house and no car
When demand is high they raise prices.
They leave the labor sector as underpaid as it's always been. They don't want the worker to feel there's a way out so they hold it down under their knee.
Larry Summers was the guy that had all of Clinton’s attention when it came to the economy. The balancing voice of Robert Reich was ignored and he ended up leaving. He now has UA-cam videos and analysis clips that pop up various places that challenge the orthodox views like Summers. It is great viewing and worth checking out. Basically , are we in this together or are we still hewing to Milton Friedman’s mantra that the only thing that matters is profit and return on investment. There is no social responsibility for business.
“No doctor wants to see their patient suffer through those side effects”
Nope, they’re just willing to make it happen anyway if they’re paid enough by pharmaceutical companies for it.
Right? There are a lot of perverse incentives dictating what happens in our medical system. Discouragement of out of network referrals has huge negative ramifications for patients, yet doctors do it all the time.
That’s why they hate the cure…..well, as they would say, “there is a cure, but sorry, its not feasible”.
Billionaires are nothing like doctors & this one is a smug git too.
Larry said "Doctor" -- he never said it would bother him if patients suffer.
👍🏻👏🏻
You know our gov is bad when the only person sticking up for us is a comedian 😑
That's kinda rough on comedians :(
Stephen Fry and Rowan Atkinson come to mind as politically influential comedians
George Carlin
I mean, it kinda makes sense. A lot of the best comedy is simply making light of very real bad things to cope with them and a lot of funny people are smart, so they are essentially intelligent people without fear of speaking on difficult topics and the reach to make them good activists.
Volodymyr Zelenskyj
It’s a cycle that keeps repeating. Listen to the history. All the signs are here of a crumbling empire.
Corporations are not responsible for their losses but are completely in charge when the profits are due. Banks are too big to fail? Are mass murderers is too guilty to go to jail? Elitist lack of accountability. When corporate CEOs make bad decisions it doesn’t just affect the corporation executives but the entirety of all the employees and the local economy. But then they (the executives) have golden parachutes and the employees don’t. Accountability!
Did this guy really just try the “you still participate in society, Curious!” Lmao
This has nothing to do with profits nor money but keeping control over the workers. They do not want workers to have any barging chips like they did before 1980's.
Correct 👍
You meant 1880s right? RIGHT? Jesus dont tell me you are even more retarded than most of the other morons posting in here that know shit about history...
When during the Trump administration the 1/5th of wage earners had their incomes rise the fastest of all groups. That was the first time that had happened since the George W Bush administration.
Because both Trump and W. used Kennedy's theory of using lower taxes, less immigration, deregulation, and smaller government to tighten up the labor market. Which raises wages, allows mobility, allows for advancement, and gives people dignity.
Compare that to the Democrat policies of using high taxes, over regulation, open immigration, and big government to put permanent slack into the labor market. Which drives down wages and drives up housing prices at the same time, to the point tens of millions of people don't have any money left over at the end of the month. And it's the low wages at the bottom that allows the excesses at the top, causing the wealth gap.
Raising the bottom 1/5th of wage earners wealth relative to everyone else is something liberals will never be able to do because of their policies.
the economic and monetary system is a system of control
They being the Democrats, who need a permanent underclass of unemployed and underemployed to be dependent on government so they will keep voting Democrat to get handouts.
Same reason Democrats pushed banks to make zero down loans to minorities at the top of the housing bubble. To drive them into poverty.
Same reason Democrats give easy access to student loans. Because they know only 40 percent of black students graduated from four year bachelor degree programs within six years. And only 64 percent of white students. They know the debt without the degree would drive them into poverty.
Every single thing the Democrats do is designed to create an underclass of poor people.
They use high taxes, open immigration, and over regulation to put slack into the labor market. Which lowers wages at the bottom. And it's the low wages at the bottom that allows the excesses at the top, causing the wealth gap.
I love how people like Summers try to appear to care.
We know they don't.
They created the situation, they're not victims of it.
It's one thing (albeit one hell of a thing), to get the admission Jon Stewart got. But the day he gets any of them to do anything about it? That's completely impossible.
The perception of anyone who directs the blame on others
Why should they care ?
@@scratchy996 If you're asking seriously and not rhetorically, they should care because it's the bare minimum of human decency. If a man is trapped in a burning car, why should I stop to pull him out? Same thing.
@@theexerciseedit3147 Oh, you sweet summer child.
👏🏽👏🏽That Barnaby Raine was incredibly incisive and insightful. Excellent commentary - I hope people are listening.
