No one could see that capitalism would have such a problem is that right. Well is a fuel cost but basically youre right the consensus was that we were doing really pretty well the president s absurd claim that the economy was great or even greatest in the world. Was one thing that people winked at each other about but not enough to really make a counter argument or a counter assessment that it was as weak as it has now shown itself to be if i could just make the point in a different way this is the 3rd crash of capitalism in this new one century. In 2000 in the spring we had what came to be called the dot com crash into the sounds were 8 we had retained to be called the sub prime mortgage crash and now in 2020 we have their 3rd one their socalled coronavirus crash again and here is giving a name to each crash as if the cause and the explanation is entirely on what the trigger was you know but now its a mistake that is a economics mistake you give a kind of are still going to see miners are making that mistake in his or her freshman year used to point. We have had the problems that existed in 2002008 now many times it is in 2000 it was the extensive prices of dot com stocks in 2008 it was a sizeable number of our people being unable to pay their mortgages they had taken out of their own and this time rehabber iraq and then that we had had over priced x. Many times we had had people are able to cover mortgages many times and we have had dozens of high ropes and then fixed over the last century the trigger isnt the problem its a problem of a system which when triggered collapses and thats because it has all kinds of internal problems that people were pretending either werent there or didnt matter yeah like that given a name to throw people off the scent of the actual car is not theres been a lot of talk about how america hasnt had enough protective gear for medical workers we havent added our ventilators but in the past during a crisis like world war 2 we forced corporations to make war planes they started doing it overnight why cant we get enough ventilators why are we able to produce what we need in this country. I think its basically to make it blunt a kind of abject fundamentalism in economics which says anything that the private sector done anything done by capitalists to make profit is the right way to go about doing it so capitalists shouldnt be told what to do by the government if anything it should run the other way because that capitalists who pursue profits are the geniuses at this table or us who do everything right the truth is could be close to the opposite it wasnt profitable for companies to make a. Masks or tests or ventilators or beds or eyes spittles or gowns for the people or who work in hospitals it wasnt profitable or make them and it wasnt profitable to stockpile them around the country so would they be ready now so whats why the private sector and the government literally forming in front of the private sector it can come in to compensate for what the private sector so we were unprepared but let me say as an economist we have already lost 50 times more wealth i think really to take the repairer preparation then it would have cost us good produce all that stuff and stockpile it after the lizards concision in view of this pandemic were stupefyingly in an issue. In a column that that i honestly im not quite smart enough to understand ellen brown said that the door has been opened for nationalizing the Federal Reserve because she said and this is a lose quote basically the federal the federal government is nationalizing large swaths of the Financial Markets the fed is providing the money to do it black rock will be doing the trades this scheme essentially merges the fed and the treasury into 1. 00 organization what are your thoughts about that is that a door opening to the nationalizing the fatter or what does that mean. I think i understand what ellen was trying to get out and shes quite right what were seeing here is basically the private Credit System freezing up and its clear for everybody to understand why over the last 20 years in response to the crowd the crash of 2000 and again or what in 2008 the Federal Reserve came in pumped theyre asked amounts of money into the economy unlike anything weve seen before in history and dropped Interest Rates literally to 0 what that meant for the last 20 years was that every corporation big ones little ones ones in between whatever problem they wrote they had investment bad choice of technology right with your workers produce something that nobody wants what ever the problem the easiest and cheapest way for a business thats all that was to go get some of that money and pay next to no interest to get it thats why they all did it thats why we now have record amounts of corporate debt which is why this crisis is so bad because where you cant make profit because your workers cant come to work to save their lives from a row not you cant earn your money without which you cant pay back your decks since everybodys in up up to their eyeballs in debt it meant Corporate America crashed couldnt cover its debts instead its the government and basically says it doesnt matter were the government we print the money and we will cover virtually every banks obligations every corporations obligations this is and that was right this is the in the act the nationalization of our Credit System our Banking System burchill e of our entire economy only idiology of the right wing that dominates us makes it impossible to say that makes it necessary to invent every conceivable words quantitative easing weird constructions that get rewarded by the year because you have to. Keep whats going on where i may disagree is i think all of this is in order