Transcripts For MSNBC The Week With Joshua Johnson 20240711

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The redesign and could not confirm that tubman would be on the bill. That changed this week. White House Press Secretary jen psaki announced that the Treasury Department is exploring ways to speed up the effort. No word so far on when the new tubmans will begin printing. Well, it is the top of the hour. Very good to be with you tonight. And speaking of new money, President Biden is looking for a ton of tubmans. 1. 9 trillion for a Coronavirus Relief package. He says it has to pass, and he seems ready to move forward with or without the gop. Meanwhile, National Guard troops in washington are protecting the capitol from external threats. But House Speaker nancy pelosi is calling for protection from what she called the enemies within. From nbc news World Headquarters in new york, im Joshua Johnson. Welcome to the week. The fbi has uncovered new evidence suggesting coordinated planning by some who attacked the capitol on january 6th. Two members of the proud boys face federal conspiracy charges. They allegedly conspired to obstruct Law Enforcement officers who were trying to protect congress during the insurrection. Also copping up, we will dig into a story that has riveted many of us this week, myself included. Gamestop, wall street, reddit, robinhood. Well explain everything you need to know. And cnbcs ron insana will tell us what all this means. Our leaders in washington have a lot to get done. Millions of americans are suffering. Tens of thousands are dying every day from covid19. And there have been four times as many job losses as in the 2009 recession. President biden is asking congress to fast track more stimulus checks. The 600 already appropriated is simply not enough. So why has there not been a new round of covid relief yet . We had an election. The republicans lost the senate to the democrats, just barely. One party holds the cards. The white house, a narrow majority in the u. S. House, control over an evenly divided senate. Apparently thats not enough. That razorthin majority makes the threat of a republican filibuster very real. That threat could become a viable obstacle to any piece of legislation. Even Senate Democrats are divided on removing the filibuster. I would not vote to end the filibuster. This week, Minority Leader Mitch Mcconnell warned democrats that any attempt to change the rules would create what he calls a Scorched Earth senate. But democrats do have options. For one, they could use a wonky process called reconciliation. We wont get into the weeds on that tonight, but it would basically let them pass covid relief on a simple majority vote. So why dont they do it . Mainly because President Biden has stressed his desire for unity. He campaigned hard on his experience, reaching across the aisle. Unity also is trying to reflect what the majority of the American People democrat, republican, independent think is within the fulcrum of what needs to be done to make their lives and the lives of americans better. I prefer these things to be bipartisan because im trying to generate some consensus and take sort of the, how can i say it, the vitriol out of all of this. There are signs that democrats will not wait for republicans forever. Heres what majority leader Chuck Schumer told al sharpton this evening on politics nation. This is not a political bill, its dealing with the covid crisis, getting our economy going, putting money in the pockets of people who need the help. But i will tell you this, if the republicans wont join us, we are not going to just sit there. So what is the appetite like right now for bipartisan ship among republican lawmakers . Right now, the party is struggling for unity internally and externally. Just ten days ago, Senator Mcconnell blamed President Trump for the capitol hill riots. The mob was fed lies. They were provoked by the president and other powerful people. And they tried to use fear and violence to stop a specific proceeding of the first branch of the federal government which they did not like. But on tuesday, he joined 44 gop members in a measure declaring impeaching mr. Trump unconstitutional. Also on january 13th, House Minority leader Kevin Mccarthy was one of the few republicans to express even mild criticism of Donald Trumps role in the riot. The president bears responsibility for wednesdays attack on congress by mob rioters. But then, on thursday he flew to South Florida and visited the former president at maralago. Also on florida, Congressman Mat Gaetz traveled to wyoming and publicly berated congressman liz cheney on her vet to impeach. This is my first time in wyoming. Ive been here for about an hour, and i feel like i already know the place a lot better than your misguided representative, liz cheney. On top of all that, democrats are increasingly vocal about freshman gop congresswoman Marjorie Taylor greene. She has a history of violent language used against politicians. According to cnn, ms. Greene has luked liked some problematic tweets. One tweet seemed to call for House Speaker nancy pelosi to be assassinated. How did Republican Leadership respond to this . Minority leader mccarthy says he will meet with congresswoman greene next week to discuss her social media content. In the meantime, she remains on the house education committee. Thats despite video on her Youtube Channel that made news this week. It shows her publicly harassing david hogg, Teenage Victim Of A School Shooting at Marjory Stoneman Douglas High School in parkland, florida. Hes now an activist with march for our