Heavily in the new west coast talk breaks down the prospects for an economic recovery. Hello and welcome across top were all beings are considered im Peter Lavelle as the culture war consumes american politics during this election cycle the economy remains in a big area state millions of people live on the margins the only constant for them is insecurity economists debate and eventually recovery they speak of you of the end you know but is the reality a k. A recovery a permanent underclass. To discuss this and more im joined by my guest Richard Wolffe in new york he is Professor Emeritus of economics at the university of massachusetts amherst as well as author of the recent books understanding socialism and understanding marxism and in west cork we cross to peter schiff he is chief global strategist at europe a civic Asset Management right gentlemen crosswalk rules in effect that means you can jump in anytime you want and i always appreciate it ok lets go to new york richard you know l
Particularly for tech and tech advances. Desperatelys a calm looking for news flow on the pandemic, and lets not forget the lack of stimulus in washington is just stunning. It is almost hard to believe we are here in the middle of september. Comparehink we have to the selloff. The character was different. This wasnt about big tech. Industrials,als, materials, energy. Thats where the price action was over the last one he four hours. Tom we are focused on Prime Minister johnson. Comments soon, and then a speech tonight to you and the nation at 8 00 p. M. Ive got to go to the pub closing at 10 00 p. M. Can you expend the difference between a pub closing and someone getting the virus at 9 00 p. M. Versus the usual midnight . [laughter] jonathan no i cannot, and the Prime Minister will have to explain that. I am not sure he will even try. I think the big issue for many people is just capacity. If you have a problem with people going out and mixing too much, then address capacity. If that is
As author of the recent books understanding socialism and understanding marxism and in west for we cross to peter schiff he is chief global strategist at europe a civic Asset Management right gentlemen crosswalk rules in effect that means you can jump in anytime you want and i always appreciate it ok lets go to new york richard you know when you looking at the news about the economy looking at a lot of macro numbers and sometimes i think its very quite confusing and where the economy is going particularly when we look at unemployment permanent unemployment and jobs that are permanently lost here but the more i look at it and you gentlemen are preeminent experts here i dont i dont really think its that you are an l. Im really quite taken with this k. A recovery the rich got richer and the poor got or is that an oversimplification richard go ahead not at all i think weve already seen that now quote quite some time that lee. East to north 3 on 4 decades of growing inequality both of wealt
Unemployment and jobs that are permanently lost here but the more i look at it and you gentlemen are preeminent experts here i dont i dont really think its that you are an l. Im really quite taken with this k. A recovery the rich got richer and the poor got for is that an oversimplification richard go ahead not at all i think weve already seen that now folks like some time that at least 2 or 3 or 4 decades of growing inequality both of wealth and income and instead of that being understood as having contributed to the combination pandemic and crash were living through instead of that being understood we see the crash having made it worse the growth of the wealthy at the very top having outstripped everything we could have imagined at the same time that now over 60000000 americans have. Had to file for one or another kind of state or federal Unemployment Compensation assistance this is a system that is spinning out of control in terms of extremes of wealth inequality and income inequali
As author of the recent books understanding socialism and understanding marxism and in westport we cross to peter schiff he is chief global strategist at europe a civic Asset Management right gentlemen crossed up rules in effect that means you can jump in anytime you want and i always appreciate it ok lets go to new york richard you know looking at the news about the economy looking at a lot of macro numbers and sometimes i think its very quite confusing and where the economy is going particularly when we look at unemployment permanent unemployment and jobs that are permanently lost here but the more i look at it and you gentlemen are preeminent experts here i dont i dont really think its that you are an l. Im really quite taken with this k. A recovery the rich got richer and the poor got or is that an oversimplification richard go ahead not at all i think weve already seen that now quote quite some time that. East to north 3 on 4 decades of growing inequality both of wealth and income