to fix the system one more time actions up with the rubber band and send it out once again even though i think of it in 2 trials and having done it in 2008 we can see that the solution to each of d. Is set up the next crash to happen it is a crazy system that works this way but i dont see what theyre doing as a step in the direction she hopes for war i see it as a makeshift solution in that desperate hope you can see it in this drama that will get right back to normal in the next weeks or months which is a way of not regain thats the normal that youre trying to get back to is what got you into this mess in the 1st place right normal is the problem. During this crisis the shutdown weve seen an interesting side effect the rejuvenation of nature clear skies clear waters animals are are coming back shutting down a large percentage of our economy and our consumerism has had some certain beneficial of facts and on tomorrows show im going to talk about how in order to deal with Climate Change and environmental collapse we need to add to capitalism because it requires infinite growth on a finite planet meaning it it must all timidly end up with the destruction of our environment if not now then sometime down the line is that how you see it. Absolutely either way i would put it is as follows wed have allowed the tween the work we do to produce and the consumption we have to go through to survive this as human beings and as communities weve inserted a wintered intermediate institution called capitalism what capitalism does is organize every enterprise achree office door to make a traffic and then we tell ourselves a fable that making a profit the thing that everybody in production ngs that will somehow magically produce what we all need and want it never has and isnt doing it now thats why i told the story about private profit dictating not to produce the ventilators the masks the test and all the stuff we need they did those corporations what was profitable that wasnt what was good for Public Health and the same is true in terms of the climate and Everything Else but you cant go at it piecemeal deal with this absurd issue if we want clean air thats what we have to put the priority on not to put the priority on profit and then wonder why clean those that are happen or why we dont have the adequate way to deal with the iris and because the fundamentalist notion of profit as somehow holy our real religion is worse in the United States than anywhere else thats one of the reasons why our response to corona was worse than everywhere else youve talked before about how capitalism grew up on the outskirts of feudalism and eventually became the dominant Economic System now we see transactions during this crisis that seem to be kind of outside of capitalism for example mutual aid organizations are getting a lot done theyre basically just volunteers delivering groceries an assassin hes to those who desperately need them in our neighborhoods and communities. Thout profit motive being involved what does it mean that that that so many people are falling through the gaps of our system and do you see a little hope there that there is kind of bubbling up our way of behaving that is outside of the market economy. Absolutely i mean i think people even again if they cant quite say it yet because the words stick in your throat in america i think people are understanding just as you begin this conversation we have the capacity to produce ventilators and masks and gloves and all of the rita know how to do that we have the people with the skill we have the Tool Equipment the Raw Materials and lord knows we have or need to preserve our elk we live in a system or chain and brain needs obvious components of her success over economy together just like we can have clean air just like we can have everybody with enough wed know we have those by group being given a dramatic sign of the failure of the system to get it done i even notice locally as you put it even ryan year locally people are realizing you cant rely on the supermarket and the whole center and the Food Processor you might be a lot better off cultivating the farmers in the immediate environment at least for as much of your diet as they can provide norene then having a relationship with them at the regional and local markets people are in track i think as you say discovering they dont depend on capitalism as much as the capitalist want us to believe and they have alternatives that capitalism likewise the capitalists didnt want us to explore and i think one of the outcomes one of the good things coming out of all the suffering and fear that we live with is a recognition and. Its light so ironic that chapter little is desperate about its or future has agents stretched over the last 2 months that make it future even or negative then when they did this. Professor walsh thank you so much as much as we could squeeze in here stay safe and hope see you soon ok only a pleasure talking with you as. We have to go to a quick break but stay right there i mean where you going to go and well be right back with more show. Anyone else so its seemed wrong. But i will just dont call. Me. Yet to seep out just to become active. And engaged because the trail. Went something find themselves well its a party we choose to look for common ground. Has changed american lives but pharmaceutical companies have a miraculous solution. Based drugs the people who are chronic pain believe that their prescription is working for them and the remedy be said to. Price that they pay closer dependency in addiction to opiates the long term use there really isnt scientifically justified and ill study actually suggested that the long term effects might not just be the absence of benefit but actually that they might be causing long to. Me. Welcome back im still naomi caravan me your virgil to this. Show we descend the n. Y. P. D. The biggest gang in the biggest petri dishes and forcing coburn 1000. 