lives. The climate in state republican parties has become even more intense, too. Todays south carolinas gop censured representative tom rice for voting to impeach. In arizona, the state party censured three wellknown republicans who had been critical of donald trump. They include the late senator john mccains widow, cindy. And the oregon gop went so far as to call the capitol riot a false flag. How do democrats work with a Republican Party in this condition . How do republicans work with each other . It will be up to democrats to chart much of that course. And in the meantime, people will continue to struggle for jobs and struggle for rent payments and more families will struggle to feed their kids and covid19 will kill more americans. And the nation will have to figure out what to do after the attack on january 6th. Fears of extremism are no longer limited to the dark corners of the web. This week, Speaker Pelosi said capitol hill must upgrade security to protect lawmakers from their colleagues. She called it the enemy within. A Growing Number of democrats are calling for congresswoman greene to be kicked out. But we face a ton of big challenges. And congress is not always great at walking and chewing gum. So, what is the best use of lawmakers time . Joining us is democratic congresswoman Ayanna Pressley of massachusetts. Her district includes much of boston and cambridge. She serves on the House Oversight and Financial Services committees. Congresswoman pressley, good evening. Good evening. Good to be with you again. How does congress walk and chew gum on this . You cant do everything all at once. You might be able to do two things at once. How do you think logistically democrats should strategize on moving all of this forward . Well, we have to do it all. First and foremost, Conspiracy Theorists who incite violence do not belong in congress. And any member who poses a threat to their colleagues and their constituents and our democracy has no place in the peoples house and should be immediately expelled. So this house has impeached donald trump twice, who certainly has been culpable in many crimes, including inciting an insurrection. Now the senate must honor their oath and impeach him to bar him from ever run for Public Office again. But we know that donald trump is not the only person who is culpable here. Any member who aided and abetted this insurrection and attempt to disrupt the peaceful transfer of power, who emboldened a white supremacist violent mob to seize the capitol, they must be expelled. Their behavior is treasonous and dangerous. And then finally, in my capacity as a member of the oversight committee, early on i called for thorough investigations so we can better understand what individuals and agencies may have enabled this. Because they must also be held accountable. And this is as much about accountability as it is about prevention. And then we must continue to see to the American People who are experiencing a tsunami of hurt and hardship because of this Global Pandemic and the Economic Hardship that it has wrought. We need to get direct relief to them immediately. And what ill continue to fight for are retroactive 2,000 Reoccurring Survival checks. This is quite literally about our families surviving. And they deserve that. They demand that. They require that for the duration of this crisis, so they can put food on the table, remain housed in the midst of a Public Health crisis. Yeah. Well, let me ask you about that let me just ask you about that a little bit, in terms of, lets just take the 2,000 checks, obviously the House Oversight committee has plenty to do, looking into what happened with the Capitol Police and Everything Else in terms of the infrastructure of just how the house was or was not protected. On thursday, Speaker Pelosi also called for additional security to protect members from their colleagues. Heres part of what she said. We will probably need a supplemental for more security for members. When the enemy is within the house of representatives, a threat that members are concerned about in addition to what is happening outside. So shes talking about a supplemental. Thats funding. Youre talking about 2,000 survival checks. Thats funding. Then weve got the covid package. Funding. Weve got a climate package. Funding. The house has the power of the purse, but you can only write one check at a time. If you could set the agenda and put one of these items on the table first, because the house cant do everything all at once. But if you could put any one item at the front of the line, what would it be . It all matters. You know, we have to be safe so we can continue to do the peoples business. But were here to fight on behalf of the American People to get that relief to them, to mitigate the hurt that theyve been experiencing. And so what im going to continue to fight for is making sure that we center the American People in all things. Thats why ive been fighting for state and municipal aid, for the canceling of rent and mortgages, for the canceling of student debt and for these 2,000 reck have retro active, Reoccurring Survival checks. We have got to mitigate this hurt. Its gone on for too long. The first of the month, look the bills havent stopped coming. Which one would you pick first . I hate to press you on this but i wonder what the Priority List is and whether there is a list, whether theres a logical progression of how to get from a to b to c to d. You got to put something first. I think actually this is not a matter of resource. We found billions of dollars for a Defense Package for the ndaa. This is not a matter of