“I think you’re misdiagnosing this disease.” Indeed.
How John doesn’t speak out of turn, and listens without losing his cool is a feat to say the least. Hats off!
Except when he interrupts Larry, in this very interview.
His name is “Jon,” and he actually interrupts Larry a lot. Did we watch the same video?
@@jasondashney He interrupts when Larry decides to switch topics without giving a proper response.
@@nfzeta128 maybe in this video it's not s evident but I've seen him lose his cool & make an ass of himself many times
but his mind is already made up and refuses to listen to the other view. this is not commendable, it is embarrassing that this is held up as journalism
"He has a basic sense of class solidarity. The ruling class always does. The question is just whether the working class will too." real talk
you gotta keep 'em separated
The rich are smart enough to pay someone to convince poor dummies to blame people who look different or believe in a different god. Meanwhile, they're reaching into the wallets of those dummies and taking more and more.
And that is FOREAL TALK!!! I'm not sure why we haven't shut this down.
solidarity requires sacrifice. That is why workers cannot have it.
@@itoibo4208 Because they can't afford it?
His face at the start when he realized Jon had looked up the actual numbers 🤯
What would you have Apple do?: PAY THEIR TAXES, PAY for ETHICALLY gained metals and parts, PAY ALL workers JUSTLY.
"This planet has - or rather had - a problem, which was this: most of the people on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movement of small green pieces of paper; which is odd because on the whole it wasn't the small green pieces of paper that were unhappy."
- The Hitch-hiker's Guide to the Galaxy
„I don‘t think it‘s a tenable view that all of a sudden corporations became greedy…“
You‘re right! It‘s not!
They didn‘t „become greedy all of a sudden“!
They always were! This has always been a problem!
Easier to dodge the question than to provide a solution.
“ corporations didn’t just become greedy all of a sudden” you’re right. They’ve always been greedy. We now have undeniable proof that our society would rather sacrifice millions of people’s livelihoods to keep corporate profits up
Being born during WW2, I’m old enough to remember Nixon’s “Price & Wage” Freeze. During that time, the CEO and President of the Forbes 500 corporation that I worked for each received raises of twice my annual pay. My income was frozen, but the executives raked in the money.
I like watching Summer's brain break (5:33) after he attempts his Apple/"gotcha!" moment...
dude literally cannot conceive how someone WOULDN'T automatically defend their corporate masters
Funny it's always the people whom never seem to benefit during the boom times that have to pick up the tab during the lean times.
It is socialism for the rich. A welfare state for billionaires that always bails them out in times of trouble. We are the hapless contributors having to pay for that system.
@@buttyboy100 Yup, socialism has always been about ensuring poverty for the masses and wealth for the elites.
their profit is individual but their losses are collectivised
That’s what happens when the ideology of unbridled capitalism is allowed to run free. It inevitably leads to the dominance of a very few that have accumulated enough powers to always benefit, no matter the circumstances. It is these types of people that are running the world today. We call them the elite and they are calling the shots, not the ones we elect for governments. We live in a elitist society far from the democratic system we imagine ourselves to be in. If these people want a world controlled by Ai, they will get. If these people wants another war, they’ll get that. If these people want you and me to be abused, enslaved, poisoned or slaughtered, they’ll get that too! They control what income you should have. The also control how you should live and eat. They even control everything concerning our health and sickness prospects. They own us. At least that’s their plan. Time to do something about it, isn’t it?
@@TrueFork I don’t disagree with you. But I would frame it differently. We have our brand of socialism, where the powerful elites have rigged the game so they never loose. If we had capitalism someone who makes a bad bet goes out of business. Our ruling elite now chooses who goes out of business and stays in business this is central planning at its worst. Socialism has always been about collecting power in the hands of little dictators. At the expense of everyone else.
CEOs need a 99% paycut across the board.
Corporations that make extreme profits should pay their fair share in taxes and pay all their employees a living wage with good benefits.
Man, imagine if the current leader of the Labour party had half the principles and honesty as Jon Stewart.
Instead, we have classic tory and diet tory.
Got a source for that ? Or are you just another “Tory Nonce” troll ?
Half the principles and honesty of Jon Stewart would still only equal barely 1/20 of what Corbyn had to offer. Imagine your dream candidate. That candidate, if able to run at all, would be institutionally and culturally repressed, because the status quo managers won't ever give up power voluntarily
@@seangoldthorpe3219 sugar and sweeteners are both fine 😅 what makes you think one is worse?