00 social distancing laws aggressively with a vengeance like there everyone is hanging out without them those city officials claim that people ignoring the lockdown should receive no more than a fine the n. Y. P. D. Has been making arrests for handing out yes social distancing is important but the Police Arrested one brooklyn woman allegedly at a party then brought her to central booking where she shared a cell with 24 other women for the next 36 hours many think that police increasing their activity in arresting people and throwing them in crowded jail cells for low level crimes will only help to spread the virus and while the police might be immune theyre not immune to the virus the Police Department has an infection rate of at least 3. 8 percent far higher than the citys overall 0. 5 percent and 15 percent of police are calling out sick thats because the police are 1st responders which is an important job but they could also be patients zeroes obviously cities should be reducing Police Contact with the civilian population the police need to be practicing social distancing in broken windows policing not arresting people and putting them in crowded jail cells then they hear youre supposed to be 6 feet apart and have you ever seen the Police Arrest someone be really close like so close they could kiss the person theyre arresting. But they never do i always wait and watch i think maybe this could be the beginning of something beautiful but no never on top of that the police are not properly protected the Largest Police union filed a complaint with the state over alleged and wimpy failure to hew protective gear to cops during the corona Virus Outbreak now getting stoned by the police is already a punishment because they could be infected now the new york city policy of stop frisk and call on anyone whos out maybe that will convince people to stay inside the woman who was arrested and thrown in a crowded jail cell said she wasnt even part of the gathering that the arresting officers were dispersing but in a parking lot nearby she said a large group of officers wearing no masks approached her and her boyfriend and told them it was time to leave the interaction quickly escalated officers pepper sprayed 2 people as a crowd gathered to watch what was happening they actually brought the crowd inside that parking lot once they started bothering me she said sometimes the police do have masks but that doesnt stop them from creating a spectacle in the subway and why do so many cops come for one arrest look were all lonely but you dont need to go out every time your friend and going to arrest a turnstile jumping guy there are things that they could be doing better helpful like this. Some kids are going to be really upset when they were immense not an ice cream truck. Not even a choco taco in that car. But thats the way the police should be keeping people inside socialist social distancing themselves and scaring joggers with the loudspeaker the problem is isolating is not easy for every new yorkers some do in a comfortable home they can stay and some are children some people just need help but the only people out on the street are cops joes more trujillo a Community Organizer in east harlem said if i just look down my window the only semblance of government that i would see would be the n. Y. P. D. You dont see Health Department officials out here you dont see people sanitizing public spaces like they did in china its a glose town except for the Police Overall arrests are down because you have to go outside and touch people to commit crimes so the cops might be bored and looking for something to do and theyre probably excited about their new powers to arrest people however this is not the time to increase broken windows policing except youre with a bunch of friends too close to a window and wipe each informant can see you through it and yes they are using informants for tips on your Throwback Thursday soiree eightys costumes wont save you and theyre ugly now lets take a look at how the virus is being politicized according to the discourse in the news you can only be one of 2 kinds of people one who believes in a shutdown for eternity and health or one who wants to open the economy and kill your grandpa theres no in between because thats the way the parties have laid it out for us as scientists lowered projections for deaths from covert 19 in large part scientists said because social distancing is working influential conservatives began casting the data as evidence the virus was never really that bad but now it looks like those projections which drove the experts to recommend an aggressive economic shutdown of america were why. Wildly off base ok so you can blame the economic downturn on trump or any politician but you can. Blame it on numbers its a war on men but sorry laura youre late ive been a foot soldier in the war on math ever since i got my s. A. T. Scores back. Verbal was fine they were predicts chins the experts are not soothsayers there were others warning that if the virus was not that bad in the end then people will say that we went too far what is bad for the conservatives if there isnt a man outside my door pushing a cart of corpses yelling bring out shithead then why is everything still shut down look this shutdown hurts a lot of people not only economically there are millions of children who have their educations put on pause and thats going to hurt mostly poor people even more and now scientists are getting labeled as democratic operatives trying to sabotage trump bid