Professor Robert Reich did not pull any punches as he calls out the rich for socializing their losses as they impose the cruelest form of capitalism on the rest of us.
Robert Reich tells the inconvenient truth
Professor Robert Reich did not hold back as he compounded on Joe Scarborough’s call-out of the wealthy who are but parasites on the average American citizen.
“Not only do we socialize the losses of the people at the top and impose the most cruel form of capitalism on most other people relative to most other nations, most other rich nations,” said Reich. But also banking is no longer boring. I’m old enough to remember a time in the 1950s, 1960s when banking was boring because there wasn’t very much money to be made in banking.”
Reich then called out bankers and regulators alike.
“Now banking is exciting,” Reich continued.
He inferred that after Dodd-Frank made banking somewhat boring for a short time, now banking has exploded from 15% of the entire economy about 40 years ago to 40% of the entire economy today.
Understand what that means. 40% of our economy consists of highly paid people who produce absolutely no real product or service. They make money by manipulating the earnings of others. Is that not a definition of parasites?
Reich also made it clear that he disagrees with the Fed raising rates.
“I would say, why not pause, Let’s just stop,” Reich said. “There is so much uncertainty in the economy right now. There’s so much fear and and the waves are getting larger and larger. Let’s just wait and see what’s happening. I do worry about the possibility of a recession.”
As usual, middle class and poor Americans are asked to take on the burden of righting the economy once again.
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