Imagine that, then imagine what's it like to spend another decade of Tories! 😑 Stop this nonsense.
@@ELYASELYASExactly, when will they ever learn? Anything is betting than this, the worst government ever. The trouble is as you already know, is to get the working class to stop voting against their own interests, if that means pretending to be right wing so be it.
I worked for a company that had a wage freeze for 5 years. However, in their company meetings they would talk about how much money they were making and how much the profits were.
Worked for a 'Christian' business turning elderly out of their homes, so five-plexes could be slammed into the teardown property, and every month the executives and investors would hold a buffet and board meeting to pray for more profits.
Ok, so why didn’t you quit and go to another job?
and instead of people standing up and leaving, they sat there working and feeling sad for themselves...
@@robertmarmaduke9721 all hail the king's cross lol. Nothing has changed after all these centuries.
@@we8608 Sure it has. WADC-NOVA-WS is now the biggest employer, their drone army eats well, drinks hearty and sleeps in a soft bed. Oh, and Zelensky the Imposter is demanding 1% of your paycheck!
There’s a song called Poem by a band named She Drew The Gun.
“If there was no unemployment tell me how would that feel. Would you still be happy to be working forty hours per week?”
I love how unimpressed Jon was with this man's childish metamorphs and excuses.
"some of you may die, but it's a sacrifice I'm willing to make"
unless you are the one who dies. or your family.
Lord farquad
This is a great example of the premise of Naomi Klein’s “Disaster Capitalism” which showed how, in times of crisis, the greedy will take advantage to gain wealth and power while the rest of us try and cope with the consequences of the crisis(es)!!!
Novara and Jon Stewart! What a great combo! 🙌
Jon is so good at cutting thru all the BS and rhetoric! Love it!! Jon, we miss you on the Daily Show!!!
For some reason, I find it hard to believe that he believes inequality is a bad thing.
Share the Profit simply by increasing the wages. That's not in the Economics manual but it will work.
He has to admit it because even the IMF said it.
Nothing bad with inequality. Think about it, we've just been conditioned to think it is.
Inequality is not only desirable by these people it is deliberately engineered by the wealthy to maintain a desperate exploitable labor class that can abused to maintain the unsustainable lifestyles of the rich
@@lorenzomizushal3980 Uhh, yeah, we have thought about it. Inequality is a scourge.
This reminds me of an NPR interview I recently heard. The manufacturers increased their price because of a demand increase, then when demand fell they increased prices because of additional storage costs.
Love your channel! Loved this video! NOTES - You really don't need to interject every two minutes and explain things to us. Most of us are adults and we have the agency and the wherewithal to research the topics and understand the language used in the interview. It made watching this very important interview a bit difficult. Just saying, for next time. Your audience, in particular, doesn't require a lot of spoon feeding or exposition. Anywho, thank you again for your hard work and devotion to the truth! I love you all!! RESIST THE MACHINE!!!
While many tech companies have been letting people go left and right, Nintendo of all companies, has instead decided to take a hit on profits and keeping all their staff. fantastically commendable. What Nintendo did was by choice, as it is for every company. but this manner of operating should be law. if you're turning a profit, you shouldn't get to fire staff
That's why i respect german business culture, and that one aspect of japanese business culture, so much more than american or british business culture. That loyalty pays off in the end, the workers are far more loyal and innovative, and the economy as a whole has a far more skilled workforce.
The tech layoffs have been explained as these companies hired a lot of workers during the pandemic to handle the huge increases in at home/remote work online traffic- expecting that remote work would maintain at these higher rates after the pandemic. Not so. (Boomer bosses & the GOP claim remotely working people are "stealing" (their term) by not chaining themselves to their computer for 8+ hours straight- somehow it roils them up that these remote workers are minding their kids as they work (bosses seriously want workers to pay for their kids to be in daycare while their parent works from home?!?!) They're against it despite the evidence pointing to huge increases in these same remote workers productivity levels)
So remote work didn't stick AND it's also been noted that the majority of these tech companies had just been borrowing the money to cover their payroll/labor costs so this huge % of costs didn't "interfere" with their bottom line; profit margins or shareholders dividends (which was fine when the money was basically free, loaned to them @ 0% interest rates, but when the fed started raising rates the wisdom of just borrowing to cover payroll became a financial black hole, swallowing everything their "bright idea" turned into a curse, so these massive layoffs are akin to these tech co's throwing the cargo overboard as the ship is sinking.