resource, this is a matter of prioritizing the American People. We can walk and chew gum, and we must. Because we must do the work of preserving our democracy, and we must do the work of mitigating the hurt that the American People are experiencing because of this pandemic and the Economic Hardship that it has wrought. You know, listen, people dont know if theyre going to be evicted tomorrow. They cant purchase lifesaving medication. They cant purchase diapers. They cant they do not have the Peace Of Mind and security that they need to weather the duration of this crisis. And that must be our priority is keeping people safely housed, keeping them fed. Then we must continue to center the American People in equity when it comes to the distribution of this vaccine. And we are already seeing very stark disparities in access along racial lines, which is why myself, senator warren, senator markey, sent a letter to the department of health and human services, asking them to collect anonymized racial data. We need to make sure everyone is accessing this vaccine, to have that Peace Of Mind, slow the spread of this disease, to save lives. We have got to ensure those communities which have been hardest hit, which are black and brown and indigenous, that those communities are accessing this vaccine. We see Disturbing Trends already throughout the nation merging. I would definitely love to talk to you more about that as this rolls out, as we get more data on whos getting vaccinated and whos not. That feels like one of those areas that could completely mess up americas ability to fight covid19 if we dont do that right. And i appreciate you helping us think out loud in terms of how Congress Gets everything done. Congresswoman Ayanna Pressley of massachusetts, thanks very much. Thank you. Coming up, wall street, gamestop, reddit, and so much confusion. If you feel a little lost about what happened with the markets this week, youre not alone. But we will make sense of it for you when we come back. Later, some online communities moved the mob, other communities moved the stocks on wall street. Yet others filled last summer with protests. More on the growing tangible power of the web is just ahead. But first, richard lui is here with the headlines. Hey, richard. Hey, good evening to you, joshua. Brian sicknick, the Capitol Police officer who died from injuries during the d. C. Riot, will lie in honor in the capitol rotunda. In a statement, the officers family thanked the millions of people who offered their support after that tragedy. Scottish producer and Recording Artist Sophie has died at the age of 34. The openly transgender musician worked with artists like madonna and charli xcx. Sophies 2018 debut record earned a grammy nomination for best dance electronic album. Merriamwebster added 520 new words to the dictionary. Second gentleman was put in for Vice President Kamala Harris husband, hes the countrys first second gentleman. Also added a personal favorite silver fox. More of the week with Joshua Johnson after the break. Its either the Peace Of Mind of a standard unlimited mileage warranty. Or it isnt. For those who never settle, its either mercedesbenz certified preowned. Or it isnt. The mercedesbenz certified preowned sales event. Now through march 1st. Shop online or drop by your local dealer today. For skin that never holds you back dont settle for silver 1 for diabetic dry skin 1 for Psoriasis Symptom Relief and 1 for eczema symptom relief gold bond champion your skin with relapsing forms of ms, theres a lot to deal with. Not just unpredictable relapses. All these other things too. Who needs that kind of drama . Kesimpta is a oncemonthly injection that may help you put this rms drama in its place. It reduced the rate of relapses and active lesions and slowed disability progression. Dont take kesimpta if you have hepatitis b, and tell your doctor if you have had it, as it could come back and cause serious Liver Problems or death. Kesimpta can cause serious side effects, including infections, especially when taken before or after other medicines that weaken the immune system. A rare, potentially fatal Brain Infection called pml may happen with kesimpta. Tell your doctor if you had or plan to have vaccines, or if you are or plan to become pregnant. Kesimpta may cause a decrease in some types of antibodies. Talk to your doctor about any injectionrelated reactions. The most common side effects are upper respiratory Tract Infections and headache. Ask your Healthcare Provider about kesimpta. Dramatic results. Less rms drama. New years resolutions come and go. Dramatic results. 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Professional investors borrow shares of stocks. In gamestops case, at least two big hedge funds. Borrow is the key word. Then these investors sell the borrowed shares right away for practically what they paid. But since the stocks are borrowed, they need to be returned. And heres where it gets risky. The object of the game for investors is to wait until stock prices drop, then buy them back for less than the original cost. If they buy for less than they sold, they make money. Short sell investors are betting that the companys stock price will go down. So they can make money. But if the price rises, they could lose big. Thats what happened this week. Increased chatter on reddits wall street bets forum sparked interest in Buying Gamestop shares. Remember, big investors who were Short Selling bet that the exact opposite would happen, that gamestop would fail. So when the stock price rose, they had to cover their bet. They did this by buying more gamestop stock