Katy Tur who for some time has been pushing back at the guardians of unfettered capitalism that impoverish many called the system out today. It was a segment of beauty.
Katy Tur strikes again
The setup for the segment was all encompassing and pretty much tells the story.
"Remember when Federal Reserve Chairman Jerome Powell warned that the U.S. economy was facing a downturn without modern precedent?" Katy Tur said. "He was right, of course. Yesterday another 1.3 million people filed for unemployment insurance far and away the worst week on record except for the 16 weeks before it each with more than a million people filing for benefits."
Tur then points out that there was a specific group that was doing just fine. In fact, they were doing better than before.
"But this week we also learned that a downturn without modern precedent doesn't mean everyone is feeling so down," Tur said. "The five biggest investment banks on Wall Street are all profitable. Morgan Stanley just had the most profitable quarter in its history. And Goldman Sachs is on such a tear that one analyst described its earnings as almost indecent.
Katy Tur then pointed out the dirty little secret about capitalism. It is the reason for an ever-expanding extraction of wealth.
"But here's what's really unbelievable," Tur said exasperatedly. "The disconnect between Wall Street and Main Street, this gold rush on one while there are literal bread lines on the other is not a bug in the system it is a feature of the system."
Simple arithmetic governs our economic system. Absent a form of capitalism with calculated redistribution via sensible taxation, it is mathematically unsustainable. In simple terms, if a tiny percentage of the population's income/wealth grows at 7% and beyond while most grow at less than 2% or has negative growth, then the system must collapse. It is a mathematical certainty and we have been living it since we throttled up the legalized theft starting with Ronald Reagan.
It is the corrupt design of our economic system that first of all has assigned worth not based on one's value to society but on a poor economic system design accompanied by an indoctrinated population; population led to believe it is the preferred way. Here is a reality, my garbage man is more valuable than a stockbroker who is basically an overpriced bookie.
Katy Turn then went to point out that unless the CARES Act is extended the coming hurt may finally reach up the ladder.
"To soften the economic glow of the pandemic the fed flooded the economy with cheap cash and very few strings attached," Tur said. "And it's clearly working for the banks but it may be about to get a whole lot worse for everyone else. At the end of this month, millions of Americans are slated to lose the extra $600 a week they've been receiving as part of the CARES Act money that has been a crucial lifeline. To his credit Chairman Powell has called on Congress to do more to provide relief for out-of-work Americans in April and again in May and again in June. If that money runs out while the virus keeps surging, eventually everyone hurts and maybe even that'll turn to the banks."
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