IDK what to make of it, but this has been the reason given for these massive lay offs seemingly targeted/experienced by this one sector, tech alone...
While I agree with you in principle, I don’t agree in practicality. Should you be forced to keep the kid that cuts your grass employed no matter what, as long as you are making an income. Just like no one should be forced to work for you, no one should be forced to keep you as an employee.
@@warrendourond7236 wasn't the context in my comment clear? I'm talking about multi-billion dollar companies laying off thousands at a time, despite those same companies being incredibly profitable
@@jayplay8140 yes explicitly clear. But I don’t believe what is moral or just changes depending on how many people or what demographic of people we’re talking about. Just because a company makes billions of dollars and employs tens of thousands of people, doesn’t mean it deserves less autonomy than a much much smaller business. Both sides of the political spectrum seems to believe their should be one set of rules for the people that they can identify with, and a different set for those they feel are different. How can you tell any company big or small who they should have working for them?
Greed is getting worse.
Try being greedy and see if it makes you any richer. Ever been to London? New York? Paris? Not a single cattle ranch in the whole metro area, but plenty of beef. Because ranchers care so much about the city-dwellers? Or perhaps because the ranchers are greedy for the city-dweller's money? In turn, the restauranteurs are greedy for their patron's money, and the patrons are greedy for a delicious meal.
@@kev3d how does that boot taste?
@@kev3d Oh dear!
@@kev3d take your pills
@@kev3d There are so little competition than monopolies spring up in every industry.
We do not forgive..we do not forget..expect us!
Came for Jon Stewart, stayed to listen to you guys. Great work.
The company I used to work for profited immensely from the pandemic, they raised prices due to "demand" those prices never went back down. The company gave everyone who was working as of the start of the pandemic a 2$ raise, all very nice except... they froze wages for 3 years now, that included for people who got promotions that would have given them as much as 5$ an hour more for a supervisor or management position. Corporations want to make money, they don't make money by paying people fairly.
Name and shame bro
It isn't rocket science. It's simple math.
If a company makes a product for $8, and sells it for $10, they make a 25% profit of $2.
If inflation drives up the cost to make the product to $10, and the company decides to sell it for $15, they are now making a 50% profit, even though inflation only increased the cost to make it by 25%. If the price increase was in line with inflation to ensure they still made a 25% profit,, the product would only cost $12.50.
If price increases were solely based on inflation, then profits would be relatively steady. Not skyrocketing.
And that is exactly what is happening right now. Companies are posting record increases in profits because they are taking advantage of inflation and driving up prices even more than they have to, in order to GOUGE the American people.
And as John correctly pointed out, a huge chunk of the price increases we are seeing is pure corporate price gouging, not normal, "organic" inflation.
That's why labor unions are needed badly.
Or following the law exactly.
I remember when Cameron said that you need to address the deficit should be dealt with in the same way you reduce debt in your home & then said we should pay off credit cards. I think he was told by the banks that us paying our debts was bad for the banks. What's good for the economy isn't very good for individuals. Clearly increasing unemployment isn't good for the individuals. This was a good interview. This economist is twisting himself into a pretzel trying to convince us that we ought to feel bad if corporations don't make massive profits. How dare people want to be paid their worth.
LOL, o yes the "debt is good" stupid mantra originating from usa, again
how about if the corps made example 4 billion instead 5 or 6 billion they are still making good profit and could pay better wages..
@@huwzebediahthomas9193 Ironically, that may have been why we got Brexit (and why Cameron is no longer PM). A lot of people who voted "yes" in the referendum were protest voting after years of austerity.
It's interesting that when the asset classes owned by the rich (stocks, dividends, bonds, real estate, art, commodities, etc) go up they consider it great. However, only 50% of Americans own stocks and bonds. So they don't benefit from asset class appreciation. On the other hand, the only asset class the hourly worker owns in this country is their labor. And when their asset class goes up, according to the rich, it's a catastrophe. And their hourly wages must then be driven down brutally through unemployment. That is what's wrong with our economy. And Jon Stewart is calling them out on it. Good for Jon.
The protection of corporations, fighting for the ultra wealthy to not pay their share of taxes, is an abomination. You go Jon.
“Inequality is TERRIBLE thing” definitely genuine…
how is it a terrible thing? its evolution, isnt that what you guys love?
@@memoryhead7715 I'm confused, are you trying to both argue that evolution doesn't exist, and also that inequality isn't a terrible thing because we accept evolution from the mountains of empirical evidence we have for it?