to try and minimize their losses. But that drew even more attention and pushed the stock price even higher. And that left short sellers with no more shares to buy back. This is called a short squeeze. And the result . Short sellers lost billions after being forced to buy back the borrowed stocks at a way higher price. The high volume of all this trading forced a trading app called robinhood to abruptly restrict purchases of volatile stocks, including gamestop. And this angered traders and some lawmakers. By Yesterday Robinhood had resumed allowing limited buys of the stocks. Let get some analysis of all this with cnbcs ron insana. Ron, first of all, did i screw any of this up or is that basically what happened . Not at all, that was spot on, thats exactly what happened and exactly why it happened. I just want to be clear, the aim of the game if youre a short seller is to sell it for a certain amount and then buy it back for as little as possible so you get to keep some of what you made from the sale, so when you hand it back you get to keep the profits. Weve gotten some questions from some of our viewers about all this. Let me get to two right off the bat. Terry wrote, i would love for someone to break this down to a layman that doesnt understand the world of trading. What was wrong with what they did, and why did robinhood have to limit trading . Ron . So it depends which part youre talking about. First of all, Short Selling is legal as long as theres no conspiracy among the hedge funds who engage in it to attempt to make things so difficult for the company that they are either trying to drive them out of business or colluding to drive down the shares. With respect to robinhood halting trading, robinhood has Capital Requirements that are set by Financial Market regulators. And to the extent that we saw extraordinary volatility in all these stocks gamestop, amc entertainment, bed, bath, and beyond, and a host of others, if robinhood doesnt have adequate capital to cover those trades or any losses in client accounts that may accrue, they have to raise capital. So they halted trading and limited trading in a wide variety of stocks until they, one, raised 1 billion from their original investors overnight and drew down credit lines from some of their banks that i think totaled in excess of 200 million. So i know people were upset about this, but it was better for robinhood to do that and get itself together financially than run the risk of becoming another casualty in all this, and in fact, running the risk of going out of business. That didnt happen, but it is possible at some future date, if theyre so upside down that theyre forced then to be taken over by someone else. To be clear, this is similar to the way banks have to be insured for deposits, up to 250,000 . They cant just take and drop the deposit, they have to be financially backed somehow. Is this different . Well, its very different insofar as banks Bank Deposits are insured by the federal government, by the federal deposit insurance corporation. Institutions Like Robinhood, which although its an app, is very much like a brokerage house. To a certain extent, some of those brokerage accounts are backed by the securities regulators. The institution itself, robinhood itself, like any other brokerage house, has to maintain adequate capital in order to stay in business and support its customers accounts. If it cant do that, it runs the risk of going out of business, so thats why they raised all that extra money. You are not insured as an investor, at least in instances like these, if you lose money. Our viewer steven asked, why is it even legal for a hedge fund or anyone else, for that matter, to short a stock . If i picked up the phone and called a bookie and bet against duke in the North Carolina game, id be committing a felony. Not so with gamestop. Ron, i think its worth noting that Sports Betting is not illegal everywhere. But i do take his point, that it feels like a way of rigging the game of kind of forcing an outcome as a way of making money. Well, you dont necessarily first of all, i mean, as weve seen, the hedge funds lost this particular battle. So insofar as they didnt force anything to happen, in fact, they got run over, one hedge fund almost went out of business in the process, others are struggling. Its not a guaranteed win. Short selling has been legal for quite a long time, going all the way back effectively to the beginning of Trading Markets here in the united states. It was an issue in the 1920s. There are times when collusion and other activities are illegal when youre trying to short a stock and drive it, lets say to zero, or adversely impact the goal. There are other times when buying and colluding are also illegal when youre trying to drive up the price of a stock. But Short Selling is legal, its accepted as a way to make money if you think a companys not viable. A few more quick questions. What do you think happens monday when the markets reopen . Very hard to know. Some of this is forcing hedge funds and others, who by the way also manage money for pensions, institutions and retirement accounts, have been forced to sell their more liquid holdings away from things like gamestop and some of the others i mentioned and sell microsoft, apple, a host of companies, and drove the market down rather substantially on friday. I think were going to need more clarity around these positions to determine how this affects the overall market. I suspect this is likely to be relatively shortlived but it could become a bigger issue if more and more people get trapped in bad trades. What would you say