Have a great day. Hello and welcome to cross talk where all things are considered im Peter Lavelle as the culture war rages on a baited the billionaire class is only getting well you know their well has skyrocketed 20 percent or 500 84000000000. 00 since the start of the pandemic splash how will this back shape the coming recovery and is a permanent underclass the new normal. To discuss this and more im joined by my guest Richard Wolffe in new yorks hes a Professor Emeritus of economics at the university of massachusetts amherst as well as the author. Of the recent books understanding socialism and understanding marxism and in chicago or which he is a chief marketing strategist bubba trading all right gentleman rules in effect that means you can jump in time you want and i was appreciate todd let me go to you as you just heard in my introduction you know that we have an ongoing deep recession i think as of this morning the i. M. F. Came out with their global projections and a contracti
Legalized. They can do has allowed the rich to get richer as times get tougher you know for years theyve had access to this cash and capital to borrow its only recently that the average guy can actually brought some money to get in so they threw a fry and bad conditions and actually ive always built while under the toughest conditions because they have the access to capital and others dont they have the ways they get the money others dont so their businesses are allowed to thrive well everybody else is out of business you come by where i am in chicago and almost every Small Business is going to be out of business i had time to selling is over not just wipe out an entire class of people because you allowed the wealthy to go out and thrive through these tough times getting access that they had all doing all the things that normal people dont get to do so the class divide will continue and its mostly because we dont really allow the true free markets work anymore we allow the the upper. E
A baited the billionaire class is only getting wealthier their wealth has skyrocketed 20 percent or so ive 184000000000. 00 since the start of the pandemic slash law how will his back shape the coming recovery and is a permanent underclass the new normal. To discuss this and more im joined by my guest Richard Wolffe in new york is a Professor Emeritus of economics at the university of massachusetts amherst as well as the author of the recent books understanding socialism and understanding marxism and in chicago or which he has a chief marketing strategist bubba trading all right gentleman rules in effect that means you can jump in while i was appreciate time let me go to you as you just heard in my introduction you know that we have an ongoing deep recession i think it. This morning the i. M. F. Came out with their global projections are a contraction of about 5 percent globally the us s. And do a whole much better the industrialized world is more or less in the same position at the sa
Doesnt do much better the industrialized world is more or less in the same position but at the same time as they say you know we how the wealthiest among us reaping in enormous revenues and profits here and the unemployment depending on who you want to look at it from 13 maybe 17 percent and thats not going to go away any time soon so whats really happening with the the economy or its a recession deep recession for many and its a goldilocks time for some. I think when you look at the overall picture and i mean this is if you are back of the origination of the Federal Reserve i think this is kind of their plan all along this is part of the Worlds Largest legalized. They can do has allowed the rich to get richer as times get tougher you know for years theyve had access to this cash and capital to borrow its only recently that the average guy can actually browse for my to get in so they. Through thrive and bad conditions and actually ive always built well under the toughest conditions bec
Its only recently that the average guy can actually grow some money to get in so they threw a fry and bad conditions and actually ive always built well under the toughest conditions because they have the access to capital and others dont they have the ways they get the money others dont so their businesses are allowed to thrive well everybody else is out of business you come by where i am in chicago and almost every Small Business is going to be out of business i had time to selling is over not just wipe out 5 an entire class of people because you allowed the wealthy to go out and thrive through these tough times getting access that they had all doing all the things that normal people dont get to do so the class divide will continue and its mostly because we dont really allow the true free markets work anymore we allow the the Upper Echelon they have a better chance and better access Going Forward and i think thats one of the big problems that i see here well so many go to richard so m