Because thats how it comes across, if so, that's incredibly smooth brained.
@@hongo9111 uh, no. kind of the opposite really, but anyway
@@memoryhead7715 I think you should refrain from trying to comment. I don't think you know what you're talkimg about
@@KipVelcrono well i am sure you THINK that, but no one ever said that corporate cultists were good at evidence and observation. otherwise they wouldnt be corporate cultists, right?
Finally people are talking about class war.
We've been talking about it since 1066.
He'll be saying Socialist next.
I miss the Poll Tax uprising
@@cdean2789
So you think it's right that a household of 2 people pays the same as a household of 4 or 6 people who produce twice or 3 times as much rubbish?
@@ianl1052 Yes. They've paid 3 times as much VAT on their goods.
Economically speaking, there are 3 forces in the economy: labor, machines and resources. More inflation when all 3 forces are sufficiently available leads to more growth. However, if one of the three forces is insufficient, monetary policy cannot stimulate growth, but only achieve more inflation.
I used to respect Larry Summers. I’ve always respected Jon Stewart & will continue to. Apple is gouging us! Jon just showed us why he’s smarter than Larry Summers or rather why Larry Summers isn’t the person I thought he was.
Well done Jon! It's about time more people speak up for workers. We are so ass backward in the USA.
"Some of you... may lose your livelihoods... But that is a sacrifice I am willing to make."
Go ahead and open your doors to a homeless person. You have the ability make a difference right now.
There’s more churches than homeless people so the all the churches to take 1 person! 🤨
@@Kevinschart ah yes, ask the poor to bear the brunt of making a difference. you and the economist would get along well.
@@cancerino666 Yes, the powerless are going to bear the brunt of the consequences of the rich man's little social hobbies. The illegal immigrants will not be going to Martha's Vineyard. The problem is you think Stewart isn't in the club.
@@I-ONLY-BUILD-MECHS-AND-DUSTERS No the real point of all this is that stewart is in the club yet is speaking out against it. The rich class is completely separated from normal people's situations and will not be able to understand. Also individual solutions means absolutely literally nothing in the end.
Great journalism & please keep shining your lights..
Stopping corruption is the answer to the most of problems in any country!
Larry Summers gives away the game when he mistakenly says “Apple’s price since the STIMULUS began” instead of “…since the PANDEMIC began.”
Thanks for sharing. I dig your commentary.
This was so frustrating to watch, all the economist does is talk in circles and flat out refuses to accept the simple logical points that Stewart makes.
Economics is the new religion.
As you have pointed out before, you cannot get rich by working, you get rich by owning stuff. No-one earns enough to become a billionaire; you can only become a billionaire by taking the earnings of working people.
Or working robots.
True, but it hurts my ears to read it.
Why do you need to be a billionaire? That’s a very extreme measure of success. Do you know how many billionaires there are in the world? What makes you think it should be easily attainable with a job?
@@frankshailes3205
Robots cost money, just like people.
The only way you'll see a profit using robots, is if the people who make the robots are paid less than what the robots are worth.
So true
Exactly.
"Market factors" somehow only apply to corporate reasoning, not workers according to these economists and their handlers.
And always remember that "corporations" are actually just rich people behind the curtain
ANNNNDDD they kept getting subsidies and STILL are.
He does it weekly. He is better than any news organization in the U.S.
The vulgar rich should be taxed out of existence. Their presence endangers us all.
@@johnmatthews4717 Have you made it, John? Or have you got a little bit of money that makes you feel superior to and dismissive of poorer people?
@@johnmatthews4717 it's no a cry it's a shout to idiots that don't understand the consequences of enriching few that will damage evolution
@@johnmatthews4717 .... 🧐
So even the millionaire like Disney, Netflix, Apple, or even politicians that make millions off of our tax dollars even the ones who are against capitalism like AOC hmmm sound like being anti millionaire seems to really endanger us all if where against people making money 🤦♂️🤦♂️.
@@johnmatthews4717 Ah yes, the dog who's come to love his cage. It's not idle whining for folks who can barely afford to survive while being exploited for the majority of their waking existence. You're just comfortable enough to not bite the hand that feeds - and that is by design. That sense of superiority is the product of falling for their austerity sermons and rejecting the reality you've found yourself in.
BS, corporations are frigging greedy
Jon Stewart is so excellent at pointing out hypocrisy.
Stewart’s been going hard of late, it’s fucking fantastic.
Unions are the only power left to the working class.