to armchair traders, including people who took part in this, about what they should learn from this . Depending on who you read on wall street bets, some of them clearly were doing this just to stick to it the hedge funds. Whether they made or lost money, they were doing it i saw one guy post a clip from The Dark Knight of the joker saying, its not about money, its about sending a message. That seems to be the point for some of the people who were part of this. That was a pretty good heath ledger, by the way. Yes, theres something called a Suicide Trade where they dont care about the money, they want to eat the rich or stick to it the man or what have you. Listen, if youve made money in this trade, you may want to take some profits and get out of harms way, should the stock fall. Listen, at one point it got as high as 500, its trading in the 300s now. If people thought it was going out of business when it was priced at 18, over the longer run there may be concerns the current price is not sustainable. Cnbcs ron insana. Thanks very much. Up next, the gamestop surge, black lives matter, the qanon movement, they all have something in common. Online mobilization. Well dive into the power of that today and where it might be headed. Oing hungry, subaru and our retailers donated 50 million meals to feeding america. And yet, one in four children may still face hunger. So, as part of our love promise, subaru and our retailers are doing it again, donating an additional 100 million meals to help those in need. Love. Its never been needed more than right now. Subaru. More than a car company. Trelegy for copd. Birds flyin high you know how i feel breeze drifting on by you know how i feel [man coughing] its a new dawn, its a new day. 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This weeks Gamestop Takeover was yet another example of the power of online mobilization. Its easy to dismiss the web as not being real life. But these communities have come into their own. They can channel social energy into everything from the womens march on washington to last summers black lives matter protests to the insurrection on january 6th. Joining us now to discuss these trends is nbc Technology Correspondent jake ward. Jake, i want to be clear, were not equating these things. Theyre vastly different ways that the internet is being used. Just to be clear. But this feels like kind of the singularity being reached, right, where the web can no longer really be consigned to be just kids stuff, just fantasy stuff, just playplay. Nor can it be presumed to not are tangible. I think thats right, joshua. You know, youre really onto something here. I think what were seeing here is the slow realization that social media is going to amplify the things put into it. And its going to facilitate things beyond the Wildest Imaginings of the handful of academics who first invented the idea of a network. You look back to like 2009, right . You have the original protests in moldova, iran. And then you have the arab spring in 2010, where suddenly facebook use doubles in arab countries in just two years as people begin to use it to facilitate it. Like you said, were not equating that to what goes on to happen this past january 6th, but in each of these cases, you have this sort of simmering set of feelings and ideas that are then amplified. And i think what has happened most recently, and i think what makes this different than what happened in the arab spring, you now have businesses built on grouping people by affinity in these very sophisticated ways, and that is creating a whole new dynamic that nobody saw coming. After the capitol hill riots, we had social Networks Banning people from the platform, finally banning President Trump from the platform, after arguably many, many violations of the terms of service. This feels a little different. Im not sure what your sense is of how reddit deals with this ongoing kind of stock trading rebellion, i guess is a safe word for it. Im not sure what the proper reaction is to this. Well, i think in this case, its really important for us to distinguish between people who are talking openly about violence, talking openly about breaking into the capitol. That is one thing. Talking here about, okay, everybody, go buy this stock, is something else. So reddit did eventually ban some of its most vociferous some of the scariest groups. They have been knocked off. The one, r the donald, one of the big reddit things, has had to go off completely, has gone off and done its own thing. This idea that you can have people come together and do something that wall street never saw coming the main thing about wall street, it used to be a secret place, never told people what you were going to do the next monday, what trades you were going to make. But here you had people coming together and saying, we are all going to go do this, ready, everybody . Then driving things up, as ron was talking about, in some cases against all sense, right . None of that is illegal. I would argue its probably in the spirit of what reddit originally had in mind. The problem is it bumps into the real world. It bumps into the capital limitations of a company Like Robinhood. And then this is you know, i cant believe im saying this, but all bets are off. You know what i mean . It really just blew the roof off the original concept of Democratizing Technology and what it would make possible. One of the posts that i saw on wall street bets we should note that is a subreddit within reddit that was public, went private, i think its public again. Some of the comments have this really intense, kind of angry dude