for president in 2020 this is all the wrong way to see it and the democrats are spending way too much time trying to figure out what they can blame trump for when we really just need to listen to the sound of the wind. Im kidding listen to the scientists and finally we go to redacted correspondent editors we need to some serious Fact Checking on the role of voting in american democracy. Even as poll workers in florida illinois are coming down with cold it after their states primaries President Trump remains dedicated to in person voting for the november elections for him the risk of the corona virus spreading in crowded polling locations pales in comparison to the dangers of alien voting thousands and thousands of people sitting in somebodies living room signing ballots all over the place no i think that mail in voting is a terrible thing now despite his long record of sober analysis it is perfectly healthy to be skeptical of the president s claims i know the one percent is insulated because they really not understand that most other people dont have living rooms that can fit thousands of people imagine the catering and what incentive anyway does the criminal underworld have to commit massive voter fraud does he think gangs of bandits are holed away the living room somewhere counterfeiting money stripping stolen catalytic converters for Precious Metals and filling out scores of ballots for jol bided show now while Election Fraud in the form of rigged diebold machines or the shady shadow web used in the iowa caucus is rampant theres very little evidence that the folder from the act of individual voters casting multiple ballots as different people is a large problem or even any problem at all but according to republicans its an even bigger threat to society than the coronavirus after Hillary Clintons popular vote when in 2016 trump convened a panel to investigate the caravans of undocumented immigrants he assured us were voting illegally because you know undocumented workers trying desperately to not get caught or arrested really want to risk their freedom in order to cast a vote for hillary but the panel found no real evidence of voter fraud before he disbanded it in 2018 he then disbanded the u. S. Pandemic Response Team because they also. Couldnt find any evidence of voter fraud now despite trumps claims and mail in ballots make voter fraud more common in 5 states d including the republican bastion of utah now conduct all elections almost entirely by mail a report there a little voter fraud the specter of voter fraud is clearly an excuse for republicans to make voting more difficult for people they dont want showing up to the polls but they arent the only ones this week pushing misinformation about voting for partisan ends. In response to the widespread dissatisfaction with Presumptive Democratic nominee joe biden many liberals are invoking the underprivileged to shame former stander supporters who plan on either abstaining from the election or shock of all shocks daring to vote for a minor Party Candidate who actually shares their beliefs the assumption is that nonvoters are rich and white and must largely immune from the harmful consequences of a Trump Presidency which largely fall on the backs of poor and non white americans while its true that the americans harm the most by trumps policies are poor and nonwhite the claim that they are the ones voting in large numbers longs in a Fact Checkers dungeon of a nokia. The issue of election turnout has been studied at length and it is overwhelmingly clear that low income and non white americans are much less likely to vote than their comfortable caucasian counterparts democrats often attribute this to voter disenfranchisement laws passed by their favorite foyle the Republican Party ignoring their own suppression of the latino vote in places like texas and california during this years democratic primary while regressive republican laws are a factor surveys show the overwhelming reason people stay home is due to cynicism toward or dissatisfaction with the political process and the choices they were presented imagine that so while both major parties blame the other for defrauding and disenfranchising the political system it turns out that most of. Americans feel like the political system is defrauding disenfranchising them for Fact Checkers im anders lee with redacted thats all we have for you tonight but you can get more on youtube dot com slash redacted tonight and download the portable t. V. Up to get redacted and more news you can also get my new podcast Phil University on i tunes or wherever you get your podcast so tune in tomorrow night for a new episode of redacted tonight stay safe stay sane stay inside and stay fighting good bye for now. So i mean this is to put on the chain on the stone could you let that stand. Up but you. Need to join the desire to not. Just a little. She still lives. On the show. You some will push. You but its not just. So we stop it. Lets. Call it. The world is driven by dreamers shaped by one person with those words. Thinks. We should ask. Them to. Hello there im manila chair and youre watching in question broadcasting from the National Headquarters of our team here in washington d. C. We want to welcome our viewers from across the nation and all around the world here are todays top stories but 1st as a result of coronavirus the United Nations of sounding the alarm warning that the world is on the brink of a hunger pandemic and then over in new york new data suggests thousands of infections work not documented for weeks anyway but for the 1st case it was actually reported this as Antibody Testing is ramping up there plus high tech surveillance cameras can now keep tabs on social distancing could this