bro energy to them. Im going to clean up some of the language a bit. I just yolod my new car fund. Yolo, you only live once, meaning, you should go for it. I can drive a pos for as long as i need, to ive got a Wrench Haines manual and a nearby junkyard, f corrupt big money, eat the rich, its our time to get a piece of the pie. I wonder what you make of just the energy of some of what weve seen mobilized online. Theres a real intensity to it that if i overheard someone saying this in person, it will send a shiver up your spine. But i think thats kind of the point. You know, i think thats right. You know, in my old life, i was a magazine editor. And one of my mentors used to say, you have to listen to what the technology is trying to tell us. And he meant, tell us about ourselves. And i think what were seeing here, when someones writing Something Like that, youve got to sit back and look at the financial circumstances of your average american right now. Half of americans, 49 of americans, according to pew studies, cannot put together an extra 400 in an emergency. And that was before the pandemic. Talk about the financial desperation that the average american is feeling right now. Then you combine that with this sudden access to nocost trading and to an understanding that when the going gets tough, a company Like Robinhood is, maybe for good reason, forced to have to cut off a certain amount of trading. But to see that happening against the backdrop of intense financial desperation, of people having no idea how theyre going to come anywhere near the life that their parents lived or how theyre going to make a better life for their own children, people are angry. I can understand that. It goes into things like wsb on reddit, it goes in some cases into dangerous conspiracy theories. But i think theres a real dissatisfaction in america, and were seeing it amplified right now on social media. And if nothing else, it has had the power that in a way Occupy Wall Street had, its got us Talking About Income Inequality and the fairness or unfairness of wall street. Thats nbc Technology Correspondent jake ward. Jake, thanks very much. Up next, she was more than a star of stage and screen. She was a pioneer, a revolutionary, and a legend. Well look back at the life of cicely tyson. Did you know you can go to libertymutual. Com to customizes your Car Insurance so you only pay for what you need . Really . I didnt aah ok. Im on vibrate. Aaah only pay for what you need. Liberty. Liberty. Liberty. Liberty. We lost a legend this week. On thursday, actress cicely tyson died at the age of 96. Ms. Tyson broke barriers in hollywood throughout her 6 sevendecade career. Nbcs Arerehema Ellis takes a l back. Reporter cicely tyson captivated and inspired audiences on stage, and in film. Now, starting now starting now reporter she made her mark in groundbreaking productions. Roots. It will give him a very good life. Reporter the autobiography of miss jane pittman. And combined her commitment to several rights with her career. But tyson was always an unlikely star. Born in 1924 in harlem, she grew up in poverty, the daughter of caribbean immigrants, deeply rooted in the church. When she quit her job as a secretary to pursue modeling and acting, her mother kicked her out of the house. She really thought i was going to live in a den of iniquity, because thats what Show Business meant to her. Reporter but tyson shot to fame. First, as a model. And became one of the first black actors in a recurring role on television in nbcs East Side West side. Her career was defined by a decision she made early on. As an actress, i should be able to play any type of role. I felt during the latter part of the 1960s it was a luxury that i could not afford, so i chose to do more positive roles. Reporter she was the first black actor to win an emmy for best actress in a drama. At 56, she married jazz legend miles davis, one of hollywoods hottest couples. She later described their sevenyear marriage as tumultuous. But she focused on her work. In 2013, she won a tony for best leading actress in a play in a trip to bound. Pick that up. Pick it up yourself reporter later, the highest civilian award, the medal of freedom. A tribute to a woman who played her part as an uncompromising role model, on stage and off. Rehema ellis, nbc news, new york. Thank you for that, rehema. The online traders who pumped up gamestop cashed in for many reasons. But one particular trade might make you smile. And it might make a difference. Well tell you about it before we go. S with nostalgia. 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That will save me lots of money. This games boring. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. People had many reasons for Trading Gamestop this week. But investing is about more than making money. A black single mother in san antonio and her young son proved that. Jaden carr loved gamestop. Hes gotten his share of video games there. A few years ago, his mother, nina, bought him ten shares. They cost about six bucks each, so his portfolio was worth 60. The shares were a gift for the black cultural holiday kwanzaa. Each day of kwanzaa focuses on a principle, including the swahili word meaning cooperative economics. Ms. Carr said thats why she got him stock and taught him how stocks work. But shes investing in much more than her son. The gap in wealth between black and white families has been growing for a long time. According to the federal reserve, the typical white family has eight times more wealth than the typical black family. Eight times. And white families are on average five times wealthier than hispanic families. Many black people get most or all of our net worth from wages rather than investments. Generally, investments gain value over time. Wages are pretty flat based on the cost of living. And that is making this wealth gap grow. Black people remain at the bottom but the top keeps rising. This makings it mathematically impossible for people of color to simply work our way to equity, all that talk of pulling our boot straps sounds good, but the numbers dont add up. Of course, many wealthy people never had to work to get rich. They were just given riches. According to the brookings institution, whites are three times more likely to get an inheritance than blacks. Its usually worth almost double what black people get. The result . Blacks tend to be more financially fragile than whites. Were less likely to own investments and more likely to cash them in for emergencies. In short, africanamericans are not even close to anything resembling equity. Wealth is the inception. Poverty, inescapable poverty, remains the rule. Now you dont get me wrong, every group has rich people and poor people. But can you name one black person who is anywhere near as rich as jeff bezos . If you said Oprah Winfrey oh, thank you for playing, we have some lovely Parting Gifts youre not even close. According to forbes, there are just over 2,000 billionaires on earth. Seven are africanamerican. They include oprah, jayz, kanye west, michael jordan, david stewart, he founded an i. T. Company and tyler perry. None of them inherited their wealth. And only one of them, robert f. Smith, made his fortune in investing. Last year, he explained to cnbc why this wealth gap has been so hard to close. Africanamericans have traditionally not participated in fact, you go look at the homestead act, the southern homestead act, red lining around communities, inability to actually gain a foothold in the capital part of capitalism. They are also part of the labor part, right . And thats the dynamic. Hes right. Laws and regulations have prevented people of color from investing as whites could. That is why weve had to outwork others just to kind of keep up. What mr. Smith is describing has a name. Systemic racism. Literally, the systems that make race and inescapable disadvantage. We may be through with this racist history, but the numbers are clear. History aint through with us. Which brings us back to jaden. This week, his mother says she noticed news alerts about gamestop. She rushed over to him, explained what was going on and then let him decide what to do. Jadens ten shares of gamestop had been worth 60 bucks. He sold them for 3,200. That is more than 53 times what he started with. You get that kind of profit in silicon valley. Though far less often than you might think. Just think of the impact this is going to have on his life. And the ripple effects on every life he touches. The online traders that freaked out wall street this week make some valid points about the need for reforms. But what are they actually investing in . Some of them were clear that they just want to see the big guys burn. Youre investing for vengeance. And if thats what you want, hey, man, its your money. But if youve got 60 bucks to spare, you might also try the carr familys investment strategy. Justice. Advancing equity with equity. Because the only thing better than making dollars is making change. With that said, wed love to hear from you. How are you investing for a Better Future . Tell us your story. Write us an email of up to 100 words. Or you can tweet us a 30second video. We are theweekmsnbc. Be sure to include your name and where you live. Keep it brief. 100 words of text or 30 seconds of video, max. Agai email or on twitter. We will share some of your stories tomorrow. Cant wait to see you back here tomorrow night at 8 00 p. M. Eastern, but dont wait until then to tune back in. Tomorrow morning, well have some big guests on msnbc. Senator Bernie Sanders will join my colleague ali velshi at 8 00 a. M. Eastern here. And white house Domestic Policy Adviser Susan Rice joins Jonathan Capehart on the sunday show. That begins at 10 00 a. M. Eastern here on msnbc. Until we meet again back here at 00 p. M. , im Joshua Johnson. Thank you for making time for us. Good night. With relapsing forms of ms, theres a lot to deal with. Not just unpredictable relapses. All these other things too. Who needs that kind of drama . Kesimpta is a oncemonthly injection that may help you put this rms drama in its place. It reduced the rate of relapses and active lesions and slowed disability progression. Dont take kesimpta if you have hepatitis b, and tell your doctor if you have had it, as it could come back and cause serious Liver Problems or death. Kesimpta can cause serious side effects, including infections, especially when taken before or after other medicines that weaken the immune system. A rare, potentially fatal Brain Infection called pml may happen with kesimpta. Tell your doctor if you had or plan to have vaccines, or if you are or plan to become pregnant. Kesimpta may cause a decrease in some types of antibodies. Talk to your doctor about any injectionrelated reactions. The most common side effects are upper respiratory Tract Infections and headache. Ask your Healthcare Provider about kesimpta. Dramatic results. Less rms drama. Did you know you can go to libertymutual. Com dramatic results. To customizes your Car Insurance so you only pay for what you need . Really . I didnt aah ok. Im on vibrate. Aaah only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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